Document:

Exhibit 10.11

 

NYIAX, INC.

2021 EQUITY INCENTIVE PLAN

 

1. Purposes
of the Plan. The purposes of this Plan are:

 

		●	to attract and retain the best available personnel for positions
of substantial responsibility,

 

		●	to provide additional incentive to Employees, Directors and Consultants, and

 

		●	to promote the success of the Company’s business.

 

The Plan permits the grant of
Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock and Restricted Stock Units.

 

2. Definitions.
As used herein, the following definitions will apply:

 

(a) “Administrator”
means the Board or any of its Committees as will be administering the Plan, in accordance with Section 4.

 

(b) “Applicable
Laws” means the requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S. federal
and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable
laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.

 

(c) “Award”
means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock or Restricted Stock
Units.

 

(d) “Award
Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted
under the Plan. Each Award Agreement is subject to the terms and conditions of the Plan.

 

(e) “Board”
means the Board of Directors of the Company.

 

(f) “Cause”
for termination of a Participant’s relationship as a Service Provider will exist (unless another definition is provided in an
applicable Option Agreement, Restricted Stock Award Agreement, employment agreement or other applicable written agreement) if the Participant’s
status as a Service Provider is terminated for any of the following reasons: (i) any material breach by Participant of any material written
agreement between Participant and the Company and Participant’s failure to cure such breach within 30 days after receiving written
notice thereof; (ii) any failure by Participant to comply with the Company’s material written policies or rules as they may be in
effect from time to time; (iii) neglect or persistent unsatisfactory performance of Participant’s duties and Participant’s
failure to cure such condition within 30 days after receiving written notice thereof; (iv) Participant’s repeated failure to follow
reasonable and lawful instructions from the Board, General Counsel or Chief Executive Officer and Participant’s failure to cure
such condition within 30 days after receiving written notice thereof; (v) Participant’s conviction of, or plea of guilty or nolo
contendere to, any crime that results in, or is reasonably expected to result in, material harm to the business or reputation of the
Company; (vi) Participant’s commission of or participation in an act of fraud against the Company; (vii) Participant’s
intentional material damage to the Company’s business, property or reputation; or (viii) Participant’s unauthorized use or
disclosure of any proprietary information or trade secrets of the Company or any other party to whom the Participant owes an obligation
of nondisclosure as a result of his or her relationship with the Company. For purposes of clarity, a termination without “Cause”
does not include any termination that occurs as a result of Participant’s death or disability. The determination as to whether a
Participant has been terminated for Cause shall be made in good faith by the Administrator and shall be final and binding on the Participant.
The foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s employment or consulting
relationship at any time, and the term “Company” will be interpreted to include any Subsidiary, Parent, affiliate, or any
successor thereto, if appropriate.

 

    

     

    

 

(g) “Change
in Control” means the occurrence of any of the following events:

 

(i) Change
in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more than
one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock
held by such Person, constitutes more than 50% of the total voting power of the stock of the Company, except that any change in the ownership
of the stock of the Company as a result of a private financing of the Company that is approved by the Board will not be considered a Change
in Control. For purposes of this clause (i), if any Person has ownership of the stock of the Company that constitutes more than 50% of
the total voting power of the stock of the Company, the acquisition of additional voting stock of the Company by the same Person will
not be considered a Change in Control; or

 

(ii) Change
in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the Exchange
Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during
any 12 month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the
date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company,
the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or

 

(iii) Change
in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of the
Company’s assets which occurs on the date that any Person acquires (or has acquired during the 12 month period ending on the date
of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or
more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions.
For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets
being disposed of, determined without regard to any liabilities associated with such assets; or

 

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For purposes of
this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation,
purchase or acquisition of stock, or similar business transaction with the Company. Notwithstanding the foregoing, to the extent an Award
is subject to Code Section 409A, a transaction will not be deemed a Change in Control unless the transaction also qualifies as a change
in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or final
Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time,
solely to the extent necessary to avoid adverse tax consequences under Code Section 409A.

 

Further and for
the avoidance of doubt, a transaction will not constitute a Change in Control if: (I) its sole purpose is to change the jurisdiction of
the Company’s incorporation, or (II) its sole purpose is to create a holding company that will be owned in substantially the same
proportions by the persons who held the Company’s securities immediately before such transaction.

 

(h) “Code”
means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code herein will be a reference to any successor
or amended section of the Code.

 

(i) “Committee”
means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by the compensation committee
of the Board, in accordance with Section 4 hereof.

 

(j) “Common
Stock” means the common stock of the Company.

 

(k) “Company”
means NYIAX, Inc., a Delaware corporation, or any successor thereto.

 

(l) “Consultant”
means any person, including an advisor, engaged by the Company or any Parent or Subsidiary of the Company to render services to such entity.

 

(m)
“Director” means a member of the Board.

 

(n) “Disability”
means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of Awards other than Incentive Stock
Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform
and non-discriminatory standards adopted by the Administrator from time to time.

 

(o) “Effective
Date” means an even date of the adoption of this Plan by the Board.

 

(p) “Employee”
means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary of the Company. Neither service
as a Director nor payment of a Director’s fee by the Company or any Parent or Subsidiary of the Company will be sufficient to constitute
“employment” by the Company or such Parent or Subsidiary of the Company, as applicable.

 

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(q) “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(r) “Exchange
Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for Awards of the same
type (which may have higher or lower exercise prices and different terms), Awards of a different type and/or cash, (ii) Participants would
have the opportunity to transfer any outstanding Awards to a financial institution or other person or entity selected by the Administrator,
and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine the terms and conditions
of any Exchange Program in its sole discretion.

 

(s) “Fair
Market Value” means, as of any date, the value of Common Stock determined as follows:

 

(i) If
the Common Stock is listed on any established stock exchange or a national market system, including, without limitation, the Nasdaq Global
Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, the Fair Market Value of a Share will
be the closing sales price for the Common Stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on
the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable;

 

(ii) If
the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a
Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if no bids and
asks were reported on that date, as applicable, on the last trading date such bids and asks were reported), as reported in The Wall
Street Journal or such other source as the Administrator deems reliable; or

 

(iii) In
the absence of an established market for the Common Stock, the Fair Market Value of a Share will be determined in good faith by the Administrator.

 

(t) “Incentive
Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive stock option
within the meaning of Code Section 422 and the regulations promulgated thereunder.

 

(u) “Nonstatutory
Stock Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

 

(v) “Option”
means a stock option granted pursuant to the Plan.

 

(w) “Parent”
means a “parent corporation,” whether now or hereafter existing, as defined in Code Section 424(e).

 

(x) “Participant”
means the holder of an outstanding Award.

 

(y) “Period
of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to restrictions, and therefore,
the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of
target levels of performance, or the occurrence of other events as determined by the Administrator.

 

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(z) “Plan”
means the NYIAX Inc. 2021 Equity Incentive Plan.

 

(aa) “Restricted
Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8, or issued pursuant to the early exercise
of an Option.

 

(bb) “Restricted
Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share, granted pursuant to
Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.

 

(cc) “Securities
Act” means the Securities Act of 1933, as amended.

 

(dd) “Service Provider”
means an Employee, Director or Consultant.

 

(ee) “Share”
means a share of the Common Stock, as adjusted in accordance with Section 13.

 

(ff) “Stock Appreciation
Right” means an Award, granted alone or in connection with an Option, that pursuant to Section 7 is designated as a Stock Appreciation
Right.

 

(gg)  “Subsidiary”
means a “subsidiary corporation,” whether now or hereafter existing, as defined in Code Section 424(f).

 

3. Stock
Subject to the Plan.

 

(a) Stock
Subject to the Plan. Subject to the provisions of Section 13, the maximum aggregate number of Shares that may be subject to Awards
and sold under the Plan is 12,000,000 Shares. The Shares may be authorized but unissued, or reacquired, Common Stock.

