Document:

Exhibit
10.21

 

Warrant
Certificate No. [ ]

 

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

 

	Effective
    Date: [ ]	Void
    After: [ ]

 

NYIAX,
INC. 

 

WARRANT
TO PURCHASE COMMON STOCK

 

NYIAX,Inc.,
a Delaware corporation (the “Company”), for value received on [ ] (the “Effective Date”), hereby
issues to [ ] (the “Holder” or “Warrant Holder”) this Warrant (the “Warrant”)
to purchase [ ] shares (each such share as from time to time adjusted as hereinafter provided being a “Warrant Share”
and all such shares being the “Warrant Shares”) of the Company’s Common Stock (as defined below), at the Exercise
Price (as defined below), as adjusted from time to time as provided herein, on or before [ ] (the “Expiration Date”),
all subject to the following terms and conditions. This Warrant has been issued to the Holder pursuant to that certain Subscription Agreement
dated [ ] by and between the Company and the Holder (the “Subscription Agreement”).

 

As
used in this Warrant, (i) “Business Day” means any day other than Saturday, Sunday or any other day on which commercial
banks in the City of New York, New York, are authorized or required by law or executive order to close; (ii) “Common Stock”
means the common stock of the Company, par value $0.001 per share, including any securities issued or issuable with respect thereto or
into which or for which such shares may be exchanged for, or converted into, pursuant to any stock dividend, stock split, stock combination,
recapitalization, reclassification, reorganization or other similar event; (iii) “Exercise Price” means $6.60 per
share of Common Stock, subject to adjustment as provided herein; (iv) “Trading Day” means any day on which the Common
Stock is traded (or available for trading) on its principal trading market; and (v) “Affiliate” means any person that,
directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, a person, as
such terms are used and construed in Rule 144 promulgated under the Securities Act of 1933, as amended (the “Securities Act”).

 

	1.	DURATION
                                            AND EXERCISE OF WARRANTS

 

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

 

    

     

    

 

		(b)	Exercise
                                            Procedures.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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	2.	ISSUANCE
                                            OF WARRANT SHARES

 

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

 

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

 

(c)
The Company will not, by amendment of its certificate of incorporation, by-laws or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying
out of all the provisions of this Warrant and in the taking of all action necessary or appropriate in order to protect the rights of
the Holder to exercise this Warrant, or against impairment of such rights.

 

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

 

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

 

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

 

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

 

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

 

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

 

(iii)
Reorganization, Reclassification, Consolidation, Merger or Sale. If any recapitalization, reclassification or reorganization of
the capital stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially
all of its assets or other transaction shall be effected in such a way that holders of Common Stock shall be entitled to receive stock,
securities, or other assets or property (an “Organic Change”), then, as a condition of such Organic Change, lawful
and adequate provisions shall be made by the Company whereby the Holder hereof shall thereafter have the right to purchase and receive
(in lieu of the shares of the Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the
rights represented by this Warrant) such shares of stock, securities or other assets or property as may be issued or payable with respect
to or in exchange for a number of outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore
purchasable and receivable assuming the full exercise of the rights represented by this Warrant. In the event of any Organic Change,
appropriate provision shall be made by the Company with respect to the rights and interests of the Holder of this Warrant to the end
that the provisions hereof (including, without limitation, provisions for adjustments of the Exercise Price and of the number of shares
purchasable and receivable upon the exercise of this Warrant) shall thereafter be applicable, in relation to any shares of stock, securities
or assets thereafter deliverable upon the exercise hereof. The Company will not effect any such consolidation, merger or sale unless,
prior to the consummation thereof, the successor corporation (if other than the Company) resulting from such consolidation or merger
or the corporation purchasing such assets shall assume by written instrument reasonably satisfactory in form and substance to the Holder
executed and mailed or delivered to the registered Holder hereof at the last address of such Holder appearing on the books of the Company,
the obligation to deliver to such Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions,
such Holder may be entitled to purchase. If there is an Organic Change, then the Company shall cause to be mailed to the Holder at its
last address as it shall appear on the books and records of the Company, at least 10 calendar days before the effective date of the Organic
Change, a notice stating the date on which such Organic Change is expected to become effective or close, and the date as of which it
is expected that holders of the Common Stock of record shall be entitled to exchange their shares for securities, cash, or other property
delivered upon such Organic Change; provided, that the failure to mail such notice or any defect therein or in the mailing thereof shall
not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this Warrant
during the 10-day period commencing on the date of such notice to the effective date of the event triggering such notice. In any event,
the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such
assets shall be deemed to assume such obligation to deliver to such Holder such shares of stock, securities or assets even in the absence
of a written instrument assuming such obligation to the extent such assumption occurs by operation of law.

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

 

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

  

	4.	REDEMPTION
                                            OF WARRANTS

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

 

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

 

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

 

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

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

	5.	TRANSFERS
                                            AND EXCHANGES OF WARRANT AND WARRANT SHARES

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

 

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

 

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

 

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

 

	6.	MUTILATED
                                            OR MISSING WARRANT CERTIFICATE

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

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	7.	PAYMENT
                                            OF TAXES

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

 

	8.	FRACTIONAL
                                            WARRANT SHARES

 

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

 

	9.	NO
                                            STOCK RIGHTS AND LEGEND

 

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

 

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

 

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

	10.	PIGGYBACK
                                            REGISTRATION RIGHT

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

 

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

 

	11.	NOTICES

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

NYIAX, Inc.

244 5th Avenue, Suite 2669

New York, NY 10001

Attention: Carolina Abenante, President

Email: cabenante@niyax.com

	12.	SEVERABILITY

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

 

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	13.	BINDING
                                            EFFECT

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

 

	14.	SURVIVAL
                                            OF RIGHTS AND DUTIES

 

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

	15.	GOVERNING
                                            LAW

 

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

 

	16.	DISPUTE
                                            RESOLUTION

 

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

    9

     

    

	17.	NOTICES
                                            OF RECORD DATE

 

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

	18.	RESERVATION
                                            OF SHARES

 

The
Company shall reserve and keep available out of its authorized but unissued shares of Common Stock for issuance upon the exercise of
this Warrant, free from pre-emptive rights, such number of shares of Common Stock for which this Warrant shall from time to time be exercisable.
The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation. Without limiting the generality of the foregoing, the Company covenants that it
will use commercially reasonable efforts to take all such action as may be necessary or appropriate in order that the Company may validly
and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents, including but not limited to consents from the Company’s stockholders
or Board of Directors or any public regulatory body, as may be necessary to enable the Company to perform its obligations under this
Warrant.

