Document:

Exhibit 10.39

 

ADVISOR AGREEMENT
AND GENERAL RELEASE

 

THIS AGREEMENT
AND GENERAL RELEASE (the “Agreement”) is made by and between Mark Grinbaum, on behalf of himself, his agents, assignees, successors,
heirs, executors, administrators, beneficiaries, trustees and power of attorney (collectively, “Grinbaum”), and NYIAX, Inc.,
its current and former officers, directors, affiliates, subsidiaries, insurers, successors and assigns (individually and collectively
“NYIAX”). Grinbaum and NYIAX shall be collectively referred to herein as the “Parties.”

 

For good and
valuable consideration, the receipt and sufficiency of which are acknowledged hereby, and in consideration of the mutual covenants and
undertakings set forth herein, the Parties agree as follows:

 

1.   Role
and Responsibilities. Grinbaum, Co-Founder, will serve as a Co-Founder, Executive Vice President of Financial Products to NYIAX and
to provide advice and assistance to the Company as is mutually agreed by the parties (collectively, the “Services”).
Grinbaum will not continue to serve in the role of Secretary of the Company. Grinbaum will work on extension of the intellectual property
of NYIAX and other advisory duties which shall be which shall be provided to him from time to time by Chris Hogan (COO).

 

2.   Advisor
Fee. Grinbaum will be paid $7,500 for each month that he provides the Services, payable at the start of each month. These payments
shall last for a minimum of 12 months. It is anticipated that Mark will dedicate three days per week to NYIAX. If Mark’s efforts require
more time, Mark will inform NYIAX of the increased time requirement in advance and the Company and Mark will agree a revised schedule
and compensation based no less than $80/hour to be paid upon NYIAX’s invoicing. Furthermore, Company shall pay or reimburse Grinbaum for
all necessary and reasonable expenses incurred or paid by Grinbaum in connection with the performance of Grinbaum’s duties under this
Agreement and in accordance with the Company’s expense reimbursement policies at that time. Grinbaum must receive prior written consent
from his direct supervisor and furnish expense statements or vouchers or such other supporting information as it from time-to-time requests
evidencing the nature of such expense, and, if appropriate, the payment thereof by Grinbaum, and otherwise in accordance with Company
procedures at that time.

 

3.   Equity.
The Parties acknowledge and agree that Grinbaum is the owner of (i) 977,238 shares (founder shares) of which Grinbaum has gifted 100,000
founder shares to Chris Hogan in June of 2021 and 160,000 Options awarded 11/16/2021, the strike price of $4.40, which are fully vested.
Grinbaum’s Options shall terminate from five years of grant 11/16/2021 as NSO and shall be fully available for him to effectuate during
that five-year term. As of this date, Grinbaum does not own any additional shares, options, or other equity in any form. Grinbaum acknowledges
and agrees that the only payments and benefits for current and any and all past services, including but not limited to payments for any
bonuses, severances, salary, and other compensation, that Grinbaum is entitled to receive in the future are those specified in this Agreement.

 

     

     

    

 

