Document:

Exhibit 10.5

 

 

MASTER SERVICES AGREEMENT

 

This
Master Services Agreement (the “Agreement”), dated as of_________________________________ (the
“Effective Date”) is by and between NYIAX, Inc. (“NYIAX”, “We” or
“Us”) and the person or entity set forth in the signature page hereto (“Company” or
“You”). NYIAX and Company may be referred to herein together as the “Parties”, or individually
as a “Party.”

 

For good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Parties agree as follows:

 

	1.	Scope of the Agreement. NYIAX desires to provide a digital platform
and marketplace for Sellers and Buyers to buy, sell and re-trade digital advertising contracts.

 

	2.	Definitions.

 

		a	“Ad” means any advertisement provided
by an Advertiser or its agent.

 

		b	“Ad Contract” or “Trade Contract” means any digital advertising contracts,
including for purchase of web, application-based, print-based and video inventory on display, mobile, television or other medium created
through the placement of an Order on the NYIAX Platform, which sets forth the fees, charges, and any other terms and conditions for Your
use of specified Services that incorporate these terms, under which Publisher will deliver Ads on Sites for the benefit of Advertiser.

 

		c	“Ad Creative” means a digital advertising creative (e.g., a banner, video, audio, mobile,
etc. advertisement), television and any other media.

 

		d	“Ad Inventory” is the number of Verified Impressions (as defined below) or the amount
of Ad space a Publisher has on its website which is available for sale to a potential Buyer.

 

		e	“Advertiser” or “Client”
means the advertising client of Buyer, on whose behalf Buyer places an Order or enters into a Trade Contract or Ad Contract.

 

		f	“Advertising Transaction” means, the actual or attempted purchase or sale of Ad Inventory,
the serving of Ad Units to Ad Inventory, or the processing of data related to Ad Inventory or Ad Units for analysis, using the Services
(as defined herein), in each case including without limitation via an Order, Ad Contract or Trade Contract.

 

		g	“Affiliate” means, with respect to a Party, an entity that directly or indirectly controls,
is controlled by, or is under common control (as defined herein) with such Party. For purposes of this definition, “Control”
means direct or indirect ownership or control of more than 48% of the voting interests of the subject entity.

 

		h	“Bid and Bidder” any representative of
a Buyer, Seller or Re-Seller who places an Order for Ad Inventory or campaign assets for trade on the platform.

 

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		i	“Bidding/Targeting Terms” means any information and/or data You provide to the Services
in order to conduct Advertising Transactions.

 

		j	“Buyer” means You, when engaged in buying or attempting to buy Ad Inventory through
a Service on behalf of an Advertiser.

 

		k	“Order” means a request to purchase an Ad Contract or Trade Contract. An Order encompasses
any Custom Orders which may be created by either the Buyer or Seller from time to time.

 

		l	“Company Data” means Your Bidding/Targeting Terms and the data from Your Advertising
Transactions.

 

		m	“Confidential Information” means any information
that is directly or indirectly disclosed or made accessible by, or on behalf of, one Party or its Affiliates to the other Party or its
Affiliates in connection with this Agreement, and which is identified as “confidential” or “proprietary” or which,
given the nature of the information or circumstances surrounding the disclosure, should reasonably be understood by the receiving Party
to be confidential or proprietary, but does not include information that the receiving Party can demonstrate it already rightfully knew
or possessed, becomes public through no fault of the receiving Party, is received by the receiving Party from a third party with the
legal right to disclose it, or can be shown to have been independently developed by the receiving Party without reference to the discloser’s
Confidential Information.

 

		n	“Count of Record” means the agreed upon source, selected at the time orders are matched,
that represents the baseline count of delivered ads.

 

		o	“Law” means any federal, state or local law, duly promulgated agency regulation, binding
court order, administrative determination, or generally accepted industry best practice or guideline.

 

		p	“NYIAX Rules” means the written terms and conditions for use of the Services in connection
with digital and internet Advertising Transactions located in Exhibit A and further including any inventory-specific or other terms that
are incorporated by reference or link, and in each case as may be modified by Agency from time to time within the Order or any other manner
Agency so chooses.

 

		q	“Reconciled Count of Record” means the amount used to generate invoicing and billing.

 

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		r	“Seller” means a party that engages in selling, facilitating or attempting to sell
Ad Inventory through a Service; or an authorized representative charged with arranging access to the Service.

 

		s	“Service” means any products, exchanges, platforms or services advertised that We provide
to Our customers.

 

		t	“Sites” means the digital properties of any kind (e.g., websites, applications or other
medium) on which a Service is utilized.

 

		u	“Trader” a representative of any Buyer,
Seller, or Re-Seller of advertising contracts.

 

		v	"Verified Impressions" means the number of times the Ad is served to a person
                                                                                visiting the Seller/Publisher’s Sites which is validated through a third-party; such as, Moat, Double Verify, IAS, etc., and subject to the NYIAX Rules.

 

	3.	Services. Company may elect to use, and We will provide, Services
in accordance with this Agreement. We may also make Services or Service functionality available to Company hereunder subject to the NYIAX
Rules Exhibit A. If We determine that it is necessary to modify NYIAX Rules to provide Services overall (as opposed to a request for modification
for a specific Publisher or in connection with a specific Order), We may submit such request to you via email and You shall have seven
(7) days to either accept or decline changes to the Services. If you elect to decline, then (a) no additional Orders or Contracts may
be entered by You and (b) the Agreement shall terminate upon completion of all of Your existing Orders and Contracts. In the event of
a conflict between the terms of this Agreement and the Order, the terms of the Order shall prevail, provided that if the Order is modified
by You and agreed by the counter-party then the applicable terms of such Order (including any Ad Contract or Trade Contract) shall prevail.

 

	4.	Our Representations and Obligations. We represent and warrant that
(a) We have and will have all necessary rights and authority to enter into this Agreement and each Order and Ad Transaction and provide
Services to you; (b) Our provision of the Services will be in compliance with all applicable Laws and (c) the Services will facilitate
Advertising Transactions according to Your Bidding/Targeting Terms, provided, however, that We are not responsible for inaccurate or incomplete
information and/or data provided by You or a third party through the Services.

 

	5.	Your Representations and Obligations. You represent and warrant that
You (a) have and will have all necessary rights and authority to enter into this Agreement and perform Your obligations hereunder; and
(b) are and will be at all times authorized to act on behalf of each of Your Clients. You will (i) be solely responsible for all use of
the Services hereunder, subject to the NYIAX Rules; (ii) use the Services in compliance with Your agreements with third parties; (iii)
not violate, or use the Services in a way that violates
(or causes Us to violate) any applicable Law or third party right; and (iv) have obtained, and hereby do grant to us, all rights in and
to Your and Your Clients’ Ad Units, Ad Inventory, and Sites reasonably required for Us to deliver the Services. Your Affiliate(s)
may use the Services pursuant to this Agreement if We are provided notice of such Affiliate(s) in writing and where such Affiliates shall
be listed in an addendum to this Agreement, provided that You will be liable for the acts and omissions of any such Affiliate and
We are under no obligation to invoice or pay any such Affiliates directly unless We otherwise agree.

 

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	6.	Payments; Payment Obligations.

 

		6.1.	Payments.

 

		a	Payment Terms. Payment terms will be specified in the “Payment Terms” section of Your
Order(s), any resulting Trade Contract, or as provided in the NYIAX Rules (the “Payment Terms”), and as stated herein.

 

		b	Advertising Payment to NYIAX. Notwithstanding anything to the contrary set forth in Your Trade
Contract, all payments incurred and owed by Buyer in connection with each Trade Contract entered into between the Buyer and Seller (each,
an “Advertising Payment”) will be made directly to NYIAX, and not to or through any Sellers. All Advertising Payments
made under this Agreement will be in U.S. dollars, unless the Seller has indicated a different currency with respect to a particular Order
or resulting Trade Contract, in which case Buyer must pay in the currency indicated by Seller. Upon receiving and clearing the Advertising
Payment from Advertiser or Buyer in full, NYIAX will pay amount owed to Seller.

 

		c	Payment Liability of NYIAX. Unless otherwise set forth on the Order and further subject to the
payment obligations under the NYIAX Rules, Seller will hold NYIAX liable for payments solely to the extent proceeds have cleared from
Advertiser or Buyer to NYIAX for Ads placed in accordance with the Order(s) and resulting Ad Contract(s). NYIAX will indemnify and hold
harmless Advertiser and Buyer with respect to any amounts due to a Seller which Buyer or Advertiser has cleared to NYIAX. Buyer and Seller
understand that NYIAX has no obligations relating to such payments, either joint or several, except as specifically set forth in this
Section 6.1(c).

 

		d	Amounts Payable Tracking, Reporting and Invoicing. Advertising Payment for each Ad Transaction
includes (i) all amounts payable by Buyer to Seller for such Ad Transaction and related data fees, if any, , and (ii) Transaction Fees
charged by NYIAX as defined in Section 6.1(e) below. Advertising Payments are based upon the Reconciled Count of Record, which is identified
and agreed upon by both Buyer and Seller on a per Trade Contract basis. Notwithstanding Exhibit A, NYIAX Rules, NYIAX will track and report
the delivery of Ads for the purposes of calculating fees to be invoiced to Buyer based on the Reconciled Count of Record. Tracking numbers
and statistics based on agreed upon Count of Record, subject to Exhibit A, NYIAX Rules or any other mutually agreed upon terms or amount
between the Buyer and Seller.

 

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		e	Transaction Fee. NYIAX takes a transaction fee from all Advertising Transactions (the “Transaction
Fee”) at a rate of which is negotiated with the Seller of the gross amount indicated in the Order from each trade plus any related
data or other charges. The Transaction Fee is taken from the Seller, and in no event will Buyer be charged more than the amount indicated
on the Order plus any agreed upon data charges. The Transaction Fee rate may be subject to adjustment subject to the mutual agreement
of Buyer and NYIAX. Changes to the Transaction Fee rate will apply only to contracts entered into after the adjustment. All prior contracts
remain at the previous rate, regardless of the date they are processed. If Buyer and NYIAX are not able to agree on an adjustment to the
Transaction Fee, then subject to the foregoing sentence, either party has the right to terminate this Agreement upon not less than sixty
(60) days written notice. Your use of the Services may be subject to credit limits, as determined by Us in Our sole discretion from time
to time. You are responsible for providing complete and accurate billing and contact information to us as We may reasonably require and
notifying Us promptly of any changes to such information.

 

		f	Invoicing and Payment. NYIAX will act as the financial intermediary for both Buyer and Seller,
collecting the fees as set forth in the Ad Contract from Buyers and distributing to Sellers, less Transaction Fee. In accordance with
the Payment Terms, We will invoice Buyer for use of the Services, and Buyer will pay Us the invoiced amounts by the applicable payment
date (such date, the “Payment Date”). In the event that NYIAX allows direct payment from Buyer to Seller, Sellers shall
remit Transaction Fee directly to NYIAX. No fees owed to Us will be prorated if You decide to cease use of a Service or the Agreement
is terminated prior to the end of a payment period.

 

		g	Prepaid and Postpaid Payments. Buyer will pay each Advertising
Payment on a prepaid basis (e.g., credit card, PayPal) (“Prepaid Payment”) or on a postpaid basis (“Postpaid Payment”).
Postpaid Payment will only apply to Orders entered into with Sellers that have designated Buyer to receive net 30, 45, 60 or negotiated
day terms via the NYIAX user interface. For Orders subject to Postpaid Payment, Buyer will pay each Advertising Payment by check
or wire transfer to an account designated by NYIAX within the time period specified by the applicable Seller (30, 45, 60, or negotiated
days terms) of receipt of invoice. NYIAX reserves the right to: (i) change acceptable methods of Prepaid Payment (e.g., eliminate PayPal)
by updating these terms or by providing Buyer with notice via email or via the NYIAX user interface.

 

	6.2.	Additional Payment Terms - NYIAX acknowledges and
agrees that Buyer is an agency acting on behalf of its Advertiser Clients, with whom it has “sequential liability” agreements
in place. With respect to any invoices hereunder, Advertiser shall be solely liable to NYIAX for all corresponding amounts. Buyer shall
be liable for such payment only to the extent that Buyer has been paid by Advertiser. If Buyer fails to pay fees invoiced by NYIAX by
the payment due date (assuming payment was made by Advertiser), NYIAX will have the right to suspend Buyer’s access to and use
of the System. Otherwise, NYIAX will provide Buyer for access to and use of the System for other Advertiser(s) to the extent such Advertiser(s)
credit is not in question. Buyer will pay any reasonable attorneys' fees and/or collection costs incurred by NYIAX in collecting any
amounts that are more than thirty (30) days past due under this Agreement (assuming payment was made by Advertiser). Buyer acknowledges
and agrees that any payment method information that Buyer provides to NYIAX may be shared by NYIAX with companies who work on NYIAX's
behalf, such as payment processors and/or credit agencies, solely for the purposes of checking credit, effecting payment to NYIAX and
servicing Buyer’s Account. Taxes - Charges for Services do not include any taxes or government charges levied by or due
to any duly authorized taxing authority and You will, without offset against or deduction from amounts otherwise owed by You hereunder,
pay any such taxes and government charges derived from or imposed on transactions through the Services, including sales, value-added,
goods and services, use, transfer, gross income based withholding, privilege, excise and other taxes and duties, in the event that requires
such taxes or government charges be collected and/or withheld. We will provide prompt notice to You (email to suffice) of any such taxes
imposed. Such taxes or government charges may be withheld retroactively, if applicable, and will be held in trust. In such event, You
must promptly provide Us with completed and accurate tax forms and all other similar materials We reasonably require (“Tax Materials”).
Notwithstanding anything set forth to the contrary in this Agreement, We may (a) withhold payments owed to You hereunder without penalty
or late fee until We have received Your Tax Materials, and (b) deduct any applicable withholding taxes payable by You from payments owed
to You by Us hereunder as required by Law. Once We have received the Tax Materials, We will use commercially reasonable efforts to pay
any amounts not paid to You pursuant to the foregoing subsection (a) as soon as reasonably practicable.

