Document:

Exhibit 10.17 

 

SUBSCRIPTION AGREEMENT

 

This
SUBSCRIPTION AGREEMENT (“Subscription Agreement”) made as of this______ day of__________________, by and
between NYIAX, Inc., a Delaware corporation (the “Company”), and the undersigned (the
“Subscriber”).

 

RECITALS

 

WHEREAS, Company intends to
obtain subscriptions up to $5,000,000 (the “Maximum Offering Amount”) for the purchase and sale, in a private placement
transaction (the “Offering”) pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”)
and Rule 506(c) of Regulation D promulgated thereunder (“Regulation D”), of its units (collectively, the “Units”),
each consisting of (i) one share (collectively, the “Shares”) of its common stock, par value $0.0001 per share (collectively
the “Common Stock”), and (ii) one 5-year warrant (each whole warrant is referred to as a “Warrant”, and
collectively, the “Warrants”) to purchase one quarter (1/4) of a share of Common Stock at an exercise price of $6.60 per share.
Subject to the Company’s discretion, the Company may accept subscriptions up to $7,000,000 (the “Over-Subscription Amount”),
on the terms and conditions hereinafter set forth, and the Subscriber desires to acquire that number of Units set forth on the signature
page hereof.

 

NOW, THEREFORE, for and in
consideration of the promises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

 

AGREEMENT

 

1. Subscription
Procedure 

 

1.1 Subject to the
terms and conditions hereinafter set forth, the Subscriber hereby subscribes for and agrees to purchase from the Company the number
of Units as is set forth upon the signature page hereof at a price of $5.00 per Unit (the “Purchase Price”). The
Company agrees to sell such Units to the Subscriber for the Purchase Price, subject to the provisions of Section 1.7,
below.

 

1.2 The
subscription period will begin as of the date of this Subscription Agreement and will terminate at 5:00 PM Eastern Standard Time on
April 6, 2018, unless extended on one or more occasions for up to an additional 30 days by the Board of Directors of the Company and
the Placement Agent (as defined below) in their joint discretion (the “Termination Date”). The Units will be
offered on a “best efforts” basis as more particularly set forth in that Confidential Private Placement Memorandum and
any supplements thereto (the “Offering Memorandum”), dated December 7, 2017. The minimum investment per
subscription of the Offering is $50,000.00, subject to the Company’s right to accept a lesser amount. There is no minimum
number of Units that must be sold to close the Offering. The Company may conduct one or more closings (each, a
“Closing”) prior to the receipt of the Maximum Offering Amount of $5,000,000. In the event the Offering is
oversubscribed in excess of the Maximum Offering Amount, the Offering may be increased up to the Over-Subscription Amount in the
discretion of the Company (the “Over-Subscription”). The consummation of the Offering is subject to the
satisfaction of a number of conditions to be further described in the Offering Memorandum, one or more of which conditions may not
occur.

 

1.3 Placement of
the Units will be made by WestPark Capital, Inc. (the “Placement Agent”), which will receive certain compensation
therefore as will be more fully described in the Offering Memorandum.

 

     

     

    

 

1.4 The Purchase Price
will be placed in escrow pursuant to an escrow agreement (the “Escrow Agreement”) by and among the Placement
Agent, the Company and Signature Bank, as escrow agent (the “Escrow Agent”), and such escrowed funds shall be transmitted
and maintained in compliance with SEC Rule 15c2-4, as promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), as applicable, and shall be released to the Company at one or more Closings. Such funds will be held for the Subscriber’s
benefit, and will be returned promptly, without interest or offset if this Subscription Agreement is not accepted by the Company, or
the Offering is terminated pursuant to its terms or by the Company or the Placement Agent prior to the any Closing.

 

1.5 Certificates representing the Shares and the Warrants bearing the name of the Subscriber will be delivered by the
Company within a reasonable amount of time following the final Closing of the Offering. The Subscriber hereby authorizes and directs
the Company to deliver the aforementioned certificates to be issued to such Subscriber pursuant to this Subscription Agreement to
the residential or business address indicated in the Accredited Investor Representation Letter, as attached.