 

	19.	NO
                                            THIRD PARTY RIGHTS

 

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

[remainder
of page intentionally left blank]

    10

     

    

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

	 	NYIAX,
    INC.
	 	By:	 
	 	Name:	Carolina
    Abenante
	 	Title:	President

 

    11

     

    

EXHIBIT
A

NOTICE
OF EXERCISE

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

To
NYIAX, Inc.:

The
undersigned hereby irrevocably elects to exercise this Warrant and to purchase thereunder,___________________full shares of NYIAX, Inc.’s
common stock issuable upon exercise of the Warrant and delivery of $_____________(in cash as provided for in the foregoing Warrant) and
any applicable taxes

payable
by the undersigned pursuant to such Warrant; and

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

 

(Please
print name, address and social security or federal employer

identification number (if applicable))

 

 

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

 

(Please
print name, address and social security or federal employer

identification number (if applicable))

 

 

	 	Name
    of Holder (print):
	 	(Signature):	 
	 	(By:)	 
	 	(Title:)	 
	 	Dated:	 

    12

     

    

EXHIBIT
B

FORM
OF ASSIGNMENT

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

	Name
    of Assignee	 	Address	 	Number
    of Shares
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

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

	 	Name
    of Holder (print):
	 	(Signature):	 
	 	(By:)	 
	 	(Title:)	 
	 	Dated:	 

 

 

 

13Exhibit 10.22

 

 

THE WARRANT EVIDENCED OR CONSTITUTED
HEREBY, AND ALL SHARES OF COMMON STOCK ISSUABLE HEREUNDER, HAVE BEEN AND WILL BE ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE SOLD, OFFERED FOR SALE, TRANSFERRED, PLEDGED OR HYPOTHECATED WITHOUT
REGISTRATION UNDER THE ACT UNLESS EITHER (i) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY
TO THE COMPANY, TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH DISPOSITION OR (ii) THE SALE OF SUCH SECURITIES
IS MADE PURSUANT TO SEC RULE 144.

 

WARRANT TO PURCHASE COMMON
STOCK OF

NYIAX Inc.

 

	NO.	 
	 	 
	Warrant Shares:___________	July,_______2018

 

THIS CERTIFIES THAT, for $100.00 and
other valuable consideration received by NYIAX Inc. a Delaware corporation (the “Company”), WestPark
Capital Inc., or its permitted registered assigns (“Holder”), is entitled, subject to the terms and
conditions of this Warrant, at any time or from time to time after the issuance date of this Warrant (the “Effective
Date”), and before 5:00 p.m. Pacific Time on the tenth (10th) anniversary of the Effective Date (the
“Expiration Date”), to purchase from the Company, ____________shares of Common Stock of the Company at a
price per share equal to $0.01 (the “Purchase Price”). Both the number of shares of Common Stock
purchasable upon exercise of this Warrant and the Purchase Price are subject to adjustment and change as provided herein.

 

 1. CERTAIN DEFINITIONS. As used in this Warrant the following terms shall have the following respective meanings:

 

 1.1 “Fair Market Value” of a share of Common Stock as of a particular date shall mean:

 

(a) If traded
on a securities exchange or the Nasdaq Stock Market, the Fair Market Value shall be deemed to be the average of the closing
prices of the Common Stock of the Company on such exchange or market over the five (5) trading days ending immediately prior to the
applicable date of valuation;

 

(b) If
actively traded over-the-counter, the Fair Market Value shall be deemed to be the average of the closing bid prices over the thirty (30)-day
period ending immediately prior to the applicable date of valuation; and

 

(c) If
there is no active public market, the Fair Market Value shall be the value thereof, as agreed upon by the Company and the Holder; provided, however,
that if the Company and the Holder cannot agree on such value, such value shall be determined by an independent valuation firm
experienced in valuing businesses such as the Company and jointly selected in good faith by the Company and the Holder. Fees
and expenses of the valuation firm shall be paid for by the Company.

 

NYIAX, Inc. 244 5th Avenue,
Suite 2669, NYC, NY 10001

 

    1

     

    

 

1.2 “Registered
Holder” shall mean any Holder in whose name this Warrant is registered upon the books and records maintained by the Company.

 

1.3 “Warrant”
as used herein, shall include this Warrant and any warrant delivered in substitution or exchange therefor as provided herein.

 

1.4 “Common
Stock” shall mean the Common Stock of the Company and any other securities at any time receivable or issuable upon exercise
of this Warrant.

 

 2. EXERCISE OF WARRANT.

 

2.1 Payment.
Subject to compliance with the terms and conditions of this Warrant and applicable securities laws, this Warrant may be exercised, in
whole or in part at any time or from time to time, on or before the Expiration Date by the delivery (including, without limitation, delivery
by facsimile or email) of the form of Notice of Exercise attached hereto as Exhibit A (the “Notice of Exercise”),
duly executed by the Holder, at the principal office of the Company, and as soon as practicable after such date, surrendering

 

 (a) this Warrant at the principal office of the Company, and

 

(b) payment,
(i) in cash (by check) or by wire transfer, (ii) by cancellation by the Holder of indebtedness of the Company to the Holder; or (iii)
by a combination of (i) and (ii), of an amount equal to the product obtained by multiplying the number of shares of Common Stock being
purchased upon such exercise by the then effective Purchase Price (the “Exercise Amount”).

 

2.2 Net
Issue Exercise. In lieu of the payment methods set forth in Section 2.1(b) above, the Holder may elect to exchange all or some
of this Warrant for shares of Common Stock equal to the value of the amount of the Warrant being exchanged on the date of exchange. If
Holder elects to exchange this Warrant as provided in this Section 2.2, Holder shall tender to the Company the Warrant for the
amount being exchanged, along with written notice of Holder’s election to exchange some or all of the Warrant, and the Company shall
issue to Holder the number of shares of the Common Stock computed using the following formula:

 

	 	 	X =	Y (A-B)
	 	 	 	A
	 	 	 	 
	 	Where: 	X =	 	the number of shares of Common Stock to be issued to Holder.
	 	 	 	 	 
	 	 	Y =	 	the number of shares of Common Stock purchasable under the amount of the Warrant being exchanged (as adjusted to the date of such calculation).
	 	 	 	 	 
	 	 	A =	 	the Fair Market Value of one share of the Common Stock.
	 	 	 	 	 
	 	 	B =	 	Purchase Price (as adjusted to the date of such calculation).
	 	 	 	 	 
	 	 	 	 	For purposes of Rule 144 promulgated under the 1933 Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction in the manner described above shall be deemed to have been acquired by the Warrant Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued.

