Document:

EXHIBIT 4.1

 

Lock-Up Agreement

 

September 26, 2017

 

Mark Tompkins

 

Ladies and Gentlemen:

 

The undersigned understands
that Max-1 Acquisition Corporation (to be renamed “Exicure, Inc.”), a Delaware corporation (the “Company”),
has entered into an Agreement and Plan of Merger and Reorganization, dated as of September 26, 2017 (as the same may be amended
from time to time, the “Merger Agreement”) with Max-1 Acquisition Sub, Inc., a Delaware corporation and a wholly
owned subsidiary of the Company, and Exicure, Inc., a Delaware corporation. Capitalized terms used but not otherwise defined herein
shall have the respective meanings ascribed to such terms in the Merger Agreement.

 

As a material inducement
to each of the Parties to enter into the Merger Agreement and to consummate the Contemplated Transactions, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees that, during the period
commencing upon the Closing and ending on the date that is nine (9) months after the Closing Date (the “Lock-Up Period”),
the undersigned will not, directly or indirectly:

 

		(i)	offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option
or contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or transfer any shares of common
stock, par value $0.0001 per share, of the Company (“Common Stock”), or any securities convertible into or exchangeable
or exercisable for Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned
has or hereafter acquires the power of disposition (collectively, the “Lock-Up Securities”), or, except as set
forth in the Registration Rights Agreement, by and among the Company, the Purchasers, the Brokers, the persons or entities identified
on Schedule 2 thereto holding Merger Shares and the persons or entities identified on Schedule 3 thereto holding
Registrable Pre-Merger Shares (capitalized terms used but not otherwise defined in this Section (i) herein shall have the meanings
ascribed to them in Section 1 of the Registration Rights Agreement), exercise any right with respect to the registration of any
of the Lock-Up Securities, or file or cause to be filed any registration statement in connection therewith, under the Securities
Act of 1933, as amended, or

 

		(ii)	enter into any swap or any other agreement or any transaction that transfers, in whole or in part,
directly or indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such swap or transaction is
to be settled by delivery of Common Stock or other securities, in cash or otherwise.

 

     

     

    

 

Notwithstanding the
foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities, provided, in each case, that (1)
the Company receives a signed lock-up agreement for the balance of the Lock-Up Period from each donee, trustee, distributee, or
transferee, as the case may be, (2) any such transfer shall not involve a disposition for value, (3) such transfers are not required
to be reported with the Securities and Exchange Commission on Form 4 in accordance with Section 16 of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), and (4) the undersigned does not otherwise voluntarily effect any
public filing or report regarding such transfers (other than a filing on a Form 5 made after the expiration of the Lock-Up Period):

 

		(i)	as a bona fide gift or gifts;

 

		(ii)	to any trust for the direct or indirect benefit of the undersigned or the immediate family of the
undersigned (for purposes of this lock-up agreement, “immediate family” shall mean any relationship by blood, marriage
or adoption, not more remote than first cousin);

 

		(iii)	as a distribution or other transfer by a partnership to its partners or former partners or by a
limited liability company to its members or retired members or by a corporation to its stockholders or former stockholders or to
any wholly-owned subsidiary of such corporation;

 

		(iv)	to the undersigned’s affiliates or to any investment fund or other entity controlled or managed
by the undersigned;

 

		(v)	pursuant to a qualified domestic relations order or in
connection with a divorce settlement;

 

		(vi)	by will or intestate succession upon the death of the
undersigned; or

 

		(vii)	to the Company in satisfaction of any tax withholding
obligation.

 

Furthermore, no provision
in this lock-up agreement shall be deemed to restrict or prohibit (1) the transfer of the undersigned’s Lock-Up Securities
to the Company in connection with the termination of the undersigned’s services to the Company, provided that any filing
under Section 16 of the Exchange Act made in connection with such transfer shall clearly indicate in the footnotes thereto that
the filing relates to the circumstances described in this clause (1); (2) the exercise or exchange by the undersigned of any option
or warrant to acquire any shares of Common Stock or options to purchase shares of Common Stock, in each case for cash or on a “cashless”
or “net exercise” basis, pursuant to any stock option, stock bonus or other stock plan or arrangement; provided, however,
that the underlying shares of Common Stock shall continue to be subject to the restrictions on transfer set forth in this lock-up
agreement and that any filing under Section 16 of the Exchange Act made in connection with such exercise or exchange shall clearly
indicate in the footnotes thereto that (a) the filing relates to the circumstances described in this clause (2) and (b) no shares
were sold by the reporting person; (3) the transfer of Lock-Up Securities upon the completion of a bona fide third-party tender
offer, merger, consolidation or other similar transaction made to all holders of the Company’s securities involving a change
of control of the Company; provided, however, that in the event that such tender offer, merger, consolidation or
other such transaction is not completed, such securities held by the undersigned shall remain subject to the restrictions on transfer
set forth in this lock-up agreement; (4) the conversion of outstanding preferred stock of the Company into shares of Common Stock,
provided that any such shares received upon such conversion shall be subject to the restrictions on transfer set forth in this
lock-up agreement; (5) transfers by the undersigned of shares of Common Stock purchased by the undersigned in the Private Placement
Offering; and (6) transfers by the undersigned of shares of Common Stock purchased by the undersigned on the open market following
the Closing Date.