 

(b) Lapsed
Awards. If an Award expires or becomes unexercisable without having been exercised in full, is surrendered pursuant to an Exchange
Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company due to the failure
to vest, the unpurchased Shares (or, for Awards other than Options or Stock Appreciation Rights, the forfeited or repurchased Shares)
which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect
to Stock Appreciation Rights, only Shares actually issued pursuant to a Stock Appreciation Right will cease to be available under the
Plan; all remaining Shares under Stock Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan
has terminated). Shares that have actually been issued under the Plan under any Award will not be returned to the Plan and will not become
available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted
Stock or Restricted Stock Units are repurchased by the Company or are forfeited to the Company due to the failure to vest, such Shares
will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholding
obligations related to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is
paid out in cash rather than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the
Plan. Notwithstanding the foregoing and, subject to adjustment as provided in Section 13, the maximum number of Shares that may be issued
upon the exercise of Incentive Stock Options will equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable
under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become available for issuance under the Plan
pursuant to Section 3(b).

 

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(c) Share
Reserve. The Company, during the term of this Plan, will at all times reserve and keep available such number of Shares as will
be sufficient to satisfy the requirements of the Plan.

 

4. Administration
of the Plan.

 

(a) Procedure.

 

(i) Multiple
Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the Plan.

 

(ii) Other
Administration. Other than as provided above, the Plan will be administered by (A) the Board or (B) a Committee, which Committee
will be constituted to satisfy Applicable Laws.

 

(b) Powers
of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties delegated
by the Board to such Committee, the Administrator will have the authority, in its discretion:

 

(i) to
determine the Fair Market Value;

 

(ii) to
select the Service Providers to whom Awards may be granted hereunder;

 

(iii) to
determine the number of Shares to be covered by each Award granted hereunder;

 

(iv) to
approve forms of Award Agreements for use under the Plan;

 

(v) to
determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and conditions
include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance
criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the
Shares relating thereto, based in each case on such factors as the Administrator will determine;

 

(vi) to
institute and determine the terms and conditions of an Exchange Program;

 

(vii) to
construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;

 

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(viii) to
prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans established
for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws;

 

(ix) to
modify or amend each Award (subject to Section 18(c)), including, but not limited to, the discretionary authority to extend the post-termination
exercisability period of Awards and to extend the maximum term of an Option (subject to Section 6(d));

 

(x) to
allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 14;

 

(xi) to
authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted by
the Administrator;

 

(xii) subject
to any applicable restrictions of Code Section 409A, to allow a Participant to defer the receipt of the payment of cash or the delivery
of Shares that otherwise would be due to such Participant under an Award; and

 

(xiii) to
make all other determinations deemed necessary or advisable for administering the Plan.

 

(c) Effect
of Administrator’s Decision. The Administrator’s decisions, determinations and interpretations will be final and binding
on all Participants and any other holders of Awards.

 

5. Eligibility.
Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock and Restricted Stock Units may be granted to Service Providers.
Incentive Stock Options may be granted only to Employees.

 

6. Stock
Options.

 

(a) Grant
of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant Options
in such amounts as the Administrator, in its sole discretion, will determine.

 

(b) Option
Agreement. Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price, the term of the
Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other terms
and conditions as the Administrator, in its sole discretion, will determine.

 

(c) Limitations.
Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding
such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options
are exercisable for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary)
exceeds $100,000, such Options will be treated as Nonstatutory Stock Options. For purposes of this Section 6(c), Incentive Stock Options
will be taken into account in the order in which they were granted, the Fair Market Value of the Shares will be determined as of the time
the Option with respect to such Shares is granted, and calculation will be performed in accordance with Code Section 422 and Treasury
Regulations promulgated thereunder.

 

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(d) Term
of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will
be no more than 10 years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at the
time the Incentive Stock Option is granted, owns stock representing more than 10% of the total combined voting power of all classes of
stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five years from the date of grant or
such shorter term as may be provided in the Award Agreement.

 

(e) Option
Exercise Price and Consideration.

 

(i) Exercise
Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined by the
Administrator, but will be no less than 100% of the Fair Market Value of a Share on the date of grant. In addition, in the case of an
Incentive Stock Option granted to an Employee who owns stock representing more than 10% of the voting power of all classes of stock of
the Company or any Parent or Subsidiary, the per Share exercise price will be no less than 110% of the Fair Market Value of a Share on
the date of grant. Notwithstanding the foregoing provisions of this Section 6(e)(i), Options may be granted with a per Share exercise
price of less than 100% of the Fair Market Value of a Share on the date of grant pursuant to a transaction described in, and in a manner
consistent with, Code Section 424(a).

 

(ii) Waiting
Period and Exercise Dates. At the time an Option is granted and as provided in the Award Agreement, the Administrator will fix
the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be
exercised.

 

(iii) Form
of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including the
method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at
the time of grant. Such consideration may be in the form of: (A) cash, (B) check, (C) a promissory note, to the extent permitted by Applicable
Laws, (D) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price
of the Shares as to which such Option will be exercised and provided further that accepting such Shares will not result in any adverse
accounting consequences to the Company, as the Administrator determines in its sole discretion, (E) consideration received by the Company
under a cashless exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan, (F)
a net exercise, (G) such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws,
or (H) any combination of the foregoing methods of payment. In making its determination as to the type of consideration to accept, the
Administrator will consider if acceptance of such consideration may be reasonably expected to benefit the Company.

 

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(f) Exercise
of Option.

 

(i) Procedure
for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the Plan and
at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be
exercised for a fraction of a Share.

 

An Option will be deemed exercised
when the Company receives: (A) notice of exercise (in such form as the Administrator may specify from time to time) from the person entitled
to exercise the Option, and (B) full payment for the Shares with respect to which the Option is exercised (together with applicable tax
withholding). Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the
Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested
by the Participant, in the name of the Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate
entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any
other rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option.
The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a dividend
or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 13.

 

Exercising an Option in any
manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number
of Shares as to which the Option is exercised.

 

(ii) Termination
of Relationship as a Service Provider. If a Participant ceases to be a Service Provider, other than upon the Participant’s
termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within such period
of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the
Award Agreement) to the extent that the Option is vested on the date of termination. In the absence of a specified time in the Award Agreement,
the Option shall remain exercisable for three months following the Participant’s termination. Unless otherwise provided by the Administrator,
if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion
of the Option will be forfeited and revert to the Plan. If after termination the Participant does not exercise the vested portion of his
or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert
to the Plan.

 

(iii) Disability
of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant
may exercise his or her Option within such period of time as is specified in the Award Agreement (but in no event later than the expiration
of the term of such Option as set forth in the Award Agreement) to the extent the Option is vested on the date of termination of employment
or termination of services as a Service Provider. In the absence of a specified time in the Award Agreement, the Option shall remain exercisable
for 12 months following the Participant’s termination of employment or termination of services as a Service Provider. Unless otherwise
provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares
covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise the vested
portion of his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert
to the Plan.

 

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(iv) Death
of Participant. If a Participant dies while a Service Provider, the Option may be exercised within such period of time as is specified
in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the
extent that the Option is vested on the date of death, by the Participant’s designated beneficiary, provided such beneficiary has
been designated prior to the Participant’s death in a form acceptable to the Administrator. If no such beneficiary has been designated
by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s)
to whom the Option is transferred pursuant to the Participant’s will or in accordance with the laws of descent and distribution.
In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for 12 months following the Participant’s
death.. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option,
the Shares covered by the unvested portion of the Option will immediately revert to the Plan. If the Option is not so exercised within
the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan.

 

7. Stock
Appreciation Rights.

 

(a) Grant
of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to Service
Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion.

 

(b) Number
of Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock Appreciation
Rights.

 

(c) Exercise
Price and Other Terms. The per Share exercise price for the Shares that will determine the amount of the payment to be received
upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and will be no less than
100% of the Fair Market Value of a Share on the date of grant. Otherwise, the Administrator, subject to the provisions of the Plan, will
have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan.

 

(d) Stock
Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify the
exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator,
in its sole discretion, will determine.

 

(e) Expiration
of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by the Administrator,
in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(d) relating to the
maximum term and Section 6(f) relating to exercise also will apply to Stock Appreciation Rights.

 

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(f) Payment
of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant will be entitled to receive payment
from the Company in an amount determined by multiplying:

 

(i) the
difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times

 

(ii) the
number of Shares with respect to which the Stock Appreciation Right is exercised.