 

1.6 The Purchase Price
for the Units purchased hereunder shall be paid to the Escrow Agent pursuant to the following instructions:

 

If by wire transfer:

 

Beneficiary Bank:

ABA:

Beneficiary Name:

Beneficiary Account Number:

 

If by check:

 

Payable to:

 

Mailed to:

 

1.7 The Company or
the Placement Agent, may, in their sole discretion, reject any subscription, in whole or in part. The Company may, in its sole
discretion, terminate or withdraw the Offering in its entirety at any time prior to a Closing in relation thereto. If this
subscription is rejected in whole or the Offering is terminated, all funds received from the Subscriber will be returned without
interest or offset, and this Subscription Agreement shall thereafter be of no further force or effect. If this subscription is
rejected in part, the funds for the rejected portion of this subscription will be returned without interest or offset, and this
Subscription Agreement will continue in full force and effect to the extent this subscription was accepted. Neither the Company nor
the Placement Agent shall be required to allocate among investors on a pro rata basis in the event of an over-subscription.

 

2. Representations and Covenants of Subscriber

 

2.1 The
Subscriber recognizes that the purchase of the Units involves a high degree of risk in that (i) the Company will need additional
capital to operate its business but has no assurance of additional necessary capital; (ii) an investment in the Company is highly
speculative and only investors who can afford the loss of their entire investment should consider investing in the Company and the
Units; (iii) an investor may not be able to liquidate his, her or its investment in the Units; (iv) transferability of the Shares
and/or the Warrants is extremely limited; (v) an investor could sustain the loss of his, her or its entire investment; and (vi) the
Company is and will be subject to numerous other risks and uncertainties, including without limitation, significant and material
risks relating to the Company’s business and operations, and the industries, markets and geographic regions in which the
Company competes, as well as risks associated with the Offering, all as more fully set forth herein and in the Offering Memorandum,
the terms of which have been reviewed and accepted by the Subscriber.

 

    2

     

    

 

2.2 The Subscriber
represents that he, she or it is an “accredited investor” as such term is defined in Rule 501 of Regulation D
promulgated under the Act, as indicated by his, her or its responses to the Accredited Investor Representation Letter, the form of
which is attached hereto as Exhibit A, and that he, she or it is able to bear the economic risk of an investment in the
Units. The Subscriber understands and agrees that pursuant to Rule 506(c) of Regulation D promulgated under the Act, the Company
needs to take reasonable steps to verify that the Subscribers are accredited investors directly or by a third party verification
service. The Subscriber understands that the Company will review this Agreement and the results from a third party verification
service and the Company has the discretion to reject any subscription, in whole or in part. The Subscriber must complete the
applicable Accredited Investor Representation Letter to enable the third party verification service to assess the Subscriber’s
eligibility for the Offering.

 

2.3 The Subscriber
represents that all information which the Subscriber has provided to the Company concerning the Subscriber or the Subscriber’s
investor status, financial position, knowledge and experience in financial and business matters, or, in the case of a corporation,
trust, partnership, limited liability company, or other entity, the knowledge and experience in financial and business matters of
the person making the investment decision on behalf of such entity, including all information contained herein and in the
Subscriber’s Accredited Investor Representation Letter, is correct and complete as of the date of this Agreement, and if there
should be any adverse change in such information prior to this subscription being accepted, the Subscriber will immediately provide
the Company with such information.

 

2.4 The Subscriber
agrees, as part of verifying the Subscriber’s status as an “accredited investor”, to submit supporting
documentation as described in the Accredited Investor Representation Letter.

 

2.5 The Subscriber
acknowledges that he, she or it has prior investment experience, including without limitation, investment in non-listed and
non-registered securities, or he, she or it has employed the services of an investment advisor, attorney or accountant to read all
of the documents furnished or made available by the Company both to him, her or it and to all other prospective investors in the
Units and to evaluate the merits and risks of such an investment on his, her or its behalf, and that he, she or it recognizes the
highly speculative nature of this investment.

