Document:

Exhibit 4.4

 

 

 

INX
Smart Contract

 

Description

 

V.2.2

 

July
7, 2019

 

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Introduction

 

“Smart
contracts” are self-executing rules in a programmable computer language on the blockchain that are enforced by the participants
of the blockchain’s network. The Ethereum blockchain is an open-source, public, blockchain-based distributed computing platform
that allows for decentralized programming of applications and the use of smart contracts. Many blockchain assets are developed
in accordance with the “ERC20” standard, which allows developers to program them to include smart contracts that function
within the Ethereum ecosystem.

 

The
INX Token is an ERC20 smart contract. Material features of the INX Token included in the source code are the following:

 

	 	1.	Designation
    and Number of Tokens. The INX Tokens of INX Limited (the “Company”) shall be designated as “INX Tokens.”
    The number of authorized INX Tokens is 200,000,000. The technical limits on the fractional division of INX Tokens is to eighteen
    decimal places (0.000000000000000001). The INX Token is an ERC20 blockchain asset that is programmed using a smart contract
    written in Solidity that is compatible with the Ethereum blockchain. The ERC-20 standard is a technical standard used for
    smart contracts on the Ethereum blockchain so that tokens can be transferred to a digital wallet.
	 	 	 
	 	2.	To
    be deemed to be a holder of record of INX Tokens, a holder must (a) register an Ethereum wallet with the Company to
    be included on the Whitelist Database and (b) have the public wallet address of this Ethereum wallet recorded on the “INX
    Token distributed ledger” as the holder INX Tokens.
	 	 	 
	 	3.	The
    “Whitelist Database” is a database stored on the data section of the INX Token smart contract. The purpose
    of the Whitelist Database is to validate decentralized transfers of the INX Token. The Whitelist Database contains a list
    of individuals and entities that have satisfied the Company’s KYC/AML compliance procedures and thus are eligible to
    hold INX Tokens. In order for an Ethereum wallet address to be included in the Whitelist Database, the prospective holder
    of record of the INX Tokens must have completed know your customer and anti-money laundering (“KYC/AML”) compliance
    procedures, or other similar procedures, to the satisfaction of the Company, or an agent of the Company that is expressly
    authorized in writing by the Company.
	 	 	 
	 	 	The
    INX Token smart contract incorporates our Whitelist Database, which restricts the transfer of INX Tokens such that a transfer
    is not executed and recorded on the INX Token Distributed Ledger unless both the digital wallet addresses of the sender and
    receiver are listed in the Whitelist Database.
	 	 	 
	 	4.	The
    “INX Token distributed ledger” references the ledger of ownership of INX Tokens that is recorded on the
    Ethereum blockchain. The INX Token distributed ledger records the public wallet addresses of all Ethereum wallets that hold
    INX Tokens and the balance of INX Tokens in each wallet address. INX smart contract is an Ethereum smart-contract written
    and developed in solidity, and as such, it is designed and programmed to be deployed on the Ethereum public mainnet network.
    Being deployed on Ethereum public network, make it available to all Ethereum tools, including Etherscan and other block explorers.
	 	 	 
	 	5.	Transfer.
    INX Tokens may be transferred only among Ethereum wallets included in the Whitelist Database. Transfers of INX Tokens will
    be executed by the INX Token smart contract under conditional permission that the wallet addresses of both the sender and
    receiver of INX Tokens are listed on the Whitelist Database. The INX Token smart contract will verify that both the sender
    and the receiver wallet addresses are included in the Whitelist Database prior to approving or rejecting the transfer. If
    either the sender or receiver wallet address is not listed in the Whitelist Database, the smart contract will reject the transfer
    and the INX Token Distributed Ledger will not be updated.
	 	 	 
	 	6.	The
    INX Token smart contract incorporates a lock function, which restricts the transfer of INX Tokens to or from a specified
    digital wallet address for a specified time. Once the lock function is activated, INX Tokens cannot be transferred from the
    locked address until the lock-up period has elapsed.

 

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Main
Functions

 

The
following table covers the main (not all) functions of the smart contract.

 

	Function	Description	Ref	Tested
	transfer	Transfer
        (ERC20) funds(inx) from one address to another.