 

At the discretion of the Administrator,
the payment upon Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.

 

8. Restricted
Stock.

 

(a) Grant
of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may
grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine.

 

(b) Restricted
Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of Restriction,
the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless
the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions on such
Shares have lapsed.

 

(c) Transferability.
Except as provided in this Section 8 or as the Administrator determines, Shares of Restricted Stock may not be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction.

 

(d) Other
Restrictions. The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted Stock as it
may deem advisable or appropriate.

 

(e) Removal
of Restrictions. Except as otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant
made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other
time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any restrictions will
lapse or be removed.

 

(f) Voting
Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may not exercise
full voting rights with respect to those Shares, unless the Administrator determines otherwise.

 

(g) Dividends
and Other Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will not be entitled
to receive dividends and other distributions paid with respect to such Shares, unless the Administrator provides otherwise. In the event
any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability
as the Shares of Restricted Stock with respect to which they were paid.

 

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(h) Return
of Restricted Stock to the Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions
have not lapsed will revert to the Company and again will become available for grant under the Plan.

 

9. Restricted
Stock Units.

 

(a) Grant.
Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the Administrator
determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions, and
restrictions related to the grant, including the number of Restricted Stock Units.

 

(b) Vesting
Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to which
the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator
may set vesting criteria based upon the achievement of the Company-wide, business unit, or individual goals (including, but not limited
to, continued employment or service), or any other basis determined by the Administrator in its discretion.

 

(c) Earning
Restricted Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as
determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the Administrator,
in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout.

 

(d) Form
and Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable and no later than 60 days
after the date(s) determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may
settle earned Restricted Stock Units in cash, Shares, or a combination of both.

 

(e) Cancellation.
On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be forfeited to the Company.

 

10. Exemption
from or Compliance with Code Section 409A. Awards will be designed and operated in such a manner that they are either exempt from
the application of, or comply with, the requirements of Code Section 409A, except as otherwise determined in the sole discretion of the
Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be
construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator.
To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A, the Award will be granted,
paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or
deferral will not be subject to the additional tax or interest applicable under Code Section 409A.

 

11. Leaves
of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of Awards granted hereunder will be suspended
during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (a) any leave of absence approved by
the Company or (b) transfers between locations of the Company or between the Company, its Parent or any Subsidiary. For purposes of Incentive
Stock Options, no such leave may exceed three months, unless reemployment upon expiration of such leave is guaranteed by statute or contract.
If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six months following the first
(1st) day of such leave, any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and
will be treated for tax purposes as a Nonstatutory Stock Option.

 

    12

     

    

 

12. Limited
Transferability of Awards.

 

(a) Unless
determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated or otherwise transferred in any manner
other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the
Participant.

 

(b) Further,
until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, or after the Administrator
determines that it is, will or may no longer be relying upon the exemption from registration under the Exchange Act as set forth in Rule
12h-1(f) promulgated under the Exchange Act, an Option, or prior to exercise, the Shares subject to the Option, may not be pledged, hypothecated
or otherwise transferred or disposed of, in any manner, including by entering into any short position, any “put equivalent position”
or any “call equivalent position” (as defined in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other
than (i) to persons who are “family members” (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic
relations orders, or (ii) to an executor or guardian of the Participant upon the death or disability of the Participant. Notwithstanding
the foregoing sentence, the Administrator, in its sole discretion, may determine to permit transfers to the Company or in connection with
a Change in Control or other acquisition transactions involving the Company to the extent permitted by Rule 12h-1(f).

 

13. Adjustments;
Dissolution or Liquidation; Merger or Change in Control.

 

(a) Adjustments.
In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase,
or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares
occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available
under the Plan, will adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of
Shares covered by each outstanding Award.

 

(b) Dissolution
or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify each Participant
as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an
Award will terminate immediately prior to the consummation of such proposed action.

 

(c) Change
in Control. In the event of a Change in Control, each outstanding Award will be treated as the Administrator determines without
a Participant’s consent, including, without limitation, that (i) Awards will be assumed, or substantially equivalent Awards will
be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and
kind of shares and prices; (ii) upon written notice to a Participant, that the Participant’s Awards will terminate upon or immediately
prior to the consummation of such merger or Change in Control; (iii) outstanding Awards will vest and become exercisable, realizable or
payable, or restrictions applicable to an Award will lapse, in whole or in part, prior to or upon consummation of such Change in Control,
and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such Change in Control; (iv)
(A) the termination of any vested and/or unvested Award in exchange for an amount of cash and/or property, if any, equal to the amount
that would have been attained upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence
of the transaction (and, for the avoidance of doubt, if as of the date of the occurrence of the transaction the Administrator determines
in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights,
then such Award may be terminated by the Company without payment), or (B) the replacement of such Award with other rights or property
selected by the Administrator in its sole discretion; or (v) any combination of the foregoing. In taking any of the actions permitted
under this Section 13(c), the Administrator will not be obligated to treat all Awards, all Awards held by a Participant, or all Awards
of the same type, similarly. Notwithstanding anything in this Section 13(c) to the contrary, if a payment under an Award Agreement is
subject to Code Section 409A and if the change in control definition contained in the Award Agreement does not comply with the definition
of “change of control” for purposes of a distribution under Code Section 409A, then any payment of an amount that is otherwise
accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A
without triggering any penalties applicable under Code Section 409A.

 

    13

     

    

 

14. Tax
Withholding.

 

(a) Withholding
Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company will have the
power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal,
state, local, foreign or other taxes (including the Participant’s FICA obligation) required to be withheld with respect to such
Award (or exercise thereof).

 

(b) Withholding
Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may
permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation): (i) paying cash, (ii) electing
to have the Company withhold otherwise deliverable Shares having a Fair Market Value equal to the minimum statutory amount required to
be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the statutory amount required to
be withheld, provided the delivery of such Shares will not result in any adverse accounting consequences, as the Administrator determines
in its sole discretion, or (iv) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the
Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld.
The amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time
the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable
to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. The Fair Market Value
of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.

 

    14

     

    

 

15. No
Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to continuing
the Participant’s relationship as a Service Provider with the Company, nor will they interfere in any way with the Participant’s
right or the Company’s right to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable
Laws.

 

16. Date
of Grant. The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the determination granting
such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant
within a reasonable time after the date of such grant.

 

17. Term
of Plan. The Plan shall become effective on an even date of the date of its approval by the Board (Effective Date). Unless sooner
terminated under Section 18, it will continue in effect for a term of 10 years from the later of (a) the Effective Date, and (b) the earlier
of the most recent Board or stockholder approval of an increase in the number of Shares reserved for issuance under the Plan.

 

18. Amendment
and Termination of the Plan.

 

(a) Amendment
and Termination. The Board may at any time amend, alter, suspend or terminate the Plan.

 

(b) Stockholder
Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with
Applicable Laws.

 

(c) Effect
of Amendment or Termination. No amendment of the Plan will adversely affect the rights of any Participant, unless mutually agreed
otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company.
Termination of the Plan will not affect the Administrator’s ability to exercise the powers granted to it hereunder with respect
to Awards granted under the Plan prior to the date of such termination.

 

19. Conditions
Upon Issuance of Shares.

 

(a) Legal
Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance
and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with
respect to such compliance.

 

(b) Investment
Representations. As a condition to the exercise of an Award, the Company may require the person exercising such Award to represent
and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention
to sell or distribute such Shares if, in the opinion of counsel for the Company, such a representation is required.

 

    15

     

    

 

20. Inability
to Obtain Authority. The inability of the Company to obtain authority from any regulatory body having jurisdiction, which authority
is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company
of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained.

 

21. Stockholder
Approval. The Plan will be subject to approval by the stockholders of the Company within 12 months after the date the Plan is adopted
by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws.

