Document:

Exhibit
10.40

 

Token
Lock-Up Agreement

 

INX
Limited

 

___________,
2020

INX
Limited

6
Bayside Road

Gibraltar,
GX11 1AA

Gibraltar

 

Ladies
and Gentlemen:

 

The
undersigned, a holder of INX Tokens (“Tokens”) issued by INX Limited (the “Company”), understands
that the Company is contemplating a public offering of Tokens to be registered with the U.S. Securities and Exchange Commission
pursuant to the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the “Offering”).

 

To
induce third parties to participate in the Offering, the undersigned agrees, for good and valuable consideration, that during
the Lock-Up Period (as defined below), without the prior written consent of the board of directors of the Company, the undersigned
will not (1) directly or indirectly, offer, sell, pledge, contract to sell (including any short sale), grant any option to purchase
or otherwise dispose of any Tokens or (2) enter into any Hedging Transaction (as defined below) relating to the Tokens (each of
the foregoing transactions described in clause (1) or (2) above referred to as a “Disposition”). The foregoing
restriction applies, without limitation, to Tokens which may be deemed to be beneficially owned by the undersigned (as determined
pursuant to Rule 13d-3 promulgated under the Securities Exchange Act of 1934) currently or hereafter during the Lock-Up Period,
and Tokens which may be issued upon exercise of options or warrants and any other security convertible into or exercisable or
exchangeable for Tokens. “Hedging Transaction” means any short sale (whether or not against the box) or any
purchase, sale or grant of any right (including, without limitation, any put or call option) with respect to any security (other
than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from the Tokens.

 

The
Lock-Up Period will commence and be effective as of the date in which the Tokens were purchased and delivered to the undersigned
(the “Grant”) and continue until, and include, the date that is the later of (i) 6 months after the date of the
Grant; and (ii) 6 months following the effectiveness of the Offering ( (the “Lock-Up Period”).

 

    	 	1	 

     

    

 

Notwithstanding
the foregoing, the restrictions set forth herein shall not apply to, and the undersigned may engage in, the following transactions:

 

(a)
the transfer of Tokens or any securities convertible into or exercisable or exchangeable for Tokens (i) to the spouse, domestic
partner, parent, sibling, child or grandchild of the undersigned (each, an “Immediate Family Member”) or to
a trust formed for the benefit of the undersigned or of an Immediate Family Member or any entity the equity interests of which
are held exclusively by the undersigned or Immediate Family Members, (ii) by bona fide gift to an Immediate Family Member, (iii)
by will or intestacy, (iv) to an entity or person, as the case may be, controlled by, controlling or under common control, with
the undersigned, (v) that occurs by operation of law or by order of a court of competent jurisdiction, such as rules of descent
and distribution, or pursuant to a qualified domestic order or in connection with a divorce settlement or (vi) if the undersigned
is a partnership or limited liability company or other business entity (A) to another partnership or limited liability company
or other business entity that is an “affiliate” (as defined in Rule 405 promulgated under the Securities Act of 1933,
as amended) of the undersigned or (B) as part of a disposition, transfer or distribution by the undersigned to its members, limited
or general partners, or other equity holders; provided that, (X) in the case of any transfer or distribution pursuant to this
paragraph (a), there shall be a condition of transfer or distribution that each transferee, trustee, donee or distributee shall
agree in writing to be bound by, and that any Tokens (or any securities convertible into or exercisable or exchangeable for Tokens)
thus transferred or distributed shall remain subject to, the same terms described in this Lock-Up Agreement that are applicable
to the undersigned, to the extent and for the duration that such terms remain in effect at the time of the transfer, and (Y) in
the case of any transfer or distribution pursuant to paragraph (a) clauses (i), (ii), (iii), (iv) or (vi) above, no filing by
any party (donor, donee, transferor or transferee) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) or otherwise, or other public announcement or disclosure shall be required or made voluntarily in connection with
or reflecting such transfer or distribution during the Lock-Up Period;

 