4.   Release
of all Claims Against NYIAX. As a material inducement to NYIAX to enter into this Agreement and in consideration of the promises,
payments, and other benefits described above, Grinbaum, on behalf of himself and any representatives, agents, estate, heirs, successors
and assigns, and with full understanding of the contents and legal effect of this Agreement and having had the opportunity to consult
with counsel, releases and discharges NYIAX, and its shareholders, officers, directors, supervisors, members, managers, employees, agents,
representatives, attorneys, insurers, parent companies, divisions, subsidiaries, affiliates, consultants, investors, and all employee
benefit plans sponsored by or contributed to by NYIAX and all related entities and persons of any kind or nature and its and their predecessors,
successors, heirs, executors, administrators, and assigns (collectively, the “Released Parties”) from any and all claims, actions,
causes of action, grievances, suits, charges, or complaints of any kind or nature whatsoever, that Grinbaum ever had or now has, whether
known or unknown, suspected or unsuspected, and whether arising in tort, contract, statute, or equity, before any federal, state, local,
or private court, agency, arbitrator, mediator, or other entity, regardless of the relief or remedy. Such claims include, without limitation,
any claims under the Fair Labor Standards Act; Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1866, as
amended by the Civil Rights Act of 1991 (42 U.S.C. § 1981); the Rehabilitation Act of 1973, as amended; the Employee Retirement Income
Security Act of 1974, as amended; the Americans with Disabilities Act, as amended; the Family and Medical Leave Act; the Genetic Information
Nondiscrimination Act of 2008; the Worker Adjustment and Retraining Notification Act; the Equal Pay Act; the Age Discrimination in Employment
Act (“ADEA”); New York State Human Rights Law; the New York Labor Law (including but not limited to the New York State Pay Equity
Law and the New York State Worker Adjustment and Retraining Notification Act, all provisions prohibiting discrimination and retaliation,
whistleblower claims, and all provisions regulating wage and hour law); the New York State Correction Law; the New York State Civil Rights
Law; Section 125 of the New York Workers’ Compensation Law; the New York City Human Rights Law; any and all other federal, state or local
statutes, including those under the laws of New Jersey; and any other statutory claim, tort claim, employment, or other contract or implied
contract claim, or common law claim for wrongful discharge, breach of contract, breach of an implied covenant of good faith and fair dealing,
defamation, invasion of privacy, or any other claim, arising out of or in connection with or involving Grinbaum’s employment with NYIAX.
The sole exceptions to section are (i) claims Grinbaum may have against Westpark Capital Inc. its parent company heirs, assigns, or successors
and or Univest Securities LLC its parent company heirs, assigns or successors with respect solely to actions of Grinbaum’s previous or
current personal broker, investment advisor or personal brokerage account in connection to Westpark Capital, Inc. or Univest Securities
LLC or their parent companies or assigns brought before FINRA or any court of competent jurisdiction, any personal loans provided to any
Released Party; (ii) a claim for the return of a loan which Grinbaum contends that he made to a Released Party; or (iii) participation
in a future stockholder derivative suit, if filed by another party against NYIAX.

 

5. Release
of all Claims Against Grinbaum. As a material inducement to Grinbaum to enter into this Agreement and in consideration of the
promises described in this Agreement, NYIAX releases Grinbaum from any and all claims, actions, causes of action, grievances, suits,
charges, or complaints of any kind or nature whatsoever, that Grinbaum ever had or now has, whether known or unknown, suspected or
unsuspected, and whether arising in tort, contract, statute, or equity, before any federal, state, local, or private court, agency,
arbitrator, mediator, or other entity, regardless of the relief or remedy, including, but not limited to, any statutory claim, tort
claim, employment, or other contract or implied contract claim, or common law claim for wrongful discharge, breach of contract,
breach of an implied covenant of good faith and fair dealing, defamation, invasion of privacy, or any other claim, arising out of or
in connection with or involving Grinbaum’s employment with NYIAX.

 

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6.   Covenant
Not to Sue. The Parties agree on behalf of himself/itself and any representatives, agents, estate, heirs, successors and assigns,
agrees not to bring, file, claim, sue or cause, assist, or permit to be brought, filed, or claimed any action, cause of action or proceeding
regarding or in any way related to any of the claims described in Paragraphs 5 and 6 above, and further agrees that this Agreement is
a bar to any such claim, action, cause of action or proceeding. The Parties further agree not to participate in, seek to recover in, accept
any portion of any recovery from, or assist in any action, cause of action, proceeding, complaint, litigation or investigation by other
persons or entities against any of the Released Parties and/or Grinbaum, except as required by law.

 

7.   Permitted
Activities. The Parties releases above cover only those claims that arose prior to the execution of this Agreement. Execution of this
Agreement does not bar any claim that arises hereafter, including (without limitation) a claim for breach of this Agreement. Additionally,
nothing in this Agreement, including its non-disclosure and non-disparagement provisions, precludes the Parties from reporting possible
violations of federal law or regulation, or participating in any investigation or proceeding, to or before any federal, state or local
agency or governmental body, including the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA), and
the EEOC (“Government Agencies”) or from making other disclosures that are protected under the whistleblower provisions of federal
law or regulation without prior authorization from or any notice. However, while Grinbaum may file a charge and participate in any such
proceeding, by signing this Agreement, Grinbaum waives any right to bring a lawsuit against the Released Parties, and waives any right
to any individual monetary recovery in any such proceeding or lawsuit; provided, however, notwithstanding anything to the contrary in
this Agreement, in no way shall limit Grinbaum’s right to receive an award for information provided to any Government Agencies.

