Exhibit 10.27


 


 


 


Warrant Certificate No.


 


NEITHER THE SECURITIES REPRESENTED
BY THIS CERTIFICATE NOR THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED,
SOLD, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF COUNSEL TO THE HOLDER
OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED
OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE SECURITIES LAWS.


 


	Effective Date:	Void After:	 



 


NYIAX, INC.


 


WARRANT TO PURCHASE COMMON STOCK


 


NYIAX, Inc.,
a Delaware corporation (the “Company”), for value received on ___________ (the “Effective Date”),
hereby issues to _______________________________________________________(the “Holder” or “Warrant Holder”)
this Warrant (the “Warrant”) to purchase ______ shares (each such share as from time to time adjusted as hereinafter
provided being a “Warrant Share” and all such shares being the “Warrant Shares”) of the Company’s
Common Stock (as defined below), at the Exercise Price (as defined below), as adjusted from time to time as provided herein, on or before
_________ or at the initial public offering (“IPO”) of the Company which every event occurs first (the “Expiration
Date”), all subject to the following terms and conditions. This Warrant has been issued to the Holder pursuant to that certain
Securities Purchase Agreement dated _______________ by and between the Company and the Holder (the “Securities Purchase Agreement”).


 


As used
in this Warrant, (i) “Business Day” means any day other than Saturday, Sunday or any other day on which
commercial banks in the City of New York, New York, are authorized or required by law or executive order to close; (ii)
“Common Stock” means the common stock of the Company, par value $0.001 per share, including any securities issued
or issuable with respect thereto or into which or for which such shares may be exchanged for, or converted into, pursuant to any
stock dividend, stock split, stock combination, recapitalization, reclassification, reorganization or other similar event; (iii)
“Exercise Price” means five ($5) dollars per share of Common Stock, subject to adjustment as provided herein;
(iv) “Trading Day” means any day on which the Common Stock is traded (or available for trading) on its principal
trading market; and (v) “Affiliate” means any person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with, a person, as such terms are used and construed in Rule
144 promulgated under the Securities Act of 1933, as amended (the “Securities Act”).


 






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		1.	DURATION AND EXERCISE OF WARRANTS



 


(a) Exercise
Period. The Holder may exercise this Warrant in whole or in part on any Business Day on or before 5:00 P.M., Eastern Time, on
the Expiration Date, at which time this Warrant shall become void and of no value.


 


 (b) Exercise Procedures.




 


(i)
While this Warrant remains outstanding and exercisable in accordance with Section 1(a), the Holder may exercise this Warrant in
whole or in part at any time and from time to time by:


 


(A) delivery to the Company of a duly executed
copy of the Notice of Exercise attached as Exhibit A.


 


(B)
surrender of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency as the Company
may specify in writing to the Holder; and


 


(C)
payment of the then-applicable Exercise Price per share multiplied by the number of Warrant Shares being purchased upon exercise
of the Warrant (such amount, the “Aggregate Exercise Price”) made in the form of cash, or by certified check, bank
draft or money order payable in lawful money of the United States of America.


 


(ii)
Upon the exercise of this Warrant in compliance with the provisions of this Section 1(b), the Company shall promptly issue and
cause to be delivered to the Holder a certificate for the Warrant Shares purchased by the Holder. Each exercise of this Warrant shall
be effective immediately prior to the close of business on the date (the “Date of Exercise”) that the conditions set
forth in Section 1(b) have been satisfied, as the case may be. On the first Business Day following the date on which the Company has received
each of the Notice of Exercise and the Aggregate Exercise Price (the “Exercise Delivery Documents”), the Company shall
transmit an acknowledgment of receipt of the Exercise Delivery Documents to the Company’s transfer agent (the “Transfer
Agent”). On or before the third (3rd) Business Day following the date on which the Company has received all of the
Exercise Delivery Documents (the “Share Delivery Date”), the Company shall (X) provided that the Transfer Agent is
participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request
of the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the
Holder’s or its designee’s balance account with DTC through its Deposit Withdrawal Agent Commission system, or (Y) if the
Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to
the address as specified in the Notice of Exercise, a certificate, registered in the Company’s share register in the name of the
Holder or its designee, for the number of shares of Common Stock to which the Holder is entitled pursuant to such exercise. Upon delivery
of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant
Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the certificates evidencing such
Warrant Shares.