 

2.6 The Subscriber
acknowledges receipt and careful review of the Offering Memorandum, this Subscription Agreement, and the attachments hereto and
thereto (collectively, the “Offering Documents”) and hereby represents that he, she or it has been furnished or
given access by the Company during the course of the Offering with or to all information regarding the Company and its financial
conditions and results of operations which he, she or it had requested or desired to know; that all documents which could be
reasonably provided have been made available for his, her or its inspection and review; that he, she or it has been afforded the
opportunity to ask questions of and receive answers from duly authorized representatives of the Company concerning the terms and
conditions of the Offering, and any additional information which he, she or it had requested.

 

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2.7 The Subscriber acknowledges that the Offering of
the Units may involve tax consequences, and that the contents of the Offering Documents do not contain tax advice or information.
The Subscriber acknowledges that he, she or it must retain his, her or its own professional advisors to evaluate the tax and other
consequences of an investment in the Units.

 

2.8 The
Subscriber acknowledges that the Offering of the Units has not been reviewed or approved by the United States Securities and
Exchange Commission (“SEC”) because the Offering is intended to be a nonpublic offering pursuant to Section
4(a)(2) of the Act and/or Rule 506(c) of Regulation D promulgated thereunder. The Subscriber represents that the Units are being
purchased for his, her or its own account, for investment and not for distribution or resale to others. The Subscriber agrees that
he, she or it will not sell or otherwise transfer any of the Units unless they are registered under the Act or unless an exemption
from such registration is available and, upon the Company’s request, the Company receives an opinion of counsel reasonably
satisfactory to the Company confirming that an exemption from such registration is available for such sale or transfer.

 

2.9 The
Subscriber understands that the Units have not been registered under the Act by reason of a claimed exemption under the provisions
of the Act which depends, in part, upon his, her or its investment intention. The Subscriber realizes that, in the view of the SEC,
a purchase now with the intention to distribute would represent a purchase with an intention inconsistent with his, her or its
representation to the Company, and the SEC might regard such a distribution as a deferred sale to which such exemption is not
available.

 

2.10
The Subscriber understands that Rule 144 (the “Rule”) promulgated under the Act requires, among other conditions,
a six (6) month holding period prior to the resale (in limited amounts) of securities acquired in a non-public offering, such as the Offering,
without having to satisfy the registration requirements under the Act. The Subscriber understands that the Company makes no representation
or warranty regarding its fulfillment in the future of any reporting requirements under the Exchange Act, or its dissemination to the
public of any current financial or other information concerning the Company, as is required by Rule 144 as one of the conditions of its
availability. The Subscriber consents that the Company may, if it desires, permit the transfer of the Units out of his, her or its name
only when his, her or its request for transfer is accompanied by an opinion of counsel reasonably satisfactory to the Company that neither
the sale nor the proposed transfer results in a violation of the Act, any applicable state “blue sky” laws or any applicable
securities laws of any other country, province or jurisdiction (collectively, “Securities Laws”). The Subscriber agrees
to hold the Company and its directors, officers and controlling persons and their respective heirs, representatives, successors and assigns
harmless and to indemnify them against all liabilities, costs and expenses incurred by them as a result of any misrepresentation made
by him contained herein or in the Accredited Investor Representation Letter or any sale or distribution by the undersigned Subscriber
in violation of any Securities Laws.

 

2.11
The Subscriber acknowledges and consents to the placement of one or more legends on any certificate or other document evidencing
his, her or its Shares and Warrants stating that they have not been registered under the Act, substantially in the form as set forth below,
and are subject to the terms of this Subscription Agreement, including the lock up restriction set forth in Section 5.5, and setting
forth or referring to the restrictions on the transferability and sale thereof:

 

THESE SECURITIES [AND THE
SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE] HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF
COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

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2.12
The Subscriber understands that the Company will review this Subscription Agreement and the Accredited Investor Representation
Letter and, if the Subscriber is a natural person, the Company is hereby given authority by the Subscriber to call his, her or its bank
or place of employment. The Subscriber further authorizes the Company to review his, her or its financial standing; and the Subscriber
agrees that the Company reserves the unrestricted right to reject or limit any subscription and to close the Offering pursuant to the
terms of the Offering Documents.

