Document:

Exhibit 10.3

       

      AMENDMENT NO. 1 TO AMENDED AND RESTATED 10.0% NOTE

       

      This AMENDMENT NO. 1 TO AMENDED AND RESTATED 10.0% NOTE, dated as of December 15, 2022 (this “Amendment”), is by and between Stronghold Digital Mining, Inc., a Delaware corporation (the “Borrower”),

        and Parallaxes Capital Opportunity Fund IV, L.P. (the “Holder”). Capitalized terms which are used in this Amendment without definition and which are defined in the Note (as defined below) shall have the same meanings herein as in the Note.

       

      R E C I T A L S:

       

      WHEREAS, the Borrower issued that certain Amended and Restated 10% Note due February 15, 2023, dated as of August 16, 2022 (the “Note” and as amended by this Amendment No. 1, the “Amended
          Note”), in favor of the Holder; and

       

      WHEREAS, the Borrower and the Holder desire to (i) revise the terms of the December 15, 2022 amortization payment to such dates as reflected on Schedule I attached hereto and (ii) waive the
        Specified Default (as defined below), in each case, in part, in order to negotiate mutually acceptable structures to make such payment and future payments in equity or equity-like securities; and

       

      WHEREAS, the Borrower has previously made the amortization payment payable on November 15, 2022 pursuant to Section 6(b) of the Notes.

       

      NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, and subject to the terms and conditions hereof, the parties hereto agree as follows:

       

      SECTION 1. Amendments. As of the First Amendment Effective Date (as defined below), (i) the Note is hereby amended to delete the stricken text (indicated textually in the same manner as the
        following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth on Exhibit A attached hereto, and (ii) Schedule I to the Note is hereby replaced in its entirety with Schedule I attached hereto. For the avoidance of doubt, Section 6(b) of the Note is amended to reflect the revised dates set forth on Schedule I hereto.

       

      SECTION 2. Conditions. This Amendment shall become effective as of the date of the satisfaction of the following conditions (the “First Amendment Effective Date”):

       

      (a)          Delivery.  The Holder shall have received from the Borrower an executed counterpart of this Amendment.

       

      (b)          No Default or Event of Default.  No Default or Event of Default shall have occurred or be continuing immediately after giving effect to this Amendment, including waiver of the
        Specified Default (as defined below) and the changes contemplated under Schedule I hereto.

       

      SECTION 3. Waiver. Subject to the satisfaction of the conditions precedent set forth in Section 2 hereof, the Holder hereby waives
          any potential Event of Default pursuant to Section 8(a)(xiii) of the Note to the extent such Event of Default would result solely from the notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC on November
          30, 2022 that the Borrower is not in compliance with the conditions for continued quotation (the “Specified Default”); for the avoidance of doubt, such waiver does not extend to any Event of Default resulting from the Common Stock no
          longer being listed or quoted on a Trading Market.

       

      
        
          

      

      
      SECTION 4. Representations and Warranties.  The Borrower hereby represents and warrants as of the date hereof to the Holder as follows:

       

      (a)        (i) The Borrower and each Subsidiary is duly organized or formed, validly existing and in good standing under the laws of the jurisdiction of its organization, (ii) has all requisite
        power and authority to carry on its business as now conducted and (iii) is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except, in the case of this clause (iii), to the extent
        that failure to do so could not reasonably expected to have a Material Adverse Effect.

       

      (b)        The Amendment is within the Borrower’s corporate or other organizational powers and has been duly authorized by all necessary corporate or other organizational actions.  The Amendment
        has been duly executed and delivered by the Borrower and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
        laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

       

      (c)        Immediately after giving effect to this Amendment, including waiver of the Specified Default and the changes contemplated under Schedule I hereto, no Default or Event of Default
        has occurred and is continuing.

       

      SECTION 5. Ratification. The Borrower hereby (a) except as specifically set forth in this Amendment, ratifies and reaffirms all of its payment and performance obligations, contingent or
        otherwise, under the Note as amended hereby and any other Transaction Document, (b) agrees and acknowledges that the obligations constitute legal, valid and binding obligations of the Borrower, subject to applicable bankruptcy, insolvency,
        reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, (c) agrees that such ratification and reaffirmation is
        not a condition to the continued effectiveness of the Transaction Documents, and (d) agrees that neither such ratification and reaffirmation, nor the Holder’s solicitation of such ratification and reaffirmation, constitutes a course of dealing
        giving rise to any obligation or condition requiring a similar or any other ratification or reaffirmation from the Borrower with respect to any subsequent modifications, consent or waiver with respect to the Amended Note or other Transaction
        Documents. The Borrower acknowledges and agrees that, except as specifically set forth in this Amendment, any of the other Transaction Documents shall continue in full force and effect and that, except as specifically set forth in this Amendment,
        all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this Amendment. The Amended Note and each other Transaction Document is in all respects hereby ratified and
        confirmed. This Amendment shall constitute a “Transaction Document” for purposes of the Amended Note.

       

      SECTION 6. Miscellaneous.

       

      6.1          Effect.

       

      (a)          Upon the effectiveness of this Amendment, each reference in each Transaction Document to “this Agreement,” “hereunder,” “hereof” or words of like import shall mean and be a reference
        to such Transaction Documents as modified hereby and each reference in the other Transaction Documents to the “Note,” or words of like import shall mean and be a reference to the Amended Note. This Amendment constitutes a Transaction Document and
        any breach of any representation or warranty made herein or covenant or agreement contained herein will constitute an Event of Default under the Amended Note (subject to any applicable grace periods, materiality qualifications or other
        qualifications set forth in the Amended Note).

       

      
        - 2 -

        
          

      

      (b)        Except as specifically set forth in this Amendment, the execution, delivery and effectiveness of this Amendment shall not (i) limit, impair, constitute an amendment, forbearance or
        waiver by, or otherwise affect any right, power or remedy of, the Holder under the Amended Note or any other Transaction Document or waive, affect or diminish any right of the Holder to demand strict compliance and performance therewith, (ii)
        constitute a waiver of, or forbearance with respect to, any Default or Event of Default, whether known or unknown or (iii) alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the
        Amended Note or in any of the other Transaction Documents, all of which are ratified and affirmed in all respects and shall continue in full force and effect.

       

      6.2        Severability. Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
        such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such
        provision in any other jurisdiction.

       

      6.3         Counterparts. This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which taken together shall be one and the same
        instrument. This Amendment may also be executed by facsimile or electronic transmission and each facsimile or electronic transmission signature hereto shall be deemed for all purposes to be an original signature page.

       

      6.4        Governing Law. This Amendment shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to principles of conflict of laws
        thereof.

       

      6.5         Headings. Article and Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken
        into consideration in interpreting, this Amendment.

       

      6.6        Entire Agreement. This Amendment and the Amended Note contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter
        hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings or agreements.

       

      [Signature Pages Follow]

       

      
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      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective authorized officers as of the day and year first above written.

      

      

      	 	
              STRONGHOLD DIGITAL MINING, INC.

            
	 	 
	 	
              By: 

            	
              /s/ Greg Beard

            

      	 	
              Name:

            	
              Greg Beard

            
	 	
              Title:

            	
              Chief Executive Officer

            

      

      

      	 	
              PARALLAXES CAPITAL OPPORTUNITY FUND IV, L.P.

            
	 	 
	 	
              By: 

            	
              /s/ Andrew Lee

            

      	 	
              Name:

            	
              Andrew Lee

            
	 	
              Title:

            	
              Chief Investment Officer

            

      

      

      [Signature Page to Amendment No. 1 to Note]

       

      

      
        
          

      

      
      Exhibit A

       

      NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXCHANGEABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
        EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
        AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
        THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO BORROWER. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXCHANGE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN
        WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

       

      Original Issue Date: May 15, 2022

      Amendment and Restatement Date: August 16, 2022

      
        Amendment No. 1 to Amended and Restated Date: December 15, 2022

      

      Principal Amount: $2,500,000

      Purchase Price: $2,000,000

       

      AMENDED AND RESTATED 10.0% NOTE

      DUE FEBRUARY 15, 2023

       

      THIS AMENDED AND RESTATED NOTE is one of a series of duly authorized and validly issued Notes of Stronghold Digital Mining, Inc., a Delaware corporation (the “Borrower”), having its
        principal place of business at 595 Madison Avenue, 28th Floor, New York, NY due February 15, 2023 (this amended and restated note, the “Note” and, collectively
        with the other notes of such series, the “Notes”).

       

      FOR VALUE RECEIVED, Borrower promises to pay to Parallaxes Capital Opportunity Fund IV, L.P. maintaining an address at  250 Park Avenue FL 7 New York, NY 10177, or its registered assigns (the “Holder”),

        or shall have paid pursuant to the terms hereunder, the principal sum of Two Million Five Hundred Thousand Dollars ($2,500,000) on February 15, 2023 (the “Maturity Date”) or such earlier date or dates as this Note
        is required or permitted to be repaid as provided hereunder, and to pay interest, if any, to the Holder on the aggregate then outstanding principal amount of this Note in accordance with the provisions hereof.

       

      This Note carries an original issue discount of twenty percent (20%) of the Principal Amount, equal to Five Hundred Thousand Dollars ($500,000) (the “OID”), which is included in the
        principal balance of this Note. The purchase price of this Note is computed as follows: the Principal Amount minus the OID.

       

      This Note is subject to the following additional provisions:

       

      Section 1.           Definitions. For the purposes hereof, in addition to the terms defined elsewhere in this Note, (a) capitalized terms not otherwise defined herein shall have the
        meanings set forth in the Purchase Agreement and (b) the following terms shall have the following meanings:

       

      “Affiliate” means with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common control with such
        Person, including, without limitation, any general partner, managing member, officer, director or trustee of such Person, or any venture capital fund or registered investment company now or hereafter existing that is controlled by one or more
        general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such Person.

       

      
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      “Amended and Restated Warrant” means that certain Amended and Restated Class A Common Stock Warrant, issued by Borrower to Holder, originally issued on May 15, 2022, and
        amended and restated on August 16, 2022.

       

      “Bankruptcy Event” means any of the following events: (a) Borrower or any Subsidiary thereof commences a case or other proceeding under any bankruptcy, reorganization,
        arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction relating to Borrower or any Subsidiary thereof, (b) there is commenced against Borrower or any Subsidiary thereof any such
        case or proceeding that is not dismissed within sixty (60) days after commencement, (c) Borrower or any Subsidiary thereof is adjudicated insolvent or bankrupt or any order of relief or other order approving any such case or proceeding is entered,
        (d) Borrower or any Subsidiary thereof suffers any appointment of any custodian or the like for it or any substantial part of its property that is not discharged or stayed within sixty (60) calendar days after such appointment, (e) Borrower or any
        Subsidiary thereof makes a general assignment for the benefit of creditors, (f) Borrower or any Subsidiary thereof calls a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts or (g) Borrower or
        any Subsidiary thereof, by any act or failure to act, expressly indicates its consent to, approval of or acquiescence in any of the foregoing or takes any corporate or other action for the purpose of effecting any of the foregoing.

       

      “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the
        State of New York are authorized or required by law or other governmental action to close.

       

      “Common Stock” means Class A common stock, par value $0.0001 per share, of Borrower or the class of common stock of any Successor Entity into which Borrower’s Common Stock
        is converted upon a change of control.

       

      “Event of Default” shall have the meaning set forth in Section 8(a).

       

      “Freely Tradable” means, with respect to any security, that such security is no longer subject to the restrictions on trading under the provisions of Rule 144 under the
        Securities Act of 1933, as amended (or any successor rule or regulation to Rule 144 then in force), including volume and manner of sale restrictions, and the current public information requirement of Rule 144(e) (or any successor rule or regulation
        to Rule 144 then in force) no longer applies.

       

      “GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time.

       

      “Guarantor” means each Guarantor as defined in the Guaranty Agreement from time to time.

       

      “Guaranty Agreement” means the Guaranty Agreement executed as of the date hereof by each subsidiary of the Borrower in favor of the Holder (subject to the exclusions
        contained therein).

       

      “Immaterial Subsidiary” means any direct or indirect subsidiary of the Borrower with assets valued not in excess of $10,000 in the aggregate.

       

      “Mandatory Default Amount” means the sum of (a) the outstanding principal amount of this Note on the date the Mandatory Default Amount is either demanded (if demand or
        notice is required to create an Event of Default) or otherwise due and (b) all other amounts, costs and expenses due in respect of this Note, including accrued and unpaid interest through the Maturity Date.

       

      “Material Adverse Effect” means a material adverse effect on (a) the business, assets, liabilities, operations, or financial condition of the Borrower and its
        Subsidiaries, taken as a whole, (b) the ability of the Borrower to perform any of its obligations under this Note, or (c) the rights or remedies available to the Holder under this Note.

       

      
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      “New York Courts” shall have the meaning set forth in Section 9(d).

       

      “Note Register” shall have the meaning set forth in Section 3(b).

       

      “Original Issue Date” means the date of the first issuance of the Notes, regardless of any transfers of any Note or any portion of any Note and regardless of the number of
        instruments which may be issued to evidence such Notes.

       

      “Other Holders” means holders of Other Notes.

       

      “Other Notes” means Notes nearly identical to this Note issued to Other Holders pursuant to the Purchase Agreement.

       

      “Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.

       

      “Purchase Agreement” means the Note and Warrant Purchase Agreement, dated as of May 15, 2022, between Borrower and the Holders, as amended, modified or supplemented from
        time to time in accordance with its terms.

       

      “Successor Entity” means, as applicable, the surviving Person, or the Person to whom all or substantially all the assets of the Borrower are transferred, following a
        transaction with Borrower as described under Section 5(n).

       

      “Trading Day” means a day on which the principal Trading Market is open for trading.

       

      “Trading Market” means any of the following markets or exchanges on which the Common Stock of Borrower is listed or quoted for trading on the date in question: the NYSE
        MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTC Bulletin Board, the OTCQB, or the OTCQX (or any successors to any of the foregoing).

       

      “Transaction Documents” means the Purchase Agreement and the Notes.

       

      “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market,
        the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m.
        (New York City time) to 4:02 p.m. (New York City time)), (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board, (c) if
        the Common Stock is not then listed or quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported on the OTCQX, OTCQB or OTC Pink Marketplace maintained by the OTC Markets Group, Inc. (or a similar
        organization or agency succeeding to its functions of reporting prices), the volume weighted average price of the Common Stock on the first such facility (or a similar organization or agency succeeding to its functions of reporting prices), or (d)
        in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority of the aggregate outstanding principal amounts under this Note and the Other Notes
        then outstanding and reasonably acceptable to Borrower, the fees and expenses of which shall be paid by Borrower. For purposes of calculating VWAP over any multiple-day period, the number of shares of Common Stock shall be adjusted for any stock
        splits, stock combinations, reclassifications or similar transaction.

       

      Section 2.             Interest.

       

      
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      (a)          Interest Rate. Subject to Section 2(b), Holder shall be entitled to receive and Borrower shall pay cumulative interest on the outstanding principal amount of this Note at the
        annual rate of ten (10%) percent. Accrued interest shall be payable quarterly in arrears to, but excluding the date of payment  on the 15th day of July, October, January and April of each calendar year beginning on July 15, 2022 and continuing
        quarterly thereafter until the principal has been paid in full or until the Notes are paid off in full pursuant to Section 6.

       

      (b)         Specified Interest. Notwithstanding anything to the contrary in this Note, for purposes of calculating interest on this Note due on October 15, 2022
        and January 15, 2023, the outstanding principal amount of this Note shall be deemed to be Two Million Five Hundred Thousand ($2,500,000) until November 15, 2022, as may be further reduced by amortization payments made in accordance with Section
        6(b) on such date and thereafter.

       

      (c)          Pari Passu. Except as otherwise set forth herein, all payments made on this Note and the Other Notes and all actions taken by Borrower with respect to this Note and the Other
        Notes shall be made and taken pari passu with respect to this Note and the Other Notes.

       

      (d)         Application of Payments. Interest on this Note shall be calculated on the basis of a 360-day year and the actual number of days elapsed. Payments made in connection with this
        Note shall be applied first to interest that is due and payable on the date of such payment and thereafter to principal, except where expressly provided otherwise.

       

      (e)          Manner and Place of Payment. Principal and interest on this Note and other payments in connection with this Note shall be payable at the Holder’s offices as designated above in
        lawful money of the United States of America in immediately available funds without set-off, deduction or counterclaim. Upon assignment of the interest of Holder in this Note, Borrower shall instead make its payment pursuant to the assignee’s
        instructions upon receipt of written notice thereof.

       

      Section 3.             Registration of Transfers.

       

      (a)          Investment Representations. This Note has been issued subject to certain investment representations of the original Holder set forth in the Purchase Agreement and may be
        transferred or exchanged only in compliance with the Purchase Agreement and applicable federal and state securities laws and regulations.

       

      (b)         Reliance on Note Register. Prior to due presentment for transfer to Borrower of this Note, Borrower and any agent of Borrower may treat the Person
        in whose name this Note is duly registered on the Note Register as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note is overdue, and neither Borrower nor any such agent
        shall be affected by notice to the contrary.

       

      Section 4.             [Reserved].

       

      Section 5.             Covenants.

       

      (a)          Until the indefeasible payment in full of the obligations under this Note, the Borrower shall not permit (i) the sale of any equity interest of Scrubgrass
        Reclamation, L.P., a Delaware limited partnership, or Panther Creek Power Operating, LLC, a Delaware limited liability company (collectively, the “Power Subsidiaries”), the result of which would cause either one of the Power Subsidiaries to
        become less than wholly owned direct or indirect subsidiaries of the Borrower, (ii) the consummation of a sale of a majority of the assets (tangible and/or intangible) of the Power Subsidiaries, including any power generation assets other than to
        Borrower or a wholly owned direct or indirect Subsidiary of the Borrower, (iii) the sale of all or substantially all of the assets of the Borrower and its Subsidiaries, taken as a whole, or (iv) the sale of assets of the Borrower and its
        Subsidiaries (in each case, other than (A) the sale of equipment of the Borrower used in the mining of cryptocurrency and digital currency, including Bitcoin (BTC), with a value not in excess of $500,000 and (B) a transaction pursuant to which the
        obligations of the Borrower are assumed in accordance with Section 5(n)).

       

      (b)         Until the indefeasible payment in full of the obligations under this Note, the Borrower shall not pay any dividends or distributions in respect of the Common Stock of the Borrower.

       

      (c)          [Reserved].

       

      
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      (d)          The Borrower shall (i) cause each of its existing Subsidiaries on the Closing Date to execute the Guaranty Agreement and (ii) within 30 calendar days of formation of any new Subsidiary
        (other than an Immaterial Subsidiary), cause such Subsidiary to become a Guarantor pursuant to the Guaranty Agreement. The Borrower shall not form any Subsidiaries (other than Immaterial Subsidiaries) which do not, within the time period set forth
        in clause (ii) above, become a party to the Guaranty Agreement.

       

      (e)         Borrower will furnish (or cause to be furnished) to Holder as soon as the same become available, but in any event (i) within one hundred and twenty (120) days after the close of each
        fiscal year, audited financial statements reflecting Borrower’s operations during such fiscal year, including without limitation a balance sheet and profit and loss statement, (ii) within forty-five days (45) after the last day of each March, June,
        September and December (collectively a “Quarter-End”) other than Borrower’s fiscal year-end, management-prepared financial statements including without limitation a balance sheet and profit and loss statement. Borrower shall ensure that all
        such statements are in reasonable detail, prepared in conformity with GAAP, applied on a basis consistent with that of the preceding year or Quarter-End and accompanied by a certificate of Borrower’s chief financial officer, which certificate shall
        state that such financial statements fairly present the consolidated financial condition and results of operations (subject to normal year-end adjustments and (iii) within a reasonable period following any request therefor, such other information
        regarding the operations, business affairs, and financial condition of the Borrower and its subsidiaries, or compliance with the terms of this Agreement, as the Holder may reasonably request.

       

      (f)          The Borrower shall furnish to the Holder prompt written notice of (i) the Borrower obtaining actual knowledge of the occurrence of any Event of Default; (ii) the receipt by the
        Borrower of service with respect to, or the Borrower otherwise obtaining actual knowledge of, the filing or commencement of any action, suit, or proceeding by or before any arbitrator or governmental authority against the Borrower or any of its
        Subsidiaries as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; and (iii) the Borrower obtaining actual knowledge of any
        other development that has had, or could reasonably be expected to have, a Material Adverse Effect. The Borrower shall deliver with each notice delivered under this Section 5(f) a statement of an officer of the Borrower setting forth the details of
        the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

       

      (g)        The Borrower shall, and shall cause each of its Subsidiaries to preserve, renew, and keep in full force and effect its legal existence; provided that a Guarantor may dissolve, liquidate
        or merge with another entity so long as the successor or survivor of such transaction is a Guarantor.

       

      (h)       The Borrower shall, and shall cause each of its Subsidiaries to, pay and perform its material obligations before the same become delinquent or in default, including tax liabilities,
        except where (i) (A) the validity or amount thereof is being contested in good faith by appropriate proceedings, and (B) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP, or
        (ii) the failure to pay or perform pending such contest could not reasonably be expected to have a Material Adverse Effect.

       

      (i)          The Borrower shall, and shall cause each of its Subsidiaries to, (i) keep and maintain all property material to the conduct of its business in good working order and condition in
        accordance with industry practice, ordinary wear and tear excepted, except nothing in this Section 5(i) will prevent the Borrower or any of its subsidiaries from discontinuing the operation or maintenance of any such properties if such
        discontinuance is, in the reasonable judgment of the Borrower, desirable in the conduct of its business and not disadvantageous in any material respect to the Holder and (ii) maintain, with financially sound and reputable insurance companies,
        insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.

       

      (j)          The Borrower shall, and shall cause each of its Subsidiaries to, keep proper books of record and account in accordance with GAAP, prudent accounting practice, and applicable law. The
        Borrower shall, and shall cause each of its Subsidiaries to, permit any representatives designated by the Holder, upon reasonable prior notice and subject to applicable safety rules and regulations, to visit and inspect its properties, to examine
        and make extracts from its books and records, and to discuss its affairs, finances, and condition with its officers and, so long as the Borrower has been given reasonable notice thereof and an opportunity to participate in such discussions,
        independent accountants, all at such reasonable times during the Borrower’s and each of its Subsidiaries’ normal business hours (and in a manner so as, to the extent practicable, not to interfere with the normal business operations of the Borrower
        and each of its subsidiaries or jeopardize any applicable privileges) and as often as reasonably requested.

       

      
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      (k)         The Borrower shall, and shall cause each of its Subsidiaries to, comply with all laws applicable to it or its property, except where the failure to do so, individually or in the
        aggregate, could not reasonably be expected to result in a Material Adverse Effect.

       

      (l)          The Borrower shall use the proceeds of the Notes for the general corporate purposes of the Borrower and its subsidiaries.

       

      (m)         The Borrower shall, and shall cause each of the Subsidiaries to, promptly, upon the request of the Holder (i) correct any material defect or error that may be discovered in this Note or
        in the execution thereof and (ii) do, execute, acknowledge, deliver, record, re-record, file, re-file, register, and re-register any and all such further acts, deeds, certificates, assurances, and other instruments the Holder may reasonably require
        from time to time in order to carry out more effectively the purposes of this Note.

       

      (n)        The Borrower shall not merge or consolidate with, or transfer all or substantially all of its assets to, any other Person, unless (i) the Borrower is the
        surviving entity of such merger or consolidation or (ii) if the Borrower is not the surviving Person, the surviving Person resulting from such merger or consolidation, or the Person to whom such assets are transferred, shall expressly assume the
        obligations of the Borrower hereunder and under the Purchase Agreement and other Transaction Documents pursuant to an assumption agreement or such other instrument in form and substance reasonably satisfactory to the Holders of a majority of the
        aggregate outstanding principal amounts under this Note and the Other Notes, including the performance and observance of all the covenants and conditions of the Notes, the Purchase Agreement and other Transaction Documents on the part of the
        Borrower to be performed or observed.

       

      (o)          Borrower agrees, upon request of Holder or permitted assignee, to take all steps reasonably necessary to promptly effect the removal of any restrictive legend from the certificates
        representing  shares of Common Stock or the book-entry account of such shares of Common Stock issued to Holder pursuant to this Note, and Borrower shall bear all costs associated therewith, regardless of whether the request is made in connection
        with a sale or otherwise, so long as Holder, its permitted assigns or its broker provides to Borrower a certification as to the length of time the such shares have been held and a certification that the Holder is not an affiliate of Borrower.
        Borrower shall cooperate with Holder to effect the removal of the legend at any time such legend is no longer appropriate.

       

      Section 6.             Amortization.

       

      (a)          Borrower shall repay the principal of the Note as follows:

       

      (i)         An initial amortization payment of $833,333.33 shall be deemed paid upon the execution and delivery by Borrower of the Amended and Restated Warrant.

       

      (b)          Subsequent payments of $416,666.67 be payable on the fifteenth (15th) day of each of November 2022, December 2022, January 2023 and February 2023, and Borrower may elect to pay each
        such payment amount (A) in cash or (B) in shares of Common Stock in an amount that would not result in Holder, or a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) beneficially owning in excess of nine and
        ninety-nine-one-hundredths percent (9.99%) of the then-outstanding shares of Common Stock as a result of such payment, in each case, at a twenty percent (20%) discount to the average of the daily VWAPs for each of the twenty (20) consecutive
        Trading Days preceding the payment date, with the remainder of each such amortization payment to be paid in cash.  On the tenth (10th) day of the month immediately preceding the month during which a payment is due, Borrower shall provide Holder and
        by way of public disclosure, notice of its election to make all or a portion of such payment in shares of Common Stock and Borrower shall not be permitted to make a portion of such payment in shares if Borrower has not provided such notice.

       

      (c)          Schedule I sets forth the relevant deadlines applicable to payments made pursuant to this Section

        6(b) of this Note.
         

        

      
        6

        
          

      

      (d)         With respect to any payments made in shares of Common Stock in accordance with this Section 6, Borrower will do and perform, or cause to be done and performed, all such further acts and
        things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as Holder may reasonably request in order for such shares to be Freely Tradeable; provided, however,
        that in no event shall Borrower be obligated to register such shares of Common Stock. Borrower shall cause its transfer agent to electronically transmit such shares of Common Stock to the account of Holder through the facilities of The Depository
        Trust Company.

       

        (e)          Notwithstanding anything herein to the contrary, the Borrower shall not, pursuant to Section
              6(b), issue any shares of Common Stock or securities convertible into Common Stock, and any such issuance shall be null and void and treated as if never made, to the extent that such issuance, when aggregated with any other Common Stock
              theretofore or simultaneously therewith issued (including all of the transactions as contemplated under the Purchase Agreement and the Amended and Restated Warrant) to or otherwise beneficially owned by the Holder and its Affiliates and any
              other Persons or entities whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act (including any shares held by any “group” of which the Holder is a member), would
              result in a “change of control” of the Borrower within the meaning of Nasdaq Listing Rule 5635(b) or otherwise require shareholder approval under Nasdaq Listing Rule 5635(d); except that such limitation shall not apply in the event that the
              Borrower obtains all necessary shareholder approvals for such issuance in accordance with the Nasdaq Listing Rules.

         

      

      Section 7.             Prepayment. Borrower shall have the right, at its sole election, at any time to prepay or redeem this Note in whole or in part.

       

      Section 8.             Events of Default.