 

22. Information
to Participants. Beginning on the earlier of (a) the date that the aggregate number of Participants under this Plan is 500 or more
and the Company is relying on the exemption provided by Rule 12h-1(f)(1) under the Exchange Act and (b) the date that the Company is required
to deliver information to Participants pursuant to Rule 701 under the Securities Act, and until such time as the Company becomes subject
to the reporting requirements of Section 13 or 15(d) of the Exchange Act, is no longer relying on the exemption provided by Rule 12h-1(f)(1)
under the Exchange Act or is no longer required to deliver information to Participants pursuant to Rule 701 under the Securities Act,
the Company shall provide to each Participant the information described in paragraphs (e)(3), (4), and (5) of Rule 701 under the Securities
Act not less frequently than every six months with the financial statements being not more than 180 days old and with such information
provided either by physical or electronic delivery to the Participants or by written notice to the Participants of the availability of
the information on an Internet site that may be password-protected and of any password needed to access the information. The Company may
request that Participants agree to keep the information to be provided pursuant to this section confidential. If a Participant does not
agree to keep the information to be provided pursuant to this section confidential, then the Company will not be required to provide the
information unless otherwise required pursuant to Rule 12h-1(f)(1) under the Exchange Act or Rule 701 of the Securities Act.

 

23. Joinder.
Receipt of any Award will constitute agreement by the Participant receiving such Award to be bound by all of the terms and conditions
of any stockholder or other agreement applicable to such Participant, including with respect to the Award Stock, or any other Company
capital stock, issuable to or held by such Participant. In furtherance thereof, if applicable, the Participant will automatically become
a party to such agreement and will execute a joinder to such agreement. All of the terms of any stockholder or similar agreement are incorporated
herein by reference.

 

(Signature Page Follows)

 

    16

     

    

 

	 	NYIAX, INC.
	 	 	 
	 	 	 
	 	By:	             
	 	 	 
	 	Its:	 
	 	 	 
	 	Date:	 

 

    17

     

    

 

APPENDIX A

 

TO

 

NYIAX, INC. 2021 EQUITY INCENTIVE PLAN

 

(for California residents only, to the extent
required by 25102(o))

 

This Appendix A to
the NYIAX, Inc. 2021 Equity Incentive Plan shall apply only to the Participants who are residents of the State of California and who are
receiving an Award under the Plan. Capitalized terms contained herein shall have the same meanings given to them in the Plan, unless otherwise
provided by this Appendix A. Notwithstanding any provisions contained in the Plan to the contrary and to the extent required by
Applicable Laws, the following terms shall apply to all Awards granted to residents of the State of California, until such time as the
Administrator amends this Appendix A or the Administrator otherwise provides.

 

(a) The
term of each Option shall be stated in the Award Agreement; provided, however, that the term shall be no more than 10 years
from the date of grant thereof.

 

(b) Unless
determined otherwise by the Administrator, Awards may not be sold, pledged, assigned, hypothecated, or otherwise transferred in any manner
other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the
Participant. If the Administrator makes an Award transferable, such Award may only be transferred (i) by will, (ii) by the laws of descent
and distribution, or (iii) as permitted by Rule 701 of the Securities Act.

 

(c) If
a Participant ceases to be a Service Provider, such Participant may exercise his or her Option within such period of time as specified
in the Award Agreement, which shall not be less than 30 days following the date of the Participant’s termination, to the extent
that the Option is vested on the date of termination (but in no event later than the expiration of the term of the Option as set forth
in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option shall remain exercisable for three months
following the Participant’s termination.

 

(d) If
a Participant ceases to be a Service Provider as a result of the Participant’s Disability, the Participant may exercise his or her
Option within such period of time as specified in the Award Agreement, which shall not be less than six months following the date of the
Participant’s termination, to the extent the Option is vested on the date of termination (but in no event later than the expiration
of the term of such Option as set forth in the Award Agreement). In the absence of a specified time in the Award Agreement, the Option
shall remain exercisable for 12 months following the Participant’s termination.

 

(e) If
a Participant dies while a Service Provider, the Option may be exercised within such period of time as specified in the Award Agreement,
which shall not be less than six months following the date of the Participant’s death, to the extent the Option is vested on the
date of death (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) by the Participant’s
designated beneficiary, personal representative, or by the person(s) to whom the Option is transferred pursuant to the Participant’s
will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award Agreement, the Option
shall remain exercisable for 12 months following the Participant’s termination.

 

    Appendix A – Page 1

     

    

 

(f) No
Award shall be granted to a resident of California more than 10 years after the earlier of the date of adoption of the Plan or the date
the Plan is approved by the stockholders.

 

(g) In
the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares
or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator,
in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will
adjust the number and class of Shares that may be delivered under the Plan and/or the number, class, and price of Shares covered by each
outstanding Award; provided, however, that the Administrator will make such adjustments to an Award required by Section
25102(o) of the California Corporations Code to the extent the Company is relying upon the exemption afforded thereby with respect to
the Award.

 

(h) This
Appendix A shall be deemed to be part of the Plan and the Administrator shall have the authority to amend this Appendix A
in accordance with Section 18 of the Plan.

 

 

Appendix A – Page 2Exhibit 10.12

 

NYIAX, INC.

 

2021 EQUITY INCENTIVE PLAN

 

STOCK OPTION AGREEMENT

 

Unless otherwise defined herein,
the terms defined in the NYIAX, Inc. 2021 Equity Incentive Plan (as amended from time to time, the “Plan”) shall have
the same defined meanings in this Stock Option Agreement (this “Option Agreement”).

 

		1.	Notice of Stock Option Grant.

 

	 	Name:	 		 
	 	 	 	 	 
	 	Address:	 	    ______________	
	 	 	 	    ______________	

 

The undersigned Participant
has been granted an option to purchase Common Stock (hereinafter, this “Option”), subject to the terms and conditions
of the Plan and this Option Agreement, as follows:

 

	 	Date
    of Grant:	 	_____________    
	 	 	 	 
	 	Vesting
    Commencement Date:	 	Date
    of Grant
	 	 	 	 
	 	Exercise
    Price per Share:	 	$
       ___________
	 	 	 	 
	 	Total
    Number of Shares Granted:	 	   _____________
	 	 	 	 
	 	Total
    Exercise Price:	 	$
____________      
	 	 	 	 
	 	Type
    of Option:	 	____________
    Incentive Stock Option
	 	 	 	 
	 	 	 	_______________ Nonstatutory
    Stock Option
	 	 	 	 
	 	Term/Expiration
    Date:	 	_____________
    (__ years from Date of Grant)
	 	 	 	 
	 	Vesting
    Schedule:

 

Add time-based or performance-based
vesting criteria.

 

Sample Time-Based Vesting
Schedule: This Option is exercisable only to the extent Service Provider is vested in the Shares underlying this Option. So long as
the Participant’s status as a Service Provider does not terminate, the total number of Shares underlying this Option shall vest
in accordance with the following schedule: 50% of the Shares shall vest on the Date of Grant and the other 50% shall vest on the one year
anniversary of the Date of Grant.

 

Sample Performance -Based
Vesting Based on EBITDA: This Option shall be exercisable, in whole or in part, when the target EBITDA of the Company is reached pursuant
to the following vesting schedule provided Participant is employed by the Company on the dates such Performance Target is achieved. EBITDA
shall be based on the Company’s year-end financial statement. Participant must be employed on the date of such financial statement
in order to be deemed employed when the performance target is achieved.

 

Signature Page to Stock
Option Agreement

 

     

     

    

 

	Performance Target – EBITDA	 	Option Shares Vested
	 	 	 
	 	 	 
	 	 	 

 

Termination Period:

 

This Option shall be exercisable
for three (3) months after Participant ceases to be a Service Provider, unless such termination is due to Participant’s death or
Disability, in which case this Option shall be exercisable for twelve (12) months after Participant ceases to be a Service Provider, provided,
that, notwithstanding anything to the contrary in the foregoing, if Participant ceases to be a Service Provider due to a termination for
Cause or resignation under Cause circumstances, or if Participant breaches any restrictive covenant in favor of the Company or any its
affiliates (including, without limitation, those set forth in this Option Agreement), this Option (whether or not vested) shall terminate.

 

Notwithstanding the foregoing
sentence, in no event may this Option be exercised after the Term/Expiration Date as provided above, and this Option may be subject to
earlier termination as provided in Section 13 of the Plan.