 

8.   No
Pending or Future Lawsuits. Grinbaum represents that he has no lawsuits, claims, actions or proceedings pending in his name, on his
behalf or on behalf of any other person or entity, against NYIAX or any of the Released Parties. Grinbaum also represents that he does
not intend to and will not bring any claims or proceedings on his own behalf or on behalf of any other person or entity against NYIAX
or any of the Released Parties.

 

9. Non-Disclosure.
It is the intention of the Parties, and an essential part of this Agreement, that this Agreement itself and the discussions leading
up to its execution, and any of its terms and conditions, shall not be disclosed by either Party to anyone, including, but not
limited to, any current or former employee of NYIAX, or in any book, diary or journal, or on any social media or other website.
Except as may be required by law, neither Party shall directly or indirectly publish, disseminate, disclose, or cause or permit to
be published, disseminated, or disclosed to any individual or entity any information relating to the content of this Agreement,
including, without limitation, the fact or amount of the consideration provided herein. This Paragraph shall not be construed,
however, to prevent either Party from disclosing information to a spouse, immediate family, any attorney, accountant, tax preparer
or tax or financial advisors with whom it may consult for the purpose of obtaining professional advice or services; any governmental
taxing authority; or to any court, administrative agency or officer, or judicial officer, pursuant to any valid subpoena or court or
administrative order, provided, however, that prior to disclosing any such information, the Party disclosing such information shall
advise any such person to whom it intends to disclose the information (other than taxing authorities) that such information is
confidential and may not be disclosed by such person, except in response to a valid subpoena or judicial, agency or administrative
order. In addition, NYIAX may disclose the terms on a need-to-know basis for business reasons to implement the terms of the
Agreement.

 

10.   Non-Disparagement.
Grinbaum agrees that he will not make, or cause to be made, any disparaging statement or communicate any information (whether orally,
in writing or electronically) that is disparaging of the Released Parties, including, without limitation, making any such statements or
communications to any persons, including but not limited to customers, partners, news organizations, trade and professional organizations,
governmental organizations, licensing boards, or on social media and/or social networking sites. The Company agrees that it will not make
any Company statements that are disparaging statements (orally or in writing) about you, except as required by law or by a court of competent
jurisdiction or as necessary to refute a disparaging comment made about the Company or its officers and directors by you. The Company
further agrees to issue a press release that you are stepping down from your operational duties to allow for additional time to pursue
other opportunities while still maintaining your role as a Board member.

 

11.   Remedies.
Grinbaum agrees that if he were to breach the covenants set forth in this Agreement, he would cause NYIAX irreparable harm and NYIAX would
be entitled to an injunction, without any bond or security being required, in addition to whatever other remedies may be available.

 

12. Cooperation.
Grinbaum agrees to reasonably assist and cooperate with NYIAX in the defense or prosecution of any claims or actions concerning the
time period of his employment asserted by or made against any of the Released Parties, or in connection with any ongoing or future
investigation or dispute or claim of any kind involving NYIAX, including any proceeding before any arbitral, administrative,
judicial, legislative, or other body or agency, including testifying in any proceeding to the extent such claims, investigations or
proceedings relate to services performed or required to be performed by Grinbaum, pertinent knowledge possessed by Grinbaum, or any
act or omission by Grinbaum. Grinbaum agrees to perform all acts and execute and deliver any documents that may be reasonably
necessary to carry out the provisions of this Paragraph. NYIAX shall reimburse Grinbaum for any reasonable out-of-pocket travel and
accommodation-related expenses incurred by him as a result of such cooperation, and such cooperation shall be subject to his
reasonable professional availability. Nothing in this Paragraph is intended to preclude Grinbaum from testifying truthfully if
compelled by legal or administrative process to testify as a witness in any legal proceeding.

