Document:

Exhibit 4.4

 

 

 

 

 

 

 

 

INX Smart Contract

 

Description

 

V.3.0

 

December 12, 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.

 

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		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.

 

		7.	The INX smart contract also includes a revoke function allowing the Company or its transfer agent, if any, to unilaterally
transfer INX Tokens held in a digital wallet controlled by a third party.

 

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

        -      Evaluates whether a transfer
        should be allowed or not based on the transfer restrictions
	InxToken.sol	Yes
	balanceOf	Check the balance of an address (ERC20) and returns the value	IERC1404Validators.sol	Yes
	updateTransferRestrictions	Updating the address of the proxy contract	InxToken.sol	Yes
	Constructor (inx token)	Should receive parameters such as the token name and token symbol	InxToken.sol	Yes
	lock	Lock an amount and set its release time (EPOCH) for a specified address	Timelockable.sol	Yes
	release	Immediately release amount for a specified address	Timelockable.sol	Yes
	checkTimelock	Return true if the given account has enough unlocked tokens to send the requested amount	Timelockable.sol	Yes
	checkLockup	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	Timelockable.sol	Yes

 

 

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	setWhiteList	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.  	
        Whitelistable.sol

         
	Yes
	getWhiteListData	Returns the data (string) of the whitelisted address.	
        Whitelistable.sol

         
	Yes
	getWhiteListStatus	Returns (bool) the whitelisting status of an address	
        Whitelistable.sol

         
	Yes
	checkWhitelists	Returns (bool) the whitelisting status of a transfer between two addresses	
        Whitelistable.sol

         
	Yes
	addWhitelister	Adds an address that is approved for whitelisting other addresses	
        WhitelisterRole.sol

         
	Yes
	removeWhitelister	Removes an address from the addresses that are approved for whitelisting	
        WhitelisterRole.sol

         
	Yes
	revoke	Allows an administrator to move tokens from a target account to their own.	
        Revocable.sol

         
	Yes
	pause	Pause all transfer and transferFrom transactions, all other transactions including approve and all administrative transactions are still functional when the contract is paused.	
        Pausable.sol

         
	 
	 	 	 	 

 

 

4Exhibit 10.33

 

THIS INSTRUMENT AND ANY
SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE ISRAELI SECURITIES LAW 5728 – 1968, AS AMENDED, OR ANY STATE OR FOREIGN SECURITIES LAWS. THESE SECURITIES MAY NOT
BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES
LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

 

INX Limited

 

SAFE

(Simple Agreement for Future Equity)

 

THIS SIMPLE AGREEMENT
FOR FUTURE EQUITY is entered into as of November 29, 2019 (the “Effective Date”), according to which in
exchange for the payment by Shy Datika (the “Investor”) of US$ 50,000 (the “Purchase Amount”),
to INX Limited, a private company incorporated under the laws of Gibraltar (the “Company”), the Investor
shall have the right to receive certain shares of the Company’s share capital, subject to the terms set forth below.

 

		1.	Issuance of Shares; Option.

 

		1.1.	In consideration for the Purchase Amount, immediately upon
the consummation of an investment amount of no less than US$ 2 million (excluding any funds provided to the Company under the
Round) which will be invested in the Company in consideration for issuance of Company’s shares (“Qualified Financing”),
the Company will automatically issue to the Investor such number of Safe Equity Shares to reflect a price per each such Safe Equity
Share that reflects the lower of: (i) 25% discount on the base (undiscounted) price per share in such round; and (ii) US$ 1.367
(the “Default Conversion Price”). If a Qualified Financing shall not be consummated within 12 months as of
the Effective Date, the Company will automatically issue to the Investor such number of Safe Equity Shares to reflect a price
per share equal to the Default Conversion Price (“Conversion Upon Maturity”).

 

The parties
hereto acknowledge that this Agreement is being executed as part of a financing round, pursuant to which the Company intends to
execute several Simple Agreements for Future Equity in the same or substantially the same form of this Agreement, until not later
than October 1, 2019 (the “Round”). The parties agree that that the total aggregate amount raised by the Company
under the Round shall not exceed US$ 1,000,000 and shall not be less than US$ 350,000 (the “Minimum Amount”).
In the event that the total aggregate amount raised by the Company under the Round shall be lower than the Minimum Amount, then
each of the Company or the Investor, shall be entitled, at its sole discretion, to terminate this Agreement. In such event the
Investor shall not pay the Purchase Amount to the Company and to the extent that it is already paid to the Company the Purchase
Amount or any potion thereof, the Company shall promptly return such amount to the Investor upon its written notice notwithstanding
anything to the contrary herein.

 

In addition
to the Safe Equity Shares that will be issued to the Investor upon conversion of the Purchase Amount (and unless this Agreement
be terminated prior to the conversion in accordance with Section 1.2 below), immediately following and subject to such issuance,
the Investor shall receive from the Company, in addition to the Safe Equity Shares issued in its name, an option to purchase an
additional identical number of Safe Equity Shares, from the same class of the Safe Equity Shares issued to the Investor upon such
conversion (the “Option”).