 

		2.	Agreement.

 

A.
Grant of Option. The Administrator hereby grants, to the individual named in the Notice of Stock Option Grant in Section 1 of
this Option Agreement (“Participant”), this Option to purchase the number of Shares set forth in the Notice of Stock
Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the “Exercise Price”),
and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 18 of the Plan, in
the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan
shall prevail.

 

If designated in the
Notice of Stock Option Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive
Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule of Code Section 422(d),
this Option shall be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason this Option (or portion
thereof) shall not qualify as an ISO, then, to the extent of such non-qualification, this Option (or portion thereof) shall be regarded
as a NSO granted under the Plan. In no event shall the Administrator, the Company or any Parent or Subsidiary or any of their respective
affiliates, employees or directors have any liability to Participant (or any other person) due to the failure of this Option to qualify
for any reason as an ISO.

 

Signature Page to Stock
Option Agreement

 

    2

     

    

 

B. 
 Exercise of Option.

 

(1)
Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the
Notice of Stock Option Grant and the applicable provisions of the Plan and this Option Agreement.

 

(2)
Method of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached as Exhibit
A (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which
shall state the election to exercise this Option, the number of Shares with respect to which this Option is being exercised (the “Exercised
Shares”), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied
by payment of the aggregate Exercise Price as to all Exercised Shares and the amount of any applicable tax withholding. The Company shall
permit a cashless exercise program in connection with the Exercised Shares. This Option shall be deemed to be exercised upon receipt by
the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price and the amount of any applicable tax withholding.

 

No Shares shall be issued pursuant
to the exercise of this Option unless such issuance and such exercise comply with Applicable Laws. Assuming such compliance, for income
tax purposes, the Shares shall be considered transferred to Participant on the date on which this Option is properly exercised with respect
to such Shares.

 

C.
Participant’s Representations. In the event the Shares have not been registered under the Securities Act of 1933,
as amended (the “Securities Act”), at the time this Option is exercised, Participant shall, if required by the Company,
concurrently with the exercise of all or any portion of this Option, deliver to the Company his or her Investment Representation Statement
in the form attached hereto as Exhibit B.

 

D.
Lock-Up Period. Participant hereby agrees that Participant shall not offer, pledge, sell, contract to sell, sell any option
or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer
or dispose of, directly or indirectly, any Common Stock (or other securities of the Company) or enter into any swap, hedging or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock (or other
securities of the Company) held by Participant (other than those included in the registration) for a period specified by the representative
of the underwriters of Common Stock (or other securities of the Company) not to exceed one hundred and eighty (180) days following the
effective date of any registration statement of the Company filed under the Securities Act (or such other period as may be requested by
the Company or the underwriters to accommodate regulatory restrictions on (i) the publication or other distribution of research reports
and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in FINRA Rule 2241, or any successor
provisions or amendments thereto).

 

Participant
agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the underwriter which are
consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the
representative of the underwriters of Common Stock (or other securities) of the Company, Participant shall provide, within ten (10)
days of such request, such information as may be required by the Company or such representative in connection with the completion of
any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The
obligations described in this Section 2(D) shall not apply to a registration relating solely to
employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating
solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may
impose stop-transfer instructions with respect to the Common Stock (or other securities of the Company) subject to the foregoing
restriction until the end of said one hundred and eighty (180) day (or other) period. Participant agrees that any transferee of this
Option or Shares acquired pursuant to this Option shall be bound by this Section 2(D).

 

Signature Page to Stock Option Agreement

 

    3

     

    

 

E. Method of
Payment. Payment of the aggregate Exercise Price shall be made by any of the following, or a combination thereof, at the
election of Participant:

 

(1)
cash;

 

(2)
check;

 

(3)
consideration received by the Company under a cashless exercise program permitted by the Company in connection with the Plan, if
any; or

 

(4)
if permitted by the Administrator in its sole discretion, surrender of other Shares which (i) shall be valued at their Fair Market
Value on the date of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security interests, and only
if accepting such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences to the
Company.

 

F.
Restrictions on Exercise. This Option may not be exercised until such time as the Plan has been approved by the stockholders
of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such Shares would constitute
a violation of any Applicable Law.

 

G.
Non-Transferability of Option.

 

(1)
This Option may not be transferred in any manner other than by will or by the laws of descent or distribution and may be exercised
during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon the executors,
administrators, heirs, successors and assigns of Participant.

 

(2)
Further, until the Company becomes subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act, or after
the Administrator determines that it is, will or may no longer be relying upon the exemption from registration of this Option under the
Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the “Reliance End Date”), Participant
shall not transfer this Option or, prior to exercise, the Shares subject to this Option, in any manner other than (i) to persons who are
“family members” (as defined in Rule 701(c)(3) of the Securities Act) through gifts or domestic relations orders, or (ii)
to an executor or guardian of Participant upon the death or disability of Participant. Until the Reliance End Date, this Option and, prior
to exercise, the Shares subject to this Option may not be pledged, hypothecated or otherwise transferred or disposed of, including by
entering into any short position, any “put equivalent position” or any “call equivalent position” (as defined
in Rule 16a-1(h) and Rule 16a-1(b) of the Exchange Act, respectively), other than as permitted in clauses (i) and (ii) of this paragraph.

 

H.
Term of Option. This Option may be exercised only within the term set out in the Notice of Stock Option Grant and may be
exercised during such term only in accordance with the Plan and the terms of this Option Agreement.

 

Signature
Page to Stock Option Agreement

 

    4

     

    

 

I.
 Tax Obligations.

 

(1)
Tax Withholding. Participant agrees to make appropriate arrangements with the Company (or the Parent or Subsidiary employing
or retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements
applicable to the Option exercise. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to
deliver the Shares if such withholding amounts are not delivered at the time of exercise.

 

(2)
Notice of Disqualifying Disposition of ISO Shares. If this Option granted to Participant herein is an ISO, and if Participant
sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after
the Date of Grant, or (ii) the date one (1) year after the date of exercise, Participant shall immediately notify the Company in writing
of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income
recognized by Participant in connection with such disqualifying disposition.

 

(3) Code
Section 409A. Under Code Section 409A, an option that vests after December 31, 2004 (or that vested on or prior to such date but
which was materially modified after October 3, 2004) that was granted with a per share exercise price that is determined by the
Internal Revenue Service (the “IRS”) to be less than the fair market value of the relevant share on the date of
grant (a “discount option”) may be considered “deferred compensation.” An option that is a
“discount option” may result in (i) income recognition by Participant prior to the exercise of the option, (ii) an
additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. A “discount
option” may also result in additional state income, penalty and interest tax to Participant. Participant acknowledges that the
Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the
Fair Market Value of a Share on the date of grant in a later examination. Participant agrees that if the IRS determines that this
Option was granted with a per Share exercise price that is less than the Fair Market Value of a Share on the date of grant,
Participant shall be solely responsible for Participant’s costs related to such a determination.

 

    5

     

    

 

OPTIONAL TO INCLUDE
RESTRICTIVE COVENANTS

 

J.
Restrictive Covenants.

 

(1)
Confidential Information.