 

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	7.	Your Obligations and Service Rules.

 

		7.1.	Prohibited Acts.

 

		a	General. You will not, will not attempt to, and will not assist or knowingly permit any third party
to: (i) copy, reproduce, modify, disassemble, decompile, reverse engineer, or create derivative works of any Service (or portion thereof);
(ii) breach, disable, interfere with, or develop or use any workaround for, or otherwise misuse or damage, any Service or any activity
on an NYIAX server; (iii) set, read, write, modify, or delete any cookie on an NYIAX-owned, operated, or controlled domain or use Our
Services to modify cookies on any domain You do not own, operate, or control, or otherwise have appropriate authorization to modify; (iv)
pass to us, or otherwise associate an NYIAX-provided identifier with, or use in association with the Services to target advertising, any
information that (A) by itself directly identifies an individual, such as a person’s name, address, phone number, email address,
or government identifier, or (B) is deemed sensitive by any applicable Privacy Law, as that term is defined below, (including, as applicable
and without limitation, health information and information about children or an end user’s visit to a child-directed Site), or (C)
in a manner inconsistent with the NYIAX Rules (including pertaining to children and sensitive information); (v) pass incomplete or incorrect
Bidding/Targeting Terms; or (vi) when using any Service, collect or use data provided by, from, or related to a third-party Buyer, Seller,
advertiser, publisher or Site (each, a “Third-Party User”), for purposes of segmenting, re-targeting, creating, supplementing
or amending user or inventory profiles, or amending interest categories, or syndication or other distribution to third parties, unless,
(A) such data collection and usage are authorized by or on behalf of the applicable Third-Party User, or (B) when You are using the Service
as a Buyer, the data is independently derived by You from a user’s “click” or other interaction with an Ad Unit and
not related to the Seller or underlying publisher, unless with their written consent.

 

		b	Buyer-Specific. When using the Service as a Buyer, You will not: (i) provide an Ad Unit to us or
configure the Ad Unit to link to digital properties (e.g., websites and applications) that (A) will, when
viewed or clicked, cause the download or delivery of any software or executable code (without effective user consent), virus, or malicious
or social engineering (phishing) code or features, or (B) is deceptive, or violates or infringes upon the rights of any third party; or
(ii) disclose Ad Inventory availability, volume, or pricing data obtained through the Service without authorization from the Seller, except
to provide reporting to Your applicable Client(s) about their Advertising Transactions.

 

		7.2.	Additional Service Rules.

 

All Advertising Transactions deemed by
Us to be executed pursuant to the Services are final and binding, and You will be ultimately responsible for any and all payment obligations
for Your Trade Contracts and Ad Contracts. You will have no recourse against Us for (i) any Trade Contracts or Ad Contracts that does
or does not occur based on erroneous Bidding/Targeting Terms entered by You or any other party to Your Advertising Transactions, and (ii)
any discrepancy between Buyer and Seller will defer to the Count of Record, unless Buyer and Seller have agreed otherwise. If any Trade
Contract or Ad Contract is never delivered or displayed, the Buyer may deem the Trade Contract or Ad Contract as void ab initio and neither
Buyer nor Advertiser shall not be liable for any fees. If any Trade Contract or Ad Contract is underdelivered or is not delivered as required
by the Order (or any modification thereto accepted by Seller and Buyer) and subject to the NYIAX Rules, then upon your request NYIAX will
work with the Seller to provide an appropriate makegood or credit reasonably satisfactory to You, or We will provide reasonable support
for your own negotiation with such Seller.

 

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		7.3.	Third Party Beneficiaries. We operate a marketplace
for Buyers and Sellers to transact with each other. We are neither the Buyer nor the Seller in Trade Contracts or Ad Contracts, and therefore
do not assume, and expressly disclaim, all liability arising from Your use of the Services except as expressly set forth in this Agreement,
including but not limited to, liability arising from Ads, Ad Inventory, and Sites. To facilitate direct dispute resolution between Buyers
and Sellers using our Services each Seller that You purchase Ad Inventory from is an intended third-party beneficiary of Your obligations
as a Buyer hereunder (including payment obligations) for their Trade Contracts and Ad Contracts with You. You agree not to assert a defense
based on lack of privity against any Seller seeking to enforce this Section 7.3. In addition, with
respect to any Ad Transaction entered on its behalf, Advertiser shall be deemed a third-party beneficiary of this Agreement and is entitled
to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. Except as set forth in
Sections 7.3 and 13, there are no third-party beneficiaries to this Agreement.

 

	8.	Confidentiality. In addition to and not in lieu of the confidentiality
obligation sunder the NYIAX Rules, a Party receiving Confidential Information may only use Confidential Information to exercise its rights
and fulfill its obligations under this Agreement and will take reasonable measures to avoid unauthorized disclosure or misuse of the Confidential
Information, including, but not necessarily limited to, taking such security precautions as it takes to protect its own Confidential Information.
The receiving Party will not disclose Confidential Information, except (a) to its and its Affiliates’ employees, Subcontractors,
or professional advisers who have a legitimate need to know the Confidential Information and are legally bound to keep it confidential,
(b) to a potential acquirer of the receiving Party’s relevant assets, stock, or business under a strict duty of confidentiality,
but only to the extent such potential acquirer has executed a term sheet, letter of intent or other similar agreement to negotiate such
acquisition, and (c) as required to be disclosed by applicable Law, or judicial or other governmental or regulatory order (provided
that the disclosing Party must use reasonable efforts to notify the other Party, unless legally prohibited, prior to disclosure in order
to afford such other Party the opportunity to at its own expense seek a protective order or otherwise prevent or limit the disclosure).
The fact that You are a customer of NYIAX and the Ad Inventory You make available or are expected to make available for sale through NYIAX
and Your use of functionality in connection with Our Services is Confidential Information, provided that such facts may be disclosed solely
as required in connection with the Services, including to the Seller when you enter into an Ad Transaction with such Seller. The terms
of this Agreement are Confidential Information belonging to both Parties.

 

	9.	Privacy. In consideration of the Services provided and used hereunder,
both You and NYIAX will ensure that Your Bidding/Targeting Terms are acquired in accordance with applicable privacy laws, rules, and regulations,
including industry self-regulations (“Privacy Laws”).

 

	10.	Data, Propriety Rights and Licenses.

 

		10.1.	Data. As between You and NYIAX, You will own Your
Company Data. You hereby grant Us the right to use and disclose
Company Data solely (a) as aggregate Service statistics that do not serve to identify You or an Advertiser; (b) to provide, manage, maintain,
and enhance the Services (including disclosure of impression-level information to the relevant counterparties in Your Advertising Transactions);
(c) as elected by You in connection with Your use of the Services (including disclosure to third parties You expressly authorize); (d)
to enforce Our rights under this Agreement as reasonably required. NYIAX shall be permitted to retain aggregated data
from Orders, Trade Contracts, Ad Contracts, and data utilized in reconciliation solely for its internal use; provided that NYIAX shall
not keep non-aggregated data on a particular Buyer or Advertiser except as required to provide the Services or with the Buyer’s
express consent.

 

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		10.2.	Proprietary Rights. We grant You the non-exclusive
license and right to access and use Our Services to conduct Advertising Transactions, subject to the terms and conditions of this Agreement.
Each Party owns and retains all right, title and interest in and to all of its intellectual property, and no rights are granted to the
other Party’s intellectual property except as expressly set forth in this Agreement. Our intellectual property includes all aspects
of Our technology, branding, and Services, including any software or applications developed or created by Us (or on Our behalf) that
can access or communicate with Your servers or systems using Our or Your API specifications (“Intellectual Property Rights”).
You grant to Us and Our Affiliates a worldwide, perpetual, irrevocable, royalty-free right to use and incorporate into the Services any
suggestion, input, enhancement request, recommendation, correction, specification, or other feedback provided by You relating to the
operation of the Services that is not Your Confidential Information.

 

		10.3.	No Implied Licenses. Except to the extent set forth
herein, (a) We do not grant You any other license, express or implied, to Our Intellectual Property Rights, and (b) nothing in this Agreement
or the performance thereof, or that might otherwise be implied by law, will operate to grant either Party any right, title or interest,
implied or otherwise, in or to the Intellectual Property Rights of the other Party. We expressly reserve all Our Intellectual Property
Rights not expressly granted hereunder.

 

	11.	Term; Termination; Suspension. Buyer may terminate an Order at any time before the Order is
                                                    accepted by Seller, and thereafter may terminate the Order according to the terms of the NYIAX Rules, or, if applicable, the terms
                                                    of such Order. Either Party may terminate this Agreement or any Exhibit, Order, supplement, or addenda immediately on notice to the
                                                    other Party that it is in material breach of this Agreement or such Exhibit, Order, supplement, or addenda; provided  however
                                                    that if the breach is capable of cure, the breaching Party will have thirty (30) days from the notice date to cure the breach to the
                                                    non-breaching Party’s reasonable satisfaction. We may immediately suspend Your use of the Services with written thirty (30)
                                                    days’ notice (a) if, acting in good faith, We determine You have failed to pay any amount invoiced hereunder as of the
                                                    applicable Payment Date or, without notice, (b) if You (i) become insolvent or generally unable to pay Your debts as they become
                                                    due, (ii) file or have filed against You a petition for voluntary or involuntary bankruptcy and, in the case of involuntary
                                                    bankruptcy, such petition is not dismissed within sixty (60) days, (iii) make or seek to make a general assignment for the benefit
                                                    of Your creditors, or(iv) apply for or consent to the appointment of a trustee, receiver or custodian for a substantial part of Your
                                                    property or business. Notwithstanding termination of this Agreement, any provisions of this Agreement that by their nature under the
                                                    circumstances are intended to survive, will survive termination. 

 

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	12.	Disclaimers; Limitation of
Liability. EACH PARTY DISCLAIMS ALL IMPLIED AND STATUTORY WARRANTIES, INCLUDING FOR NON-INFRINGEMENT, MERCHANTABILITY, AND FITNESS
FOR ANY PARTICULAR PURPOSE. TO THE FULLEST EXTENT PERMITTED BY LAW, REGARDLESS OF THE THEORY OR TYPE OF CLAIM: (a) EXCEPT FOR
BREACH(ES) OF SECTIONS 4, 7.1, 8 AND/OR INDEMNIFICATION OBLIGATIONS HEREUNDER FOR ANY ACTUAL OR ALLEGED BREACH, NEITHER PARTY MAY BE
HELD LIABLE UNDER THIS AGREEMENT OR ARISING OUT OF OR RELATED TO PERFORMANCE OF THIS AGREEMENT FOR ANY LOSS OF PROFIT OR REVENUE, OR
ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES, EVEN IF THE PARTY IS AWARE OR SHOULD HAVE KNOWN THAT
SUCH DAMAGES WERE POSSIBLE; (b) OTHER THAN PAYMENT OBLIGATIONS UNDER THIS AGREEMENT AND EXCEPT FOR BREACH(ES) OF SECTIONS 4, 7.1, 8 AND/OR
INDEMNIFICATION OBLIGATIONS HEREUNDER, EACH PARTY’S MAXIMUM AGGREGATE LIABILITY ARISING OUT OF OR RELATED TO BREACH OF THIS AGREEMENT
WITH RESPECT TO THE PROVISION OF ANY SERVICE WILL NOT EXCEED THE AGGREGATE TOTAL AMOUNT OF FEES (EXCLUSIVE OF THE COST OF AD INVENTORY)
PAID TO US FROM YOU WITH RESPECT TO SUCH SERVICE DURING THE TWELVE (12) MONTHS BEFORE THE DATE WHEN THE LIABILITY AROSE.

 

	13.	Indemnification

 

		13.1.	Each Party (in such capacity, the “Indemnifying Party”) will defend, indemnify,
                                                                   and hold harmless the other Party (for You, including the applicable Advertiser) and its respective officers, directors, employees,
                                                                   and agents (each, an “Indemnified Party”) from all third-party claims and liabilities (including reasonable
                                                                   attorneys’ fees and costs) arising out of or related to the Indemnifying Party’s (a) breach or alleged breach of this
                                                                   Agreement or any of the representations, warranties or covenants herein; (b) the negligence or willful misconduct of the
                                                                   Indemnifying Party in connection with the performance of this agreement; or (c) infringement or misappropriation of a third
                                                                   party’s trade secret, or U.S. patent, trademark, or copyright in connection with (i) with respect to us, the software and
                                                                   other technology We use to provide the Services hereunder; and (ii) with respect to you, the Ad Units, Ad Inventory, Sites,
                                                                   technology, data, or other materials You provide or use with the Services (“Company Materials”) (the
                                                                   indemnification obligation of each Party described in this clause (c), the (“IP Infringement Obligation”). The
                                                                   previous sentence states the sole liability of the Indemnifying Party, and the sole remedy of the Indemnified Party, with respect to
                                                                   any third-party claim arising out of the Indemnifying Party’s breach of this Agreement or misappropriation or infringement of
                                                                   intellectual property.

 

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		13.2.	The Indemnified Party must (a) promptly notify the Indemnifying Party in writing of any third-party
                                                                                     claim (provided that a failure to promptly notify will not relieve the Indemnifying Party of its indemnification obligations,
                                                                                     except to the extent it has been prejudiced by such failure); (b) reasonably cooperate with the Indemnifying Party in the defense of
                                                                                     the matter, at the Indemnifying Party’s expense; and (c) give the Indemnifying Party primary control of the defense of the
                                                                                     matter and negotiations for its settlement. The Indemnified Party may, at its own expense, join in the defense with counsel of its
                                                                                     choice. The Indemnifying Party may not enter into a settlement unless it (i) involves only the payment of monetary damages by the
                                                                                     Indemnifying Party, and (ii) includes a complete release of liability in favor of the Indemnified Party; any other settlement will
                                                                                     be subject to the written consent of the Indemnified Party (not to be unreasonably withheld).