       

      (a)         “Event of Default” means, wherever used herein, any of the following events (whatever the reason for such event and whether such event shall be
        voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

       

      (i)          any default in the payment of (A) the principal amount of the Note or (B) other amounts owing to the Holder, as and when the same shall become due and payable
        (whether by acceleration or otherwise) which default, solely in the case of a default under clause (B) above, is not cured within five (5) Trading Days after Borrower has become or should have become aware of such default;

       

      (ii)          [Reserved];

       

      (iii)        Borrower shall fail to observe or perform any other covenant or agreement contained in the Purchase Agreement or this Note, which failure is not cured, if possible
        to cure, within the earlier to occur of (A) twenty (20) Trading Days after notice of such failure sent by the Holder to Borrower and (B) thirty (30) Trading Days after Borrower has become or should have become aware of such failure;

       

      (iv)        a default or event of default (subject to any grace or cure period provided in the applicable agreement, document or instrument) shall occur under any of the
        Transaction Documents, including but not limited to failure to strictly comply with the provisions of the Warrants;

       

      (v)         any material representation or warranty made in this Note, any other Transaction Documents, any written statement pursuant hereto or thereto or any other report,
        financial statement or certificate made or delivered to the Holder or any Other Holder in connection therewith shall be untrue or incorrect in any material respect as of the date when made or deemed made;

       

      (vi)         Borrower or any of its Subsidiaries shall be subject to a Bankruptcy Event;

       

      (vii)       Borrower or any of its Subsidiaries shall default on any of its obligations under any mortgage, credit agreement or other facility,
        indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement that
        (A) involves an obligation greater than two hundred fifty thousand Dollars ($250,000), whether such indebtedness now exists or shall hereafter be created, and (B) results in such indebtedness becoming or being declared due and payable prior to the
        date on which it would otherwise become due and payable;

       

      
        7

        
          

      

      (viii)       Borrower does not meet the current public information requirements under Rule 144;

       

      (ix)         any monetary judgment, writ or similar final process shall be entered or filed against Borrower, any subsidiary or any of their respective property or other assets
        for more than two hundred fifty thousand Dollars ($250,000), and such judgment, writ or similar final process shall remain unvacated, unbonded or unstayed for a period of ninety (90) calendar days;

       

      (x)          any dissolution, liquidation or winding up by Borrower and its Subsidiaries, taken as a whole, of a substantial portion of their business;

       

      (xi)         cessation of operations by Borrower and its Subsidiaries, taken as a whole;

       

      (xii)       the failure by Borrower or any of its material Subsidiaries to maintain any material intellectual property rights, personal, real property, equipment, leases or other
        assets which are necessary to conduct its business (whether now or in the future) which would have a Material Adverse Effect and such breach is not cured with twenty (20) days after written notice to Borrower from the Holder (notwithstanding the
        foregoing, Borrower may elect in its reasonable business judgment to abandon any intellectual property rights);

       

      (xiii)      an event resulting in the Common Stock no longer being listed or quoted on a Trading Market, or notification from a Trading Market that the Borrower is not in
        compliance with the conditions for such continued quotation and such non-compliance continues for twenty (20) days following such notification;

       

      (xiv)       a Commission or judicial stop trade order or suspension from its principal Trading Market;

       

      (xv)       the restatement after the date hereof of any financial statements filed by the Borrower with the Commission for any date or period prior to the date hereof and until
        this Note is no longer outstanding, if the result of such restatement would, by comparison to the unrestated financial statements, have constituted a Material Adverse Effect. For the avoidance of doubt, any restatement related to new accounting
        pronouncements or pending SEC Comment Letters shall not constitute a default under this Section;

       

      (xvi)       the Borrower effectuates a reverse split of its Common Stock without ten (10) days’ prior written notice to the Holder;

       

      (xvii)      a default by the Borrower of a material term, covenant, warranty or undertaking of any other agreement to which the Borrower and Holder are parties, or the occurrence
        of an event of default under any such other agreement to which Borrower and Holder are parties which is not cured after any required notice and/or cure period; or

       

      (xviii)    any material provision of any Transaction Document shall at any time for any reason (other than pursuant to the express terms thereof) cease to be valid and binding on
        or enforceable against the parties thereto, or the validity or enforceability thereof shall be contested by any party thereto, or a proceeding shall be commenced by Borrower or any Subsidiary or any governmental authority having jurisdiction
        seeking to establish the invalidity or unenforceability thereof, or Borrower or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under any Transaction Document.

       

      
        8

        
          

      

      (b)       Remedies Upon Event of Default. Upon any Event of Default (other than an Event of Default pursuant to Section 8(a)(vi)), the outstanding principal amount of this Note and other
        amounts owing in respect thereof, shall become, at the Holder’s election, immediately due and payable in cash at the Mandatory Default Amount. Upon any Event of Default pursuant to Section 8(a)(vi), the outstanding principal amount of this Note and
        other amounts owing in respect thereof through the date of acceleration, shall become, at the Holder’s election, immediately due and payable in cash at the Mandatory Default Amount. Commencing on the Maturity Date and also five (5) days after the
        occurrence of any Event of Default interest on this Note shall accrue in addition to the ten percent (10%) per annum at an interest rate equal to the lesser of five percent (5%) per annum or the maximum rate permitted under applicable law. Upon the
        payment in full of the Mandatory Default Amount, the Holder shall promptly surrender this Note to or as directed by Borrower. In connection with such acceleration described herein, the Holder need not provide, and Borrower hereby waives, any
        presentment, demand, protest or other notice of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable
        law. Such acceleration may be rescinded and annulled by Holder at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Note until such time, if any, as the Holder receives full payment pursuant to this Section
        8(b). No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

       

      Section 9.              Miscellaneous.

       

      (a)        Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein,
        shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram,
        or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (A) upon
        hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a Business Day during normal business hours where such notice is to be
        received), or the first Business Day following such delivery (if delivered other than on a Business Day during normal business hours where such notice is to be received) or (B) on the second Business Day following the date of mailing by express
        courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be: (i) if to Borrower, to: Stronghold Digital Mining, Inc., 595 Madison
        Avenue, 28th Floor, New York, NY 10022 Attn: Chief Executive Officer, with a copy by email to (which shall not constitute notice): Vinson & Elkins LLP, 1114 Avenue
        of the Americas, 32nd Floor, New York, NY 10036, Attn: Daniel M. LeBey, Esq. and (ii) if to the Holder, to: the address indicated on the front page of this Note, Attn:
        Andy Lee, with an additional copy by email only to (which shall not constitute notice): Christopher E. Centrich, Esq.

       

      (b)        Absolute Obligation. Except as expressly provided herein, no provision of this Note shall alter or impair the obligation of Borrower, which is absolute and unconditional, to pay
        the principal of and accrued interest, as applicable, on this Note at the time, place, and rate, and in the coin or currency, herein prescribed. This Note is a direct debt obligation of Borrower. This Note ranks pari passu with all Other Notes now
        or hereafter issued under the terms set forth herein.

       

      (c)         Lost or Mutilated Note. If this Note shall be mutilated, lost, stolen or destroyed, Borrower shall execute and deliver, in exchange and substitution for and upon cancellation of
        a mutilated Note, or in lieu of or in substitution for a lost, stolen or destroyed Note, a new Note for the principal amount of this Note so mutilated, lost, stolen or destroyed, but only upon receipt of evidence of such loss, theft or destruction
        of such Note, and of the ownership hereof, reasonably satisfactory to Borrower.

       

      
        9

        
          

      

      (d)         Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Note shall be governed by and construed and enforced in accordance
        with the internal laws of the State of New York, without regard to the principles of conflict of laws thereof. Each party agrees that all legal proceedings concerning the interpretation, enforcement and defense of the transactions contemplated by
        any of the Transaction Documents (whether brought against a party hereto or its respective Affiliates, directors, officers, shareholders, employees or agents) shall be commenced in the state and federal courts sitting in the City of New York,
        Borough of Manhattan (the “New York Courts”). Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or with any transaction
        contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
        subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such
        suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall
        constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by applicable law. Each party hereto hereby irrevocably
        waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Note or the transactions contemplated hereby. If any party shall commence an action or
        proceeding to enforce any provisions of this Note, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs and expenses incurred in the investigation, preparation and
        prosecution of such action or proceeding. This Note shall be deemed an unconditional obligation of Borrower for the payment of money and, without limitation to any other remedies of Holder, may be enforced against
          Borrower by summary proceeding pursuant to New York Civil Procedure Law and Rules Section 3213 or any similar rule or statute in the jurisdiction where enforcement is sought. For purposes of such rule or statute, any other document or agreement
          to which Holder and Borrower are parties or which Borrower delivered to Holder, which may be convenient or necessary to determine Holder’s rights hereunder or Borrower’s obligations to Holder are deemed a part of this Note, whether or not such
          other document or agreement was delivered together herewith or was executed apart from this Note.

       

      (e)         Waiver. Any waiver by Borrower or the Holder of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any other breach of such
        provision or of any breach of any other provision of this Note. The failure of Borrower or the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party of the
        right thereafter to insist upon strict adherence to that term or any other term of this Note on any other occasion. Any waiver by Borrower or the Holder must be in writing.

       

      (f)          Severability. If any provision of this Note is invalid, illegal or unenforceable, the balance of this Note shall remain in effect, and if any provision is inapplicable to any
        Person or circumstance, it shall nevertheless remain applicable to all other Persons and circumstances.

       

      (g)          Usury. If it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due
        hereunder shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. Borrower covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner
        whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive Borrower from paying all or any portion of the principal of or interest on this Note as contemplated herein,
        wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Note, and Borrower (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and
        covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

       

      (h)        Next Business Day. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding
        Business Day.

       

      (i)           Headings. The headings contained herein are for convenience only, do not constitute a part of this Note and shall not be deemed to limit or affect any of the provisions
        hereof.

       

      
        10

        
          

      

      (j)         Amendment. Unless otherwise provided for hereunder, this Note may not be modified or amended or the provisions hereof waived without the written consent of Borrower and the
        Holders of a majority of the aggregate outstanding principal amounts under this Note and the Other Notes. Notwithstanding the foregoing, any modification, amendment or waiver which (i) forgives or alters the principal amount due hereunder, the rate
        of interest applicable to the Loans, the due date for any payment hereunder or the maturity thereof, (ii) materially adversely alters or changes any rights of any Holder under this Note or (iii) amends, modifies or waives Sections 4 or 9(j) of this
        Note must, in each case, be executed by the Borrower and the Holder.

       

      (k)          Facsimile Signature. In the event that the Borrower’s signature is delivered by facsimile transmission, PDF, electronic signature or other similar electronic means, such
        signature shall create a valid and binding obligation of the Borrower with the same force and effect as if such signature page were an original thereof.

       

      (l)          Amendment and Restatement. This Note is given in amendment, restatement and modification (but not in extinguishment or novation) of that certain 10.0% Convertible Note, issued
        May 15, 2022, executed by the Borrower and payable to the Holder, in the original principal amount of $2,500,000 (the “Original Note”). The indebtedness formerly evidenced by the Original Note shall hereafter be evidenced by this Note.

       

      *********************

       

      (Signature Pages Follow)

       

      

      
        11

        
          

      

      Schedule I

       

        

      Amortization

       

       

      

      
        	
                Payment Date

              	
                Payment Amount

              	
                Due date of Notice of

                Election to Make

                Payment in Common

                Stock

              	
                First Trading Day

                Included in VWAP

                Calculation

              
	
                November 15, 20221

                 

              	
                $416,666.67

              	
                October 10, 2022

                 

              	
                October 17, 2022

                 

              
	
                December 15, 2022

                December 22, 2022

                 

              	
                $416,666.67

              	
                November 10, 2022

                 

              	
                November 16, 2022

                November 23, 2022

              
	
                January 15, 2023

                 

              	
                $416,666.67

              	
                December 10, 2022

                 

              	
                December 15, 2022

                 

              
	
                February 15, 2023

                 

              	
                $416,666.67

              	
                January 10, 2023

                 

              	
                January 18, 2023

                 

              

      

      

      

      
        

         

        

      

      1 Previously paid by the Borrower.

    

     

    

     

      [Schedule I]Exhibit
10.2

 

 

 

 

 

 

 

 

IT
Services Agreement

 

 

between

 

 

NYIAX,
Inc.

 

 

and

 

 

Nasdaq

 

 

Effective
date: May 17, 2016

 

 

 

 

 

 

 

 

 

 

 

 

     

    	NYIAX Inc.	

    

 

Table
of Contents

 

	A.	General	5
	1   	Definitions
    and Interpretation	5
	B.   	Delivery
    Project and Acceptance	6
	2  	Master
Time Schedule	6
	3   	Joint
    Obligations During the Project	6
	4   	Nasdaq’s
    Obligations during the Project and the Term	7
	5   	Customer’s
    Obligations during the Project	9
	6  	Routine
Guide	11
	7  	Acceptance	11
	8   	Delayed
    Acceptance	12
	C.   	Services	13
	9 	Nasdaq’s
Obligations during the Support Term	13
	10  	Customer
Obligations during the Support Term	14
	D.   	Change
    Management	15
	11  	Change
Procedure	15
	E.  	Intellectual
    Property Rights and Confidentiality	16
	12   	Software
    Product License	16
	13   	Escrow
    and Source Code License	17
	14  	Intellectual
Property Rights	19
	15   	Confidentiality	20
	F.   	Charges	22
	16  	Consideration	22
	G.   	Term,
    Termination and Consequences of Termination	24
	17   	Term
    and Termination	24
	H.  	Warranties,
    Indemnification, Insurance and Limitation of Liability	27
	18  	Warranties	27
	19 	Damages	30
	I.  	General	32
	20   	Miscellaneous	32

 

    
	 	 	 
	IT Services Agreement	CONFIDENTIAL	Page 2 of 117
	 	 	 
	Copyright 2016 Nasdaq Technology AB

    	NYIAX Inc.	

    

 

	Schedule
    1  	Definitions	39
	Schedule
    2	Consideration
    and Payment Terms	48
	Schedule
    3	Master
    Time Schedule	53
	Schedule
    4	Regulations
    for Acceptance Test	56
	Schedule
    5	Training
    Specification	69
	Schedule
    6	Project
    Governance	73
	Schedule
    7	Software
    Functional Specification	78
	Schedule
    8	License
    Scope	80
	Schedule
    9	Documentation
    Specification	82
	Schedule
    10	System
    Description	85
	Schedule
    11	Services	93
	Schedule
    12	Service
    Level Agreement	106
	Schedule
    13	Change
    Procedure	113
	Schedule
    14	Marketing
    Services	116

 

    
	 	 	 
	IT Services Agreement	CONFIDENTIAL	Page 3 of 117
	 	 	 
	Copyright 2016 Nasdaq Technology AB

    	NYIAX Inc.	

    

 

This
IT Services Agreement is entered into on the Effective Date by and between:

 

Nasdaq
Technology AB, a company with its principal place of business at Tullvaktsvägen 15, SE-105 78 Stockholm, Sweden (“Nasdaq”);

 

and

 

NYIAX,
Inc., a Delaware corporation, with its principal place of business located at 40 Wall Street, 28th Floor, New York, NY
10005 (the “Customer”).

 

WHEREAS:

 

		A)	The
                                            Customer has requested and Nasdaq has agreed to provide the Software Product and services
                                            related to the Software Product to the Customer.

 

		B)	This
                                            Agreement sets out the Parties’ rights and obligations during the Project (as defined
                                            herein) and Nasdaq’s subsequent provision of Services to the Customer.

 

    
	 	 	 
	IT Services Agreement	CONFIDENTIAL	Page 4 of 117
	 	 	 
	Copyright 2016 Nasdaq Technology AB

    	NYIAX Inc.	

    

 

THEREFORE,
the Parties agree as follows:

 

		A.	General

 

		1	Definitions
                                            and Interpretation

 

		1.1	Definitions

 

In
this Agreement, and in the recitals, the definitions set forth in Schedule 1 (Definitions) shall apply.

 

		1.2	Interpretation

 

		1.2.1	The
                                            schedules to this Agreement form an integral part of this Agreement. In case of any inconsistency
                                            between this document and the schedules, this document shall take precedence.

 

		1.2.2	The
                                            headings in this Agreement are for convenience only and do not affect the construction or
                                            interpretation of any provision to which they refer.

 

		1.2.3	Unless
                                            the context otherwise requires, the singular includes the plural and vice-versa.

 

		1.2.4	The
                                            words “includes” and “including” shall be construed without limitation.

 

		1.2.5	A
                                            reference to a clause number shall also be deemed to include its sub-clauses.

 

    
	 	 	 
	IT Services Agreement	CONFIDENTIAL	Page 5 of 117
	 	 	 
	Copyright 2016 Nasdaq Technology AB

    	NYIAX Inc.	

    

 

		B.	Delivery
                                            Project and Acceptance

 

Prior
to the commercial operation of the Customer Market and the provision of the Services, it is necessary for Nasdaq to develop certain Adaptations
to the Uncustomized Software Product. Furthermore, it is necessary to acquire, install and configure certain computer hardware, software
and network facilities and to undertake related activities with respect to installation of the Software Product and training in the use
thereof. Clause 2 through Clause 8 below sets out the Parties’ respective obligations relating thereto.

 

		2	Master
                                            Time Schedule

 

The
Parties’ obligations during the Project as set forth herein shall be performed in accordance with Schedule 3 (Master Time Schedule).

 

		3	Joint
                                            Obligations During the Project

 

		3.1	Timely
                                            Performance of Obligations

 

Each
Party acknowledges that complete and timely performance of its obligations pursuant to this Agreement may be necessary to enable the
other Party to fulfil its obligations under the Agreement.

 

		3.2	Project
                                            Organization

 

		3.2.1	Commencing
                                            as of the Effective Date, each Party shall establish, and throughout the Project maintain,
                                            a Project Organization, substantially in accordance with Schedule 6 (Project Governance).

 

		3.2.2	Each
                                            Party shall appoint personnel to its Project Organization that are suitably qualified, experienced,
                                            skilled and trained to perform the tasks assigned to them during the Project and who shall
                                            be dedicated to the Project at all material times.

 

		3.2.3	Each
                                            Party’s Project Manager shall be responsible for managing the performance of that Party’s
                                            obligations during the Project and be authorized to make binding decisions with respect to
                                            the day-to-day performance of its obligations under this Agreement, but not to amend the
                                            terms of this Agreement.

 

		3.3	Project
                                            Planning and Management

 

		3.3.1	Each
                                            Party shall in accordance with Schedule 3 (Master Time Schedule) prepare a
                                            detailed project time schedule for internal use.

 

		3.3.2	Any
                                            of the activities of either Party which interact with the other Party’s activities,
                                            or upon which the other Party’s activities are dependent, shall be planned by the first
                                            Party in sufficient detail to enable all interactions and dependencies to be efficiently
                                            established and performed.

 

		3.3.3	If
                                            a Party becomes aware of any circumstance that may potentially lead to either of the Parties
                                            failing to meet any of their obligations under this Agreement or that would impact upon any
                                            of the dates set out in Schedule 3 (Master Time Schedule) that Party shall
                                            immediately notify the other Party’s Project Manager and shall also prepare a report
                                            to be presented to the next Joint Steering Group meeting.

 

    
	 	 	 
	IT Services Agreement	CONFIDENTIAL	Page 6 of 117
	 	 	 
	Copyright 2016 Nasdaq Technology AB

    	NYIAX Inc.	

    

 

		3.3.4	Where
                                            a failure by one Party to meet its obligations affects the other Party’s ability to
                                            fulfil its obligations under this Agreement, the latter Party shall be relieved of its obligations
                                            only to the extent that the performance of such obligations is affected by such failure and
                                            such latter Party:

 

		(a)	notified
                                            the former Party of the adverse impact of such failure,

 

		(b)	uses
                                            reasonable efforts to mitigate the adverse impact of such failure, and

 

		(c)	uses
                                            reasonable efforts to continue to perform despite such failure.

 

		3.3.5	The
                                            latter Party shall only continue to be relieved from its obligations whilst the failure continues
                                            to affect the performance of its obligations.

 

		3.3.6	Each
                                            Party shall advise the other Party of the consequences of any failure that pursuant to Clause
                                            3.1 (Timely Performance of Obligations) may impact upon the other Party’s ability
                                            to meets its obligations.

 

		3.4	Project
                                            Meetings

 

Each
Party shall attend Project Management and Joint Steering Group meetings as set forth in Schedule 6 (Project Governance).

 

		3.5	Information

 

Each
Party shall supply such information, which it may be reasonably expected to provide to the other Party, in writing and as such other
Party reasonably requires in order to be able to meet its obligations under this Agreement and which the first Party can be reasonably
expected to provide.

 

		4	Nasdaq’s
                                            Obligations during the Project and the Term

 

		4.1	The
                                            Software Product

 

Nasdaq
shall develop the Adaptations on the Uncustomized Software Product as specified in Schedule 7 (Software Functional Specification). Nasdaq
shall deliver to the Customer the final Software Product, consistent with the terms and conditions set forth in this Agreement and the
Documentation, subject to Customer’s prior written approval of the final version of the Software Product as further contemplated
below.

 

		4.2	Assistance

 

Nasdaq
shall provide all reasonably necessary Software Product advice and assistance to the Customer during the Project and Term, to bring the
Software Product, as installed, to operate in conformance with this provisions of this Agreement, including assisting with email and
telephone queries, subject to availability of Nasdaq personnel, pertaining to:

 

		(a)	Resolution
                                            of technical questions about the Customer Interfaces and Customer Applications;
	 	 	 

		(b)	The
                                            functionality of the Software Product;

 

		(c)	Installation
                                            of the Software Product on the Customer Hardware Configuration subsequent to the initial
                                            installation performed by Nasdaq pursuant to Clause 4.3 (Initial Installation and
                                            Installation Test); and

 

		(d)	Configuration
                                            of the Software Product.

 

    
	 	 	 
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		4.3	Initial
                                            Installation and Installation Test

 

		4.3.1	After
                                            the completion of the development and Nasdaq internal testing of the Adaptations, the Software
                                            Product will be delivered to the Customer and Nasdaq shall be responsible for the installation
                                            of the Software Product at the Customer Central Site on the Acceptance Test Environment pursuant
                                            to the terms of this Agreement.

 

		4.3.2	Nasdaq
                                            shall conduct the Installation Test to validate interoperability between the Software Product,
                                            the Customer External Systems and the Customer Hardware Configuration, and in the event of
                                            unsuccessful tests shall make any changes to the Software Product that may be necessary to
                                            achieve such interoperability pursuant to the terms of this Agreement.

 

		4.3.3	Following
                                            the successful completion of the Installation Test, Nasdaq shall issue a Development Completion
                                            Notice indicating the Software Product is ready for the commencement of the Acceptance Test.

 

		4.4	Documentation

 

Nasdaq
shall provide the Customer with one (1) copy of the documents listed in Schedule 9 (Documentation Specification) in electronic
format. The language of the Documentation shall be English.

 

		4.5	Training

 

Nasdaq
shall provide training to the Customer’s personnel as specified in Schedule 5 (Training
Specification). Training shall be conducted in the English language.

 

		4.6	Acceptance
                                            Test

 

Nasdaq
shall:

 

		(a)	provide
                                            example Acceptance Test Procedure, Acceptance Test Plan and Acceptance Test Specification
                                            documentation to be used by the Customer as a reference in their development of their test
                                            documentation for Acceptance Test pursuant to Clause 5.8.1(a);

 

		(b)	have
                                            the right to review the Customer’s Acceptance Test Plan, Acceptance Test Procedures
                                            and Acceptance Test Specification; and

 

		(c)	provide
                                            support to the Customer during the Acceptance Test in accordance with Schedule 4 (Regulations
                                            for Acceptance Test) pursuant to Schedule 3 (Master Time Schedule).

 

		4.7	Reference
                                            Data and Migration Guide

 

		4.7.1	During
                                            the Project, Nasdaq shall prepare a Migration Guide for the Customer defining the migration
                                            process to the Software Product. This guide shall include;

 

		(a)	The
                                            data migration process to be executed to convert the Original Reference Data to the New Reference
                                            Data as is required for the operation of the Software Product;

 

		(b)	A
                                            list of the required Original Reference Data and, if relevant, where this data should be
                                            sourced from in the existing system; and

 

		(c)	Operating
                                            instructions for the Customer to execute the data migration.

 

    
	 	 	 
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		4.7.2	Subject
                                            to Customer performing its obligations under Clause 5.6 (Reference Data and Data Migration),
                                            Nasdaq shall perform the setup of the New Reference Data in the Software Product prior to
                                            the Installation Testing and Production Start.

 

		5	Customer’s
                                            Obligations during the Project

 

		5.1	Design
                                            Study & Completeness of Schedules

 

		5.1.1	The
                                            Parties acknowledge that prior to the commencement of the Project the Parties conducted a
                                            detailed system analysis and design process (“Design Study”), which is
                                            subject to that certain Design Study Agreement entered into by the Parties, dated as of December
                                            11, 2015 (“Design Study Agreement”). Furthermore the Parties acknowledge
                                            that one of the principle purposes of the Design Study was to document, to a sufficient level
                                            of detail to allow the Project to be scoped and planned, the business and technical requirements
                                            to be satisfied by the Software Product and the services to be delivered.

 

		5.1.2	The
                                            Customer acknowledges that, having reviewed the documented outcome of the Design Study as
                                            at the Effective Date , Schedule 7 (Software Functional Specification), Schedule 10
                                            (System Description) and Schedule 12 (Service Level Agreement) are complete
                                            and meet the Customer’s requirements with respect to functional, technical and other
                                            aspects of the Software Product.

 

		5.1.3	Alterations
                                            to agreed Schedules shall be dealt with by the Parties through the Change Request procedure
                                            in accordance with Clause 11 (Change Procedure).

 

		5.2	Customer
                                            Hardware Configuration

 

The
Customer shall:

 

		(a)	procure,
                                            install and configure the Customer Hardware Configuration, as specified in Schedule 10
                                            (System Description), at the Customer Central Site; and

 

		(b)	install
                                            the Software Product on the Customer Hardware Configuration (except for the initial installation
                                            as specified in Clause 4.3 (Initial Installation and Installation Test).

 

		5.3	Training

 

The
Customer shall:

 

		(a)	participate
                                            in training to be provided by Nasdaq as specified in Schedule 5 (Training Specification);
                                            and

 

		(b)	provide
                                            training to Participants regarding the Software Product and the Customer Market.

 

		5.4	Integration
                                            of Customer External Systems

 

		5.4.1	The
                                            Customer shall supply or develop and test the Customer External Systems and shall ensure
                                            the integration of the Customer External Systems with the Software Product.

 

		5.4.2	The Customer shall ensure that the Customer External Systems
conform in all material respects to the specifications of the Customer Interfaces as set out in Schedule 10 (System Description)
such that data fed or entered in to the Software Product is provided in a manner designed for the Software Product to accurately process
and use such data and not produce or result in any errors or malfunctions in the Software Product.

 

    
	 	 	 
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		5.5	Third
                                            Party Developer Testing Prior to Acceptance

 

		5.5.1	The
                                            Customer may use the Participant Interfaces for testing by Third Party Developers and Participants
                                            prior to Acceptance. However, the Customer acknowledges that prior to Acceptance, the stability
                                            of the Participant Interfaces may fluctuate and the Participant Interfaces may be subject
                                            to changes before Acceptance.

 

		5.5.2	The
                                            provision of:

 

		(a)	test
                                            systems; and

 

		(b)	any
                                            support requested by Third Party Developers performing tests against the Participant Interfaces,

 

shall
be the sole responsibility of the Customer.

 

		5.6	Reference
                                            Data and Data Migration

 

		5.6.1	The
                                            Customer shall prepare and provide Nasdaq with the Original Reference Data identified in
                                            the Migration Guide.

 

		5.6.2	The
                                            Customer shall assist Nasdaq in the initial setting-up of the New Reference Data for the
                                            Software Product.

 

	5.6.3	The
                                            Customer shall at all times be responsible for the accuracy of its Original Reference Data
                                            and shall inform Nasdaq of any changes to any Original Reference Data prior to Production
                                            Start.
	 	 

	5.6.4	The
                                            New Reference Data shall be used during any internal testing to be carried out by Nasdaq,
                                            the Installation Test and the Acceptance Test.

 

		5.7	Access
                                            and Resources

 

The
Customer shall as reasonably required by Nasdaq to fulfil its obligations under this Agreement:

 

		(a)	grant
                                            Nasdaq personnel access to and assistance with the Customer Hardware Configuration for the
                                            installation of the Software Product and to conduct the Installation Test;
	 	 	 

		(b)	grant
                                            Nasdaq personnel access to and assistance with the Customer Premises and the Customer Central
                                            Site; and

 

		(c)	provide
                                            Nasdaq personnel with separate lockable office and working space, and standard office equipment
                                            including Internet access.

 

		5.8	Acceptance
                                            Test

 

		5.8.1	The
                                            Customer shall:

 

		(a)	prepare
                                            the Acceptance Test Procedure, the Acceptance Test Plan and the Acceptance Test Specification;
                                            and

 

    
	 	 	 
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		(b)	plan,
                                            arrange and perform the Acceptance Test.

 

		5.8.2	The
                                            Customer shall, no later than ten (10) Customer Working Days after Acceptance pursuant to
                                            Clause 7.2 (Acceptance), issue a written confirmation to Nasdaq that Acceptance has
                                            occurred. In the event the Customer fails to issue such confirmation no later than ten (10)
                                            Customer Working Days following Acceptance, Nasdaq shall be entitled to issue a confirmation
                                            of Acceptance to the Customer.

 

		6	Routine
                                            Guide

 

		6.1	Project
                                            Activity

 

During
the Project the Parties shall jointly produce the Routine Guide based on a template to be provided by Nasdaq.

 

		6.2	Content

 

The
Routine Guide shall describe:

 

		(a)	the
                                            Parties’ respective support organizations;

 

		(b)	the
                                            Service support process; and

 

		(c)	the
                                            Parties’ respective contact details.

 

		6.3	Changes
                                            to the Routine Guide

 

Once
the Routine Guide has been agreed by the Parties in accordance with Clause 6.1, changes to the Routine Guide shall be dealt with
in accordance with Clause 11 (Change Procedure).

 

		7	Acceptance

 

		7.1	Acceptance
                                            Test

 

The
Acceptance Test shall be performed in accordance with the provisions of Schedule 4 (Regulations for Acceptance
Test).

 

		7.2	Acceptance

 

		7.2.1	The
                                            Customer shall commence the Acceptance Test within five (5) Customer Working Days of the
                                            later of:

 

		(a)	the
                                            start of the Acceptance Test Period in accordance with Schedule 3 (Master Time
                                            Schedule); and

 

		(b)	the
                                            date that Nasdaq has issued a Development Completion Notice.