 

    	 	-2-	 

     

    

 

Notwithstanding anything
herein to the contrary, nothing herein shall prevent the undersigned from establishing a 10b5-1 trading plan that complies with
Rule 10b5-1 under the Exchange Act (“10b5-1 Trading Plan”) or from amending an existing 10b5-1 Trading Plan
so long as there are no sales of Lock-Up Securities under any such 10b5-1 Trading Plan during the Lock-Up Period; and provided
that, the establishment of a 10b5-1 Trading Plan or the amendment of a 10b5-1 Trading Plan shall only be permitted if (i) the establishment
or amendment of such plan is not required to be reported in any public report or filing with the Securities and Exchange Commission,
or otherwise and (ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding the establishment
or amendment of such plan.

 

The undersigned also
agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the
transfer of the Lock-Up Securities except in compliance with the foregoing restrictions. Any attempted transfer in violation of
this lock-up agreement will be of no effect and null and void, regardless of whether the purported transferee has any actual or
constructive knowledge of the transfer restrictions set forth in this lock-up agreement, and will not be recorded on the share
register of the Company. In furtherance of the foregoing, the undersigned agrees that the Company and any duly appointed transfer
agent for the registration or transfer of the securities described herein are hereby authorized to decline to make any transfer
of securities if such transfer would constitute a violation or breach of this lock-up agreement. The Company may cause the legend
set forth below, or a legend substantially equivalent thereto, to be placed upon any certificate(s) or other documents, ledgers
or instruments evidencing the undersigned’s ownership of Common Stock:

 

THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO AND MAY ONLY BE TRANSFERRED IN COMPLIANCE WITH A LOCK-UP AGREEMENT, A COPY OF WHICH IS ON FILE AT THE
PRINCIPAL OFFICE OF THE COMPANY.

 

The undersigned hereby
represents and warrants that the undersigned has full power and authority to enter into this lock-up agreement. All authority herein
conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors, assigns, heirs
or personal representatives of the undersigned.

 

The undersigned understands
that if the Merger Agreement is terminated for any reason, or if the Merger is not consummated by October 31, 2017, the undersigned
shall be released from all obligations under this lock-up agreement. The undersigned understands that the Company is proceeding
with the Contemplated Transactions in reliance upon this lock-up agreement.

 

    	 	-3-	 

     

    

 

This lock-up agreement
shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the conflict of laws
principles thereof.

 

Any and all remedies
herein expressly conferred upon the Company will be deemed cumulative with and not exclusive of any other remedy conferred hereby,
or by law or equity, and the exercise by the Company of any one remedy will not preclude the exercise of any other remedy. The
undersigned agrees that irreparable damage would occur to the Company in the event that any provision of this lock-up agreement
were not performed in accordance with its specific terms or were otherwise breached. It is accordingly agreed that the Company
shall be entitled to an injunction or injunctions to prevent breaches of this lock-up agreement and to enforce specifically the
terms and provisions hereof in any court of the United States or any state having jurisdiction, this being in addition to any other
remedy to which the Company is entitled at law or in equity, and the undersigned waives any bond, surety or other security that
might be required of the Company with respect thereto.

 

This lock-up agreement
may be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute one and the
same instrument. The exchange of a fully executed lock-up agreement (in counterparts or otherwise) by the Company and the undersigned
by facsimile or electronic transmission in .pdf format shall be sufficient to bind such parties to the terms and conditions of
this lock-up agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	-4-	 

     

    

 

	 	Very truly yours,
	 	 
	Print Name of Stockholder: 	Mark Tompkins
	 	 
	 	Signature (for individuals):
	 	 
	 	/s/ Mark Tompkins

 

[Signature Page
to Lock-Up Agreement]

 

    	 	-5-	 

     

    

 

	Accepted and Agreed by	 
	Max-1 Acquisition Corporation (to be renamed Exicure, Inc.):
	 	 
	By:	/s/ Ian Jacobs	 
	Name:	Ian Jacobs	 
	Title:	President	 

 

 

 

-6-EXHIBIT
4.2

 

Lock-Up
Agreement

 

September
26, 2017

 

Montrose
Capital Partners Limited

 

Ladies
and Gentlemen:

 

The
undersigned understands that Max-1 Acquisition Corporation (to be renamed “Exicure, Inc.”), a Delaware corporation
(the “Company”), has entered into an Agreement and Plan of Merger and Reorganization, dated as of September
26, 2017 (as the same may be amended from time to time, the “Merger Agreement”) with Max-1 Acquisition Sub,
Inc., a Delaware corporation and a wholly owned subsidiary of the Company, and Exicure, Inc., a Delaware corporation. Capitalized
terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement.