 

2.13
The Subscriber hereby represents that the address of Subscriber furnished by him, her or it at the end of this Subscription Agreement
and in the Accredited Investor Representation Letter is the undersigned’s principal residence if he, she or it is an individual
or its principal business address if it is a corporation or other entity.

 

2.14
The Subscriber acknowledges that if the Subscriber is a Registered Representative of a Financial Industry Regulatory Authority
(“FINRA”) member firm, he, she or it must give such firm the notice required by the FINRA Conduct Rules, or any applicable
successor rules of the FINRA, receipt of which must be acknowledged by such firm on the signature page hereof. The Subscriber shall also
notify the Company if the Subscriber or any affiliate of Subscriber is a registered broker-dealer with the SEC, in which case the Subscriber
represents that the Subscriber is purchasing the Units in the ordinary course of business and, at the time of purchase of the Units, has
no agreements or understandings, directly or indirectly, with any person to distribute the Units or any portion thereof.

 

2.15
The Subscriber hereby represents that, except as set forth in the Offering Documents, no representations or warranties have been
made to the Subscriber by either the Company or its agents, employees or affiliates and in entering into this transaction, the Subscriber
is not relying on any information, other than that contained in the Offering Documents and the results of independent investigation by
the Subscriber.

 

2.16
The Subscriber agrees that he, she or it will purchase the Units in the Offering only if his, her or its intent at such time is
to make such purchase for investment purposes and not with a view toward resale.

 

2.17
If the Subscriber is a partnership, corporation, trust or other entity, such partnership, corporation, trust or other entity further
represents and warrants that: (i) it was not formed for the purpose of investing in the Company; (ii) it is authorized and otherwise duly
qualified to purchase and hold the Units; and (iii) that this Subscription Agreement has been duly and validly authorized, executed and
delivered and constitutes the legal, binding and enforceable obligation of the Subscriber.

 

2.18
If the Subscriber is not a United States person, such Subscriber hereby represents that it has satisfied itself as to the full
observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Units or any use of this Subscription
Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Units, (ii) any foreign exchange restrictions
applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other
tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of the Units. Such Subscriber’s
subscription and payment for, and his, her or its continued beneficial ownership of the Units, will not violate any applicable securities
or other laws of the Subscriber’s jurisdiction.

 

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2.19 The
Subscriber acknowledges that (i) the Offering Memorandum contains material, nonpublic information concerning the Company within the
meaning of Regulation FD promulgated by the SEC, and (ii) the Subscriber is obtaining such material, non-public information solely
for the purpose of considering whether to purchase the Units pursuant to a private placement that is exempt from registration under
the Act. In accordance with Regulation FD and other applicable provisions of the Securities Laws, the Subscriber agrees to keep such
information confidential and not to disclose it to any other person or entity except the Subscriber’s legal counsel, advisors
and other representatives who have agreed (i) to keep such information confidential, (ii) to use such information only for the
purpose set forth above, and (iii) to comply with applicable securities laws with respect to such information. In addition, the
Subscriber further acknowledges that the Subscriber and such legal counsel, advisors and other representatives are prohibited from
trading in the Company’s securities while in possession of material, non-public information and agrees to refrain from
purchasing or selling securities of the Company until such material, non-public information has been publicly disseminated by the
Company. The Subscriber agrees to indemnify and hold harmless the Company and its officers, directors, employees and affiliates and
each other person, if any, who controls any of the foregoing, against any loss, liability, claim, damage and expense whatsoever
(including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against
any litigation commenced or threatened or any claim whatsoever) arising out of or based upon any false representation or warranty by
the Subscriber, or the Subscriber’s breach of, or failure to comply with, any covenant or agreement made by the Subscriber
herein or in any other document furnished by the Subscriber to the Company or its respective officers, directors, employees or
affiliates or each other person, if any, who controls any of the foregoing in connection with this transaction.