 


(c)   Partial
Exercise. This Warrant shall be exercisable, either in its entirety or, from time to time, for part only of the number of
Warrant Shares referenced by this Warrant. If this Warrant is submitted in connection with any exercise pursuant to Section 1 and
the number of Warrant Shares represented by this Warrant submitted for exercise is greater than the actual number of Warrant Shares
being acquired upon such an exercise, then the Company shall as soon as practicable and in no event later than five (5) Business
Days after any exercise and at its own expense, issue a new Warrant of like tenor representing the right to purchase the number of
Warrant Shares purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to
which this Warrant is exercised.


 






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(d)
Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant
Shares, the Company shall promptly issue to the Holder the number of Warrant Shares that are not disputed and resolve such dispute in
accordance with Section 16.


 


		2.	ISSUANCE OF WARRANT SHARES



 


(a)
The Company covenants that all Warrant Shares will, upon issuance in accordance with the terms of this Warrant, be (i) duly authorized,
fully paid and non-assessable, and (ii) free from all liens, charges and security interests, with the exception of claims arising through
the acts or omissions of any Holder and except as arising from applicable Federal and state securities laws.


 


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


 


(c)
The Company will not, by amendment of its certificate of incorporation, by-laws 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 to be observed or performed hereunder by the Company, but will at all times in good faith assist in the
carrying out of all the provisions of this Warrant and in the taking of all action necessary or appropriate in order to protect the rights
of the Holder to exercise this Warrant, or against impairment of such rights.


 


		3.	ADJUSTMENTS OF EXERCISE PRICE, NUMBER AND TYPE OF WARRANT SHARES



 


(a)
The Exercise Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time
to time upon the occurrence of certain events described in this Section 3; provided, that notwithstanding the provisions of this
Section 3, the Company shall not be required to make any adjustment if and to the extent that such adjustment would require the Company
to issue a number of shares of Common Stock in excess of its authorized but unissued shares of Common Stock, less all amounts of Common
Stock that have been reserved for issue upon the conversion of all outstanding securities convertible into shares of Common Stock and
the exercise of all outstanding options, warrants and other rights exercisable for shares of Common Stock. If the Company does not have
the requisite number of authorized but unissued shares of Common Stock to make any adjustment, the Company shall use its commercially
best efforts to obtain the necessary stockholder consent to increase the authorized number of shares of Common Stock to make such an adjustment
pursuant to this Section 3.


 


(i) Subdivision
or Combination of Stock. In case the Company shall at any time subdivide (whether by way of stock dividend, stock split or
otherwise) its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to
such subdivision shall be proportionately reduced and the number of Warrant Shares shall be proportionately increased, and
conversely, in case the outstanding shares of Common Stock of the Company shall be combined (whether by way of stock combination,
reverse stock split or otherwise) into a smaller number of shares, the Exercise Price in effect immediately prior to such
combination shall be proportionately increased and the number of Warrant Shares shall be proportionately decreased. The Exercise
Price and the Warrant Shares, as so adjusted, shall be readjusted in the same manner upon the happening of any successive event or
events described in this Section 3(a)(i).


 






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(ii)
Dividends in Stock, Property, Reclassification. If at any time, or from time to time, all of the holders of Common Stock
(or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled
to receive, without payment therefore:


 


(A)
any shares of stock or other securities that are at any time directly or indirectly convertible into or exchangeable for Common
Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution,
or


 


(B)
additional stock or other securities or property (including cash) by way of spin-off, split-up, reclassification, combination of
shares or similar corporate rearrangement (other than shares of Common Stock issued as a stock split or adjustments in respect of
which shall be covered by the terms of Section 3(a)(i) above), then and in each such case, the Exercise Price and the number of
Warrant Shares to be obtained upon exercise of this Warrant shall be adjusted proportionately, and the Holder hereof shall, upon the
exercise of this Warrant, be entitled to receive, in addition to the number of shares of Common Stock receivable thereupon, and
without payment of any additional consideration therefor, the amount of stock and other securities and property (including cash in
the cases referred to above) that such Holder would hold on the date of such exercise had such Holder been the holder of record of
such Common Stock as of the date on which holders of Common Stock received or became entitled to receive such shares or all other
additional stock and other securities and property. The Exercise Price and the Warrant Shares, as so adjusted, shall be readjusted
in the same manner upon the happening of any successive event or events described in this Section 3(a)(ii).


