Document:

Exhibit 4.6

  

   

  

  

   

  PRE-FUNDED COMMON SHARES PURCHASE WARRANT

   

  PERFORMANCE SHIPPING INC.

   

  Warrant Shares: [_______]

   

  Initial Exercise Date: May [__], 2022

   

  THIS PRE-FUNDED COMMON SHARES PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled,
    upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and until this Warrant is exercised in full (the “Termination Date”)
    but not thereafter, to subscribe for and purchase from Performance Shipping Inc., a Republic of the Marshall Islands corporation (the “Company”), up to ______ Common Shares (as subject to adjustment hereunder, the “Warrant Shares”. The
    purchase price of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

   

  

  Section 1. Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

   

  “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a
    Person, as such terms are used in and construed under Rule 405 under the Securities Act.

   

  “Bid Price” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a
    Trading Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
    (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the
    Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported in the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most
    recent bid price per share of the Common Shares so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent appraiser selected in good faith by the Holders of a majority in interest of the Warrants
    then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

   

  “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to
    remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee”  or any other similar
    orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York generally
    are open for use by customers on such day.

  
    
      

  

  
  “Commission” means the United States Securities and Exchange Commission.

   

  “Common Shares” means the common shares of the Company, par value $0.01 per share, and any other class of securities into which such securities may hereafter be
    reclassified or changed.

   

  “Common Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares,
    including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.

   

  “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

   

  “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock
    company, government (or an agency or subdivision thereof) or other entity of any kind.

   

  “Registration Statement” means the Company’s registration statement on Form F-1 (File No. 333-255100).

   

  “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

   

  “Subsidiary” means any subsidiary of the Company which is actively engaged in a trade or business, and shall, where applicable, also include any direct or
    indirect subsidiary of the Company formed or acquired after the date hereof.

   

  “Trading Day” means a day on which the Common Shares are traded on a Trading Market.

   

  “Trading Market” means any of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE
    American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange (or any successors to any of the foregoing).

   

  “Transfer Agent” means Computershare Trust Company, N.A., the current transfer agent of the Company with a mailing address of [ADDRESS], and any successor
    transfer agent of the Company.

   

  “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a
    Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day
    from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as
    applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting
    prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants
    then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

  
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  “Warrants” means this Warrant and other Pre-Funded Common Share purchase warrants issued by the Company pursuant to the Registration Statement.

   

  

  Section 2.                 Exercise.

   

    

  (a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the
      Termination Date by delivery to the Company of a duly executed PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days
      and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the
      applicable Notice of Exercise by wire transfer unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion
      guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has
      purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final
      Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall lower the outstanding number of Warrant Shares purchasable hereunder
      in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any
      Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph,
        following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

   

    

  (b) Exercise Price. The aggregate exercise price of this Warrant, except for a nominal exercise price of $0.01 per Warrant Share, was pre-funded to the Company on or prior to the Initial Exercise Date and,
      consequently, no additional consideration (other than the nominal exercise price of $0.01 per Warrant Share) shall be required to be paid by the Holder to any Person to effect any exercise of this Warrant. The Holder shall not be entitled to the
      return or refund of all, or any portion, of such pre-paid aggregate exercise price under any circumstance or for any reason whatsoever, including in the event this Warrant shall not have been exercised prior to the Termination Date. The unpaid
      exercise price per Warrant Share under this Warrant shall be $0.01, subject to adjustment hereunder (the “Exercise Price”).

  
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  (c) Cashless Exercise. If at the time of exercise hereof, there is no effective registration statement registering the Warrant Shares or the prospectus contained therein is not available for issuance of the
      Warrant Shares to the Holder, then this Warrant may be exercised, in whole or in part by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)]
      by (A), where:

   

  (A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if
    such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading
    hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice
    of Exercise or (z) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular
    trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable
    Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

   

  (B) = the Exercise Price of this Warrant, as adjusted hereunder; and

   

  (X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this
    Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

   

  If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant
    Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).

  
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  (d) Mechanics of Exercise.

   

       (i) Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or
      its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement
      permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register
      in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2)
      Trading Days after the delivery to the Company of the Notice of Exercise, provided that payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such second
      Trading Day after the delivery of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the
      Company of the Notice of Exercise, provided that payment of the aggregate Exercise Price (other than in the instance of a cashless exercise) is received by the Company one (1) Trading Day prior to such number of Trading Days comprising the Standard
      Settlement Period after the delivery of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed, solely for purposes of Regulation SHO of the Securities Act, to
      have become the holder of record of such Warrant Shares, irrespective of the date of delivery of such Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier
      of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a
      Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the
      date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant
      Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period”
      means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise. Notwithstanding the foregoing, with
      respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Initial Exercise Date, which may be delivered at any time after the time of execution of the Underwriting Agreement, the Company agrees to deliver
      the Warrant Shares subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise Date and the Initial Exercise Date shall be the Warrant Share Delivery Date for purposes hereunder, provided that payment of the aggregate Exercise
      Price (other than in the case of a cashless exercise) is received prior to 12:00 p.m. (New York City time) on the Initial Exercise Date.

   

  (ii) Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of
      delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this
      Warrant.

  
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  (iii) Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have
      the right to rescind such exercise.

   

  (iv) Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to
      the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market
      transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then
      the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the
      number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the
      Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that
      would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted
      exercise of Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the
      Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to
      it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the
      terms hereof.

   

  (v) No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would
      otherwise be entitled to purchase upon such exercise, the Company shall round down to the nearest whole share.

   

  (vi) Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant
      Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that, in the event
      that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a
      condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust
      Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

  
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  (vii) Closing of Books. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

   

    

  (e) Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or
      otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder
      or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For purposes of the foregoing sentence, the number of Common Shares
      beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares that are issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number
      of Common Shares which would be issuable upon (i) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or
      non-converted portion of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the
      Holder or any of its Affiliates or Attribution Parties.  For purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
      acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance
      therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
      and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to
      other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to
      verify or confirm the accuracy of such determination, and the submission of a Notice of Exercise shall be deemed a representation and warranty by the Holder of the foregoing determination. In addition, a determination as to any group status as
      contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may
      rely on the number of outstanding Common Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written
      notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of
      Common Shares then outstanding.  In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or
      Attribution Parties since the date as of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the
      number of the Common Shares outstanding immediately after giving effect to the issuance of Common Shares are issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation
      provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant
      held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions
      of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended
      Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

  
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  Section 3.                 Certain Adjustments.

   

    

  (a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on its Common Shares or any other
      equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares are issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Share into a larger
      number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into a smaller number of shares, or (iv) issues by reclassification of the Common Shares, any shares of capital stock of the Company, then in each
      case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of
      Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment
      made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the
      case of a subdivision, combination or re-classification.

   

    

  (b) Intentionally omitted.

   

    

  (c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Share Equivalents or rights to purchase stock,
      warrants, securities or other property pro rata to the record holders of any class of Common Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase
      Rights which the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
      Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for
      the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall
      not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder
      until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

  
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  (d) Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders
      of Common Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of
      arrangement or other similar transaction) except to the extent an adjustment was already made pursuant to Section 3(a) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to
      participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
      hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Common Shares are to
      be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation,
      then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Common Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in
      abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

   

    

  (e) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company
      with or into another Person, (ii) the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease (other
        than in the ordinary course of business), license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are
      permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares, (iv) the Company, directly or indirectly, in one or more related
      transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities, cash or
      property, or (v) other than a transaction with Aliki Paliou or Mango Shipping Corp. or their associated or affiliated persons that does not result in the delisting of the Common Shares from the Trading Market, the termination of the Company’s
      reporting obligations under the Exchange Act or effect any additional transaction contained in Sections 3(d)(i), (ii), (iii), or (iv), the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase
      agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50%
      of the outstanding Common Shares (not including any Common Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other
      business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior
      to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the
      Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is
      exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
      adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate
      Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental
      Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
      Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements
      in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a
      security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity)
      equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise
      price hereunder to such shares of capital stock (but taking into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such
      exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the
      occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer
      instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

  
    9

    
      

  

  (f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Common Shares
      deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and outstanding.

   

    

  (g) Notice to Holder.

   

      (i) Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting
      forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

   

      (ii) Notice to Allow Exercise by Holder. If (A) the Company shall declare a special nonrecurring dividend (or any other distribution in whatever form), including a special dividend on or a redemption of the
      Common Shares, (B) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (C) the approval of any shareholders of the
      Company shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company (and its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the
      assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (D) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the
      affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least ten (10)
      Trading Days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not
      to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger,
      sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to exchange their Common Shares for securities, cash or other property
      deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action
      required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such
      notice with the Commission pursuant to a Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may
      otherwise be expressly set forth herein.

  
    10

    
      

  

  Section 4.                  Transfer of Warrant.

   

    

  (a) Transferability. This Warrant and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
      a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if
      required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to
      the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to
      the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning
      this Warrant in full. This Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

   

    

  (b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and
      denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and
      deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date of this Warrant and shall be
      identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

   

    

  (c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time
      to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes.

   

    

  Section 5.                  Miscellaneous.

   

    

  (a) No Rights as Shareholder Until Exercise; No Settlement in Cash. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the
      exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to
      Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be required to net cash settle an exercise of this Warrant.

   

    

  (b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this
      Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and
      upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

  
    11

    
      

  

  (c) Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then, such action may be
      taken or such right may be exercised on the next succeeding Trading Day.

   

    

  (d) Authorized Shares.   The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a sufficient number of shares to provide for
      the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of issuing
      the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of
      any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this
      Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges
      created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

   

  Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its articles of
    incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant,
    but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting
    the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary
    or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
    from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

   

  Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company
    shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

   

    

  (e) Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws of
      the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether
      brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York. Each party
      hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
      contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or
      proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via
      registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that, subject to applicable law, such service shall constitute good and sufficient
      service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any
      provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
      of such action or proceeding. Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district court in which a Holder may bring a claim under the federal securities laws. 

      

  
    12

    
      

  

  (f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon
      resale imposed by state and federal securities laws.

   

    

  (g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s
      rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to
      the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto
      or in otherwise enforcing any of its rights, powers or remedies hereunder.

   

    

  (h) Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered
      personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at 373 Syngrou Avenue, 175 64 Palaio Faliro, Athens, Greece, Attention: Chief Executive Officer, facsimile number
      [______________], E-mail: [___________], or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all notices or other communications or deliveries to be provided by the
      Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile number, e- mail address or address of such Holder appearing
      on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile
      number or via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the
      facsimile number or via e-mail at the e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by
      U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information
      regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.

   

    

  (i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or
      privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

   

    

  (j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The
      Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific
      performance that a remedy at law would be adequate.

   

    

  (k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted
      assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant
      Shares.

   

    

  (l) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder, on the other hand.

   

    

  (m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be
      prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

   

    

  (n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

   

  ********************

   

  (Signature Page Follows)

      

    

  
    13

    
      

  

  

  IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

   

  

  
    	
             

          	
            PERFORMANCE SHIPPING INC.

          
	
             

          	
             

          	
             

          
	 	
            By:

          	 
	
             

          	
             

          	
            Title:

          
	
             

          	
             

          	
            Name:

          

  

   

  

  
    14

    
      

  

  NOTICE OF EXERCISE

   

  TO: PERFORMANCE SHIPPING INC.

   

  (1) The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the exercise price in
      full, together with all applicable transfer taxes, if any.

   

  (2) Payment shall take the form of (check applicable box):

   

  [ ] wire transfer in lawful money of the United States; or

   

  [ ] if permitted under subsection 2(c), the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c),
    to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

   

  (3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

   

  The Warrant Shares shall be delivered to the following DWAC Account Number:

   

  
    	
            DTC number:

          	 	 
	 	 	 
	
            Account name:

          	 	 
	 	 	 
	
            Account number:

          	 	 
	 	 	 
	
            [SIGNATURE OF HOLDER]

          	 	 
	 	 	 
	
            Name of Investing

          	 	 
	
            Entity:

          	 	 
	 	 	 
	
            Signature of Authorized

          	 	 
	 	 	 
	
            Signatory of Investing

          	 	 
	
            Entity:

          	 	 
	 	 	 
	
            Name of Authorized

          	 	 
	 	 	 
	
            Signatory:

          	 	 
	 	 	 
	
            Title of Authorized

          	 	 
	 	 	 
	
            Signatory:

          	 	 
	 	 	 
	
            Date:

          	 	 
	 	 	 

  

   

  

  
    15

    
      

  

  

  ASSIGNMENT FORM

   

  (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

   

  FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

   

  
    	 	 
	
            Name:

          	 
	                                                                                              

          	 
	
            (Please Print)

          	 
	 	 
	
            Address:

          	 
	                                                                                              	 
	
            (Please Print)

          	 
	 	 
	
            Phone Number:                                                                     

            

          	 
	 	 
	
            Email Address:                                                                     

          	 
	 	 
	
            Dated:                                                                                           

            

          	 
	 	 
	
            Holder’s Signature:                                                               

              

          	 
	 	 
	
            Holder’s Address:                                                                 

              

          	 

  

   

  

  16Exhibit
4.29

 

INX
LIMITED

 

share
AND TOKEN ownership and AWARD plan (2021)

 

[Amended on March 31, 2022]

 

     

     

    

 

TABLE OF CONTENTS

 

	1.	Preamble	1
	 	 	 
	2.	Administration of the Plan	1
	 	 	 
	3.	Shares and Tokens Subject to the Plan	2
	 	 	 
	4.	Designation of Participants	2
	 	 	 
	5.	Exercise Prices	3
	 	 	 
	6.	Exclusivity of the Plan	3
	 	 	 
	7.	Option Awards	3
	 	 	 
	8.	Token Awards	3
	 	 	 
	9.	Restricted Shares	4
	 	 	 
	10.	Restricted Tokens	 
	 	 	 
	11.	Restricted Share Units	5
	 	 	 
	12.	Other Awards	5
	 	 	 
	13.	Grant of the Awards; Trustee	6
	 	 	 
	14.	Awards or Share Purchase Agreement; Awards or Token
    Purchase Agreement; Termination of Engagement	6
	 	 	 
	15.	Acceleration of an Award	9
	 	 	 
	16.	Term of Awards; Exercise	9
	 	 	 
	17.	Additional Documents	11
	 	 	 
	18.	Taxation	12
	 	 	 
	19.	Dividends and distribution of funds	13
	 	 	 
	20.	Rights and/or Benefits arising out of the Employee/Employer
    of Other Relationship and the Absence of an Obligation to Engage	14
	 	 	 
	21.	Adjustments upon Changes in Capitalization	14
	 	 	 
	22.	Term, Termination and Amendment	15
	 	 	 
	23.	Effectiveness of the Plan	15
	 	 	 
	24.	Release of the Trustee, the Attorney and the Proxy
    from Liability and Indemnification	15
	 	 	 
	25.	Miscellaneous	15
	 	 	 
	26.	Severability	16
	 	 	 
	27.	Governing Law	16 

 

APPENDICES

 

Appendix A1: Grantee’s
Notice to the Company as to Exercise of the Award (Shares).