 

2.20
The Subscriber understands and acknowledges that (i) the Units are being offered and sold to Subscriber without registration under
the Act in a private placement that is exempt pursuant to Section 4(a)(2) of the Act and Rule 506(c) of Regulation D promulgated thereunder;
and (ii) the availability of such exemption depends in part on, and that the Company will rely upon the accuracy and truthfulness of,
the foregoing representations made by the Subscribers, and such Subscriber hereby consents to such reliance.

 

2.21
The Subscriber understands and acknowledges that he, she or it will at all times be in compliance with any and all state and federal
securities and other laws, statutes and regulations regarding his, her or its ownership and/or any sale, transfer or hypothecation of
the Units including but not limited to those rules and regulations promulgated by the SEC, FINRA and any exchange on which the Company’s
Common Stock is listed, if applicable, and those of federal and state governments and other agencies such as improper short selling of
the Company’s Common Stock and failure to properly file all documents required by the SEC or otherwise.

 

2.22
The Subscriber agrees that it, he, she or it shall not, directly or indirectly sell, assign, exchange, distribute, offer to sell,
contract to sell (including, without limitation, any short sale), hypothecate, pledge, grant any option to purchase or otherwise transfer
or dispose of any Units, Shares or Warrants of the Company held by it, him or her and purchased further to this Subscription Agreement,
at any time from the date hereof until that date that is six (6) months from the effective date of the Offering.

 

2.23
Special “Bad Actor” Risk Disclosures. The undersigned understands and agrees that an investment in the Units involves
special risks, and the undersigned understands those risks (including without limitation the risks set forth in the Offering Documents),
and the undersigned is expressly assuming such risks. The undersigned acknowledges and is aware that the Units are speculative investments
which involve a high degree of risk of loss by Subscriber of his, her or its entire investment in the Company. The undersigned agrees
and acknowledges that it is the undersigned’s sole responsibility to conduct a “due diligence” investigation of the
Company and the financial prospects of the Company. The undersigned has not relied on the Placement Agent, WestPark Capital, Inc., for
due diligence or suitability or investment recommendations.

 

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3. Anti-Dilution Protection.
In the event that the Company effects a Qualified Financing (as defined below) at a pre-money valuation (on a primary basis without taking
into account the exercise of any options or warrants) that is lower than the post-money valuation of the Company after completion of
the Offering (on a primary basis without taking into account the exercise of any options or warrants), each Subscriber in the Offering
shall receive additional fully-paid and non-assessable shares of the Company’s Common Stock from the Company (the “Additional
Investor Shares”) so that upon receipt of such Additional Investor Shares, the average cost to each Subscriber of its, his
or her Shares shall be reduced to a pre-money valuation equal to a twenty percent (20%) discount to the pre-money valuation of the Qualified
Financing. The number of Additional Investor Shares to be issued to Subscriber herein in a Qualified Financing shall be equal to (x)
the total monetary amount invested by the Subscriber divided by (y) eighty percent (80%) of the per share purchase price of the Qualified
Financing, minus (z) the number of shares of Common Stock owned by the Subscriber in this Offering. A “Qualified Financing”
shall mean the next offering of equity or equity linked securities by the Company after the Offering in an amount of at least $1,000,000.

 

4. Reserved

 

5. Representations by the
Company 

 

     The Company represents and warrants to the Subscriber that:

 

5.1 Organization
and Authority. The Company has all requisite corporate power and authority to execute, deliver and perform its obligations under
this Subscription Agreement and the Offering Documents being executed and delivered by it in connection herewith, and to consummate
the transactions contemplated hereby and thereby.

 

5.2 Authorization.
The Offering Documents have been duly and validly authorized by the Company. This Subscription Agreement, assuming due execution and
delivery by the Subscriber, when the Subscription Agreement is executed and delivered by the Company, will be, valid and binding
obligations of the Company, enforceable in accordance with their respective terms, except as the enforceability hereof and thereof
may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect relating to or
affecting creditors’ rights generally and general principles of equity, regardless of whether enforcement is considered in a
proceeding in equity or at law.