 


(iii)
Reorganization, Reclassification, Consolidation, Merger or Sale. If any recapitalization, reclassification or reorganization
of the capital stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially
all of its assets or other transaction shall be effected in such a way that holders of Common Stock shall be entitled to receive stock,
securities, or other assets or property (an “Organic Change”), then, as a condition of such Organic Change, lawful
and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to purchase and receive
(in lieu of the shares of the Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the
rights represented by this Warrant) such shares of stock, securities or other assets or property as may be issued or payable with respect
to or in exchange for a number of outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore
purchasable and receivable assuming the full exercise of the rights represented by this Warrant. In the event of any Organic Change, appropriate
provision shall be made by the Company with respect to the rights and interests of the Holder of this Warrant to the end that the provisions
hereof (including, without limitation, provisions for adjustments of the Exercise Price and of the number of shares purchasable and receivable
upon the exercise of this Warrant) shall thereafter be applicable, in relation to any shares of stock, securities or assets thereafter
deliverable upon the exercise hereof. The Company will not affect any such consolidation, merger or sale unless, prior to the consummation
thereof, the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing
such assets shall assume by written instrument reasonably satisfactory in form and substance to the Holder executed and mailed or delivered
to the registered Holder hereof at the last address of such Holder appearing on the books of the Company, the obligation to deliver to
such Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to
purchase.


 




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If there is an Organic Change,
then the Company shall cause to be mailed to the Holder at its last address as it shall appear on the books and records of the Company,
at least 10 calendar days before the effective date of the Organic Change, a notice stating the date on which such Organic Change is expected
to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to
exchange their shares for securities, cash, or other property delivered upon such Organic Change; provided, that the failure to mail such
notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified
in such notice. The Holder is entitled to exercise this Warrant during the 10-day period commencing on the date of such notice to the
effective date of the event triggering such notice. In any event, the successor corporation (if other than the Company) resulting from
such consolidation or merger or the corporation purchasing such assets shall be deemed to assume such obligation to deliver to such Holder
such shares of stock, securities or assets even in the absence of a written instrument assuming such obligation to the extent such assumption
occurs by operation of law.


 


(b)
Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment pursuant to this Section 3, the Company
at its expense shall promptly compute such adjustment or readjustment in accordance with the terms hereof and furnish to each Holder of
this Warrant a certificate setting forth such adjustment or readjustment and showing in detail the facts upon which such adjustment or
readjustment is based. The Company shall promptly furnish or cause to be furnished to such Holder a like certificate setting forth: (i)
such adjustments and readjustments; and (ii) the number of shares and the amount, if any, of other property which at the time would be
received upon the exercise of the Warrant.


 


(c)
Certain Events. If any event occurs as to which the other provisions of this Section 3 are not strictly applicable but the
lack of any adjustment would not fairly protect the purchase rights of the Holder under this Warrant in accordance with the basic intent
and principles of such provisions, or if strictly applicable would not fairly protect the purchase rights of the Holder under this Warrant
in accordance with the basic intent and principles of such provisions, then the Company's Board of Directors will, in good faith, make
an appropriate adjustment to protect the rights of the Holder; provided, that no such adjustment pursuant to this Section 3(c)
will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 3.


 


		4.	REDEMPTION OF WARRANTS



 


(a)
General. Prior to the Expiration Date, the Company shall have the option, subject to the conditions set forth herein, to
redeem all of the Warrants then outstanding at the Redemption Price (defined hereafter), upon not less than thirty (30) days nor more
than sixty (60) days prior written notice to the Warrant Holders at any time provided that, at the time of delivery of such notice (i)
there is an effective registration statement covering the resale of the Warrant Shares or the Warrant Shares are otherwise freely tradable;
(ii) the average daily trading volume of the Company’s Common Stock has been at least 25,000 shares per day during the four (4)
week period immediately preceding the issuance of the notice of redemption; and (iii) the closing bid price of the Company’s Common
Stock for 20 of the 30 consecutive trading days prior to the date of the notice of redemption is at least 150% of the then Exercise Price
of the Warrants at the time of written notice to the Warrant Holders, as proportionately adjusted to reflect any stock splits, stock dividends,
combination of shares or like events.