 

Appendix A2: Grantee’s
Notice to the Company as to Exercise of the Award (Tokens).

 

Appendix B: Notice
to the Company and the Trustee of Exercise of the Award by the Grantee.

 

Appendix C: Proxy
and Power of Attorney.

 

    i

     

    

 

		1.	PREAMBLE

 

		1.1.	This plan, as amended from time to time, shall be known as
the “INX Limited Share and Token Ownership and Award Plan (2021)” (the “Plan”).
The purpose and intent of the Plan is to provide incentives to employees, directors, officers, service providers, consultants and/or
advisors of INX Limited (the “Company”), the parent and/or of subsidiaries and/or of affiliated companies of the Company
(each a “Related Company” and collectively, “Related Companies”) by providing them with the opportunity
to purchase shares of the Company and/or INX Tokens of the Company as defined in the F-1
Form that was filed by the Company with the United States Securities and Exchange Commission (“Tokens” or “Token”
and the “Prospectus”) and by the grant of options to purchase shares, options to purchase Tokens,
awards of restricted shares, restricted share units (“RSUs”) and other share-based and token-based awards pursuant
to the Plan (collectively, the “Awards”) as shall be further designated by the Board.

 

The Plan is designed to enable the provision of incentives as set forth herein to grantees
in various jurisdictions, with respect to which the Board of Directors of the Company (the “Board”), in its sole discretion,
shall determine the necessary changes to be made to the Plan and set forth the relevant conditions in the Agreements (as defined in Section
13 below) with the grantees in order to comply with the requirements of the tax regimes in any such other jurisdictions and its determination
regarding these matters shall be final and binding.

 

		1.2.	Where a conflict arises between any section of the Plan, the Agreement or their application, and the provisions
of any tax law, rule or regulations, whether relied upon for tax relief or otherwise, the latter shall prevail, and the Board in its sole
discretion shall determine the necessary changes to be made to the Plan and its determination regarding this matter shall be final and
binding.

 

		1.3.	In the event the Company’s shares and/or Tokens should
be registered for trading on the Gibraltar Stock Exchange (GSX Limited) or on any other stock exchange, whether in Gibraltar or abroad,
including without limitation on the Tel Aviv Stock Exchange (TASE), Toronto Stock Exchange (TSX) or on NASDAQ, the Awards allotted in
accordance with the Plan may be made conditional to any requirement or instruction of the stock exchange authorities or of any other relevant
authority acting pursuant to applicable law as shall exist from time to time. In such case, by means of a Board resolution, the Plan and
any agreements prepared pursuant hereto, may be amended as necessary to meet such requirements. In the event of a contradiction between
any such amendment and the Plan and/or any agreement’s provisions, the amendment shall prevail.

 

		2.	ADMINISTRATION OF THE PLAN

 

		2.1.	The Plan shall be administered by the Board and/or by any committee of the Board so designated by the
Board. Any subsequent references herein to the Board shall also mean any such committee if appointed and, unless the powers of the committee
have been specifically limited by law or otherwise, such committee shall have all of the powers of the Board granted herein. Subject to
applicable law and without derogating from the generality of the foregoing, the Board shall have plenary authority to determine: (i) the
terms and conditions (which need not be identical) of all grant of Awards (including, without limitation, the terms and conditions of
the issuance of Shares or Tokens pursuant to the exercise thereof), including, without
limitation, the purchase price of the Shares or Tokens covered by each Award, (ii)
the method of payment of the exercise price (whether by cash, check, promissory note, consideration received by the Company by cashless
exercise, or any combination of the foregoing), (iii) the individuals to whom, and the time or times at which, Awards shall be granted,
(iv) the number of Shares or Tokens to be subject to each Award, (v) when an Award can be
exercised and whether in whole or in installments, (vi) and to make any other elections with respect to the Plan pursuant to applicable
law.

 

The Board shall have plenary authority
to construe and interpret the Plan, to prescribe, amend and rescind the rules and regulations relating to it and to make all other determinations
deemed necessary or advisable for the administration of the Plan. All determinations and decisions of the Board pursuant to the provisions
of the Plan and all related orders and resolutions of the Board shall be final, conclusive and binding on all persons, including the Company,
its shareholders, grantees and their estates and beneficiaries.

 

    1

     

    

 

		2.2.	Any directive or notice signed by a member of the Board authorized therefore by the Board shall constitute
conclusive proof and authority for every act or decision of the Company.

 

		2.3.	No director or officer of the Company shall be personally liable or obligated to any grantee as a result
of any decision made and/or action taken with respect to the Plan or its interpretation or execution.

 

		2.4.	Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in other countries
in which the Company and its Related Companies operate or have employees or other individuals eligible for Awards or to facilitate the
offering and administration of the Plan in such other countries, the Board, in its sole discretion, shall have the power and authority
to: (i) determine which Related Companies shall be covered by the Plan; (ii) determine which individuals outside of Gibraltar
are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to or held by individuals outside
the of Gibraltar to comply with applicable foreign laws or facilitate the offering and administration of the Plan in view of such foreign
laws; (iv) establish subplans and appendixes and modify exercise procedures and other terms and procedures, to the extent the Board
determines such actions to be necessary or advisable; provided, however, that no such subplans and/or modifications shall increase the
share and Token limitations contained in Section 3 hereof and that Board approval will not be necessary for immaterial modifications
to the Plan or any Agreement to ensure or facilitate compliance with the laws of the relevant foreign jurisdiction; and (v) take
any action, before or after an Award is made, that the Board determines to be necessary or advisable to obtain approval or comply or facilitate
compliance with any local governmental regulatory exemptions or approvals. Notwithstanding the foregoing, the Board may not take any actions
hereunder, and no Awards shall be granted, that would violate the any applicable law.

 

		3.	SHARES AND TOKENS SUBJECT TO THE PLAN

 

		3.1.	The shares subject to the Plan shall be Ordinary Shares of the Company, par value GBP 0.001 each (the
“Ordinary Shares” or “Shares”). The maximum number of shares that may be issued under the Plan is
1,288,882 Ordinary Shares. Such Shares may be in whole or in part, as the Board shall from time to time determine and subject to applicable
law, authorized and un-issued Ordinary Shares or issued and fully paid Ordinary Shares which shall have been purchased by the trustee
hereunder with funds provided by the Company or reacquired by the Company, subject to applicable law. If any Award granted under the Plan
shall expire, terminate or be canceled for any reason without having been exercised in full, such Shares subject thereto shall again be
available for the purposes of the Plan. Upon termination of the Plan, any such Shares which may remain un-issued and which are not subject
to outstanding Awards shall cease to be reserved for the purposes of the Plan.

 

		3.2.	The maximum number of Tokens that may be issued under the Plan is 17,373,438. If any Award granted under
the Plan shall expire, terminate or be canceled for any reason without having been exercised in full, such Tokens subject thereto shall
again be available for the purposes of the Plan. Upon termination of the Plan, any such Tokens which may remain un-issued and which are
not subject to outstanding Awards shall cease to be reserved for the purposes of the Plan.

 

		3.3.	At all times the Company shall reserve and keep available a sufficient number of Awards as shall be required
to satisfy the requirements of all outstanding Awards granted under this Plan.

 

		4.	DESIGNATION OF PARTICIPANTS

 

		4.1.	The persons eligible for participation in the Plan as grantees shall include any employee, director, service
provider, consultant and/or advisors of the Company or any Related Company or any other person or entity so designated by the Board.

 

    2

     

    

 

		4.2.	The grant of an Award hereunder shall neither entitle the grantee to participate nor disqualify the grantee
from participating in, any other grant of Awards pursuant to the Plan or any other plan of the Company or any Related Company.

 

		4.3.	The Board may specify a minimum number of Shares and Tokens that may be purchased on any exercise of an
Award, provided that such minimum number will not prevent any grantee from exercising the Award for the full number of Shares and Tokens
for which it is then exercisable.

 

		4.4.	Anything in the Plan to the contrary notwithstanding, all grants of Awards to directors and office holders
shall be authorized and implemented in accordance with applicable law.

 

		5.	EXERCISE PRICES

 

		5.1.	The consideration to be paid by a grantee for each Share or Token purchased by exercising an Award (the
“Exercise Price”) shall be as determined by the Board or set forth in the grantee’s Agreement, provided that
the Exercise Price shall not be less than the nominal value of the Shares or Tokens (if applicable) subject to the Award.

 

		5.2.	The Exercise Price shall be payable upon the exercise of the Award in a form satisfactory to the Board,
including without limitation, by cash or check or any other method of payment all as shall be determined by the Board. The Board shall
have the authority to postpone the date of payment on such terms as it may determine.

 

		6.	EXCLUSIVITY OF THE PLAN

 

Unless otherwise determined by the
Board in any particular instance or as part of the Agreement, each grantee hereunder will be required to declare and agree that all prior
agreements, arrangements and/or understandings with respect to Shares or Tokens of the Company or Awards which have not actually been
issued or granted prior to execution of the Agreement shall be null and void and that only the provisions of the Plan and/or the Agreement
shall apply.

 

Notwithstanding the above, the adoption
of this Plan, by itself, shall not be construed as amending, modifying or rescinding any incentive arrangement previously approved by
the Board (if applicable) or as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may
deem desirable, including, without limitation, the granting of Awards otherwise than under this Plan, and such arrangements may be either
applicable generally or only in specific cases.

 

		7.	OPTION AWARDS

 

The Board may award options to
purchase Shares or Tokens of the Company to any eligible grantee (“Options”). Each Option Award under this Plan
shall be evidenced by a written agreement between the Company and the grantee (the “Option Agreement”), in such
form as the Board shall from time to time approve. The Options shall be subject to all applicable terms of this Plan. The provisions
of the various Option Agreements entered into under this Plan need not be identical. The Option Agreement shall comply with the
provisions of the Plan and applicable law.

 

		8.	TOKEN AWARDS

 

		8.1.	The Board may award Tokens to any eligible grantee. Each Award of Tokens under this Plan shall be evidenced
by a written agreement between the Company and the grantee (the “Token Purchase Agreement”), in such form as the Board
shall from time to time approve. The Tokens purchased under a Token Purchase Agreement under this Plan shall be subject to all applicable
terms of this Plan. The provisions of the various Token Purchase Agreements entered into under this Plan need not be identical. The Token
Purchase Agreement shall comply with the provisions of the Plan and applicable law.

 

		8.2.	Each Token Purchase Agreement shall state an amount of Exercise Price to be paid by the grantee, if any,
in consideration for the issuance of the Tokens and the terms of payment thereof, which may include, payment in cash or by issuance of
promissory notes or other evidence of indebtedness on such terms and conditions as determined by the Board.

 

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		8.3.	Tokens purchased under a Token Purchase Agreement may not be sold, assigned, transferred, pledged, hypothecated
or otherwise disposed of, except by will or the laws of descent and distribution (in which case they shall be transferred subject to all
restrictions then or thereafter applicable thereto), until such Tokens shall have vested (the period from the date on which the Award
is granted until the date of vesting of such Token thereunder being referred to herein as the “Tokens’ Restricted Period”).
The Board may also impose such additional or alternative restrictions and conditions on the restricted Tokens, as it deems appropriate,
including the satisfaction of performance criteria. Such performance criteria may include, but are not limited to, sales, earnings before
interest and taxes, return on investment, earnings per Token, any combination of the foregoing or rate of growth of any of the foregoing,
as determined by the Board or pursuant to the provisions of any Company policy required under mandatory provisions of applicable law.
Restricted Tokens may, if so determined by the Board, be held in escrow by an escrow agent appointed by the Board. In determining the
Tokens’ Restricted Period of an Award, the Board may provide that the foregoing restrictions shall lapse with respect to specified
percentages of the awarded restricted Tokens on successive anniversaries of the date of such Award.

 

		8.4.	Subject to such exceptions as may be determined by the Board, if the grantee’s continuous employment
or engagement with the Company or with any Related Company thereof shall terminate for any reason prior to the expiration of the Tokens’
Restricted Period of an Award or prior to the timely payment in full of the Exercise Price of any restricted Tokens, any Tokens remaining
subject to vesting or with respect to which the purchase price has not been paid in full, shall thereupon be forfeited, transferred to,
and redeemed, repurchased or cancelled by, as the case may be, subject to applicable laws and the grantee shall have no further rights
with respect to such restricted Tokens.

 

		8.5.	During the Token’s Restricted Period the grantee shall possess all incidents of ownership of such
restricted Tokens. All securities, if any, received by a grantee with respect to restricted Tokens as a result of any adjustment or other
similar transaction shall be subject to the restrictions applicable to the original Award.