 

2.3 “Easy
Sale” Exercise. In lieu of the payment methods set forth in Section 2.1(b) above, when permitted by law and applicable
regulations (including Nasdaq and FINRA rules), the Holder may pay the Purchase Price through a “same day sale” commitment
from the Holder (and if applicable a broker-dealer that is a member of the Financial Industry Regulatory Authority (a “FINRA
Dealer”)), whereby the Holder irrevocably elects to exercise this Warrant and to sell a portion of the shares so purchased
to pay the Purchase Price and the Holder (or, if applicable, the FINRA Dealer) commits upon sale (or, in the case of the FINRA Dealer,
upon receipt) of such shares to forward the Purchase Price directly to the Company.

 

    2

     

    

 

2.4 Stock
Certificates; Fractional Shares. As soon as practicable on or after the date of any exercise of this Warrant, the Company shall issue
and deliver to the person or persons entitled to receive the same a certificate or certificates for the number of whole shares of Common
Stock issuable upon such exercise, together with cash in lieu of any fraction of a share equal to such fraction of the current Fair Market
Value of one whole share of Common Stock as of such date of exercise. No fractional shares or scrip representing fractional shares shall
be issued upon an exercise of this Warrant.

 

2.5 Partial
Exercise; Effective Date of Exercise. In case of any partial exercise of this Warrant, the Company shall cancel this Warrant upon
surrender hereof and shall execute and deliver a new Warrant of like tenor and date for the balance of the shares of Common Stock purchasable
hereunder. This Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of its surrender
for exercise as provided above. The person entitled to receive the shares of Common Stock issuable upon exercise of this Warrant shall
be treated for all purposes as the holder of record of such shares as of the close of business on the date the Holder is deemed to have
exercised this Warrant.

 

 2.6 Vesting. This Warrant shall vest fully upon issuance.

 

3. VALID
ISSUANCE: TAXES. All shares of Common Stock issued upon the exercise of this Warrant shall be validly issued, fully paid and nonassessable,
and the Company shall pay all taxes and other governmental charges that may be imposed in respect of the issue or delivery thereof. The
Company shall not be required to pay any tax or other charge imposed in connection with any transfer involved in the issuance of any certificate
for shares of Common Stock in any name other than that of the Registered Holder of this Warrant, and in such case the Company shall not
be required to issue or deliver any stock certificate or security until such tax or other charge has been paid, or it has been established
to the Company’s reasonable satisfaction that no tax or other charge is due.

 

4. ADJUSTMENT
OF PURCHASE PRICE AND NUMBER OF SHARES. The number of shares of Common Stock issuable upon exercise of this Warrant (or any shares
of stock or other securities or property receivable or issuable upon exercise of this Warrant) and the Purchase Price are subject to adjustment
upon occurrence of the following events:

 

4.1
Adjustment for Stock Splits, Stock Subdivisions or Combinations of Shares. The Purchase Price of
this Warrant shall be proportionally decreased and the number of shares of Common Stock issuable upon exercise of this Warrant (or any
shares of stock or other securities at the time issuable upon exercise of this Warrant) shall be proportionally increased to reflect
any stock split or subdivision of the Company’s Common Stock. The Purchase Price of this Warrant shall be proportionally increased
and the number of shares of Common Stock issuable upon exercise of this Warrant (or any shares of stock or other securities at the time
issuable upon exercise of this Warrant) shall be proportionally decreased to reflect any combination of the Company’s Common Stock.

 

    3

     

    

 

4.2 Adjustment
for Dividends or Distributions of Stock or Other Securities or Property. In case the Company shall make or issue, or shall fix a record
date for the determination of eligible holders entitled to receive, a dividend or other distribution with respect to the Common Stock
(or any shares of stock or other securities at the time issuable upon exercise of the Warrant) payable in (a) securities of the Company
or (b) assets (excluding cash dividends paid or payable solely out of retained earnings), then, in each such case, the Holder of this
Warrant on exercise hereof at any time after the consummation, effective date or record date of such dividend or other distribution, shall
receive, in addition to the shares of Common Stock (or such other stock or securities) issuable on such exercise prior to such date, and
without the payment of additional consideration therefor, the securities or such other assets of the Company to which such Holder would
have been entitled upon such date if such Holder had exercised this Warrant on the date hereof and had thereafter, during the period from
the date hereof to and including the date of such exercise, retained such shares and all such additional securities or other assets distributed
with respect to such shares as aforesaid during such period giving effect to all adjustments called for by this Section 4.

 

4.3 Reclassification.
If the Company, by reclassification of securities or otherwise, shall change any of the securities as to which purchase rights under this
Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter represent
the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities
that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other change, and the Purchase
Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section 4. No adjustment
shall be made pursuant to this Section 4.3 upon any conversion or redemption of the Common Stock which is the subject of Section
4.5.

 

4.4 Adjustment
for Capital Reorganization, Merger or Consolidation. In case of any capital reorganization of the capital stock of the Company
(other than a combination, reclassification, exchange or subdivision of shares otherwise provided for herein), or any merger or
consolidation of the Company with or into another corporation, or the sale of all or substantially all the assets of the Company
then, and in each such case, as a part of such reorganization, merger, consolidation, sale or transfer, lawful provision shall be
made so that the Holder of this Warrant shall thereafter be entitled to receive upon exercise of this Warrant, during the period
specified herein and upon payment of the Purchase Price then in effect, the number of shares of stock or other securities or
property of the successor corporation resulting from such reorganization, merger, consolidation, sale or transfer that a holder of
the shares deliverable upon exercise of this Warrant would have been entitled to receive in such reorganization, consolidation,
merger, sale or transfer if this Warrant had been exercised immediately before such reorganization, merger, consolidation, sale or
transfer, all subject to further adjustment as provided in this Section 4. The foregoing provisions of this Section
4.4 shall similarly apply to successive reorganizations, consolidations, mergers, sales and transfers and to the stock or
securities of any other corporation that are at the time receivable upon the exercise of this Warrant. If the per-share
consideration payable to the Holder hereof for shares in connection with any such transaction is in a form other than cash or
marketable securities, then the value of such consideration shall be determined in good faith by the Company’s Board of
Directors. In all events, appropriate adjustment (as determined in good faith by the Company’s Board of Directors) shall be
made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder after the
transaction, to the end that the provisions of this Warrant shall be applicable after that event, as near as reasonably may be, in
relation to any shares or other property deliverable after that event upon exercise of this Warrant.