 


(b) Notice. Notice
of redemption will be effective upon mailing in accordance with this Section and such date may be referred to below as the
“Notice Date.” Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less
than 30 days prior to the date fixed for redemption to the Holders of the Warrants to be redeemed at their last addresses as they
shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been
duly given whether or not the Holder received such notice.


 






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(c)
Redemption Date and Redemption Price. The notice of redemption shall state the date set for redemption, which date shall
be not less than thirty (30) days, or more than sixty (60) days, from the Notice Date (the “Redemption Date”). The
Company shall not mail the notice of redemption unless all funds necessary to pay for redemption of the Warrants to be redeemed shall
have first been set aside by the Company for the benefit of the Warrant Holders so as to be and continue to be available therefor. The
redemption price to be paid to the Warrant Holders will be $0.001 dollars for each share of Common Stock of the Company to which the Warrant
Holder would then be entitled upon exercise of the Warrant being redeemed, as adjusted from time to time as provided herein (the “Redemption
Price”).


 


(d)
Exercise. Following the Notice Date, the Warrant Holders may exercise their Warrants in accordance with Section 1 of this
Warrant between the Notice Date and 5:00 p.m. Eastern Time on the Redemption Date and such exercise shall be timely if the form of election
to purchase duly executed and the Warrant Exercise Price for the shares of Common Stock to be purchased are actually received by the Company
at its principal offices prior to 5:00 p.m. Eastern Time on the Redemption Date.


 


(e)
Mailing. If any Warrant Holder does not wish to exercise any Warrant being redeemed, he should mail such Warrant to the
Company at its principal offices after receiving the notice of redemption. On and after 5:00 p.m. Eastern Time on the Redemption Date,
notwithstanding that any Warrant subject to redemption shall not have been surrendered for redemption, the obligation evidenced by all
Warrants not surrendered for redemption or effectively exercised shall be deemed no longer outstanding, and all rights with respect thereto
shall forthwith cease and terminate, except only the right of the holder of each Warrant subject to redemption to receive the Redemption
Price for each share of Common Stock to which he would be entitled if he exercised the Warrant upon receiving notice of redemption of
the Warrant subject to redemption held by him.


 


		5.	TRANSFERS AND EXCHANGES OF WARRANT AND WARRANT SHARES



 


(a)
Registration of Transfers and Exchanges. Subject to Section 5(c), upon the Holder’s surrender of this Warrant, with
a duly executed copy of the Form of Assignment attached as Exhibit B, to the Secretary of the Company at its principal offices
or at such other office or agency as the Company may specify in writing to the Holder, the Company shall register the transfer of all
or any portion of this Warrant. Upon such registration of transfer, the Company shall issue a new Warrant, in substantially the form of
this Warrant, evidencing the acquisition rights transferred to the transferee and a new Warrant, in similar form, evidencing the remaining
acquisition rights not transferred, to the Holder requesting the transfer.


 


(b)
Warrant Exchangeable for Different Denominations. The Holder may exchange this Warrant for a new Warrant or Warrants, in
substantially the form of this Warrant, evidencing in the aggregate the right to purchase the number of Warrant Shares which may then
be purchased hereunder, each of such new Warrants to be dated the date of such exchange and to represent the right to purchase such number
of Warrant Shares as shall be designated by the Holder. The Holder shall surrender this Warrant with duly executed instructions regarding
such re-certification of this Warrant to the Secretary of the Company at its principal offices or at such other office or agency as the
Company may specify in writing to the Holder.


 


(c) Restrictions on
Transfers. This Warrant may not be transferred at any time without (i) registration under the Securities Act or (ii) an
exemption from such registration and a written opinion of legal counsel addressed to the Company that the proposed transfer of the
Warrant may be effected without registration under the Securities Act, which opinion will be in form and from counsel reasonably
satisfactory to the Company.


 






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(d)
Permitted Transfers and Assignments. Notwithstanding any provision to the contrary in this Section 5, the Holder may transfer,
with or without consideration, this Warrant or any of the Warrant Shares (or a portion thereof) to the Holder’s Affiliates (as such
term is defined under Rule 144 of the Securities Act) without obtaining the opinion from counsel that may be required by Section 5(c)(ii),
provided, that the Holder delivers to the Company and its counsel certification, documentation, and other assurances reasonably
required by the Company’s counsel to enable the Company’s counsel to render an opinion to the Company’s Transfer Agent
that such transfer does not violate applicable securities laws.