 

		9.	RESTRICTED SHARES

 

		9.1.	The Board may award restricted Shares to any eligible grantee. Each Award of restricted Shares under this
Plan shall be evidenced by a written agreement between the Company and the grantee (the “Restricted Share Agreement”),
in such form as the Board shall from time to time approve. The restricted Shares shall be subject to all applicable terms of this Plan.
The provisions of the various Restricted Shares Agreements entered into under this Plan need not be identical. The Restricted Share Agreement
shall comply with the provisions of the Plan and applicable law.

 

		9.2.	Each Restricted Share Agreement shall state an amount of Purchase Price to be paid by the grantee, if
any, in consideration for the issuance of the restricted Shares and the terms of payment thereof, which may include, payment in cash or
by issuance of promissory notes or other evidence of indebtedness on such terms and conditions as determined by the Board.

 

		9.3.	Restricted Shares may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed
of, except by will or the laws of descent and distribution (in which case they shall be transferred subject to all restrictions then or
thereafter applicable thereto), until such restricted Shares shall have vested (the period from the date on which the Award is granted
until the date of vesting of the restricted Share thereunder being referred to herein as the “Shares’ Restricted Period”.
Each of the Shares’ Restricted Period and the Tokens’ Restricted Period shall be referred to herein, as applicable, as the
“Restricted Period”). The Board may also impose such additional or alternative restrictions and conditions on the restricted
Shares, as it deems appropriate, including the satisfaction of performance criteria. Such performance criteria may include, but are not
limited to, sales, earnings before interest and taxes, return on investment, earnings per Share, any combination of the foregoing or rate
of growth of any of the foregoing, as determined by the Board or pursuant to the provisions of any Company policy required under mandatory
provisions of applicable law. Certificates for Shares issued pursuant to restricted Share award shall bear an appropriate legend referring
to such restrictions, and any attempt to dispose of any such Shares in contravention of such restrictions shall be null and void and without
effect. Such certificates may, if so determined by the Board, be held in escrow by an escrow agent appointed by the Board. In determining
the Restricted Period of an Award, the Board may provide that the foregoing restrictions shall lapse with respect to specified percentages
of the awarded restricted Shares on successive anniversaries of the date of such Award.

 

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		9.4.	Subject to such exceptions as may be determined by the Board, if the grantee’s continuous employment
or engagement with the Company or with any Related Company thereof shall terminate for any reason prior to the expiration of the Restricted
Period of an Award or prior to the timely payment in full of the Exercise Price of any restricted Shares, any Shares remaining subject
to vesting or with respect to which the purchase price has not been paid in full, shall thereupon be forfeited, transferred to, and redeemed,
repurchased or cancelled by, as the case may be, subject to applicable laws and the grantee shall have no further rights with respect
to such restricted Shares.

 

		9.5.	During the Restricted Period the grantee shall possess all incidents of ownership of such restricted Shares,
subject to Section ‎16.2 below and Section ‎9.3 above, including the right to vote and receive dividends with respect
to such Shares. All securities, if any, received by a grantee with respect to restricted Shares as a result of any stock split, stock
dividend, combination of Shares, or other similar transaction shall be subject to the restrictions applicable to the original Award.

 

		10.	RESTRICTED SHARE UNITS

 

		10.1.	An RSU is an Award covering a number of Shares that is settled, if vested and (if applicable) exercised,
by issuance of those Shares. An RSU may be awarded to any eligible grantee, subject and in accordance with applicable laws. The Award
Agreement relating to the grant of RSUs under this Plan (the “RSU Agreement”), shall be in such form as the Board shall
from time to time approve. The RSUs shall be subject to all applicable terms of this Plan. The provisions of the various RSU Agreements
entered into under this Plan need not be identical. RSUs may be granted in consideration of a reduction in the grantee’s other compensation.

 

		10.2.	No payment of Exercise Price shall be required as consideration for RSUs, unless included in the Award
Agreement or as required by applicable law.

 

		10.3.	The grantee shall not possess or own any ownership rights in the Shares underlying the RSUs and no rights
as a shareholder shall exist prior to the actual issuance of Shares in the name of the grantee.

 

		10.4.	Settlement of vested RSUs shall be made in the form of Shares. The number of Shares underlying such RSUs
shall be subject to adjustment pursuant hereto until the grant of RSUs is settled.

 

		11.	OTHER AWARDS

 

		11.1.	The Board may grant other Awards under this Plan pursuant to which Shares, Tokens, cash (in settlement
of Share-based Awards or Token-based Awards) or a combination thereof, are or may in the future be acquired or received, or Awards denominated
in stock units, including units valued on the basis of measures other than market value.

 

		11.2.	Such other Share-based Awards or Token-based Awards as set forth above may be granted alone, in addition
to, or in tandem with any Award of any type granted under this Plan.

 

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		12.	GRANT OF THE AWARDS; TRUSTEE.

 

		12.1.	Shares and Tokens issued upon exercise of an Award shall be issued to the grantee or to the Trustee (as
such term is defined below), if applicable, in the name of the grantee and/or on his behalf, subject to the sole discretion of the Board.

 

		12.2.	The Board may appoint a Trustee for the purpose of this Plan (the “Trustee”). For as
long as any Shares or Tokens are held by a Trustee, for whatever reason, or registered in its name or for as long as the certificates
representing any shares or Tokens are held by the Trustee, on behalf of a grantee under this Plan, and without derogating from any provision
of this Plan and subject to it, the Trustee alone shall be entitled to receive every notice to which a shareholder or a holder of Tokens
is entitled, or to demand any information and any financial and/or other report to which a shareholder or a holder of Tokens is entitled
from the Company, and only it or whomever shall be designated as a Proxy pursuant to Section 16.2 below, and attached as Appendix
C hereto, shall be entitled to exercise every other right of the shareholders or of a holder of Tokens vis-a-vis the Company,
including, without limitation, the right to participate and vote (or abstain) on all matters at all shareholders’ meetings (whether
ordinary or extraordinary) and the right to sign any resolution in writing in the name of the shareholders, if and when applicable.

 

		12.2.1.	The Trustee shall have all the
powers provided by law, the trust agreement with the Company and the Plan and shall act pursuant to the provisions thereof, as they shall
apply from time to time. The Board shall be entitled to replace the Trustee and/or to nominate another person to serve as a Trustee in
lieu of the existing Trustee at its sole discretion, subject to applicable law, and that the new Trustee shall have the same powers and
authority which this Plan grants the Trustee.

 

		12.2.2.	Without derogating from the provisions of this Section and unless otherwise determined by the Board generally
or in any particular instance, the Shares or Tokens issued with respect to any Awards granted hereunder and all rights deriving from or
in connection therewith including, without limitation, any bonus Shares (including stock dividend) issued in connection therewith, that
will be held by the Trustee and registered in its name, will continue to be held by the Trustee.

 

		12.3.	Unless otherwise determined by the Board, Awards granted hereunder shall not confer upon the grantee any
of the rights of a shareholder or a holder of Tokens of the Company, for as long as they have not been exercised and, once exercised,
for as long as the Shares or Tokens have not been issued, transferred and registered in the grantee’s name in the Company’s
shareholder register or in accordance with Company’s Token registration policy in effect at such time.

 

		12.4.	Subject to the provisions of the Articles of Association of the Company, as amended from time to time
(the “Articles”) and applicable laws, Shares registered in the Trustee’s name shall be represented at all meetings
of shareholders of the Company and shall be voted in the same manner as the votes of the majority of shareholders of the Company present
and voting at the applicable meeting.

 

		13.	AWARD OR SHARE PURCHASE AGREEMENT; AWARD OR TOKEN PURCHASE AGREEMENT; TERMINATION OF ENGAGEMENT

 

Unless otherwise determined by the
Board, every grantee shall be required to sign an Award or Share purchase agreement or Token purchase agreement or other document as shall
be determined by the Board, in the form approved by the Board from time to time (the “Agreement”).

 

The Agreement need not be identical
with respect to each grantee. The following terms, however, shall apply to all Awards, and, mutatis mutandis, Shares, Tokens, unless otherwise
determined by the Board or set forth in the grantee’s Agreement:

 

		13.1.	The Exercise Price shall be paid by the grantee to the Company no later than the date of exercise of the
Award. A Purchase Price with respect to Restricted Shares or Restricted Tokens shall be payable within ninety (90) days after the grant
thereof.

 

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		13.2.	The grantee, whether as a holder of an Award, or following the exercise of an Award, as a shareholder
of the Company, and whether the Shares issued to the grantee are registered in his name or otherwise, shall have no right of first refusal
to purchase Shares of the Company which may be offered for sale by shareholders of the Company, and shall have no pre-emptive rights to
purchase Shares which are being allotted or shall in the future be allotted by the Company, to the extent any such rights otherwise exist.

 

		13.3.	The Award and/or the right to the Award and/or to the Shares or Tokens are personal and except insofar
as is specified in this Plan, and, may not be transferred, assigned, pledged, withheld, attached or otherwise charged either voluntarily
or pursuant to any law, except by way of transfer pursuant to the laws of inheritance or as otherwise determined by the Board, and no
power of attorney or deed of transfer, whether the same has immediate effect or shall take effect on a future date, shall be given with
respect thereto. Tokens may also be subject to lock-up restrictions if so determined by the Board or required under any applicable law.
During the lifetime of the grantee the Award may only be exercised by the designated grantee or, if granted to the Trustee, by the Trustee
on behalf of the designated grantee. A note as to the provisions of this sub-section or a legend may appear on any document which grants
the Award and in particular in the Agreement, and also on any Share or Token certificate.

 

		13.4.	The right to exercise the Award may be subject to a vesting schedule, and may be further subject to any
performance goals and measurements as may be determined by the Board. Vesting shall be in installments, gradually over a period of 4 (four)
years from the date of grant of the Award or such other period or periods as determined by the Board. Unless otherwise determined, at
the conclusion of each period for the exercise of the Award as determined in the Agreement (“Vesting Periods”), the
Award may, from time to time, be exercised in relation to all the Shares or Tokens allocated for that period in such manner that upon
the first anniversary of the grant of the Award the Trustee shall, in the absence of a contrary determination in the Agreement, be entitled
to exercise on behalf of the grantee and at his request 1/4 (quarter) of the Awards and additional 1/16 at the end of each subsequent
quarter over the course of the following three (3) years, provided that, unless otherwise determined by the Board or set forth
in the respective Agreement, upon each of such vesting dates the grantee continues to be employed by, or provide services to, or serve
as a director or officer of the Company or a Related Company on a continual basis from the date of the grant thereof.

 

In addition, during each of the Vesting
Periods, the Award may be exercised in relation to all or part of the Shares or Tokens allocated for any previous Vesting Period in which
the Award was not fully exercised, provided that at the time of the exercise of the Award the grantee has continued to be employed by,
or provide services to or serve as a director or officer of the Company or a Related Company on a continual basis from the date of the
grant thereof and until the date of their exercise. After the end of the Vesting Periods and during the balance of the Award period, the
Award may be exercised, from time to time, in relation to all or part of the Shares or Tokens which have not at that time been exercised
and which remain subject to the Award hereof and to any condition in the Agreement, including, without limitation, with respect to a minimum
number of Shares or Tokens with respect to which the Award may be exercised and any provision which determines the number of times that
the Trustee may send the Company notice of exercise on behalf of the grantee in respect of the Award. Without derogating from any discretionary
authority granted to the Board under the Plan, the Board shall be entitled at any time to shorten the vesting schedule or any Vesting
Period.

 

		13.5.	Restricted Period in Connection with Restricted Shares or Restricted Tokens.

 

The term “Restricted
Period” with respect to Restricted Shares or Restricted Tokens (after which restrictions shall lapse) means a period starting on
the Date of Issuance of such shares or tokens to the Recipient and ending on such date not less than three (3) years after the Date of
Issuance unless otherwise determined by the Board.

 

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The restrictions
to which restricted Shares or restricted Tokens shall be subject are:

 

(i) If a Recipient's
employment is terminated for any reason, including such Recipient's death or disability, at any time before the Restricted Period ends,
the Company shall so notify the Trustee (as applicable). Such termination shall be deemed an offer to the Company as described in Section
‎13.5(i) as to:

 

(a) All such
Shares or Tokens issued to such Recipient, if such termination occurs within one year from the Date of Issuance:

 

(b) 2/3 of the
total number of such Shares or Tokens originally issued to such Recipient, if such termination occurs more than one year after the Date
of Issuance but prior to two years after that date; and

 

(c) 1/3 of the
total number of such Shares or Tokens originally issued to such Recipient, if the termination occurs on or after two years after the Date
of Issuance but prior to the end of the Restricted Period.

 

(in the event that
the Board shall determine a Restricted Period that is different than 3 years then the provisions of Subsections (i)(a)-(c) above shall
apply, mutatis mutandis) 

 

(ii) Lapse of
Restricted Period. The restriction set forth in Section ‎13.5 hereof, with respect to the Shares or Tokens to which such Restricted
Period was applicable, will lapse, as to such Shares or Tokens in accordance with the time(s) and number(s) of Shares or Tokens as to
which the Restricted Period expires, as described in Section ‎13.5(ii).

 

(iii) Acceleration
of the Restricted Period. In addition to the acceleration of award described in Section 14 below, the Restricted Period expiration
date shall be accelerated to the date of termination of employment, in the event that the Recipient ceases to serve as an employer, officer
or director of the Company or a Related Company (as the case may be) by reason of death or disability (as determined by the Board in its
absolute discretion).