 

		13.3.	Our IP Infringement Obligation will not apply to claims to the extent directly and substantially
                                                                                     arising from (i) Your use of the Service in violation of this Agreement, (ii) the Company Materials’ infringement or
                                                                                     misappropriation of a third party’s trade secret, or U.S. patent, trademark, or copyright, or (iii) the combination,
                                                                                     operation, or use of the Service(s) with any product, service or material not provided by Us or on Our behalf. Your IP Infringement
                                                                                     Obligation will not apply to claims to the extent directly and substantially arising from (a) Our provision of the Service in
                                                                                     violation of this Agreement, or (b) Our infringement or misappropriation of a third party’s trade secret, or U.S. patent,
                                                                                     trademark, or copyright. If a Service becomes, or in Our reasonable opinion is likely to become, the subject of an intellectual
                                                                                     property infringement claim, We will promptly notify You and, at Our sole option and expense, either: (x) procure the right to
                                                                                     continue providing the Service as contemplated by this Agreement, (y) modify the Service to render it non-infringing, or (z) replace
                                                                                     the Service with a substantially equivalent, non-infringing service. If none of the foregoing options is commercially practicable,
                                                                                     then each Party will have the right to terminate this Agreement with respect to the infringing Service.

 

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	14.	Force Majeure. Neither
party shall be liable for a delay in performance of its obligations and responsibilities under this Agreement due to causes beyond its
control, and without its fault or negligence, such as but not limited to war, embargo, national emergency, insurrection or riot, acts
of the public enemy, fire, flood or other natural disaster, provided that said party has taken reasonable measures to notify the other
promptly in writing, of delay and planned course of action to abate or remove the force majeure event (but in any event, within 72 hours
of the force majeure event).

 

	15.	General Provisions.

 

		a	All notices under this Agreement must be in writing (including by email) and will be deemed effective
when delivered. All notices shall be sent to the applicable mailing address or email address listed for each Party in the signature block
at the end of this Agreement. All notices of termination or default to You will be sent to Your address to the attention of Business and
Legal Affairs (legal@NYIAXmedia.com). For clarity in connection with email notice, delivery will not have occurred if an automatic out-of-office
or similar automatic absentee replies is generated.

 

		b	This Agreement is governed by and construed in accordance with New York Law without regard to the conflicts
of law rules thereof. THE JURISDICTION AND VENUE FOR ALL DISPUTES HEREUNDER WILL BE THE STATE AND FEDERAL COURTS IN THE COUNTY AND STATE
OF NEW YORK, AND THE PARTIES HEREBY CONSENT TO PERSONAL JURISDICTION IN THOSE COURTS.

 

		c	Neither Party may assign or transfer any part of the Agreement without the written consent of the other
Party, except that this Agreement may be assigned without consent (i) to a person or entity who acquires all or substantially all of the
assigning Party’s assets, stock or business, or (ii) by any NYIAX entity or Agency to its Affiliate(s). Subject to the foregoing,
this Agreement will bind and inure to the benefit of the Parties, their respective successors and permitted assigns.

 

		d	This Agreement constitutes the Parties’ entire agreement relating to its subject and supersedes
any prior or contemporaneous agreements on that subject, including any exhibits for use of any Services executed prior to the Effective
Date of the Agreement; provided that any non-disclosure agreement entered into between the Parties will survive execution of this Agreement
in accordance with the terms thereof, but shall not apply with respect to Confidential Information disclosed hereunder.

 

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		e	If any provision of the Agreement is found unenforceable, it and any related provisions will be interpreted
to best accomplish the unenforceable provision’s essential purpose.

 

		f	Each Party is permitted to use Subcontractors in connection with this Agreement but is liable for their
acts and omissions.

 

		g	The Parties are independent contractors, and this Agreement does not create an agency, partnership, or
joint venture.

 

		h	Notwithstanding anything to the contrary in this Agreement, We do not guarantee any Service will be operable
at all times or during any down time caused by outages to any public Internet backbones, networks, or servers, any failures of equipment,
systems or local access services, or for previously scheduled maintenance.

 

		i	You may not resell any Service, it being understood and agreed that Your use of Services hereunder on
behalf of Clients (whether or not for additional compensation from a Client) will not be deemed a breach of this clause (i).

 

		j	The Parties may execute this Agreement in counterparts, including facsimile, PDF and other electronic
copies, which taken together will constitute one instrument, and nothing in this Agreement, nor any modification, supplement, or Order
thereto, will be legally binding upon the Parties until executed by each Party in accordance with the terms hereof.

 

	NYIAX, Inc.	 	Company Name
	 	 	 
	 	 	 
	By: 	     	 	By:	      
	Title:	 	 	Title:	 
	Date:	 	 	Date:	 

 

    	Page | 12	NYIAX, Inc. Confidential MSA V1

    

    

 

Exhibit A “NYIAX Exchange Rules”

 

NYIAX Exchange Rules

 

These NYIAX Exchange Rules for use of the NYIAX Forward Contract
Marketplace Version 1.0.4, are intended to offer Buyers and Sellers (collectively, “Parties” and individually as “Participant”)
a standard for conducting business in a manner acceptable to the Parties which establishes a Contract through the NYIAX Platform. This
document represents the Parties’ mutual understanding for doing business as related to any Contract facilitated through the NYIAX
Platform. This document may not fully cover arrangements involving content association or integration, and/or special production. The
terms of the Master Services Agreement (“MSA”) are incorporated herein and take precedent, unless expressly agreed to otherwise
within the Order.

 

DEFINITIONS 

 

“Ad or Ad Unit” means any advertisement
provided by Agency on behalf of an Advertiser.

 

“Ad Contract or Trade Contract” means digital
advertising contracts, including web, application-based, print-based and video inventory on display, mobile, television or other medium.

 

“Ad Contract Value” means the agreed upon
price that Buyer will pay to Seller upon completion in full of the associated Ad Contract.

 

“Advertising Materials” means artwork,
copy, or active URLs for Ads.

 

“Affiliate” means, as to an entity, any
other entity directly or indirectly controlling, controlled by, or under common control with, such entity.

 

“Bid” means a request to purchase all or
part of an Order, consisting of a price and volume associated with the applicable Order details.

 

“Bidding/Targeting Terms” means selected
terms within the Order which are used to constitute the Order. “Billable Contract Value” means the final price that
Buyer is responsible for once an Ad Contract has completed delivery in accordance with the Contract Terms, based on the Ad Contract Value
multiplied by the Reconciliation Volume Percentage.

 

“Buyer” means the Party who contracts against
an Order, usually an Advertiser or Advertising Agency on behalf of an Advertising client.

 

“Order” means any Order Request to purchase
an advertising contract, any Order soliciting Bids for the purchase of an advertising contract, or any Custom Orders, RFP (Request for
Proposal) and RFQ (Request for Quote) which relate the terms which either the Buyer or Seller wish to adhere to. Custom Orders or Special
Orders may over-ride existing Rules of Exchange, which shall be explicitly stated within the Order itself.

 

“Campaign Asset” means the creative to
be delivered to fulfill the Ad Contract.

 

“Contract Asset Volume” means the total
number of Ads to be delivered to fulfill the Ad Contract.

 

“Contract Terms” means the parameters and
requirements identified in a Trade’s matching Buyer and Sellers Orders, which are inculcated into an Ad Contract.

 

“Count of Record” means the agreed upon
source, selected at the time orders are matched, that represents the verification provider utilized to determine the Reconciliation Volume
Percentage.

 

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“CPA Deliverables” means Deliverables sold
on a cost per acquisition basis. “CPC Deliverables” means Deliverables sold on a cost per click basis. “CPL
Deliverables” means Deliverables sold on a cost per lead basis. “CPM Deliverables” means Deliverables sold
on a cost per thousand impression bases.

 

“Deliverable” or “Deliverables”
means the inventory delivered by Seller (e.g., impressions, clicks, or other desired actions).

 

“Lock Date” means the date after which
an Order may no longer be transacted against or where any Positions related to an Order may no longer be resold.

 

“Participant” means any company who has
registered with NYIAX as a Buyer and or Seller, and which has signed a Master Service Agreement with NYIAX inclusive of these NYIAX Exchange
Rules.

 

“Position” is a result of completed Trade.

 

“Pre-Delivery Milestones” are requirements
to be completed prior to the start of Ad delivery.

 

“Reconciliation Volume Percentage” is the
finalized Total Delivery percentage taken seven (7) days post campaign end-date, or seven (7) days post the Contract Extension end date
if applicable.

 

“Representative” means, as to an entity
and/or its Affiliate(s), any director, officer, employee, consultant, contractor, agent, and/or attorney.

 

“Represented Client” is the party represented
by the Agent acting as principal on the NYIAX platform.

 

“Seller” means the publisher listed on
the applicable Order; or a party (e.g., a publisher (“Publisher”)) engaged in selling, facilitating or attempting to sell
Ad Inventory through the NYIAX System (defined below); or an authorized representative charged with arranging access to the NYIAX System.

 

“Trade or Position” is a matching of two
Orders between Buyer(s) and Seller(s). Trade is a Position.

 

“Terms” means these NYIAX Exchange Rules
for use of the NYIAX Forward Contract Marketplace Version 1.0.2. “Third Party” means an entity or person that is not
a party to an Ad Contract; for purposes of clarity, Seller, Agency, Advertiser, and any Affiliates or Representatives of the foregoing
are not Third Parties.

 

“Third Party Ad Server” means a Third Party
that will serve and/or track Ads.

 

“Total Delivery” is calculated as the total
delivered volume, reported by the Count of Record, divided by the Contract Asset Volume, resulting in a percentage rounded to nearest
integer. Total Delivery is displayed in the NYIAX Platform reconciliation interface and is updated daily throughout the delivery of the
campaign. 

 

PARTICIPATION

 

		a.	Registration of Firm Administrator. Participation in the NYIAX
Exchange System (“System”) requires current registration as such with NYIAX. Participant will be provided a Firm Administrator
Account (“Firm Administrator Account”), and shall designate to NYIAX in writing, a primary contact person responsible for
the management and utilization of the System on behalf of the Participant (“Firm Administrator”), to be associated with the
Firm Administrator Account. The Firm Administrator shall be an employee or authorized agent of the Participant. Participant may access
the System using the Firm Administrator Account and may have multiple User Accounts (defined below) to be managed under the Firm Administrator
Account. Such registration of the Firm Administrator Account shall be conditioned upon the Participant’s initial and continuing
compliance with the following requirements:

 

		i.	execution of applicable agreements (MSA) with NYIAX;

 

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		ii.	compliance with all applicable rules and operation procedures
of NYIAX and its System, unless otherwise agreed to between NYIAX and Participant;

 

		iii.	acceptance and settlement of each NYIAX trade that NYIAX
identifies as having been affected by such Participant; and

 

		iv.	input of accurate information into the System.

 

		b.	Approval. A Participant’s registration shall become
effective upon receiving notice of NYIAX’s approval of registration.

 

		c.	User Accounts. Under the Firm Administrator Account, a Participant
may issue multiple individual User accounts (“User Accounts”) with individual login and passwords for each employee, Affiliate,
or independent contractor, who will have access to the System. User Account holders may have different permissions assigned to them by
the Firm Administrator and shall comply with the registration requirements set forth in Section I(a)(i-v) and are subjected to the MSA
and these Terms.

 

		d.	Changes to Firm Administrator Account. Participant shall notify
NYIAX of any changes related to the individual associated with the Firm Administrator Account. Notice should be submitted by email to
the Participant’s NYIAX customer success representative.

 

		e.	NYIAX Access. Participant and/or its Firm Administrator will
grant to NYIAX or its representative free access to the Participant’s Firm Administrator Account and/or User Accounts where the
System is used. Such access shall be for the purposes of: (i) inspection, audit or testing; (ii) maintenance, repair or replacement of
any part of the System; or (iii) maintenance of System pursuant to the MSA and these Terms. NYIAX shall comply with Participant’s
reasonable security regulations.

 

II.
NYIAX SYSTEM OPERATION

 

		a.	Discovery.

 

		i.	Either an Order to Buy or to Sell are created and listed
on the System for review by Participants.

 

		ii.	NYIAX may adjust any Order, cancel Orders or Bids as it deems
necessary to mitigate market disrupting events caused by malfunctions in the System or errors in Ad Inventory. NYIAX shall disseminate
notice to impacted Buyer or Seller of any change or cancellation of Orders pursuant to Section IX.

 

		iii.	Orders shall be available for Trade until the Lock Date,
or until cancel by the originating Party.

 

		b.	Trading.

 

		i.	Trades may be affected by either Buyers or Sellers where
each counterparty’s asset and requirements align based on NYIAX platform Orders. Trades will execute upon the completion of trade
verification obligations outlined in in sections III(c) and IV(c) for Seller and Buyer (below) respectively.

 

		ii.	A Trade may occur between matching Order Requests or Bids
and Orders. A Trade results in a Position which may be resold pursuant to the associated Order Terms. Positions are finalized at Lock-Date,
or at the time of Trade should a Seller deny an Order’s resell ability, as per Section III(e), below. Finalized Trade between
two counterparties result in the creation of an Ad Contract containing all agreed upon Contract Terms and are governed by the Terms of
this agreement.

 

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		c.	Pre-Delivery.

 

		i.	For a seven (7) day period (“Lock-Down Period”) prior to the campaign start date for any Ad Contract, the associated Positions
cannot be re-traded.

 

		ii.	Buyer shall use commercially reasonable efforts to deliver ad materials to Seller in compliance with Section XII, Ad Materials (below).

 

		iii.	Seller shall use commercially reasonable efforts to create, test/QA, and enter ad delivery tags into delivery system.

 

		iv.	Buyer and Seller will use commercially reasonable efforts to provide any delivery verification credentials or identifiers to NYIAX
in compliance with Section VIII(b)(below).

 

		d.	Delivery.

 

		i.	During Delivery Buyer and Seller will use best efforts to track the progress of delivery of the campaign and will use all commercially
reasonable means to adjust the pace of the campaign if under-delivery appears likely.

 

III.
SELLER’S SPECIFIC DETAILS

 

		a.	Creation of Orders. NYIAX provides a method for Sellers to
create customized aggregations of advertising attributes, and related delivery and business requirements (“Orders”) in the
System based on current forecasting and sales packages (including site taxonomy). Seller will input a number of Bidding/Targeting Terms
for each Order in the System and will be solely responsible for the accuracy of the details. Orders will meet the IAB’s Ad inventory
Specifications.