 

		7.2.2	Acceptance
                                            of the Software Product (“Acceptance”) shall occur when:

 

		(a)	no
                                            test results have been classified as “Rejected” and remain uncorrected, as defined
                                            in Schedule 4 (Regulations for Acceptance Test), upon completion of the Acceptance Test Period;
	 	 	 

		(b)	the
                                            Customer fails, without reasonable cause, to commence the Acceptance Test within ten (10)
                                            Customer Working Days of the later of;
	 	 	 

    
	 	 	 
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		(i)	the
                                            start of the Acceptance Test Period in accordance with Schedule 3 (Master Time Schedule);
                                            and

 

		(ii)	the
                                            date that Nasdaq has issued a Development Completion Notice, provided that such failure is
                                            not a result of an action of default of Nasdaq.
	 	 	 

		(c)	the
                                            Customer fails, without reasonable cause, to commence an Acceptance Test Cycle within ten
                                            (10) Customer Working Days of Nasdaq issuing a written notice to the Customer stating that
                                            a correction has been released and the Software Product is ready for Acceptance Test provided
                                            that such failure is not a result of an action of default of Nasdaq; or

 

		(d)	Production
                                            Start takes place with respect to the Software Product, or part thereof.

 

		8	Delayed
                                            Acceptance

 

		8.1	Project
                                            Delays

 

In
the event of delays during the course of the Project due to non-performance by a Party or its agents (“Defaulting Party”)
of its obligations under this Agreement:

 

		(a)	the
                                            Master Time Schedule shall be extended as agreed in writing between the Parties, but in any
                                            event by a period not less than the period by which the Project is delayed;
	 	 	 

		(b)	the
                                            other Party’s (“Non-defaulting Party”) time for performance shall
                                            be equitably adjusted; and

 

		(c)	subject to the other Non-defaulting Party’s compliance
with the provisions of Clause 3.3 (Project Planning and Management) where such delays impact upon Acceptance, the Non-defaulting
Party shall be entitled to the remedies specified in Clause 8.2 (Remedies for Delay of Acceptance).

 

		8.2	Remedies
                                            for Delay of Acceptance

 

		8.2.1	If
                                            Acceptance is delayed past the date specified in Schedule 3 (Master Time Schedule), subject
                                            to Clause 8.3 (Calculation of Delays), to the extent the delay is due to reasons attributable
                                            to or within Nasdaq’s control, the Customer shall as a sole remedy be entitled to recover
                                            a credit in an amount of 1/120 of the Maximum Late Payment per day of delay, up to and including
                                            the 120th day of delay.

 

		8.2.2	If
                                            Acceptance is delayed past the date specified in Schedule 3 (Master Time Schedule),
                                            subject to Clause 8.3 (Calculation of Delays), to the extent the delay is due to reasons
                                            attributable to or within the Customer’s control, Nasdaq shall be entitled to reasonable
                                            compensation to be discussed by the Parties on a time and materials basis for any additional
                                            work, materials or resources required directly or indirectly as a result of the delay.

 

		8.2.3	If
                                            Acceptance is delayed by more than one hundred and twenty (120) days from the date specified
                                            in the Schedule 3 (Master Time Schedule), subject to Clause 8.3 (Calculation
                                            of Delays), to the extent the delay is due to reasons attributable to or within the Defaulting
                                            Party’s control, the Non-defaulting Party shall be entitled to terminate this Agreement
                                            as set forth in Clause 17.4 (Termination due to Delayed Acceptance).

 

		8.3	Calculation
                                            of Delays

 

The
Parties acknowledge that a Party’s entitlement to the remedies specified in Clause 8.2 (Remedies for Delay of Acceptance)
as a result of delays to Acceptance for which the other Party is responsible, shall:

 

		(a)	be
                                            calculated with reference to Schedule 3 (Master Time Schedule) prior to any adjustment
                                            thereto as agreed between the Parties pursuant to Clause 8.1(a); and

 

    
	 	 	 
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		(b)	only
                                            include delays for which the Defaulting Party is responsible.

 

		8.4	Continuation
                                            Notwithstanding Delay

 

In
the event a delay occurs which entitles a Party to termination as set forth in Clause 17.4 (Termination due to Delayed Acceptance),
but it is decided by the Parties that this Agreement shall not be terminated as set out in those clauses and the Parties thus decide
to continue the Project, such continuation shall take place under the terms set forth in this Agreement, save that the Parties shall
renegotiate Schedule 3 (Master Time Schedule) and compensation for costs due to further delay, in accordance with Schedule 13
(Change Procedure).

 

		C.	Services

 

Clause
9 below specifies the Services to be provided by Nasdaq to the Customer following Acceptance and defines the Parties’ respective
obligations in relation thereto.

 

		9	Nasdaq’s
                                            Obligations during the Support Term

 

		9.1	Support
                                            Organization

 

		9.1.1	Nasdaq
                                            shall, as of Acceptance, appoint individuals to the positions specified in the Routine Guide.

 

	9.1.2	The
                                            individuals identified in Clause 9.1.1 shall be entitled to represent Nasdaq with
                                            respect to day-to-day business issues arising under this Agreement, but shall not be authorized
                                            to modify, alter, add to or change the terms of this Agreement.
	 	 

	9.1.3	Nasdaq
                                            shall ensure that its representatives are individuals with suitable training, experience
                                            and skills to perform the tasks assigned to or required of them pursuant to this Agreement.

 

		9.2	Services

 

Subject
to the terms and conditions set forth in this Agreement, Nasdaq shall provide the Services set forth in Schedule 11 (Services).

 

		9.3	Commencement
                                            of Services

 

Nasdaq’s
provision of the Services shall commence upon Acceptance pursuant to Clause 7.2.2.

 

	9.4	Production
                                            Start and Service Levels

 

		9.4.1	Nasdaq
                                            shall, from Production Start, provide the Service in accordance with the Service Levels set
                                            forth in Schedule 12 (Service Level Agreement). In the event that Nasdaq fails to
                                            meet or exceed the service levels set forth in the Service Level Agreement, Customer will
                                            be entitled to the applicable service level credits set forth in the Service Level Agreement

 

		9.4.2	Notwithstanding
                                            anything to the contrary herein, in the event of Production Start pursuant to Clause B.7.2.2(d)
                                            the Parties agree that the Service Levels set forth in this Agreement shall not apply
                                            until the Software Product have been tested in accordance with Schedule 4 (Regulations
                                            for Acceptance Test), and all test results classified as “Rejected” have been
                                            rectified.

 

		9.5	Root
                                            Cause Analysis

 

In
the event of any failure by Nasdaq to maintain the Service Levels due to a Very High or Critical Incident, Nasdaq shall undertake a root
cause analysis in order to ascertain the reason for such failure and shall implement such changes in its routines, the Software Product
or the Services as are necessary to avoid a repetition of the failure.

 

    
	 	 	 
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		9.6	Assistance
                                            to Third Party Developers

 

Unless
otherwise agreed in accordance with Schedule 11 (Services), Nasdaq shall not be responsible for providing support to Third Party Developers.

 

	10	Customer
                                            Obligations during the Support Term

 

	10.1	Support
                                            Organization

 

	10.1.1	The
                                            Customer shall, as of Acceptance, appoint individuals to the positions specified in the Routine
                                            Guide.

 

	10.1.2	The
                                            individuals identified in Clause 10.1.1 shall be entitled to represent the Customer
                                            with respect to day-to-day business issues arising under this Agreement, but shall not be
                                            authorized to modify, alter, add to or change the terms of this Agreement.

 

	10.1.3	The
                                            Customer shall ensure that its representatives are individuals with suitable training, experience
                                            and skills to perform the tasks assigned to or required of them pursuant to this Agreement.

 

	10.2	General
                                            Obligations

 

The
Customer shall:

 

		(a)	perform
                                            its obligations as set forth in this Agreement with due skill, care and dispatch;

 

		(b)	provide
                                            Nasdaq in a timely fashion with all information reasonably required by Nasdaq in order to
                                            comply with its obligations under this Agreement;

 

		(c)	participate
                                            in meetings agreed between the Parties or otherwise reasonably required by Nasdaq and cause
                                            the tasks agreed in joint meetings as the duties of the Customer to be performed in accordance
                                            with the agreed time table;
	 	 	 

		(d)	contribute
                                            to the performance of the Services with respect to factors that are under the command or
                                            control of the Customer;

 

		(e)	for
                                            its own part make decisions necessary for the performance of the Services within a reasonable
                                            time; and

 

		(f)	provide
                                            Nasdaq with access to the Customer’s Premises, the Customer Site and the Customer Hardware
                                            Configuration, as may be reasonably required by Nasdaq in order for Nasdaq to fulfil its
                                            obligations under this Agreement in accordance with Customer’s policies and procedures
                                            as provided by the Customer to Nasdaq.

 

		10.3	Operation
                                            of Customer Hardware Configuration

 

The
Customer shall be responsible for the operation and maintenance of the Customer Hardware Configuration in accordance with Schedule
10 (System Description).

 

    
	 	 	 
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		D.	Change
                                            Management

 

Where
either Party wishes to make a change relating to this Agreement, the procedure set forth in Clause 11 (Change Procedure) shall
apply.

 

		11	Change
                                            Procedure

 

		11.1	Process

 

		11.1.1	The
                                            Parties acknowledge that Change Requests may be raised by either Party during the Term due
                                            to changes in business and/or technical circumstances or as result of error, omission or
                                            oversight.

 

		11.1.2	The
                                            Parties further acknowledge that Changes Requests may impact upon the project schedule and
                                            cost and should be avoided where possible.

 

		11.1.3	Neither
                                            Party shall unreasonably refuse to address Change Requests that are requested by the other
                                            Party.

 

		11.1.4	Change
                                            Requests shall be subject to the procedure set forth in Schedule 13 (Change Procedure).

 

		11.2	Authority
                                            for Approving Change Requests

 

		11.2.1	Change
                                            Requests which do not affect the contract price or other contractual terms may be agreed
                                            upon by the Parties’ Project Managers or Operation Managers/Account Managers (as applicable).

 

		11.2.2	Change
                                            Requests which affect the contract price or other contractual terms may only be agreed upon
                                            by duly authorized representatives of the Parties.

 

    
	 	 	 
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		E.	Intellectual
                                            Property Rights and Confidentiality

 

		12	Software
                                            Product License

 

		12.1	Software
                                            Product License

 

Subject
to payment by the Customer of the Annual License and Services Fee, Nasdaq grants to the Customer a non-exclusive (except as set forth
below and contemplated in this Agreement), non-transferable (subject to Clause 12.3) and non-assignable license to Use the Software Product
in the Territory and on the instances described in Schedule 10 (System Description), during the Term, for the purpose of operating the
Customer Market as set forth in this Agreement (the “Software Product License”). The Software Product License shall entitle
the Customer to Use the Software Product within the scope set forth in this Agreement and in Schedule 8 (License Scope). Notwithstanding
the non-exclusive nature of the Software Product License and subject to payment by the Customer to Nasdaq of its Revenue Share set forth
in Schedule 2, Nasdaq shall not license the Software Product to a third party in connection with the Exclusive Licensed Products in the
Exclusive Territory during the Exclusivity Period (the “Exclusivity Provision”). This Exclusivity Provision shall
last for a period of time equal to the Exclusivity Initial Period, after which the Exclusivity Provision shall continue for the Exclusivity
Renewal Period, unless Nasdaq elects to terminate the Exclusivity Provision by written notice to Customer with notice given at least
thirty (30) days prior to the expiration of the current Exclusivity Period; provided, however, Nasdaq agrees that it will not terminate
the Exclusivity Provision before the expiration of the Exclusivity Initial Period unless such Exclusivity Initial Period extends beyond
twenty- five (25) months from the Effective Date, in which event Nasdaq shall be permitted to terminate the Exclusivity Period by providing
written notice to Customer at least thirty (30) days prior to the expiration of such twenty-five (25) month period from the Effective
Date.

 

		12.2	Scope
                                            of Software Product License

 

The
Software Product License shall be subject to the following additional terms and conditions:

 

		(a)	The
                                            Software Product shall not include a license to the Source Code of the Software Product (except
                                            as set forth in Clause 13 of this Agreement);

 

		(b)	Save
                                            as permitted by mandatory law, the Customer shall not decompile or reverse engineer the Software
                                            Product;

 

		(c)	Save
                                            as expressly set out in this Agreement, the Customer shall not adapt, modify or amend the
                                            Software Product;

 

		(d)	The
                                            Customer may make such back-up copies of the Software Product as are necessary for the purposes
                                            of the Customer’s lawful use of the Software Product and for the purposes of back up
                                            and security;

 

		(e)	The
                                            Customer may only operate the number System Instances of the Production System and Non-Production
                                            System specified in Schedule 10 (System Description);

 

		(f)	The
                                            Customer shall include original markings or notices identifying Nasdaq, or such third party
                                            as may be designated by Nasdaq, as the proprietor of the intellectual property rights (including
                                            trademarks, product names, copyright notices and the like) on any copies of the Software
                                            Product or in any communications referencing the Software Product;

 

    
	 	 	 
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		(g)	The
                                            Customer shall not assign, transfer, sublicense (subject to Clause 12.3 (Sublicensing
                                            to Participants and Third Party Developers) or otherwise dispose of any of its rights or
                                            obligations relating to the licenses granted pursuant to Clause 12.1 (Software Product
                                            License) without the written consent of Nasdaq; and

 

		(h)	Save
                                            as expressly set out in this Agreement the Customer shall have no right to use the Software
                                            Product for the benefit of, or disclose the Software Product to, any third party.

 

		12.3	Sublicensing
                                            to Participants and Third Party Developers

 

		12.3.1	The
                                            Customer shall be permitted to sublicense:

 

		(a)	the
                                            Participant Interfaces to Participants and Third Party Developers, for the development and
                                            testing of back-office applications or other third-party applications and to other third
                                            parties who may acquire such an application, to permit such applications to be connected
                                            to the Participant Interfaces to access the Software Product or parts thereof operated by
                                            the Customer and for no other purpose; and

 

		(b)	the
                                            Participant Applications to Participants for the sole purpose of accessing the Customer Market.

 

		12.3.2	Sub-licensing
                                            pursuant to Clause 12.3.1 shall be made on the license terms set forth in herein,
                                            save the sub-licensee shall not have the right to grant sublicenses. Nasdaq shall be named
                                            as a third party beneficiary in the relevant sublicensing agreement. Further, the sublicense
                                            agreement shall stipulate that Nasdaq shall not be liable for any damage whatsoever incurred
                                            by the sub-licensee as a result of the sublicensed software.

 

		12.3.3	Upon
                                            request, the Customer shall provide Nasdaq with written information regarding the names and
                                            addresses of Third Party Developers and Participants to whom sublicenses are granted as set
                                            out above and shall provide Nasdaq with copies of such sublicenses within two (2) weeks from
                                            receipt of a request from Nasdaq.

 

		12.3.4	Upon
                                            executing any sublicense agreement, the Customer shall apply sufficient security measures
                                            and care in relation to the software being sublicensed as to provide adequate protection
                                            of such software from unauthorized disclosure, copying or use and the Customer hereby undertakes
                                            to enforce the license terms of each sublicense agreement.

 

		12.3.5	The
                                            sublicense entitles the sub-licensee to receive a copy of the parts of the Documentation
                                            that are associated with the sublicensed components.

 

		13	Escrow
                                            and Source Code License

 

		13.1	Escrow,
                                            License to Source Code

 

	 	13.1.1	Upon the Customer’s request the Parties shall, and Nasdaq shall procure that an escrow agent designated by the Parties (the “Escrow Agent”) shall, enter into the Escrow Agent’s standard escrow agreement (the “Escrow Agreement”). Nasdaq shall throughout the Support Term, at the Customer’s expense, maintain the Source Code of the Software Product and related documentation (the “Deposit”) in escrow with the Escrow Agent in accordance with the terms of the Escrow Agreement. The Customer shall reimburse Nasdaq for Nasdaq’s work related to maintaining the Deposit on a time and materials basis. 

 

    
	 	 	 
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		13.1.2	Upon
                                            termination of this Agreement by the Customer pursuant to Clause 17.2 (Termination
                                            for Cause) or Clause 17.3 (Termination for Insolvency) subject always to the conditions
                                            set forth in Clause 0 the Customer shall be entitled to take possession of the Deposit
                                            and Use the Deposit in accordance to the terms of the Source Code License set forth below
                                            in Clause 13.2 (License to Source Code).

 

The
Customer shall be entitled to take and be provided with immediate possession of the Deposit upon an arbitral tribunal, convened in accordance
with Clause 20.22 (Governing Law and Dispute Resolution), finding that the Customer was entitled to terminate the Agreement pursuant
to Clause 17.2 (Termination for Cause) or Clause 17.3 (Termination for Insolvency)(“Release Conditions”). Provided
that either:

 

		13.2	License
                                            to Source Code

 

		13.2.1	Subject
                                            to release to the Customer of the Deposit in accordance with Clause 13.1 (Escrow,
                                            License to Source Code) above, Nasdaq hereby grants the Customer a license to the Deposit
                                            (the “Source Code License”).

 

		13.2.2	The
                                            Source Code License shall be subject to the same terms and conditions as the Software Product
                                            License save that:

 

		(a)	It
                                            shall be perpetual in nature.

 

		(b)	It
                                            shall relate to the Source Code of the Software Product comprised in the Deposit.

 

		(c)	It
                                            shall entitle the Customer to modify, adapt, translate and merge the Software Product into
                                            other software and materials, develop derivative works and maintain and correct the Software
                                            Product, all for the purpose of the Customer Market and for no other purpose.

 

		13.2.3	The
                                            Source Code License shall not entitle the Customer to use any Maintenance Releases or New
                                            Releases of the Software Product issued after the Deposit has been released to the Customer,
                                            or to any support for the Software Product.

 

		13.3	Third
                                            Party Support Providers

 

		13.3.1	The
                                            Customer shall only be entitled to grant third parties access to the Source Code if Nasdaq
                                            has given its prior written consent thereto, such consent not to be unreasonably withheld.

 

		13.3.2	Subject
                                            to Clause 13.3.1, if a third party is granted access to the Source Code, including
                                            for the purpose of support, maintenance or development of the Source Code, the Customer shall:

 

		(a)	Ensure
                                            that, prior to being granted access to the Deposit, such third party has signed a confidentiality
                                            agreement on terms no less restrictive than the terms of confidentiality stated in Clause
                                            15 (Confidentiality).
	 	 	 

		(b)	ensure
                                            that such third party complies with the terms and conditions of the Source Code License.

 

    
	 	 	 
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		(c)	remain
                                            vicariously liable to Nasdaq for any acts or omissions of such third party which would constitute
                                            a breach of Clause 15 (Confidentiality) or the Source Code License, as if such acts
                                            or omissions had been those of the Customer.

 

		13.4	Source
                                            Code Training

 

		13.4.1	Subject
                                            to release to the Customer of the Deposit in accordance with Clause 13.1 (Escrow,
                                            License to Source Code), Nasdaq shall provide appropriate technical training to the Customer
                                            to enable the Customer or such third party to acquire sufficient knowledge of the Software
                                            Product to be reasonably capable to support, maintain, and create derivative works from,
                                            the Software Product.

 

		13.4.2	The
                                            terms and conditions, upon which Nasdaq undertakes the training, shall be agreed upon by
                                            the Parties separately. Such services shall be offered on reasonable commercial terms and
                                            conditions. Nasdaq’s obligation to provide training is conditional upon the Customer
                                            giving Nasdaq reasonable notice of its requirements and is dependent upon the scope of such
                                            requirements.

 

		13.4.3	Nasdaq
                                            undertakes at all times to use its reasonable endeavours to meet this condition.

 

		14	Intellectual
                                            Property Rights

 

		14.1	Nasdaq
                                            Work

 

Ownership
of any intellectual property rights in:

 

		(a)	the
                                            Software Product (excluding the Customer Work (defined below));

 

		(b)	documents
                                            provided or prepared by Nasdaq for the Customer for the purpose of Nasdaq’s performance
                                            of its obligations hereunder; any works derived from Clauses 14.1 (a) and (b);
                                            and

 

		(c)	any
                                            other literary works or other works of authorship created by Nasdaq, its personnel, employees,
                                            subcontractors or consultants including manuals, training materials and documentation,

 

shall
vest or remain vested in Nasdaq or any other entity as Nasdaq may in its sole discretion elect. The Customer shall ensure that any of
the Customer's employees or consultants execute any documents and perform any acts such as are necessary in order to effect the transfer
of any interest such individuals may have, pursuant to any law, in any Nasdaq work, in accordance with this Clause 14.1.

 

		14.2	Customer
                                            Work

 

Ownership
of any intellectual property rights in:

 

		(a)	Adaptations,
                                            modifications or enhancements to the Software Product made by or at request of the Customer
                                            (other than by Nasdaq or any Nasdaq subcontractor);

 

		(b)	documents
                                            provided or prepared by the Customer;

 

		(c)	any
                                            works derived by the Customer from Clauses 14.2 (a) and (b); and

 

    
	 	 	 
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	 	(d)	any other
    materials, information, ideas, concepts, know-how, inventions, literary works or other works of authorship created by Customer, its
    personnel, employees, subcontractors or consultants, including, without limitation, manuals, training materials and documentation
    relating to the Customer Market or otherwise (collectively (a)-(d), “Customer Work”), shall
vest or remain vested in the Customer or any other entity as the Customer may in its sole discretion elect. Nasdaq shall ensure that
any of Nasdaq’s employees or consultants execute any documents and perform any acts such as are necessary in order to effect the
transfer of any interest such individuals may have, pursuant to any law, in any Customer Work, in accordance with this Clause 14.2.
Notwithstanding anything set out in this Clause 14.2, the Customer may not use software outside of the scope of the Software Product
License that: (i) contains code developed by or on behalf of Nasdaq; or (ii) that infringes on the copyrights or patents of the Software
Product outside of the scope of the Software Product License. Except with respect to the Software Product and Services, Nasdaq shall
not use or exploit any Customer Work without Customer’s prior written approval and Nasdaq will not acquire any rights to the Customer
Work as a result of Nasdaq’s use thereof.

 

		14.3	Trade
                                            Marks

 

Each
Party’s Trade Marks are trademarks of that Party or a member of that Party’s Group. Each Party undertakes not to use any
of the other Party’s Trade Marks or any part thereof, either alone or in combination with any other mark or device or any marks
confusingly similar thereto, except with the express authority of the other Party and, where applicable, the member of the other Party’s
Group being the registered holder of such Trade Mark.

 

		15	Confidentiality

 

		15.1	Obligation
                                            to Keep Confidential

 

The
Parties:

 

		(a)	shall
                                            keep all Confidential Information received or emanating from the other Party confidential;

 

		(b)	undertake
                                            to use the same only in connection with the purpose set forth in this Agreement and not to
                                            make any other commercial use thereof or use the same for the benefit of itself or any third
                                            party; and

 

		(c)	shall
                                            not disclose any such Confidential Information, or part thereof, to any third party except:

 

		(i)	to
                                            professional advisers, employees or subcontractors as necessary to perform any obligations
                                            within the scope of this Agreement (“Permitted Third Person”);

 

		(ii)	where
                                            such Party is legally obliged to disclose the Confidential Information;

 

		(iii)	if
                                            the receiving Party can demonstrate that the Confidential information was rightfully known
                                            to it prior to the disclosure thereof by the disclosing Party; or

 

		(iv)	if
                                            such Confidential Information is public knowledge or becomes public knowledge other than
                                            by breach of this Agreement or by an agreement previously entered into by the Parties.

 

		(d)	A
                                            recipient will notify the disclosing Party immediately upon discovery of any unauthorized
                                            use or disclosure of Confidential Information or any breach of this Agreement by a recipient
                                            and will cooperate with the disclosing Party in every reasonable way to help the disclosing
                                            Party regain possession of the Confidential Information and prevent its further unauthorized
                                            use.

 

    
	 	 	 
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		15.2	Obligation
                                            to Disclose

 

In
the event a Party is obliged under law, statute or court order to disclose Confidential Information, such Party shall:

 

		(a)	only
                                            disclose such portion of the Confidential Information that is so required;

 

		(b)	inform
                                            the recipient of the Confidential Information that the information released is confidential
                                            and use its reasonable endeavours to ensure that the information is kept confidential by
                                            such recipient; and

 

		(c)	promptly
                                            notify the other Party of its release of the Confidential Information specifying the information
                                            disclosed, the recipient of the information, and the circumstances giving rise to the duty
                                            to disclose it.

 

		15.3	Disclosure
                                            to Permitted Third Person

 

Where
a Party has disclosed Confidential Information to a Permitted Third Person, such Party shall:

 

		(a)	ensure
                                            that, prior to disclosure to the Permitted Third Person, such Permitted Third Person has
                                            entered into a confidentiality agreement which contains terms no less stringent than those
                                            set forth in this Agreement with respect to the protection of Confidential Information;

 

		(b)	use
                                            its reasonable endeavours to minimize the risk of disclosure of any Confidential Information
                                            by such Permitted Third Person; and

 

		(c)	shall
                                            remain vicariously liable to the other Party for any acts or omissions of such Permitted
                                            Third Person which would constitute a breach of this Article if such acts or omissions had
                                            been those of the Disclosing Party.

 

		15.4	Remedies
                                            for Breach of Confidentiality Undertaking

 

The
Parties acknowledge that Confidential Information constitutes valuable property and that any breach of this Clause 15 (Confidentiality)
may result in irreparable harm to the innocent Party, the extent of which would be difficult and/or impracticable to assess, and that
pecuniary damages would not be an adequate remedy for such breach. Accordingly, and by way of exception to Clause 20.22 (Governing
Law and Dispute Resolution), the Parties agree that in such circumstances the innocent Party shall be entitled to seek specific performance
of this Agreement or an injunction as a remedy for such breach, in addition to all other remedies at law or in equity and without prejudice
to any such remedy.

 

    
	 	 	 
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		F.	Charges

 

		16	Consideration

 

		16.1	Project
                                            Fee

 

In
consideration of Nasdaq’s performance of the Services during the Project pursuant to this Agreement, the Customer shall pay Nasdaq
the amounts specified in Schedule 2 (Consideration and Payment Terms).

 

		16.2	Annual
                                            License & Services Fee

 

In
consideration of the Software Product License and the Services the Customer shall pay Nasdaq an Annual License & Services Fee as
specified in Schedule 2 (Consideration and Payment Terms).

 

		16.3	Revenue
                                            Share

 

In
consideration of the provision of the terms set forth in clause 12.1(b), Customer shall pay Nasdaq a Revenue Share as specified Schedule
2 (Consideration and Payment Terms).

 

		16.4	Work
                                            Performed Outside Working Hours

 

The
Project Fee covers work by Nasdaq personnel to be performed during Nasdaq Working Hours. If the Customer requires work to be performed:

 

		(a)	during
                                            non-working hours under circumstances where the performance of such work during such hours
                                            is not necessary to meet the milestones set forth in Schedule 3 (Master Time Schedule);
                                            or

 

		(b)	that
                                            is outside the scope of the Project,

 

such
work shall be performed on a time and material basis, at the rates specified for Nasdaq Working Hours or non-working hours, as appropriate,
in Schedule 2 (Consideration and Payment Terms).

 

		16.5	Increase
                                            in Fees

 

		16.5.1	On
                                            each anniversary of the Production Start, the Annual License and Services Fee, as specifically
                                            set forth in the chart set forth Schedule 2, Clause 1.2.1, for the Support Term shall be
                                            subject to the potential for increase, according to the Indexation Formula as specified in
                                            Schedule 2, Clause 5 (Consideration and Payment Terms).

 

		16.5.2	Nasdaq
                                            shall be entitled to increase the Annual License and Services Fee to cover;

 

		(a)	the
                                            additional cost of providing Software Product Support for Change Requests if such Change
                                            Request increases the complexity of the functionality at the time that the Change Request
                                            is made. Such increase shall not exceed fifteen (15) percent of the development cost and
                                            additional license fees if applicable for the Change Request in question and shall be specified
                                            in the Change Request. Such increase shall be applied to the Annual License and Services
                                            Fee for the year in which the Change Request is made and each subsequent year during the
                                            Term of this Agreement; and

 

		(b)	the
                                            cost incurred by Nasdaq due to the non-compliance by the Customer with the time limits specified
                                            in Schedule 11 (Services) for implementation of a Maintenance Release or a New Release; provided,
                                            however, in no event shall Customer be subject to paying Nasdaq’s such costs incurred
                                            prior to thirty (30) days after the requested implementation of a Maintenance Release or
                                            a New Release.

 

    
	 	 	 
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		16.6	Accommodation
                                            and Travel

 

		16.6.1	The
                                            Customer shall reimburse Nasdaq for the all costs pre-approved in writing or as otherwise
                                            provided in accordance with this Agreement, incurred by Nasdaq for accommodation, travel
                                            and allowances during the Project.

 

		16.6.2	All
                                            travel shall be scheduled in accordance with the Travel Plan specified in Schedule 3 (Master
Time Schedule) or as otherwise agreed by the Parties.

 

		16.7	Work
                                            Performed on Time and Materials Basis

 

Any
work on time and materials basis under this Agreement shall be charged at the rates specified in Schedule 2 (Consideration
and Payment Terms). Such rates shall be subject to annual increases according to the Indexation Formula as specified in Schedule
2 (Consideration and Payment Terms).