 

    4

     

    

 

4.5 Conversion
of Common Stock. In case all or any portion of the authorized and outstanding shares of Common Stock of the Company are redeemed or
converted or reclassified into other securities or property pursuant to the Company’s Certificate of Incorporation or otherwise,
or the Common Stock otherwise ceases to exist, then, in such case, the Holder of this Warrant, upon exercise hereof at any time after
the date on which the Common Stock is so redeemed or converted, reclassified or ceases to exist (the “Termination Date”),
shall receive, in lieu of the number of shares of Common Stock that would have been issuable upon such exercise immediately prior to the
Termination Date, the securities or property that would have been received if this Warrant had been exercised in full and the Common Stock
received thereupon had been simultaneously converted immediately prior to the Termination Date, all subject to further adjustment as provided
in this Warrant. Additionally, the Purchase Price shall be immediately adjusted to equal the quotient obtained by dividing (x) the aggregate
Purchase Price of the maximum number of shares of Common Stock for which this Warrant was exercisable immediately prior to the Termination
Date by (y) the number of shares of Common Stock of the Company for which this Warrant is exercisable immediately after the Termination
Date, all subject to further adjustment as provided herein.

 

5. CERTIFICATE
AS TO ADJUSTMENTS. In each case of any adjustment in the Purchase Price, or number or type of shares issuable upon exercise of this
Warrant, the Chief Financial Officer or Controller of the Company shall compute such adjustment in accordance with the terms of this Warrant
and prepare a certificate setting forth such adjustment and showing in detail the facts upon which such adjustment is based, including
a statement of the adjusted Purchase Price. The Company shall promptly send (by facsimile or email and by either first class mail, postage
prepaid or overnight delivery) a copy of each such certificate to the Holder.

 

6. LOSS
OR MUTILATION. Upon receipt of evidence reasonably satisfactory to the Company of the ownership of and the loss, theft, destruction
or mutilation of this Warrant, and of indemnity reasonably satisfactory to it, and (in the case of mutilation) upon surrender and cancellation
of this Warrant, the Company will execute and deliver in lieu thereof a new Warrant of like tenor as the lost, stolen, destroyed or mutilated
Warrant.

 

7. RESERVATION
OF COMMON STOCK. The Company hereby covenants that at all times there shall be reserved for issuance and delivery upon exercise
of this Warrant such number of shares of Common Stock or other shares of capital stock of the Company as are from time to time
issuable upon exercise of this Warrant and, from time to time, will take all steps necessary to amend its Certificate of
Incorporation to provide sufficient reserves of shares of Common Stock issuable upon exercise of this Warrant. All such shares shall
be duly authorized, and when issued upon such exercise, shall be validly issued, fully paid and non- assessable, free and clear of
all liens, security interests, charges and other encumbrances or restrictions on sale and free and clear of all preemptive rights,
except encumbrances or restrictions arising under federal or state securities laws. Issuance of this Warrant shall constitute full
authority to the Company’s Officers who are charged with the duty of executing stock certificates to execute and issue
the necessary certificates for shares of Common Stock upon the exercise of this Warrant.

 

    5

     

    

 

8. TRANSFER
AND EXCHANGE. Subject to the terms and conditions of this Warrant and compliance with all applicable securities laws, this Warrant
and all rights hereunder may be transferred to any Registered Holder’s parent, subsidiary or affiliate, or, if the Registered Holder
is a partnership, to any partner of such Registered Holder, in whole or in part, on the books of the Company maintained for such purpose
at the principal office of the Company referred to above, by the Registered Holder hereof in person, or by duly authorized attorney, upon
surrender of this Warrant properly endorsed and upon payment of any necessary transfer tax or other governmental charge imposed upon such
transfer. Upon any permitted partial transfer, the Company will issue and deliver to the Registered Holder a new Warrant or Warrants with
respect to the shares of Common Stock not so transferred. Each taker and holder of this Warrant, by taking or holding the same, consents
and agrees that when this Warrant shall have been so endorsed, the person in possession of this Warrant may be treated by the Company,
and all other persons dealing with this Warrant, as the absolute owner hereof for any purpose and as the person entitled to exercise the
rights represented hereby, any notice to the contrary notwithstanding; provided, however, that until a transfer of this
Warrant is duly registered on the books of the Company, the Company may treat the Registered Holder hereof as the owner for all purposes.

 

9. RESTRICTIONS
ON TRANSFER. The Holder, by acceptance hereof, agrees that, absent an effective registration statement filed with the Securities and
Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”)
covering the disposition or sale of this Warrant or the Common Stock issued or issuable upon exercise hereof, as the case may be, and
registration or qualification under applicable state securities laws, such Holder will not sell, transfer, pledge, or hypothecate any
or all of this Warrant or such Common Stock, as the case may be, unless either (i) the Company has received an opinion of counsel, in
form and substance reasonably satisfactory to the Company, to the effect that such registration is not required in connection with such
disposition or (ii) the sale of such securities is made pursuant to SEC Rule 144.

 

10. COMPLIANCE
WITH SECURITIES LAWS. By acceptance of this Warrant, the Holder hereby represents, warrants and covenants that any shares of stock
purchased upon exercise of this Warrant shall be acquired for investment only and not with a view to, or for sale in connection with,
any distribution thereof; that the Holder has had such opportunity as such Holder has deemed adequate to obtain from representatives of
the Company such information as is necessary to permit the Holder to evaluate the merits and risks of its investment in the Company; that
the Holder is able to bear the economic risk of holding such shares as may be acquired pursuant to the exercise of this Warrant for an
indefinite period; that the Holder understands that the shares of stock acquired pursuant to the exercise of this Warrant will not be
registered under the Securities Act (unless otherwise required pursuant to exercise by the Holder of the registration rights, if any,
granted to the Registered Holder) and will be “restricted securities” within the meaning of Rule 144 under the Securities
Act and that the exemption from registration under Rule 144 will not be available for at least one (1) year from the date of exercise
of this Warrant, subject to any special treatment by the SEC for exercise of this Warrant pursuant to Section 2.2, and even then
will not be available unless a public market then exists for the stock, adequate information concerning the Company is then available
to the public, and other terms and conditions of Rule 144 are complied with; and that all stock certificates representing shares of stock
issued to the Holder upon exercise of this Warrant or upon conversion of such shares may have affixed thereto a legend substantially in
the following form:

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION
THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD
OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT
THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

    6

     

    

 

11. REGISTRATION
RIGHTS. All shares of Common Stock issuable upon exercise of this Warrant shall be “Registrable Securities”
or such other definition of securities entitled to registration rights pursuant to Exhibit C to this Warrant.

 

12. NO
RIGHTS OR LIABILITIES AS STOCKHOLDERS. This Warrant shall not entitle the Holder to any voting rights or other rights as a stockholder
of the Company. In the absence of affirmative action by such Holder to purchase Common Stock by exercise of this Warrant or Common Stock
upon conversion thereof, no provisions of this Warrant, and no enumeration herein of the rights or privileges of the Holder hereof shall
cause such Holder hereof to be a stockholder of the Company for any purpose.