        -      
        Need to have balance

        -      
        Value (amount) should not be locked

        -      
        Validate should pass (0) on proxy contract (external and upgradable validation)
	InxToken.sol	Yes
	balance
    Of	Check
    the balance of an address (ERC20) and returns the value	InxToken.sol	Yes
	update
    Inx Service	Updating
    the address of the proxy contract	InxToken.sol	Yes
	Constructor
    (inx token)	Should
    receive parameter of the initial address of the proxy validation	InxToken.sol	Yes
	lock	Lock
    and amount and set its release time (EPOCH) for a specified address	Timelock
    (InxToken.sol)	Yes
	release	Immediately
    release amount for a specified address	Timelock
    (InxToken.sol)	Yes
	check
    None Lock Amount	This
        function receives an address and an amount (usually the value for transfer) and checks if the amount is locked.

        If
        the return value is equal or greater to the amount that was sent, then the whole amount is NOT LOCKED and can be transferred.

        If
        the returned value is 0, that means that the WHOLE AMOUNT IS LOCKED and cannot be transferred.
	Timelock
    (InxToken.sol)	Yes

 

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	check
    Lockup	Receives
    address and return the locking status as an array of 2 elements, release time (EPOCH) and amount. If both are 0, then there
    is no locked amount for this address	Timelock
    (InxToken.sol)	Yes
	set
    White List	Enable
    owner to set whitelisted status (bool) for an address. A whitelisted address is a struct of boolean (the status) and a string
    (data). For whitelisting an address the value should be set to true. If the status is changing, the whitelisting should be
    set to false.  	Whitelisting

        (InxToken.sol)
	Yes
	is
    WhiteListed	Returns
    (bool) the whitelisting status of an address	Whitelisting

        (InxToken.sol)
	Yes
	get
    WhiteList Data	Returns
    the data (string) of the whitelisted address.	Whitelisting

        (InxToken.sol)
	Yes
	check
    WhiteList Status	Checks
    the whitelist status of an address	Whitelisting

        (InxToken.sol)
	Yes
	get
    WhiteList Data	Get
    the data that is set with a whitelist address	Whitelisting	Yes
	increase
    Approval	Increase
    an approved amount to spent.	InxToken	Yes
	decrease
    Approval	Decrease
    approval amount to spent.	InxToken	Yes
	add
    Whitelister	Adds
    an address that is approved for whitelisting other addresses	InxToken	Yes
	remove
    Whitelister	Removes
    an address from the addresses that are approved for whitelisting	InxToken	Yes

 

 

 

4Exhibit 10.1

 

Final

 

FOUNDERS’ AGREEMENT

 

THIS FOUNDERS AGREEMENT (this “Agreement”),
effective as of September 1, 2017, is made and entered into by and between Triple-V (1999) Ltd., a limited liability company, registered
under the laws of the State of Israel (“TV”) and A-Labs Finance and Advisory Ltd., a limited liability company,
registered under the laws of the State of Israel (“A-Labs”, and collectively with TV, the “Founders”).
Each of the Founders shall sometimes be referred to as a “Party” and collectively, as the “Parties”.

 

RECITALS

 

WHEREAS, the Founders
have been engaged in development activities with respect to the Project (as defined below), and desire to operate the Project by
a company registered under the laws of England and Wales (the “Company”); and

 

WHEREAS, the Company shall be primarily engaged
in the development of a unique marketplace for virtual currency exchange (the “Project”); and

 

WHEREAS, the Founders desire that they shall
be the owners of all of the issued and outstanding share capital of the Company; and

 

WHEREAS, the Founders
desire to regulate certain rights and obligations in connection with their founding of the Company, their holdings of securities
of the Company and the management of the Company.

 

NOW, THEREFORE, in consideration of the mutual
promises and covenants hereinafter set forth, the Parties agree as follows:

 

	1.	Registration of the Company; Issuance and Purchase of Shares

 

		1.1.	Promptly following the execution hereof, the Founders shall act to amend the corporate documents of the Company, in accordance
with the terms herein.

 

		1.2.	The authorized share capital of the Company shall be GBP 2,500 divided into 25,000,000 Ordinary Shares, par value GBP 0.0001
each (the “Ordinary Shares” or “Shares”).

 

		1.3.	Issuance of Shares. The Founders shall be issued Ordinary Shares as follows: 

 

		i.	TV - 3,666,666 Shares.

 

		ii.	A-Labs - 1,120,000 Shares.