 

		16.8	Payment
                                            Terms

 

		16.8.1	Unless
                                            otherwise specified in Schedule 2, invoices shall be due thirty (30) days from the date of
                                            Customer’s receipt of the invoice (“Due Date”). After written notice
                                            and a ten (10) day opportunity to cure to Customer, an interest charge of one (1) month LIBOR
                                            plus four (4)
percent per annum, shall be applied from the Due Date to any amounts which are not paid when due.

 

		16.8.2	All
                                            amounts to be paid by the Customer pursuant to this Agreement shall be invoiced in United
                                            States Dollars.

 

		16.8.3	Payments
                                            made by the Customer to Nasdaq hereunder shall be made by electronic transfer to the account
                                            designated by Nasdaq from time to time in writing.

 

		16.9	Cessation
                                            of Services

 

Without
prejudice to any other right or remedy of Nasdaq, where the Customer has failed to pay any amount due under this Agreement for a period
exceeding thirty (30) days past the Due Date, Nasdaq shall be entitled to cease performance of any of the Services to be provided under
this Agreement with thirty (30) days written notice to the Customer, such notice which may be issued on the Due Date or any date thereafter,
until such payment is made (together with accrued interest if any).

 

		16.10	Taxes,
                                            Fees and Set-off

 

		16.10.1	Any
                                            and all payments to Nasdaq under this Agreement do not include, and the Customer shall be
                                            responsible for, all applicable present or future taxes, levies, imposts, duties, fees, assessments
                                            or other charges of whatever nature imposed by the Territory or by any department, agency,
                                            state or other political subdivision or taxing authority in the Territory but excluding any
                                            taxes imposed by any Swedish taxing authority (collectively, “Taxes”).

 

		16.10.2	Any payments due from the Customer to Nasdaq hereunder will
be made without set-off or counterclaim, and free and clear and without deduction of or withholding for any Taxes or interest, penalties
or similar liabilities. If any Taxes are so levied or imposed in respect of this Agreement, the Customer shall pay the full amount of
such Taxes provided such taxes are charged to Customer in a reasonable time after they become due, and such additional amounts as may
be necessary so that every net payment of all amounts due hereunder, after withholding or deduction for or on account of any Taxes, will
not be less than the amount provided for in this Agreement.

 

    
	 	 	 
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		G.	Term,
                                            Termination and Consequences of Termination

 

		17	Term
                                            and Termination

 

		17.1	Term

 

The
Term of this Agreement shall commence on the Effective Date and shall continue for a period of five (5) years following Production Start
unless terminated by either Party as set forth in this Agreement (the “Term”). This Agreement may only be terminated
as expressly set out in this Clause 17 (Term and Termination).

 

		17.2	Termination
                                            for Cause

 

This
Agreement may be terminated immediately by notice in writing:

 

		(a)	By
                                            either Party where the other Party fails to pay any sums due under this Agreement within
                                            thirty (30) days of the Due Date and fails to cure such failure within thirty (30) days written
                                            notice of such breach (which notice must indicate the intention of the non-breaching party
                                            to terminate); or

 

		(b)	By
                                            either Party if the other Party is in material breach of this Agreement and, where such breach
                                            is capable of being remedied, fails to remedy the breach within a period of thirty (30) days
                                            after written notice by the other Party and fails to cure such failure within thirty (30)
                                            days written notice of such breach (which notice must indicate the intention of the non-breaching
                                            party to terminate).

 

		17.3	Termination
                                            for Insolvency

 

This
Agreement may be terminated immediately by notice in writing by either Party if the other Party:

 

		(a)	commits
                                            an act of bankruptcy, is adjudicated bankrupt or enters into liquidation, whether compulsory
                                            or voluntary, other than for the purposes of an amalgamation, reorganisation, merger, consolidation
                                            or reconstruction;

 

		(b)	makes
                                            an arrangement with its creditors or petitions for an administration order;

 

		(c)	has
                                            a receiver or manager appointed over all or any part of its assets; or

 

		(d)	generally
                                            becomes unable to pay its debts as and when they fall due.

 

		17.4	Termination
                                            due to Delayed Acceptance

 

		17.4.1	Notwithstanding
                                            Clause 17.2(b), pursuant to Clause 8.2.3 a Non-defaulting Party shall be entitled
                                            to terminate this Agreement by giving the Defaulting Party four (4) weeks written notice.

 

		17.4.2	The
                                            Non-defaulting Party’s right to terminate this Agreement under this Clause shall lapse
                                            four (4) weeks after the right to terminate arose pursuant to Clause 8.2.3.

 

    
	 	 	 
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		17.5	Termination
                                            due to Force Majeure

 

		17.5.1	If
                                            a Force Majeure event pursuant to Clause 20.10 (Force Majeure) prevails for a continuous
                                            period in excess of six (6) months after the date on which the Force Majeure begins, the
                                            Non-Claiming Party shall be entitled to give notice to the Claiming Party to terminate this
                                            Agreement.

 

		17.5.2	The
                                            notice to terminate must specify the termination date, which must be not less than thirty
                                            (30) clear days on which the notice to terminate is given. Once a notice to terminate has
                                            been validly given, the Agreement shall terminate on the termination date set out in the
                                            notice.

 

		17.5.3	Neither
                                            Party shall have any liability to the other in respect of termination of this Agreement due
                                            to Force Majeure, but rights and liabilities which have accrued prior to termination shall
                                            subsist (including amounts accrued in favour of Nasdaq and all costs and expenses incurred
                                            by Nasdaq up to the date of termination).

 

		17.6	Events
                                            upon Termination before Acceptance

 

		17.6.1	In
                                            the event this Agreement is terminated by the Customer pursuant to Clause 17.4 (Termination
                                            due to Delayed Acceptance), the Customer shall as a sole remedy be entitled to:

 

		(a)	reimbursement
                                            of the Project Fee actually paid by the Customer to Nasdaq;

 

		(b)	the
                                            Maximum Late Payment credit accrued pursuant to Clause 8.2.1;

 

		(c)	indemnification
                                            pursuant to Clause 18.4 (Indemnification); and

 

		(d)	damages
                                            with respect to any breach of Clause 15 (Confidentiality), if any, subject to the
                                            provisions of Clause 19 (Damages).

 

		17.6.2	In
                                            the event this Agreement is terminated by Nasdaq pursuant to Clause 17.4 (Termination
due to Delayed Acceptance), Nasdaq shall as a sole remedy be entitled to:

 

		(a)	the
                                            balance of the remaining unpaid Project Fee;

 

		(b)	the
                                            compensation accrued pursuant to Clause 8.2.2;

 

		(c)	indemnification
                                            pursuant to Clause 18.4 (Indemnification); and

 

		(d)	damages
                                            with respect to any breach of Clause 12 (Software Product License) and Clause 15
                                            (Confidentiality), if any, subject to the provisions of Clause 19 (Damages).

 

		17.7	Events
                                            upon Termination after Acceptance

 

		17.7.1	In
                                            the event Nasdaq terminates this Agreement after Acceptance pursuant to Clause 17.2 (Termination
for Cause), Nasdaq shall as a sole remedy be entitled to:

 

		(a)	the
                                            accrued fees pursuant to Schedule 2 (Consideration and Payment Terms);

 

		(b)	the
                                            balance remaining of the Annual License Fee and Services Fee for the then current year of
                                            the Term;

 

		(c)	any
                                            amounts accrued but unpaid for work performed, on a time and materials basis; and

 

		(d)	indemnification
                                            pursuant to Clause 18.4 (Indemnification) and damages with respect to any breach of
                                            Clause 12 (Software Product License), Clause 13 (Escrow and Source Code License)
                                            and Clause 15 (Confidentiality), if any, subject to the provisions of Clause 19
                                            (Damages).

 

    
	 	 	 
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		17.7.2	In
                                            the event the Customer terminates this Agreement after Acceptance pursuant to Clause 17.2 (Termination for Cause), the Customer shall as a sole remedy and subject to the payment of all outstanding amounts, costs and expenses incurred by Nasdaq up until the day of termination, be entitled to: 

 

		(a)	such
                                            portion of the Annual License and Services Fee which corresponds to the remaining Term paid
                                            for by the Customer; and

 

		(b)	indemnification
                                            pursuant to Clause 18.4 (Indemnification) and damages with respect to any breach of
                                            Clause 15 (Confidentiality) if any.

 

		17.8	Return
                                            of Confidential Information

 

In
the event of termination of this Agreement for any reason whatsoever, the Parties shall promptly return all Confidential Information
received from each other.

 

		17.9	Survival

 

The
terms of Clause 14 (Intellectual Property), Clause 15 (Confidentiality), Clause 18 (Warranties,
Indemnification, Insurance and Limitation of Liability) and 20.22 (Governing Law and Dispute Resolution) shall survive the
termination or expiry of this Agreement. Furthermore, any provision that by implication is intended to continue in force after
termination shall not be affected by termination or expiry of this Agreement or any portion thereof.

 

		17.10	Transition
                                            Services

 

		17.10.1	If
                                            this Agreement is terminated or expires, Nasdaq shall upon the Customer’s request,
                                            cooperate with the Customer in developing and implementing a transition plan for the orderly
                                            transition out of this Agreement.

 

		17.10.2	Nasdaq
                                            shall use its reasonable endeavours to provide the resources set out in the transition plan
                                            and as are necessary for an effective transition out including, where requested and subject
                                            to their other obligations to the Customer, such Nasdaq personnel engaged in providing the
                                            Software Product Support prior to termination of this Agreement.

 

		17.10.3	The
                                            transition services shall be provided by Nasdaq on commercially reasonable terms, for a period
                                            of time that shall be reasonable for effectuating the transition (which Nasdaq acknowledges
                                            may exceed three (3) months) and shall be subject to a separate agreement to be negotiated
                                            in good faith by the parties.

 

    
	 	 	 
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		H.	Warranties,
                                            Indemnification, Insurance and Limitation of Liability

 

		18	Warranties

 

		18.1	Warranties
                                            by Nasdaq

 

Nasdaq
represents and warrants to Customer that:

 

		(a)	it
                                            has the right to enter into this Agreement, to grant Customer the rights set forth in this
                                            Agreement and perform all of its obligations hereunder and the Software Product is free of
                                            any liens, claims, encumbrances or other restrictions on Customer’s use thereof;

 

		(b)	to
                                            the best of Nasdaq’s knowledge the Services (after due and appropriate inquiry), Software
                                            Product and any software or technology provided by Nasdaq do not contain any code or other
                                            material that: (i) impairs or adversely affects property owned by or licensed to Customer;
                                            (ii) is designed to disrupt, disable, harm, or otherwise impede in any manner, including
                                            aesthetical disruptions or distortions, the operation of a user’s computer, or any
                                            other software, hardware, firmware, computer system or network (sometimes referred to as
                                            “viruses” or “worms”); (iii) would disable a user’s computer
                                            or any other software, hardware or system(s) or impair in any way its operation based on
                                            the elapsing of a period of time, exceeding an authorized number of copies, or advancement
                                            to a particular date (sometimes referred to as “time bombs”, “time locks”,
                                            or “drop dead” devices); (iv) (without Nasdaq first receiving prior written approval
                                            from Customer) the purpose or result of which is to act as a passive or active information
                                            collection or transmission mechanism, including, without limitation, clear graphics interchange
                                            formats, 1x1 pixels, web bugs, cookies or other similar devices (sometimes referred to as
                                            “spyware,” “passive collection mechanisms” or “pcms”);
                                            (v) (without Nasdaq first receiving prior written approval from Customer) would permit Nasdaq
                                            or a third party to access the user’s computer software, hardware or system(s) or any
                                            other software, hardware, firmware, computer system or network; or (vi) would permit Nasdaq
                                            or any third party to interfere with or surreptitiously access any data from or about a user;

 

		(c)	NASDAQ
                                            shall comply with all applicable federal, state, local and county laws, statutes, rules and
                                            regulations, and any voluntary industry standards applicable thereto applicable to its business;

 

		(d)	it
                                            shall perform its obligations under this Agreement, including, without limitation, the Services,
                                            in a professional, efficient, timely and workmanlike manner, with reasonable skill, care
                                            and dispatch; and

 

		(e)	subject
                                            to the Customer Hardware Configuration meeting the requirements specified in Schedule
                                            10 (System Description) and the Customer fulfilling its obligations under this
                                            Agreement, the Software Product shall for the Support Term:

 

		(i)	operate
                                            and perform consistent and in accordance with the functionality specified in Schedule 7 (Software
                                            Functional Specification); and

 

		(ii)	materially
                                            conform to the technical requirements of Schedule 12 (Service Level Agreement).

 

    
	 	 	 
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		18.2	Customer
                                            Remedies

 

The
Customer, recognizing that software is not error or bug free, agrees that the sole remedy for breach by Nasdaq of its warranties under
Clause 18.1(e) above shall be to require Nasdaq to re-perform its obligations as set forth herein as well as any remedies available
in the Service Level Agreement.

 

		18.3	Warranties
                                            by the Customer

 

The
Customer represents and warrants to Nasdaq that:

 

		(a)	it
                                            has the right to enter into this Agreement and perform all of its obligations hereunder;
                                            and

 

		(b)	it
                                            possesses and will maintain all authorities, consents, registrations and licenses required
                                            under the laws of the Territory, in order for the Parties to be able to fulfil their obligations
                                            under this Agreement and for the Customer to operate the Customer Market.

 

		18.4	Indemnification

 

Nasdaq
shall defend, indemnify and hold the Customer, its affiliates, and assigns (where applicable) and their respective directors and officers,
employees representatives, agents and principals, harmless from and against any claim, losses, damages, lawsuits, liability (including
settlements and judgments), governmental and quasi-governmental actions, and expenses (including reasonable outside attorneys’
fees, expenses and court costs) arising out of: any infringement, misappropriation or violation by the Services or Software Product of
any statutory or common law copyright, trademark, trade secret, or patent (“Infringement Claim”).

 

		18.4.1	In
                                            the event Nasdaq is notified of an Infringement Claim relating to the Software Product, Nasdaq
                                            shall be entitled, at its own cost, to do any of the following:

 

		(a)	Obtain
                                            for the Customer the right to continue using the affected portion of the Software Product;

 

		(b)	Modify
                                            the affected portion of the Software Product so that it is no longer infringing; or

 

		(c)	Replace
                                            the affected portion of the Software Product with a non-infringing functional equivalent.

 

If
Nasdaq selects option (b) or (c), the Customer shall immediately refrain from using the allegedly infringing portion of the Software
Product upon written notice from Nasdaq.

 

		18.4.2	In
                                            the event Nasdaq does not comply with Clause 18.4.1, Nasdaq shall have the right to
                                            remove the infringing portion of the Software Product. In case of such removal, the Customer
                                            shall have the right to terminate this Agreement upon written notice to Nasdaq and Nasdaq
                                            shall refund on a pro-rata basis that portion of the Annual License and Services Fee pertaining
                                            to the infringing portion of the Software Product for the remainder of the year for which
                                            the Annual License and Services Fee was paid in advance.

 

    
	 	 	 
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		18.4.3	Notwithstanding
                                            the foregoing, Nasdaq shall have no liability for Infringement Claims:

 

		(a)	where
                                            the Customer uses a version of the Software Product other than the most recent version issued
                                            to the Customer by Nasdaq from time to time; and

 

		(b)	to
                                            the extent that the infringement arises out of:

 

		(i)	the
                                            combination of the Software Product or any part thereof with equipment, products or data
                                            not supplied or approved by Nasdaq in writing; or

 

		(ii)	any
                                            modification to or configuration of the Software Product, made by or on behalf of the Customer
                                            by a third party (not including Nasdaq); provided in each case that the Software Product
                                            as supplied by Nasdaq would not alone have given rise to such failure; or

 

		(iii)	any
                                            requirements or specifications supplied to Nasdaq in Customer Work.

 

		18.4.4	This
                                            Clause 18.4 (Indemnification) sets out the Customer’s sole remedies in relation
                                            to any Infringement Claims and termination of this Agreement as a result thereof.

 

		18.4.5	The
                                            Customer shall defend, indemnify and hold Nasdaq, its affiliates and their respective employees
                                            and principals harmless from and against any claim, liability (including settlements and
                                            judgments) or expenses (including reasonable outside attorneys’ fees, expenses and
                                            court costs) arising out of:

 

		(a)	any
                                            suits or actions brought by a third party against Nasdaq in connection with this Agreement
                                            by:

 

		(i)	Participants,
                                            including Customer Market participants or clients; and

 

		(ii)	any
                                            regulatory authority having jurisdiction over the Customer or over the Customer Market; or

 

		(b)	infringement
                                            claims pursuant to Clause 18.4.3(b)(i), (ii) and (iii).

 

		18.5	Indemnification
                                            Procedure

 

		18.5.1	If
                                            any third party claim is commenced against a Party entitled to indemnification under Clause
                                            18.4 (Indemnification) (the “Indemnified Party”), notice thereof shall
                                            promptly be given to the Party that is obliged to give the indemnification (the “Indemnifying
                                            Party”) specifying the nature of the claim in reasonable detail.

 

		18.5.2	If,
                                            after such notice, the Indemnifying Party acknowledges that this Agreement applies with respect
                                            to such claim, the Indemnifying Party shall be entitled, if it so elects, in a notice promptly
                                            delivered to the Indemnified Party, but in no event less than ten (10) days prior to the
                                            date on which a response to such claim is due, to immediately take control of the defence
                                            and investigation of such claim.

 

		18.5.3	The
                                            Indemnified Party shall cooperate, at the Indemnifying Party’s cost, in all reasonable
                                            respects with the Indemnifying Party and its attorneys in the investigation, trial and defence
                                            of such claim and any appeal arising there from; provided, however, that the Indemnified
                                            Party may, at its own cost and expense, participate, through its attorneys or otherwise,
                                            in such investigation, trial and defence of such claim and any appeal arising there from.

 

    
	 	 	 
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		18.5.4	The
                                            Indemnified Party shall take such measures as are reasonable in the circumstances to mitigate
                                            its loss, expenses and other detrimental effects resulting from the third party claim. If
                                            the Indemnified Party fails to take such measures, the Indemnified Party shall bear the corresponding
                                            portion of the loss.

 

		18.5.5	No
                                            admission of liability shall be made nor shall any settlement of a claim be entered into
                                            without the consent of the Indemnified Party, such consent not to be unreasonably withheld.

 

		18.5.6	If,
                                            after investigation of the facts known at the time, the Indemnifying Party disputes its obligation
                                            to indemnify the Indemnified Party:

 

		(a)	the
                                            Parties shall cooperate to ensure that timely and adequate defence of the claim is provided;
                                            and

 

		(b)	all
                                            costs shall initially be shared equally, provided that should the matter be resolved in favour
                                            of the Indemnifying Party, all costs shall be borne by the Indemnified Party and should the
                                            matter be resolved in favour of the Indemnified Party, all costs shall be borne by the Indemnifying
                                            Party.

 

		18.6	Exclusion
                                            of Implied Warranties

 

The
warranties set forth in Clause 18 (Warranties) above are exclusive and in lieu of all other warranties whether express, implied
or statutory, including, without limitation, the implied warranties or covenants as to quality of service.

 

		18.7	Insurance

 

During
the Term of this Agreement, Nasdaq will maintain insurance coverage which is sufficient for the types of products and services provided
hereunder in accordance with industry standards.

 

		19	Damages

 

		19.1	Limitation
                                            of Liability

 

		19.1.1	Subject
                                            to the limitations and exclusions in Clause 19.1.3, the liability of a Party pursuant to
                                            this Agreement shall be limited to liability for direct loss or damage arising out of each
                                            action or claim in contract, equity, negligence, tort or otherwise, upon which such liability
                                            is founded and shall be limited to a cumulative total, for all actions or claims pursuant
                                            to this Agreement, which shall not exceed, in the aggregate, an amount equal to the sum of
                                            the Annual License and Services Fee as specified in Schedule 2 (Consideration and Payment
                                            Terms).

 

		19.1.2	Subject
                                            to the limitations and exclusions in Clause 19.1.3, neither the Customer nor Nasdaq shall
                                            be liable for, nor shall the measure of damages include, any indirect, incidental, special
                                            or consequential damages or amounts (whether direct or indirect) for loss of income, profits
                                            or savings arising out of or relating to its performance or failure to perform under this
                                            Agreement even if such loss or damage was reasonably foreseeable or either Party was aware
                                            of the possibility of such loss or damage arising.

 

    
	 	 	 
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		19.1.3	The
                                            limitations or exclusions of liability set forth in this Clause 19.1 (Limitation of
                                            Liability) shall not apply to:

 

		(a)	a
                                            breach by either Party of its obligations to the other Party under Clause 15 (Confidentiality);

 

		(b)	a
                                            breach by either Party of its obligations to the other Party under Clause 14;

 

		(c)	the
                                            indemnification obligation set forth in Clause 18.4 (Indemnification);

 

		(d)	damage
                                            caused by gross negligence or willful default;

 

		(e)	fraud
                                            or fraudulent misrepresentation;

 

		(f)	death
                                            or personal injury resulting from negligence; and

 

		(g)	any
                                            matter for which it would be unlawful for the Parties to exclude liability.

 

		19.2	Exchange
                                            Information on the Customer Market

 

Nasdaq
shall not be obliged to confirm the accuracy of any Exchange Information. Nasdaq shall under no circumstances be liable to the Customer
for any inaccuracy, insufficiency or other defect relating to any Exchange Information. Customer shall retain all ownership rights to
the Exchange Information. All Exchange Information generated by and/or collected via the Customer Market will be solely owned by Customer.

 

		19.3	Sole
                                            Remedies

 

No
other right of termination or remedy, including damages, shall exist with respect to a breach of the terms of this Agreement other than
those rights and remedies expressly set forth in this Agreement where such rights and remedies are described as the sole remedy in respect
of such breach.

 

    
	 	 	 
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		I.	General

 

		20	Miscellaneous

 

		20.1	Audit
                                            Rights

 

	20.1.1	Subject
                                            to thirty (30) days written notice, or such other notice as may be required by the Customer’s
                                            regulators, Nasdaq shall permit the Customer’s internal and external auditors, and
                                            the Customer's regulators access to such of Nasdaq’s technical operations relevant
                                            to the Nasdaq’s performance of its obligations under this Agreement as may be necessary
                                            to enable the Customer to comply with applicable legal and regulatory requirements from time
                                            to time.

 

	20.1.2	If
                                            any such audit results in Nasdaq being notified that Nasdaq is not in compliance with any
                                            law or audit requirement, Nasdaq shall use its reasonable endeavours to promptly take actions
                                            to comply with such audit.
	 	 

	20.1.3	The
                                            Customer shall bear all fees and expenses of the audit, including inter alia:

 

		(a)	Nasdaq’s
                                            costs related to the audit; and

 

		(b)	any
                                            actions by Nasdaq to comply with the audit.

 

		20.1.4	Notwithstanding
                                            the foregoing, if the non-compliance is a result of Nasdaq’s breach of this Agreement,
                                            Nasdaq shall bear the expense for Nasdaq’s costs related to the audit and its actions
                                            to comply with the audit.

 

		20.2	Notice
                                            of Delay

 

Each
Party shall without delay inform the other Party in writing of any actual or anticipated matters or circumstances which may influence
or delay the other Party's performance of its obligations hereunder.

 

		20.3	Mitigation

 

Each
Party shall use all reasonable endeavours to mitigate and minimize the costs, expenses and losses such Party incurs due to any delays
and Infringement Claims.

 

		20.4	Security

 

Subject
to prior written information from the Customer, Nasdaq shall ensure that its employees, consultants and subcontractors comply with the
Customer’s reasonable security, health and safety requirements while on the Customer Premises or at the Customer Central Site.

 

		20.5	No
                                            Partnership

 

Nothing
in this Agreement shall operate so as to constitute a partnership or any form of merger between the Customer and Nasdaq or alter the
independence or sovereignty of the Parties.

 

    
	 	 	 
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		20.6	No
                                            Agency

 

Save
as expressly provided herein, neither Party shall pledge the credit of the other nor represent itself as being (save to the extent expressly
provided under this Agreement), an agent, partner, employee or representative of the other or (save as aforesaid) hold itself out as
such nor as having any power or authority to incur any obligation of any nature express or implied on behalf of the other.

 

		20.7	Subcontractors
                                            and Consultants

 

The
obligations of the Parties under this Agreement may be performed by subcontractors or consultants, provided that such Party obtains
the prior consent of the other Party, such consent not to be unreasonably withheld, and such Party shall be responsible as principal
to the other Party, for any work performed by the subcontractors or consultants. Notwithstanding the foregoing, neither Party shall
be entitled to subcontract its obligations to a direct competitor of the other Party.

 

		20.8	Reasonableness
                                            of Remedies

 

Where
in this Agreement a Party is required to pay a stipulated sum either as and by way of liquidated damages or as a consequence of a specified
breach of an obligation under this Agreement, then the Parties acknowledge that such amount is a fair and reasonable estimate of the
loss which the other Party will suffer as a result of the breach in respect of which such sum is payable.

 

		20.9	Limitation
                                            of Right to Claim

 

		20.9.1	Except
                                            as expressly set forth in this Agreement, where a Party intends to bring any action or claim
                                            pursuant to this Agreement, the claiming Party shall give the other Party written notice
                                            of its intention within one (1) year from the moment such Party became aware of the basis
                                            of the purported claim or right. In the absence of such notice, the claim or right shall
                                            be time barred effective from the expiry of such one (1) year period.

 

		20.9.2	Any
                                            arbitration or legal proceedings shall be instituted within one (1) year after notice has
                                            been given, failing which the claiming Party shall be barred from commencing arbitration
                                            or court proceedings of any kind with respect to the claim or right.

 

		20.10	Force
                                            Majeure

 

		20.10.1	In
                                            this Agreement, “Force Majeure” shall mean, in relation to either Party, a circumstance
                                            beyond the reasonable control of that Party (the “Claiming Party”) and lock-outs,
                                            strikes and other industrial disputes (in each case, whether or not relating to the Claiming
                                            Party's workforce and whether or not beyond the reasonable control of the Claiming Party).

 

		20.10.2	The
                                            Claiming Party shall not be in breach of this Agreement or otherwise liable to the other
                                            Party (the “Non-Claiming Party”) for any delay and shall not be liable for any
                                            delay compensation pursuant to Clause 8.1 (Project Delays) in performance or any non-
                                            performance of any obligations under this Agreement (and the time for performance shall be
                                            extended accordingly) if and to the extent that the delay or non-performance is owing to
                                            Force Majeure and in such circumstances the Claiming Party shall be entitled to a reasonable
                                            extension of time for performing such obligations.

 

    
	 	 	 
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		20.10.3	The
                                            Claiming Party shall promptly notify the Non-Claiming Party of the nature and extent of the
                                            circumstances giving rise to Force Majeure.

 

		20.10.4	The
                                            Non-Claiming Party’s right to terminate this Agreement due to a prevailing Force Majeure
                                            event is set forth in Clause 17.4.2.

 

		20.11	Factors
                                            Beyond Nasdaq’s Control

 

		20.11.1	The
                                            measurement of the Service Levels shall not include events, matters and circumstances which
                                            are not within the control of or attributable to Nasdaq.

 

		20.11.2	Nasdaq
                                            shall not be liable to the Customer for any failure to meet the Service Levels due to new
                                            versions or releases of Third Party Software being part of the Customer Hardware Configuration,
                                            provided that Nasdaq shall use its reasonable endeavours to mitigate such Problems or Incidents
                                            caused by the Third Party Software.

 

		20.11.3	Where
                                            a Problem, Incident or malfunction with the Software Product results from matters, events
                                            and circumstances which are not within the control of or attributable to Nasdaq, Nasdaq shall
                                            co-operate with the Customer and continue its efforts to restore Operating Capability of
                                            the Software Product. The Customer shall compensate Nasdaq for all work, except for first-level
                                            support and initial diagnosis and data collection work, on a time-and- materials basis. Problems
                                            outside Nasdaq’s control shall include inter alia:

 

		(a)	Problems
                                            with any Customer External Systems or the Customer Hardware Configuration or the Participant
                                            Application Hardware (including malfunctions due to changes in the Customer Hardware Configuration
                                            or the Participant Application Hardware not approved by Nasdaq);

 

		(b)	erroneous
                                            operation of the Software Product, the Customer Hardware Configuration, the Participant Application
                                            Hardware, any Participant External System or any Customer External Systems; and

 

		(c)	environmental
                                            problems affecting the Customer Hardware Configuration or Participant Application Hardware.

 

		20.11.4	Upon
                                            any failure by the Customer to implement any Maintenance or New Release of the Software Product
                                            within the time limits specified in Schedule 11 (Services), Nasdaq shall be released from
                                            its obligations to maintain the Service Levels, to the extent the performance of such obligations
                                            is affected by the non-implementation of the Maintenance or New Release.

 

		20.12	Independent
                                            Business

 

Neither
Party has the right or power, express or implied, to make any commitments of any kind on behalf of the other Party without the prior
written consent of the other Party. The Parties acknowledge that they are independent contractors and not partners, joint venturers or
principal and agent.

 

		20.13	Entire
                                            Agreement

 

		20.13.1	Except
                                            as set out below, this Agreement supersedes and extinguishes all Pre-Contractual Statements
                                            relating to the subject matter hereof and constitutes the whole and only agreement between
                                            the Parties relating to the provision of the Software Product and related services.

 

    
	 	 	 
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		20.13.2	Each
                                            Party acknowledges that in entering into this Agreement it is not relying upon any Pre-Contractual
                                            Statement which is not set out in this Agreement.