 

13. REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants to Holder that:

 

13.1 Due
Authorization; Consents. All corporate action on the part of the Company, its officers, directors and stockholders necessary for
(a) the authorization, execution and delivery of, and the performance of all obligations of the Company under, this Warrant, and (b)
the authorization, issuance, reservation for issuance and delivery of all of the Common Stock issuable upon exercise of this
Warrant, has been duly taken. This Warrant constitutes a valid and binding obligation of the Company enforceable in accordance with
its terms, subject, as to enforcement of remedies, to applicable bankruptcy, insolvency, moratorium, reorganization and similar laws
affecting creditors’ rights generally and to general equitable principles. All consents, approvals and authorizations of, and
registrations, qualifications and filings with, any federal or state governmental agency, authority or body, or any third party,
required in connection with the execution, delivery and performance of this Warrant and the consummation of the transactions
contemplated hereby and thereby have been obtained.

 

13.2 Organization.
The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all
requisite corporate power to own, lease and operate its property and to carry on its business as now being conducted and as currently
proposed to be conducted.

 

13.3 Valid
Issuance of Stock. The outstanding shares of the capital stock of the Company are duly and validly issued, fully paid and
nonassessable, and such shares, and all outstanding options and other securities of the Company, have been issued in full compliance with
the registration and prospectus delivery requirements of the Securities Act and the registration and qualification requirements of
all applicable state securities laws, or in compliance with applicable exemptions therefrom, and all other provisions of applicable
federal and state securities laws, including without limitation, anti-fraud provisions.

 

    7

     

    

 

13.4 Governmental
Consents. All consents, approvals, orders, authorizations or registrations, qualifications, declarations or filings with any federal
or state governmental authority on the part of the Company required in connection with the consummation of the transactions contemplated
herein shall have been obtained prior to and be effective as of the Effective Date.

 

14. NOTICES.
Except as may be otherwise provided herein, all notices, requests, waivers and other communications made pursuant to this Agreement shall
be in writing and shall be conclusively deemed to have been duly given (a) when hand delivered to the other party; (b) when received when
sent by facsimile or email at the address and number set forth below; (c) three business days after deposit in the U.S. mail with first
class or certified mail receipt requested postage prepaid and addressed to the other party as set forth below; or (d) the next business
day after deposit with a national overnight delivery service, postage prepaid, addressed to the parties as set forth below with next-business-day
delivery guaranteed, provided that the sending party receives a confirmation of delivery from the delivery service provider.

 

	To the Company: NYIAX, Inc.
	 	To the Holder:

	244 5th Avenue, Suite 2669
	 	WestPark Capital, Inc.

	NYC, NY 10001
	 	1900 Avenue of the Stars, Suite 310

	 	 	Los Angeles, CA 90067

 

Each person making a communication
hereunder by facsimile or email shall promptly confirm by telephone to the person to whom such communication was addressed each communication
made by it by facsimile or email pursuant hereto but the absence of such confirmation shall not affect the validity of any such communication.
A party may change or supplement the addresses given above, or designate additional addresses, for purposes of this Section 13
by giving the other party written notice of the new address in the manner set forth above.

 

15. HEADINGS.
The headings in this Warrant are for purposes of convenience in reference only, and shall not be deemed to constitute a part hereof.

 

16. LAW
GOVERNING. This Warrant shall be construed and enforced in accordance with, and governed by, the laws of the State of California,
without regard to conflict of law principles of such state.

 

17. NO
IMPAIRMENT. The Company will not, by amendment of its Certificate of Incorporation or bylaws, or through reorganization,
consolidation, merger, dissolution, issue or sale of securities, sale of assets or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying
out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the
Registered Holder of this Warrant against impairment. Without limiting the generality of the foregoing, the Company (a) will
not increase the par value of any shares of stock issuable upon the exercise of this Warrant above the amount payable therefor upon
such exercise, and (b) will take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of Common Stock upon exercise of this Warrant.

 

    8

     

    

 

 18. NOTICES OF RECORD DATE. In case:

 

18.1 the
Company shall take a record of the holders of its Common Stock (or other stock or securities at the time receivable upon the exercise
of this Warrant), for the purpose of entitling them to receive any dividend or other distribution, or any right to subscribe for or purchase
any shares of stock of any class or any other securities or to receive any other right; or

 

18.2 of
any consolidation or merger of the Company with or into another corporation, any capital reorganization of the Company, any reclassification
of the capital stock of the Company, or any conveyance of all or substantially all of the assets of the Company to another corporation
in which holders of the Company’s stock are to receive stock, securities or property of another corporation; or

 

 18.3 of any voluntary dissolution, liquidation or winding-up of the Company;

 

or

 

 18.4 of any redemption or conversion of all outstanding Common Stock;

 

then, and in each such case, the
Company will mail or cause to be mailed to the Registered Holder of this Warrant a notice specifying, as the case may be, (i) the date
on which a record is to be taken for the purpose of such dividend, distribution or right, or (ii) the date on which such reorganization,
reclassification, consolidation, merger, conveyance, dissolution, liquidation, winding-up, redemption or conversion is to take place,
and the time, if any is to be fixed, as of which the holders of record of Common Stock or (such stock or securities as at the time are
receivable upon the exercise of this Warrant), shall be entitled to exchange their shares of Common Stock (or such other stock or securities),
for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution,
liquidation or winding-up. The Company shall use all reasonable efforts to ensure such notice shall be delivered at least thirty (30)
days prior to the date therein specified.

 

19. SEVERABILITY.
If any term, provision, covenant or restriction of this Warrant is held by a court of competent jurisdiction to be invalid, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions of this Warrant shall remain in full force and effect and shall in
no way be affected, impaired or invalidated.

 

20. COUNTERPARTS.
For the convenience of the parties, any number of counterparts of this Warrant may be executed by the parties hereto and each such executed
counterpart shall be, and shall be deemed to be, an original instrument.

 

21. NO
INCONSISTENT AGREEMENTS. The Company will not on or after the date of this Warrant enter into any agreement with respect to its securities
which is inconsistent with the rights granted to the Holders of this Warrant or otherwise conflicts with the provisions hereof. The rights
granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to holders of the Company’s
securities under any other agreements, except rights that have been waived.

 

22. SATURDAYS,
SUNDAYS AND HOLIDAYS. If the Expiration Date falls on a Saturday, Sunday or legal holiday, the Expiration Date shall automatically
be extended until 5:00 p.m. the next business day.

 

23. ENTIRE
AGREEMENT. This Warrant contains the sole and entire agreement and understanding of the parties with respect to the entire subject
matter of this Warrant, and any and all prior discussions, negotiations, commitments and understandings, whether oral or otherwise, related
to the subject matter of this Warrant are hereby merged herein.

 

[Signatures appear on following
page.]