 

		b.	Technical Specifications. Seller will make available any technical
specifications and any limitations on a per Order basis. Seller may not change Order specifications, such as ad size or creative restrictions
once a Trade has occurred.

 

		c.	Trade Verification Obligations and Acceptance of Bids. Buyers
may submit Bids against Orders posted to the open market, or in response to private Orders posted directly to individual Buyers. Seller
shall use commercially reasonable efforts to validate the availability of forecasted inventory volumes, as well as the Buyer proposed
Bidding/Targeting Terms prior to accepting any Bid. Upon acceptance of a Bid, a Trade occurs.

 

		d.	Re-sale through the System. Seller may, at the time of an
Order creation, elect to allow a Buyer to re- sell Positions acquired through a trade generated against the Order in question (“Re-Trade”).
Seller acknowledges that Buyer may resell its existing Position via the System as set forth in Section IV(b) below.

 

		e.	Impressions and Click Fraud.

 

		i.	Seller shall not authorize any party to generate automated,
fraudulent, or otherwise invalid impressions or clicks. If activity related to the Seller’s website is suspected or determined
to be so- called "click-fraud" or "impression fraud" (the illicit manipulation of advertising revenue), whether in any automated or human way, by the use
of a person, an automated script or a computer program (for example, online robots or "bots") to click on any NYIAX-traded advertisements,
or any other fraudulent means, to increase impressions, skew results or imitate a legitimate user of a web browser reloading or clicking
on an ad for the purpose of generating an improper click or impression value and generating revenue, NYIAX may suspend or otherwise disable
Seller’s account until such time as the matter is resolved to NYIAX’s satisfaction.

 

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		ii.	Publisher acknowledges that NYIAX may use its own tag (“NYIAX
Tag”) to monitor end user information in order to track suspicious clicks through source and behavior of the click traffic.

 

		iii.	NYIAX retains the right to not credit Publisher for those
clicks or impressions that it determines, or suspects are fraudulent based upon the billing source

 

IV.
BUYER’S SPECIFIC OBLIGATIONS

 

		a	Creation of Order Requests. NYIAX provides a method for Buyers
to create customized aggregations of campaign targeting needs, along with related delivery and business requirements (“Order Requests”)
Buyer will input a number of Bidding/Targeting Terms for each Order Request in the System and will be solely responsible for the accuracy
of the details.

 

		b	Discovery Buyers may browse posted Orders in the System, as
well as post Order Requests to the open market. Buyers may also specify specific Sellers to send private Order Requests.

 

		c	Trade Verification Obligations and Bidding. Buyers may place
Bids, consisting of a price and volume submitted to a Seller, against Orders that they have discovered either through the open market
or through private channels within the NYIAX System. Buyer shall use commercially reasonable efforts to validate that the Seller proposed
Bidding/Targeting Terms associated with an Order meet the needs of the Buyer. Upon acceptance of a Bid by a Seller, a Trade occurs.

 

		d	Resale through NYIAX. Buyer acknowledges that, after acquiring
a Position, Buyer may resell all or a portion of its Position via the System through a re-sale transaction, subject to the original Order,
including but not limited to, (i) Bidding/Targeting Terms, such as placement details and white and black lists (ii) delivery and pacing
terms, (iii) creative restrictions, which cannot be changed in the resale.

 

		e	Buyer Prohibited Acts. When using the Service as a Buyer:
(i) Participant will not provide an Ad Unit to NYIAX or configure the Ad Unit to link to digital properties (e.g., websites and applications)
that (A) will, when viewed or clicked, cause the download or delivery of any software or executable code (without effective user consent),
virus, or malicious or social engineering (phishing) code or features, or (B) is deceptive, or violates or infringes upon the rights
of any third party; or (ii) disclose Ad Inventory availability, volume, or pricing data obtained through the Service without authorization
from the Seller, except to provide reporting to Buyer’s applicable Client(s) about their Advertising Transactions.

 

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V.
AD CONTRACT or TRADE CONTRACTS

 

		a	Ad Contract. From time to time, Buyer and Seller may execute
Trades through the NYIAX System which result in Ad Contracts governed by these Terms. As applicable, each Ad Contract will specify:

 

(i) the type(s) and amount(s) of Deliverables, (ii) the price(s)
for such Deliverables, (iii) the maximum amount of money to be spent pursuant to the Trade, (iv) the start and end dates of the campaign,
and (v) the identity of and contact information for any Third-Party Ad Server. Other items that may be included are, but are not limited
to, delivery verification vendor identity and contact information, payment terms, creative restrictions, and Ad Contract delivery extension
availability. Each Ad Contract generated by NYIAX will result in an Ad Contract containing all pertinent information necessary for the
delivery of the contracted campaign.

 

VI.
AD PLACEMENT AND POSITIONING

 

		a	Compliance with Ad Contracts. Seller will comply with the
Ad Contract and associated Ad Contracts resulting from applicable Re-Trades, including all Ad placement restrictions and will create
a reasonably balanced delivery schedule. Seller will provide, within the scope of the Ad Contracts, an Ad to the Site specified on the
Ad Contracts when such Site is visited by an Internet user. Seller will not place any Ad on a page with no content, on top of or under
another Ad, on a site not associated with the Traded Ad Instrument, or in such a fashion that may be deceptive to the end users. Seller
will not edit or modify the Ad in any way, including without limitation resizing, captioning or reformatting.

 

		b	Placement and No Modification of NYIAX Tag. Seller shall be
solely responsible for placing the NYIAX Tag if requested by NYIAX on the Advertising Inventory and will comply with any specific Ad
placement specified in an applicable Ad Instrument. Seller agrees to use the NYIAX Tag or Advertiser Tag provided by NYIAX for displaying
an Ad in accordance with Contract Terms.

 

VII.
PAYMENT AND PAYMENT LIABILITY

 

		a	Payment Terms. Within Orders, Buyer and Seller may specify
acceptable terms for the payment of fulfilled Ad Contracts (“Payment Terms”).

 

		i.	Net Payment Terms – Direct Ad Serving. Net Payment
Terms shall be payable post reconciliation, with payments posted by the Buyer no later than the number of days agreed upon in the Ad
Contract.

 

		ii.	Net Payment Terms – Programmatic Delivery. Per the
terms of the Ad Contract post reconciliation, payments will be facilitated through NYIAX or a NYIAX preferred 3rd party vendor,
where NYIAX or the NYIAX preferred 3rd party shall maintain sequential liability distribution of funds to Seller. Buyer’s
DSP shall remit payment to NYIAX or a NYIAX preferred 3rd party vendor no later than the number of days agreed upon in the
Ad Contract.

 

		iii.	Payment On Trade. For Trades where the Payment Term of Payment
On Trade (“Payment On Trade”) is selected, Buyer will be invoiced within fifteen (15) business day and has fifteen (15) business
day from the time of invoice receipt to post payment.

 

		b	Payment Liability. Buyer shall pay all invoices associated
with Ad Contracts entered into through the use of the System in accordance with these Terms, and the MSA.

 

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VIII.
REPORTING

 

		a	Count of Record. At the time of Order creation, Buyer and
Seller will identify acceptable sources to act as the Count of Record. When placing a Bid, Buyer will identify their preferred Count
of Record for the potential Ad Contract. When accepting a Bid, Seller must agree to the Buyer’s identified Count of Record or may
deny the Bid.

 

		b	Count of Record Reporting. Either Buyer or Seller will make
daily reporting available to NYIAX, from the Count of Record, electronically through API, CSV upload, or e-mail, beginning on the campaign
start date and on a daily basis until seven (7) days post the campaign end date, or seven (7) days post the Ad Contract Extension end
date as per Section X(a). Reports will be broken out by day and summarized by creative execution, Count of Record identifier, impressions,
clicks, and other variables as may be defined within the Ad Contract. The Count of Record results will be utilized as the sole representation
of Ad Contract delivery performance as it pertains to Ad Contract fulfillment, reconciliation, and billing, Where API access is available
for a Count of Record, Buyer or Seller will provide reporting credentials for NYIAX, allowing automated ingestion.

 

		c	Other Reporting Sources. Buyer and Seller may make other daily
reporting results available to NYIAX, electronically through API, CSV upload, or e-mail, for other sources of reporting, including but
not limited to Buyer or Seller ad servers, fraud identification providers, and viewability providers. For any reporting source not considered
the Count of Record for a given Ad Contract, the reported data is made available only as an aid for Buyers and Sellers to manage pacing
and are not utilized for billing or reconciliation purposes.

 

		d	Confirmation of Campaign Initiation. Seller will, within two
(2) business days of the start date on the Ad Contract, provide confirmation to NYIAX, either through the NYIAX UI or e-mail, stating
whether the components of the Ad Contract have begun delivery.

 

		e	Reporting Failure. Buyer and Seller will use commercially
reasonable efforts to provide Count of Record Reporting for each Ad Contract. Should reporting for a specific time period be unavailable
from no direct fault of either the Buyer or Seller, NYIAX will use commercially reasonable efforts to assist Buyer and Seller in the
resolution and collection of the missing data from the Count of Record.

 

IX.
TERMINATION, MODIFICATION, AND CANCELLATION

 

		a	Without Cause. All Trades and subsequent Ad Contracts entered
into through the NYIAX Platform are non- cancelable except as provided herein IX(a)-(e).

 

		b	For Cause. Either Buyer or Seller may terminate an Ad Contract
at any time if the other party is in material breach of its obligations hereunder, which breach is not cured within 10 days after receipt
of electronic notification, provided through the NYIAX Platform, from the non-breaching party, except as otherwise stated in these Terms
with regard to specific breaches. Additionally, if Buyer breaches its obligations by violating the same Contract Term three times and
receives timely notice of each such breach, even if Buyer cures such breaches, then Seller may terminate the Ad Contract or placements
associated with such breach upon written notice. If Buyer does not cure a violation of a Policy within the applicable 10-day cure period after notification by Seller
to Buyer, then Seller may terminate the Ad Contract and/or placements associated with such breach upon written notice. Should either party
terminate the Ad Contract for cause, the rules of Section X, Reconciliation and Billing, shall still apply in regard to both the delivered
and undelivered portions of the terminated Ad Contract.

 

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		c	Grace Period. Buyer and Seller will use all commercially reasonable
methods to meet all pre-delivery milestones by the due dates listed in the Ad Contract; however, if pre-delivery milestones have not
been met to the satisfaction of either Buyer or Seller, and only in a case where campaign delivery has not begun, then either party may
cancel the Ad Contract within three (3) days post the start date of the campaign as detailed on the Ad Contract.

 

		d	Cancellations and Modifications Post Trade. Once Buyer enters
into a Trade with a Seller, cancellations and modifications may only be made with the approval of both parties, and with the assistance
of the NYIAX Client Solutions Team. If either party would like to cancel or modify an Ad Contract during the Delivery per Section II(d),
NYIAX System Operation, the party should contact their NYIAX Client Solutions representative and include the order information, including
but not limited to; amount paid, email address used, date of purchase, and destination URL. Notwithstanding the above, NYIAX is not responsible
for and makes no guarantee concerning any counterparties willingness to cancel or modify a Trade or Ad Contract. Orders that are modified
or cancelled with approval by both parties, in whole or in part, will be refunded (for Prepaid Payment) or billed (for Postpaid Payment)
in accordance with this Section IX.

 

		e	Cancellation due to Bidding/Targeting Terms agreed in RFP
or RFQ. If the Buyer and Seller have agreed to Bidding/Targeting Terms different from those stated in the Order Terms list through an
RFP or an RFQ process, then the Bidding/Targeting Terms in the RFP and RFQ process will be the defining terms of the Ad Contract and
the Ad Contract will solely adhere to those Bidding/Targeting Terms.

 

X.
RECONCILIATION AND BILLING

 

		a	Ad Contract Extension. Buyer may, at the time of Order creation, identify whether an associated Ad Contract may be extended beyond
the campaign end-date (“Ad Contract Extension”), and the number of permissible extension days.

 

		b	Reconciliation. NYIAX will utilize reported data sourced
from the Count of Record and provided to

 

NYIAX by the Buyer and/or Seller, to reconcile individual
Ad Contract delivery.

 

		i.	Total Delivery of the Campaign Assets (“Total Delivery”) is calculated as the total delivered volume, reported by the
Count of Record, divided by the Contract Asset Volume, resulting in a percentage rounded to nearest integer. Total Delivery is displayed
in the NYIAX Platform reconciliation interface and is updated daily throughout the delivery of the campaign.

 

		ii.	Seven (7) days post campaign end-date, or seven (7) days post the Contract Extension end date if applicable, NYIAX will utilize the
Total Delivery to record a Reconciliation Contract Percentage for the associated Ad Contract.

 

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		iii.	If the Total Delivery exceeds 100%, the Reconciliation Percentage
will be recorded at 100%, and the associated campaign will be considered to have delivered in full. 

 

		c	Reconciled
                                            Billable Calculation. The final billable Ad Contract amount shall be calculated in the following
                                            manner:

 

		i.	The
                                            Ad Contract Value multiplied by the Reconciliation Contract Percentage.

 

		●	Example:
                                            if the Reconciliation Contract Percentage is 92% and the contract amount is $1,000, the amount
                                            due is $920.

 

XI.
AD MATERIALS

 

		a	Submission.
                                            Agency will submit Advertising Materials pursuant to Section III(c) above in accordance with
                                            Contract Terms. Seller’s sole remedies for a breach of this provision are set forth
                                            in the MSA, and Sections XII (c) and (e), below.

 

		b	Late
                                            Creative. Buyer will use commercially reasonable efforts to provide Advertising Materials
                                            to Seller in accordance with the terms of the Ad Contract. If Advertising Materials are not
                                            delivered before the campaign start date for any reason, unless Buyer has notified NYIAX
                                            before the flight date of the Ad Contract for reasons of the delay where the Ad Contract
                                            will be modified to a pro-rata amount due to notification of late delivery, Seller will begin
                                            to charge the Buyer on the Ad Contract start date on a pro rata basis based on the full Ad
                                            Contract, excluding portions consisting of performance-based, non-guaranteed inventory, for
                                            each full day the Advertising Materials are not received.