 

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13.   Severability.
The provisions of this Agreement are severable. If any provision of this Agreement is held invalid or unenforceable, such provision shall
be deemed deleted from this Agreement and such invalidity or unenforceability shall not affect any other provision of this Agreement,
the balance of which will remain in and have its intended full force and effect; provided, however that if such invalid or unenforceable
provision may be modified so as to be valid and enforceable as a matter of law, such provision shall be deemed to have been modified so
as to be valid and enforceable to the maximum extent permitted by law.

 

14.   Complete
Agreement. This Agreement set forth the entire agreement between the Parties, and fully supersede any and all prior agreements (including,
but not limited to, any employment agreements, compensation agreements, Board agreements) or understandings, whether oral or written,
between the Parties pertaining to actual or potential claims arising from Grinbaum’s employment with NYIAX. Grinbaum expressly warrants
and represents that no promise or agreement which is not expressed in this Agreement has been made to Grinbaum in executing this Agreement.

 

15.   No
Admission of Liability. The execution of this Settlement Agreement shall not be construed as an admission of any liability whatsoever
by either Party, which liability is expressly disclaimed by each of them.

 

16.   Waiver.
A waiver by NYIAX of a breach of any provision of this Agreement by Grinbaum shall not operate or be construed as a waiver or estoppel
of any subsequent breach by Grinbaum. No waiver shall be valid unless in writing and signed by an authorized officer of NYIAX.

 

17.   Amendment.
This Agreement may not be altered, amended, or modified except in writing signed by the Parties.

 

18.   Joint
Participation. The Parties hereto participated jointly in the negotiation and preparation of this Agreement. Accordingly, it is agreed
that no rule of construction shall apply against any Party or in favor of any Party. This Agreement shall be construed as if the Parties
jointly prepared this Agreement, and any uncertainty or ambiguity shall not be interpreted against one Party and in favor of the other.

 

19. Knowing
and Voluntary. Grinbaum acknowledges that he is knowingly and voluntarily waiving and releasing any rights he may have under the
federal Age Discrimination in Employment Act (the “ADEA Waiver”) and that the consideration given for the ADEA Waiver is
in addition to anything of value to which he is already entitled. He further acknowledges that: (a) ADEA Waiver does not apply to
any claims that may arise after he signs this Agreement; (b) he should consult with an attorney prior to executing this Agreement;
(c) he has 21 calendar days within which to consider this Agreement (although he may choose to execute Agreement earlier); (d) he
has 7 calendar days following the execution of the Agreement to revoke this Agreement; and (e) the Agreement will not be effective
until the eighth day after he signs this Agreement provided that he has not revoked it (the “Effective Date”). He agrees
that any modifications, material or otherwise, made to this Agreement does not restart or affect in any manner the original 21-day
consideration period provided in this Paragraph. To revoke the Agreement, Grinbaum must email Tom O’Neill, NYIAX Chairman, at
toneill1001@gmail.com, prior to the end of the 7-day period. Grinbaum acknowledges that his consent to this Agreement is knowing and
voluntary.

 

20.   Governing
Law. This Agreement is made under and shall be governed by and construed in accordance with the laws of the State of New York, without
giving effect to its choice of law provisions.

 

21.   Execution
of Agreement. This Agreement may be executed in counterparts, each of which shall be considered an original, but which when taken
together, shall constitute one Agreement. The Agreement, to the extent signed and delivered by means of a facsimile machine or by PDF
File (portable document format file), shall be treated in all manner and respects as an original agreement or instrument and shall be
considered to have the same binding legal effect as if it were the originally signed version delivered in person. At the request of any
Party hereto, each other Party shall re-execute original forms hereof and deliver them to all other Parties.

 

PLEASE READ THIS ENTIRE AGREEMENT
AND CAREFULLY CONSIDER ALL OF ITS PROVISIONS BEFORE SIGNING IT. TO THE EXTENT PROVIDED BY LAW, THIS AGREEMENT CONTAINS A RELEASE OF ALL
KNOWN AND UNKNOWN CLAIMS, INCLUDING ALL CLAIMS UNDER FEDERAL, STATE, AND LOCAL LAWS.