 

    9

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Warrant as of the Effective Date.

 

	[HOLDER]	 	[COMPANY]
	 	 	 	 
	 	 	 
	By:	 	By:	Mark Grinbaum
	Its:	 	Its:	EVP Platforms, Cofounder, Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURE PAGE TO WARRANT TO PURCHASE
COMMON STOCK

 

    10

     

    

 

 

EXHIBIT A

 

NOTICE OF EXERCISE

(To be executed upon exercise
of Warrant)

 

NYIAX INC.

 

The undersigned hereby irrevocably
elects to exercise the right of purchase represented by the within Warrant Certificate for, and to purchase thereunder, the securities
of the Company, as provided for therein, and (check the applicable box):

 

	☐ 	tenders herewith payment of the exercise price in full in the form of cash or a certified or official
bank check in same-day funds in the amount of $ ______________ for ___________such securities.
	 	 
	☐ 	elects the [Net Issue Exercise][Easy Sale Exercise] option pursuant to Section 2.2 or 2.3 of the
Warrant, and accordingly requests delivery of a net of _____________________of such securities.

 

Please issue a certificate or certificates
for such securities in the name of, and pay any cash for any fractional share to (please print name, address and social security number):

 

	Name:	______________________________________________________________________________________
	 	 
	Address:	______________________________________________________________________________________
	 	 
	Signature:	______________________________________________________________________________________

 

Note: The above signature should correspond
exactly with the name on the first page of this Warrant Certificate or with the name of the assignee appearing in the assignment form
below.

 

If said number of shares shall not
be all the shares purchasable under the within Warrant Certificate, a new Warrant is to be issued in the name of said undersigned for
the balance remaining of the shares purchasable thereunder rounded up to the next higher whole number of shares.

 

    A-1

     

    

 

 

EXHIBIT B

 

ASSIGNMENT

(To be executed only upon assignment of Warrant
Certificate)

 

For value received, hereby sells, assigns and
transfers unto ________________________________ the within Warrant Certificate, together with all right, title and interest therein,
and does hereby irrevocably constitute and appoint ________________________________ attorney, to transfer said Warrant Certificate
on the books of the within-named Company with respect to the number of Warrants set forth below, with full power of substitution in
the premises:

 

	Name(s) of Assignee(s)	 	Address	 	# of Warrants
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

And if said number of Warrants
shall not be all the Warrants represented by the Warrant Certificate, a new Warrant Certificate is to be issued in the name of said undersigned
for the balance remaining of the Warrants registered by said Warrant Certificate.

 

	 	______________________________________________________________________________________
	 	______________________________________________________________________________________
	Dated:
	______________________________________________________________________________________
	 	 
	Signature:
	 

 

Notice: The signature to the foregoing
Assignment must correspond to the name as written upon the face of this security in every particular, without alteration or any change
whatsoever; signature(s) must be guaranteed by an eligible guarantor institution (banks, stock brokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program) pursuant to Securities and Exchange Commission
Rule 17Ad-15.

 

    B-1

     

    

 

 

EXHIBIT C

 

	1.	REGISTRATION RIGHTS.

 

		1.1	Definitions. For purposes of this Section 1:

 

		(a)	Registration. The terms “register,” “registered,”
and “registration” refer to a registration effected by preparing and filing a registration statement in compliance
with the Securities Act of 1933, as amended, (the “Securities Act”), and the declaration or ordering of effectiveness
of such registration statement

 

		(b)	Registrable Securities. The term “Registrable Securities”
means: (1) any Common Stock of the Company issued or to be issued upon exercise of the Warrant and (2) any shares of Common Stock of the
Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend
or other distribution with respect to, or in exchange for or in replacement of, any shares of Common Stock described in clause (1) of
this subsection (b). Notwithstanding the foregoing, “Registrable Securities” shall exclude any Registrable Securities sold
by a person in a transaction in which rights under this Section 1 are not assigned in accordance with this Warrant or any Registrable
Securities sold in a public offering, whether sold pursuant to Rule 144 promulgated under the Securities Act, or in a registered offering,
or otherwise or securities which can be sold in accordance with Rule 144(b)(1) promulgated under the Securities Act..

 

		(c)	Registrable Securities Then Outstanding. The number of shares of “Registrable
Securities then outstanding” shall mean the number of shares of Common Stock of the Company that are Registrable Securities
and (l) are then issued and outstanding or (2) are then issuable pursuant to an exercise of the Warrant or pursuant to conversion of securities
issuable pursuant to an exercise of the Warrant.

 

		(d)	Holder. For purposes of this Section 1, the term “Holder”
means any person owning of record Registrable Securities or any permitted assignee of record of such Registrable Securities to whom rights
under this Section 1 have been duly assigned in accordance with this Warrant.

 

		(e)	Form S-3. The term “Form S-3” means such form
under the Securities Act as is in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted
by the SEC which permits inclusion or incorporation of substantial information
by reference to other documents filed by the Company with the SEC.

 

		(f)	SEC. The term “SEC” or “Commission”
means the U.S. Securities and Exchange Commission.

 

    C-1

     

    

 

		1.2	Piggyback Registrations. The Company shall notify all Holders of Registrable
Securities in writing at least thirty (30) days prior to filing any registration statement under the Securities Act for purposes of effecting
a public offering of securities of the Company (including, but not limited to, registration statements relating to secondary offerings
of securities of the Company, but excluding registration statements relating to any registration under Section 1.3, below,
or to any employee benefit plan or a corporate reorganization) and will afford each such Holder an opportunity to include in such registration
statement all or any part of the Registrable Securities then held by such Holder. Each Holder desiring to include in any such registration
statement all or any part of the Registrable Securities held by such Holder shall within twenty (20) days after receipt of the above-described
notice from the Company, so notify the Company in writing, and in such notice shall inform the Company of the number of Registrable Securities
such Holder wishes to include in such registration statement. If a Holder decides not to include all of its Registrable Securities in
any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable
Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings
of its securities, all upon the terms and conditions set forth herein.