 

(i) Protection of
Confidential Information. Participant acknowledges that the continued success of the Company and its subsidiaries and affiliates
(collectively, the “Company Group”) depends upon the use and protection of a large body of confidential and
proprietary information. All of such confidential and proprietary information now existing or to be developed in the future shall be
referred to in this Option Agreement as “Confidential Information.” Confidential Information shall be interpreted as
broadly as possible to include all information of any sort (whether merely remembered or embodied in a tangible or intangible form,
and whether or not specifically labeled or identified as “confidential”) that is (a) related to the current or potential
business of the members of the Company Group (including any of their predecessors prior to being acquired by the Company or another
member of the Company Group) and (b) not generally or publicly known. Confidential Information includes, without specific
limitation, the information, observations and data obtained by Participant during the period Participant remains employed or engaged
by the Company Group and ending on the date on which Participant ceases to be employed or engaged by the Company Group for any or no
reason (such period, the “Relationship Period”) concerning the business and affairs of the Company Group, and
information concerning (I) acquisition opportunities in or reasonably related to the Company Group’s business or industry of
which Participant becomes aware prior to or during the Relationship Period, (II) identities and requirements of, contractual
arrangements with and other information regarding the Company Group’s employees (including personnel files and other
information), suppliers, distributors, customers, independent contractors, third-party payors, providers or other business relations
and their confidential information, including patient records, medical histories, billing information, credit card information, bank
account information and other information concerning customers and patients (including all “Protected Health
Information” within the meaning of the Health Insurance Portability and Accountability Act), (III) internal business
information, including development, transition and transformation plans, methodologies and methods of doing business, strategic,
staffing, training, marketing, promotional, sales and expansion plans and practices, including plans regarding planned and potential
sales, historical and projected financial information, budgets and business plans, risk management practices, negotiation strategies
and practices, opinion leader lists and databases, customer service approaches, integration processes, new and existing programs and
services, cost, rate and pricing structures and terms and requirements and costs of providing service, support and equipment, (IV)
trade secrets, technology, know-how, compilations of data and analyses, techniques, systems, formulae, research, records, reports,
manuals, flow charts, documentation, models, data and data bases, (V) computer software, including operating systems, applications
and program listings, (VI) devices, discoveries, concepts, ideas, inventions, innovations, improvements, developments, methods,
designs, analyses, drawings, photographs, reports and all similar or related information (whether or not patentable and whether or
not reduced to practice), (VII) copyrightable works, (VIII) intellectual property of every kind and description and (IX) all similar
and related information in whatever form. Participant further acknowledges that the Confidential Information obtained or learned by
Participant during the course of Participant’s employment or engagement (including, for all purposes herein, prior to the date
hereof) with the Company Group concerning the business or affairs of the Company Group is the property of the Company Group.
Therefore, Participant agrees that Participant shall not, directly or indirectly through any third party or affiliate, disclose to
any unauthorized Person (as defined below) or use for Participant’s own account or for any purpose, other than as directly
related to Participant’s performance of duties for the Company Group, any of such Confidential Information, whether or not
developed by Participant, without the prior written consent of the Board, unless and to the extent that any Confidential Information
(x) becomes generally known to and available for use by the public other than as a result of Participant’s acts or omissions
to act, (y) is developed independently by Participant without reference to the Confidential Information, or (z) is required to be
disclosed pursuant to any applicable law or court order. Participant shall take reasonable and appropriate steps to safeguard
Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft. Participant agrees to deliver to
the Company at the end of the Relationship Period, or at any other time the Company may request in writing, all copies and
embodiments, in whatever form, of memoranda, notes, plans, records, reports, studies and other documents and data, relating to the
business or affairs of the Company Group (including all Confidential Information and Work Product (as defined below)) that
Participant may then possess or have under Participant’s control. For purposes of this Option Agreement,
“Person” means an individual, a partnership, a limited liability company, a corporation (whether or not for
profit), an association, a joint stock company, a trust, a joint venture, an unincorporated organization, investment fund, any other
business entity and a governmental entity or any department, agency or political subdivision thereof.

 

Signature Page to Stock Option Agreement

 

    6

     

    

 

(ii) Use of
Confidential Information. During the Relationship Period, Participant shall not use or disclose any confidential information or
trade secrets, if any, of any former employers or any other Person to whom Participant has an obligation of confidentiality, and
shall not bring onto the premises of the Company Group any unpublished documents or any property belonging to any former employer or
any other Person to whom Participant has an obligation of confidentiality unless consented to in writing by the former employer or
Person. Participant shall use in the performance of Participant’s duties only information that is (a) generally known and used
by persons with training and experience comparable to Participant’s and that is (I) common knowledge in the industry or (II)
is otherwise legally in the public domain, (b) otherwise provided or developed by any member of the Company Group or (c) in the case
of materials, property or information belonging to any former employer or other Person to whom Participant has an obligation of
confidentiality, approved for such use in writing by such former employer or person. If, at any time during the Relationship Period,
Participant believes Participant is being asked to engage in work that will, or will be likely to, jeopardize any confidentiality or
other obligations Participant may have to former employers, then Participant shall immediately advise the Company so that
Participant’s duties can be modified appropriately.

 

(iii)
Past Employment. Participant represents and warrants that Participant took nothing that belonged to any former employer
when Participant left Participant’s prior position and that Participant has nothing that contains any information that belongs to
any former employer. If at any time Participant discovers this is incorrect, Participant shall promptly advise the Company and return
any such materials to Participant’s former employer. The Company Group does not want any such materials, and Participant shall not
be permitted to use or refer to any such materials in the performance of Participant’s duties during the Relationship Period.

 

(iv)
Third-Party Information. Participant understands that the Company Group shall receive confidential or proprietary information
from third parties (“Third-Party Information”) subject to a duty on the Company Group’s part to maintain the
confidentiality of such information and to use it only for certain limited purposes. During the Relationship Period and thereafter, and
without in any way limiting the provisions of Section J(1)(i), Participant will hold Third-Party Information in the strictest confidence
and will not disclose to anyone (other than personnel of the Company Group who need to know such information in connection with their
work for the Company Group) or use, except in connection with Participant’s work for the Company Group, Third-Party Information,
unless expressly authorized by a member of the Board in writing.

 

(v)
Section 1833. 18 U.S.C. Section 1833(b) provides: “An individual shall not be held criminally or civilly liable under
any Federal or State trade secret law for the disclosure of a trade secret that (a) is made (I) in confidence to a Federal, State, or
local government official, either directly or indirectly, or to an attorney; and (II) solely for the purpose of reporting or investigating
a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is
made under seal.” Accordingly, the parties to this Option Agreement have the right to disclose in confidence trade secrets to Federal,
State, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of
law. The parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing
is made under seal and protected from public disclosure. Nothing in this Option Agreement is intended to conflict with 18 U.S.C. Section
1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. Section 1833(b).

 

(vi)
Whistleblower Protection. Notwithstanding anything to the contrary contained herein, no provision of this Option Agreement
shall be interpreted so as to impede Participant (or any other individual) from reporting possible violations of Federal law or regulation
to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission,
the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of Federal law or regulation.
Participant does not need the prior authorization of the Company to make any such reports or disclosures and Participant shall not be
not required to notify the Company that such reports or disclosures have been made.

 

(2) Ownership of Intellectual
Property, Inventions and Patents. Participant acknowledges that all intellectual property, including all discoveries, concepts, ideas,
inventions, innovations, improvements, developments, methods, processes, programs, designs, analyses, drawings, reports, patent applications,
copyrightable work and mask work (whether or not including any confidential information) and all registrations or applications related
thereto, all other proprietary information and all similar or related information (whether or not patentable), that relate to the Company
Group’s actual or anticipated business, research and development or existing or future products or services and that are conceived,
developed, contributed to, made or reduced to practice by Participant (whether alone or jointly with others) while employed by the Company
Group, whether before or after the date of this Option Agreement, including any of the foregoing that constitutes any proprietary information
or records (“Work Product”), belong to the Company Group. Any copyrightable work prepared in whole or in part by Participant
in the course of Participant’s work for any of the foregoing entities shall be deemed a “work made for hire” to the
maximum extent permitted under copyright laws, and the Company shall own all rights therein. To the extent any such copyrightable work
or the intellectual property rights in the Work Product is not a “work made for hire,” Participant hereby assigns (nunc
pro tunc, effective as of the first date of Participant’s employment or engagement by any member of the Company Group) and
agrees to assign to the Company all right, title and interest, including copyright and all other intellectual property rights, in and
to such copyrightable work and other Work Product. Participant shall promptly disclose such Work Product to the Board and, at the Company’s
expense, perform all actions reasonably requested by the Board (whether during or after the Relationship Period) to establish and confirm
such ownership by the Company (including assignments, consents, powers of attorney and other instruments).