 

5.3 Non-Contravention.
The execution and delivery of the Offering Documents by the Company, the issuance of the Units as contemplated by the Offering
Documents and the completion by the Company of the other transactions contemplated by the Offering Documents do not and will not,
with or without the giving of notice or the lapse of time, or both, (i) result in any violation of any provision of the certificate
of incorporation or by-laws or similar instruments of the Company or its subsidiaries, (ii) conflict with or result in a breach by
the Company or its subsidiaries of any of the terms or provisions of, or constitute a default under, or result in the modification
of, or result in the creation or imposition of any lien, security interest, charge or encumbrance upon any of the properties or
assets of the Company or its subsidiaries, pursuant to any agreements, instruments or documents or any indenture, mortgage, deed of
trust or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which Company or any of its
subsidiaries or any of its properties or assets are bound or affected, in any such case which would have a material adverse effect
on the business, properties, operations, condition (financial or other), results of operations or prospects of the Company and its
subsidiaries, taken as a whole, or the validity or enforceability of, or the ability of the Company to perform its obligations
under, the Offering Documents, (iii) violate or contravene any applicable law, rule or regulation or any applicable decree, judgment
or order of any court, United States federal or state regulatory body, administrative agency or other governmental body having
jurisdiction over the Company or any of its subsidiaries or any of its respective properties or assets that would have a material
adverse effect on the business, properties, operations, condition (financial or other), results of operations or prospects of the
Company and its subsidiaries, taken as a whole, or the validity or enforceability of, or the ability of the Company to perform its
obligations under, the Offering Documents, or (iv) have any material adverse effect on any permit, certification, registration,
approval, consent, license or franchise necessary for the Company or its subsidiaries to own or lease and operate any of its
properties and to conduct any of its business or the ability of the Company or its subsidiaries to make use thereof.

 

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5.4 Absence of
Certain Proceedings. Other than a demand for arbitration filed with the American Arbitration Association against us by a former
employee/officer in May 2017 (please refer to the risk factor regarding litigation in the Offering Memorandum for more information),
the Company is not aware of any action, suit, proceeding, inquiry or investigation before or by any court, public board or body, or
governmental agency pending or threatened against or affecting the Company or any of its subsidiaries, in any such case wherein an
unfavorable decision, ruling or finding could adversely affect the validity or enforceability of, or the authority or ability of the
Company to perform its obligations under, the Offering Documents.

 

5.5 Piggy-Back
Registration Right. If the Company proposes to register any of its Common Stock (other than pursuant to a Registration on Form
S-4 or S-8 or any successor form), it will give prompt written notice to the Subscriber of its intention to effect such registration
(the “Incidental Registration”). Within ten (10) business days of receiving such written notice of an Incidental
Registration, the Subscriber may make a written request (the “Piggy-Back Request”) that the Company include in the
proposed Incidental Registration all, or a portion, of the Units owned by the Subscriber. The Company will use its commercially
reasonable efforts to include in any Incidental Registration all Units which the Company has been requested to register pursuant to
any timely Piggy-Back Request. Notwithstanding the foregoing, (i) the Company shall not be obligated pursuant to this Section
5.5 to effect a registration pursuant to a timely Piggy-Back Request if the Company discontinues the related Incidental
Registration at any time prior to the effective date of any Registration Statement filed in connection therewith; (ii) if a
registration pursuant to this Section 5.5 involves an underwritten offering, and the managing underwriter (or, in the case of
an offering that is not underwritten, an investment banker) shall advise the Company that, in its opinion, the number of securities
requested and otherwise proposed to be included in such registration exceeds the number which can be sold in such offering without
adversely affecting the marketability of the offering, the Company will include in such registration to the extent of the number
which the Company is so advised can be sold in such offering, first, the securities the Company proposes to sell for its own
account in such registration and second, the Units of the Subscriber requesting to be included in such registration and all
other securities requested to be included in such registration on a pro rata basis; (iii) if the Company is engaged in, or
has definitive plans to engage in, any activity or negotiations that, in the good faith determination of the Board of Directors of
the Company, would be adversely affected by disclosure that would be required in connection with a registration to the material
detriment of the Company, then the Company may delay such registration for a period of 80 days from the date of the conclusion of
such activity or negotiations; and (iv) the Company shall not be obligated pursuant to this Section 5.5 to effect a
registration pursuant to a timely Piggy-Back Request of any Units that are eligible for resale pursuant to Rule 144 promulgated
under the Act or that are the subject of a then effective registration statement.