 

		1.4.	Parties acknowledge that, subject to the approval of the Board (as such term is defined below), the Company shall reserve 480,000
Ordinary Shares of the Company, par value GBP 0.0001 each, constituting approximately 8.57% of the issued share capital of the
Company for the purpose of grant of options to employees and service providers of the Company. Subject to applicable law, the terms
of such grants shall be subject to the sole discretion of the Board.

 

		1.5.	Investment by the Founders. The Founders acknowledge that TV, directly or via a third party on its behalf, invested
certain funds for the financing of the initial operations of the Company and paid certain payments to service providers of the
Company on behalf of the Company prior to the date hereof. Such funds shall be invested under the terms set forth in the Share
Purchase Agreement in the form attached hereto as Exhibit A.

 

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		1.6.	The Ordinary Shares issued hereunder shall have the rights, preferences and privileges as set forth in the Memorandum of Association
of the Company, attached hereto as Exhibit B (the “Memorandum”),
as may be amended from time to time.

 

		1.7.	The Company shall provide each Founder a validly executed share certificate, representing the Shares issued in the name of
such Founder and shall register the allotment of the Shares in the share register of the Company.

 

		1.8.	The Founders undertake to cause the Company to ratify this Agreement, including all schedules and exhibits attached hereto,
by a shareholders’ resolution, and to take all the necessary actions to comply therewith.

 

	2.	Name of the Company

 

The Founders agree that the name of the Company shall
be amended and restated by the name “INX Systems Ltd.” or, in the event that it shall not be possible to register
the Company under this name, similar wording as shall be agreed between the Founders.

 

	3.	Intellectual Property

 

		3.1.	Each of the Parties hereby confirms that any and all intellectual property, developed by or for the Company using resources
provided by the Parties, including intellectual property developed by the Parties in connection with the Project, shall be the
sole and exclusive property of the Company, its successors and assigns, as shall be designated by the Company.

 

		3.2.	Nothing herein shall derogate from the rights of any Party in intellectual property developed outside the scope of this Agreement
by himself, its employees or service providers.

 

		3.3.	Each of the Parties, hereby undertakes to execute any additional document required or advisable for the duly transfer of Intellectual
Property to the Company and to fully cooperate with the Company in regards with this matter. In the event that the Company is unable
for any reason whatsoever to secure any of the Founder’s signature to any document as set forth above, each of the Founders
hereby irrevocably designates and appoints the Company and its duly authorized officers and agents, as his agents and attorneys-in-fact
to act for and on his behalf and in its stead, to execute and file any such document and to do all other lawfully permitted acts
to further the purposes of the foregoing with the same legal force and effect as if executed or done by such Founder.

 

	4.	Board of Directors; Management of the Company; Use of Proceeds and Budget

 

		4.1.	Board of Directors.

 

The management and policy of the Company shall be
entrusted with the Board of Directors of the Company (the “Board”).

 

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Unless otherwise determined by the shareholders
of the Company, the Board shall include no less than 1 (one) Board member and no more than 7 (seven) Board members.

 

The members
of the Board (and the members of the Board of INX Gib) shall be appointed and removed as follows:

 

		i.	TV shall have the right to appoint, remove or replace six (6) Board members; and

 

		ii.	A-Labs shall have the right to appoint, remove or replace one (1) Board member.

 

	 	4.2.	Management of the Company.

 

Until otherwise determined by the Board, an officer
of TV, or any third party designated for such purpose by TV, shall be appointed as the CEO of the Company. The Board shall determine
the terms of engagement of the CEO.

 

	 	4.3.	Repurchase of Shares.

 

[Reserved]

 

	 	4.4.	Bank Account.

 

The Founders agree that Company’s entire business
activity shall be administered through the bank account of the Company, including any and all of payments made and/or funds received
by the Company (the “Bank Account”).

 

	 	4.5.	Signatory Rights.

 

The signature rights in the name and on behalf of
the Company shall be determined by the Board from time to time. The initial signatory rights of the Company will be as follows:

 

The sole signature of Mr. Shy Datika (“SD”),
or any other person appointed for such purpose by SD, accompanied with the Company’s stamp or printed name, shall bind the
Company in any and all matters, including without limitation in respect of the Bank Account and (if applicable) other bank accounts
of the Company (including, without limitation, with respect to checks, payments, transfers, debt instruments, withdrawals, monetary
obligations and other banking activities) without limitation in sum.