 

		13.6.	Termination of Engagement

 

		13.6.1.	Unless otherwise determined by the Board and/or set forth in grantee’s Agreement, if the engagement
of a grantee is terminated or if he ceases to serve as an officer or director of the Company or a Related Company (as the case may be)
prior to the complete exercise of an Award, (a) by reason of death or disability (as determined by the Board in its absolute discretion),
the Award shall remain exercisable for a period of one (1) year following such termination (but only to the extent exercisable at termination
of engagement or appointment, as the case may be, and not beyond the scheduled expiration date); (b) by reason of retirement, pursuant
to applicable law with the approval of the Board, the Award shall remain exercisable for a period of one hundred and eighty (180) days
following such termination (but only to the extent exercisable at termination of engagement or appointment, as the case may be, and not
beyond the scheduled expiration date); and (c) for any other reason other than for Cause, the Award shall remain exercisable for a period
of ninety (90) days following the earlier of such termination or notice of termination (but only to the extent exercisable at the earlier
of termination or notice of termination of engagement or appointment, as the case may be, and not beyond the scheduled expiration date);
or (d) for Cause (as such term is defined below), as shall be determined by the Board, all Awards held by or on behalf of such grantee
shall immediately expire upon the earlier of such termination or notice of termination.

 

 For purposes hereof,
the term “Cause” shall mean any of (i) a material breach by the grantee of the grantee’s obligations under any
agreement with the Company or any Related Company; (ii) the commission by the grantee of an act of fraud or embezzlement against the Company
or any Related Company or the willful taking of action injurious to the business or prospects of the Company or any Related Company; (iii)
the conviction of the grantee of a felony; and (iv) the grantee’s involvement in an act or omission which constitutes breach of
trust between the grantee and the Company or any Related Company.

 

The Board may determine
whether any given leave of absence constitutes a termination of employment engagement or appointment, as applicable. Awards awarded under
this Plan shall not be affected by any change of employment or engagement, as applicable, so long as the grantee continues to be an employee,
director, officer, service provider, consultant and/or advisor of the Company or a Related Company (as the case may be).

 

		13.6.2.	Notwithstanding the foregoing, the Board may, in its absolute discretion but subject to Section ‎15.1,
extend the period of exercise of an Award by a grantee or grantees for such time as it shall determine either with or without conditions.

 

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		13.7.	Agreement to Significant Event.

 

As a condition to
the receipt of an Award under this Plan, a grantee will be deemed to have agreed that the Award will be subject to the terms of any agreement
governing a Significant Event (as such term defined under this Plan) involving the Company.

 

		14.	ACCELERATION OF AN AWARD

 

Unless otherwise
determined by the Board or set forth in the grantee’s Agreement:

 

		14.1.	Immediately prior to (a) the consummation of a Significant Event (as defined below) or (b) the adoption
of any plan or proposal for the liquidation or dissolution of the Company, then, notwithstanding anything to the contrary, Vesting Periods
or Restricted Period in any Agreement or in this Plan, and unless in each case the applicable Agreement provides otherwise, the Board
may, but shall not be obligated to, determine that a certain portion of the outstanding Awards held by or for the benefit of any grantee
and which have not yet vested shall be accelerated and become immediately vested and exercisable or, in the case of Restricted Period,
the expiration date of such Restricted Period shall be accelerated.

 

		14.2.	Each of the following shall be a “Significant Event”, (a) any consolidation or merger
of the Company in which the Company is not the continuing or surviving corporation, other than a transaction in which the holders of Ordinary
Shares (on an as converted basis) immediately prior thereto have the same, or substantially similar, proportionate ownership of Shares
(on an as converted basis) of the surviving corporation immediately after the transaction and a transaction in which the holders of Ordinary
Shares (on an as converted basis) immediately prior thereto own a majority of the voting power of the surviving corporation; or (b) any
sale, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all the assets or all
or substantially all of the outstanding and issued Shares of the Company.

 

		15.	TERM OF AWARDS; EXERCISE

 

		15.1.	The term of each Award shall be for such period as the Board shall determine, but not more than fifteen
(15) years from the date of grant thereof or such shorter period as is prescribed in Section 13.5 hereof.

 

		15.2.	Unless otherwise determined by the Board, in the event of: (i) the proposed liquidation or dissolution
of the Company; or (ii) a Significant Event; then (A) all outstanding Awards held by or for the benefit of any grantee and which have
vested as of such time (including, without limitation, any Awards accelerated pursuant to Section 14 above) but have not been exercised,
will terminate and expire immediately prior to the consummation or closing of such proposed action, transaction or event, and (B) all
outstanding Awards which are not vested as of such time will terminate and expire immediately prior to the consummation or closing of
such proposed action, transaction or event. Without derogating from any other right or authority of the Board hereunder, the Board may,
in connection with any proposed liquidation or dissolution, or in connection with any Significant Event as aforesaid, determine any other
date and time upon which any outstanding Award will terminate and expire.

 

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		15.3.	A grantee who desires to exercise an Award granted to him or her, shall so notify the Company in writing
in the form annexed hereto as Appendix A1 or 2 (as applicable) or in such other form as shall be approved
by the Board from time to time. As a condition for the exercise of the Award, the grantee shall pay or otherwise make arrangements, to
the Company’s satisfaction for the payment of the tax and other obligatory payments applicable to her or him (including all sums
payable by the Company arising out of its obligation to deduct tax and other obligatory payments at source) pursuant to applicable law
and the provisions of the Plan. Upon receipt of all the requisite documents, approvals and payments from the grantee, including sufficient
proof of payment or other arrangement with respect to the payment of any applicable taxes in form satisfactory to the Company, the Company
shall allot the Shares or Tokens in the name of the grantee. Grantees who exercise Token Awards may also be required to execute, upon
exercise of the Award, Token purchase agreements or lock-up agreements in the form that shall be approved by the Board if so resolved
by the Board or required under any applicable law.

 

		15.4.	If applicable, a grantee who desires that the Trustee exercise an Option granted to the Trustee on his
or her behalf shall so instruct the Company and the Trustee in writing in the form annexed hereto as Appendix B or in such
other form as shall be approved by the Board from time to time. The notice shall be accompanied by payment of the full Option Exercise
Price of such shares or Tokens as provided in the Agreement. As a condition for the exercise of the Award, the grantee shall pay or otherwise
make arrangements, to the Company and the Trustee satisfaction for the payment of the tax and other obligatory payments applicable to
her or him (including all sums payable by the Company arising out of its obligation to deduct tax and other obligatory payments at source)
pursuant to applicable law and the provisions of the Plan. Upon receipt of all the requisite documents, approvals and payments from the
grantee, including sufficient proof of payment or other arrangement with respect to the payment of any applicable taxes in form satisfactory
to the Company and the Trustee, the Company shall allot the shares or Tokens in the name of the Trustee for the benefit of the grantee.

 

		15.5.	In lieu of exercising an Award for cash, to the extent permissible under the respective Award agreement
and not prohibited under any applicable law or regulation, the grantee may elect to exercise the Award on a net issuance basis, such that
the Company will issue such number of Shares or Tokens calculated as follows:

 

	 	X =	Y(A - B)	 	 	 	 	 	 
	 	 	A	 	 	 	 	 	 

 

Where (with respect
to Shares or Tokens, as applicable):

 

X = The number
of Shares or Tokens to be issued to the grantee;

 

Y = The number
of Shares or Tokens which would otherwise have been purchasable upon exercise of the Award (as adjusted to the date of such calculation);

 

A = The Fair Market
Value of one (1) Share or Token ;

 

B = The Exercise
Price.

 

Such net exercise
will reduce the number of Ordinary Shares or Tokens subject to an Award which will not be exercisable thereafter and the number of Ordinary
Shares or Tokens to be reduced shall be comprised of the following: (i) Shares or Tokens issuable upon exercise are used to pay the exercise
price pursuant to the Net Exercise, (ii) Shares or Tokens are delivered to the grantee as a result of such exercise, and (iii) Shares
or Tokens are withheld to satisfy tax withholding obligations.

 

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For purposes of the
Plan, the “Fair Market Value” of the Ordinary Shares or Tokens shall mean, as of a particular date: (i) if the Shares
or Tokens are listed on any securities exchange, the average closing sales price per Share or Tokens on the securities exchange on which
the Shares or Tokens are principally traded over the thirty (30) trading day period preceding the subject date; (ii) if the Shares or
Tokens are then quoted in an over-the-counter market, the average of the closing bid and asked prices for the Shares in that over-the-counter
market during the thirty (30) trading day period preceding the subject date; (iii) if the Shares or Tokens are not then listed on a securities
exchange or quoted in an over-the-counter market, such value as the Board, in its sole discretion, shall determine in good faith, with
full authority to determine the method for making such determination and which determination shall be conclusive and binding on all parties,
and shall be made after such consultations with outside legal, accounting and other experts as the Board may deem advisable. The Board
shall maintain a written record of its method of determining such value. If the Shares or Tokens are listed or quoted on more than one
established stock exchange or over-the-counter market, the Board shall determine the principal exchange or market and utilize the price
of the Shares or Tokens on that exchange or market (determined as per the method described in clauses (i) or (ii) above, as applicable)
for the purpose of determining Fair Market Value

 

		15.6.	Without limiting the foregoing, the Board may, with the consent of the grantee, from time to time cancel
all or any portion of any Award then subject to exercise, and the Company’s obligation in respect of such Award may be discharged
by: (i) payment to the grantee or to the Trustee on behalf of the grantee, if applicable, of an amount in cash equal to the excess, if
any, of the Fair Market Value of the relevant Shares or Tokens at the date of such cancellation subject to the portion of the Award so
canceled over the aggregate Exercise Price of such Shares or Tokens; (ii) the issuance or transfer to the grantee or to the Trustee on
behalf of the grantee, if applicable, of Shares or Tokens of the Company with a Fair Market Value at the date of such transfer equal to
any such excess; or (iii) a combination of cash and Shares or Tokens with a combined value equal to any such excess, all as determined
by the Board in its sole discretion.

 

		16.	ADDITIONAL DOCUMENTS

 

		16.1.	Whether the Award or Shares or Tokens are granted or issued in the name of the grantee, the Trustee, or
otherwise, the Company shall have the right to demand from the grantee at any time that the same shall provide, and the grantee shall
provide, any certificate, declaration or other document which the Company and/or the Trustee, if applicable, shall consider to be necessary
or desirable pursuant to any law, whether local or foreign, including any undertaking on the part of the grantee not to sell his Shares
or Tokens during any period which shall be required by an underwriter or investment bank or advisor of the Company for the purpose of
any Share or Token issue whether private or public and including any certificate or agreement which the Company shall require, if any,
from the grantees or any certificate, declaration or other document the obtaining of which shall be deemed by the Board and/or the Trustee,
if applicable, to be appropriate or necessary for the purpose of raising capital for the Company, of merging the Company with another
company (whether the Company is the surviving entity or not), or of reorganization of the Company, including, in the event of a consolidation
or merger of the Company or any sale, lease, exchange or other transfer of all or substantially all of the assets or Shares or Tokens
of the Company the sale or exchange, as the case may be, of any Shares the grantee (or the Trustee on his behalf, if applicable) may have
purchased hereunder all as shall be deemed necessary or desirable by the Board and/or the Trustee, if applicable.

 

    11

     

    

 

		16.2.	Without derogating from the generality of the aforesaid and in order to guarantee the aforesaid, and because
the rights of the Company and the other shareholders are dependent thereon, the grantee shall, upon signing the Agreement and as a condition
to the grant of any Awards hereunder, execute the Proxy and Power of Attorney attached hereto as Appendix C, or in such
other form as shall be approved by the Board, irrevocably empowering the Proxy (i) to sign any document and take any action in his name
as aforesaid; (ii) that any Share or Token issued upon exercise of an Award (and any other securities of the Company issued with respect
thereto) shall be voted by the Proxy; and (iii) to provide for the power of such designated person(s) to act, instead of the grantee and
on its behalf, with respect to any and all aspects of the grantee’s shareholdings in the Company. Such person or persons designated
by the Board shall be indemnified and held harmless by the Company against any costs and expenses (including counsel fees) reasonably
incurred by him/her, or any liability (including any sum paid in settlement of a claim with the prior written approval of the Company)
arising out of any act or omission to act in connection with the voting of such Proxy, unless arising out of such person’s gross
negligence, fraud or malice, all to the extent permitted by applicable law. Such indemnification shall be in addition to any rights of
indemnification such person(s) may have as a director, shareholder or otherwise under the Company’s Articles, any agreement, insurance
policy or otherwise. The Proxy shall be voted in accordance with the provisions of Section 12.4 above. The grantee shall have no complaint
or claim against the Proxy in respect of any such signature or action. The grantee will authenticate his signature in the presence of
a notary if he shall be asked to do so by the Company, in order to give full validity to the power of attorney.

 

		17.	TAXATION

 

		17.1.	General

 

Subject to applicable law, the grantee
shall be liable for all taxes, duties, fines and other payments which may be imposed by the tax authorities (in any applicable jurisdiction
worldwide) and for every obligatory payment of whatever source in respect of the Awards, the Shares or Tokens (including, without limitation,
upon the grant of Awards, the exercise of the Awards, the sale of the Shares or Tokens or the registration of the Shares or Tokens in
the grantee’s name) or dividends or any other benefit in respect thereof and/or for all charges which shall accrue to the grantee,
the Company, any Related Company and/or to the Trustee, if applicable, in connection with the Plan, the Awards and/or the Shares or Tokens,
or any act or omission of the grantee or the Company in connection therewith or pursuant to any determination of the applicable tax or
other authorities.

 

		17.2.	Withholding at Source

 

The Company (including any Related
Company) shall have the right to withhold or require the grantee to pay an amount in cash or to retain or sell without notice Ordinary
Shares or Tokens in value sufficient to cover any tax or obligatory payment required by a governmental entity administrative authority
to be withheld or otherwise deducted and paid with respect to the Awards or the Shares or Tokens subject thereto (including, without limitation,
upon their grant, exercise or sale or the registration of the Ordinary Shares or Tokens in the grantee’s name) or with respect to
dividends or any other benefits in respect thereof (“Withholding Tax”), and to make payment (or to reimburse itself
or himself for payment made) to the appropriate tax or other authority of an amount in cash equal to the amount of such Withholding Tax.
Notwithstanding the foregoing, the grantee shall be entitled to satisfy the obligation to pay any Withholding Tax, in whole or in part,
by providing the Company with funds sufficient to enable the Company to pay such Withholding Tax.