 

[THE REMAINDER OF THIS
PAGE IS LEFT INTENTIALLY BLANK]

 

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Mark Grinbaum

 

	/s/ Mark Grinbaum	 
	Mark Grinbaum	 
	Date: 05/17/2022	 

 

NYIAX

 

	By:	/s/ William Feldman	 
	Title:		 
	Date:	 May 24, 2022	 

 

 

5Exhibit 10.40

 

 

NYIAX,
Inc. Employment Agreement

 

EMPLOYMENT
AGREEMENT (“Agreement”), entered into and effective between NYIAX, Inc. ("Company") a Delaware Company with
offices at 224 5th Avenue, Suite 2669, NYC, NY 10001, and Sergey Tsoy ("Employee") with address at 190 22nd
Street, 3R, Brooklyn, NY, 11232.

 

1.
Employment, Duties and Acceptance

 

1.1 Company
hereby employs Employee for the Term (as defined in Section 2 hereof) to render exclusive and full-time services in an executive capacity
to Company and to the subsidiaries of Company engaged in the business of digital advertising, digital advertising exchange and financial
technology and in connection therewith to devote his/her best efforts to the affairs of the Company and to perform such duties as Employee
shall reasonable be directed to perform by officers of the Company.

 

1.2 Employee
hereby accepts such employment and agrees to render such services. Employee agrees to render such services at Company's offices located
in the Company’s New York address, but Employee may travel on temporary trips to such other place or places as may be required
from time to time to perform his duties hereunder. During the Term hereof, Employee will not render any services for others, or for Employee's
own account, in the business of digital advertising, digital advertising exchange, and financial technology and will not render any services
to any supplier or significant customer of Company.

 

2.
Term of Employment

 

2.1 The
term of Employee's employment pursuant to this Agreement (the "Term") shall begin on the date hereof 7/16/2016 the
effective date. This is an “At Will” or “At the Will” of Company, employment and under no circumstances will
“for cause” need to be demonstrated for termination of the Employee. At Will or At the Will of the Company, means employment
for an indefinite period of time. Accordingly, either the Company or the employee can terminate this relationship at any time, for any
reason, without cause, and with or without notice. The Company is hiring Employee as the EVP of Technology for the Company.

 

3.
Compensation

 

3.1 As
compensation for employment pursuant to this Agreement, the Company agrees to pay Employee a salary at the rate of $150,000 (one
hundred and eighty thousand dollars) per annum. The Salary set forth hereinabove shall be payable in accordance with the regular payroll
practices of the Company for executives and or staff. Additionally, you shall receive in 2017 a discretionary bonus of 20% of base which
will be decided between you and your immediate supervisor. Any increases in base salary shall be decide between Employee and their immediate
supervisor at any time during the year.

 

All
payments hereunder shall be subject to the provisions of Article 4 hereof.

 

3.2 Company
has granted you shares based on written Restricted Stock Agreement (RSA) April 19, 2016. Further, you will be eligible to receive options
in the form of Incentive Stock Options (ISOs) in accordance with Standard company policy and the Company ISO Grant Agreement will delineate
the specific rights, terms and duties for acquiring and vesting above stated ISOs. You ISO Agreement will be defined on May 1st
of 2017 with the vesting schedule, the amount of ISOs and the duties owed to receive the ISOs. The Grant Agreement will be a separate
document from this Agreement.

 

3.2 Company
shall pay or reimburse Employee for all necessary and reasonable expenses incurred or paid by Employee in connection with the
performance of Employee’s duties under this Agreement. The Employee must receive prior written consent from Employee’s
direct supervisor and furnish expense statements or vouchers or such other supporting information as it from time to time requests
evidencing the nature of such expense, and, if appropriate, the payment thereof by Employee, and otherwise in accordance with
Company procedures from time to time in effect.