 

	 	4.6.	Use of Proceeds and Budget of the Company and the Subsidiary of the Company.

 

The Founders acknowledge that
the Company holds 100% of the issued share capital of INX Ltd., a fully owned subsidiary of the Company which was incorporated
under the laws of Gibraltar (“INX Gib”). The main principles of the use of proceeds of INX Gib and its budget
shall be as set forth in Exhibit C attached hereto. In the event that the receipts of the ICO of INX Gib shall not
suffice in order to fully cover all of the contemplated payments set forth in Exhibit C in full, then such funds shall be allocated
pro-rata in accordance with the preferences set forth in Exhibit C. In addition, the Founders agree that, following approval of
the Board, 20% of the annual EBITDA of INX Gib, at the end of each calendar year following the date hereof, shall be paid pro-ratably
to the purchasers of the Tokens in the ICO (as such terms are defined in the Engagement Agreement). The use of proceeds and the
budget of the Company shall be determined by the Board and may be adjusted by it from time to time.

 

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	5.	Non-Competition

 

		5.1.	The Founders agree not to compete or to assist others to compete with the Company in any engagement or activity related to
the Project or otherwise support such activity, whether directly or indirectly, for so long as they hold shares of the Company
or are members of the Board (or are entitled to appoint any of the members of the Board) and for one year after the later of the
above lapses (the “Non-Compete Period”).

 

		5.2.	Each of the Founders undertakes that, during the Non-Compete Period, Founder will not solicit, approach or endeavor to solicit
or approach any person or entity who, during the Non-Compete Period (i) was employed by the Company or provided services to the
Company; and/or (ii) to whom the Company, or its subsidiaries, provided services, for the purpose of offering services or products
which compete with the services or products provided by the Company.

 

		5.3.	Nothing contained herein shall be interpreted as preventing a Party from engagement in other activities related to virtual
coins, not related to the Project.

 

	6.	Representations and Warranties of the Founders

 

Each Founder hereby represents,
warrants and undertakes, with respect to herself/himself/itself, to each of the other Founders, and acknowledges that the other
Founders are entering into this Agreement in reliance thereon, as follows:

 

		6.1.	No Breach. The execution, delivery, performance and compliance by the Founder with this
Agreement and the terms thereof (i) do not violate or conflict with any provision of any applicable law, rule or regulation; and
(ii) do not conflict with, result in a breach of or constitute a default (or an event which with notice or the lapse of time or
both would become a default) under any contract, agreement or undertaking to which the Founder is a party.

 

		6.2.	Liabilities. The Founder has no liabilities, debts or obligations, whether accrued, absolute or contingent, which could
in any way adversely affect the Company’s activities or hinder or adversely affect the consummation of the transactions provided
for in this Agreement.

 

		6.3.	No Assumption of Liability. The Founder acknowledges and agrees that, except as expressly otherwise provided for herein,
the Company is not assuming and shall bear no liability with respect to any responsibilities and/or liabilities of either Founder,
whether to the others, to any third parties or otherwise.

 

		6.4.	Information. The Founder has had the opportunity to request all information the Founder may consider necessary or appropriate
for deciding whether to enter into this Agreement and the transactions contemplated hereby, has received requested documents from
the other Founders in response Founder’s requests, has had an opportunity to ask questions of and receive answers from the
other Founders, and has the ability and the resources to independently evaluate and assess the Company and the risks involved in
its investment or engagement, and to bear such risks. The Founder further acknowledges that, except as otherwise expressly provided
for herein, no express or implied warranty, representation or covenant whatsoever has been made by the Company or the other Founders
hereunder.

 

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		6.5.	Professional Knowledge, Experience & Expertise. The Founder shall offer the Company Founder’s full technological,
financial and business knowledge, experience, expertise, reputation and connections, and shall act in diligence and good faith,
in order to promote the Company’s activities. Notwithstanding, this Section 5.5 shall not derogate or hinder in any way from
a Founder’s rights and/or obligations with third parties, which does not conflict with Founder’s obligations as set
forth in this Agreement.