 

		17.3.	Certificate of Authorization of Assessing Officer

 

The Company (including any Related
Company) or the Trustee, if applicable, shall at any time be entitled to apply to the assessing officer, and in the case of a grantee
abroad, to any foreign tax authority, for receipt of their certificate of authorization as to the amount of tax which the Company or any
Related Company or the grantee or the Trustee, if applicable, is to pay to the tax authorities resulting from granting the Awards or allotting
the Shares or Tokens, or regarding any other question with respect to the application of the Plan.

 

    12

     

    

 

		17.4.	No Obligation to Notify or Minimize Taxes; No Liability to Claims.

 

Except as required by applicable law
the Company has no duty or obligation to any grantee to advise such holder as to the time or manner of exercising such Award. Furthermore,
the Company has no duty or obligation to warn or otherwise advise such holder of a pending termination or expiration of an Award or a
possible period in which the Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of an
Award to the holder of such Award and will not be liable to any holder of an Award for any adverse tax consequences to such holder in
connection with an Award. As a condition to accepting an Award under the Plan, each grantee (i) agrees to not make any claim against
the Company, or any of its Officers, Directors, Employees or Related Companies (and their respective officers, directors, employees) related
to tax liabilities arising from such Award or other Company compensation and (ii) acknowledges that such grantee was advised to consult
with his or her own personal tax, financial and other legal advisors regarding the tax consequences of the Award and has either done so
or knowingly and voluntarily declined to do so.

 

		17.5.	Withholding Indemnification 

 

As a condition to
accepting an Award under the Plan, in the event that the amount of the Company’s and/or its Related Companies withholding obligation
in connection with such Award was greater than the amount actually withheld by the Company and/or its Related Companies, each grantee
agrees to indemnify and hold the Company and/or its Related Companies harmless from any failure by the Company and/or its Related Companies
to withhold the proper amount.

 

		18.	DIVIDENDS AND DISTRIBUTION OF FUNDS

 

		18.1.	The Ordinary Shares issued as a result of the exercise of the Awards shall participate equally with the
Company’s other Ordinary Shares in every dividend which shall be declared and distributed subject to the following provisions:

 

		18.1.1.	A cash dividend shall be distributed only to persons registered in the register of shareholders as shareholders
on the record date fixed for the distribution of the dividend.

 

		18.1.2.	If applicable, A dividend with regard to Shares which are registered in the name of the Trustee shall
be paid to the Trustee, subject to any lawful deduction of tax, whether such rate is at the usual rate applicable to a dividend or at
a higher rate. The Trustee shall transfer the dividend to the grantee in accordance with instructions that he shall receive from the Company.
Alternatively, the Company shall be entitled to pay the dividend directly to the grantee subject to the deduction of the applicable tax.

 

		18.1.3.	Without derogating from the provisions of Section ‎17.2 hereof, the Company or the Trustee, if applicable,
shall be entitled to set off and deduct at source from any dividend any sum that the grantee owes to the Company (including any Related
Company) or the Trustee, if applicable, whether under the Plan or otherwise, and/or any sum that the grantee owes to the tax or other
authorities.

 

		18.2.	The Tokens issued as a result of the exercise of the Awards or grant of Restricted Tokens shall participate
equally with the other Tokens in every distribution which shall be declared and distributed to all Token holders subject to the following
provisions:

 

		18.2.1.	A cash distribution shall be distributed only to persons registered by the Company as a Token holder in
accordance with the terms and conditions that apply to such distribution as set forth in the Prospectus.

 

		18.2.2.	If applicable, A distribution with regard to Tokens which are registered in the name of the Trustee shall
be paid to the Trustee, subject to any lawful deduction of tax, whether such rate is at the usual rate applicable to a distribution or
at a higher rate. The Trustee shall transfer the distribution funds to the grantee in accordance with instructions that he shall receive
from the Company. Alternatively, the Company shall be entitled to pay the distribution funds directly to the grantee subject to the deduction
of the applicable tax.

 

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		18.2.3.	Without derogating from the provisions of Section ‎17.2 hereof, the Company or the Trustee, if applicable,
shall be entitled to set off and deduct at source from any distribution any sum that the grantee owes to the Company (including any Related
Company) or the Trustee, if applicable, whether under the Plan or otherwise, and/or any sum that the grantee owes to the tax or other
authorities.

 

		19.	RIGHTS AND/OR BENEFITS ARISING OUT OF THE EMPLOYEE/ EMPLOYER OR OTHER RELATIONSHIP AND THE ABSENCE
OF AN OBLIGATION TO ENGAGE

 

		19.1.	Other than with respect to social security payments if required to be made by the Company or a Related
Company as a result of its choice of the tax treatment of the Awards (if applicable), no income or gain which shall be credited to or
which purports to be credited to the grantee as a result of the Plan, shall in any manner be taken into account in the calculation of
the basis of the grantee’s entitlements from the Company or any Related Company or in the calculation of any social welfare right
or other rights or benefits arising out of the employee/employer relationship between the parties or any other engagement by the Company
of the grantee. If, pursuant to any law, the Company or any Related Company shall be obliged for the purposes of calculation of the said
items to take into account income or gain actually or theoretically credited to the grantee, the grantee shall indemnify the Company or
any Related Company, against any expense caused to it in this regard.

 

		19.2.	Nothing in the Plan shall be interpreted as obliging the Company or any Related Company to employ or otherwise
engage the grantee and nothing in the Plan or any Award granted pursuant thereto shall confer upon any grantee any right to continue in
the employment (or other engagement or appointment, as applicable) of the Company or any Related Company or restrict the right of the
Company or any Related Company to terminate such employment (or other engagement or appointment, as applicable) at any time. The grantee
shall have no claim whatsoever against the Company or any Related Company as a result of the termination of his or her employment (or
other engagement or appointment, as applicable), including, without limitation, any claim that such termination causes any Awards to expire
or otherwise terminate and/or prevents the grantee from exercising the Awards and/or from receiving or retaining any Shares or Tokens
pursuant to any agreement between him and the Company, or results in any loss due to an early imposition, or earlier than anticipated
imposition, of tax or other liability pursuant to applicable law.

 

		20.	ADJUSTMENTS UPON CHANGES IN CAPITALIZATION 

 

Notwithstanding any other provisions
of the Plan, the Board shall take such actions, if any, as it deems appropriate for the adjustment of the number and class of shares or
Tokens subject to each unexercised or unvested Award and in the Award prices in the event of an IPO, changes in the outstanding share
capital of the Company by reason of any stock dividend (bonus Shares), stock split, recapitalization, combination, exchange of Shares,
merger, consolidation, liquidation, split-up, split-off, spin-off or other similar change in capitalization. Upon the occurrence of any
such event, the Board may make any adjustments it deems appropriate, including in the aggregate number of shares or Tokens and class of
shares available under the Plan, and the Board’s determination in this regard shall be conclusive.

 

For the purpose of this Plan, “IPO”
shall mean: initial public offering of the Company’s Shares, pursuant to an effective registration statement, prospectus or similar
document in any jurisdiction worldwide.

 

    14

     

    

 

		21.	TERM, TERMINATION AND AMENDMENT

 

Unless the Plan shall
theretofore have been terminated as hereinafter provided, the Plan shall terminate on, and no Award shall be granted after, the fifteenth
(15th) anniversary of the date the Plan is adopted by the Board. The Board may at any time terminate, modify or amend the Plan
in such respects as it shall deem advisable. Awards granted prior to termination of the Plan may, subject to the terms of the Plan and
any Agreement, be exercised thereafter. Unless otherwise provided for herein or in the Agreement, any amendment or modification of the
Plan shall be deemed included in the Plan with respect to Awards granted or Shares or Tokens issued hereunder from time to time, provided,
that, except as otherwise provided for herein, no amendment or modification of the Plan may, without the consent of the grantee to whom
any Award shall theretofore have been granted, adversely affect the rights of such grantee under such Award.

 

		22.	EFFECTIVENESS OF THE PLAN

 

The Plan shall
become effective as of the date determined by the Board.

 

		23.	RELEASE OF THE TRUSTEE, THE ATTORNEY AND THE PROXY FROM LIABILITY AND INDEMNIFICATION

 

In no event shall the Trustee, if applicable,
or Company’s legal counsel (the “Attorney”), or the Proxy be liable to the Company and/or any grantee under the
Plan and/or any third party (including without prejudice to the generality of the foregoing, to the income tax authorities and any other
governmental or administrative authority), or to a purchaser of Shares or Tokens from any grantee with respect to any act or omission
which has been or will be carried out in relation to the Plan, its execution and any matter connected thereto or arising therefrom. The
Company will not, and the grantee will be required to covenant upon signing the Agreement that he will not, make any claim against the
Trustee, if applicable, or the Attorney, or the Proxy in any manner whatsoever and on any ground whatsoever and they expressly agree that
if the Trustee, if applicable, or the Attorney or the Proxy are sued by them, then the Trustee, if applicable, or the Attorney or the
Proxy shall be entitled by virtue of this Section alone to apply to the court for dismissal of the action against them with costs. The
Company covenants and agrees that if an action is commenced by any third party against the Trustee, if applicable, or the Attorney or
the Proxy they shall be entitled, without any objection on the Company’s part to join the Company as a third party to any action
and a judgment against them will be paid by the Company.

 

The Company covenants and the grantee
will be required to covenant to indemnify the Trustee, if applicable, and/or the Attorney and/or the Proxy against any liability in relation
to any claim and/or demand made against the Trustee and/or the Attorney and/or the Proxy by any person whatsoever, including the tax authorities,
in relation to their acts or omissions in connection with the Plan.

 

		24.	MISCELLANEOUS

 

		24.1.	Plan Language. The official language of the Plan shall be English. To the extent that the Plan
or any Agreement are translated from English into another language, the English version of the Plan and Agreements will always govern,
in the event that there are inconsistencies or ambiguities which may arise due to such translation.

 

		24.2.	Corporate Action Constituting Grant of Awards. Corporate action constituting a grant by the
Company of an Award to any grantee will be deemed completed as of the date of such corporate action, unless otherwise determined by the
Board, regardless of when the instrument, certificate, or letter evidencing the Award is communicated to, or actually received or accepted
by, the grantee. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting the corporate action
approving the grant contain terms (e.g., exercise price, vesting schedule or number of shares or Tokens) that are inconsistent with those
in the Agreement or related grant documents as a result of a clerical error in the Agreement or related grant documents, the corporate
records will control and the grantee will have no legally binding right to the incorrect term in the Agreement or related grant documents.

 

    15

     

    

 

		24.3.	Applicable Currency. The Agreement shall specify the currency applicable to such Award. The Board
may determine, in its sole discretion, that an Award denominated in one currency may be paid in any other currency based on the prevailing
exchange rate as the Board deems appropriate. A grantee may be required to provide evidence that any currency used to pay the exercise
price or purchase price of any Award was acquired and taken out of the jurisdiction in which the grantee resides in accordance with applicable
laws, including foreign exchange control laws and regulations.

 

		24.4.	Change in Time Commitment. In the event a grantee’s regular level of time commitment in the
performance of his or her services for the Company and any Related Company is reduced (for example, and without limitation, if the grantee
is an employee of the Company and the employee has a change in status from a full-time employee to a part-time employee or takes an extended
leave of absence) after the date of grant of any Award to the grantee, the Board may determine, to the extent permitted by applicable
law, to  make a corresponding reduction in the number of shares or Tokens or cash amount subject to any portion of such Award that
is scheduled to vest or become payable after the date of such change in time commitment. In the event of any such reduction, the grantee
will have no right with respect to any portion of the Award that is so reduced or extended.

 

		25.	SEVERABILITY

 

If all or any part of the Plan or any
Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate
any portion of the Plan or such Agreement not declared to be unlawful or invalid. Any Section of the Plan or any Agreement (or part of
such a Section) so declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms
of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

 

		26.	GOVERNING LAW

 

The Plan and all instruments issued
thereunder shall be governed by and construed in accordance with the laws of Gibraltar unless if otherwise determined by any Appendix
to the Plan.

 

    16

     

    

 

INX
limited

APPENDIX A1

 

to INX Limited Share and Token Ownership and
Award Plan (2021)

 

(Section 15.3)

 

NOTICE OF EXERCISE

 

To:

INX Limited

1.23 World Trade Center, Bayside Road

Gibraltar J1 GX111aa

 

Attention: CEO of the Company

 

		1.	Exercise of Option. Effective as of today, I, _______________, the undersigned (“Grantee”)
hereby elects to exercise Grantee’s option to purchase _________ Shares under and pursuant to the INX Limited Share
and Token Ownership Plan and Award Plan (2021) (the “Plan”) and the
Agreement dated __________ (the “Agreement”).

 

		2.	Delivery of Payment. Grantee herewith delivers to the Company the full Exercise Price for
the Shares, as set forth in the Agreement and the payment of the aggregate withholding or other taxes in connection with such exercise.

 

		3.	Rights as Shareholder. Subject to the further provisions of the Agreement and of the Plan
and until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company), no right to receive dividends or any other rights as a shareholder shall exist with respect to the optioned Shares,
notwithstanding the exercise of the Award. The Shares shall be issued to Grantee as soon as practicable after the Award is exercised.
No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided
in the Plan.