 

		(a)	Underwriting. If a registration statement under which the Company
                                                                  gives notice under this Section 1.2 is for an underwritten offering, then the Company shall so advise the Holders of
                                                                  Registrable Securities. In such event, the right of any such Holder’s Registrable Securities to be included in a registration
                                                                  pursuant to this Section 1.2 shall be conditioned upon such Holder’s participation in such underwriting and the
                                                                  inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing to
                                                                  distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with
                                                                  the managing underwriter or underwriters selected for such underwriting (including a market stand-off agreement of up to 180 days if
                                                                  required by such underwriters). Notwithstanding any other provision of this Exhibit 3, if the managing underwriter(s) determine(s)
                                                                  in good faith that marketing factors require a limitation of the number of shares to be underwritten, then the Company shall include
                                                                  in such offering (i) first,
all the securities the Company proposes to register for its own account, and (ii) second, Holder’s Registrable Securities and
other shares of Common Stock of the Company requested to be included by other investors having written registration rights
agreements with the Company respecting such shares (“Other Registrable Securities”), with Holder and each
such investor proposing to sell such shares participating in such registration on a pro rata basis, such participation to be
based upon the number of shares of Registrable Securities and Other Registrable Securities then held by the Holder and each such
investor, respectively; provided, however, that the right of the underwriters to exclude shares (including Registrable
Securities) from the registration and underwriting as described above shall be restricted so that all shares that are not
Registrable Securities or Other Registrable Securities and are held by any other person, including, without limitation, any person
who is an employee or officer of the Company (or any subsidiary of the Company) shall first be excluded from such registration and
underwriting before any Registrable Securities and Other Registrable Securities are so excluded. If any Holder disapproves of the
terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter(s),
delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities
excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any Holder that is a
partnership, the Holder and the partners and retired partners of such Holder, or the estates and family members of any such partners
and retired partners and any trusts for the benefit of any of the foregoing persons, and for any Holder that is a corporation, the
Holder and all corporations that are affiliates of such Holder, shall be deemed to be a single “Holder,” and any pro
rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying
registration rights owned by all entities and individuals included in such “Holder,” as defined in this sentence.

 

    C-2

     

    

 

		(b)	Expenses. All expenses incurred in connection with a registration pursuant
to this Section 1.2 (excluding underwriters’ and brokers’ discounts and commissions relating to shares sold by the
Holders and legal fees of counsel for the Holders), including, without limitation all federal and “blue sky” registration,
filing and qualification fees, printers’ and accounting fees, and fees and disbursements of counsel for the Company, shall be borne
by the Company.

 

		(c)	No Limit on Registrations. Except as otherwise provided herein, there shall
be no limit on the number of times the Holders may request registration of Registrable Securities under this Section 1.2.

 

		1.3	Form S-3 Registration. In case the Company shall at any time after the
date of a Qualified Public Offering receive from any Holder or Holders of a majority of all Registrable Securities then outstanding a
written request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect
to all or a part of the Registrable Securities owned by such Holder or Holders, then the Company will:

 

		(a)	Notice. Promptly give written notice of the proposed registration and the
Holder’s or Holders’ request therefor, and any related qualification or compliance, to all other Holders of Registrable Securities;
and

 

		(b)	Registration. As soon as practicable, effect such registration and all
                                                                  such qualifications and compliances as may be so requested and as would permit or facilitate the sale and
distribution of all or such portion of such Holders or Holders’ Registrable Securities as are specified in such request, together
with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written
request given within twenty (20) days after the Company provides the notice contemplated by Section 1.3(a); provided, however,
that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 1.3:

 

		(1)	if Form S-3 is not available for such offering by the Holders:

 

		(2)	if the Holders, together with the holders of any other securities of the Company
entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate
price to the public of less than $1,000,000;

 

		(3)	if the Company shall furnish to the Holders a certificate signed by the President
or Chief Executive Officer of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be
materially detrimental to the Company and its shareholders for such Form S-3 Registration to be effected at such time, in which event
the Company shall have the right to defer the filing of the Form S-3 registration statement no more than once during any twelve month
period for a period of not more than ninety (90) days after receipt of the request of the Holder or Holders under this Section 1.3;

 

		(4)	if the Company has, within the six (6) month period preceding the date of such
request, already effected a registration under the Securities Act other than a registration from which the Registrable Securities of Holders
have been excluded (with respect to all or any portion of the Registrable Securities the Holders requested be included in such registration)
pursuant to the provisions of Section 1.2(a); or

 

		(5)	in any particular jurisdiction in which the Company would be required to qualify
to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance.

 

		(c)	Expenses. The Company shall pay all expenses incurred in connection with
each registration requested pursuant to this Section 1.3, (excluding underwriters’ or brokers’ discounts and commissions
relating to shares sold by the Holders and legal fees of counsel for the Holders and excluding expenses required to be paid by a Holder
pursuant to Section 1.4(g) below), including without limitation federal and “blue sky” registration, filing and qualification
fees, printers’ and accounting fees, and fees and disbursements of counsel.

 

    C-3

     

    

 

		(d)	Deferral. Notwithstanding the foregoing, if the Company shall furnish to
Holders requesting the filing of a registration statement pursuant to this Section 1.3, a certificate signed by the President or
Chief Executive Officer of the Company stating that in the good faith judgment of the Board, it would be materially detrimental to the
Company and its stockholders for such registration statement to be filed, then the Company shall have the right to defer such filing for
a period of not more than ninety (90) days after receipt of the request of the initiating Holders; provided, however, that
the Company may not utilize this right more than once in any twelve (12) month period.

 

		(e)	Limit on Registrations. The Holders shall be entitled to request registration
of Registrable Securities under this Section 1.3 on two (2) occasions.

 

		1.4	Obligations of the Company. Whenever required to effect the registration
of any Registrable Securities under this Warrant the Company shall, as expeditiously as reasonably possible:

 

		(a)	Registration Statement. Prepare and file with the SEC a registration statement
with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become
effective, provided, however, that the Company shall not be required to keep any such registration statement effective for
more than ninety (90) days.

 

		(b)	Amendments and Supplements. Prepare and file with the SEC such amendments
and supplements to such registration statement and the prospectus used in connection with such registration statement as may be necessary
to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement.

 

		(c)	Prospectuses. Furnish to the Holders such number of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by them that are included in such registration.

 

		(d)	Blue Sky. Use its commercially reasonable efforts to register and qualify
the securities covered by such registration statement under such other securities or Blue Sky laws of such states as shall be reasonably
requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify
to do business or to file a general consent to service of process in any such states or jurisdictions.

 

		(e)	Underwriting. In the event of any underwritten public offering, enter into
and perform its obligations under an underwriting agreement in usual and customary form, with the managing underwriter(s) of such offering.
Each Holder participating in such underwriting shall also
enter into and perform its obligations under such an agreement.

 

    C-4

     

    

 

		(f)	Notification. Notify each Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening
of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading
in the light of the circumstances then existing.