 

		20.13.3	No
                                            Party shall have any right of action (except in the case of misrepresentation or fraud) against
                                            any other Party to this Agreement arising out of or in connection with any Pre- Contractual
                                            Statement.

 

		20.14	Amendments

 

No
modification, alteration, addition or change of the terms of this Agreement shall be binding on the Parties unless agreed by both Parties
in writing.

 

		20.15	Severability

 

If
any provision of this Agreement should be held to be invalid, unlawful or unenforceable to any extent, such term shall be severed from
the remaining terms which shall continue to be valid to the fullest extent permitted by law.

 

		20.16	Waiver

 

Except
where otherwise provided in this Agreement, any waiver or forbearance or failure of a Party in insisting in any one or more instances
upon the performance of any provisions of this Agreement shall not be construed as a waiver or relinquishment of that Party’s rights
to future performance of such provision and the other Party’s obligation in respect of such future performance shall continue in
full force and effect. Any waiver or forbearance must be made in writing.

 

		20.17	Consents,
                                            Approvals, Requests and Opinions

 

Except
as specifically set forth in this Agreement, all consents and approvals to be given or opinions to be adopted by either Party under this
Agreement shall not be unreasonably withheld or delayed and each Party shall make or adopt only reasonable requests and opinions under
this Agreement.

 

		20.18	Assignment

 

		20.18.1	Save
                                            as expressly provided herein, neither Party may assign or transfer this Agreement or any
                                            of its rights or obligations under it without the consent of the other Party.

 

		20.18.2	Notwithstanding
                                            Clause 20.18.1, (a) Nasdaq shall be entitled to assign or transfer its rights or obligations
                                            hereunder to another company within the group to which it belongs for tax or regulatory purposes.
                                            In the event of such transfer, Nasdaq shall remain liable for the due performance of the
                                            assignee of the obligations set forth in this Agreement, and (b) the Customer shall be entitled
                                            to assign or transfer its rights and obligations hereunder to a successor in interest in
                                            connection with a merger, acquisition or sale of all or substantially all of its assets.

 

    
	 	 	 
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		20.19	Public
                                            Information

 

Neither
Party shall issue a press release nor any other public information relating to this Agreement, without the prior approval of the
other Party, with the exception of information required to be released for regulatory purposes, in which case the Parties shall
consult prior to the issuing of such information. Subject to the foregoing, Nasdaq shall offer the marketing services set out
in Schedule 14 (Marketing Services). The contact person for approval/consultation for each of the Parties shall be:

 

Nasdaq
contact:

 

		Name:	Lars
Ottersgård with Mark Driscoll on copy.

		Tel:	+46 8 405 6000

		Email:	lars.ottersgard@nasdaq.com,
Mark.Driscoll@nasdaq.com

 

Customer contact:

 

		Name:	Graham
Mosley

		Tel:	(212)
475-1263

		Email:	legal@nyiax.com

 

		20.20	Notices

 

		20.20.1	Any
                                            notice, consent or other communication required or permitted to be given to either Party
                                            pursuant to this Agreement shall be in writing and shall be sufficiently served if delivered
                                            personally or sent by facsimile or electronic mail. If sent by facsimile, evidence of the
                                            successful transmission of the facsimile is required. If sent by electronic mail, a confirmation
                                            of receipt is required.

 

		20.20.2	Any
                                            notice shall be deemed to have been duly received;

 

		(a)	if
                                            delivered personally, when left at the address referred to in this clause, or

 

		(b)	if
                                            sent by facsimile at the time stated on the facsimile transmission report.

 

		20.20.3	If
                                            such notice, consent or communication is being sent to Nasdaq, the address or facsimile number
                                            shall be the address given above.

 

		20.20.4	If
                                            such notice, consent or communication is being sent to Nasdaq, the email shall be: lars.ottersgard@nasdaq.com
                                            with Mark.Driscoll@nasdaq.com on copy.

 

		20.20.5	General communications related to this Agreement shall be
addressed to the Nasdaq Account Manager or the Customer Operations Manager respectively. Notices relating to alleged breaches of contract
or the like shall be addressed to the President of Nasdaq or the CEO of the Customer as appropriate, with a copy to the Nasdaq Account
Manager or the Customer Operations Manager.

  

		20.20.6	The
                                            Parties, by like notice in writing, may designate, from time to time, another address or
                                            office to which notice may be given.

 

		20.20.7	Any
                                            notice, consent or other communication sent by facsimile shall be followed by ordinary mail
                                            within one (1) week, if requested by either Party. All notices shall be effective when received
                                            at the address specified in Clause 20.20.1.

 

		20.21	Language

 

All
communications between the Parties in relation to this Agreement shall be in English.

 

		20.22	Governing
                                            Law and Dispute Resolution

 

		20.22.1	This
                                            Agreement shall be governed by and construed in accordance with New York law, without application
                                            of principles of conflicts of law.

 

    
	 	 	 
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		20.22.2	Any
                                            dispute, controversy or claim between the Customer and Nasdaq arising out of or relating
                                            to this Agreement, or the breach termination or validity of this Agreement, which the Parties
                                            have failed to solve in the Joint Steering Group or otherwise through negotiations or through
                                            an expert resolution as agreed upon between the Parties, shall be resolved by arbitration
                                            convened and conducted in accordance with the American Arbitration Association (“AAA”)
                                            commercial arbitration rules then in force (the “Rules”).

 

		20.22.3	The
                                            Parties agree that the United Nations Convention on Contracts for the International Sale
                                            of Goods shall not apply to this Agreement.

 

		20.22.4	There
                                            shall be three (3) arbitrators who shall be appointed in accordance with the Rules. If any
                                            arbitrator has not been appointed within the time limits specified in the Rules, on the request
                                            of either Party, such appointment shall be made by JAMS (JUDICIAL ARBITRATION AND MEDIATION
                                            SERVICES) upon the written request of either the claimant or the respondent, within thirty
                                            (30) days of such request. The arbitration shall be held in New York, NY and shall be conducted
                                            in the English language.

 

		20.22.5	Except
                                            as otherwise provided in this Agreement and to the extent that it is reasonably possible,
                                            the performance of this Agreement shall continue during the referral of any dispute to arbitration.

 

		20.22.6	The
                                            Parties hereby waive any rights of application or appeal to any court or tribunal of competent
                                            jurisdiction to the fullest extent permitted by law in connection with any question of law
                                            arising in the course of the arbitration or with respect to any award made except for actions
                                            relating to enforcement of the arbitration agreement or an arbitral award.

 

		20.22.7	The
                                            award shall be final and binding upon the Parties, and shall be the sole and exclusive remedy
                                            between the Parties regarding any claims, counter-claims, issues, or accounting presented
                                            to the arbitral tribunal. Judgment upon any award may be entered in any court having jurisdiction
                                            thereof.

 

		20.22.8	In
                                            disputes involving breach of the Customer’s obligations regarding intellectual and
                                            other property rights in the Software Product or breach of a Party’s obligations regarding
                                            Confidential Information, this Clause shall not preclude a Party from obtaining interim injunctive
                                            relief on an immediate basis from a court of competent jurisdiction pending the outcome of
                                            arbitration.

 

		20.22.9	The
                                            Parties undertake and agree that all arbitral proceedings conducted with reference to this
                                            Clause shall be kept strictly confidential. This confidentiality undertaking shall cover
                                            all information disclosed in the course of such arbitral proceedings, as well as any decision
                                            or award that is made or declared during the proceedings. Information covered by this confidentiality
                                            undertaking may not, in any form, be disclosed to a third party without the written consent
                                            of the other Party. This notwithstanding, a Party shall not be prevented from disclosing
                                            such information in order to safeguard in the best possible way his rights vis-à-vis
                                            the other Party in connection with the dispute, or if the Party is obliged to so disclose
                                            pursuant to statute, regulation, a decision by an authority, a stock exchange contract or
                                            similar.

 

	20.22.10	In
                                            case this Agreement or any part of it is assigned or transferred to a third party, such third
                                            party shall automatically be bound by the provisions of this Clause 20.22 (Governing
                                            Law and Dispute Resolution).

 

		20.23	Costs

 

Except
as expressly provided in this Agreement, each Party shall pay its own costs incurred in connection with the negotiation, preparation
and execution of this Agreement.

 

		20.24	Counterparts

 

This
Agreement may be signed in one or more counterparts, each of which shall be treated as an original but all of which, when taken together,
shall constitute one and the same instrument.

 

    
	 	 	 
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Signing Page

 

 

    
	 	 	 
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SERVICES
AGREEMENT SCHEDULE

 

 

 

 

 

Schedule
1 Definitions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
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The
following terms when used in this Agreement shall have the meanings set forth below:

 

“Acceptance” shall have the meaning
set forth in Clause 7.2 (Acceptance) of the Agreement.

 

“Acceptance
Test” shall mean the tests performed by the Customer in accordance with Schedule 4 (Regulations for Acceptance Test)
in order to verify that the Software Product comply with the specifications set forth in this Agreement.

 

“Acceptance
Test Cycle” shall mean a test cycle within the Acceptance Test Period as set forth in Schedule 4 (Regulations for
Acceptance Test).

 

“Acceptance
Test Environment” is the System Instance at the Customer Central Site that will be used to execute the Acceptance Test as set
forth in Schedule 4 (Regulations for Acceptance Test).

 

“Acceptance
Test Incident” shall mean an incident that occurred during the Acceptance Test as set forth in Schedule 4 (Regulations
for Acceptance Test).

 

“Acceptance
Test Period” shall mean the period between the planned dates of the completion of the Installation Testing and Acceptance as
set forth in Schedule 3 (Master Time Schedule).

 

“Acceptance
Test Plan” shall have the meaning set forth in Schedule 4 (Regulations for Acceptance Test).

 

“Acceptance
Test Procedures” shall have the meaning set forth in Schedule 4 (Regulations for Acceptance Test).

 

“Acceptance
Test Specification” shall have the meaning set forth in Schedule 4 (Regulations for Acceptance Test).

 

“Accommodation
& Travel Fee” shall mean the fee covering costs for travel, accommodation, daily allowances and related expenses, set forth
in Schedule 2 (Consideration and Payment Terms).

 

“Adaptations”
shall mean any adaptations to the Uncustomized Software Product and other software development specified in Schedule 7 (Software Functional
Specification).

 

“Agreement”
shall mean this IT Services Agreement together with the Schedules, as amended by the Parties from time to time.

 

“Annual
License and Services Fee” shall have the meanings set forth in Clause 16.2 (Annual License & Services Fee) of the
Agreement.

 

“Central
Hardware” shall mean the parts of the Customer Hardware Configuration upon which the Central Software is installed, as set
forth in Schedule 10 (System Description).

 

“Central
Software” the components of the Software Product installed on the Central Hardware, as set forth in Schedule 10 (System
Description).

 

“Change
Procedure” shall mean the procedure set forth in Schedule 13 (Change Procedure).

 

“Change Request” shall
mean requests for changes to this Agreement.

 

“Claiming
Party” shall have the meaning set forth in Clause 20.10.1 of the Agreement.

 

“Conditionally
Accepted” shall mean the conditional acceptance of the Product in accordance with Schedule 4 (Regulations for
Acceptance Test).

 

“Confidential Information” shall mean:

 

		(1)	the
                                            Software Product and all information related thereto;

 

		(2)	any
                                            other documentation which is proprietary to either Party;

 

    
	 	 	 
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		(3)	market
                                            information, information concerning operation, personnel and business dealings of either
                                            Party as well as information regarding Participants and other third parties dealing with
                                            either Party, which by its very nature may neither be documented nor endorsed with a confidentiality
                                            notice; and

 

		(4)	the
                                            contents of this Agreement.

 

“Consumer
Price Index” shall mean the national consumer price index (CPI) published by the Australian Bureau of Statistics.

 

“Correction”
shall mean releases of the Software Product of components of the Software Product made to the Customer during the Acceptance Test to
correct faults reported in Acceptance Test Incidents.

 

“Critical,
Very High, High, Medium and Low Incidents” shall have the meaning set forth in Schedule 12 (Service Level Agreement).

 

“Customer
Application(s)” shall mean:

 

		(1)	such
                                            user interfaces parts of the Software Product as specified as Participant Applications in
                                            Schedule 10 (System Description) and delivered to the Customer in accordance with
                                            this Agreement;

 

		(2)	Maintenance
                                            Releases and New Releases of the software specified in "(1)" issued to the Customer
                                            during the Term;

 

		(3)	any
                                            changes or adaptations to the software described in "(1)"; and

 

		(4)	any
                                            parts of the Documentation related to the software described in "(1)", "(2)"
                                            or “(3)” as delivered to the Customer during the Term.

 

“Customer
Application Hardware” shall mean the parts of the Customer Hardware Configuration on which the Customer Applications are installed.

 

“Customer
Central Site” shall mean the site or sites where the Customer operates the Customer Hardware Configuration, at the address
or addresses set forth in Schedule 10 (System Description).

 

“Customer
External Systems” shall mean external systems which shall interface with the Central Software using Customer Interfaces. The
Customer External Systems, as identified by the Customer prior to the Effective Date and as amended from time to time, are set forth
in Schedule 10 (System Description).

 

“Customer
Interfaces” shall mean:

 

		(1)	such
                                            system interface parts of the Software Product as specified as Customer Interfaces in Schedule
                                            10 (System Description) and delivered to the Customer in accordance with this Agreement;

 

		(2)	Maintenance
                                            Releases and New Releases of the software specified in "(1)" issued to the Customer
                                            during the Term;

 

		(3)	any
                                            changes or adaptations to the software described in "(1)"; and

 

		(4)	any
                                            parts of the Documentation related to the software described in “(1)”, “(2)”
                                            or "(3)" as delivered to the Customer during the Term.

 

“Customer
Hardware Configuration” shall mean the hardware and Third Party Software (including network hardware and software) to be acquired
by the Customer pursuant to this Agreement and upon which the Software Product is installed and operated. The minimum requirements for
the Customer Hardware Configuration are specified in Schedule 10 (System Description), such document to be updated from time to
time in accordance with this Agreement.

 

    
	 	 	 
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“Customer
Market” shall have the meaning set forth in Schedule 8 (License Scope)

 

“Customer
Operations Manager” shall mean the individual or, where more than one person is appointed, the individuals appointed by the
Customer as responsible for supervising the day to day technical operation of the Customer Market.

 

“Customer
Premises” shall mean the location where the Customer conducts its day-to-day business, at the following address:

 

40
Wall Street 28th Floor

New
York, NY 10005

 

“Customer
Project Manager” shall mean an individual appointed by the Customer who shall be responsible for managing the performance of
the Customer’s obligations during the Project.

 

“Customer
Project Organization” shall mean the project organization established and maintained by the Customer throughout the Project,
substantially in accordance with Schedule 6 (Project Governance).

 

“Customer
Working Day” shall mean a standard business day, excluding local public holidays, in the jurisdiction of the Customer Premises.

 

“Customer
Working Hours” shall mean the hours of 9:00 am to 5:00pm time, on Customer Working Days.

 

“Development
Completion Notice” shall mean a statement that the Nasdaq development process has been completed and that the Installation
Testing has been successfully completed.

 

“Digital
Advertising” shall mean advertisements and promotions that are delivered and displayed through internet connections to consumers,
including, without limitation, banner ads, video ads and/or publisher’s custom ad units.

 

“Documentation”
shall mean:

 

		(1)	Documentation
                                            as defined in Schedule 9 (Documentation Specification);

 

		(2)	documentation
                                            issued from time to time pursuant to an Change Request and any amendments to such documents;
                                            and

 

		(3)	Release
                                            Notes.

 

“Due
Date” shall have the meaning set forth in Clause 16.8 (Payment Terms) of the Agreement.

 

“Effective Date”
shall mean the date stated on the first page of this Agreement.

 

“Exchange
Information” shall mean any data, text, pictures, sound, graphics, video, designs, creations, content or information, including
prices, volume, bids, offers and other trading and market data, entered or published on the Customer Market as well as other content
or data provided by any user of, or visitor to, the Customer Market, including all analytic data regarding the activities of users on
the Customer Market, whether or not personally identifiable.

 

“Exclusive
Domain” shall mean when an Exclusive Licensed Product is targeted and viewable by an end user within the Exclusive Territory.

 

“Exclusive
Licensed Products” shall mean the Licensed Products for purposes of the Exclusive Territory.

 

“Exclusive
Territory” shall mean the United States.

 

    
	 	 	 
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“Exclusivity
Initial Period” shall mean a period of time that extends for twelve (12) months starting on the date of the Market Launch (as
defined in Schedule 2, Clause 2 (Consideration and Payment Terms)) but not more than twenty-five (25) months from the Effective Date
and which is subject to termination in accordance with Clause 12.1.

 

“Exclusivity
Period” shall mean the combination of the Exclusivity Initial Period and any Exclusivity Renewal Period.

 

“Exclusivity
Renewal Period” shall mean a period that automatically renews for consecutive, rolling three (3) month periods following the
conclusion of the Exclusivity Initial Period, subject to termination in accordance with Clause 12.1.

 

“Force
Majeure” shall have the meaning set forth in Clause 20.10.1 of the Agreement.

 

“Group”
shall mean all entities within a Party’s group of companies which are existing now or in the future, owning or owned by or under
common ownership of such Party and where the ownership structure is a controlling interest.

 

“Incident”
shall mean an incident that has occurred with the Software Product and has been reported by the Customer to Nasdaq in accordance with
the processes set forth in Schedule 11 (Services).

 

“Incident
Management” shall mean the process for managing Incidents as set forth in Schedule 12 (Service Level Agreement).

 

“Indemnified
Party” shall have the meaning set forth in Clause 18.5 (Indemnification Procedure) of the Agreement.

 

“Indemnifying
Party” shall have the meaning set forth in Clause 18.5 (Indemnification Procedure) of the Agreement.

 

“Indexation
Formula” shall have the meaning set forth in Schedule 2 (Consideration and Payment Terms).

 

“Infringement
Claim” shall have the meaning set forth in Clause 0 of the Agreement.

 

“Installation
Test” shall mean the tests to validate interoperability between the Software Product, the Customer Hardware Configuration,
and the Customer External Systems.

 

“Invoice
Amount” shall mean the amount of the Annual Licence and Services Fee adjusted to reflect the total sum of such invoices within
each calendar year of the Term, in accordance with the amounts listed in Schedule 2, Section 1.2.

 

“Joint
Steering Group” shall have the meaning set forth in Schedule 6 (Project Governance).

 

“Maintenance
Release” shall mean a release provided to rectify a defect or defects in the Software Product while retaining the functionality
of the Software Product as provided for (1) in this Agreement; and (2) in Release Notes issued pursuant to this Agreement.

 

“Market
Launch” shall mean the first day of the month in which at least five (5) Customer clients are active on the Customer Market
and at least $50,000 of Revenue is earned by Customer from its clients in the same month.

 

“Master
Time Schedule” shall mean Schedule 3 (Master Time Schedule).

 

“Maximum Late Payment” shall mean five
(5) percent of the Project Fee.

 

“Maximum
Load Profile” shall mean the maximum load or capacity allowed for named parameters for the Production System and is set forth
in Schedule 12 (Service Level Agreement).

 

“Migration
Guide” shall mean the document to be prepared by Nasdaq pursuant to Clause 4.7.1.

 

    
	 	 	 
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“Nasdaq
Account Manager” shall mean the individual appointed by Nasdaq as being responsible for the business relationship between Nasdaq
and the Customer under this Agreement.

 

“Nasdaq
Project Manager” shall mean an individual appointed by Nasdaq who shall be responsible for managing the performance of Nasdaq’s
obligations during the Project.

 

“Nasdaq
Project Organization” shall mean the project organization established and maintained by Nasdaq throughout the Project, substantially
in accordance with Schedule 6 (Project Governance).

 

“Nasdaq
Technical Account Manager” shall mean the individual or, where more than one person is appointed, the individuals appointed
by Nasdaq as responsible for co-ordination of development and support regarding the Software Product, including the management of Change
Requests and release planning.

 

“Nasdaq
Working Day” shall mean any working day, excluding local public holidays and weekends at the location where the task is being
performed.

 

“Nasdaq
Working Hours” shall mean the hours of 09.00 - 17.00 local time where the Nasdaq employees performing the task are located,
on Nasdaq Working Days.

 

“New
Reference Data” shall mean the Reference Data that has been converted from the Original Reference Data via the data migration
process.

 

“New
Release” shall mean a new release of the Software Product which may contain:

 

		(1)	new
                                            versions of one or more existing modules of the Software Product containing structural and
                                            functional adaptations and improvements to maintain the structure and quality of the Software
                                            Product and to maintain and improve, inter alia, design, functionality, security,
                                            availability, capacity, modularity and flexibility; or

 

		(2)	Change
                                            Requests.

 

New
Releases may also contain rectifications to defects such as are included in a Maintenance Release in which case the release shall be
deemed to be a New Release.

 

“Non-Claiming
Party” shall have the meaning set forth in Clause 20.10.2 of the Agreement.

 

“Non-Production
System” shall mean a System Instance used by the Customer as a testing, development or training environment.

 

“Operating
Capability” shall mean the capability of the Software Product to provide functionality for commercial operation substantially
in conformance with Schedule 7 (Software Functional Specification) and Schedule 12 (Service Level Agreement) as amended from time
to time during the Term.

 

“Original
Reference Data” shall mean the original Reference Data provided by the Customer from its existing systems.

 

“Participants”
shall mean users of the Customer Market, authorized by the Customer to access the Software Product primarily for the purpose of placing
orders and viewing market data.

 

“Participant
Applications” shall mean:

 

		(1)	specific
                                            Customer Applications that may be sublicensed to Participants and Third Party Developers
                                            by the Customer, pursuant to Clause 12.3.1 (b), as identified in Schedule 10
                                            (System Description); and

 

		(2)	parts
                                            of the documentation related to the software described in "(1)".

 

“Participant
Application Hardware” shall mean the parts of the hardware and Third Party Software (including network hardware and software)
located at the Participant premises, where the Participant Applications are installed. The minimum requirements for the Participant Application
Hardware are specified in Schedule 10 (System Description), such document to be updated from time to time in accordance with this
Agreement.

 

    
	 	 	 
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“Participant
External Systems” shall mean external systems operated by Participants as are set forth in Schedule 10 (System Description).

 

“Participant
Interfaces” shall mean:

 

		(1)	specific
                                            Customer Interfaces that may be sublicensed to Participants and Third Party Developers by
                                            the Customer, pursuant to Clause 12.3.1 (a), as identified in Schedule 10 (System
                                            Description); and

 

		(2)	the
                                            Documentation related to the software described in "(1)"

 

“Party"
or "Parties” shall mean Nasdaq or the Customer separately or together, as the context requires.

 

“Pre-Contractual
Statement” means a draft, agreement, undertaking, representation, warranty, promise, assurance or arrangement of any nature
whatsoever, whether or not in writing, relating to the subject matter of this Agreement made or given by any person at any time prior
to the date of this Agreement.

 

“Problem”
shall mean the root cause of one or more existing or potential Incidents.

 

“Production Start” shall mean the first
day of the month following the date of Acceptance.

 

“Production System” shall mean a System Instance used by the Customer:

 

		(1)	as
                                            the primary configuration for day-to-day commercial operation of the Customer Market; and

 

		(2)	as
                                            the redundant configuration for back-up and recovery purposes, but only when and to the extent
                                            the primary configuration has failed and during such time as the redundant configuration
                                            is being used for day-to-day commercial operation of the Customer Market.

 

“Project”
shall mean the period between the Effective Date and Production Start and encompasses the activities to be performed and obligations
to be met by both Parties, pursuant to this Agreement.

 

“Project
Fee” shall have the meaning set forth in Schedule 2 (Consideration and Payment Terms).

 

“Project
Management” shall have the meaning set forth in Schedule 6 (Project Governance).

 

“Reference
Data” shall mean all the reference data, system configuration and set-up parameters necessary for the Software Product to be
function as set forth in Schedule 7 (Software Functional Specification).

 

“Release
Notes” shall mean a written document describing:

 

		(1)	the
                                            procedure to be followed for installation of a Maintenance Release or New Release; and

 

		(2)	where
                                            the Release Notes relate to a New Release:

 

		(i)	the
                                            version of the Software Product which must be installed on the Customer Hardware Configuration
                                            prior to installation of the New Release to which the Release Notes relate;

 

		(ii)	any
                                            necessary changes to Third Party Software required to support the New Release;

 

    
	 	 	 
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		(iii)	any
                                            necessary changes to the Customer Hardware Configuration required to support the New Release;
                                            and

 

		(iv)	a
                                            specification of the functionality of the New Release.

 

“Revenue”
shall mean the amount earned and collected by Customer for all business operations and services related to the Customer Market based
on fees generated from contracts with its clients for the Licensed Products. For clarification, the term “Revenue” will not
include the full transactional value of trades on the Customer Market, considering that Customer may act as an intermediary, providing
a clearing function for its clients.

 

“Revenue
Share” shall mean the percentage Revenue payable by Customer to Nasdaq based on the application of the percentages, and shall
be composed of both the Exclusive Revenue Share and the Non-Exclusive Revenue Share as defined in Schedule 2 section 2.1.1

 

“Routine
Guide” shall mean a document describing the procedural relationship between the Customer and Nasdaq that will be developed
during the Project. The Routine Guide is a working document and shall not form part of this Agreement.

 

“Rules”
shall have the meaning set forth in Clause 20.22.2 of the Agreement.

 

“Service
Desk” shall mean the point of contact for support to the Customer, as maintained by Nasdaq pursuant to Schedule 11 (Services).

 

“Service
Initiation” shall mean the Services to be provided prior to Production Start as set forth in Schedule 11 (Services).

 

“Service
Levels” shall have the meaning set forth in Schedule 12 (Service Level Agreement).

 

“Service
Management” shall mean the Services to be provided after Production Start as set forth in Schedule 11 (Services).

 

“Services”
shall mean the services set forth in Schedule 11 (Services).

 

“Software Product” shall mean

 

		(1)	X-stream
                                            software operating materially in accordance with Schedule 7 (Software Functional Specification),

 

		(2)	Maintenance
                                            Releases, New Releases and Change Requests of the software specified in "(1)" issued
                                            to the Customer during the Term, and

 

		(3)	Documentation
                                            related to and materially in accordance with the software described in "(1)" and
                                            "(2)" listed in Schedule 9 (Documentation Specification).

 

For
the avoidance of doubt, Third Party Software shall not form part of the Software Product.

 

“Software
Product License” shall have the meaning set forth in Clause 12.1 (Software Product License) of the Agreement.

 

“Software
Product Support” shall have the meaning set forth in Schedule 11 (Services).

 

“Source
Code” shall mean the set of instructions expressed in a non-machine language from which the machine executable object code
software is derived.

 

“Support
Hours” shall mean the hours when the Nasdaq service desk is open for telephone support as further defined in Schedule 12 (Service
Level Agreement).

 

"Support
Meeting” shall have the meaning set forth in Schedule 11 (Services).

 

“Support
Services” shall mean the services to be performed by Nasdaq as specified in Schedule 11 (Services).

 

    
	 	 	 
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“Support Term” shall mean the period commencing
at Acceptance and ending on the date of termination of this Agreement.

 

“System Instance” shall mean a configured
and operational installation of the Software Product running on a partition of the Customer Hardware Configuration.

 

“Taxes” shall have the meaning set forth
in Clause 16.10 of the Agreement.

 

“Term” shall have the meaning set forth in Clause 17.1 (Term) of the
Agreement. “Territory” shall mean worldwide.

 

“Third Party Developer” shall mean any
third party software developer engaged, inter alia, for the purpose of developing applications to be connected to the Participant
Interfaces.

 

“Third Party Software” shall mean third
party software, including operating system software.

 

“Trading Days” shall mean any day during
which the Customer Market will be in commercial operation.

 

“Travel Plan” shall mean the
scheduled travel for Nasdaq personnel during the project as specified in Schedule 3 (Master Time Schedule).

 

“Uncustomized Software Product” shall
mean the uncustomized versions of the following Nasdaq proprietary software system products

 

“Use” or “Using”
shall mean to load, execute, operate, store, transmit, distribute, and display or access.

 

“Working Day” shall mean a day that is
both a Nasdaq Working Day and a Customer Working Day.

 

    
	 	 	 
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SERVICES AGREEMENT SCHEDULE

 

 

 

 

 

Schedule 2 Consideration and Payment
Terms

 

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
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	1	Fees

 

All fees stated are in US Dollars.

 

	1.1	Project Fee

 

The Customer shall pay the “Project Fee”
to Nasdaq, in the amount of:

 

	ACTIVITY/COMPONENT	AMOUNT
	Project Fee	$500,000

 

The Project Fee shall be paid in the following instalments:

 

	EVENT	%	AMOUNT
	Signing of the Agreement	50%	$250,000
	Delivery of UAT	50%	$250,000
	Total	100%	$500,000

 

	1.1.1	Project Fee payment terms - Project Fee instalments shall be due within ninety (90) days from the Project Fee payment event date specified
on the chart in Clause 1.1 above (“Due Date”). Nasdaq shall issue its invoice to Customer on or after the Project payment
event date listed in the chart in Clause 1.1 above. An interest charge of one (1) month LIBOR plus four (4) percent per annum, shall be
applied after the Due Date through the day of payment to any amounts which are not paid when due. Final project fee payment shall be invoiced
following Delivery of the UAT and no later than December 15th 2016 and shall be due within ninety (90) days thereafter.