 

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3.3 During
the Term, Employee shall be entitled to participate in any group insurance, qualified pension, hospitalization, medical health and accident,
disability, or similar plan or program of the Company now existing or hereafter established to the extent that he is eligible under the
general provisions thereof. Notwithstanding anything herein to the contrary, however, Company shall have the right to amend or terminate
any such plans or programs.

 

 4. Termination

 

4.1 AT
Will or At the Will of the Company Employment. The Employee may be terminated at any time by the Company for any reason or no reason.
Further, the Employee may terminate their employment with the Company for any reason or no reason.

 

4.2 Death.
In the event of Employee's death during the Term, this Agreement shall automatically terminate, except that (a) Employee's estate
shall be entitled to receive the compensation provided for hereunder to the last day of the month in which Employee's death occurs; and
(b) such termination shall not affect any amounts payable as insurance or other death benefits under any plans or arrangements then in
force or effect with respect to Employee.

 

4.3 Specified
Cause. Company may at any time during the Term, by notice, terminate the employment of Employee for malfeasance, misfeasance, or
nonfeasance in connection with the performance of Employee's duties, the cause to be specified in the notice of termination. Without
limiting the generality of the foregoing, the following acts during the Term shall constitute grounds for termination of employment hereunder:

 

4.3.1 Any
willful and intentional act having the effect of injuring the reputation, business, business relationships of Company or its affiliates;

 

 4.3.2 Conviction of or entering a plea of nolo contendere to a charge of a felony or a misdemeanor involving moral turpitude;

 

 4.3.3 Material breach of covenants contained in this Agreement; and

 

 4.3.4 Repeated or continuous failure, neglect, or refusal to perform Employee's duties hereunder.

 

 5. Protection of Confidential Information

 

5.1 In
view of the fact that Employee's work as an employee of Company will bring Employee into close contact with many confidential affairs
of the Company and its affiliates, including matters of a business nature, such as information about costs, profits, markets, sales,
and any other information not readily available to the public, and plans for future developments or any Intellectual Property or Proprietary
Information including Patents, Trademarks, Trade Secrets or other ideas, methods or materials deemed to be part of Intellectual Property,
Employee agrees:

 

5.1.1 To
keep secret all confidential matters of Company and its affiliates and not to disclose them to anyone outside of Company, either during
or after Employee's employment with Company, except with Company's written consent; and

 

5.1.2 To
deliver promptly to Company on termination of Employee's employment by Company, or at any time Company may so request, all memoranda,
notes, records, reports, and other documents (and all copies thereof) relating to Company's and its affiliates' businesses which Employee
may then possess or have under the Employee's control.

 

5.1.3 Proprietary
Information includes, but is not limited to, any and all written or electronic research, developments, engineering plans, trade secrets,
know-how, inventions, techniques, processes, customer lists, financial data, sales, marketing or merchandising plans, specifications,
blueprints, designs, budgets, schedules, source code, drawings, tapes, notes, works derived from source code and agreements. For purposes
of this Agreement, an "affiliate" means (a) any individual or entity that owns (directly or indirectly) at least 50% of the
outstanding equity securities (determined on a fully diluted basis) of the Company (a "Parent"), or (b) any individual or entity
whose equity securities (determined on a fully diluted basis) are at least 50% owned, directly or indirectly, by the Company or the Company's
Parent.

 

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5.1.4 Employee
Obligations. Employee agrees to hold all Proprietary Information or Intellectual Property (whether received prior to or during
Employee's employment with the Company) in strict confidence and trust for the sole benefit of Company and not to, directly or
indirectly, disclose, use, copy, publish, summarize, or remove from Company's premises any Proprietary Information (or remove from
the premises any other property of Company), except or unless (i) during Employee's employment with the Company, to the extent
necessary to carry out Employee's responsibilities under this Agreement; (ii) after termination of Employee's employment with the
Company, as specifically authorized in writing by the Board, Chief Executive Officer, Company Policy including Employee Handbook or
as required by any law, court order or similar process or proceeding; (iii) such Proprietary Information is or becomes publicly
known through lawful means; (iv) the Proprietary Information was rightfully in Employee's possession or part of his general
knowledge prior to his employment by the Company and Employee did not learn of it, directly or indirectly, from the Company; or (v)
such Proprietary Information is disclosed to Employee without confidential or proprietary restriction by a third party who
rightfully possesses such Proprietary Information (without confidential or proprietary restriction) and did not learn of it,
directly or indirectly, from any Company Party. Upon termination of employment and consultancy with the Company for any reason,
Employee shall return to the Company all books, records, notes, manuals, recordings, and other personal property and tangible
Proprietary Information obtained or prepared by Employee during the course of his employment or consultancy, or otherwise belonging
to the Company.