 

		(g)	Opinion and Comfort Letter. Furnish, at the request of any Holder requesting
registration of Registrable Securities, on the date that such Registrable Securities are delivered to the underwriters for sale, if such
securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the
purposes of such registration, in form and substance as is customarily given to underwriters in an underwritten public offering and reasonably
satisfactory to a majority in interest of the Holders requesting registration, addressed to the underwriters, if any, and to the Holders
requesting registration of Registrable Securities and (ii) a “comfort” letter dated as of such date, from the independent
certified public accountants of the Company, in form and substance as is customarily given by independent certified public accountants
to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the Holders requesting registration,
addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities provided however, that the
Company’s obligation to obtain a “comfort” letter shall be limited to commercially reasonable efforts. If such securities
are not being sold through underwriters, then the Company shall furnish, at the request and at the sole expense of any Holder requesting
registration of Registrable Securities, on the date that the registration statement with respect to such securities becomes effective,
an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance
as is customarily given to underwriters in an underwritten public offering and reasonably satisfactory to a majority in interest of the
Holders requesting registration, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities.

 

		1.5	Furnish Information. It shall be a condition precedent to the obligations
of the Company to take any action pursuant to Sections 1.2 or 1.3 that the selling Holders shall furnish to the Company
such information regarding themselves, the Registrable Securities held by them, and the intended method of disposition of such securities
as shall be required to timely effect the Registration of their Registrable Securities.

 

    C-5

     

    

 

		1.6	Indemnification.In the event any Registrable Securities are included in
a registration statement under Sections 1.2 or 1.3:

 

		(a)	By the Company. To the extent permitted by law; the Company will indemnify
and hold harmless each Holder, the partners, officers and directors of each Holder, any underwriter (as determined in the Securities Act)
for such Holder and each person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Securities
Exchange Act of 1934, as amended, (the “1934 Act”), against any losses, claims, damages, or Liabilities (joint
or several) to which they may become subject under the Securities Act, the 1934 Act or other federal or state law, insofar as such losses,
claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions
or violations (collectively a “Violation”):

 

		(i)	any untrue statement or alleged untrue statement of a material fact contained in
such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements
thereto;

 

		(ii)	the omission or alleged omission to state therein a material fact required to be
stated therein, or necessary to make the statements therein not misleading, or

 

		(iii)	any violation or alleged violation by the Company of the Securities Act, the 1934
Act, any federal or state securities law or any rule or regulation promulgated under the Securities Act, the 1934 Act or any federal or
state securities law in connection with the offering covered by such registration statement;

 

and the Company will reimburse
each such Holder, partner, officer or director, underwriter or controlling person for any legal or other expenses reasonably incurred
by them, as incurred, in connection with investigating or defending any such loss, claim, damage, liability or action; provided,
however, that the indemnity agreement contained in this subsection 1.6(a) shall not apply to amounts paid in settlement of any
such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not
be unreasonably withheld), nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the
extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished
expressly for use in connection with such registration by such Holder, partner, officer, director, underwriter or controlling person of
such Holder.

 

		(b)	By Selling Holders. To the extent permitted by law, each selling Holder
will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the registration statement,
each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder
selling securities under such registration statement or any of such other Holder’s partners, directors or officers or any person
who controls such Holder within the meaning of the Securities Act or the 1934 Act, against any losses, claims, damages or liabilities
(joint or several) to which the Company or any such director, officer, controlling person, underwriter or other such Holder, partner or
director, officer or controlling person of such other Holder may become subject under the Securities Act, the 1934 Act or other federal
or state law, insofar as such losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based upon any
Violation, in each case to the extent (and only to the extent) that such Violation occurs in reliance upon and in conformity with written
information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse any legal
or other expenses reasonably incurred by the Company or any such director, officer, controlling person, underwriter or other Holder, partner,
officer, director or controlling person of such other Holder in connection with investigating or defending any such loss, claim, damage,
liability or action: provided, however, that the indemnity agreement contained in this Section 1.6(b) shall not apply
to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent
of the Holder, which consent shall not be unreasonably withheld; and provided, further, that the total amounts payable in
indemnity by a Holder under this Section 1.6(b) in respect of any Violation shall not exceed the net proceeds received by such
Holder in the registered offering out of which such Violation arises. 

 

		(c)	Notice. Promptly after receipt by an indemnified party under this Section
1.6 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect
thereof is to be made against any indemnifying party under this Section 1.6, deliver to the indemnifying party a written notice
of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party
so desires, jointly with any other indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory
to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees
and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying
party would be inappropriate due to actual or potential conflict of interests between such indemnified party and any other party represented
by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action shall relieve such indemnifying party of liability to the indemnified party under this Section 1.6 to the extent
the indemnifying party is prejudiced as a result thereof, but the omission so to deliver written notice to the indemnified party will
not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.6.

 

    C-6

     

    

 

		(d)	Defect Eliminated in Final Prospectus. The foregoing indemnity agreements
of the Company and Holders are subject to the condition that, insofar as they relate to any Violation made in a preliminary prospectus
but eliminated or remedied in the amended prospectus on file with the SEC at the time the registration statement in question becomes effective
or the amended prospectus filed with the SEC pursuant to SEC Rule 424(b) (the “Final Prospectus”), such indemnity
agreement shall not inure to the benefit of any person if a copy of the Final Prospectus was timely furnished to the indemnified party
and was not furnished to the person asserting the loss, liability, claim or damage at or prior to the time such action is required by
the Securities Act.

 

		(e)	Contribution. In order to provide for just and equitable contribution to
joint liability under the Securities Act in any case in which either (i) any Holder exercising rights under this Warrant, or any controlling
person of any such Holder, makes a claim for indemnification pursuant to this Section 1.6 but it is judicially determined (by the
entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last
right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this Section 1.6 provides
for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any such selling Holder
or any such controlling person in circumstances for which indemnification is provided under this Section 1.6; then, and in each
such case, the Company and such Holder will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject
(after contribution from others) in such proportion so that such Holder is responsible for the portion represented by the percentage that
the public offering price of its Registrable Securities offered by and sold under the registration statement bears to the public offering
price of all securities offered by and sold under such registration statement, and the Company and other selling Holders are responsible
for the remaining portion; provided, however, that, in any such case: (A) no such Holder will be required to contribute
any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such
registration statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent misrepresentation.

 

		(f)	Survival. The obligations of the Company and Holders under this Section
1.6 shall survive until the fifth anniversary of the completion of any offering of Registrable Securities in a registration statement,
regardless of the expiration of any statutes of limitation or extensions of such statutes.

 

		1.7	Termination
                                            of the Company’s Obligations. The Company shall have no obligations pursuant to
                                            Sections 1.2 and 1.3 with respect to any Registrable Securities proposed to
                                            be sold by a Holder in a registration pursuant to Section 1.2 or 1.3 more than
                                            ten (10) years after the date of this Warrant, or, if, in the opinion of counsel to the Company,
                                            all such Registrable Securities proposed to be sold by a Holder may then be sold under Rule
                                            144 in one transaction without exceeding the volume limitations thereunder.

 

 

C-7

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