(b)
(i) the receipt by the undersigned from the Company of Tokens upon the exercise of options, or (ii) the transfer of Tokens or
any securities convertible into or exercisable or exchangeable for Tokens to the Company upon a vesting event of the Company’s
securities; provided that, in the case of either paragraph (b) clauses (i) or (ii) above, no filing by any party (Company or the
undersigned) under the Exchange Act or otherwise, or other public announcement or disclosure by any party shall be required or
made voluntarily in connection with or reflecting such exercise or transfer; and provided further that no Tokens are sold in the
public market in connection with such exercise or transfer and that any Tokens issued upon exercise of such option or warrant
will remain subject to the terms of the Lock-up Agreement;

 

(c)
the transfer of Tokens or any security convertible into or exercisable or exchangeable for Tokens to the Company (or the Company’s
designee) pursuant to agreements under which the Tokens were issued and the Company has the option or obligation to repurchase
such Tokens or securities or receive such Tokens in exchange for services or a right of first refusal with respect to transfers
of such Tokens or securities;

 

    	 	2	 

     

    

 

(d)
the transfer of Tokens acquired by the undersigned in the open market following the Offering, provided that no filing by the Company
or the undersigned under the Exchange Act or otherwise, or other public announcement is required or made voluntarily connection
with or reflecting such transfer during the Lock-up Period.

 

Notwithstanding
any other provision of this Lock-Up Agreement, the restrictions set forth in this Lock-Up Agreement shall apply to all Tokens
sold to the undersigned, if the undersigned is a director, executive officer or current shareholder of the Company.

 

The
undersigned agrees that the Company may use any technical or legal instrument it deemed necessary or desirable in order to enter
and enact stop transfer instructions relating to any actions that would contradict the terms of this Lock-Up Agreement (including
without limitation, the use of technical features of the INX Token smart contract that will reject automatically any digital wallet
address from participating in transfers of Tokens subject to this Lock-Up Agreement and/or refusal to record such transfer in
Company’s ledger or any other applicable registry).

 

In
addition, the undersigned hereby waives any and all notice requirements and rights with respect to registration of securities
(including Tokens) pursuant to any agreement or understanding, including any registration rights agreement to which the undersigned
and the Company may be party; provided that such waiver shall apply only during the Lock-Up Period.

 

The
undersigned hereby agrees that, to the extent that the terms of this Lock-Up Agreement conflict with or are in any way inconsistent
with any prior registration rights agreement or any other agreement, whether written or oral, to which the undersigned and the
Company may be a party, this Lock-Up Agreement supersedes such prior agreements.

 

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

 

    	 	3	 

     

    

 

This
Lock-Up Agreement shall automatically terminate upon the earliest to occur of (a) the end of the Lock-Up Period; and (b) the date
the Company advises the undersigned, in writing, that it has determined not to proceed with the Offering. If the undersigned is
an officer or director of the Company, the undersigned agrees that, at least three business days before the effective date of
any release or waiver of the foregoing restrictions in connection with a transfer of Tokens, the Company shall announce the impending
release or waiver by press release through a major news service at least two business days before the effective date of the release
or waiver. Any release or waiver granted by the Company hereunder to any such officer or director shall only be effective two
business days after the publication date of such press release. The provisions of this paragraph will not apply if (a) the release
or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound
by the same terms described in this letter to the extent and for the duration that such terms remain in effect at the time of
the transfer. This agreement will be modified only with the written approval of the Securities Administrator of Washington.

 

This
Lock-Up Agreement will be governed by and construed in accordance with the laws of Gibraltar, and the competent courts of Gibraltar
shall have exclusive jurisdiction over any dispute or matter in connection herewith.

 

[Signature
page to follow]

 

[Signature
Page- INX Limited Lock-Up Agreement]

 

	 	Signature:	 
	 	 	 
	 	 	 
	 	Print
    Name:	 

 

 

4Exhibit 4.1

 

SPECIMEN UNIT CERTIFICATE

 

NUMBER UNITS U-[__]

 

one

 

SEE REVERSE FOR

CERTAIN

		DEFINITIONS	CUSIP[___]

 

UNITS CONSISTING OF ONE CLASS
A ORDINARY SHARE AND ONE-THIRD OF ONE REDEEMABLE WARRANT TO PURCHASE ONE CLASS A ORDINARY SHARE

 

 

THIS CERTIFIES THAT                     
is the owner of          Units.