 

 6. Non-solicitation

 

 6.1 Non-solicitation of clients

 

6.1.1 Employee
agrees for a period of twelve (12) months from the date of termination of my employment with the Company not to directly or indirectly
solicit competitive business from any client or customer of the organization (including any potential client of the Company that was
contacted, solicited, or served by Employee or about which Employee received confidential information while the Employee was employed
by the Company, nor for the same period of time, the Employee will perform services or accept any business, competitive with that of
the Company, directly or indirectly from any of the customers and clients described above, which involves Employee performing similar
functions or acting in a similar capacity as when employed with the Company.

 

 6.2 Non-solicitation of other employees

 

6.2.1 The
Employee agrees so long as employed by the Company and for a period of twelve (12) months after leaving for any reason whatsoever, not
to directly or indirectly recruit, solicit, or otherwise induce or attempt to induce any employee of the Company to terminate his or
her employment with the Company or otherwise to act contrary to the interests of the Company.

 

 7. Ownership of Results of Services:

 

7.1 Company
shall own, and Employee hereby transfers and assigns to it, all rights of every kind and character throughout the work, in perpetuity,
in and to any material and/or ideas written, suggested, or submitted by Employee hereunder and all other results and proceeds of Employee's
services hereunder, whether the same consists of literary, dramatic, mechanical or any other form of works, themes, ideas, creations,
products, or compositions. Employee agrees to execute and deliver to Company such assignments or other instruments as Company may require
from time to time to evidence its ownership of the results and proceeds of Employee's services.

 

 8. Return Company property

 

8.1 Employee
agrees that on termination of his/her employment with the Company or at any time the Company may request, to promptly deliver all memoranda,
notes, records, reports, manuals, and any other hard copy documents or electronic data belonging to the Company, or containing Confidential
Information, including all copies of materials the Employee may possess or have under my control.

 

 9. Notices:

 

9.1 All
notices, requests, consents and other communications required or permitted to be given hereunder shall be in writing and shall be deemed
to have been duly given if delivered personally or sent by prepaid telegram, or mailed first-class, postage prepaid, as follows:

 

If
to Employee: address: 190 22nd Street, 3R Brooklyn, NY, 11232

 

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If
to Company: address: 224 5th Avenue, Suite 2669, NYC, NY 10001

 

Or
as such other addresses as either party may specify by written notice to the other as provided in this Section 7.1.

 

 10. General

 

 10.1 Necessary protections

 

10.1.1 The
Employee acknowledge that the restrictions contained in this Agreement are necessary for the protection and goodwill of the Company
and the Employee considers them to be reasonable for that purpose. Employee therefore agree that any breach of the terms of this
Agreement is likely to cause the Company substantial and irrevocable damage and irreparable harm. In the event of any such breach,
the Employee agrees that the Company, in addition to such other remedies which may be available, shall be entitled to specific
performance and other injunctive or marketing relief including interim or interlocutory relief, if demanded.

 

 10.2 Continuing obligations

 

10.2.1 Employee
agrees that the provisions of this Agreement shall survive the termination of my employment relationship however it may arise.

 

 10.3 Severability

 

10.3.1 In
the event that any provision of this Agreement or part thereof shall be deemed void, invalid, illegal or unenforceable in whole or in
part, the remaining provisions or parts shall remain in full force and effect.

 

 10.4 Independent Legal Advice

 

10.4.1 Employee
has been advised that Employee has the right to obtain legal counsel before signing this Agreement and Employee have obtained the level
of advice Employee deems appropriate.