 

		c	Compliance. Seller reserves the right within its discretion to reject or remove from its Site any Ads for which the Advertising Materials,
software code associated with the Advertising Materials (e.g. pixels, tags, JavaScript), or the website to which the Ad is linked
do not comply with the Contract Terms, or that in Seller’s sole reasonable judgment, do not comply with any applicable law, regulation,
or other or administrative order. In addition, Seller reserves the right within its discretion to reject or remove from its Site any Ads
for which the Advertising Materials or the website to which the Ad is linked are, or may tend to bring, disparagement, ridicule, or scorn
upon Seller or any of its Affiliates (as defined below), provided that if Seller has reviewed and approved such Ads prior to their use
on the Site, Seller will not immediately remove such Ads before making commercially reasonable efforts to acquire mutually acceptable
alternative Advertising Materials from Agency.

 

		d	Do No Harm. Any and all Ads are and shall remain SSL/TSL compliant and otherwise suitable for being served via HTTPS; (i) Ads are
and will be free of any harmful elements including, but not limited to, malware of any kind, viruses, worms, Trojan horses, spyware, “time
bombs,” time-out or deactivation functions, “back doors,” adware, or other harmful or malicious code; (ii) Ads do not
and will not violate or infringe the rights of any third-party, including but not limited to copyright, trademark, patent, trade secret
or other Intellectual Property right; (iii) ads do not and will not contain any material or information that is obscene, defamatory, libelous,
slanderous, or which will violate any person’s right of publicity, privacy or personality or otherwise result in any tort,
injury damage, or harm to persons; and (iv) Ads do not and will not contain code that interferes with the display of Seller’s Sites
or media properties.

 

    	Page | 21	NYIAX, Inc. Confidential MSA V1

    

    

 

		e	Damaged Creative. If Advertising Materials provided by Agency are damaged, not to Seller’s specifications, or otherwise unacceptable,
Seller will use commercially reasonable efforts to notify Agency within two (2) business days of its receipt of such
Advertising Materials.

 

		f	No Modification. Seller will not edit or modify the submitted Ads in any way, including, but not limited to, resizing the Ad, without
Agency’s approval. Seller will use all Ads in strict compliance with these Terms and the Contract Terms.

 

		g	Ad Tags. When applicable, tags provided by Buyer, Third Party, and/or NYIAX will be implemented so that
they are functional in all aspects.

 

		h	No Modification of NYIAX Tag. Any tag provided by NYIAX (“NYIAX Tag”) shall not be modified without prior written
consent from NYIAX, however, Publisher may modify the NYIAX Tag for purposes of inserting certain language pre-approved by NYIAX either
above or below a response served by NYIAX. Requests for language approval should be in writing and sent to NYIAX. Requests will be reviewed
and approved or denied within seven (7) days of receipt, if NYIAX does not respond the proposed language changes shall be automatically
approved. Any modifications to NYIAX Tag shall be owned solely by NYIAX. NYIAX is not responsible for errors or discrepancies caused by
modifications to NYIAX Tags or failure to comply with trafficking instructions. NYIAX Tags shall be deemed part of the NYIAX Intellectual
Property under the MSA.

 

		i	Trademark Usage. Seller, on the one hand, and Buyer, on the
other, will not use the other’s trade name, trademarks, logos, Ads or any of the contents in the Ads, in any public announcement
(including, but not limited to, in any press release) regarding the existence or content of these Terms or an Ad Contract without the
other’s prior written approval.

 

XII.
NON-DISCLOSURE, DATA USAGE AND OWNERSHIP, PRIVACY AND LAWS

 

		a	Additional Definitions. As used herein the following terms
shall have the following definitions:

 

		i.	“User Volunteered Data” is personally identifiable information collected from individual users by Seller during
delivery of an Ad pursuant to the Ad Contract, but only where it is expressly disclosed to such individual users that such collection
is solely on behalf of Buyer. For purposes of this Agreement, “Personally-Identifiable Information” is any information or
data that, when used alone or combined with other data, may be used to identify individuals, and which includes, but is not limited to,
an individual’s name, mailing address, email address, phone number, account information, title, birth date, gender, occupation,
or other information that is unique to or permits identification of that individual.

 

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		ii.	“Ad Contract Details” are details set forth on the Ad Contract but only when expressly associated with the applicable
Discloser, including, but not limited to, Ad pricing information, Ad description, Ad placement information, and Ad targeting information.

 

		iii.	“Performance Data” is data regarding a campaign gathered during delivery of an Ad pursuant to the Ad Contract (e.g.,
number of impressions, interactions, and header information), but excluding Site Data or Ad Contract Details.

 

		iv.	“Site Data” is any data that is (A) preexisting Seller data used by Seller pursuant to the Ad Contract; (B) gathered
pursuant to the Ad Contract during delivery of an Ad that identifies or allows identification of Seller, Seller’s Site, brand, content,
context, or users as such; or (C) entered by users on any Seller Site excluding User Volunteered Data.

 

		v.	“Collected Data” consists of Ad Contract Details, Performance Data, and Site Data.

 

		vi.	“Repurposing” means retargeting a user or appending data to a non-public profile regarding a user for purposes
other than performance of the Ad Contract.

 

		vii.	“Aggregated” means a form in which data gathered under an Ad Contract is combined with data from numerous campaigns
of numerous Advertisers or Buyers and precludes identification, directly or indirectly, of an Advertiser or Buyer.

 

		b	Use of Collected Data.

 

		i.	Unless otherwise authorized by Seller, Advertiser will not: (A) use Collected Data for Repurposing; provided, however, that Performance Data may
be used for Repurposing so long as it is not joined with any Ad Contract Details or Site Data; (B) disclose Ad Contract Details of Seller
or Site Data to any Affiliate or Third Party except as set forth in Section XIII(d)(iii) below.

 

		ii.	Unless otherwise authorized by Buyer, then the Seller will not: (A) use or disclose Ad Contract Details of Buyer, Performance Data,
or a user’s recorded view or click of an Ad, each of the foregoing on a non-Aggregated basis, for Repurposing or any purpose other
than performing under the Ad Contract, compensating data providers in a way that precludes identification of the Buyer, or internal reporting
or internal analysis; or (B) use or disclose any User Volunteered Data in any manner other than in performing under the Ad Contract.

 

		iii.	Buyer, and Seller (each a “Transferring Party”) will require any Third Party or Affiliate used by the Transferring
Party in performance of the Ad Contract on behalf of such Transferring Party to be bound by confidentiality and non-use obligations at
least as restrictive as those on the Transferring Party, unless otherwise set forth in the Ad Contract.

 

		c	User Volunteered Data. All User Volunteered Data is the property of Buyer, is subject to the Buyer’s posted privacy policy,
and is considered Confidential Information of Buyer. Buyer agrees to provide NYIAX with an unlimited worldwide right and license to such
data so long as they are a Participant of the NYIAX Platform and solely for their use.

 

		d	Privacy Policies. Seller will post on their respective Web sites their privacy policies and adhere to their privacy policies, which
will abide by applicable laws. Failure by Seller to continue to post a privacy policy, or non- adherence to such privacy policy, is grounds for immediate cancellation of the Ad Contract by the other party. 

 

    	Page | 23	NYIAX, Inc. Confidential MSA V1

    

    

 

		e	Compliance with Law. Agency, Advertiser, Buyer, and Seller will at all times comply with all federal, state, and local laws, ordinances,
regulations, and codes which are applicable to their performance of their respective obligations under the Ad Contract.

 

		f	Agency Use of Data. Agency will not: (i) use Collected Data unless Advertiser or Buyer is permitted to use such Collected Data, nor
(ii) use Collected Data in ways that Advertiser is not allowed to use such Collected Data. Notwithstanding the foregoing or anything to
the contrary herein, the restrictions on Advertiser in Section XIII (d)(i) shall not prohibit Agency from (A) using Collected Data on
an Aggregated basis for internal media planning purposes only (but not for Repurposing), or (B) disclosing qualitative evaluations of
Aggregated Collected Data to its clients and potential clients, and media companies on behalf of such clients or potential clients, for
the purpose of media planning.

 

		g	Confidentiality. A Participant receiving Confidential Information may only use Confidential Information to exercise its rights and
fulfill its obligations under this Agreement and will take reasonable measures to avoid unauthorized disclosure or misuse of the Confidential
Information, including, but not limited to, taking such security precautions as it takes to protect its own Confidential Information.

 

	XIII.	THIRD PARTY AD SERVING AND TRACKING (Applicable if
Third Party Ad Server is used)

 

		a	Third Party Ad Server Malfunction. Where Buyer is using a
Third-Party Ad Server and that Third- Party Ad Server cannot serve the Ad, Agency will have a one-time right to temporarily suspend delivery
under the Ad Contract for a period of up to 72 hours. Upon notification, through the NYIAX Platform, by the Buyer of a non-functioning
Third Party Ad Server, Seller will have 24 hours to suspend delivery. Following that period, Agency will not be held liable for payment
for any Ad that runs within the immediately following 72-hour period until Seller is notified that the Third-Party Ad Server is able
to serve Ads. After the 72-hour period passes and Agency has not provided notification through the NYAIX Platform that Seller can resume
delivery under the Ad Contract, Advertiser will pay for the Ads that would have run, or are run, after the 72-hour period but for the
suspension and can elect Seller to serve Ads until the Third-Party Ad Server is able to serve Ads. If Agency does not so elect for Seller
to serve the Ads until Third Party Ad Server is able to serve Ads, Seller may use the inventory that would have been otherwise used for
Seller’s own advertisements or advertisements provided by a Third-party.

 

		b	Third Party Ad Server Fixed. Upon notification that the Third-Party
Ad Server is functioning, Seller will have 24 hours to resume delivery. Any delay in the resumption of delivery beyond this period, may
affect Total Delivery.

 

	XIV.	CHANGES TO THE NYIAX RULES OF EXCHANGE

 

		a	NYIAX from time to time may make material changes to the NYIAX Rules of Exchange and send the contemplated update to all participates
to opt out of the Service, if the changes to the Rules of Exchange are not acceptable. NYIAX shall send the proposed changes to the Rules
of Exchange to Participant’s (Buyers and Seller) Administrator and Participants will
have seven (7) business days to either agree to the changes or Terminate the agreement. Failure to disclose or notify NYIAX for an extension
of time to accept or reject will result in determination of acceptance.

 

		b	Non-material changes do not require notice or an extension to comply. Additional information similar to definitions for clarity to
all Participants and other changes which do not materially affect the use of the NYIAX system and are considered non-material changes.

 

	XV.	NOTIFICATIONS

 

		a	Any Participant may always address question to the NYIAX
Client Solutions team at info@nyiax.com.

 

    	Page | 24	NYIAX, Inc. Confidential MSA V1Exhibit 10.6

 

AMENDED AND RESTATED SHAREHOLDERS’ AGREEMENT

 

THIS AMENDED AND RESTATED
SHAREHOLDERS’ AGREEMENT (the “Agreement”) is made as of August,
24 2016 by and among (i) the Founding Shareholders (as defined on Schedule I), (ii) the Initial Shareholders (as
defined on Schedule I), (iii) those persons listed on Exhibit A and such other persons who in the future become parties
pursuant to the terms hereof (collectively, the “Shareholders”; individually, a “Shareholder”)
and (iv) NYIAX, Inc., a Delaware corporation (the “Company”), with reference to the following facts:

 

RECITALS

 

A. Prior
to the date hereof, the Founding Shareholders and the Initial Shareholders have each purchased shares of common stock of the Company (“Common
Stock”) subject to the terms and conditions of certain restricted stock purchase agreements entered into by each of the
Founding Shareholders and the Company and each of the Initial Shareholders and the Company (the “Restricted Stock Purchase
Agreements”).

 

B. The
Restricted Stock Purchase Agreements remain in full force and effect and shall, except as otherwise specifically set forth in this Agreement,
govern the terms and conditions of the shares of Common Stock held by each of the Founding Shareholders and each of the Initial Shareholders.

 

C. To
the extent there is a conflict between the terms and conditions of the Restricted Stock Agreement and this Agreement, the terms and conditions
of the Restricted Stock Agreements shall govern with respect to the rights and obligations of the Founding Shareholders and the Initial
Shareholders.

 

D. In
connection with the seed financing of the Company (the “Seed Financing”), the Company and the Shareholders purchasing
Common Stock as part of the Seed Financing are entering into a Subscription Agreement (the “Subscription Agreement”)
pursuant to which the Company shall sell to those Shareholders and those Shareholders shall purchase from the Company shares of Common
Stock subject to entering into this Agreement.

 

E. The
Founding Shareholders, the Initial Shareholders, other Shareholders and the Company desire for their mutual benefit and protection to
enter into this Agreement governing the ownership, voting and transfer of shares of Common Stock (the “Shares”)
held by any Shareholder and, where noted, the Founding Shareholders and the Initial Shareholders.

 

F. Capitalized terms not
defined in the text shall have the meanings given to them in  Schedule I.

 

NOW, THEREFORE, in consideration
of the mutual promises contained herein, all the Shareholders and the Company hereby agree as follows:

 

 1. General Restrictions on Transfer.

 

1.1. Conditions to Transfer
for the Founding Shareholders and the Initial Shareholders. The Founding Shareholders and the Initial Shareholders are subject
to Section 7 of their respective Restricted Stock Agreements related to the terms and conditions for transferring their Shares.