 

		4.	Tax Consultation. Grantee understands that he/she may suffer adverse tax consequences as
a result of Grantee’s Exercise or disposition of the Shares. Grantee represents that he/she has consulted with tax consultants that
Grantee deems advisable in connection with the purchase or disposition of the Shares and that Grantee is not relying on the Company or
any Related Company or their respective Employees or Directors or Consultants thereof for any tax advice.

 

	Submitted by: 	 	Accepted by:
	 	 	 
	[___________]	 	INX LIMITED
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Title
	 	 	 
	 	 	 
	Address:	 	Address: 1.23 World Trade Center, Bayside Road Gibraltar J1 GX111aa

 

Date Received: ____________________

 

    17

     

    

 

INX
limited

APPENDIX A2

 

to INX Limited Share and Token Ownership and
Award Plan (2021)

 

(Section 15.3)

 

NOTICE OF EXERCISE

 

To:

INX Limited

1.23 World Trade Center, Bayside Road

Gibraltar J1 GX111aa

 

Attention: CEO of the Company

 

		1.	Exercise of Option. Effective as of today, I, _______________, the undersigned (“Grantee”)
hereby elects to exercise Grantee’s option to purchase _________ Tokens under and pursuant to the INX Limited Share
and Token Ownership Plan and Award Plan (2021) (the “Plan”) and the
Agreement dated __________ (the “Agreement”).

 

		2.	Delivery of Payment. Grantee herewith delivers to the Company the full Exercise Price for
the Tokens, as set forth in the Agreement and the payment of the aggregate withholding or other taxes in connection with such exercise.

 

		3.	Rights as holder of Tokens. Subject to the further provisions of the Agreement and of the
Plan and until the issuance of the Tokens (in accordance with Company’s Token registration policy in effect at such time), no right
to receive distribution of funds or any other rights as a holder of Tokens shall exist with respect to the optioned Tokens, notwithstanding
the exercise of the Award. The Tokens shall be issued to Grantee as soon as practicable after the Award is exercised. No adjustment shall
be made for a distribution of funds or other right for which the record date is prior to the date of issuance except as provided in the
Plan.

 

		4.	Tax Consultation. Grantee understands that he/she may suffer adverse tax consequences as
a result of Grantee’s Exercise or disposition of the Tokens. Grantee represents that he/she has consulted with tax consultants that
Grantee deems advisable in connection with the purchase or disposition of the Tokens and that Grantee is not relying on the Company or
any Related Company or their respective Employees or Directors or Consultants thereof for any tax advice.

 

	Submitted by: 	 	Accepted by:
	 	 	 
	[___________]	 	INX LIMITED
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Title
	 	 	 
	 	 	 
	Address:	 	Address: 1.23 World Trade Center, Bayside Road Gibraltar J1 GX111aa

 

Date Received: ____________________

 

    18

     

    

 

INX
limited

APPENDIX B

 

to INX Limited Share and Token Ownership and
Award Plan (2021)

 

(Section 15.4)

 

NOTICE OF EXERCISE

 

Date: ______________

 

To:

 

INX Limited (the “Company”)

 

With a copy to:

 

The Trustee (the “Trustee”) under
the INX Limited Share and Token Ownership and Award Plan (2021) (the “Plan”)

 

Dear Sirs,

 

Re: Notice of Exercise

 

I hereby wish to inform you that it is my desire
that of the Award which was granted to you on ________ to acquire ______ (________) Ordinary Shares/ Tokens of INX Limited (the
“Company”) on my behalf, you exercise and acquire on my behalf ______ (________) of the Ordinary Shares/ Tokens
subject to the said Award at a price of USD/GBP ____ per Share/ Token, all in accordance with the Plan.

 

Attached to this Notice is a check in the amount
of USD/GBP ________ (USD/GBP ________), as payment for the abovementioned Shares/ Tokens.

 

I am aware that all the Shares/ Tokens shall be
allotted to you, registered in your name and that you shall hold all Share/ Token certificates representing such Shares/ Tokens.

 

Likewise, I am aware of and agree to all other
provisions of the Plan and applicable law.

 

	 	Yours sincerely,
	 	 
	 	 
	 	Signature
	 	 
	 	 
	 	Name

 

    19

     

    

 

INX
Limited

APPENDIX C

 

to INX Limited Share and Tokens Ownership and
Award Plan (2021)

 

(Section 16.2)

 

IRREVOCABLE PROXY AND POWER
OF ATTORNEY

 

I, the undersigned, ____________, hereby appoint
the Chairman of the Board of Directors (or any other officer designated by the Company from time to time for such purpose) of INX Limited
(the “Proxy” and the “Company”, respectively) as my proxy to participate and vote (or abstain) for
me and on my behalf on all matters at all meetings of shareholders (whether ordinary, extraordinary or otherwise) or at other meetings
applicable to me, of the Company, on behalf of all the Shares and/or Tokens and/or Awards of the Company held by the Trustee on my behalf,
if and when applicable, and, without derogating from the generality of the above, hereby authorize and grant a power of attorney to the
Trustee under the Plan and to the Proxy as follows:

 

I hereby authorize and grant power of attorney
to the Trustee under the Plan and to the Proxy for as long as any shares and/or Tokens and/or Awards which were allotted or granted on
my behalf are held by the Trustee or registered in his / her name, or for as long as the certificates representing any shares and/or Tokens
are held by the Trustee, to exercise every right, power and authority with respect to the shares and/or Tokens and/or Awards and to sign
in my name and on my behalf any document (including any agreement, including a merger agreement of the Company or an agreement for the
purchase or sale of assets or shares or Tokens (including

the shares or Tokens of the Company held on my
behalf) and any and all documentation accompanying any such agreements, such as, but not limited to, decisions, requests, instruments,
receipts and the like), and any affidavit or approval with respect to the shares and/or Tokens and/or Awards or to the rights which they
represent in the Company in as much as the Trustee under the Plan and/or Proxy shall deem it necessary or desirable to do so.

 

In addition and without derogating from the generality
of the foregoing, I hereby authorize and grant power of attorney to Trustee under the Plan and the Proxy to sign any document as aforesaid
and any affidavit or approval (such as any waiver of rights of first refusal and/or any preemptive rights or other participation rights,
in as much as such rights shall exist pursuant to the Plan and the Company’s charter documents or shareholders’ agreements
as shall be in effect from time to time) and/or to make and execute any undertaking in my name and on my behalf if Trustee under the Plan
and/or the Proxy shall, at his / her sole discretion, deem that the document, affidavit or approval is necessary or desirable for purposes
of any placement of securities or Tokens of the Company, whether private or public (including lock-up arrangements and undertakings),
for purposes of a merger of the Company with another entity, in any jurisdiction worldwide, whether the Company is the surviving entity
or not, for purposes of any reorganization or recapitalization of the Company, for purposes of any purchase or sale of assets, Tokens
or shares of the Company or for any other purpose.

 

The Shares shall be voted by the Proxy in the
same manner as the votes of the majority of other shareholders of the Company present and voting at the applicable meeting.

 

This Proxy and Power of Attorney shall be interpreted
in the widest possible sense, in reliance upon the Plan and upon the goals and intentions thereof.

 

This Proxy and Power of Attorney shall be irrevocable
as the rights of the Company and the Company’s shareholders are dependent hereon. The expiration of this Power of Attorney shall
in no manner effect the validity of any vote, document (as aforesaid), affidavit or approval which has been taken, signed or given as
aforesaid prior to the expiration hereof and in accordance herewith.

 

IN WITNESS WHEREOF, I have executed this
Proxy and Power of Attorney on the __ day of ________, 20__.

 

	 	 
	 	 
	Name: 	 	 
	 	 
	 	 

 

    20

     

    

 

U.S. APPENDIX

 

TO
INX LIMITED SHARE AND TOKEN OWNERSHIP AND AWARD PLAN (2021)

 

1.
GENERAL

 

1.1 This
appendix (hereinafter: the “US Appendix”) shall apply only to grantees who are residents or citizens of the United
States or those who are deemed to be residents or citizens of the United States for the payment of tax. The provisions specified hereunder
shall form an integral part of the INX Limited Share and Token Ownership and Award Plan (2021) (hereinafter: the “Plan”),
which applies to the issuance of options to purchase Shares and Tokens of INX Limited (hereinafter: the “Company”).

 

1.2 This
US Appendix is to be read as a continuation of the Plan and only refers to Options granted to U.S. Grantees so
that they comply with the requirements set by U.S. law in general and in particular with the provisions of Sections 421 through 424 of
the Code. For the avoidance of doubt, this US Appendix does not add to or modify the Plan in respect of any other category of Grantees.

 

1.3 The
Plan and this US Appendix are complementary to each other and shall be deemed one. In any case of contradiction, whether explicit or implied,
between the provisions of this US Appendix and the Plan, the provisions set out in this Appendix shall prevail with respect to Options
granted to U.S. Grantees.

 

1.4 Any
capitalized terms not specifically defined in this US Appendix shall be construed according to the interpretation given to them in the
Plan. The Board shall have full and binding authority to construe and interpret the terms of this US Appendix, and any such determinations
shall be final and binding on all parties.

 

2.
DEFINITIONS

 

2.1 “Code”
means the United States Internal Revenue Code of 1986, as now in effect or as
hereafter amended.

 

2.2 “Employee(s)”
means any individual who is an employee of the Company, a Parent or a
Subsidiary.

 

2.3 “Fair
Market Value” means, as of any date, the value of Stock/Token determined as follows: (i) if the Stock/Token is listed on
any established stock exchange, its Fair Market Value shall be the closing sales price for such Stock/Token as quoted on such exchange
for such date, or if no sale occurred on such date, the first market trading day immediately prior to such date during which a sale occurred,
as reported in The Wall Street Journal or such other source as the Company deems reliable; (ii) if the Stock/Token is not
traded on a stock exchange but is quoted on a national market or other quotation system, the last sales price on such date, or if no sales
occurred on such date, then on the date immediately prior to such date on which sales prices are reported, as reported in The Wall
Street Journal or such other source as the Company deems reliable; or (iii) in the absence of an established market for the Stock/Token,
the Fair Market Value thereof shall be determined by the Company in its sole discretion.

 

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2.4 “ISO”
means an "incentive stock option" within the meaning of Section 422
of the Code, or the corresponding provision of any subsequently enacted U.S. federal tax statute, as amended from time to time. 

 

2.5 “NQSO”
or "Non-Qualified Stock Option” means
an option that does not meet the requirements of, and is not governed by, the rules of Sections 421 through 424 of the Code.

 

2.6 “Parent”
means any company (other than the Company) in an unbroken chain of companies
ending with the Company if, at the time of granting an Option, each of the companies (other than the Company), owns stock or other securities
possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other companies in such
chain.

 

2.7 “Services
Provider” means director, supplier, advisor or consultant of
the Company, a Parent or a Subsidiary. Provided, however, that a consultant or advisor must be an individual who is providing or will
be providing bona fide services to the Company, with such services (1) not being in connection with the offer or sale of securities in
a capital-raising transaction, and (2) not directly or indirectly promoting or maintaining a market for securities of the Company. 

 

2.8 “Subsidiary”
means any company (other than the Company) in an unbroken chain of companies
beginning with the Company if, at the time of granting an option, each of the companies other than the last company in the unbroken chain
owns stock or other securities possessing fifty percent (50%) or more of the total combined voting power of all classes of shares in one
of the other companies in such chain.

 

2.9 “Ten
Percent Shareholder” shall mean a person who owns shares possessing
at least ten percent (10%) of the total combined voting power of all classes of shares of the Company or of any of Related Companies.

 

2.10 Anywhere
in this Plan, when the term "stock" or "share" is used, it shall be deemed to include Tokens, and apply, in applicable
changes, to such Tokens as well.

 

3.
ISSUANCE OF OPTION; ELIGIBILITY

 

3.1 The
terms and conditions upon which Options shall be issued and exercised, including the vesting schedules and the Exercise Price, shall be
as specified in the Agreement to be executed pursuant to the Plan and to this US Appendix.

 

3.2 ISOs
may only be granted to Employees. NQSOs may be granted to Employees and Services Providers of the Company or any Related Company (including
grantees of Tokens, “Grantees”).

 

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4.
SHARES AND TOKENS AVAILABLE FOR ISSUANCE

 

Except
as adjusted pursuant to Section 19 to the Plan, in no event shall more than 1,288,882 Shares
(in post bonus shares numbers) and 17,373,438 be cumulatively available
for issuance pursuant to the exercise of Incentive Stock Options in accordance with Code section 422 and T.D. 9144, the final Treasury
Regulations issued thereunder (hereinafter: “ISO Regulations”) by Employees who are subject to income tax in the United
States. Any changes to the Plan regarding the granting corporation, increases in the number of shares or Tokens, or the type of Shares
issued (i.e. shares of a different corporation or a different class of shares), will require the approval of the Company's Shareholders.
With respect to Section 19 to the Plan and to the ISO Regulations, in the event of stock dividends or stock splits that only change the
number of shares or Tokens, as applicable, outstanding, the ISO's shall not be considered as substituted or assumed, and the Exercise
Price may be proportionally adjusted to reflect the changes in the number of Shares or Tokens, as applicable without being considered
a modification.

 

5.
EXERCISE OF OPTIONS

 

5.1 Options
shall be exercised by the Grantee’s by giving written notice of
to the Company or to any third party designated by the Company (hereinafter: the “Representative”), in such form and
method as may be determined by the Company, which exercise shall be effective upon receipt of such notice by the Company and/or the Representative
and the payment of the Exercise Price for the number of Shares or Tokens, as applicable, with respect to which the Option is being exercised,
at the Company's or the Representative's principal office. The notice shall specify the number of Shares or Tokens, as applicable, with
respect to which the Option is being exercised.

 

5.2 Each
Option shall be exercisable following the Vesting Periods, subject to the provisions of the Plan and the number of Options granted; provided,
however, that no Option shall be exercisable after the earlier of: (i) the date set forth in the Agreement; (ii) in the event of the grant
of ISOs, the expiration of ten (10) years from the Date of Grant; (iii) in the event of the grant of ISOs to Ten Percent Shareholders,
the expiration of five (5) years from the Date of Grant; or (iv) the expiration of any extended period in any of the events set forth
in Section 14 of the Plan.