 

 11. Miscellaneous

 

11.1 It
is acknowledged that the rights of Company under this Agreement are of a special, unique, and intellectual character which gives them
a peculiar value, and that a breach of any provision of this Agreement (particularly, but not limited to, the exclusivity provisions
hereof and the provisions of Article 5 hereof), will cause Company irreparable injury and damage which cannot be reasonably or adequately
compensated in damages in an action at law. Accordingly, without limiting any right or remedy which Company may have in the premises,
Employee specifically agrees that Company shall be entitled to seek injunctive relief to enforce and protect its rights under this Agreement.

 

11.2 Non-Disparagement.
During and After the Term of this Agreement the Employee will not, except in connection with a legal proceeding or Order (including a
proceeding relating to this Agreement) or as otherwise required by Law, criticize, ridicule, or make any statement that disparages or
is derogatory of the Company, or any of Company’s employees, clients, investors, officers, directors, agents, employees, or any
of its products, services, or procedures, whether or not such disparaging or derogatory statements are true

 

11.3 This
Agreement sets forth the entire agreement and understanding of the parties hereto, and supersedes all prior agreements,
arrangements, and understandings. Nothing herein contained shall be construed so as to require the commission of any act contrary to
law and wherever there is any conflict between any provision of this Agreement and any present or future statute, law, ordinance or
regulation, the latter shall prevail, but in such event the provision of this Agreement affected shall be curtailed and limited only
to the extent necessary to bring it within legal requirements. Without limiting the generality of the foregoing, in the event that
any compensation or other monies payable hereunder shall be in excess of the amount permitted by any such statute, law, ordinance,
or regulation, payment of the maximum amount allowed thereby shall constitute full compliance by Company with the payment
requirements of this Agreement.

 

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11.4 No
representation, promise, or inducement has been made by either party that is not embodied in this Agreement, and neither party shall
be bound by or liable for any alleged representation, promise, or inducement not so set forth. The section headings contained herein
are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

 

11.5 The
provisions of this Agreement shall inure to the benefit of the Parties hereto, their heirs, legal representatives, successors, and assigns.
This Agreement, and Employee's rights and obligations hereunder, may not be assigned by Employee. Company may assign its rights, together
with its obligations, hereunder in connection with any sale, transfer or other disposition of all or substantially all of its business
and assets. Company may also assign this Agreement to any affiliate of Company; provided, however, that no such assignment shall (unless
Employee shall so agree in writing) release Company of liability directly to Employee for the due performance of all of the terms, covenants,
and conditions of this Agreement to be complied with and performed by Company. The term "affiliate", as used in this agreement,
shall mean any corporation, firm, partnership, or other entity controlling, controlled by or under common control with Company. The term
"control" (including "controlling", "controlled by", and "under common control with"), as used
in the preceding sentence, shall be deemed to mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such corporation, firm, partnership, or other entity, whether through ownership of voting securities
or by contract or otherwise.

 

11.6 This
Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms or covenants hereof may be waived, only
by a written instrument executed by both of the parties hereto, or in the case of a waiver, by the party waiving compliance. The failure
of either party at any time or times to require performance of any provisions hereof shall in no manner affect the right at a later time
to enforce the same. No waiver by either party of the breach of any term or covenant contained in this Agreement, whether by conduct
or otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach,
or a waiver of the breach of any other term or covenant contained in this Agreement.

 

 11.7 This Agreement shall be governed by and construed according to the laws of the State of New York applicable to agreements to be wholly performed therein.

 

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IN WITNESS WHEREOF, the parties hereto
have duly executed this Agreement as of the date first above written.

 

	NYIAX, Inc.	 	Sergey Tsoy
	 	 	 
	/s/  Carolina L. Abenante, Esq.	 	
	By   Carolina L. Abenante, Esq.	 	 
	 	 	 
	President and Vice-Chairperson	 	7/16/2016
	Title	               	 	Date	                        
	 	 	 	 
	7/16/2016	 	
	Date	 	 	

 

 

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NYIAX, Inc. Employment Agreement Privileged and Confidential © 2016-2017

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