 

Signature Page to
Stock Option Agreement

 

    7

     

    

 

(3)
Non-Competition and Non-Solicitation. Participant acknowledges that in the course of Participant’s employment or engagement
with any member of the Company Group, Participant has and will become familiar with the Company Group’s trade secrets, Confidential
Information and intellectual property. Participant further acknowledges that Participant’s services have been and shall be of special,
unique and extraordinary value to the Company Group. Therefore, without limiting any other obligations of Participant pursuant to this
Option Agreement, in order to protect the legitimate business interests and goodwill of the Company Group, Participant accordingly covenants
and agrees with the Company Group that:

 

(i)
Non-Competition. During the period of time from the Date of Grant until the one (1)-year anniversary of the date of termination
of Participant’s employment and engagement with the Company Group (such period, the “Protection Period”), except
in furtherance of Participant’s services for the Company Group while employed or engaged thereby, Participant shall not, directly
or indirectly, acquire or hold, beneficially or otherwise, any economic, financial or other interest (whether an equity interest or otherwise)
in, act as an equity holder or employee, director/manager, independent contractor or representative of, manage, control, operate, consult
with, render services in any capacity for, or otherwise participate in any Person (including any division, group or franchise of a larger
organization), other than the Company Group, which engages in any business that competes with or otherwise engages in any aspect of the
Business (as defined below) in any geographic area in which the Company Group conducts its Business during the Protection Period (each,
a “Competitive Business”). For purposes of this Option Agreement, the term “participate in” shall include
having any direct or indirect interest in any Person, whether as a sole proprietor, owner, stockholder, partner, joint venturer, creditor
or otherwise, or rendering any direct or indirect service or assistance to any individual, corporation, partnership, joint venture or
other business entity (whether as a director, officer, manager, supervisor, employee, agent, consultant or otherwise). Notwithstanding
the restrictions specified in this Section J(3)(i), nothing herein shall prohibit Participant from being a passive owner of not more than
2% of the outstanding stock of any class of a Competitive Business that is publicly traded, so long as Participant has no active participation
in such Competitive Business. For purposes of this Option Agreement, “Business” shall mean the business of the Company
as presently conducted and conducted by the Company as of the date of termination of Participant’s employment and engagement with
the Company Group.

 

(ii) Non-Solicitation.
During the Protection Period, Participant shall not, directly or indirectly, through another Person (other than a member of the
Company Group), either individually or acting in concert with another Person or Persons, (a) induce, encourage, or solicit, or
attempt to induce, encourage, or solicit, any employee or independent contractor of the Company Group to leave the employ or
services of the Company Group, or in any way interfere with the relationship between the Company Group and any employee or
independent contractor thereof, (b) hire or seek any business affiliation with any person who was an employee or independent
contractor of the Company Group at any time during the twelve (12)-month period prior to the termination of the Relationship Period
or (c) induce or encourage, or attempt to induce or encourage, any customer, supplier, licensee, licensor or other business relation
of the Company Group with whom Participant has actually done business with or has a personal or material contact in connection with
Participant’s involvement with the Company Group to cease doing business with any member of the Company Group, or in any way
interfere with the relationship between any such customer, supplier, licensor or other business relation and any member of the
Company Group (including making any negative or disparaging statements or communications regarding any member of the Company Group).
Nothing in this Section J(3)(ii) shall prohibit Participant from hiring any employee or independent contractor following the twelve
(12)-month anniversary of the termination of the employment or engagement of such employee or independent contractor, whether by the
Company Group or by such employee or independent contractor.

 

Signature Page to Stock Option Agreement

‘

    8

     

    

 

(iii)
Non-Disparagement. Without limiting any other obligation of Participant pursuant to this Option Agreement, Participant hereby
covenants and agrees that, except as may be required by applicable law, Participant shall not make any statement, written or verbal, in
any forum or media, or take any other action in disparagement of any member of the Company Group during the Relationship Period or any
time after the Relationship Period.

 

(iv)
Blue-Pencil. If, at the time of enforcement of Section J(1), Section J(2) or this Section J(3), a court shall hold that
the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the parties hereto agree that
the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area, and
that the court shall be allowed to revise the restrictions contained herein to cover the maximum duration, scope and area permitted by
law.

 

(v) Additional
Acknowledgments. Participant acknowledges that the provisions of Section J(1), Section J(2) and this Section J(3) are in
consideration of (a) the issuance of the Option pursuant to this Option Agreement and (b) additional good and valuable consideration
as set forth in this Option Agreement. In addition, Participant agrees and acknowledges that the restrictions contained in Section
J(1), Section J(2) and this Section J(3) do not preclude Participant from earning a livelihood, nor do they unreasonably impose
limitations on Participant’s ability to earn a living. In addition, Participant acknowledges (I) that the Business of the
Company Group will be conducted throughout the United States and its territories and beyond, (II) notwithstanding the state of
organization or principal office of the Company Group or facilities, or any of their respective executives or employees (including
Participant), it is expected that the Company Group will have business activities and valuable business relationships within its
industry throughout the United States and its territories and beyond, and (III) as part of Participant’s responsibilities,
Participant may be traveling throughout the United States and other jurisdictions where the Company Group conducts business during
the Relationship Period in furtherance of the Company Group’s business relationships. Participant agrees and acknowledges that
the restrictions contained in Section J(1), Section J(2) and this Section J(3) are necessary to protect the legitimate business
interests of the Company Group and that the potential harm to the Company Group of the non-enforcement of any provision of Section
J(1), Section J(2) or this Section J(3) outweighs any potential harm to Participant of its enforcement by injunction or otherwise.
Participant acknowledges that Participant has carefully read this Option Agreement and either consulted with legal counsel of
Participant’s choosing regarding its contents or knowingly and voluntarily waived the opportunity to do so, has given careful
consideration to the restraints imposed upon Participant by this Option Agreement and is in full accord as to their necessity for
the reasonable and proper protection of confidential and proprietary information of the Company Group now existing or to be
developed in the future. Participant expressly acknowledges and agrees that each and every restraint imposed by this Option
Agreement is reasonable with respect to subject matter, duration and geographical area. Participant understands and agrees that the
restrictive covenants in this Option Agreement are in addition to, and not in lieu of, any confidentiality, non-competition,
non-solicitation or other similar obligations contained in any other agreements between Participant and any member of the Company
Group, whether entered into before or after the date hereof (each, an “Additional Obligation”). By executing this
Option Agreement, Participant acknowledges, reaffirms and agrees that Participant is and shall continue to be bound by the terms and
conditions of such Additional Obligations.

 

Signature Page to
Stock Option Agreement

 

    9

     

    

 

(vi)
Remedies; Specific Performance. Each member of the Company Group and each of the intended third party beneficiaries hereof
shall be entitled to enforce its rights under this Option Agreement specifically, to recover damages and costs (including reasonable attorneys’
fees) caused by any breach of any provision of this Option Agreement by Participant and to exercise all other rights existing in its favor.
Participant covenants that Participant will not challenge the reasonableness or enforceability of any of the covenants set forth in this
Option Agreement, and that Participant will reimburse the Company Group for all costs (including reasonable attorneys’ fees) incurred
in connection with any action to enforce any of the provisions of this Option Agreement if Participant challenges the reasonability or
enforceability of any of the provisions of this Option Agreement. The parties hereto agree and acknowledge that in the event of the breach
or a threatened breach by Participant of any of the provisions of Section J(1), Section J(2) or this Section J(3), the Company Group would
suffer material and irreparable harm and money damages would not be a sufficient or adequate remedy for any such breach, and in addition
and supplementary to other rights and remedies existing in its favor whether hereunder or under any other agreement, at law or in equity,
each member of the Company Group and each of the intended third party beneficiaries shall be entitled to specific performance and/or injunctive
or other equitable relief from a court of law or equity of competent jurisdiction in order to enforce or prevent any violations of the
provisions hereof (without posting a bond, deposit or other security). In addition, in the event of an alleged breach or violation by
Participant of this Section J(3), the Protection Period shall be tolled until such breach or violation has been duly cured.

 

K.
Entire Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Option Agreement constitute
the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and Participant with respect to the subject matter hereof and may not be modified adversely to Participant’s
interest except by means of a writing signed by the Company and Participant. This Option Agreement is governed by the internal substantive
laws but not the choice of law rules of Delaware.

 

L.
No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THIS OPTION PURSUANT TO THE
VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING
OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT
FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH
HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD,
OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY
EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

 

(signature page follows)

 

Signature Page to Stock
Option Agreement

 

    10

     

    

 

Participant acknowledges receipt
of a copy of the Plan, represents that he or she is familiar with the terms and provisions thereof and hereby accepts this Option subject
to all of the terms and provisions thereof. Participant has reviewed the Plan and this Option Agreement in their entirety, has had an
opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of this Option. Participant
hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising
under the Plan or this Option Agreement. Participant further agrees to notify the Company upon any change in the residence address indicated
below.