 

1.2. Conditions to
Transfer for the Shareholders. No Shareholder may Transfer all or any part of its Shares (including to any Permitted Transferee)
unless all of the following conditions have been met: (a) the Company shall have received written notice of the proposed Transfer (the
“Transfer Notice”), setting forth the circumstances and details thereof; (b) the Company shall (at its
option) have received an attorney’s written opinion, in a form reasonably satisfactory to the Company, specifying the nature and
circumstances of the proposed Transfer, and based on such facts stating that the proposed Transfer will not be in violation of any of
the registration provisions of the Securities Act of 1933, as amended (the “Securities Act”), or any applicable
state securities laws; (c) the Company shall have received from the Transferee (and any Transferee’s spouse if such spouse will
receive a community property interest in the Shares) a written consent to be bound by all of the terms and conditions of this Agreement
in the form of Exhibit B hereto; (d) the Transfer will not result in the loss of any license or regulatory approval or exemption
which has been obtained by the Company and is materially useful in the conduct of its business as then being conducted; (e) the Board
has consented to the Transfer, which consent may be given or withheld in its sole discretion; and (f) the Transfer is made in compliance
with the provisions of this Article 1. Notwithstanding the foregoing, no party hereto shall avoid the provisions of this Agreement by
making one or more Transfers to one or more Permitted Transferees and then disposing of all or any portion of such party’s interest
in any such Permitted Transferee.

 

    1

     

    

 

1.3. Effect of Transfers.
Any Shares Transferred by any Shareholder in accordance with this Article 1 shall continue to be subject to this Agreement and any further
Transfers shall be required to comply with all terms and provisions of this Agreement. The admission of a substitute Shareholder shall
not result in the release of the Shareholder who Transferred the Shares from any liability that such Shareholder may have to the Company.

 

1.4. Invalid Sales.
Any purported Transfer of Shares made without fully complying with the provisions of this Agreement shall be null and void. The Company
agrees not to record any Transfer of Shares on its books and records if it believes such Transfer is not being made in accordance with
this Agreement and/or without the consent of the Board.

 

1.5. Lock-Up Period.
Each Shareholder hereby agrees that he, she or it shall not sell, offer, pledge, contract to sell, grant any option or contract to purchase,
purchase any option or contract to sell, grant any right or warrant to purchase, lend or otherwise transfer or encumber, directly or indirectly,
any Shares or other securities of the Company, nor shall the Shareholder 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 Shares or other securities of the Company, during
the period from the filing of the first registration statement of the Company filed under the Securities Act, that includes securities
to be sold on behalf of the Company to the public in an underwritten public offering under the Securities Act through the end of the 180-day
period following the effective date of such registration statement (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 NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4) or any successor
provisions or amendments thereto). The obligations described in this Section 1.5 shall not apply to a registration relating solely
to employee benefit plans on Form S-l or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely
to a transaction on Form S-4 or similar forms that may be promulgated in the future. Each Shareholder further agrees, if so requested
by the Company or any representative of its underwriters, to enter into such underwriter’s standard form of “lockup”
or “market standoff” agreement in a form satisfactory to the Company and such underwriter. The Company may impose stop-transfer
instructions with respect to securities subject to the foregoing restrictions until the end of any such restriction period.

 

 2. Right of First Refusal.

 

2.1. Purchase Option. The
Founding Shareholders and the Initial Shareholders are subject to Section 7 of their respective Restricted Stock Agreements
related to the terms and conditions for the rights of first refusal set forth therein. No Shareholder shall voluntarily Transfer any
Shares (other than to a Permitted Transferee) except pursuant to a bona fide arm’s length offer and unless he or she or
it shall have first given Transfer Notice to the Board of the Shareholder’s intent to do so and such Transfer is thereafter
completed in accordance with this Article 2. The Transfer Notice shall include the name and address of the proposed
Transferee, the number of Shares proposed to be sold (the “Offered Shares”), the cash price or other
consideration for the proposed sale and the timing of the payments to be made. Within thirty days following receipt of the Transfer
Notice, the Company may, by written notice (“Exercise Notice”) to the Transferring Shareholder, elect to
purchase the Offered Shares on the terms outlined in the Transfer Notice. If such rights of first refusal expire without exercise or
the right of first refusal is exercised only as to a portion of the Offered Shares, the Transferring Shareholder may Transfer the
unpurchased portion of the Offered Shares within 30 days (the “Sale Period”) to the named Transferee, at
the price and on the terms specified in the Transfer Notice. No Transfer of the Offered Shares shall be made after the expiration of
the Sale Period nor shall any change in the terms of Transfer be made, without a new notice and compliance with the provisions of
this Section 2.1.

 

2.2. Consideration Other
than Cash. For purposes hereof, in the event any consideration offered for the Offered Shares consists of rights, interests or
property other than money, the price allocable to such rights, interests or property shall be cash equal to the fair market value of the
rights, interests or property on the date the Board receives the Transfer Notice, as agreed upon within fifteen days after receipt thereof
by the Board and the Transferring Shareholder or, if such parties are unable to agree, as determined within fifteen days thereafter by
such nationally recognized investment banking firm as is mutually agreeable to both parties. In the event that the parties are unable
to agree upon an investment banking firm for these purposes, each party shall name (and bear the costs and expenses) of its own investment
banking firm, which firms, if they are unable to agree upon the fair value, shall select a third investment banking firm to determine
the value pursuant to this Section 2.2, all in such manner as to insure that the final determination of fair value is made within
30 days after the Board’s receipt of the Transfer Notice. All costs and expenses of the third investment banking firm shall be borne
equally by the Transferring Shareholder and the Company, and the time periods for the delivery of any Exercise Notices shall be extended
(if required) for the period during which this fair value determination is being made. The fair value of such consideration in monetary
terms, as so determined, shall be included in the purchase price payable by the Company hereunder, but the Company need not transfer to
the Transferring Shareholder the actual rights, interests or property offered in the offer, nor afford the Transferring Shareholder the
same tax treatment which would have been available to him under the offer, in order to exercise the rights of first refusal granted pursuant
to this Article 2.

 

    2

     

    

 

2.3. Closing of Purchase
Option. The closing of any purchase of the Offered Shares pursuant to the Purchase Option shall take place at the principal offices
of the Company on the fifth business day following the delivery of the last Exercise Notice or, in the discretion of the Company, at such
later date as specified in the Transfer Notice and as consented to by the Transferring Shareholder (which consent shall not be unreasonably
withheld). At the closing, the Transferring Shareholder shall deliver to the Company certificates representing the Offered Shares, duly
endorsed for transfer or accompanied by duly executed stock powers with the signature of the Transferring Shareholder guaranteed by a
commercial bank, trust company or registered broker dealer, and the Company shall deliver to the Transferring Shareholder the purchase
price to be paid as herein provided. The transfer of title to the Offered Shares at the closing shall be made without representation or
warranty by the Transferring Shareholder, except as to his, her or its good and marketable title to the Offered Shares and the absence
of any liens, security interests or adverse claims of any kind arising by, through or under him, her or it.

 

3. Tag-Along
Sales. Other than as permitted by this Agreement, no Shareholder (or his or her or its successors or transferees) shall Transfer
any Shares (other than to a Permitted Transferee) unless each Founding Shareholder, each Initial Shareholder and each other Shareholder
is offered a 15-day opportunity to sell a pro rata share (based on Percentage Interests) of his or her or its Shares to the Transferee
on the same terms and conditions and at the same time. Such opportunity shall be provided by delivery of a written notice (the “Tag
Along Notice”) to each Founding Shareholder, each Initial Shareholder and each other Shareholder setting forth the identity
of the proposed Transferee, the number of Offered Shares, the proposed consideration therefor and the expected timing of the transaction.
Such notice shall not bind the Transferring Shareholder to complete any transaction or be responsible for any breach by the Transferee.
Within 15 days following the receipt of the Tag Along Notice, any Founding Shareholder, any Initial Shareholder and/or any Shareholder
may deliver a written response committing to sell his or her or its Percentage Interest of the Offered Shares. Such response shall be
a binding commitment to execute the sale documents with the Transferee and sell his or her or its Percentage Interest of the Offered Shares
provided the Transfer is completed within 60 days. No Transfer may be made after the expiration of said 60-day period, nor shall any change
in the terms of Transfer more favorable to the Transferring Shareholder be made, without a new notice to the Founding Shareholders, the
Initial Shareholders and the other Shareholders and compliance with the provisions of this Section 3.

 

4. Drag
Along Sales. In the event of a Drag-Along Sale, each Founding Shareholder, each Initial Shareholder and each Shareholder will
(i) if requested, consent to the Drag-Along Sale, (ii) waive and agree not to pursue any dissenter’s rights or any similar rights
in connection with or related to such Drag-Along Sale, and (iii) if the Drag-Along Sale is structured as a sale of securities, agree to
sell his, her or its Shares (or the applicable portion thereof) on the terms and conditions of such Drag-Along Sale.

 

 5. Repurchase of Shares

 

5.1. Restricted Stock
Purchase Agreements. The Shares held by the Founding Shareholders and the Initial Shareholders are subject to repurchase in accordance
with the terms and conditions of their respective Restrictive Stock Purchase Agreements.

 

5.2. Upon Death.
In the event of a Shareholder’s death, his or her Shares shall be subject to repurchase by the Company, at its option, for the fair
market value thereof. The exercise of such option, the determination of fair market value and the closing of the sale shall follow the
procedures set forth in Sections 5.4 and 5.5.

 

5.3. Bankruptcy.
In the event of the institution of any proceedings under any federal or state law for the relief of debtors, including the filing by or
against such Shareholder of a voluntary or involuntary petition under the federal bankruptcy law, which such proceedings, if involuntary,
are not dismissed within sixty (60) days after the filing thereof or an adjudication of such Shareholder as insolvent or bankrupt or an
assignment of the property of such Shareholder for the benefit of creditors, his or her or its Shares shall be subject to repurchase by
the Company, at its option, for the fair market value thereof. The exercise of such option, the determination of fair market value and
the closing of the sale shall follow the procedures set forth in Sections 5.5 and 5.5.

 

5.4. Repurchase
Procedures. The Company shall exercise the repurchase rights granted in Sections 5.2 and 5.3 by delivering notice
(“Repurchase Notice”) to the Shareholder’s address within 90 days of Shareholder’s death or
within 30 days of actual notice of the events described in Section 5.3. Such notice shall include the Company’s
determination of the fair market value of the Transferring Shareholder’s Shares to be repurchased. If the Transferring
Shareholder or the Shareholder’s heirs, as the case may be, do not agree with the Company’s determination as to the fair
market value of the Shares within 30 calendar days following the delivery of the Repurchase Notice, they shall within the next 30
calendar days jointly appoint one nationally recognized investment banking firm to determine the fair market value of the Shares,
and such nationally recognized investment banking firm shall conduct and complete an appraisal of the fair market value of the
Shares within 30 calendar days after appointment. If the Company and the Transferring Shareholder or the Shareholder’s heirs,
as the case may be, are unable to agree upon the identity of the nationally recognized investment banking firm to be so jointly
appointed, the Company shall promptly choose one nationally recognized investment banking firm by notice to the Transferring
Shareholder or the Shareholder’s heirs, as the case may be, and the Transferring Shareholder or the Shareholder’s heirs,
as the case may be, shall promptly choose one nationally recognized investment banking firm by notice to the Company. The two
nationally recognized investment banking firms so selected shall then promptly appoint a third nationally recognized investment
banking firm, which shall determine the fair market value of the Shares within 30 calendar days after the selection. The
determination of the fair market value of the Shares as described herein shall be conclusive for all purposes and upon all parties.
If either the Company or the Transferring Shareholder or the Shareholder’s heirs, as the case may be, shall fail to appoint a
nationally recognized investment banking firm within 30 calendar days after the lapse of the initial 30 calendar day period referred
to above, then, the nationally recognized investment banking firm appointed by the party which does appoint a nationally recognized
investment banking firm shall alone determine the fair market value of the Shares, and such appraisal shall be binding.

 

    3

     

    

 

5.5. Closing of Sale.
The Company shall have the right and option for a period ending 30 business days following the determination of the purchase price of
the Shares pursuant to Section 5.4, to purchase the Shares available for purchase for cash at the price provided in Section
5.4. Unless the parties involved mutually agree otherwise, delivery to the Company and/or the Transferring Shareholders or the Shareholder’s
heirs, as the case may be, of the share certificates representing the Shares to be sold pursuant to this Article 5 and payment of the
purchase price therefor shall take place at a closing to be held at the principal office of the Company at 10:00 a.m. within such 30 business
day period. The transfer of title to the Shares to be sold at the closing shall be made without representation or warranty by the Transferring
Shareholder or the Shareholder’s heirs, as the case may be, except as to his or her or its good and marketable title to the Shares
and the absence of any liens, security interests or adverse claims of any kind arising by, through or under such Transferring Shareholder
or the Shareholder’s heirs, as the case may be. The share certificates representing the Shares to be sold shall be duly endorsed
for transfer or accompanied by duly endorsed stock transfer powers, with the signature of the Transferring Shareholder or the Shareholder’s
heirs, as the case may be, guaranteed by a commercial bank, trust company or registered broker dealer.

 

 6. Protective Provisions.

 

6.1 Board Make-up and
Matters Requiring Founder Director Approval. The Board of the Company shall be initially comprised of not more than five (5) directors.
The Founding Shareholders shall be entitled to appoint not less than one (1) of the Founding Shareholders to serve as the “Founder
Director” to the Board (the “Founder Director”) for so long as the Founding Shareholders collectively
own not less than 40% of the voting stock of the Company. The initial members of the Board shall be comprised of: Carolina Abenante, Robert
Ainbinder and Tom O’Neill. Carolina Abenante has been appointed as the Founder Director by the Founding Shareholders until such
time as she is replaced, removed or resigns.

 

7. Transactions with the
Company. A director, officer or any Affiliate thereof may lend money to, borrow money from, receive compensation from,
transact business with or be an owner or receive any compensation from any person transacting any business with the Company as
approved by the Board. Subject to other applicable law, any director, officer or Affiliate thereof receiving such approval has the
same rights and obligations with respect thereto to such transaction as a Person who is not a director, officer or Affiliate
thereof.