 

		6.6.	Confidentiality. The Founder acknowledges and agrees that Founder may obtain knowledge or information or materials belonging
to, or possessed or used by, the Company and/or its business, including, without limitation, information, processes, technology,
business plans, funds resources or research material of the Company and confidential information or trade secret information of
third parties in possession of the Company, and that all such knowledge, information and materials acquired are and will be the
trade secrets and confidential and proprietary information of the Company (collectively “Confidential Information”).
Confidential Information will not include, however, any information which is or becomes part of the public domain through no fault
of the Founder, or which the Company regularly provides to third parties without restriction on use or disclosure. Founder agrees,
during the term of this Agreement and thereafter (unless otherwise provided by law), to hold all such Confidential Information
in strict confidence, not to disclose it to others or use it in any way, commercially or otherwise, except when conducting Founder’s
obligations to the Company.

 

	7.	Termination

 

		7.1.	This Agreement shall terminate upon the earlier of (i) the merger or consolidation of the Company with another corporation
or the sale or transfer by the Company of substantially all of its assets to another corporation (and the restrictions herein contained
shall not apply to that transaction); (ii) the initial underwritten public offering by the Company of its Ordinary Shares pursuant
to an effective registration statement under the US Securities Act of 1933, as amended, or any equivalent law of another jurisdiction;
or (iii) the written agreement of the Founders.

 

		7.2.	The provisions of Sections 3, 5, 6.6 and 8.3 of this Agreement shall survive the termination or expiration of this Agreement.
Except as otherwise provided for herein, upon termination, the provisions of this Agreement will be null and void.

 

	8.	Miscellaneous

 

		8.1.	Entire Agreement; Amendment. This Agreement and the exhibits and schedules attached thereto
hereto constitute the full and entire understanding and agreement between the Parties with regard to the subject matters hereof
and thereof and terminate and replace any previous agreements and/or arrangements between the Parties relating thereto. Any term
of this Agreement may be amended and the observance of any term hereof may be waived only with the written consent of all of the
Parties to this Agreement.

 

		8.2.	Successors and Assigns; Assignment. Except as otherwise expressly limited herein, the provisions hereof shall inure
to the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto. None
of the rights, privileges, or obligations set forth in, arising under, or created by this Agreement may be assigned or transferred
without the prior consent in writing of each Party to this Agreement.

 

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		8.3.	Governing Law; Settlement of Disputes. This Agreement shall be governed and construed in accordance with the laws of
England and Wales, without regard to conflicts of laws provisions thereof. Any dispute arising out of, or relating to this Agreement,
its interpretation or performance hereunder, shall be finally settled under the Rules of Arbitration of the International Chamber
of Commerce by one or more arbitrators appointed in accordance with the said Rules. Such arbitration process shall take place in
London, England, and be held in English unless otherwise agreed in writing by both Parties.

 

		8.4.	Notices. Any notice required or permitted to be given to a Party pursuant to the provisions of this Agreement will be
in writing and will be effective and deemed given to such Party under this Agreement on the earliest of the following: (a) the
date of personal delivery; (b) one (1) day after transmission by facsimile, addressed to the Party at its facsimile number, with
confirmation of transmission; (c) one (1) day after transmission by email, addressed to the Party at its email address; (d) one
(1) day after deposit with a return receipt express courier for domestic deliveries; (e) five (5) business days after deposit in
local mail by registered or certified mail (return receipt requested) for deliveries outside of the State of Israel; or (f) when
actually received, if earlier. Notices hereunder shall be sent to the addresses set forth in the signature page.

 

		8.5	Severability. If any provision of this Agreement
is held to be unenforceable, this Agreement shall be considered divisible and such provision shall be deemed inoperative to the
extent it is deemed unenforceable, and in all other respects this Agreement shall remain in full force and effect; provided,
however, that if any such provision may be made enforceable by limitation thereof, then such provision shall be deemed
to be so limited and shall be enforceable to the maximum extent permitted by applicable law.

 

		8.6.	Counterparts. This Agreement may be executed in
any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. Facsimile
signatures of a Party shall be binding as evidence of such Party’s agreement hereto and acceptance hereof.

 

[THE REMAINDER OF THIS PAGE
WAS INTENTIONALLY LEFT BLANK]

 

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[Signature Page to Founders’ Agreement]

 

IN WITNESS WHEREOF, the Founders hereto
have executed this Agreement as of the date first written above.

 

	/s/ Shy Datika	 	/s/ Doron Cohen
	Triple-V (1999) Ltd.	 	A-Labs Finance and Advisory Ltd.
	Address: 	     *     *     *	 	Address: 	     *     *     *
	Email: 	     *     *     *	 	Email: 	     *     *     *

 

 

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