 

	PARTICIPANT	 	NYIAX, INC.
	 	 	 
	Signature	 	By
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	Title
	Address	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Signature Page to Stock Option Agreement

 

    11

     

    

 

EXHIBIT A

 

NYIAX, INC. 2021 EQUITY INCENTIVE PLAN

 

EXERCISE NOTICE

 

NYIAX, Inc.

__________

 

Attention: Chief Financial Officer

 

1.
Exercise of Option. Effective as of today, , the undersigned (“Participant”) hereby elects to exercise
Participant’s option (the “Option”) to purchase shares of the common stock (the “Shares”)
of NYIAX, Inc. (the “Company”) under and pursuant to the NYIAX, Inc. 2021 Equity Incentive Plan (as amended from time
to time, the “Plan”) and the Stock Option Agreement dated ______________ (the “Option Agreement”).

 

2.
Delivery of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as set forth in
the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

 

3.
Representations of Participant. Participant acknowledges that Participant has received, read and understood the Plan and
the Option Agreement and agrees to abide by and be bound by their terms and conditions. Participant further acknowledges that Participant
has been afforded an opportunity to ask questions of management of the Company regarding all financial and other information provided
to Participant regarding the Company.

 

4.
Rights as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company
or of a duly authorized transfer agent of the Company) to Participant, no right to vote or receive dividends or any other rights as a
stockholder shall exist with respect to the Common Stock subject to the Option, notwithstanding the exercise of the Option. The Shares
shall be issued to Participant as soon as practicable after the Option is exercised in accordance with the Option Agreement. No adjustment
shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 13
of the Plan.

 

5.
The Company’s Right of First Refusal. Before any Shares held by Participant or any transferee (either being sometimes
referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of
law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth
in this Section 5 (the “Right of First Refusal”).

 

A.
Notice of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”)
stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser
or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee;
and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the “Offered Price”),
and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s).

 

    Exhibit A – Page 1

     

    

 

B.
 Exercise of Right of First Refusal. At any time within thirty (30) days after receipt of the Notice, the Company
and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed
to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection C below.

 

C.
Purchase Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company
or its assignee(s) under this Section 5 shall be the Offered Price. If the Offered Price includes
consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors (the
“Board”) of the Company in good faith.

 

D.
Payment. Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in cash (by
check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase
by an assignee, to the assignee), or by any combination thereof within thirty (30) days after receipt of the Notice or in the manner and
at the times set forth in the Notice.

 

E.
Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed
Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 5,
then the Holder may sell or otherwise transfer such Shares to such Proposed Transferee at the Offered Price or at a higher price, provided
that such sale or other transfer is consummated within one hundred and twenty (120) days after the date of the Notice, that any such
sale or other transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing
that the provisions of this Section 5 shall continue to apply to the Shares in the hands of such
Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new Notice
shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares
held by the Holder may be sold or otherwise transferred.

 

F.
Exception for Certain Family Transfers. Anything to the contrary contained in this Section 5
notwithstanding, the transfer of any or all of the Shares during Participant’s lifetime or on Participant’s death by
will or intestacy to Participant’s immediate family or a trust for the benefit of Participant’s immediate family shall be
exempt from the provisions of this Section 5. “Immediate family” as used herein shall
mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall
receive and hold the Shares so transferred subject to the provisions of this Section 5, and there
shall be no further transfer of such Shares except in accordance with the terms of this Section 5.

 

G.
Termination of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares upon the earlier
of (i) the first sale of Common Stock of the Company to the general public and (ii) a Change in Control in which the successor corporation
has equity securities that are publicly traded.

 

6.
Tax Consultation. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s
purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems
advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company for any tax
advice.

 

    Exhibit A – Page 2

     

    

 

7.
Restrictive Legends and Stop-Transfer Orders.

 

A. Legends.
Participant understands and agrees that the Company shall cause the legends set forth below or legends substantially equivalent
thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be
required by the Company or by state or federal securities laws:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 (AS AMENDED, THE “ACT”) AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES,
SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE
NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER.
SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE
SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S
SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED
OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER.

 

B.
Stop-Transfer Notices. Participant agrees that, in order to ensure compliance with the restrictions referred to herein,
the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers
its own securities, it may make appropriate notations to the same effect in its own records.

 

C.
Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold
or otherwise transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to
accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

8.
Successors and Assigns. The Company may assign any of its rights under this Exercise Notice to single or multiple assignees,
and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Exercise Notice shall be binding upon Participant and his or her heirs, executors, administrators, successors and
assigns.

 

9.
Interpretation. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by Participant or by
the Company forthwith to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute
by the Administrator shall be final and binding on all parties.

 

    Exhibit A – Page 3

     

    

 

10.
 Governing Law; Severability. This Exercise Notice is governed by the internal substantive laws, but not the choice of law
rules, of Delaware In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Exercise Notice shall continue in full force and effect.

 

11.
Entire Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, the
Option Agreement and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject
matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the
subject matter hereof, and may not be modified adversely to Participant’s interest except by means of a writing signed by the Company
and Participant.

 

 

	Submitted by:	 	Accepted by:
	 	 	 
	PARTICIPANT	 	NYIAX, INC.
	 	 	 
	Signature	 	By
	 	 	 
	«OptioneeName»	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	Title
	Address:	 	Address:
	«OptioneeStreetAddress»	 	 
	«OptioneeCityStateZip»
	 	 
	 	 	 
	 	 	Date received
	 	 	 
	 	 	 
	 	 	 

 

    Exhibit A – Page 4

     

    

 

EXHIBIT B

 

INVESTMENT REPRESENTATION STATEMENT

 

	PARTICIPANT 	:	 	______________
	 	 	 	 
	COMPANY 	:	 	NYIAX, INC.
	 	:	 	 
	SECURITY 	:	 	COMMON STOCK
		 	 	 
	AMOUNT 	:	 	«SHARES»
	 	 	 	 
	DATE 	:	 	 

 

In connection with the purchase
of the above-listed Securities, the undersigned Participant represents to the Company the following:

 

1.
Participant is aware of the Company’s business affairs and financial condition and has acquired sufficient information about
the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment
for Participant’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof
within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

 

2.
Participant acknowledges and understands that the Securities constitute “restricted securities” under the Securities
Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon,
among other things, the bona fide nature of Participant’s investment intent as expressed herein. In this connection, Participant
understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if
Participant’s representation was predicated solely upon a present intention to hold these Securities for the minimum capital gains
period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities,
or for a period of one (1) year or any other fixed period in the future. Participant further understands that the Securities must be held
indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant
further acknowledges and understands that the Company is under no obligation to register the Securities. Participant understands that
the certificate evidencing the Securities shall be imprinted with any legend required under applicable state securities laws.

 

3.
Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance,
permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public
offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at the time
of the grant of the Option to Participant, the exercise shall be exempt from registration under the Securities Act. In the event the Company
becomes subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter
(or such longer period as any market stand- off agreement may require) the Securities exempt under Rule 701 may be resold, subject to
the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain
public information about the Company, (2) the amount of Securities being sold during any three (3) month period not exceeding specified
limitations, (3) the resale being made in an unsolicited “broker’s transaction”, transactions directly with a “market
maker” or “riskless principal

 

    Exhibit B – Page 1

     

    

 

4.
 transactions” (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form
144, if applicable.

 

In the event that the Company
does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances
subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the
resale to occur more than a specified period after the purchase and full payment (within the meaning of Rule 144) for the Securities;
and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and
(4) of the paragraph immediately above.

 

5.
Participant further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration
under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding
the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that
persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or
701 shall have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales,
and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands
that no assurances can be given that any such other registration exemption shall be available in such event.

 

	 	PARTICIPANT
	 	 
	 	Signature
	 	 
	 	Print Name
	 	 
	 	Date

 

	 	 
	 	 

 

 

 

Exhibit B – Page 2

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