 


		6.	MUTILATED OR MISSING WARRANT CERTIFICATE



 


If this Warrant
is mutilated, lost, stolen or destroyed, upon request by the Holder, the Company will, at its expense, issue, in exchange for and upon
cancellation of the mutilated Warrant, or in substitution for the lost, stolen or destroyed Warrant, a new Warrant, in substantially the
form of this Warrant, representing the right to acquire the equivalent number of Warrant Shares; provided, that, as a prerequisite
to the issuance of a substitute Warrant, the Company may require satisfactory evidence of loss, theft or destruction as well as an indemnity
from the Holder of a lost, stolen or destroyed Warrant.


 


		7.	PAYMENT OF TAXES



 


The Company
will pay all transfer and stock issuance taxes attributable to the preparation, issuance and delivery of this Warrant and the Warrant
Shares (and replacement Warrants) including, without limitation, all documentary and stamp taxes; provided, however, that
the Company shall not be required to pay any tax in respect of the transfer of this Warrant, or the issuance or delivery of certificates
for Warrant Shares or other securities in respect of the Warrant Shares to any person or entity other than to the Holder.


 


		8.	FRACTIONAL WARRANT SHARES



 


No fractional
Warrant Shares shall be issued upon exercise of this Warrant. The Company, in lieu of issuing any fractional Warrant Share, shall round
up the number of Warrant Shares issuable to nearest whole share.


 


		9.	NO STOCK RIGHTS AND LEGEND



 


No holder
of this Warrant, as such, shall be entitled to vote or be deemed the holder of any other securities of the Company that may at any time
be issuable on the exercise hereof, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as such,
the rights of a stockholder of the Company or the right to vote for the election of directors or upon any matter submitted to stockholders
at any meeting thereof, or give or withhold consent to any corporate action or to receive notice of meetings or other actions affecting
stockholders (except as provided herein), or to receive dividends or subscription rights or otherwise (except as provide herein).


 






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Each certificate
for Warrant Shares initially issued upon the exercise of this Warrant, and each certificate for Warrant Shares issued to any subsequent
transferee of any such certificate, shall be stamped or otherwise imprinted with a legend in substantially the following form:


 


“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR ANY STATE SECURITIES LAWS, AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD,
PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE ACT AND
ANY APPLICABLE STATE SECURITIES LAWS, OR (2) AN EXEMPTION FROM SUCH REGISTRATION EXISTS AND THE COMPANY RECEIVES AN OPINION OF
COUNSEL TO THE HOLDER OF SUCH SECURITIES, WHICH COUNSEL AND OPINION ARE REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES
MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE ACT OR APPLICABLE STATE SECURITIES LAWS.”


 


		10.	PIGGYBACK REGISTRATION RIGHT



 


If, at any
time within twelve (12) months of the Effective Date, the Company proposes to file a registration statement under the Securities Act with
respect to an offering by the Company of its Common Stock (other than a registration (i) pursuant to a Registration Statement on Form
S-8 (or other registration solely relating to an offering or sale to employees or directors of the Company pursuant to any employee stock
plan or other employee benefit arrangement), (ii) pursuant to a Registration Statement on Form S-4 (or similar form that relates to a
transaction subject to Rule 145 under the Securities Act or any successor rule thereto), or (iii) in connection with any dividend or distribution
reinvestment or similar plan), then the Company shall give written notice (each, a “Company Piggy-Back Notice”) of such proposed
filing to Holder at least fifteen (15) days before the anticipated filing date of such registration statement, and such Company Piggy-Back
Notice also shall be required to offer to such Rightsholders the opportunity to register such aggregate number of Warrant Shares as the
Holder may request. The Holder shall have the right, exercisable for the five days immediately following the giving of a Company Piggy-Back
Notice, to request, by written notice (the “Holder Notice”) to the Company, the inclusion of all or any portion of the Warrant
Shares of the Holder in such registration statement. The Company shall use reasonable efforts to cause the managing underwriter(s) of
a proposed underwritten offering to permit the inclusion of the Warrant Shares which were the subject of the Holder Notice in such underwritten
offering on the same terms and conditions as any Common Stock of the Company included therein. Notwithstanding anything to the contrary
contained in this paragraph, if the managing underwriter(s) of such underwritten offering or any proposed underwritten offering delivers
a written opinion to the Holder that the total number of shares of Common Stock which they, the Company and any other person intend to
include in such offering is such as to materially and adversely affect the success of such offering, then the amount of securities to
be offered for the accounts of the Holder and persons other than the Company shall be eliminated or reduced pro rata (based on the amount
of securities owned by the Holder and other persons which carry registration rights) to the extent necessary to reduce the total amount
of securities to be included in such offering to the amount recommended by such managing underwriter(s) in the managing underwriter’s
written opinion.