 

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The Option
shall be valid for a period of 36 months commencing as of the Effective Date and thereafter shall lapse. The exercise price of
each share underlying the Option shall be US$ 1.953 per share.

 

Termination.
This instrument will expire and terminate upon either the issuance of shares to the Investor pursuant to Section 1.1 above, or
upon an Event of Default pursuant to Section 3 below.

 

In connection
with (and as a condition thereto) the issuance (or the transfer, as applicable) of shares by the Company to the Investor and to
the Option pursuant to Section 1.1 above, the Investor will execute and deliver to the Company all transaction documents related
to the Qualified Financing that triggered the conversion, as may be reasonably requested by the Company; provided, that
such documents are the same documents to be entered into with the other parties with respect to such event, and provided further,
that such documents have customary exceptions to any drag-along applicable to the Investor, including, without limitation, limited
representations and warranties and limited liability and indemnification obligations on the part of the Investor, and provided
further, that, in no event shall the Investor be required as a condition of the issuance (or transfer, as applicable) of Safe
Equity Shares (unless Investor otherwise agrees) to: 1) provide a personal guaranty, 2) become personally liable, individually,
jointly or severally, for any indemnification or other personal liability, 3) grant rights to the Company (other than as set forth
herein) or to any third party to purchase any of the Investor’s interest in the Company (other than as set forth under any
applicable law and/or in the Company’s governing documents, as amended from time to time), or 4) agree to a restrictive covenant
regarding competition or confidentiality more restrictive than the covenants contained in other agreement between the Investor
(or any of its affiliates or shareholders) and the Company.

 

		2.	Transfer of the Purchase Amount.

 

The Investor
shall transfer the Purchase Amount to Company’s bank account in accordance with the instructions of the Company within 3
business days as of the Effective Date (the “Closing”).

 

		3.	Event of Default.

 

Notwithstanding
the aforesaid, if an Event of Default (defined below) occurs before this instrument expires or terminates including before the
conversion triggering event set forth in Section 1.1. or Conversion Upon Maturity, the Company will pay to the Investor, immediately
prior to, or concurrent with, the consummation of such Event of Default, an amount equal to the Purchase Amount. The Purchase Amount
will be paid prior to and in preference of any payment of outstanding indebtedness and creditor claims, including contractual claims
for payment and convertible promissory notes. If immediately prior to the consummation of the Event of Default, the assets of the
Company legally available for distribution to the Investor and all holders of all other Safes (the “Dissolving Investors”),
as determined in good faith by the Company’s Board of Directors, are insufficient to permit the payment to the Dissolving
Investors of their respective purchase amounts, then the entire assets of the Company legally available for distribution will be
distributed with equal priority and pro rata among the Dissolving Investors in proportion to the Purchase Amounts they would otherwise
be entitled to receive pursuant to this Section 3 (pro rata calculated based on the actual safe amounts transferred by the applicable
Dissolving Investor divided by the total purchase amounts actually transferred by all Dissolving Investors).

 

“Event
of Default”: (a) if the Company shall cease the conduct of its business for any consecutive sixty (60) day period; (b)
the commencement by the Company of any liquidation proceedings or the adoption of a winding up resolution by the Company, or the
appointment of a receiver or trustee over all or substantially all of the Company’s assets, which appointment has not been dismissed
within sixty (60) days; (c) the commencement by third parties of any liquidation proceedings, which have not been terminated within
sixty (60) days thereafter; (d) if the Company calls a meeting of creditors for the purpose of entering into a scheme or arrangement
with them; or (e) if the Company adopts one or more resolutions for dissolution, liquidation, bankruptcy or winding-up of the Company.

 

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		4.	Representations.

 

		4.1.	The
Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and
has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

 

		4.2.	The execution, delivery and performance by
the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of
the Company (subject to the terms hereof). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable
against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application
relating to or affecting the enforcement of creditors’ rights generally and general principles of equity. To its knowledge,
the Company is not in violation of (i) its current Articles of Association, (ii) any material statute, rule or regulation applicable
to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case,
such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have
a material adverse effect on the Company.

 

		4.3.	The performance and consummation of the transactions contemplated by
this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result
in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result
in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal
of any material permit, license or authorization applicable to the Company, its business or operations.

 

		4.4.	No consents or approvals are required in connection with the performance
of this Safe, other than: (i) the Company’s corporate approvals; (ii) any qualifications or filings under applicable securities
laws; and (iii) necessary corporate approvals for the authorization of Safe Equity Shares issuable pursuant to Section 1 above.

 

		4.5.	To
its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents,
trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property
rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement
of the rights of, others.