 

8. Confidentiality.
Each Founding Shareholder, each Initial Shareholder and each Shareholder occupies a position of trust and confidence with respect to the
Company’s affairs and business. Each has had and will have access to Confidential Information, which he, she or it acknowledges
is proprietary to the Company and highly sensitive in nature. While a shareholder and for five years after ceasing to be a shareholder,
each Founding Shareholder, each Initial Shareholder and each Shareholder agrees (a) to hold all Confidential Information in strict confidence
and trust for the sole benefit of the Company and not, directly or indirectly, to disclose, use, copy, publish, summarize, or remove from
Company’s premises any Confidential Information (or remove from the premises any other property of the Company), except to the extent
necessary in good faith to carry out his or her responsibilities as an employee or director of the Company; and (b) not to sell, license
or otherwise exploit any products or services which embody in whole or in part any Confidential Information. At the end of any Founding
Shareholder’s, any Initial Shareholder’s or any Shareholder’s employment by the Company or when he, she or it ceases
to be a shareholder, or at the request of the Company, he, she or it shall deliver to the Company all tangible materials in any way embodying
the Confidential Information, including any documentation, records, listings, notes, data, sketches, drawings, memoranda, models, videos,
accounts, reference materials, samples and machine-readable media and equipment.

 

 9. Other Understandings.

 

9.1. Piggy-Back Registration
Rights. If the Company proposes to register any of its Common Stock (other than pursuant to a Registration on Form S-4 or S-8
or any successor form), it will give prompt written notice to the Shareholders of its intention to effect such registration (the “Incidental
Registration”). Within ten (10) business days of receiving such written notice of an Incidental Registration, the Shareholders
may make a written request (the “Piggy-Back Request”) that the Company include in the proposed Incidental Registration
all, or a portion, of the Shares owned by the Shareholder. The Company will use its commercially reasonable efforts to include in any
Incidental Registration all Shares which the Company has been requested to register pursuant to any timely Piggy-Back Request. Notwithstanding
the foregoing, (i) the Company shall not be obligated pursuant to this Section 9.1 to effect a registration pursuant to a timely
Piggy-Back Request if the Company discontinues the related Incidental Registration at any time prior to the effective date of any Registration
Statement filed in connection therewith; (ii) if a registration pursuant to this Section 9.1 involves an underwritten offering,
and the managing underwriter (or, in the case of an offering that is not underwritten, an investment banker) shall advise the Company
that, in its opinion, the number of securities requested and otherwise proposed to be included in such registration exceeds the number
which can be sold in such offering without adversely affecting the marketability of the offering, the Company will include in such registration
to the extent of the number which the Company is so advised can be sold in such offering, first, the securities the Company proposes
to sell for its own account in such registration and second, the Shares of the Shareholder requesting to be included in such registration
and all other securities requested to be included in such registration on a pro rata basis; (iii) if the Company is engaged in,
or has definitive plans to engage in, any activity or negotiations that, in the good faith determination of the Board of Directors of
the Company, would be adversely affected by disclosure that would be required in connection with a registration to the material detriment
of the Company, then the Company may delay such registration for a period of 80 days from the date of the conclusion of such activity
or negotiations; and (iv) the Company shall not be obligated pursuant to this Section 9.1 to effect a registration pursuant to
a timely Piggy-Back Request of any Shares that are eligible for resale pursuant to Rule 144 promulgated under the Securities Act or that
are the subject of a then effective registration statement.

 

    4

     

    

 

9.2. Anti-Dilution Protection.
In the event that the Company effects a Qualified Financing (As defined below) at a pre-money valuation (on a primary basis without taking
into account the exercise of any options or warrants) that is lower than the post-money valuation of the Company after completion of the
Seed Financing (on a primary basis without taking into account the exercise of any options or warrants), each Shareholder shall receive
additional fully-paid and non-assessable shares of the Company’s Common Stock from the Company (the “Additional Investor
Shares”) so that upon receipt of such Additional Investor Shares, the average cost to each Shareholder of its, his or her
Shares of the Company’s Common Stock shall be reduced to the same pre-money valuation as that being sold to investors in the Qualified
Financing. The number of Additional Investor Shares to be issued to the Shareholders herein in a Qualified Financing shall be equal to
(x) the quotient obtained by dividing (i) the post-money valuation of the Company after completion of the Seed Financing, by (ii) pre-money
valuation of the Company for the Qualified Financing, multiplied by (y) the number of Shares owned by each Shareholder in the Seed Financing.
A “Qualified Financing” shall mean the next offering of equity or equity linked securities by the Company after
the Seed Financing in an amount of at least $1,000,000.

 

9.3. Right
to Participate in Subsequent Offerings.

 

(A) Subsequent
Offerings; Right of First Refusal. Subject to applicable securities laws, each Shareholder shall have a right of first refusal
to purchase it, his or her pro rata share of the Equity Securities ( as defined below), that the Company may, from time to time,
propose to sell and issue after the date of this Agreement, other than the Equity Securities excluded by Section 9.3(D) hereof
(the “Allocated Securities”). The Shareholder’s pro rata share is equal to the ratio of (a) the
number of Shares the Shareholder is deemed to be a holder of immediately prior to the issuance of such Equity Securities to (b) the total
number of shares of outstanding Common Stock (including all shares of Common Stock issued or issuable upon the exercise of any outstanding
warrants, options or other convertible securities) immediately prior to the issuance of the Equity Securities of which the Shareholder
is deemed to be a holder immediately prior to the issuance of such Equity Securities. The term “Equity Securities”
shall mean (i) any Common Stock, preferred stock or other equity security of the Company, (ii) any security convertible into or exercisable
or exchangeable for, with or without consideration, any Common Stock, preferred stock or other equity security (including any option to
purchase such a convertible security), (iii) any security carrying any warrant or right to subscribe to or purchase any Common Stock,
preferred stock or other equity security or (iv) any such warrant or right.

 

(B) Exercise
of Rights. If the Company proposes to issue any Equity Securities, it shall give the Shareholders written notice of its intention,
describing the Equity Securities, the price and the terms and conditions upon which the Company proposes to issue the same. The Shareholders
shall have fifteen (15) days from the giving of such notice to agree to purchase its, his or her pro rata share of the Allocated
Securities for the price and upon the terms and conditions specified in the notice by giving written notice to the Company and stating
therein the quantity of Allocated Securities to be purchased. Notwithstanding the foregoing, the Company shall not be required to offer
or sell such Allocated Securities to the Shareholders if it would cause the Company to be in violation of applicable federal securities
laws by virtue of such offer or sale.

 

(C) Termination and Waiver
of Rights of First Refusal. The rights of first refusal of the Shareholders established by this Section 9.3 shall not
apply to, and shall terminate upon the earlier of (i) the effective date of the registration statement pertaining to the
Company’s IPO or (ii) a Change of Control (as defined below) or (iii) the failure to exercise the Shareholder’s rights
in accordance with this Section 9.3 upon any issuance of Equity Securities. As used in this Agreement, “Change of
Control” means (1) a sale of all or substantially all of the Company’s assets other than to an Excluded Entity
(as defined below), (2) a merger, consolidation or other capital reorganization or business combination transaction of the Company
with or into another corporation, limited liability company or other entity other than an Excluded Entity, or (3) the consummation
of a transaction, or series of related transactions, in which any “person” (as such term is used in Sections 13(d) and
14(d) of the Securities Act) becomes the “beneficial owner” (as defined in Rule 13d-3 of the Securities Act), directly
or indirectly, of all of the Company’s then outstanding voting securities. Notwithstanding the foregoing, a transaction shall
not constitute a Change of Control if its purpose is to (A) change the jurisdiction of the Company’s incorporation, (B) create
a holding company that will be owned in substantially the same proportions by the persons who hold the Company’s securities
immediately before such transaction, or (C) obtain funding for the Company in a financing that is approved by the Company’s
board of directors. An “Excluded Entity” means a corporation, limited liability company or other entity of
which the holders of voting capital stock of the Company outstanding immediately prior to such transaction are the direct or
indirect holders of voting securities representing at least a majority of the votes entitled to be cast by all of such
corporation’s, limited liability company’s or other entity’s voting securities outstanding immediately after such
transaction.

 

    5

     

    

 

(D) Excluded
Securities. The rights of first refusal established by this Section 9.3 shall have no application to any of the following
Equity Securities:

 

(i) shares
of Common Stock and/or options, warrants or other Common Stock purchase rights and the Common Stock issued pursuant to such options, warrants
or other rights issued or to be issued after the date hereof to employees, officers or directors of, or consultants or advisors to the
Company or any subsidiary, pursuant to stock purchase or stock option plans or other arrangements that are approved by the board of directors;

 

(ii) stock
issued or issuable pursuant to any rights or agreements, options, warrants or convertible securities outstanding as of the date of this
Agreement; and stock issued pursuant to any such rights or agreements granted after the date of this Agreement, so long as the rights
of first refusal established by this Section 9.3(D) were complied with, waived, or were inapplicable pursuant to any provision
of this Section 9.3(D) with respect to the initial sale or grant by the Company of such rights or agreements;

 

(iii) any
Equity Securities issued for consideration other than cash pursuant to a merger, consolidation, acquisition, strategic alliance or similar
business combination approved by the board of directors;

 

(iv) any
Equity Securities issued in connection with any stock split, stock dividend or recapitalization by the Company;

 

(v) any
Equity Securities issued pursuant to such options, warrants, or other rights issued pursuant to any equipment loan or leasing arrangement,
real property leasing arrangement, or debt financing from a bank or similar financial or lending institution that are approved by the
Board;

 

(vi) any
Equity Securities that are issued by the Company pursuant to a registration statement relating to an IPO; and

 

(vii) any
Common Stock issued in connection with strategic transactions involving the Company and other entities, including (i) joint ventures,
manufacturing, marketing or distribution arrangements or (ii) technology transfer or development arrangements; provided that such
transaction is not primarily for equity financing purposes that are approved by the Board.

 

9.4. Legend.
In addition to any other legend which may be required by applicable law, each share certificate of the Company issued to the Shareholders
shall have endorsed upon its face the following or substantially similar words:

 

“THE SHARES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS. SUCH SHARES HAVE BEEN
ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH SHARES UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

SALE, TRANSFER OR HYPOTHECATION OF
THE SHARES REPRESENTED BY THIS CERTIFICATE IS RESTRICTED BY THE PROVISIONS OF AN AGREEMENT BETWEEN THE CORPORATION AND ITS SHAREHOLDERS,
DATED ______,____ 2016, A COPY OF WHICH MAY BE INSPECTED AT THE PRINCIPAL OFFICE OF THE CORPORATION, AND ALL OF THE PROVISIONS OF WHICH
ARE INCORPORATED HEREIN. THAT AGREEMENT ALSO REQUIRES THE HOLDER TO SELL THESE SHARES UNDER CERTAIN CONDITIONS.”

 

9.5. Community Property.
Without prejudice to the actual rights of the spouses as between each other, for all purposes of this Agreement, the Shareholders shall
be treated by the Company as agent and attorney-in-fact for any interest held or claimed by his or her spouse to Shares and the parties
hereof shall act in all matters as if the Shareholder was the sole owner of such Shares. This appointment is coupled with an interest
and is irrevocable.

 

9.6. Understanding with
Respect to New Shareholders. The parties hereto understand that Shares may be acquired by persons not presently parties to this
Agreement from either the Company or from Shareholders and agree that provided such persons agree in writing to receive and hold such
stock subject to all the provisions of this Agreement, such persons shall be deemed to be Shareholders for all purposes under this Agreement.
Upon any issuance of new Shares, the secretary of the Company may replace Exhibit A with an updated version. The Company agrees
that it will not issue any Stock, any options or rights to purchase Stock, any securities convertible into Stock, or any equity-linked
or performance-based security, unless the shares are issued subject to the terms of this Agreement.

 

    6

     

    

 

9.7. Additional Documents.
Each party hereto agrees to execute any and all further documents and writings and to perform such other actions which may be or become
necessary or expedient to effectuate and carry out this Agreement.

 

9.8. Non-Compete.
No Founding Shareholder, Initial Shareholder or Shareholder nor any of his, her or its Permitted Transferees shall directly or indirectly
through one or more of any of their respective Affiliates own, manage, operate, control or participate in the ownership, management, operation
or control of any Competitor, provided, that nothing in this Section 9.5 shall prohibit such Founding Shareholder, Initial Shareholder
or Shareholder or any of his, her or its Permitted Transferees or any of their respective Affiliates from acquiring or owning, directly
or indirectly:

 

		(a)	up to 5% of the aggregate voting securities of any Competitor
that is a publicly traded Person; or

 

		(b)	up to 5% of the aggregate voting securities of any Competitor
that is not a publicly traded Person; provided, that neither such Founding Shareholder, Initial Shareholder or Shareholder nor any of
his, her or its Permitted Transferees, directly or indirectly through one or more of their respective Affiliates, designates a member
of the board of directors (or similar body) of such Competitor or its Affiliates
or is granted any other governance rights with respect to such
Competitor or its Affiliates (other than customary governance rights granted in connection with the ownership of equity or debt securities).

 

10. Termination
of Agreement. This Agreement shall terminate upon the earlier to occur of the following: (a) written agreement of sixty percent
(60%) of the Shares or (b) upon the effectiveness of a public offering on behalf of the Company, as defined in the Securities Act, or
the Company’s becoming subject to the reporting requirements of Section 12 of the Securities Act. As to any individual Founding Shareholder,
Initial Shareholder or Shareholder, this Agreement shall terminate at such time as he or she or it has Transferred all Shares in accordance
with the terms of this Agreement.

 

 11. Miscellaneous.

 

11.1. Entire Understanding.
This Agreement, the schedules and definitions attached hereto, and the other agreements referred to herein or executed contemporaneously
herewith set forth the entire agreement and understanding of the parties hereto in respect to the subject matter hereof, and supersede
all prior and contemporaneous agreements, arrangements and understandings and is not intended to confer upon any other Person any rights
or remedies hereunder. There have been no representations or statements, oral or written, that have been relied on by any party hereto,
except those expressly set forth in this Agreement.

 

11.2. Modifications.
This Agreement may not be amended, altered or modified except by a writing signed by the Company, the Founding Shareholders that hold
at least 50% of the Shares held by all of the Founding Shareholders at such time and the Shareholders holding at least 50% of the Shares
held by the Shareholders.