 


Notwithstanding anything
contained to the contrary in this Section 10, the Company shall have the absolute right, whether before or after the giving of a
Company Piggy-Back Notice or Holder Notice, to determine not to file a registration statement to which the Holder shall have the
right to include its Warrant Shares therein pursuant to this Section 10, to withdraw such registration statement or to delay or
suspend pursuing the effectiveness of such registration statement. In the event of such a determination after the giving of a
Company Piggy-Back Notice, the Company shall give notice of such determination to the Holder and other persons which carry
registration rights and, thereupon, (A) in the case of a determination not to register or to withdraw such registration statement,
the Company shall be relieved of its obligation under this Section 10 to register any of the Warrant Shares in connection with such
registration and (B) in the case of a determination to delay the registration, the Company shall be permitted to delay or suspend
the registration of Warrant Shares pursuant to this Section 10 for the same period as the delay in the registration of such other
securities.


 






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		11.	NOTICES



 


All notices,
consents, waivers, and other communications under this Warrant must be in writing and will be deemed given to a party when (a) delivered
to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b) sent by facsimile or e-mail
with confirmation of transmission by the transmitting equipment; (c) received or rejected by the addressee, if sent by certified mail,
return receipt requested, if to the registered Holder hereof; or (d) seven days after the placement of the notice into the mails (first
class postage prepaid), to the Holder at the address, facsimile number, or e-mail address furnished by the registered Holder to the Company,
or if to the Company, to it at:


 


	 	NYIAX, Inc.
	 	244 5th Avenue, Suite 2669 
	 	New York, NY 10001 
	 	Attention: Mark Grinbaum Email: mgrinbaum@nyiax.com



 


		12.	SEVERABILITY



 


If a court of competent
jurisdiction holds any provision of this Warrant invalid or unenforceable, the other provisions of this Warrant will remain in full force
and effect. Any provision of this Warrant held invalid or unenforceable only in part or degree will remain in full force and effect to
the extent not held invalid or unenforceable.


 


		13.	BINDING EFFECT



 


This Warrant
shall be binding upon and inure to the sole and exclusive benefit of the Company, its successors and assigns, the registered Holder or
Holders from time to time of this Warrant and the Warrant Shares.


 


		14.	SURVIVAL OF RIGHTS AND DUTIES



 


This Warrant shall terminate
and be of no further force and effect on the earlier of 5:00 P.M., Eastern Time, on the Expiration Date or the date on which this Warrant
has been exercised in full.


 


		15.	GOVERNING LAW



 


This Warrant
will be governed by and construed under the laws of the State of Delaware without regard to conflicts of laws principles that would require
the application of any other law.


 


		16.	DISPUTE RESOLUTION



 


In the
case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the Warrant Shares, the Company
shall submit the disputed determinations or arithmetic calculations via facsimile within two (2) Business Days of receipt of the
Notice of Exercise giving rise to such dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree
upon such determination or calculation of the Exercise Price or the Warrant Shares within three Business Days of such disputed
determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two Business Days, submit via
facsimile (a) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the Company
and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company’s independent,
outside accountant. The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the
determinations or calculations and notify the Company and the Holder of the results no later than ten (10) Business Days from the
time it receives the disputed determinations or calculations. Such investment bank’s or accountant’s determination or
calculation, as the case may be, shall be binding upon all parties absent demonstrable error.