 

6. Miscellaneous 

 

6.1 Any
notice or other communication given hereunder shall be deemed sufficient if in writing and sent by registered or certified mail,
return receipt requested, addressed to the Company, at NYIAX, Inc., 85 Broad Street, New York, NY 10004, Attention: Carolina
Abenante, and to the Subscriber at his, her or its address indicated on the signature page of this Subscription Agreement. Notices
shall be deemed to have been given three (3) business days after the date of mailing, except notices of change of address, which
shall be deemed to have been given when received.

 

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6.2 This
Subscription Agreement may be amended through a written instrument signed by both the Subscriber and the Company; provided, however,
that the terms of Section 6 of this Subscription Agreement may be amended without the consent or approval of the Subscriber so long
as such amendment applies in the same fashion to the subscription agreements of all of the other subscribers for the Units in the
Offering and at least holders of a majority of the Units sold in the Offering have given their approval of such amendment, which
approval shall be binding on all holders of the Units.

 

6.3 This
Subscription Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal
representatives, successors and assigns. This Subscription Agreement sets forth the entire agreement and understanding between the
parties as to the subject matter hereof and merges and supersedes all prior discussions, agreements and understandings of any and
every nature among them.

 

6.4 This
Subscription Agreement shall be construed in accordance with the laws of the State of New York, without regard to principles of
conflicts of law. The parties hereunder agree that any dispute arising out of or relating to an investment pursuant to this
Subscription Agreement or concerning this Subscription Agreement, including but not limited to disputes as to arbitrability and all
disputes with the Company or any of its Placement Agents, or any employee, agent, representative, officer, director or attorney of
the Company or any Placement Agent, shall be resolved through final, binding, non- appealable arbitration, before a single, neutral
arbitrator, at JAMS, in New York County, New York in accordance with the rules and regulations of the American Arbitration
Association. Venue of all arbitration shall be JAMS Dispute Resolution Center, New York County, New York. The Parties agree that
each side will pay fifty percent (50%) of the cost of any arbitration proceedings. Judgment on any arbitration award may be entered
in any court having jurisdiction. Any arbitration award shall be in United States Dollars and may be enforced in any jurisdiction in
which the party against whom enforcement is sought maintains assets. The Parties agree to limit their respective testimony at any
arbitration hearing to three hours per side. SUBSCRIBER HEREBY WAIVES ANY RIGHT TO SEEK ANY TYPE OF DAMAGES OTHER THAN COMPENSATORY
DAMAGES, INCLUDING BUT NOT LIMITED TO CONSEQUENTIAL DAMAGES AND PUNITIVE DAMAGES. SUBSCRIBER HEREBY FURTHER WAIVES THE RIGHT TO A
TRIAL BY JURY, THE RIGHT TO BRING A CLASS ACTION SUIT, AND OTHER POTENTIAL REMEDIES THAT OTHERWISE MAY BE AFFORDED BY LAW. THIS IS A
CLASS ACTION WAIVER THAT APPLIES TO ALL DISPUTES ARISING OUT OF THIS INVESTMENT, INCLUDING BUT NOT LIMITED TO ANY DISPUTES WITH THE
COMPANY, ITS PLACEMENT AGENT, AND ALL OF THEIR EMPLOYEES, AGENTS, REPRESENTATIVES, OFFICERS, DIRECTORS, OR ATTORNEYS.