 

	1.2	Annual License and Services Fee

 

The following Annual License and Services Fees are payable
as follows:

 

	1.2.1	Annual License and Services Fee

 

Subject to Clause 16.5.1, the Customer shall pay Nasdaq
the Annual License and Services Fees based on the following annual amounts:

 

	PERIOD	ANNUAL AMOUNT
	Year 1	$200,000
	Year 2	$275,000
	Year 3	$350,000
	Year 4	$425,000
	Year 5	$500,000
	Total	$1,750,000

 

	1.2.2	Annual License and Services Fees payment terms – Annual License and Services Fees shall be paid in quarterly instalments in
advance with the first instalment due for the three (3) month period which commences on the date of Production Start. The first invoice
related to the Annual License and Services Fee shall be issued on
Production Start and shall be due thirty (30) days from Customer’s receipt thereof.

 

    
	 	 	 
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	2	Revenue Share

 

	2.1	Revenue Share

 

For each year of the Term, beginning in the year in which
the Market Launch takes place, Customer shall pay Nasdaq a Revenue Share payment, which is equal to the amount of Revenue Share that exceeds
the Invoice Amount, to be calculated as follows:

 

	2.1.1	Revenue Share within the Exclusive Domain:

 

The “Exclusive Revenue Share” shall be
solely applicable to Revenue earned by Customer that is generated from Exclusive Licensed Products in the Exclusive Domain during the
Exclusivity Period. For each incremental dollar earned which falls under the Exclusive Revenue Share definition above, the Revenue Share
amount shall be calculated using the following percentages:

 

	Revenue Tier	Revenue Share Percentage
	$0 to $10,000,000	4%
	$10,000,001 to $50,000,000	1%
	$50,000,001 and above	0.5%

 

	2.1.2	Revenue Share outside of the Exclusive Domain:

 

The “Non-Exclusive Revenue Share” shall
be applicable to Revenue earned by Customer from the operations of Customer’s business that utilizes the Software Product that falls
outside of the scope of the Exclusive Domain or any Revenue earned by Customer after expiry of the Exclusivity Period. The “Non-Exclusive
Revenue Share” percentage is equal to half percent (0.5%).

 

	2.1.3	Example

 

By way of example, for a given calendar year in which
Revenue earned by Customer equals $70,000,000, with $60,000,000 falling within the Exclusive Domain and $10,000,000 falling outside
of the Exclusive Domain and for which the Invoice Amount comes to ($200,000*1/4 + $275,000*3/4) = $50,000 + $206,250 = $256,250, the
Revenue Share payment due to Nasdaq shall be calculated as follows:

 

Exclusive Revenue Share shall equal ($10,000,000 x 4%) +
($40,000,000 x 1%) + ($10,000,000 x 0.5%) = $400,000 + $400,000 + $50,000 = $850,000;

 

Non-Exclusive Revenue Share shall equal ($10,000,000 x 0.5%)
= $50,000;

 

Revenue Share shall equal $850,000 + $50,000 = $900,000;
and

 

resulting Revenue Share payment to Nasdaq shall be the total
Revenue Share less the Invoice amount and equal to $900,000 - $256,250 = $642,750.

 

    
	 	 	 
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	2.2	Reports and Payment

 

Within thirty (30) days after the end of each calendar year,
Customer shall deliver to Nasdaq a written report setting forth Customer’s Revenue including the Revenue Share amount that is payable
to Nasdaq for the prior calendar year. Within forty-five (45) days after such written report, Customer shall pay Nasdaq the full Revenue
Share amount due for that prior calendar year.

 

	2.3	Right to Audit Books and Records

 

Customer shall keep complete and accurate books and records
containing all information and data which may be necessary to ascertain and verify Nasdaq’s Revenue Share. The Customer’s
books and records that solely relate to its calculation of Nasdaq’s Revenue Share shall be open to examination at Nasdaq’s
prior written request (at least a week prior to examination) by a third party auditor, mutually agreed to by Nasdaq and Customer (an “Auditor”).
Nasdaq may exercise its right of audit no more frequently than once per any calendar year during the Term unless the prior audit revealed
an underpayment. The records for any given calendar year shall be preserved for a period of three (3) years from the end of that calendar
year or such longer period as may be required by law. All information, documents, and records of Customer examined by the Auditor shall
be treated as Confidential Information in accordance with the provisions of the underlying Agreement and Customer shall have the right
to require the Auditor to sign its standard non-disclosure agreement prior to receiving access to its records.

 

	3	Daily Rates

 

The price of work performed by Nasdaq on a time and materials
basis shall be calculated using the daily rates stated in this price list.

 

The daily rates are only valid for normal Nasdaq Working
Days (8 hour days) and shall be applicable only when a price negotiation has not preceded the work to be performed. If the Customer requests
and Nasdaq agrees to perform work outside of Nasdaq Working Days, Nasdaq shall be entitled to an additional charge of fifty percent (50%)
of the above daily rates.

 

Table 1 – Daily Rates

 

	ROLE	USD
	Nasdaq Working Days	2,300
	Days that are not Nasdaq Working Days	3,450
	Travel time	1,150

 

    
	 	 	 
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	4	Travel and Accommodation Expenses

 

Nasdaq shall be entitled to be
reimbursed for reasonable travel, accommodation and daily allowance expenses incurred in the course of performing its obligations
hereunder, as are reasonably evidenced by documentation. These expenses during the Project Term shall not exceed USD 51,000, unless
approved in advance and in writing by the Customer. These expenses shall be invoiced monthly in arrears subject to an additional 3%
administration fee; provided, however, the Customer shall have the option to schedule and directly pay travel expenses instead of
letting Nasdaq incur them, in which case that administration fee will not apply, provided that Nasdaq has the right to approve both
travel and accommodation booking in advance.

 

Note that the travel and accommodation expenses are in addition
to the Project Fee.

 

Flights are to be business class if over four (4) hours
duration and accommodation is to be of four-star standard or above. For the avoidance of doubt, the parties agree that travel between
Sydney and New York is greater than four (4) hours duration and accordingly flights will be in business class.

 

	5	Indexation Formula

 

All fees and rates set out in this
Schedule 2 shall be subject to an increase based upon the following Indexation Formula which will be applied on an annual basis on each
anniversary of the Effective Date.

 

The increase shall be the lesser of:

 

		(a)	5%, or

 

		(b)	The then current or most recently published Consumer Price
Index, except that under no circumstance shall the rates or fees be decreased.

 

    
	 	 	 
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SERVICES AGREEMENT SCHEDULE

 

 

 

 

 

 

Schedule 3 Master Time Schedule

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
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	1	Scope of Schedule

 

This document contains the Master Time Schedule which sets
out the major tasks in the Project where there are dependencies between the Customer and Nasdaq and the responsibility (whether Customer
or Nasdaq) to perform the tasks and the dates by which they must be done.

 

	2	Major Project Milestones

 

The following project plan contains the contractual milestones.

 

 

    
	 	 	 
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	3	Dependency

 

Each of the contractual milestones as stated herein depends
on the completion of their respective preceding milestones. Therefore, in case of any delay in the completion of any milestone, Nasdaq
and the Customer shall agree on the revised schedule for project plan. However, unless the parties mutually agree on a revised schedule,
to the extent that there is an approved delay by either party to the delivery of any milestone, the delivery schedule shall be extended
by an amount of days that is equal to the approved delay in accordance with clause 8 of the underlying Agreement (Delayed Acceptance).

 

	4	Travel Plan

 

The following travel is planned for the Customer and Nasdaq
personnel during the Phase 1 of the Project.

 

Date represents the month in which travel will commence
and dates are subject to change if Parties agree to change the Master Time Schedule.

 

Onsite Days represents the sum of days in Destination for
Nasdaq personnel travelling including weekends but excluding the day of arrival/departure.

 

	DATE	DESTINATION	TRAVELLING PARTY	ACTIVITY	NUMBER OF

 PERSONNEL	ONSITE DAYS
	October 2016	New York	Nasdaq	Install Beta / Training	2	10
	March 2017	New York	Nasdaq	Go Live Support	2	10

 

    
	 	 	 
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SERVICES AGREEMENT SCHEDULE

 

 

 

 

 

 

 

Schedule 4 Regulations for Acceptance Test

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
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	1	Introduction

 

This document defines the regulations for Acceptance Test
of the Software Product released by Nasdaq to the Customer, including details of the respective obligations of both Parties. These regulations
apply to Acceptance Test for project and Change Request deliverables unless otherwise decided.

 

Acceptance of the Software Product means that the released
version meets the agreed functional and non-functional requirements as defined in the relevant specifications, listed in Section 2.

 

The Acceptance Test phase occurs after the initial Software
Product installation and execution of the Installation Test, and before commercial use of the Software Product in the Production environment
by real users. Upon successful completion of the Acceptance Test and acceptance by the Customer, the Customer assumes responsibility for
preparation for use in the Production environment.

 

	1.1	Scope

 

The regulations in this document cover:

 

		●	The objectives of Acceptance Test, including entry and exit criteria,

 

		●	The general approach to Acceptance Test, including documents created,

 

		●	Key responsibilities and qualifications of both Parties, and

 

		●	Details of the Acceptance Test Environment and Acceptance Test deliverables.

 

	1.2	Audience

 

These regulations are to be followed by Customer and Nasdaq
Project Managers and Test Managers during the Acceptance Test of the Software Product.

 

	2	Testing Objectives

 

The Acceptance Test shall validate that the Software Product
meets the specifications defined in the following schedules:

 

		●	Schedule 7 (Software Functional Specification); and

 

		●	Schedule 12 (Service Level Agreement);

 

During the Acceptance Test, it shall be verified that
the Software Product operates correctly on the Customer Hardware Configuration used in the Acceptance Test Environment. Specific
tests of the Customer Hardware Configuration are not included in the Acceptance Test, but it must comply with the specification in Schedule
10 (System Description).

 

The Acceptance Test shall be performed on the basis of tests
specified in the Acceptance Test Specification reviewed by the Parties before the Acceptance Test starts. Tests of any of the contracted
features of the Software Product, according to the above listed schedules, may be included in the Acceptance Test Specification.

 

    
	 	 	 
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	2.1	Pre-conditions for Acceptance Test

 

The following conditions must be met before Acceptance Test
can start:

 

		●	Acceptance Test Plan, Specification and Procedures are reviewed by the Parties. Nasdaq shall confirm, in writing, their review.

 

		●	Acceptance Test Environment is correctly prepared on site.

 

		●	Development of all Adaptations has been completed.

 

		●	Nasdaq has delivered a Development Completion Notice.

 

		●	The Software Product has been released by Nasdaq to the Customer and installed at the Customer Central Site.

 

		●	The Installation Test has been successfully executed by Nasdaq.

 

		●	Testers are trained and available to start Acceptance Test execution.

 

Prior to the start of the Acceptance Test, Nasdaq will issue
a test report to the Customer summarizing the results of functional and non-functional testing conducted by Nasdaq during the Installation
Test.

 

		v	Acceptance Test Plans, Specifications and Procedures are described later in this document.

 

	3	General Approach

 

The general approach to Acceptance Test for Nasdaq Software
Product follows this pattern:

 

		(a)	Prepare and confirm the Acceptance Test Plan, Specification and Procedures;

 

		(b)	Prepare the Acceptance Test Environment at the Customer Central Site;

 

		(c)	Release a tested Software Product version to the Customer;

 

		(d)	Execute reviewed test cases and report results in a series of Acceptance Test Cycles;

 

		(e)	Release corrections to the Software Product to resolve Acceptance Test failures; and

 

		(f)	Review final results and confirm acceptance by Customer. These activities are explained in more detail below.

 

	3.2	Acceptance Test Planning

 

To kick-off the Acceptance Test planning for the project,
Nasdaq shall run a joint workshop with the Customer to establish the detailed timing and scope of Acceptance Test and how the regulations
in this document will be applied for this project.

 

The Acceptance Test Plan, Specification and Procedures described
below shall be prepared by the Customer and reviewed jointly by the Parties to establish confirmation on the details before the Acceptance
Test starts. Changes to these documents, once finalized and confirmed, shall be handled as project Change Requests.

 

	3.2.1	Acceptance Test Plan

 

The detailed timing of the Acceptance Test activities agreed
in the workshop shall be documented in the Acceptance Test Plan. The Acceptance Test Plan shall enable timely and complete execution of
the test cases within the timeframe set out in Schedule 3 (Master Time Schedule). The Acceptance Test Plan shall also define details
of the Acceptance Test Environment and the personnel from the Parties involved in Acceptance Test.

 

		v	See section 6.1 for more details on what goes into the Acceptance Test Plan.

 

    
	 	 	 
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	3.2.2	Acceptance Test Specification

 

The scope of testing to be covered over the timeline defined
in the Acceptance Test Plan and agreed in the workshop shall be documented in the Acceptance Test Specification. This must be agreed upon
by the Parties before Nasdaq completes their testing of the Software Product and before Customer Acceptance Test can start. The key dates
for reaching agreement on the Acceptance Test Specification are set out in Schedule 3 (Master Time Schedule).

 

		v	See section 6.2 for more details on what goes into the Acceptance Test Specification.

 

	3.2.3	Acceptance Test Procedures

 

The detailed instructions for executing each of the test
cases defined in the Acceptance Test Specification shall be documented as an “Acceptance Test Procedure”. These procedures
specify test data and expected results for each step.

 

		v	See section 6.3 for more details on what goes into an Acceptance Test Procedure.

 

	3.3	Acceptance Test Preparation

 

The following activities shall be completed to ensure the
Acceptance Test Environment is suitable for Acceptance Test. The exact time periods for these activities are specified in Schedule
3 (Master Time Schedule).

 

		v	See section 5 for more details on the Acceptance Test Environment.

 

	3.3.1	Software Product Installation

 

Nasdaq will perform the initial installation of the Software
Product on the Acceptance Test Environment in preparation for the Installation Test.

 

	3.3.2	Installation Testing

 

The Installation Test is performed by Nasdaq directly after
the initial installation of the Software Product and the set-up of Third Party Software.

 

The purpose with the Installation Test is to verify interoperability
between the Software Product and the Customer Hardware Configuration and external systems, and to verify the performance of the Software
Product on the Customer Hardware Configuration.

 

The Acceptance Test Environment shall as far as possible
be identical to the Production System configuration as specified in Schedule 10 (System Description) for the non- functional segments
of the Acceptance Test. The interfaces to these systems must comply with relevant specifications provided to Nasdaq and defined
in Schedule 10 (System Description). The Acceptance Test Environment for the functional segments of the Acceptance Test shall not
be required to be identical to the Production System configuration.

 

The Installation Test includes tests of the performance,
capacity and fail-over behavior of the Software Product on the Customer Hardware Configuration. Customer External Systems or simulator
tools, simulating the interaction with interfaces of the Customer External Systems, must be capable of generating the required loads for
this testing.

 

On completion of the Installation Test, Nasdaq shall issue
a test report summarizing the results and confirming the successful conduct of the Installation Test.

 

    
	 	 	 
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	3.4	Acceptance Test Release

 

The decision to release the Software Product to the Customer
for the Acceptance Test shall be made by Nasdaq based on the outcome of their internal testing.

 

	3.5	Acceptance Test Execution

 

The test cases reviewed in the Acceptance Test Specification
shall be executed by the Customer in Acceptance Test Cycles and Segments according to the Acceptance Test Plan. Test case failures shall
be reported by the Customer as Acceptance Test Incidents using the Nasdaq Defect Tracking system(s), and test results summarized by the
Customer in Acceptance Test Reports.

 

Acceptance Test shall be conducted on-site such that Nasdaq
personnel have access to the UAT environment. As the environment will be hosted in a cloud environment there is no need for Nasdaq personnel
to be on site with the Customer to conduct these tests. Testing shall be confined to testing of the Software Product. Testing of features
of individual components of hardware, standard system software, network hardware or network software shall not be conducted during Acceptance
Test.

 

	3.5.1	Acceptance Test Cycles

 

Acceptance Test shall be executed
in one or more Acceptance Test Cycles where each shall be conducted on the same Software Product version. The initial number and duration
of Acceptance Test Cycles shall be agreed in the Schedule 3 (Master Time Schedule).

 

Optimally an Acceptance Test Plan will include three (3)
Acceptance Test Cycles with a correction period in between. Additional Acceptance Test Cycles would only be necessary if test cases are
reported as Rejected after the second one is complete.

 

An Acceptance Test Cycle may be terminated prematurely if
a significant number of test cases are failed, blocked or invalidated due to defects in the Software Product, or due to malfunctions or
changes in the Acceptance Test Environment. The decision to terminate an Acceptance Test Cycle shall be made jointly by the Customer and
Nasdaq. If terminated, the date for subsequent Acceptance Test Cycles shall be agreed and the Acceptance Test Plan updated.

 

	3.5.2	Acceptance Test Segments

 

Testing shall be divided into one-week (“Acceptance
Test Segments”) that include the following events:

 

		(a)	Start of Week Meeting, to agree on the test cases planned for this Segment;

 

		(b)	Test case execution (typically 6 hours by 5 days); and

 

		(c)	End of Week Meeting, to agree on the results of testing for this Segment.

 

After each individual test or test sequence, either one
of the Test Managers will decide whether to re-run a test or a test sequence. If neither one of the Test Managers has asked for a rerun,
the test result shall be documented as stated below and the testing shall proceed to next test or test step.

 

    
	 	 	 
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Execution of test cases in each Test Segment shall be logged
in an Acceptance Test Log, along with other events pertaining to the Acceptance Test such as restarts and upgrades.

 

The result of each test case shall be agreed by the Project
Managers for both Parties and recorded as:

 

		●	Accepted

 

		●	Conditionally Accepted

 

		●	Rejected

 

The correct result is determined from the classification
of any deviation from the expected test result. The classification shall not be logged until agreed by both Parties, and the result shall
include references to related Acceptance Test Incidents.

 

		v	See section 6.4 for more details on the Acceptance Test Log, including classification of deviations.

 

	3.5.3	Acceptance Test Incidents

 

Any deviation from the expected result for a test case shall
be reported by the Customer to Nasdaq as an (“Acceptance Test Incident”). This report shall describe exactly what was
observed by the tester and how this deviated from the expected result. Any additional information that may help to diagnose the cause
of the failure shall also be included.

 

The classification for the severity of the deviation reported
in an Incident shall be agreed between the Parties and recorded in the (“Acceptance Test Report”). This classification
is a critical factor in the decision on acceptance and is intended to minimize the risk of users experiencing any significant failures
in the Production System.

 

The outcome of analysis of the failure, including the identification
of the fault, shall be recorded in the Incident. The plan for resolving each Incident shall be agreed between the Parties before Acceptance
Test is completed. All Incidents that cause a test case to be Rejected shall be resolved before the final Acceptance Test Cycle, so that
there are no Rejected test cases in that Acceptance Test Cycle.

 

		v	See section 6.5 for more details on what is recorded in Acceptance Test Incidents.

 

	3.5.4	Acceptance Test Reports

 

An (“Acceptance Test Report”) shall be
provided to Nasdaq by the Customer at the end of each Acceptance Test Segment and at the end of each Acceptance Test Cycle.

 

The Acceptance Test Report for an Acceptance Test Segment
shall list the test cases executed, the agreed result for each one, a summary of the results, and a list of Acceptance Test Incidents
reported.

 

The Acceptance Test Report for an Acceptance Test Cycle
shall provide the same information but cover all test cases over the whole Acceptance Test Cycle. This report shall be used by the Customer
to make a decision on acceptance.

 

		v	See section 6.6 for more details on what goes into Acceptance Test Reports.

 

    
	 	 	 
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	3.6	Acceptance Test Corrections

 

Any corrections or modifications called for due to Acceptance
Test results shall be performed by Nasdaq once the Parties have evaluated the results of the Acceptance Test. A re-run of the Rejected
tests shall then be performed by the Customer, assisted by Nasdaq, without delay. Any other tests that are reasonably deemed to be influenced
by the corrections or modifications may be re-run by the Customer at the same time.

 

For Conditionally Accepted tests, Nasdaq shall specify when
the deviation will be corrected or modified. The date of release of the corrections shall be agreed between the Project Managers and will
be after Acceptance.

 

	3.7	Acceptance Test Completion

 

The Software Product version tested in the last Acceptance
Test Cycle shall be deemed as Accepted if the most recent test result for every test case in the Acceptance Test Specification is Accepted
or Conditionally Accepted.

 

The Parties may mutually agree that the Software Product
is Accepted even though one or more test case results have been classified as Rejected, such agreement which may be subject to stipulations
from either Party. Such agreement shall be made in writing by the Project Managers.

 

The Customer shall confirm to Nasdaq in writing Acceptance,
which shall include a listing of any Conditionally Accepted or Rejected test cases.

 

	4	Key Responsibilities

 

It is essential for the successful completion of Acceptance
Test that the responsibilities of each person involved in Acceptance Test are clearly defined.

 

The individual roles and responsibilities of personnel from
both Parties are defined in more detail below.

 

	4.1	Roles and Qualifications

 

Each Party shall supply the necessary personnel to ensure
successful completion of the Acceptance Test. Both Parties shall provide a Test Manager, Project Manager, System Operator and Expert User.
The Customer shall provide a number of Software Testers according to the Acceptance Test Plan. The individuals assigned these roles shall
be recorded in the Acceptance Test Plan.

 

The essential qualifications for personnel in roles are
as follows:

 

	ROLE	QUALIFICATIONS
	Test Manager	
    ● Comprehensive
    knowledge of Schedule 3 (Master Time Schedule).

    ● Capable
    of managing execution of tests according to the Acceptance Test Plan, Specification and Procedures agreed upon by the Parties.

    ● Capable
    of resolving problems with the execution of tests, including possible conflict in the interpretation of a test result.

    ● Capable
    of qualifying a test result as passed or failed according to the Test Specification and in line with the provisions of the Agreement.

	System Operator	
    ● Comprehensive
    knowledge of the system description in Schedule 10 (System Description).

    ● Working
    knowledge of the Software Product and how to operate and maintain it.

    ● Good
    knowledge of the Customer Hardware Configuration and its components and any other hardware, software and networking products and components
    engaged in the tests.

	Expert User	
    ● Comprehensive
    knowledge of customer requirements in Schedule 7 (Software Functional Specification).

    ● Good
    knowledge of markets and instruments traded.

    ● Good
    knowledge of terminology used in the Software Product.

	Software Tester	
    ● Working
    knowledge of the Software Product, its user features and user interfaces to be tested.

    ● Successfully
    completed basic training on the Software Product.

    ● Competent
    use of the user workstation.

    ● Ability
    to interpret test results and capture diagnostic information.

 

    
	 	 	 
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	4.2	Customer Responsibilities

 

The Customer is primarily responsible for the preparation
and execution of the Acceptance Test, reporting results, and making the decision on Acceptance.

 

	ROLE	RESPONSIBILITIES
	Test Manager	
    ● Preparation
    of the Acceptance Test Plan, Specification and Procedures

    ● Leads
    and manage the Acceptance Test process according to the Acceptance Test Plan.

    ● Conducts
    the weekly meetings to plan and evaluate the testing for a Test Segment.

    ● Ensures
    that tests are performed according to the Acceptance Test Specification.

    ● Ensure
    that Acceptance Test Incidents are properly reported and recorded.

    ● Ensures
    that Acceptance Test case results are accurately recorded and produces the Acceptance Test Report for each Test Segment and Acceptance
    Test Cycle.

    ● Provides
    the Customer’s classification of the deviations from expected test results in the Acceptance Test Report.

    ● Authority
    to demand a re-run of any individual test case, test sequence, or part thereof.

    ● Collaboration
    with Project Managers to evaluate test results and agree on classification.

    ● Reports
    to Customer Project Manager.

	System Operator	
    ● Reviews
    and approves Acceptance Test Specifications and Procedures where they relate to non-functional testing.

    ● Provides
    detailed description of the Acceptance Test Environment, including any deviations from Schedule 10 (System Description).

    ● Follows
    documented procedures to operate the components of the Acceptance Test Environment.

    ● Ensures
    that any environment changes or events, such as unplanned restarts or upgrades, are recorded in the Acceptance Test Report.

    ● Analyses
    test results for non-functional testing to confirm that they show the agreed requirements have been met.

	Expert User	
    ● Reviews
    and approves Acceptance Test Specifications and Procedures where they relate to functional testing.

    ● Analyses
    test results for functional testing to confirm that they show the agreed requirements have been met.

	Software Tester	
    ● Executes
    test cases from the Acceptance Test Specification.

    ● Enters
    test data as specified in Acceptance Test Procedures.

    ● Records
    observed test results and compares with expected results.

    ● Assists
    in analysis and reporting of test results.

 

    
	 	 	 
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	4.3	Nasdaq Responsibilities

 

Nasdaq is primarily responsible for providing an example
Acceptance Test Plan, Specification and Procedures, analyzing test results and resolving Acceptance Test Incidents.

 

	ROLE	RESPONSIBILITIES
	Test Manager	
    ● Checks
    that the Customer follows Acceptance Test Plan.

    ● Participates
    in weekly meetings for each Test Segment.

    ● Provides
    the Nasdaq classification of the deviations from expected test results in the Acceptance Test Report.

    ● Authority
    to allow a re-run of any individual test case, test sequence, or part thereof.

    ● Ensures
    that Incidents are analysed and resolution planned.

    ● Collaboration
    with Project Managers to evaluate test results and agree on classification. No decisions on this are made without both Project Managers
    present.

    ● Reports
    to Nasdaq Project Manager.

	System Operator	
    ● Supports
    Customer System Operator in executing operational procedures and operator test cases and diagnosing problems.

    ● Reviews
    and approves Acceptance Test Specifications and Procedures where they relate to non-functional testing.

	Expert User	
    ● Supports
    Customer Expert User in executing test cases.

    ● Reviews
    and approves Acceptance Test Specifications and Procedures where they relate to functional testing.

 

	5	Test environment

 

The System Instance used for the Acceptance Test shall as
far as possible be identical to the Production System, as specified in Schedule 10 (System Description). A description of
the Acceptance Test Environment, including versions of all installed software and hardware components, shall be provided by the Customer.

 

	5.1	System Requirements

 

The hardware and software configuration of the Acceptance
Test Environment, including physical location and access mechanisms, shall be defined in the Acceptance Test Plan.

 

To facilitate performance testing, Nasdaq shall provide
a package of testing and simulator tools that include the capacity to simulate the required number of users and transactions.

 

No part of the Acceptance Test Environment may be located
outside the Customer Central Site, unless otherwise explicitly stated in the specification of the Acceptance Test Environment.

 

To achieve stable test conditions, no other applications
but the Software Product, or other software and simulator tools approved by Nasdaq, shall be installed or executed. No system activity,
except the Acceptance Test, shall take place during the Acceptance Test.

 

Local area network and wide area network shall have no load
from any other system than specified in the Agreement with the exception of the approved simulator tools.

 

    
	 	 	 
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	5.2	System Access

 

Nasdaq shall be granted exclusive access to the Acceptance
Test Environment for the duration of Acceptance Test; provided, however, that the Customer will have such access as is required in order
to assist Nasdaq generally, and in particular to conduct the Acceptance Test.

 

For the duration of the Acceptance Test, the Customer shall
not alter the configuration of any of the individual components of the Acceptance Test Environment without Nasdaq’s written approval.

 

The Customer shall support Nasdaq in configuring the system,
system management and any other system matter regarding the Acceptance Test Environment.

 

The Customer is responsible for all network components and
network services as well as all other system components outside the Acceptance Test Environment.

 

The Customer will be invited to take part in and overlook
all configuration work in the Acceptance Test Environment performed by Nasdaq.

 

	5.3	Availability of Customer External Systems

 

The Customer External Systems or simulators, simulating
the interaction with interfaces of the Customer External Systems, shall be available for testing during the Acceptance Test according
to the agreed Schedule 3 (Master Time Schedule) and according to the Acceptance Test Plan as well as during the Installation Test,
performed before the Acceptance Test. These systems or simulators shall also be prepared with sufficient test data.

 

	6	Test Documentation

 

The documents described in earlier sections of these regulations
shall contain the content defined below and shall be provided in Microsoft Word or Excel compatible formats.

 

All documents shall be written in English.

 

	6.1	Acceptance Test Plan

 

The “Acceptance Test Plan” defines the
following aspects of the Acceptance Test activities as agreed between the Parties in the planning workshop:

 

		●	Timing of preparation activities and planned Acceptance Test Cycles, including key milestone dates,

 

		●	Dependencies on other Customer test activities, and

 

		●	Resources required for Acceptance Test, including the Acceptance Test Environment and the names and roles of personnel involved.

 

The Acceptance Test Plan shall be approved by the Parties
before commencement of Acceptance Test. Deviations from the Acceptance Test Plan, including the execution of additional Acceptance Test
Cycles, shall be agreed by the Parties before proceeding.

 

    
	 	 	 
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	6.2	Acceptance Test Specification

 

The “Acceptance Test Specification” defines
what to test as a set of test cases to be executed by the Customer for the Acceptance Test.