 

5.3 To
the extent the aggregate Fair Market Value (determined at the Date of Grant) of the Company's shares or Tokens, as applicable, with respect
to which ISO's are exercisable for the first time by any Grantee during any calendar year under all plans of the Company and its Related
Companies exceeds US$100,000, the Options or portions thereof which exceed such limit (according to the order in which they were granted)
shall be treated as NQSOs.

 

6.
EXERCISE PRICE

 

In the case of an ISO, the Exercise Price shall be
determined subject to the following:

 

6.1 in
case of an ISO granted to a Ten Percent Shareholder, the Exercise Price shall be no less than one hundred and ten percent (110%) of the
Fair Market Value per Share on the Date of Grant.

 

6.2 in
case of an ISO granted to any other Employee, the Exercise Price shall be no less than one hundred percent (100%) of the Fair Market Value
per Share on the Date of Grant.

 

6.3 In
the case of a NQSO, the Exercise Price shall be no less than one hundred percent (100%) of the Fair Market Value per Share on the Date
of Grant.

 

6.4 HOWEVER,
AND NOTWITHSTANDING ANYTHING TO THE CONTRARY, THE COMPANY DISCLAIMS ANY REPRESENTATIONS AND WARRANTIES, EXPRESSED OR IMPLIED, WITH RESPECT
TO THE VALIDITY OR ACCURACY OF SUCH FMV AND THE GRANTEE SHALL SOLELY AND EXCLUSIVELY BEAR ALL RISKS AND IMPLICATIONS IN THIS RESPECT AND
IN ADDITION GRANTEE WAIVES FULLY ABSOLUTELY AND IRREVOCABLE ANY RIGHT, DEMAND, CLAIM OR SUIT IN THIS RESPECT INCLUDING AGAINST THE COMPANY
AND/OR ITS RELATED COMPANIES AND THEIR SHAREHOLDERS AND/OR DIRECTORS AND/OR OFFICE HOLDERS AND/OR
EMPLOYEES AND/OR CONSTULTANTS AND/OR SERVICES PROVIDER AND/OR ANY OTHER THIRD PARTIES, INCLUDING WITHOUT LIMITATION THOSE WHO HAVE PROVIDED
THE COMPANY WITH THE VALUATION, ESTIMATION OR OPINION WITH RESPECT TO THE FAIR MARKET VALUE PER SHARE. 

 

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7.
RESTRICTIONS ON ASSIGNABILITY AND SALE OF OPTIONS

 

Unless
otherwise determined by the Board and subject to any applicable law, no Option or any right with respect thereto, purchasable hereunder,
whether fully paid or not, shall be assignable, transferable or given as collateral to any third party whatsoever, other than by will,
pursuant to a domestic relations order, or by the laws of descent and distribution or as specifically otherwise allowed under this Plan,
and during the lifetime of the Grantee, each and all of such Grantee's
rights to exercise Shares or Tokens hereunder shall be exercisable only by the Grantee.

 

Any such action made directly
or indirectly, for enabling the non-compliance with that stated above shall be null and void and has no effect whatsoever.

 

8.
EFFECTIVE DATE OF THE PLAN

 

This US Appendix shall be
effective as of the earlier of (i) the adoption date of the Plan or (ii) the date of shareholder approval (hereinafter: the “Effective
Date”) and shall terminate upon the expiration of ten (10) years from the Effective Date (hereinafter: the “Termination
Date”). No ISO may be granted under the US Appendix after the Termination Date. The US Appendix shall be approved by the shareholders
of the Company, which approval shall be received within twelve (12) months following the adoption date of the Plan. All and any grants
of ISOs to Grantees under this US Appendix as of the Effective Date shall be subject to the said shareholders approval.

 

9.
AMENDMENT TO THE PLAN AND APPENDIX

 

The Company shall obtain the
approval of the Company's shareholders for any amendment to the Plan and this US Appendix, if shareholders' approval is necessary or desirable
to comply with any applicable law, including Section 422 of the Code, which approval shall be received not later than twelve (12) months
after the adoption of such amendment by the Board.

 

10.
TAX CONSEQUENCES

 

10.1 To
the extent permitted by applicable law, any tax consequences arising from the grant or exercise of any Option, from the payment for Shares
or Tokens covered thereby or from any other event or act (of the Company and/or its Parent and/or its Subsidiaries,
or the Grantee), hereunder, shall be borne solely by the Grantee
and the Grantee waives
fully, absolutely and irrevocably on any right or claim in this respect. The Company and/or its Parent or Subsidiary shall
withhold taxes according to the requirements under the applicable laws, rules, and regulations, including withholding taxes at source.
Furthermore, the Grantee shall agree to compensate and indemnify the Company
and/or its Parent or Subsidiary and hold them harmless against and from
any and all liability for any such tax or interest or penalty thereon, including without limitation, liabilities relating to the necessity
to withhold, or to have withheld, any such tax from any payment made to the Grantee.

 

10.1 The
Company shall not be required to release any Share certificate or transfer any Token to a Grantee until
all required payments have been fully made.

 

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11.
CONVERSION OF ISOs INTO NQSOs; TERMINATION OF ISOs

 

The
Board, at the written request of any Grantee, may in its sole and absolute
discretion after verifying the implications of applicable tax law including the provisions of Section 409A of the Code and the regulations
promulgated thereunder, take such actions as may be necessary to convert such Grantee’s
ISOs (or any portions thereof) that have not been exercised on the date of conversion into NQSOs, at any time prior to the expiration
of such ISOs, regardless of whether the Grantee is an Employee of the
Company or a Parent or a Subsidiary at the time of such conversion. Such
actions may include, but not be limited to extending the exercise period. At the time of such conversion, the Board (with the consent
of the Grantee) may impose such conditions on the exercise of the resulting
NQSOs as the Board in its discretion may determine, provided that such conditions shall not be inconsistent with the Plan and/or with
this US Appendix. Nothing in the Plan and/or in this US Appendix shall be deemed to give any Grantee the
right to have such Grantee 's ISOs converted into NQSOs, and no such conversion
shall occur unless and until the Board takes appropriate action. The Board, with the consent of the Grantee,
may also terminate any portion of any ISO that has not been exercised at the time of such conversion.

 

Should any Option for any
reason expire or be canceled prior to its exercise or relinquishment in full, the Share underlying to such Option may again, according
to the Board, sole and absolute discretion, be subject to an Option under the Plan (whether granted to an Employee or Service Provider
under or any country tax track) or under the Company's other share option plans, provided, however, that Shares that have actually been
issued under the Plan shall not be returned to the Plan and shall not become available for future distribution under the Plan.

 

12.
NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION.

 

Each Employee who receives
an ISO must agree to notify the Company in writing immediately after the Employee makes a Disqualifying Disposition of any Shares acquired
upon the exercise of an ISO. A Disqualifying Disposition is any disposition (including any sale) of such Shares before the later of (a)
two (2) years after the date the Employee was granted the ISO, or (b) one (1) year after the date the Employee acquired Shares by exercising
the ISO. If the Employee has died before such Share is sold, these holding period requirements do not apply and no Disqualifying Disposition
can occur thereafter.

 

13.
Restricted Stock; Restricted Stock Units.

 

13.1 General.
The Company may grant Restricted Stock or the right to purchase Restricted Stock, to any Service Provider, subject to the right of the
Company to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant (or to require
forfeiture of such shares if issued at no cost) in the event that conditions specified by the Company in the applicable Grant Agreement
are not satisfied prior to the end of the applicable restriction period or periods established by the Company for such Grant. In addition,
the Grant may grant to Service Providers Restricted Stock Units, which may be subject to vesting and forfeiture conditions during applicable
restriction period or periods, as set forth in an applicable Grant Agreement. For this purpose, the term "Restricted Stock",
or "Restricted Stock Units", shall include and shall apply, in applicable changes, to Restricted Tokens and/or Restricted
Token Units.

 

    25

     

    

 

13.2 Terms
and Conditions for All Restricted Stock and Restricted Stock Unit Awards. The Company shall determine and set forth in the applicable
Grant Agreement the terms and conditions applicable to each Restricted Stock and Restricted Stock Unit Grant, including the conditions
for vesting and repurchase (or forfeiture) and the issue price, in each case, if any.

 

13.3 Additional
Provisions Relating to Restricted Stock.

 

		13.3.1	Dividends. Participants holding Restricted Stock will
be entitled to all ordinary cash dividends paid with respect to such shares or Tokens to the extent such dividends have a record date
that is on or after the date on which the Participant to whom such Restricted Shares/Tokens are granted becomes the record holder of
such Restricted Shares/Tokens, unless otherwise provided by the Company in the applicable Grant Agreement. In addition, unless otherwise
provided by the Company, if any dividends or distributions are paid in shares or Tokens, or consist of a dividend or distribution of
property other than an ordinary cash dividend, the shares, tokens or other property will be subject to the same restrictions on transferability
and forfeitability as Restricted Stock with respect to which they were paid. Each dividend payment will be made as provided in the applicable
Grant Agreement, but in no event later than the end of the calendar year in which the dividends are paid to stockholders or token holders
of that class of stock or, if later, the 15th day of the third month following the later of (A) the date the dividends are paid to stockholders
of that class of stock or tokens, and (B) the date the dividends are no longer subject to forfeiture.

 

		13.3.2	Stock/Token Certificates. The Company may require that any stock/token certificates issued in respect
of Restricted Stock be deposited in escrow by the Participant, together with a stock power endorsed in blank, with the Company (or its
designee).

 

		13.3.3	This provision shall apply, in applicable changes, to Restricted Tokens.

 

13.4 Additional
Provisions Relating to Restricted Stock Units.

 

		13.4.1	Settlement. Upon the vesting of a Restricted Stock Unit, the Participant shall be entitled to receive
from the Company one share of Common Stock or an amount of cash or other property equal to the Fair Market Value of one share of Common
Stock on the settlement date, as the Company shall determine and as provided in the applicable Grant Agreement. The Company may provide
that settlement of Restricted Stock Units shall occur upon or as soon as reasonably practicable after the vesting of the Restricted Stock
Units or shall instead be deferred, on a mandatory basis or at the election of the Participant, in a manner that complies with Section
409A. 

 

		13.4.2	Voting Rights. A Participant shall have no voting rights with respect to any Restricted Stock Units
unless and until shares are delivered in settlement thereof. 

 

    26

     

    

 

		13.4.3	Dividend Equivalents. To the extent provided by the Company, a grant of Restricted Stock Units
may provide a Participant with the right to receive Dividend Equivalents. Dividend Equivalents may be paid currently or credited to an
account for the Participant, may be settled in cash and/or shares of Common Stock and may be subject to the same restrictions on transfer
and forfeitability as the Restricted Stock Units with respect to which the Dividend Equivalents are paid, as determined by the Administrator,
subject, in each case, to such terms and conditions as the Administrator shall establish and set forth in the applicable Award Agreement.

 

		13.4.4	This provision shall apply, in applicable changes to Restricted Token Units.

 

14.
SECTION 409A of the code

 

14.1 General.
The Company intends that all Awards be structured in compliance with, or to satisfy an exemption from, Section 409A, such that no adverse
tax consequences, interest, or penalties under Section 409A apply in connection with any Awards. Notwithstanding anything herein or in
any Award Agreement to the contrary, the Company may, without a Participant’s prior consent, amend this Plan and/or Awards, adopt
policies and procedures, or take any other actions (including amendments, policies, procedures and actions with retroactive effect) as
are necessary or appropriate to preserve the intended tax treatment of Awards under the Plan, including without limitation, any such actions
intended to (A) exempt this Plan and/or any Award from the application of Section 409A, and/or (B) comply with the requirements
of Section 409A, including without limitation any such regulations, guidance, compliance programs and other interpretative authority
that may be issued after the date of grant of any Award. The Company makes no representations or warranties as to the tax treatment of
any Award under Section 409A or otherwise. The Company shall have no obligation under this Section 13 or otherwise to take any action
(whether or not described herein) to avoid the imposition of taxes, penalties or interest under Section 409A with respect to any Award
and shall have no liability to any Participant or any other person if any Award, compensation or other benefits under the Plan are determined
to constitute non-compliant, “nonqualified deferred compensation” subject to the imposition of taxes, penalties and/or interest
under Section 409A.

 

14.2 Separation
from Service. With respect to any Award that constitutes “nonqualified deferred compensation” under Section 409A, any
payment or settlement of such Award that is to be made upon a termination of a Participant’s Service Provider relationship shall,
to the extent necessary to avoid the imposition of taxes under Section 409A, be made only upon the Participant’s “separation
from service” (within the meaning of Section 409A), whether such “separation from service” occurs upon or subsequent
to the termination of the Participant’s Service Provider relationship. For purposes of any such provision of this Plan or any Grant
Agreement relating to any such payments or benefits, references to a “termination,” “termination of employment”
or like terms shall mean “separation from service.”

 

    27

     

    

 

14.3 Payments
to Specified Employees. Notwithstanding any contrary provision in the Plan or any Grant Agreement, any payment(s) of “nonqualified
deferred compensation” that are otherwise required to be made under an Award to a “specified employee” (as defined under
Section 409A and determined by the Company) as a result of his or her “separation from service” shall, to the extent necessary
to avoid the imposition of taxes under Code Section 409A(a)(2)(B)(i), be delayed until the expiration of the six-month period immediately
following such “separation from service” (or, if earlier, until the date of death of the specified employee) and shall instead
be paid (in a manner set forth in the Grant agreement) on the day that immediately follows the end of such six-month period or as soon
as administratively practicable thereafter (without interest). Any payments of “nonqualified deferred compensation” under
such Award that are, by their terms, payable more than six months following the Participant’s “separation from service”
shall be paid at the time or times such payments are otherwise scheduled to be made.