 

6.5 This
Subscription Agreement may be executed in counterparts. It shall not be binding upon the Company unless and until it is accepted by
the Company. Upon the execution and delivery of this Subscription Agreement by the Subscriber, this Subscription Agreement shall
become a binding obligation of the Subscriber with respect to the purchase of Units as herein provided; subject, however, to the
right hereby reserved to the Company to enter into the same agreements with other subscribers and to add and/or to delete other
persons as subscribers. This Subscription Agreement may be executed and delivered by facsimile or by email with scanned copy.

 

6.6 The holding
of any provision of this Subscription Agreement to be invalid or unenforceable by a court of competent jurisdiction shall not affect
any other provision of this Subscription Agreement, which shall remain in full force and effect.

 

6.7 It is agreed
that a waiver by either party of a breach of any provision of this Subscription Agreement shall not operate, or be construed, as a
waiver of any subsequent breach by that same party.

 

    9

     

    

 

6.8 The
parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action
as may be necessary or appropriate to carry out the purposes and intent of this Subscription Agreement.

 

6.9 The Company
agrees not to disclose the names, addresses or any other information about the Subscribers, except as required by law, provided that
the Company may provide information relating to the Subscriber as required in any registration statement under the Act that may be
filed by the Company pursuant to the requirements of this Subscription Agreement.

 

6.10
The obligation of the Subscriber hereunder is several and not joint with the obligations of any other subscribers for the purchase
of Units in the Offering (the “Other Subscribers”), and the Subscriber shall not be responsible in any way for the
performance of the obligations of any other subscribers of the Offering. Nothing contained herein or in any other agreement or document
delivered at the Closing, and no action taken by the Subscriber pursuant hereto, shall be deemed to constitute the Subscriber and the
other subscribers of the Offering as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Subscriber and the other subscribers of the Offering are in any way acting in concert with respect to such obligations or the
transactions contemplated by this Subscription Agreement. The Subscriber shall be entitled to protect and enforce the Subscriber’s
rights, including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any other
subscriber(s) of the Offering to be joined as an additional party in any proceeding for such purpose. The language used in this Subscription
Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules of strict construction
will be applied against any party. The Subscriber is not acting as part of a “group” (as that term is used in Section 13(d)
of the Exchange Act) in negotiating and entering into this Subscription Agreement or purchasing, disposing of or voting any of the Units.
The Company hereby confirms that it understands and agrees that the Subscriber is not acting as part of any such group.

 

[SIGNATURE
PAGE FOLLOWS]

 

    10

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Subscription Agreement as of the day and year first written above.

 

Subscriber

 

	Full Legal Name of Subscriber (Please print)	 	Full Legal Name of Co-Subscriber (if applicable)
	 	 	 
	Signature of (or on behalf of) Subscriber	 	Signature of or on behalf of Co-Subscriber (if applicable)
	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	Address of Subscriber	 	Address of Co-Subscriber (if applicable)
	 	 	 
	Social Security or Taxpayer	 	Social Security or Taxpayer Identification
	Identification Number of Subscriber	 	Number of Co-Subscriber (if applicable)
	 	 	 
	Total Dollar Amount of Investment	 	 
	 	 	 
	Number of Units:_____________	 	 

 

 

 

Subscriber Acknowledgement

 

Please sign to indicate the acknowledgement of the following:

 

Robert Ainbinder is a shareholder and director
of NYIAX, INC. He is also a Principal and Branch Manager at the New York City office of WestPark Capital Inc., the Placement Agent. In
such capacities, there is potential for conflicts of interest that may arise in connection with his position as a director of the NYIAX,
INC.

 

	Name	 	

 

 

 

11Exhibit 10.18

 

 

 

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: June_____2018	Void After: June___2023

 

NYIAX,
INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

NYIAX,Inc., a Delaware corporation
(the “Company”), for value received on June ____2018 (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 June____2023 (the “Expiration Date”),
all subject to the following terms and conditions. This Warrant has been issued to the Holder pursuant to that certain Subscription Agreement
dated June____2018 by and between the Company and the Holder (the “Subscription 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 $6.60 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 effect 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. 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.

 

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(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 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.

 

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 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.

 

 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.

 

 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.

 

[remainder of page intentionally 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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