 

As
a material inducement to each of the Parties to enter into the Merger Agreement and to consummate the Contemplated Transactions,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees
that, during the period commencing upon the Closing and ending on the date that is nine (9) months after the Closing Date (the
“Lock-Up Period”), the undersigned will not, directly or indirectly:

 

		(i)	offer,
                                         pledge, sell, contract to sell, sell any option or contract to purchase, purchase any
                                         option or contract to sell, grant any option, right or warrant for the sale of, or otherwise
                                         dispose of or transfer any shares of common stock, par value $0.0001 per share, of the
                                         Company (“Common Stock”), or any securities convertible into or exchangeable
                                         or exercisable for Common Stock, whether now owned or hereafter acquired by the undersigned
                                         or with respect to which the undersigned has or hereafter acquires the power of disposition
                                         (collectively, the “Lock-Up Securities”), or, except as set forth
                                         in the Registration Rights Agreement, by and among the Company, the Purchasers, the Brokers,
                                         the persons or entities identified on Schedule 2 thereto holding Merger Shares
                                         and the persons or entities identified on Schedule 3 thereto holding Registrable
                                         Pre-Merger Shares (capitalized terms used but not otherwise defined in this Section (i)
                                         herein shall have the meanings ascribed to them in Section 1 of the Registration Rights
                                         Agreement), exercise any right with respect to the registration of any of the Lock-Up
                                         Securities, or file or cause to be filed any registration statement in connection therewith,
                                         under the Securities Act of 1933, as amended, or

 

		(ii)	enter
                                         into any swap or any other agreement or any transaction that transfers, in whole or in
                                         part, directly or indirectly, the economic consequence of ownership of the Lock-Up Securities,
                                         whether any such swap or transaction is to be settled by delivery of Common Stock or
                                         other securities, in cash or otherwise.

 

     

     

    

 

Notwithstanding
the foregoing, and subject to the conditions below, the undersigned may transfer Lock-Up Securities, provided, in each case, that
(1) the Company receives a signed lock-up agreement for the balance of the Lock-Up Period from each donee, trustee, distributee,
or transferee, as the case may be, (2) any such transfer shall not involve a disposition for value, (3) such transfers are not
required to be reported with the Securities and Exchange Commission on Form 4 in accordance with Section 16 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and (4) the undersigned does not otherwise voluntarily
effect any public filing or report regarding such transfers (other than a filing on a Form 5 made after the expiration of the
Lock-Up Period):

 

		(i)	as
                                         a bona fide gift or gifts;

 

		(ii)	to
                                         any trust for the direct or indirect benefit of the undersigned or the immediate family
                                         of the undersigned (for purposes of this lock-up agreement, “immediate family”
                                         shall mean any relationship by blood, marriage or adoption, not more remote than first
                                         cousin);

 

		(iii)	as
                                         a distribution or other transfer by a partnership to its partners or former partners
                                         or by a limited liability company to its members or retired members or by a corporation
                                         to its stockholders or former stockholders or to any wholly-owned subsidiary of such
                                         corporation;

 

		(iv)	to
                                         the undersigned’s affiliates or to any investment fund or other entity controlled
                                         or managed by the undersigned;

 

		(v)	pursuant
                                         to a qualified domestic relations order or in connection with a divorce settlement;

 

		(vi)	by
                                         will or intestate succession upon the death of the undersigned; or

 

		(vii)	to
                                         the Company in satisfaction of any tax withholding obligation.

 

Furthermore,
no provision in this lock-up agreement shall be deemed to restrict or prohibit (1) the transfer of the undersigned’s Lock-Up
Securities to the Company in connection with the termination of the undersigned’s services to the Company, provided that
any filing under Section 16 of the Exchange Act made in connection with such transfer shall clearly indicate in the footnotes
thereto that the filing relates to the circumstances described in this clause (1); (2) the exercise or exchange by the undersigned
of any option or warrant to acquire any shares of Common Stock or options to purchase shares of Common Stock, in each case for
cash or on a “cashless” or “net exercise” basis, pursuant to any stock option, stock bonus or other stock
plan or arrangement; provided, however, that the underlying shares of Common Stock shall continue to be subject to the restrictions
on transfer set forth in this lock-up agreement and that any filing under Section 16 of the Exchange Act made in connection with
such exercise or exchange shall clearly indicate in the footnotes thereto that (a) the filing relates to the circumstances described
in this clause (2) and (b) no shares were sold by the reporting person; (3) the transfer of Lock-Up Securities upon the completion
of a bona fide third-party tender offer, merger, consolidation or other similar transaction made to all holders of the Company’s
securities involving a change of control of the Company; provided, however, that in the event that such tender offer,
merger, consolidation or other such transaction is not completed, such securities held by the undersigned shall remain subject
to the restrictions on transfer set forth in this lock-up agreement; (4) the conversion of outstanding preferred stock of the
Company into shares of Common Stock, provided that any such shares received upon such conversion shall be subject to the restrictions
on transfer set forth in this lock-up agreement; (5) transfers by the undersigned of shares of Common Stock purchased by the undersigned
in the Private Placement Offering; and (6) transfers by the undersigned of shares of Common Stock purchased by the undersigned
on the open market following the Closing Date.