 

Signed:

 

	 	 
	INX LIMITED	 
	 	 	 
	By: 	      	 
	Title:	 	 
	Date: 	 	 

 

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ISRAELI APPENDIX

 

TO INX LIMITED SHARE
AND TOKEN OWNERSHIP AND AWARD PLAN (2021)

 

1. GENERAL

 

		1.1.	This appendix (the “Israeli Appendix”)
shall apply only to grantees who are residents of the State of Israel or those who are deemed to be residents of the State of Israel
for the payment of tax (“Grantees”). The provisions specified hereunder shall form an integral part of the INX Limited
Share and Token Ownership and Award Plan (2021) (the “Plan”) which applies to the issuance of Awards to purchase Shares
and Tokens of INX Limited (the “Company”) as defined in the Plan.

 

		1.2.	This Israeli Appendix shall be effective with respect to Awards to be granted according to the resolution
of the Board as such term is defined in the Plan and shall comply with Amendment no. 147 of the Ordinance.

 

		1.3.	This Israeli Appendix is to be read as a continuation of the Plan and only refers to Awards granted to
Israeli Grantees so that they comply with the requirements set by the Israeli law in general, and in particular with the provisions of
Section 102 of the Ordinance and with any regulations, rules, orders or procedures promulgated thereunder, as may be amended or replaced
from time to time. For the avoidance of doubt, this Israeli Appendix does not add to or modify the Plan in respect of any other category
of grantees.

 

		1.4.	The Plan and this Israeli Appendix are complementary to each other and shall be deemed one. In case of
any contradiction or inconsistency between the Award Agreement and the Plan (including its Appendices), then the provisions of the Award
Agreement shall prevail and supersede, with regard to all matters discussed therein. However, in the event of a conflict between the terms
and conditions of the Plan or of the Award Agreement and any provision of the Tax Ordinance, rules or the trust agreement, the two latter
shall govern and prevail.

 

		1.5.	Any capitalized terms not specifically defined in this Israeli Appendix shall be construed according to
the interpretation given to them in the Plan.

 

2. DEFINITIONS

 

		2.1.	“Approved 102 Award” - means an Award granted pursuant to Section 102(b) of the Ordinance
and held in trust by a Trustee for the benefit of the Grantee. 

 

		2.2.	“Capital Gain Award (CGA)” - means an Approved 102 Award elected and designated by
the Company to qualify under the capital gain tax treatment, in accordance with the provisions of Section 102(b)(2) of the Ordinance.

 

		2.3.	“Companies Law” - means Companies Law 5759-1999, and any regulations, rules, orders
or procedures promulgated thereunder, as now in effect or as may be hereafter amended or replaced.

 

		2.4.	“Controlling Shareholder” - means a controlling shareholder [“Ba’al Shlita”]
as such term is defined in Section 32(9) of the Ordinance.

 

		2.5.	“Employee” including an individual who is serving as a director or as an Office Holder
but excluding any Controlling Shareholder.

 

    29

     

    

 

		2.6.	“Employing Corporation” - means any subsidiary or affiliated company or group within
the meaning of Section 102(a) of the Ordinance.

 

		2.7.	“Grantee”- a grantee under the Plan.

 

		2.8.	“ITA” - means the Israeli Tax Authorities.

 

		2.9.	“Non-Employee” - means a consultant, adviser, services provider, Controlling Shareholder
or any other person who is not an Employee.

 

		2.10.	“Office Holders” [“Nose Misra”] - as such term is defined in the Companies
Law, including, inter alia, any other person who is part of the upper management of the Company and who provides managerial services
to the Company.

 

		2.11.	“Ordinary Income Award (OIA)” - means an Approved 102 Award elected and designated
by the Company to qualify under the ordinary income tax treatment, in accordance with the provisions of Section 102(b)(1) of the Ordinance.

 

		2.12.	“102 Award” - means an Award that the Board intends to be a “102 Award” which
shall only be granted to Employees of the Company who are holding less than 10% (ten percent) of the Company’s total issued share capital,
and shall be subject to and construed consistently with the requirements of Section 102 of the Ordinance. The Company shall have no liability
to a Grantee or to any other party, if an Award (or any part thereof), which is intended to be a 102 Award, is not a 102 Award. Approved
102 Award may either be classified as CGA or as OIA.

 

		2.13.	“3(i) Award” - means Awards that do not contain such terms as will qualify under Section
102 of the Ordinance.

 

		2.14.	“Ordinance” - means the Israeli Income Tax Ordinance (New Version) 5721 - 1961, and
any regulations, rules, orders or procedures promulgated thereunder, as now in effect or as may be hereafter amended or replaced.

 

		2.15.	“Section 102” - means section 102 of the Ordinance.

 

		2.16.	“Trustee” - shall mean any individual or entity appointed by the Company to serve as
a trustee and approved by the ITA, all in accordance with the provisions of Section 102(a).

 

		2.17.	“Unapproved 102 Award” - means an Award granted pursuant to Section 102(c) and not
held in trust by a Trustee.

 

3. ISSUANCE
OF AWARDS; ELIGIBILITY

 

		3.1.	The Company may designate Awards granted to Israeli Employees pursuant to Section 102 as Unapproved 102
Awards or Approved 102 Awards.

 

		3.2.	The grant of Approved 102 Awards shall be made under this Israeli Appendix adopted by the Board, and shall
be conditioned upon the approval of this Israeli Appendix by the ITA.

 

		3.3.	The Company’s election of the type of Approved 102 Awards as CGA or OIA granted to Israeli Employees (the
“Election”), shall be appropriately filed with the ITA before the Date of Grant of an Approved 102 Award under such
Election. The Election shall become effective beginning the first Date of Grant of an Approved 102 Award under such Election and shall
remain in effect until the end of the year following the year during which the Company first granted Approved 102 Award under such Election.
For the avoidance of doubt, the Election shall not prevent the Company from granting Unapproved 102 Award simultaneously.

 

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		3.4.	All Approved 102 Award, must be held in trust by a Trustee as described in Section 4 below.

 

		3.5.	For the avoidance of any doubt, the designation of Unapproved 102 Award and Approved 102 Award shall be
subject to the terms and conditions set forth in Section 102 of the Ordinance and the regulations promulgated there under.

 

		3.6.	Anything in the Plan to the contrary notwithstanding, all grants of Awards to directors and Office Holders
shall be authorized and implemented in accordance with the provisions of the Companies Law.

 

4. TRUSTEE

 

		4.1.	Approved 102 Awards which shall be granted under the Plan and/or any Shares or Tokens allocated or issued
upon exercise of such Approved 102 Awardsand/or other shares or Tokens received subsequently following any realization of rights including,
without limitation, bonus shares, shall be allocated or issued to the Trustee (and registered in the Trustee’s name in the companies registrar)
and held for the benefit of the Grantees for such period of time as required by Section 102 (the “Restricted Period”).
All certificates representing Shares or Tokens issued to the Trustee under the Plan shall be deposited with the Trustee, and shall be
held by the Trustee until such time that such Shares or Tokens are released from the aforesaid trust as herein provided. In case the requirements
for Approved 102 Awards are not met, then the Approved 102 Awards may be treated as Unapproved 102 Awards, all in accordance with the
provisions of Section 102.

 

		4.2.	Notwithstanding anything to the contrary, the Trustee shall not release any Shares and/or Tokens allocated
or issued upon exercise of Approved 102 Awards prior to the full payment of the Exercise Price and the Grantees’ tax liabilities arising
from Approved 102 Awards, which were granted to such Grantee, and/or any Shares or Tokens allocated or issued upon exercise of such Awards.

 

		4.3.	With respect to any Approved 102 Award, subject to the provisions of Section 102, a Grantee shall not
be entitled to sell or release from trust any Share or Token received upon the exercise of an Approved 102 Award and/or any share or Token
received subsequently following any realization of rights, including without limitation, bonus shares, until the lapse of the Restricted
Period required under Section 102.

 

		4.4.	Upon receipt of Approved 102 Award, the Grantee will sign an undertaking to release the Trustee from any
liability in respect of any action or decision duly taken and bona fide executed in relation with the Plan and this Israeli Appendix,
or any Approved 102 Award or Share or Tokens granted to him there under.

 

5. FAIR
MARKET VALUE FOR TAX PURPOSES

 

Without derogating from the above, solely for
the purpose of determining the tax liability pursuant to Section 102(b)(3) of the Ordinance, if at the Date of Grant the Company’s
shares or Tokens are listed on any established stock exchange or a national market system or if the Company’s shares or Tokens will
be registered for trading within ninety (90) days following the Date of Grant, the Fair Market Value of a Share or Tokens at the Date
of Grant shall be determined in accordance with the average value of the Company’s shares or Tokens on the thirty (30) trading days
preceding the Date of Grant or on the thirty (30) trading days following the date of registration for trading, as the case may be.

 

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6. EXERCISE
OF AWARDS

 

		6.1.	Awards shall be exercised by the Grantee’s giving a written notice and remitting payment of the
Exercise Price to the Company or to any third party designated by the Company (the “Representative”), in such form
and method as may be determined by the Company and by the Trustee and when applicable, in accordance with the requirements of Section
102. The exercise shall be effective upon receipt of such notice by the Company or the Representative and the payment of the Exercise
Price at the Company’s or the Representative’s principal office. The notice shall specify the nominal value of the Share or Token
with respect to which the Award is being exercised.

 

		6.2.	With respect to Unapproved 102 Awards, if the Grantee ceases to be employed by the Company or any Related
Company, the Grantee shall extend to the Company and/or its Related Company a security or guarantee as may be determined by the Company
and by the Trustee for the payment of tax due at the time of Sale of Shares or Tokens, all in accordance with the provisions of Section
102.

 

7. INTEGRATION
OF SECTION 102 AND TAX COMMISSIONER’S PERMIT

 

		7.1.	With regard to Approved 102 Awards, the provisions of the Plan and/or any agreement entered into in conjunction
with any Award grant (the “Agreement”) shall be subject to the provisions of Section 102 and the Income Tax Commissioner’s
permit, and the said provisions and permit shall be deemed an integral part of the Plan and of the Agreement.

 

		7.2.	Any provision of Section 102 and/or the said permit which is necessary in order to receive and/or to keep
any tax benefit pursuant to Section 102, which is not expressly specified in the Plan or the Agreement, shall be considered binding upon
the Company and the Grantees.

 

8. TAX
CONSEQUENCES

 

		8.1.	To the extent permitted by applicable law, any tax consequence and liabilities, of any sort and kind,
including but not limited to, capital gain tax or income tax, arising from and/or in connection with the grant of Awards, exercise of
any Award or sale of Shares or Tokens received upon the exercise of Awards (including any kind of proceeds revenues and dividends, which
resulted in that respect), from the payment for Shares or Tokens covered thereby or from any other event or act (of the Company, and/or
its Related Companies, and/or the Trustee or the Grantee), hereunder, shall be borne solely and exclusively by the Grantee. The Company
and/or its Related Companies and/or the Trustee shall withhold taxes according to the requirements under the applicable laws, rules, and
regulations, including withholding taxes at source. Furthermore, the Grantee agrees to indemnify the Company and/or its Related Companies
and/or the Trustee and hold them harmless against and from any and all liability for any such tax or interest or penalty thereon, including
without limitation, liabilities relating to the necessity to withhold, or to have withheld, any such tax from any payment made to the
Grantee.

 

		8.2.	The Company and/or the Trustee shall not be required to release any Share or Token certificate to a Grantee
until all required payments have been fully made by the Grantee.

 

    32

     

    

 

9. GOVERNING
LAW & JURISDICTION

 

Notwithstanding any other provision
of the Plan, with respect to Grantees that are subject to this Israeli Appendix, the Plan and all instruments issued thereunder or in
connection therewith shall be governed by, and interpreted in accordance with, the laws of the State of Israel applicable to contracts
made and to be performed therein without giving effect to the principles of conflict of laws. Notwithstanding anything stated herein to
the contrary, if and to the extent any issue or matter arises hereunder which involves the application of another jurisdiction or the
requirements relating to the administration of share or Token Award of any stock exchange or quotation system, then such laws and requirements
shall apply and shall govern such issues or matters, with accordance with any applicable laws. The competent courts of Tel-Aviv, Israel
shall have the sole and exclusive jurisdiction to adjudicate any dispute that may arise in connection with the Plan with regard to this
Israeli Appendix, interpretation or enforcement of Section 102 including (without limitation) matters involving the Trustee and the Israeli
tax consequences of the Awards or the Shares or Tokens in trust and the release and transfer of such Awards or Shares or Tokens by the
Trustee.

 

10. ASSIGNABILITY

 

As long as Awards or Shares
or Tokens are held by the Trustee for the benefit of the Grantees, all rights of the Grantees over the Shares or Tokens are personal,
cannot be transferred, assigned, pledged or mortgaged, other than by will or laws of descent and distribution.

 

11. SEVERABILITY

 

The provisions of this Israeli
Appendix should be enforced to the fullest extent permissible under the law and public policies applied in each jurisdiction in which
enforcement is sought. Accordingly, in the event that any provision of this Plan would be held in any jurisdiction to be invalid and/or
prohibited and/or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without affecting the validity
and/or enforceability of the remainder of this Plan in that jurisdiction and/or the validity and/or enforceability of this Plan, including
the said provision, in any other jurisdiction.

 

Notwithstanding, the foregoing, if such provision
could be more narrowly drawn so as not be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction,
be so narrowly drawn, without invalidating the remaining provisions of this Israeli Appendix, including the said provision, in any other
jurisdiction.

 

	 	 
	 	INX LIMITED
	 	 
	 	By: 	                    
	 	Title: 	 
	 	Date: 	 

 

 

33

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