 

Test cases are identified by titles that describe in outline
how the test is performed and are associated with relevant specification statements in Schedule 7 (Software Functional Specification)
and Schedule 12 (Service Level Agreement).

 

The Acceptance Test Specification does not list the detailed
steps required to perform each test case. That information is provided in Acceptance Test Procedures, defined below.

 

	6.3	Acceptance Test Procedure

 

An “Acceptance Test Procedure” defines
how to execute each test case as a sequence of steps. Each test case in the Acceptance Test Specification shall have a documented
Acceptance Test Procedure.

 

Each Acceptance Test Procedure shall describe:

 

		●	Purpose of the test, with cross-reference to statement(s) in requirements specifications,

 

		●	Pre-conditions for the test, including any dependencies on previous successful tests,

 

		●	Actions for each test step with test data and expected result for each one, and

 

		●	Post-conditions if any, including the existence of specific data or processes inside the system that are to be included in
the expected results.

 

	6.4	Acceptance Test Log

 

All test cases executed in each Test Segment shall be logged
in chronological order in the “Acceptance Test Log”. The log shall specify for each test:

 

		●	A unique reference to the test case,

 

		●	The person who executed the test case,

 

		●	The date and time of execution,

 

		●	References to any Acceptance Test Incidents reported relating to this test case,

 

		●	The agreed classification of any deviation from expected results, and

 

		●	A status Accepted, Conditionally Accepted or Rejected.

 

All events that affect the Acceptance Test Environment shall
also be logged with the date and time, plus any known impact on Acceptance Test results.

 

The Customer Project Manager shall sign-off each test and
event recorded in the Acceptance Test Log.

 

The way deviations from expected test results are classified
depends on whether the tests are against Schedule 7 (Software Functional Specification) or Schedule 12 (Service Level Agreement),
as defined below.

 

    
	 	 	 
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	6.4.1	Deviations from Schedule 7 (Software Functional Specification)

 

For deviations from expected results for tests in the Acceptance
Test Specification relating to Schedule 7 (Software Functional Specification) are classified as follows:

 

	#	DESCRIPTION OF THE DEVIATION	CLASSIFICATION/TEST STATUS
	1	The
    Software Product or parts thereof halts and the user cannot with reasonable measures circumvent the problem(s).	The test is Rejected.
	2	A single function or multiple functions deviate from specified functionality and the user cannot with reasonable measures circumvent the problem(s).	The test is Rejected.
	3	The deviation(s) as set forth in 1) or 2) above is (are) minor and does (do) not affect normal use of the Software Product (as determined by Customer in its reasonable discretion).	The test is Conditionally Accepted if the Customer’s Project Manager requests correction of the deviation, otherwise the test is Accepted.
	4	A single function or multiple functions deviate from specified functionality, but the deviation has no impact on the Customer’s use of the Software Product.	The test is Accepted.
	5	
    Functionality does not deviate from description in Schedule
    7 (Software Functional Specification).
	The test is Accepted.

 

	6.4.2	Deviations from Schedule 12 (Service Level Agreement)

 

For deviations from expected results for tests in the Acceptance
Test Specification relating to each of the criteria in the Maximum Load Profile are classified as follows:

 

	#	DESCRIPTION OF THE DEVIATION	CLASSIFICATION/TEST STATUS
	1	Measured criteria are less than 80% of specified criteria for Acceptance.	The test is Rejected.
	2	Measured criteria are less than 100% but equal to or higher than 80% of specified criteria for Acceptance.	The test is Conditionally Accepted.
	3	Measured criteria are equal to 100% of specified criteria for Acceptance.	The test is Accepted.

 

	6.5	Acceptance Test Incident

 

Each
observed deviation from the expected result for a test case shall be reported as an “Acceptance Test Incident”.

 

The
following shall be recorded in each reported Incident:

 

		●	Date
                                            and time of the test,

 

		●	The
                                            unique test case identifier,

 

		●	The
                                            title of the test case as a brief description,

 

		●	Any
                                            unusual pre-conditions not defined in the Acceptance Test Procedure,

 

		●	The
                                            observed result for each step in the Acceptance Test Procedure, with all deviations highlighted,

 

		●	The
                                            expected result if not sufficiently well defined in the Acceptance Test Procedure, and

 

		●	Relevant
                                            evidence and diagnostic information, such as screenshots and log files. After analysis the
                                            following additional information shall be included:

 

		●	Relevant
                                            comments from all personnel involved in Acceptance Test, including any disagreements on evaluation
                                            and analysis with associated comments from Project Managers, and

 

    
	 	 	 
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		●	Proposed
                                            resolution and planned version for release to resolve it.

 

The
Acceptance Test Log shall provide a complete record of all Incidents reported, and the Acceptance Test Reports shall provide a summary
per Test Segment and Acceptance Test Cycle.

 

	6.6	Acceptance
                                            Test Report

 

All
tests performed during a Test Segment shall be summarized and signed off in the Acceptance Test Report compiled by the Customer from
the “end-of-week” meeting between the Customer and Nasdaq Test Managers and Project Managers.

 

The
overall result for an Acceptance Test Cycle shall be summarized and signed off in the Acceptance Test Report produced by the Customer
at the end of the Acceptance Test Cycle.

 

An
Acceptance Test Report shall include the following information:

 

		●	Project
                                            identification and report date.

 

		●	Acceptance
                                            Test Environment and version of Software Product under test.

 

		●	Acceptance
                                            Test Cycle number, and also Test Segment number if a weekly report.

 

		●	List
                                            of test cases executed, with agreed status and references to any Incidents for each one.

 

		●	List
                                            of Incidents with summary and status.

 

		●	Total
                                            number and percentage of test cases in each status: Accepted, Conditionally Accepted, Rejected,
                                            In Progress, Blocked, Pending.

 

		●	Signatures
                                            of both Test Managers and both Project Manager.

 

    
	 	 	 
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SERVICES AGREEMENT SCHEDULE

 

 

 

 

 

 

 

 

Schedule 5 Training Specification

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
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	1	Introduction

 

This document specifies the courses that will be delivered
to the Customer during the Project, as well as the conditions, prerequisites and materials needed for the course. The dates for each course
are stated in Schedule 3 (Master Time Schedule).

 

Each course is given once on a full time basis (that is,
normally 9:00 a.m. - 4:30 p.m. Eastern Time (“ET”)). The classroom courses will be delivered at locations agreed between the
Parties and where training resources will be readily available.

 

The training shall be conducted at the Customer’s
Premises.

 

	2	Training Objectives

 

	2.1	Training on the Software Product

 

This part of the training will be carried out on the Software
Product. The objectives of this training are to give a thorough understanding of the functions of the system and how it can be used. This
will enable the Customer’s personnel to prepare for the Acceptance Test Period, to supervise the market and operate the system.

 

	3	Required classroom equipment and facilities

 

To ensure the quality of the courses,
a classroom has to be dedicated for the training and the servers used for training should be isolated, that is, no other activities or
development should occur on the system during preparation and training. For the courses held at the Customer’s premises, it is
the Customer’s responsibility to provide adequate training equipment as
follows:

 

		●	Training
                                            / workshop room in a quiet area with desks for up to the maximum size of the class

 

		●	One
                                            Microsoft Windows 7 or Windows 8 machine, enabled for English for each participant and trainer,
                                            with connection to the training system

 

		●	The
                                            user applications of the Software Product and other required software installed on each workstation

 

		●	PDF
                                            file reader, such as Adobe Acrobat Reader

 

		●	An
                                            Internet browser

 

		●	Appropriate
                                            broadband (or equivalent) connection to the internet

 

		●	High
                                            quality paper-copying facilities and assistance with copying are needed during all courses

 

		●	A
                                            projector that can be connected to a laptop or PC. The projector should have a minimum resolution
                                            of 1280 x 1024.

 

	4	Course Documentation

 

The course documentation will be delivered at the time of
training in paper format. The courses provided by Nasdaq may contain confidential information and may not under any circumstances be reproduced,
in whole or in part, or transmitted in any form without the prior written permission from Nasdaq.

 

    
	 	 	 
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Audio and video recordings or other media reproductions
of the courses are not permitted.

 

Nasdaq grants the Customer the right to use the course material
from the X-stream Workstation course for the sole purpose of training its participants under this Agreement.

 

All course participants will be awarded a Certificate of
Completion when they have successfully completed each training course.

 

	5	Course Constraints

 

The estimated course length is based on Nasdaq’s prior
experience under favorable conditions and upon the maximum number of participants listed.

 

Course content and course length may be subject to change
at Nasdaq’s discretion if the conditions so require.

 

In order to maintain the quality of the training sessions,
a maximum of participants per course will be allowed if no other maximum number is stated under the respective course description.

 

	6	Train the Trainer concept

 

Nasdaq will train the Customer’s personnel involved
in training and supporting the Participants in using the X-stream Workstation. The course will be delivered on a Train the Trainer basis,
with the intention that the Customer’s personnel (or the Customer’s nominees) will then train Participants. The training material
will be made available to the Customer for this purpose.

 

	7	Summary of included training courses

 

The following tables list the training courses, each to
be conducted once during the Project.

 

Table 2 - Training on the Software Product

 

	PRODUCT	COURSE	DAYS
	X-stream Trading	XAI (X-stream Administration Interface) Application	1
	X-stream Trading	X-stream Workstation (Market Controller)	1
	X-stream Trading	X-stream Operators	2
	 	Total	4 days

 

    
	 	 	 
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	8	List of Included Courses

 

	8.1	XAI Application

 

	DESCRIPTION	Theoretical training. To impart the knowledge needed to work with the X-stream Administration Interface (XAI) application.
	PREREQUISITES	None
	TARGET GROUP	INTERNAL - The Market operation personnel responsible for maintaining and, when necessary, changing the product, user, accounts, and member related information in the Database.
	DURATION	1 day
	ATTENDEES	5 persons

 

	8.2	X-stream Workstation

 

	DESCRIPTION	Provides the market operator with a basic, generic understanding of the operation of the X-stream Workstation application.
	PREREQUISITES	None
	TARGET GROUP	INTERNAL - Personnel involved in managing the market using the X-stream Workstation.
	DURATION	1 day
	ATTENDEES	5 persons

 

	8.3	X-stream Operators

 

	DESCRIPTION	This course will train the system operators to run and manage the X-stream implementation.
	PREREQUISITES	An intermediate knowledge of the Linux operating system.
	TARGET GROUP	INTERNAL - Technical personnel with little or no experience of X-stream Trading
	DURATION	2 days
	ATTENDEES	5 persons

 

    
	 	 	 
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SERVICES AGREEMENT SCHEDULE

 

 

 

 

 

Schedule 6 Project Governance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
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	1	Introduction

 

This document describes the Parties’
respective Project Organization etc. as set forth in the main Agreement.

 

	2	Project Governance General Terms

 

	2.1	Project Manager

 

From the Effective Date and during
the Project, each Party shall appoint a Project Manager who shall be responsible for managing the performance by such Party of its obligations
set forth in this Agreement.

 

The Project Manager shall be authorized by the Party he
or she represents to make binding decisions with respect to the day-to-day performance of such Party’s obligations under this Agreement.
The Project Managers shall not be authorized to amend the terms of this Agreement. Either Party shall be entitled to replace its Project
Manager with approval from the other Party not unreasonably withheld. Upon effecting such a change, the name, profile and the date of
commencement of the new appointee shall be confirmed by notice in writing to the other Party. Further, the Party effecting such change
shall inform the other Party of the consequences such change may have to the Project, if any.

 

	2.2	Joint Steering Committee

 

	2.2.1	Appointment

 

Each Party shall assign one (1) or more executives in addition
to the Nasdaq Project Manager and the Customer Project Manager, as applicable, to serve on a joint steering committee responsible for
the joint monitoring and supervision of the Project (the “Joint Steering Committee”). The Customer shall ensure that
the Customer appoints one or more executives that shall be members of and serve on the Joint Steering Committee.

 

	2.2.2	Members of the Joint Steering Committee

 

The following roles will be members of the Joint Steering
Committee.

 

The Joint Steering Committee Chairmanship alternates on
a monthly basis between the client and Nasdaq.

 

The Customer:

 

		●	Project
                                            Owner (Has authority to make binding business decisions in relation to the Customer but not
                                            the authority to amend the terms and conditions of the Agreement without a signed writing,
                                            Mandatory)

 

		●	Project
                                            Manager (Reporting, Mandatory)

 

		●	Customer
key executives

 

 Nasdaq:

 

		●	Chairman
                                            and Project Owner, (Have authority to make binding business decisions in relation to Nasdaq)

 

		●	Client
                                            Relationship Manager

 

		●	X-stream
                                            Trading Product Owner

 

		●	Project Manager (Reporting, Mandatory)

 

    
	 	 	 
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	2.2.3	Joint Steering Committee Responsibilities

 

The Joint Steering Committee shall
monitor and supervise the Project, including, but not limited, to project performance and project organization, and shall decide on changes
to the Project.

 

Any deviation to Schedule 3 (Master Time Schedule)
or other issues which cannot be solved by the Project Managers during the course of the Project, shall be dealt with by the Joint Steering
Committee. Proposed adjustments to the Schedule 3 (Master Time Schedule), financial compensation to any Party for additional work,
costs and expenses due to any deviations and the like, shall be discussed in good faith by the Joint Steering Committee.

 

The Customer will summon and make sure that appropriate
persons from the Customer that have the authority to make bindings decisions, participate in the Joint Steering Committee meetings.

 

	2.2.4	Joint Steering Committee Meetings and Reporting

 

Meetings between the Parties shall be arranged as required
during the course of the Project. Joint Steering Committee meetings shall take place at regularly scheduled intervals as agreed by the
Parties. An appropriate interval between Joint Steering Committee meetings is one (1) month. Additional meetings may be arranged as required
by the Parties.

 

A Joint Steering Committee meeting agenda shall be issued
no later than three (3) Customer Working Days prior to the meeting. The agenda will be prepared by each party on an alternating basis
and distributed to the members of the Joint Steering Committee prior to the commencement of the meeting.

 

The Project Manager of each Party shall participate at Joint
Steering Committee meetings and submit progress reports outlining the performance of such Party’s obligations and activities in the Project
prior to such meeting.

 

The Party preparing the agenda for
the meeting shall prepare minutes from the meetings, such minutes to be issued no later than five (5) Customer Working Days after the
meeting. The minutes shall be in English. The minutes shall be considered approved by the other Party unless such Party notifies the
issuing Party of any objection to the minutes within five (5) Working Days of receipt of the minutes.

 

	2.2.5	Project Manager Meetings

 

Meetings between the Project Managers shall take place at
regularly scheduled intervals. An appropriate interval between meetings of the Project Managers is normally every two

(2) weeks.

 

	2.2.6	Location

 

The Joint Steering Committee and Project Management meetings
shall be held at such locations as are mutually agreed by the Parties. Attendance may also be by telephone or audio-visual means.

 

    
	 	 	 
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	3	Project Organization of Nasdaq

 

	3.1	Nasdaq Organization Chart

 

 

	3.2	Nasdaq Personnel

 

The project members and staffing for the Project shall be
appointed and named in accordance with Schedule 3 (Master Time Schedule) and are therefore intentionally left blank. Below are
set out the key roles and their responsibilities.

 

	3.2.1	Project Manager

 

		●	Fulfilment of the delivery commitments of the Services Agreement.

 

		●	Agreements with Customer within the scope of the Services Agreement.

 

		●	Resource Management

 

		●	Manage Nasdaq project activities in the Customer’s location.

 

	3.2.2	Project Management Office

 

		●	Joint Project Planning between Nasdaq and Customer.

 

		●	Manage issues raised from Project activities.

 

		●	Prepare and commit status and progress reports to the Joint Steering Committee.

 

	3.2.3	Quality Assurance

 

		●	Responsible for quality assurance procedures within the Project.

 

	3.2.4	System Architect

 

		●	Be responsible for the software architecture according to this Agreement

 

    
	 	 	 
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		●	Responsible for software development and system integration between system components.

 

	3.2.5	Installation Team

 

		●	Installation and set-up of the Software Product.

 

		●	System management of the production environment during Installation Test.

 

	3.2.6	Test Management

 

		●	Responsible for software quality assurance and testing within the Project.

 

		●	Review and approve the Acceptance Test Plan, Acceptance Test Specification and Acceptance Test Procedures.

 

		●	Assist Customer in the execution of the Acceptance Test as specified in the Schedule 4 (Regulations for Acceptance Test).

 

	3.2.7	Training and documentation

 

		●	Planning and delivery of training and documentation.

 

		●	Training documentation.

 

	3.2.8	Technical Account Manager

 

		●	Responsible for co-ordination of development and support regarding the Software Product, including the management of Change Requests
and release planning.

 

		●	During the Delivery Project, the Project Manager will fulfil these functions.

 

	4	Project Organization of the Customer

 

	4.1	The Customer Personnel

 

The Customer will appoint personnel to cover the following
responsibilities:

 

		●	Project Management

 

		●	System Development, Interfaces & Integration Management

 

		●	Acceptance Test

 

		●	Documentation, Training and Business Configuration

 

		●	Installation & System Management (Hardware/Network Procurement)

 

		●	Implementation & Change Management

 

		●	Operations Setup

 

		●	Security and Disaster Recovery plan

 

		●	Commercially responsible, authorised to amend the terms of the Agreement

 

    
	 	 	 
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SERVICES AGREEMENT SCHEDULE

 

 

 

 

 

 

Schedule 7 Software Functional Specification

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
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	1	Introduction

 

This schedule describes the functional requirements to be
satisfied by the Software Product and consists of the following annexed documents:

 

	 	TITLE	DOCUMENT NAME
	1	X-stream Trading Functional Specification	NYIAX X-stream Trading Functional Specification v1-0.pdf
	2	X-stream Trading FIX Specification	NYIAX X-stream Trading FIX Specification v1-0.pdf
	3	X-stream Trading ITCH Specification	NYIAX X-stream Trading ITCH Specification v1-0.pdf
	4	X-stream Trading TARP Specification	NYIAX X-stream Trading TARP Specification v1-0.pdf
	5	X-stream Trading DSI Specification	NYIAX DSI Specification v1-0.pdf
	6	X-stream Trading Non-Functional Specification	NYIAX X-stream Trading Hardware and Service Level Specification v1-0.pdf

 

Items 2-6 may be subject to minor change. Nasdaq retains
sole discretion as to whether such changes constitute a Change Request subject to additional cost.

 

	2	The Software Product

 

The Software Product consists of these component software
solutions:

 

		(a)	X-stream

 

		(b)	X-stream FIX

 

Any other sub-components of these systems required to fully
operate the Software Product also comprise the Software Product.

 

    
	 	 	 
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SERVICES AGREEMENT SCHEDULE

 

 

 

 

 

Schedule 8 License Scope

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
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	1	Scope of Schedule

 

Together with the underlying Agreement, this Schedule
8 (License Scope) defines the scope of the Software Product License. For the avoidance of doubt, the functionality of the Software
Product, including the financial instruments in which trading is supported by the Software Product, is defined in Schedule 7 (Software
Functional Specification).

 

	1.1	Licensed
                                            Products

 

The following security based product classes are licensed
for use by the Customer (“Licensed Products”).

 

	1.1.1	Advertising Forward Contracts

 

Financial contracts (at a future date and price) for all
types of advertisements and/or promotions that are shown to consumers and/or businesses that are distributed in any and all media, mediums
and devices, including, without limitation, advertisements delivered and displayed through Internet connections such as, banner ads, video
ads and/or publisher’s custom ad units.

 

	1.2	Customer
                                            Market

 

The “Customer Market” means the business
of providing trading and related services for Licensed Products for Participants to access worldwide, to be operated by the Customer in
the Territory and on which listing, buying and selling of orders for the Licensed Products takes place.

 

    
	 	 	 
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SERVICES AGREEMENT SCHEDULE

 

 

 

 

 

Schedule 9 Documentation Specification

 

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
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	1	Scope of Schedule

 

The Documentation described herein will be provided for
the customized version of the Software Product to be used by the Customer and forms part of the Software Product.

 

Documents shall be delivered electronically in the format
stated below. All documents will be in English.

 

Where a Microsoft document format is indicated this shall
be Microsoft Office 2010.

 

Documents are regarded as confidential and may not be copied
or distributed to third parties except as permitted under the sublicenses granted for Participant Applications and Participant Interfaces.

 

		v	Note: The titles of these publications are taken from Nasdaq standard documentation and may be changed.

 

	2	User Guides

 

The user documentation and the user guides describe the
user interfaces that are available for the Customer. They give explanations and examples of the functionality, enabling the Customer’s
personnel to use the applications in normal daily and more rarely occurring situations.

 

The user guides listed below will be provided:

 

	PRODUCT	NAME	DESCRIPTION	FORMAT
	X-stream Trading	X-stream Workstation User Guide	This is a user guide for Traders, Firm Managers and Market Controllers. It describes how to use the X-stream Workstation.	
    ●  HTMLHelp file integrated with application

     

    ●  PDF

 

	3	Technical Documentation

 

	3.1	Operator’s Manual and Operator’s
                                            Reference Guides

 

The Operator’s Manual and Operator’s Reference
Guides describe available functions and tools for the maintenance of the standard Nasdaq systems, e.g., regular maintenance procedures,
application configuration and supervision, network monitoring, etc.

 

They also describe the components within each subsystem
and how they are started, stopped, restarted, configured etc. The documents are intended for the IT operations staff and administrators,
i.e. they have a more technical approach than the user guides.

 

The following Operation guides will be provided:

 

	PRODUCT	NAME	DESCRIPTION	FORMAT
	X-stream Trading	X-stream Operator’s Manual	This Operator’s Manual gives the reader a complete understanding of the tasks an operator or system administrator must perform to properly run the system.	● PDF
	X-stream Trading	X-stream Schema Report	This document contains the schema definition of the X-stream Database.	
    ● HTML

    ● PDF

 

    
	 	 	 
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	4	Installation Guides

 

The Installation Guides describe how to install the different
applications, i.e. the main system and the separate modules. Each document contains step-by step instructions.

 

The Installation Guides listed below will be provided.

 

	PRODUCT	NAME	DESCRIPTION	FORMAT
	X-stream Trading	X-stream Workstation Installation Guide	The purpose of this installation guide is to provide all instructions and information required for installing the X-stream Workstation (XW) on to a PC.	● PDF

 

	5	Interface Descriptions

 

	5.1	Application Programmer’s
                                            Documentation

 

The interface descriptions provided are API manuals and
protocol specifications for the marketplaces and the Participants. The documents cover general parts, e.g., the interaction between an
external system and the purpose of a protocol. They also cover specific cases when applications interact with different given parts of
the system through the API.

 

The API documentation listed below will be provided.

 

	PRODUCT	NAME	DESCRIPTION	FORMAT
	X-stream FIX	X-stream FIX Specification	
    This document provides the X-stream FIX message
    specification supporting version 5.0 (SP1) of the FIX protocol specification.
	● PDF
	X-stream Trading	ITCH TV and BBO SOUPBinTCP3.0	This document provides ITCH Total View and Best Bid Offer as a message standard developed to distribute full depth market data.	● PDF
	X-stream Trading	X-stream Trading TARP Specification	This document defines the message types and messages of the TARP Message Protocol.	● PDF

 

    
	 	 	 
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SERVICES AGREEMENT SCHEDULE

 

 

 

 

 

Schedule 10 System Description

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
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	A.	Introduction

 

	1	Scope of Schedule

 

This schedule describes:

 

		(a)	An overview of the design (“System Design”) of the hardware, network and software
components in a cloud environment that are required to operate the Software Product;

 

		(b)	The number of System Instances of Production Systems and Non-Production Systems;

 

		(c)	The interfaces used to connect to the Systems Instances; and

 

		(d)	The minimum hardware specification for the Production System and Non- Production Systems.

 

This schedule does not describe the basic infrastructure
required for the system (e.g., DNS, terminal servers, back up robots and switches).

 

    
	 	 	 
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	B.	System
                                            Design

 

	2	Overview & Terminology

 

Nasdaq will provide the Software Product which includes
the Central Software, a set of system interfaces defined in Section C (Interfaces) and a set of user interface applications defined
in Section 2.4 (Customer Applications) of this document. These are to be run on a number of System Instances. The System Instances
can be deployed on physical services or in a cloud environment.

 

Each System Instance is defined in Section 2.10 (System
Instances) below and has a Service Level defined for the supporting services and these are described in Schedule 12 (Service Level
Agreement).

 

Figure 1 - Overview of software elements

 

 

Nasdaq is only responsible for elements of the Software
Product excluding, inter alia, Customer External Systems, Participants External Systems and their connectivity to the Customer
Central Site through the required interface. The Customer is responsible for the Customer and Participant connectivity and networks and
Customer Central Sites.

 

The software components
identified above are installed on physical elements shown in Figure 1 - Overview of software elements as further described in
the following subsections.

 

    
	 	 	 
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Figure 2 – Physical elements in the System Design

 

 

	2.1	Customer Central Sites

 

The Customer Central Sites house the Central Hardware and
are where the Central Software is operated. The Customer Central Sites is comprised of two data centers, a main site (“Site A”)
and a secondary, disaster recovery backup site (“Site B”). Any change to the Customer Central Sites shall be subject
to a Change Order Request to be agreed by the parties.

 

Customer shall confirm details of Customer Central Site
within forty five (45) days of Effective Date to allow Nasdaq to plan its Project responsibilities.

 

Site A is located at:

 

[Address]

 

[Address]

 

[Address]

 

Site B is located at:

 

[Address]

 

[Address]

 

[Address]

 

    
	 	 	 
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	2.2	Central Software

 

The components of the Software Product installed on the
Central Hardware. These are described in the following table and are shown diagrammatically in Figure 2.

 

Table 3 – Central Software

 

	NAME	DESCRIPTION
	Sequencer	The sequencer is the top level server that sequencers incoming transactions between the Engines. There are three types of Sequencer when running, Main, Standby and ReRequester.
	IPXSEngine	
    A transaction handling engine of X-stream that maintains
    the state of the market, manages order books, matches orders, and calculates market statistics, indexes and performs all other transactional
    tasks.

     

    Also handles communication to
    “client” programmes that connect to X-stream in order to manage orders and receive market information. The
    “client” connections include Customer Applications and External Systems and can be any system that uses the
    ITCH® over SoupBinTCP or MoldUDP. This is a key method by which X-stream scales in the direction of more users.

     

    ITCH® is a registered trademark of The NASDAQ
    OMX Group, Inc.

     

	TSMREngine	A transaction handling engine of X-stream Trading that maintains the state of the market, manages order books, matches orders, and calculates market statistics, indexes and performs all other transactional tasks.
	OprEngine	
    A transaction handling engine of X-stream Trading that maintains
    the state of the market, manages order books, matches orders, and calculates market statistics, indexes and performs all other transactional
    tasks.

     

    This engine support admin tasks such as firing of timer based
    events.

     

    This type of engine has no client user connections.

     

	X-stream Database	The database used by the Trading Engine and containing reference data, data that defines the Trading Engine’s behaviour and transactional data from trading activities. This database is implemented using PostgreSQL.
	X-stream FIX Gateway	A system that accepts connections from systems that comply with the Financial Information eXchange (FIX) protocol and for the purposes of managing orders. It is an alternative way of connecting to X-stream other than using the X-stream Client API.

 

	2.3	Central Hardware

 

The Central Hardware comprises the hardware and Third Party
Software (e.g., operating systems, databases and layered software components) needed for launching the Central Software supporting the
required System Instances. The hardware is specified in the Non- Functional Specification.

 

    
	 	 	 
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	2.4	Customer Applications

 

The user interface components of the Software Product that
are used directly by the Customer. The Customer Applications are described in Figure 3.

 

Figure 3 - Customer Applications

 

	NAME	DESCRIPTION
	X-stream Workstation (XW)	Used by Market Operations staff to monitor and manage the market.
	X-stream Administration Interface (XAI)	The user interface used by business back office staff to manage reference data or by technical staff to manage business rules used by the trading engines.

 

	2.5	Customer Application Hardware

 

The Customer Application Hardware comprises the hardware
and Third Party Software (e.g., operating systems and layered software components) needed for launching the Customer Applications. The
hardware is specified in the Non-Functional Specification.

 

	2.6	Participant Applications

 

Participant Applications are components of the Software
Product that are used by the Participants.

 

Figure 4 – Participant Applications

 

	NAME	DESCRIPTION
	X-stream Workstation (XW)	Used by traders to access the Customer Market.

 

	2.7	Participant Application Hardware

 

The Participant Application Hardware comprises the hardware
and Third Party Software (e.g. operating systems and layered software components) needed for launching the Participant Applications. The
hardware is specified in the Non-Functional Specification.

 

	2.8	Customer External Systems

 

Customer External Systems are systems supplied by the Customer
or third parties (other than Participant External Systems), connecting to the Central Software via the Customer Interfaces. Examples of
such systems may be clearing and settlement systems, market data vendors or reporting engines or network management systems.

 

The Customer External Systems that will be used with the
Software Product are:

 

		●	Customer Corporate Database

 

		●	Customer Website (gateway)

 

		●	Customer Billing System.

 

	2.9	Participant External Systems

 

Participant External Systems are systems supplied by third
parties that Participants may use to connect to the Central Software via the Participant Interfaces. Any such systems are not part of
the Nasdaq Software Product. Examples of such systems may be order management systems (OMS) which may or may not use the FIX protocol
or Market Data Dissemination systems.