 

11.3. Remedies Not Exclusive.
No remedy conferred by any of the specific provisions of this Agreement is intended to be exclusive of any other remedy, and each and
every remedy will be cumulative and will be in addition to every other remedy given hereunder or now or hereafter existing at law or in
equity or by statute or otherwise. The election of any one or more remedies will not constitute a waiver of the right to pursue other
available remedies.

 

11.4. Notices.
All notices under this Agreement will be in writing and will be delivered by personal service or telegram, telecopy or certified mail
(if such service is not available, then by first class mail), postage prepaid, to such address as may be designated from time to time
by the relevant party, and which will initially be as set forth below. Any notice sent by certified mail will be deemed to have been given
three (3) days after the date on which it is mailed. Any notice sent by telecopy will be deemed to have been given on that date if it
is received between the hours of 8:00 a.m. to 6:00 p.m. on a business day; otherwise it will be deemed to be given on the following business
day. All other notices will be deemed given when received. No objection may be made to the manner of delivery of any notice actually received
in writing by an authorized agent of a party. Notices will be addressed to the address set forth on Exhibit A or to such other
address as the party to whom the same is directed will have specified in conformity with the foregoing.

 

11.5. Parties.
Except as otherwise expressly provided herein, (i) none of the provisions of this Agreement will be for the benefit of, or enforceable
by, any third party beneficiary; and (ii) this Agreement will be binding upon and inure to the benefit of the parties, their respective
successors and permitted assigns, except that the rights of the Company may be assigned to any successor to the Company’s business.

 

    7

     

    

 

11.6. Disputes.

 

11.6.1. Governing Law;
Jurisdiction. All questions with respect to the Agreement and the rights and liabilities of the parties will be governed by the
laws of the state of New York. Any and all disputes between the parties which may arise pursuant to this Agreement not covered by arbitration
will be heard and determined before an appropriate federal or state court located in New York, New York. The parties hereto acknowledge
that such court has the jurisdiction to interpret and enforce the provisions of this Agreement and the parties waive any and all objections
that they may have as to personal jurisdiction or venue in any of the above courts.

 

11.6.2. Arbitration as
Exclusive Remedy. IN CONSIDERATION OF THE PROMISES IN THIS AGREEMENT, THE PARTIES HERETO AGREES THAT ANY AND ALL CONTROVERSIES,
CLAIMS, OR DISPUTES WITH ANYONE (INCLUDING THE COMPANY AND ANY EMPLOYEE, OFFICER DIRECTOR, FOUNDING SHAREHOLDER, INITIAL SHAREHOLDER OR
SHAREHOLDER OF THE COMPANY IN THEIR CAPACITY AS SUCH OR OTHERWISE) ARISING OUT OF, RELATING TO, OR RESULTING FROM THIS AGREEMENT, SHALL
BE SUBJECT TO BINDING ARBITRATION UNDER THE ARBITRATION RULES OF THE AMERICAN ARBITRATION ASSOCIATION (“AAA”)
(THE “RULES”) AND PURSUANT TO NEW YORK LAW. DISPUTES WHICH THE PARTIES HERETO AGREE TO ARBITRATE, AND THEREBY
AGREE TO WAIVE ANY RIGHT TO A TRIAL BY JURY, INCLUDE ANY STATUTORY CLAIMS UNDER STATE OR FEDERAL LAW, INCLUDING, BUT NOT LIMITED TO, CLAIMS
UNDER TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE AGE DISCRIMINATION IN EMPLOYMENT ACT
OF 1967, THE OLDER WORKERS BENEFIT PROTECTION ACT, THE WORKER ADJUSTMENT AND RETRAINING NOTIFICATION ACT, CLAIMS OF HARASSMENT, DISCRIMINATION
OR WRONGFUL TERMINATION AND ANY STATUTORY CLAIMS. THE PARTIES HERETO FURTHER UNDERSTANDS THAT THIS AGREEMENT TO ARBITRATE ALSO APPLIES
TO ANY DISPUTES THAT THE COMPANY MAY HAVE WITH THE FOUNDING SHAREHOLDERS, THE INITIAL SHAREHOLDERS OR THE SHAREHOLDERS.

 

11.6.3. Procedure.
THE PARTIES HERETO AGREE THAT ANY ARBITRATION WILL BE ADMINISTERED BY THE AAA AND THAT THE NEUTRAL ARBITRATOR WILL BE SELECTED IN A MANNER
CONSISTENT WITH ITS NATIONAL RULES FOR THE RESOLUTION OF EMPLOYMENT DISPUTES. THE PARTIES HERETO AGREE THAT THE ARBITRATOR SHALL HAVE
THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION AND
MOTIONS TO DISMISS AND DEMURRERS, PRIOR TO ANY ARBITRATION HEARING. THE PARTIES HERETO ALSO AGREE THAT THE ARBITRATOR SHALL HAVE THE POWER
TO AWARD ANY REMEDIES, INCLUDING ATTORNEYS’ FEES AND COSTS AVAILABLE UNDER APPLICABLE LAW. THE PARTIES HERETO AGREE THAT THE ARBITRATOR
SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN A MANNER CONSISTENT WITH THE RULES. THE PARTIES HERETO AGREES THAT THE DECISION OF THE
ARBITRATOR SHALL BE IN WRITING.

 

11.6.4. Remedy.
EXCEPT AS PROVIDED BY THIS AGREEMENT, ARBITRATION SHALL BE THE SOLE, EXCLUSIVE AND FINAL REMEDY FOR ANY DISPUTE BETWEEN THE PARTIES AND
THE COMPANY. ACCORDINGLY, EXCEPT AS PROVIDED FOR BY THIS AGREEMENT, NO PARTY HERETO WILL BE PERMITTED TO PURSUE COURT ACTION REGARDING
CLAIMS THAT ARE SUBJECT TO ARBITRATION. NOTWITHSTANDING, THE ARBITRATOR WILL NOT HAVE THE AUTHORITY TO DISREGARD OR REFUSE TO ENFORCE
ANY LAWFUL COMPANY POLICY, AND THE ARBITRATOR SHALL NOT ORDER OR REQUIRE THE COMPANY TO ADOPT A POLICY NOT OTHERWISE REQUIRED BY LAW WHICH
THE COMPANY HAS NOT ADOPTED.

 

11.6.5. Attorneys’ Fees.
In any dispute between the parties hereto or their representatives concerning any provision of this Agreement or the rights and duties
of any Person hereunder, the party or parties substantially prevailing in such dispute will be entitled, in addition to such other relief
as may be granted, to the attorneys’ fees and court costs incurred by reason of such dispute.

 

11.6.6. Waiver of Jury.
EACH PARTY HERETO HEREBY IRREVOCABLY, KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY WAIVES ALL RIGHTS HE, SHE OR IT MAY HAVE TO DEMAND A JURY
TRIAL, INCLUDING ITS CONSTITUTIONAL RIGHTS.

 

11.7. Rules
of Construction.

 

11.7.1. Headings.
The headings in this Agreement are inserted only as a matter of convenience, and in no way define, limit, or extend or interpret the scope
of this Agreement or of any particular section.

 

11.7.2. Tense and Case.
Throughout this Agreement, as the context may require, references to any word used in one tense or case will include all other appropriate
tenses or cases, and the term “including” means “including but not limited to.”

 

11.7.3. Severability.
The validity, legality or enforceability of the remainder of this Agreement will not be affected even if one or more of the provisions
of this Agreement will be held to be invalid, illegal or unenforceable in any respect.

 

11.7.4. Legal.
The language used in this Agreement will be deemed to be the language chosen by the parties to this Agreement to express their mutual
intent, and no rule of strict construction will be applied against any party. Any reference to any law will be deemed also to refer to
all rules and regulations promulgated thereunder, unless the context requires otherwise.

 

11.8. Counterparts and
Facsimile. This Agreement may be executed in two or more counterparts and by facsimile or pdf or similar means of electronic delivery,
each of which will be deemed an original, but all of which together will constitute one and the same instrument.

 

*** [NEXT PAGE IS SIGNATURE PAGE] ***

 

    8

     

    

 

Signature Page to the Amended and Restated
Shareholders’ Agreement

 

INWITNESS WHEREOF, the parties have caused
this Agreement to be duly executed as of the date first above written.

 

	 	NYIAX, INC.
	 	 	 
	 	By:	                       
	 	Name: 	 
	 	Title:	
	 	 	 
	 	FOUNDING SHAREHOLDER
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	
	 	 	 
	 	INITIAL SHAREHOLDER
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	 	 
	 	SHAREHOLDER
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

Schedule I

 

Definitions

 

“Affiliate”
means (i) any Person directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with,
a Founding Shareholder, an Initial Shareholder or a Shareholder; (ii) any Person in which any Founding Shareholder, any Initial Shareholder
or any Shareholder has a material financial interest; or (iii) any family member of a Founding Shareholder, an Initial Shareholder or
any Shareholder. The term “control,” as used in the immediately preceding sentence, includes, with respect to a corporation
or limited liability company, the right to exercise, directly or indirectly, more than ten percent (10%) of the voting rights or economic
interest in attributable to the controlled corporation or limited liability company and, with respect to any individual, partnership,
trust, other entity or association, the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of the controlled entity.

 

“Board”
means the Company’s board of directors, as duly elected and acting in accordance with the Company’s Bylaws.

 

“Business” means ___________________
and any other business as the Board shall determine from time to time.

 

“Competitor”
means any Person that directly or indirectly competes with the Company in the Business (or any portion thereof) and/or whose business
is or includes the Business (or any portion thereof).

 

“Confidential Information”
means confidential or proprietary information related to the business, operations or finances of the Company, including, without limitation,
information relating to processes, systems, methods, contract forms, prices, volume of sales, marketing methods and plans, promotional
methods, and lists of names or classes of customers of the Company, and any other subsidiaries of the Company. Information shall for purposes
of this Agreement be considered to be confidential unless known by the public generally, even though such information may have been disclosed
to one or more third parties whether pursuant to consulting agreements, joint marketing agreements, or other agreements entered into by
the Company or otherwise.

 

“Drag-Along Sale”
means a single bona fide arm’s length transaction or a series of related bona fide arm’s length transactions:
(i) pursuant to which one or more Persons (who are not Affiliates or Permitted Transferees of any Founding Shareholder, Initial Shareholder
or Shareholder) acquire Shares representing a majority of the outstanding stock of the Company on a fully diluted basis (whether by merger,
consolidation, recapitalization, reorganization, purchase of the outstanding stock or otherwise), or all or substantially all of the consolidated
assets of the Company and its subsidiaries and (ii) that has been approved by the Board.

 

“Founding Shareholders”
are those signatories noted on the signature page to this Agreement as the “Founding Shareholders” that acquired Shares in
accordance with Restricted Stock Purchase Agreements.

 

“Initial Shareholders”
are those signatories noted on the signature page to this Agreement as the “Initial Shareholders” that acquired Shares in
accordance with Restricted Stock Purchase Agreements.

 

“Offered Shares” is defined in Section
2.1.

 

“Percentage Interest”
means, with respect to each Founding Shareholder, each Initial Shareholder and each Shareholder, (a) the result obtained by dividing the
number of such shareholder’s Shares by the total outstanding Shares, (b) multiplied by 100.

 

“Permitted Transferee”
means (i) in the case of any Shareholder that is not a natural person, any Affiliate of such Shareholder, and (ii) in the case of a Shareholder
who is a natural person, such Shareholder’s parents, spouse and lineal descendants and the lineal descendants of such Shareholder’s
spouse, or trusts for the benefit of, or corporations, limited liability companies or partnerships, the shareholders, members or general
and/or limited partners of which include only such Shareholder and/or such Shareholder’s parents, spouse or lineal descendants or
the lineal descendants of such Shareholder’s spouse.

 

“Person”
means an individual, general partnership, limited partnership, limited liability company, corporation, trust, estate, real estate investment
trust association or any other entity.

 

“Transfer“
means any sale, transfer, assignment, hypothecation or pledge, encumbrance or other disposition, whether voluntary or involuntary, whether
by gift, bequest or otherwise, of any interest in Shares. In the case of a hypothecation, the Transfer shall be deemed to occur both at
the time of the initial pledge and at any pledgee’s sale or a sale by any secured creditor.

 

“Transferee” means any person to
whom a Shareholder wishes to Transfer any Shares.

 

“Transferring Shareholder”
means, with regard to any transaction, any Shareholder who attempts to Transfer his, her or its Shares or with regard to whose Shares
an option is exercised pursuant to this Agreement.

 

     

     

    

 

Exhibit A

 

Shareholdings

 

	NAME OF
    SHAREHOLDER	 	ADDRESS
    OF	 	TOTAL
    SHARES HELD
	 	 	SHAREHOLDER	 	 

 

     

     

    

 

Exhibit B

 

CONSENT OF SPOUSE

 

I am a spouse of a Shareholder of ______________ and acknowledge
and agree as follows:

 

1. I have
carefully read the foregoing Amended and Restated Shareholders’ Agreement (the “Agreement”) and understand
its contents.

 

2. Without
affecting my rights (if any) with respect to my spouse under contract or family law, I hereby irrevocably appoint my spouse as agent for
any economic interest that I may have in the Shares. The Company may deal exclusively with my spouse for all purposes with regard to the
Shares.

 

3. I know
that my spouse has agreed to sell all of his or her shares in the Company, including any community interest I may have, on the occurrence
of certain events.

 

4. I hereby
consent to any such sale, approve the provisions of the Agreement and agree that the Shares and my interest in them, if any, are subject
to the provisions of the Agreement.

 

5. I
understand that whatever rights I may have in the economic value of the Shares under contract or family law, I will not be able to hold
the Shares in my own name or exercise any of the rights in the Shares without the written consent of the Company.

 

6. I will
take no action at any time to hinder operation of the Agreement with regard to the Shares or my economic interest, if any, in it.

 

All capitalized terms not otherwise defined herein
shall have the meaning ascribed to such terms in the Agreement.

 

	 	 
	 	Signature
	 	 
	 	Print Name
	 	 
	 	Date

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