 

		5.	Investor Representations.

 

		5.1.	The Investor has full legal capacity, power and authority
to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation
of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general
application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

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		5.2.	The Investor is an accredited investor as such term is
defined in Rule 501 of Regulation D under the Securities Act and acknowledges and agrees that if not an accredited investor at
the time of an Equity Financing, the Company may void this Safe and return the Purchase Amount. The Investor has been advised
that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and,
therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless
an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired
by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale
in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation
in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that
the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment
without impairing the Investor’s financial condition and is able to bear the economic risk of such investment for an indefinite
period of time.

 

		6.	“MFN” Amendment Provision.

 

If the Company
issues any Subsequent Convertible Securities prior to termination of this Safe, the Company will promptly provide the Investor
with written notice thereof, together with a copy of all documentation relating to such Subsequent Convertible Securities and,
upon written request of the Investor, any additional information related to such Subsequent Convertible Securities as may be reasonably
requested by the Investor. In the event the Investor determines that the terms of the Subsequent Convertible Securities are preferable
to the terms of this instrument, the Investor will notify the Company in writing. Promptly after receipt of such written notice
from the Investor, the Company agrees to amend and restate this instrument to be identical to the instrument(s) evidencing the
Subsequent Convertible Securities.

 

“Subsequent
Convertible Securities” means convertible securities that the Company may issue after the issuance of this
instrument with the principal purpose of raising capital, including but not limited to, other Safes, convertible debt
instruments and other convertible securities. Subsequent Convertible Securities excludes: (i) options or warrants issued to
employees, officers, consultants or service providers of the Company; (ii) convertible securities issued or issuable to
banks, equipment lessors, financial institutions or other persons engaged in the business of making loans pursuant to a debt
financing or commercial leasing; and (iii) convertible securities issued or issuable in connection with sponsored
research, collaboration, technology license, development, OEM, marketing or other similar agreements or strategic
partnerships.

 

		7.	Definitions.

 

		7.1.	“Safe” means an instrument containing
a future right to shares of the Company’s share capital, similar in form and content to this instrument, purchased by investors
for the purpose of funding the Company’s business operations.

 

		7.2.	“Safe Equity Shares” means: (i) in the
event of conversion upon Qualified Financing- the shares of the Company issued to the Investor upon conversion described hereunder
and having the identical rights, privileges, and preferences as the most senior class of shares actually issued by the Company
to an investor pursuant to the Qualified Financing; and (ii) in the Event of Conversion Upon Maturity- shares of the Company of
the most senior class outstanding at such time, having identical rights, privileges, and preferences as such shares of such class.

 

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		8.	Miscellaneous.

 

		8.1.	Any provision of this instrument may be amended, waived
or modified only upon the written consent of the Company and the Investor.

 

		8.2.	Each party shall be responsible for its own taxes, costs
and expenses in connection with this instrument.

 

		8.3.	Any notice required or permitted by this instrument will
be deemed sufficient when delivered personally or by overnight courier or email to the relevant address listed on the signature
page, or 72 hours after being deposited in the mail as certified or registered mail with postage prepaid, addressed to the party
to be notified at such party’s address listed on the signature page, as subsequently modified by written notice. Sender
must be able to confirm delivery of any notice sent by courier, email or certified or registered mail.

 

		8.4.	The Investor is not entitled, as a holder of this instrument
and without derogating from any right of the Investor under any applicable law or other agreements that do not constitute part
of this Safe, to vote or receive dividends or be deemed the holder of any Company share capital for any purpose, nor will anything
contained herein be construed to confer on the Investor, as such, any of the rights of a shareholder of the Company or any right
to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold
consent to any corporate action or to receive notice of meetings, or to receive subscription rights or otherwise until shares
have been issued upon the terms described herein.

 

		8.5.	This instrument and the rights contained herein (or any
part hereof) may not be assigned and/or transferred by the Investor without the prior written consent of the Company. The Company
may assign and/or transfer this instrument in whole, without the consent of the Investor, in connection with a reincorporation
to change the Company’s domicile or any other corporate reorganization, upon a prior written notice to the Investor.

 

		8.6.	In the event any one or more of the provisions of this
instrument is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event
that any one or more of the provisions of this instrument operate or would prospectively operate to invalidate this instrument,
then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this
instrument and the remaining provisions of this instrument will remain operative and in full force and effect and will not be
affected, prejudiced, or disturbed thereby. This Agreement, together with all attachments hereto constitute the entire understanding
of the parties with respect to the subject matter hereof. All prior agreements, understandings, promises and representations,
whether written or oral, with respect thereto are superseded by this Agreement.

 

		8.7.	All rights and obligations hereunder will be governed by
the laws of Gibraltar, without regard to the conflicts of law provisions of such jurisdiction. Any dispute arising under or in
connection with this instrument shall be settled exclusively before the courts of Gibraltar.

 

IN WITNESS WHEREOF, the undersigned
have caused this instrument to be duly executed and delivered.

 

[SIGNATURES PAGE TO FOLLOW]

 

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[SIGNATURES PAGE- SAFE- INX Limited, August
2019]

 

Investor- Shy Datika

 

	By:	 	 

 

Company-

 

	 	 
	INX Limited	 
	By: Alan Silbert, Director	 

 

 

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