 

Each Unit (“Unit”) consists
of one (1) Class A ordinary share, par value $0.0001 per share (“Ordinary Shares”), of one, a Cayman Islands exempted
company (the “Company”), and one-third (1/3) of one redeemable warrant (each whole warrant, a “Warrant”).
Each Warrant entitles the holder to purchase one (1) Ordinary Share for $11.50 per share (subject to adjustment). Each Warrant
will become exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger, share exchange,
asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses (each, a “Business
Combination”), and (ii) twelve (12) months from the closing of the Company’s initial public offering, and will expire
unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after the date on which the Company completes
its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration Date”). The Ordinary Shares
and Warrants comprising the Units represented by this certificate are not transferable separately prior to [_____], 2020, unless
Goldman Sachs & Co. LLC elects to allow earlier separate trading, subject to the Company’s filing with the Securities
and Exchange Commission of a Current Report on Form 8-K containing an audited balance sheet reflecting the Company’s receipt
of the gross proceeds of the initial public offering and issuing a press release announcing when separate trading will begin. No
fractional warrants will be issued upon separation of the Units and only whole warrants are exercisable. The terms of the Warrants
are governed by a Warrant Agreement, dated as of [_____], 2020, between the Company and Continental Stock Transfer & Trust
Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the
holder of this certificate consents to by acceptance hereof.

 

Copies of the Warrant Agreement are on
file at the office of the Warrant Agent at 1 State Street, 30th Floor, New York, New York 10004, and are available to any Warrant
holder on written request and without cost.

 

Upon the consummation
of the Business Combination, the Units represented by this certificate will automatically separate into the Class A Ordinary Shares
and Warrants comprising such Units.

 

This certificate is not valid unless countersigned
by the Transfer Agent and Registrar of the Company.

 

This certificate shall be governed by and
construed in accordance with the internal laws of the State of New York.

 

    

     

    

 

Witness the facsimile signatures of its
duly authorized officers.

	 	 	 
	By:	 	 	 	 
		Chief Executive Officer	 	Chief Financial Officer	 

 

    

     

    

 

one

 

The Company will furnish
without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights.

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	TEN COM	—	as tenants in common	 	UNIF GIFT MIN ACT	 	—	 	 	 	Custodian	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	TEN ENT	—	as tenants by the entireties	 	 	 	 	 	(Cust)	 	 	 	(Minor)
	 	 	 	 	 	 	 
	JT TEN	—	as joint tenants with right of survivorship and not as tenants in common	 	 	 	 	 	under Uniform Gifts to Minors Act
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	(State)

 

Additional abbreviations may also be used
though not in the above list.

 

    

     

    

 

 

For value received,                     
hereby sells, assigns and transfers unto

 

(PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE)

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING
ZIP CODE, OF ASSIGNEE)

 

Units represented by the within Certificate,
and does hereby irrevocably constitute and appointAttorney to transfer the said Units on the books of the within named
Company with full power of substitution in the premises.

 

Dated ____________

 

	 	 
	 	 
	 	Notice: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

Signature(s) Guaranteed:

 

	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 OR ANY SUCCESSOR RULES).	 

 

In each case, as more fully described in
the Company’s final prospectus dated, 2020, the holder(s) of this certificate shall be entitled to receive a pro-rata
portion of certain funds held in the trust account established in connection with the Company’s initial public offering only
(i) in the event of the redemption of the Company’s Ordinary Shares sold in its initial public offering if the Company does
not consummate an initial business combination within the period of time set forth in the Company’s amended and restated
memorandum and articles of association, as the same may be amended from time to time, (ii) in connection with a shareholder vote
to amend the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing
of the Company’s obligation to provide holders of the Ordinary Shares the right to have their shares redeemed in connection
with the Company’s initial business combination or to redeem 100% of the Ordinary Shares if the Company does not complete
its initial business combination within the time period set forth therein or (B) with respect to any other provision relating to
the rights of holders of the Ordinary Shares, and (iii) if the holder(s) seek(s) to redeem for cash his, her, its or their respective
Ordinary Shares in connection with a tender offer (or proxy solicitation, solely in the event the Company seeks shareholder approval
of the proposed initial business combination) setting forth the details of a proposed initial business combination. In no other
circumstances shall the holder(s) have any right or interest of any kind to or in the trust account.

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