 






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		17.	NOTICES OF RECORD DATE



 


Upon (a) any
establishment by the Company of a record date of the holders of any class of securities for the purpose of determining the holders thereof
who are entitled to receive any dividend or other distribution, or right or option to acquire securities of the Company, or any other
right, or (b) any capital reorganization, reclassification, recapitalization, merger or consolidation of the Company with or into any
other corporation, any transfer of all or substantially all the assets of the Company, or any voluntary or involuntary dissolution, liquidation
or winding up of the Company, or the sale, in a single transaction, of a majority of the Company’s voting stock (whether newly issued,
or from treasury, or previously issued and then outstanding, or any combination thereof), the Company shall mail to the Holder at least
ten (10) Business Days, or such longer period as may be required by law, prior to the record date specified therein, a notice specifying
(i) the date established as the record date for the purpose of such dividend, distribution, option or right and a description of such
dividend, option or right, (ii) the date on which any such reorganization, reclassification, transfer, consolidation, merger, dissolution,
liquidation or winding up, or sale is expected to become effective and (iii) the date, if any, fixed as to when the holders of record
of Common Stock shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such reorganization,
reclassification, transfer, consolation, merger, dissolution, liquidation or winding up.


 


		18.	RESERVATION OF SHARES



 


The Company
shall reserve and keep available out of its authorized but unissued shares of Common Stock for issuance upon the exercise of this Warrant,
free from pre-emptive rights, such number of shares of Common Stock for which this Warrant shall from time to time be exercisable. 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. Without limiting the generality of the foregoing, the Company covenants that it will use
commercially reasonable efforts to 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 use commercially reasonable efforts to obtain
all such authorizations, exemptions or consents, including but not limited to consents from the Company’s stockholders or Board
of Directors or any public regulatory body, as may be necessary to enable the Company to perform its obligations under this Warrant.


 




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		19.	NO THIRD-PARTY RIGHTS



 


This Warrant
is not intended, and will not be construed, to create any rights in any parties other than the Company and the Holder, and no person or
entity may assert any rights as third-party beneficiary hereunder.


 


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left blank]


 




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IN WITNESS WHEREOF, the Company
has caused this Warrant to be duly executed as of the date first set forth above.


 


	 	NYIAX, INC.
	 	 	 
	 	By:	                                            
	 	Name: Mark Grinbaum
	 	Title: Co-Founder, EVP, Corporate Secretary and Treasurer



 







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EXHIBIT A



 


NOTICE OF EXERCISE


(To be executed by the Holder of
Warrant if such Holder desires to exercise Warrant)


 


To NYIAX, Inc.:


 


The undersigned hereby
irrevocably elects to exercise this Warrant and to purchase thereunder, ___________ full shares of NYIAX, Inc.’s common stock
issuable upon exercise of the Warrant and delivery of $ __________ (in cash as provided for in the foregoing Warrant) and any
applicable taxes payable by the undersigned pursuant to such Warrant; and


 


The undersigned requests that certificates for such shares
be issued in the name of:


 


	 	(Please print name, address and social security or federal employer	 
	 	identification number (if applicable))	 



 


_________________________________________


 


_________________________________________


 


If the shares
issuable upon this exercise of the Warrant are not all of the Warrant Shares which the Holder is entitled to acquire upon the exercise
of the Warrant, the undersigned requests that a new Warrant evidencing the rights not so exercised be issued in the name of and delivered
to:


 





	 	(Please print name, address and social security or federal employer	 
	 	identification number (if applicable))	 


 


____________________________________


 


____________________________________


 





	 	Name of Holder (print): __________________________
	 	(Signature): ___________________________________
	 	(By:) ________________________________________
	 	(Title:) _______________________________________
	 	Dated: _______________________________________


 




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EXHIBIT
B




FORM OF ASSIGNMENT


 


FOR
VALUE RECEIVED, ____________ hereby sells, assigns and transfers to each assignee set forth below all of the rights of the
undersigned under the Warrant (as defined in and evidenced by the attached Warrant) to acquire the number of Warrant Shares set
opposite the name of such assignee below and in and to the foregoing Warrant with respect to said acquisition rights and the shares
issuable upon exercise of the Warrant:


 


	Name of Assignee	 	Address	 	Number of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 


 


If the total
of the Warrant Shares are not all of the Warrant Shares evidenced by the foregoing Warrant, the undersigned requests that a new Warrant
evidencing the right to acquire the Warrant Shares not so assigned be issued in the name of and delivered to the undersigned.


 





	 	Name of Holder (print): __________________________
	 	(Signature): ___________________________________
	 	(By:) ________________________________________
	 	(Title:) _______________________________________
	 	Dated: _______________________________________


 


 


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