 

    -2-

     

    

 

Notwithstanding
anything herein to the contrary, nothing herein shall prevent the undersigned from establishing a 10b5-1 trading plan that complies
with Rule 10b5-1 under the Exchange Act (“10b5-1 Trading Plan”) or from amending an existing 10b5-1 Trading
Plan so long as there are no sales of Lock-Up Securities under any such 10b5-1 Trading Plan during the Lock-Up Period; and provided
that, the establishment of a 10b5-1 Trading Plan or the amendment of a 10b5-1 Trading Plan shall only be permitted if (i) the
establishment or amendment of such plan is not required to be reported in any public report or filing with the Securities and
Exchange Commission, or otherwise and (ii) the undersigned does not otherwise voluntarily effect any public filing or report regarding
the establishment or amendment of such plan.

 

The
undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar
against the transfer of the Lock-Up Securities except in compliance with the foregoing restrictions. Any attempted transfer in
violation of this lock-up agreement will be of no effect and null and void, regardless of whether the purported transferee has
any actual or constructive knowledge of the transfer restrictions set forth in this lock-up agreement, and will not be recorded
on the share register of the Company. In furtherance of the foregoing, the undersigned agrees that the Company and any duly appointed
transfer agent for the registration or transfer of the securities described herein are hereby authorized to decline to make any
transfer of securities if such transfer would constitute a violation or breach of this lock-up agreement. The Company may cause
the legend set forth below, or a legend substantially equivalent thereto, to be placed upon any certificate(s) or other documents,
ledgers or instruments evidencing the undersigned’s ownership of Common Stock:

 

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO AND MAY ONLY BE TRANSFERRED IN COMPLIANCE WITH A LOCK-UP AGREEMENT, A COPY
OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.

 

The
undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this lock-up agreement.
All authority herein conferred or agreed to be conferred and any obligations of the undersigned shall be binding upon the successors,
assigns, heirs or personal representatives of the undersigned.

 

The
undersigned understands that if the Merger Agreement is terminated for any reason, or if the Merger is not consummated by October
31, 2017, the undersigned shall be released from all obligations under this lock-up agreement. The undersigned understands that
the Company is proceeding with the Contemplated Transactions in reliance upon this lock-up agreement.

 

    -3-

     

    

 

This
lock-up agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to
the conflict of laws principles thereof.

 

Any
and all remedies herein expressly conferred upon the Company will be deemed cumulative with and not exclusive of any other remedy
conferred hereby, or by law or equity, and the exercise by the Company of any one remedy will not preclude the exercise of any
other remedy. The undersigned agrees that irreparable damage would occur to the Company in the event that any provision of this
lock-up agreement were not performed in accordance with its specific terms or were otherwise breached. It is accordingly agreed
that the Company shall be entitled to an injunction or injunctions to prevent breaches of this lock-up agreement and to enforce
specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction, this being in
addition to any other remedy to which the Company is entitled at law or in equity, and the undersigned waives any bond, surety
or other security that might be required of the Company with respect thereto.

 

This
lock-up agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute
one and the same instrument. The exchange of a fully executed lock-up agreement (in counterparts or otherwise) by the Company
and the undersigned by facsimile or electronic transmission in .pdf format shall be sufficient to bind such parties to the terms
and conditions of this lock-up agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

    -4-

     

    

 

	 	Very
truly yours,
	 	 
	Print Name of Stockholder: 

	Montrose Capital Partners Limited

	 	 
	 	Signature (for entities):
	 	 
	 	By:	/s/ Mark Tompkins
	 	Name:	Mark Tompkins
	 	Title:	Chief Executive Officer

 

[Signature Page to Lock-Up Agreement]

 

    	 	-5-	 

     

    

 

Accepted
and Agreed by

Max-1 Acquisition Corporation (to be renamed Exicure, Inc.):

 

 

	By:	/s/ Ian Jacobs	 
	Name:	Ian Jacobs	 
	Title:	President	 

 

 

 

-6-

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