 

    
	 	 	 
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	2.10	System Instances

 

The following System Instances will be able to be operated
by the Customer. Any change of location to the instances will be subject to a Change Request Order to be agreed by the parties.

 

Table 4 - System Instances

 

	NAME	USE OF SYSTEM	DESCRIPTION
	Production System	This instance is the commercial operation of Customer Market.	Dual site solution.
	Non-Production Systems	
    These systems will be used for non-production reasons, e.g.,

     

    ● Quality assurance

     

    ● Training

     

    ● Customer
    development

     

    ● Participant
    development

     
	Single site solution.

 

Service Levels are differently defined for each System Instance.
The Service Levels for the System Instances above are set forth in Schedule 12 (Service Level Agreement).

 

    
	 	 	 
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	C.	Interfaces

 

	3	Overview

 

This section explains the interfaces that are used and where
in the System Design. The interfaces may describe different levels, from lower physical levels up to protocols and API level or to application
level (the data flows) The X-stream Non-functional Specification shows all the interfaces between components in the Production System
and each interface is labelled and the data flow across the interfaces is described.

 

The following types of interfaces are provided for the applications
and/or systems that can connect to the various system components:

 

		●	Customer Interfaces.

 

		●	Participant Interfaces.

 

These interface types can connect to the Customer Central
Site using interfaces as described in the X-stream Non-functional Specification.

 

	4	Details

 

The detailed specification of messages in each Customer
Interface is defined in documents external to this Agreement and these documents are defined in Schedule 9 (Documentation Specification).

 

	4.1	Customer Interfaces and Participant Interfaces

 

The following list of system interfaces are provided as
part of the Software Product. All interfaces are considered to be Customer Interfaces and may be used by the Customer to interface external
systems to the Software Product. A subset of these interfaces, as identified in the following table, are also Participant Interfaces which
may be sublicensed to Participants and Third Party Developers for the purpose of building external systems that interface to the Software
Product.

 

	INTERFACE	DESCRIPTION	PARTICIPANT INTERFACE?
	ODBC/SQL	X-steam Database standard interface for data queries, part of the RDBMS	No
	DSI	Data Synchronisation Interface (for batch file transfer between external databases and X-stream)	No
	Event/Error Log text files produced by X-stream	Standard error and event messages produced by the various Software product components.	No
	FIX V5.0 (SP1)	The Financial Information Exchange (FIX) Protocol is a message standard developed to facilitate the electronic exchange of information related to securities transaction. The FIX interface supports and order management and market data interface.	No
	ITCH TV (SOUPBinTCP)	ITCH Total View is a message standard developed to distribute full depth market data.	No

	TARP	The Trading Account Restrictions and Positions (TARP) protocol is used to facilitate the electronic exchange of information related to trading accounts and trading account balances.	No

 

	D.	Production
                                            and Non Production Systems

 

The specifications for the Production and Non-Production
Systems is documented in the X-stream Trading Non-Functional Specification document.

 

    
	 	 	 
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SERVICES AGREEMENT SCHEDULE

  

 

 

 

Schedule 11 Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
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	A.	Introduction

 

		1	Scope
                                            of Schedule

 

In addition to what is stipulated in the underlying Agreement,
this schedule defines the Parties’ respective obligations for the Services provided by Nasdaq to the Customer.

 

	B.	Service
                                            Summary

 

This Chapter provides a summary of the scope of the Services
to be provided by Nasdaq.

 

	2	Services

 

	2.1	Scope of Services

 

The Services to be performed by Nasdaq are comprised of:

 

		●	Service Initiation: Supporting the Customer before Production Start

 

		●	Service Management: Support of the Customer with incident, problem and release management in relation to the Software Product pursuant
to the procedures set forth in this schedule.

 

		●	Support Services: Providing various support services with respect to the Software Product.

 

		●	Market Services: Providing various marketing services as described in Schedule 14.

 

	2.2	Description of document

 

The Services to be provided with the respective obligations
by Nasdaq and the Customer are described in this document in the following structure:

 

		●	Service Initiation

 

		●	Ongoing Services

 

		-	Service Management.

 

		-	Support Services.

 

    
	 	 	 
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	C.	Service
                                            Initiation

 

After Acceptance and before Production Start, certain initial
actions have to be taken by both Parties in order to prepare for Production Start.

 

	3	Nasdaq’s Pre-Production Obligations

 

	3.1	Mock Trading support

 

Following Acceptance, Nasdaq shall support the Mock Trading
activities to be performed by the Customer as specified in Clause 4.1 (Mock Trading).

 

	3.2	Service Provision

 

Following Acceptance, Nasdaq shall ensure that the Services
are ready for Production Start, subject to prior written notice from the Customer as described in the Main Agreement (ITSA).

 

	4	Customer’s
                                            Pre-Production Obligations

 

	4.1	Mock Trading

 

Following Acceptance of the relevant part(s) of the Software
Product and prior to Production Start, the Customer shall conduct a period of simulated trading activities on the Customer Market using
simulated data and test data (“Mock Trading”) in order to familiarize the Participants with the Software Product.

 

The Customer is then responsible for:

 

		●	Designing, planning and providing the required data for simulation and testing;

 

		●	Providing the necessary number of users to conduct Mock Trading; and

 

		●	Providing support to the Participants in connection with the Mock Trading activities.

 

	4.2	Production Start

 

Following Acceptance and Mock Trading, the Customer shall
notify Nasdaq of the Trading Day on which Production Start shall take place, as described in the Main Agreement (ITSA).

 

	4.3	Trading Days for Production Start

 

The Customer shall, to the extent that they are scheduled,
promptly advise Nasdaq of all calendar days which, during the twelve (12) months following Production Start, are scheduled Trading Days.

 

    
	 	 	 
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	D.	Ongoing
                                            Services

 

Commencing on Production Start, Nasdaq
shall provide Ongoing Services to the Customer, in order for the Customer to maintain the Operating Capability of the Software Product
and in order for the Software Product to conform with:

 

		●	The Schedule 7 (Software Functional Specification);

 

		●	The Schedule 12 (Service Level Agreement); and

 

		●	Specifications pursuant to any Change Request pursuant to this Agreement.

 

	5	Service
                                            Management

 

	5.1	Service Organization

 

Figure 5 below shows the service organization at a high
level.

 

Nasdaq is organized with both a Service Desk (that is responsible
for the Incident Management process, providing a single point of contact for all operational issues), and a Customer Team that handles
the customer relations on a management level.

 

Incidents that are not solved in the Nasdaq Service Desk
are escalated to the Support Services team within Nasdaq.

 

The Customer manages all contacts with the Participants
for both business and technical issues.

 

The service organization of the Parties may further be described
in the Routine Guide. Proposed changes to the organizations will be dealt with through the Support Meetings.

 

Figure 5 - Organizational Overview

 

 

	5.2	Support Meetings

 

	5.2.1	Nasdaq shall arrange at least one (1) Support Meeting in each calendar year for the purpose of informing the Customer of new technology
Nasdaq is developing and, if applicable, discussing further developments of the Software Product.

 

	5.2.2	The form or the location of the meeting is upon of the agreements between the Customer and Nasdaq. The meetings may also take place
by telephone or audio-visual means.

 

    
	 	 	 
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	5.2.3	Nasdaq will issue an agenda five (5) Customer Working Days prior to the meeting. Nasdaq and the Customer shall alternately issue minutes
from the meetings after the meeting.

 

	6	Nasdaq’s
                                            Obligations during Ongoing Services

 

	6.1	Service Desk

 

The Nasdaq Service Desk shall:

 

		●	Be contacted via telephone, email or the Nasdaq Support Web interface.

 

		●	Receive inquiries from the Customer during Support Hours and respond to inquiries subject to the response times set forth in Schedule
12 (Service Level Agreement).

 

		●	Execute Incident Management for the Software Product ,according to response times set forth in Schedule 12 (Service Level Agreement).

 

		●	Be a single point of contact for the Customer.

 

		●	Provide the Customer with status updates on Incidents.

 

		●	Maintain a record of calls received.

 

		●	Provide online access for the Customer to the fault tracking system including details of all faults relevant to the Customer.

 

	6.2	Service Level Management and Reporting

 

	6.2.1	Major Incident Report

 

For Critical or Very High Incidents in the Production System
(after both Parties have agreed on the severity) a report will be written by Nasdaq. The Major Incident Report shall detail the events
in chronological order, causing production problems, the cause of the Incident and measures taken to avoid it being repeated.

 

The Major Incident Report shall be sent out no later than
five (5) Nasdaq Working Days after an Incident. However, as regards Major Incident Reports for Critical Incidents, the report shall be
sent as soon as possible, as agreed with the Customer. The report should be complete to the extent that the investigations have been concluded.

 

The Major Incident Report is compiled by Nasdaq and distributed
by Nasdaq.

 

	6.3	Incident and Problem Management

 

	6.3.1	Incident Management

 

Subject to the Customer’s request through the Service
Desk, Nasdaq shall execute Incident Management in order to facilitate restoration of the Operating Capabilities in accordance with Schedule
12 (Service Level Agreement).

 

Support requests related to Incidents in the Software Product
reported to Nasdaq Service Desk, shall be responded to by Nasdaq in accordance with Schedule 12 (Service Level Agreement).

 

	6.3.2	Incident Classification

 

Nasdaq may at any time reclassify an Incident if Nasdaq
considers that the severity of the Incident has changed or if the Incident was not appropriately classified by the Customer, in which
case Nasdaq shall give the notice of the reclassification and the grounds on which Nasdaq's decision was based. The reclassification shall
take effect from the time the Customer has acknowledged such notice. Until such time as a reclassification has been agreed by the Parties,
Nasdaq will deal with the Incident according to the initial Customer severity classification.

 

    
	 	 	 
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For the avoidance of doubt, Nasdaq
will reclassify an Incident where Nasdaq has identified and provided a temporary alternative means of resolving the Incident which is
reasonably satisfactory to the Customer.

 

If the Customer rejects a notice of reclassification, Nasdaq
shall continue with Incident management according to the initial classification.

 

If Nasdaq disputes a Customer rejection of a reclassification
and the matter is ultimately resolved in Nasdaq’s favour, Nasdaq can, after the incident is closed, require compensation on a time
and material basis covering the extra work due to wrong classification, if applicable, from the time of the Customer’s rejection
of Nasdaq’s notice regarding reclassification.

 

	6.3.3	Maintenance Releases

 

Nasdaq shall issue Maintenance Releases as and when required
in order to rectify an Incident or a Problem. Nasdaq shall notify to the Customer when issuing a Maintenance Release.

 

All work relating to the preparation, testing, packaging
and delivery of a Maintenance Releases shall be performed by Nasdaq free of charge. For the avoidance of doubt this work does not include
Change Requests or other additional services provided at the Customer’s request.

 

The routines around notification, testing and installation
of Maintenance Releases differ depending on the severity of the Incident causing a Maintenance Release. Nasdaq shall ensure that each
Maintenance Release is adequately tested before being issued to the Customer, unless otherwise agreed between the Parties.

 

Maintenance Releases shall not require changes to the Customer
Hardware Configuration, unless otherwise agreed between the Parties.

 

Telephone assistance for installation and testing of Maintenance
Releases shall be provided free of charge during Nasdaq Working Hours.

 

	7	Customer
                                            Obligations during Ongoing Services

 

	7.1	Requests for Support

 

The Customer’s requests for support
shall be initiated by the Customer through the Nasdaq Service Desk, with service levels as specified in Schedule 12 (Service Level
Agreement).

 

	7.2	Support to Customer Participants

 

The Customer shall provide a Participant service desk and
support the Participants with respect to both business and technical support, including questions related to the Participant Applications
or Participant Interfaces.

 

    
	 	 	 
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	7.3	Central Hardware

 

In order for Nasdaq to provide Services for the Software
Product, the Customer shall configure Central Hardware, operating systems and layered software to follow factory default settings unless
otherwise stated by Nasdaq in:

 

		●	Installation Manuals

 

		●	The Schedule 7 (Software Functional Specification)

 

		●	Subsequent Installation Manuals and Release Notes

 

		●	As otherwise agreed in writing between the Parties

 

	7.4	Participants Applications and Participants External Systems

 

	7.4.1	Participants Certification

 

The Customer is responsible for and
shall have procedures in place to ensure that only certified Participant Applications and Participant External Systems are connected to
the Production System.

 

	7.4.2	Participant Applications Operations

 

The Participant Applications shall be operated and used
in accordance with user and operating documentation provided by Nasdaq under this Agreement and as subsequently amended by Release Notes.

 

	7.4.3	Customer and Participant Access

 

The Customer shall ensure that the connection of Customer
Applications, Customer Application Hardware and Customer External Systems, to the Customer Central Site, is following specifications given
by Nasdaq.

 

	7.5	Incident Reporting by the Customer

 

Before reporting an Incident to Nasdaq, the Customer shall
verify the Incident. After the Incident has been verified, the Customer shall notify Nasdaq immediately as to the nature and extent of
the Incident. When reporting an Incident, the Customer shall:

 

		●	Classify the Incident, using the priority levels set forth in Schedule 12 (Service Level Agreement);

 

		●	Provide all information necessary to identify the Incident, a description of the expected behaviour and the steps necessary to recreate
the Incident

 

		●	Provide Nasdaq with such log files and programs as Nasdaq may reasonably request in order to fulfil its obligations under this Agreement;

 

		●	Record any Incident reference number received from Nasdaq in its acknowledgment of the Incident and quote this number in all future
discussions relating to the Incident;

 

		●	Make available relevant and qualified personnel on site to liaise with Nasdaq and to provide additional information or clarification
if requested by Nasdaq or to demonstrate the Incident to Nasdaq; and

 

		●	Implement any change and then inform Nasdaq that the report has been closed, if Nasdaq responds with a solution or explanation.

 

    
	 	 	 
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	7.5.1	When classifying an Incident, the Customer shall state the level of priority requested, using one of the
priority levels set forth below and further defined in Schedule 12 (Service Level Agreement).

 

	7.5.2	Incidents in a Non-Production System cannot be reported with the priority level Critical or Very High.

 

	7.6	Test of Maintenance Releases

 

With respect to Maintenance Releases, where Operating Capability
is available, the Customer shall, prior to installation of any Maintenance Release on the Production System, test such Maintenance Release
in order to determine that the Maintenance Release will not have an adverse effect on Operating Capability. Where Operating Capability
is not available, the Customer shall only perform such tests of the Maintenance Release as Nasdaq considers necessary.

 

	7.7	Obligation to Implement Maintenance Releases

 

	7.7.1	The Customer shall implement a new Maintenance Release within the timeframe as reasonably specified by Nasdaq, which will not be less
than 30 days from when the Maintenance Release was delivered to the Customer, or if not specified at latest twelve (12) months from the
date of issue of the Maintenance Release to the Customer.

 

The Customer shall give notice to Nasdaq of the intended
date of implementation of a Maintenance Release on the Central Hardware, Customer Application Hardware and Participant Application Hardware.

 

The Customer shall not unreasonably delay the implementation
of the Maintenance Release on the date specified in the notice, provided the Customer has not, prior to such implementation, identified
problems with the Maintenance Releases that would materially affect the Operating Capability.

 

	7.7.2	Nasdaq shall be released from any of its obligations under this Agreement to the extent that the performance of such obligations is
materially and adversely affected by any failure of the Customer to implement a Maintenance Release in accordance with Clause 7.7.1
above.

 

However, the Customer shall not be obliged to implement
a Maintenance Release where the Customer determines during testing that the Maintenance Release will, if implemented, prevent the Customer
from maintaining the Operating Capability.

 

	7.7.3	Upon identification of any fault, the Customer shall give notice to Nasdaq that it will not implement the Maintenance Release and
shall furnish Nasdaq with a copy of the test data or script and a description of any non-conformance of the Maintenance Release to applicable
specifications. Nasdaq shall, as soon as possible thereafter, provide another Maintenance Release to resolve the problem.

 

	7.8	Business Operations

 

	7.8.1	As between the Parties, the Customer shall be solely responsible for the management and day-to-day running of the business with respect
to the Software Product.

 

	7.8.2	Trading Days

 

The Customer shall advise the Nasdaq not later than one
(1) month before the commencement of each subsequent six (6) month period of the scheduled Trading Days during such six (6) month
period. The Customer shall inform Nasdaq forthwith of any alterations to scheduled Trading Days, as soon as it is made aware of such
alteration.

 

    
	 	 	 
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	7.9	Nasdaq Support Access

 

The Customer shall:

 

		●	Upon Nasdaq’s request, provide Nasdaq with immediate network access to the Software Product and Central Hardware in accordance
with Schedule 10 (System Description). The Customer acknowledges that Nasdaq’s ability to resolve an Incident may be affected
should remote access be denied.

 

		●	In case of on-site support, grant Nasdaq’s personnel (including subcontractors and consultants), access to the Customer Central
Sites and, where required by Nasdaq, use reasonable endeavors to obtain access to the Participant premises, and provide Nasdaq’s
personnel with office and working space, to be used exclusively by Nasdaq’s personnel for the duration of any visit, limited secretarial
service and working tools, e.g., telephone and Internet access, facsimile, copier etc., to the extent necessary to allow Nasdaq to fulfil
its obligations.

 

This clause shall be subject to the following conditions:

 

		●	Nasdaq shall specify the systems to which Nasdaq requires access.

 

		●	Such access shall not be via an open line. The line shall only be open during the event and granted upon request from Nasdaq.

 

		●	If the access is using public communication means, then encryption shall be used.

 

	7.10	Operation of the Customer External Systems

 

The Customer shall ensure that the Customer External Systems
interface with the Software Product and operate as required. The Customer is responsible for any planning and administration related thereto.

 

	7.11	Changes to Customer External Systems

 

The Customer shall immediately inform Nasdaq of any changes
to any Customer External Systems that may affect the operation of the Software Product.

 

	7.12	Training of Operational Personnel

 

The Customer shall ensure that the
personnel having operational responsibility for the Software Product are suitably qualified and familiar with the nature of the system
and software.

 

The Customer shall require and have
procedures designed to ensure that personnel responsible for entering transactions are suitably qualified.

 

	7.13	Customer Logbook

 

The Customer shall maintain a logbook recording events occurring
during the operation - including the following events, in order to facilitate Incident Management:

 

		●	Incidents relating to the Customer Hardware Configuration and the Customer Applications; and known Incidents relating to the Participant
Applications

 

		●	Alteration of the Central Hardware

 

    
	 	 	 
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		●	Inclusion and exclusion of Participants

 

		●	Updating/replacement of the Customer Applications, Participant Applications and Third Party Software releases

 

		●	Events/operator’s actions pertaining to normal operation of the system and error recovery, e.g., change of system or network
parameters

 

		●	Other events that the Customer considers relevant.

 

	7.14	Support Meetings summary

 

The Customer shall, if so required, before each Support
Meeting, issue a summary of the relevant events recorded in the Customer logbook. The summary shall be tabled at Support Meetings convened.
The summary shall be forwarded to Nasdaq at a reasonable time before each Support Meeting.

 

	7.15	Security

 

Nasdaq is only responsible for elements of the Software
Product excluding, inter alia, Customer External Systems, Participants External Systems and their connectivity to the Customer Central
Site through the required interface. The Customer is responsible for the Customer and Participant connectivity and networks and Customer
Central Sites.

 

The Customer shall ensure that a reasonable level of physical
security is maintained at the Customer Central Site where such sites are under the Customer’s control. Nasdaq agrees that the Services
and Software Product (including web, database and application server configurations and patch levels) will be supplied in accordance with
Nasdaq warranties in the underlying Agreement.

 

Nasdaq shall ensure that a reasonable
level of security is maintained in the Services and Software Product and that Nasdaq adheres to all security requirements herein, including
Schedule.

 

Customer Applications

 

The Customer Applications shall be operated and used in
accordance with user and operating documentation provided by Nasdaq under this Agreement and as subsequently amended by Installation Manuals
and Release Notes. The Customer Applications under this agreement are defined in Schedule 10 (System Description).

 

	7.16	Customer Hardware Configuration

 

The Customer shall make sure that the Customer Hardware
Configuration under responsibility of the Customer is maintained in a high state of serviceability.

 

    
	 	 	 
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	E.	Support
                                            Services

 

	8	General

 

	8.1	Customer’s Business Requirements

 

	8.1.1	In developing the Software Product, Nasdaq shall, as far as commercially practicable, take into consideration the Customer’s
existing and future business requirements as communicated to Nasdaq by the Customer at Joint Support Steering Group Meetings, together
with requirements from other customers of Nasdaq.

 

	8.1.2	Nasdaq shall provide a reasonable level of Software Product advice and assistance to the Customer as part of the support services,
including assisting with email and telephone queries.

 

	9	Nasdaq Obligations during Support Services

 

	9.1	Incident and Problem Management

 

Nasdaq shall provide software support, software correction
services and issue Maintenance Releases in order to support the Incident and Problem Management processes on the Software Product.

 

	9.2	Release Management

 

	9.2.1	New Releases

 

In order to ensure efficient operation of the Software Product,
Nasdaq will, from time to time, issue New Releases of the Software Product, or at other times as a result of a Change Request.

 

New Releases which have been requested by the Customer shall
be managed in accordance with the Change Procedure. For the avoidance of doubt Nasdaq shall be entitled to charge the Customer for all
its activities related to the preparation, testing, packing and delivery of New Releases in accordance with the Change Procedure.

 

Nasdaq and the Customer shall agree on the scheduling
of New Releases but the Customer shall not unreasonably refuse to agree to the scheduling of a New Release every eighteen (18)
months.

 

	9.2.2	Support of old releases

 

The version of the Software Product immediately preceding
any New Release of the Software Product shall continue to be covered by Nasdaq’s Software Product Support obligations under this
Agreement until such New Release has been implemented.

 

	9.2.3	Release Notice

 

Nasdaq shall issue a release notice to the Customer regarding
New Releases at least two (2) months prior to the issue of the New Release.

 

To the extent known to Nasdaq at the time of issue of the
release notice, a release notice shall:

 

		●	Contain a summary description of the New Release.

 

    
	 	 	 
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		●	Specify any changes to the Central Hardware, Customer Application Hardware, Participant Application Hardware or Third Party Software,
as may be applicable, that are required for the installation of the New Release.

 

Following the issue of a release notice, additional prerequisites
may be identified by Nasdaq during final testing of the New Release. Nasdaq shall promptly advise the Customer of any additional changes
to the Central Hardware, Customer Application Hardware, Participant Application Hardware or Third Party Software which are identified
by Nasdaq during development and final testing of the New Release.

 

	9.2.4	New Hardware and Third Party Software

 

In the event that Nasdaq, during the Project or during the
Support Term, becomes aware that the existing Customer Hardware Configuration, Customer Application Software or Participant Application
Software (which, for the sake of clarity, includes the associated Third Party Software) will, within the next twelve (12) months;

 

		(a)	be no longer be supported;

 

		(b)	cannot be provided on reasonable commercial terms; or

 

		(c)	otherwise the standard of such services provided is not reasonably satisfactory to meet the Service Levels,

 

Nasdaq shall promptly notify the Customer.

 

The Customer and Nasdaq shall jointly agree upon a reasonable
schedule for an upgrade to the affected components, which the Customer shall procure at its own cost.

 

Nasdaq shall provide a Maintenance Release that is compatible
with the components that are to be upgraded, and such Maintenance Release shall, for the sake of clarity, be provided free of charge as
set forth in Section 6.3.3 (Maintenance Releases) of this Schedule.

 

	9.2.5	Testing of New Releases

 

Nasdaq shall ensure that each New Release is adequately
tested regarding non customized functionality in a standard configuration.

 

	9.2.6	Interfaces

 

In the event a New Release includes changes to interfaces
affecting the Customer, Nasdaq will inform the Customer of such changes in Release Notes.

 

	10	Customer
                                            Obligations during Support Services

 

	10.1	Release Management

 

	10.1.1	Obligation to Implement New Releases

 

In view of the importance of maintaining interoperability
of the various parts of the Software Product, the Customer shall implement New Releases of the Software Product.

 

	10.1.2	Testing by the Customer

 

The Customer shall be responsible for implementing and verifying
New Releases of the Software Product, in a customer configuration.

 

    
	 	 	 
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    	NYIAX Inc.	

    

 

	10.1.3	Implementation of New Releases

 

Except for emergency patch releases, the Customer shall
give Nasdaq at least one (1) weeks’ notice of the intended date of implementation of a New Release on the Production System. Such
date shall not be later than twelve (12) months from the date of issue of the New Release.

 

	10.1.4	Support of old releases

 

The version of the Software Product immediately preceding
any New Release of the Software Product shall continue to be covered by Nasdaq’s Software Product Support obligations under this
Agreement until such New Release has been implemented. However, in the event the Customer has not implemented a New Release within twelve
(12) months from the issue of such New Release to the Customer, Nasdaq shall be entitled to increase the Annual License and Services Fee
upon thirty (30) days prior written notice and discussions with the Customer to cover Nasdaq's increased cost for providing Support Services
for such previous release.

 

In the event the implementation of a New Release is delayed
due to problems within Nasdaq's control, the twelve (12) month period referred to above will be extended by a period corresponding to
such delay.

 

	10.1.5	Additional Hardware

 

The Customer shall, at their own expense, acquire additional
hardware and Third Party Software for Central Hardware, Customer Application Hardware and Participant Application Hardware required due
to a New Release.

 

	10.1.6	New Hardware and Third Party Software

 

In the event that Customer, during the Project or during
the Support Term, becomes aware that the existing Customer Hardware Configuration, Customer Application Software or Participant Application
Software (which, for the sake of clarity, includes the associated Third Party Software) will, within the next twelve (12) months:

 

		(2)	be no longer be supported;

 

		(3)	cannot be provided on reasonable commercial terms; or

 

		(4)	otherwise the standard of such services provided is not reasonably satisfactory to meet the Service Levels,

 

the Customer shall promptly notify the Nasdaq.

 

The Customer and Nasdaq shall jointly agree upon a reasonable
schedule for an upgrade to the affected components, which the Customer shall procure at its own cost.

 

Nasdaq shall provide a Maintenance Release that is compatible
with the components that are to be upgraded, and such Maintenance Release shall, for the sake of clarity, be provided free of charge as
set forth in Section 6.3.3 (Maintenance Releases) of this Schedule.

 

	10.1.7	Information to Participants

 

In the event a New Release includes changes to the Participant
Applications or other changes which might affect the Participants, it is the sole responsibility of the Customer to provide necessary
information and training to the Participants. Nasdaq shall provide documentation to the Customer of the changes and shall, upon the Customer’s
request, provide reasonable co-operation and assistance to the Customer on a time-and-materials basis.

 

    
	 	 	 
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    	NYIAX Inc.	

    

 

 

 

 

 

 

 

 

 

 

 

 

SERVICES AGREEMENT SCHEDULE

 

 

 

Schedule 12 Service Level Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
	Schedule 12 - Service Level Agreement	CONFIDENTIAL	Page 106 of 117
	 	 	 
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    	NYIAX Inc.	

    

 

	A.	Introduction

 

		1	Scope
                                            of Schedule

 

This document specifies:

 

		●	The response time for the Services that Nasdaq will meet in carrying out its obligations under the Agreement

 

This service level is defined only for the Production System;
no service levels are defined for Non-Production Systems.

 

The volumes, hours of operations and maximum load or capacity
to which the Customer is entitled in production is documented in the X-stream Trading Non Functional Specification.

 

    
	 	 	 
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	B.	Service
                                            Levels

 

	2	Services

 

	2.1	Service Desk

 

	2.1.1	The Service Desk shall be open for telephone support to the Customer during Support Hours. The Service Desk is also open outside Support
Hours for reporting by the Customer in regards to Incidents on the Production System that is considered to be or might shortly grow to
a Critical or Very High Incident.

 

Table 5 - Support Hours

 

	SUPPORT HOURS	COMMENTS
	Trading Days during Monday – Friday, Normal trading hours 8:00 am – 5:00 pm ET	When the Customer has reduced market open time for the Customer Market on a Trading Day dependant on a public holiday, the same reduction time applies for the Support Hours accordingly.

 

	2.1.2	The Service Desk shall respond to inquiries in accordance with the table below.

 

Table 6 - Service Desk Service Levels

 

	METRICS	VALUE	COMMENTS
	Service Desk response time	5 minutes	Max response time for phone calls to Service Desk during Support Hours.

 

	2.2	Online issue reporting system

 

The Customer will be provided with access to an online issue
reporting and tracking system, which will record and track all issues, incidents and problems related to the Software product and related
services. Both Nasdaq and the Customer will have access to the system to enter and update issues.

 

The Customer will have access to data from the system to
enable them to report on and monitor the service levels provided by Nasdaq.

 

	2.3	Incident Management

 

Incidents are handled according to the set priority level
as follows:

 

Table 7 - Priority Levels

 

	PRIORITY	PRIORITY LEVEL	
    WORK WILL 

    BE PERFORMED 
	WORK TO BE STARTED	FOLLOW UP	DEFINITION AND EXAMPLE OF TYPICAL INCIDENTS
	1	Critical	24/7 until solved	Immediate after response	
    Continuously and summaries every
fifteen (15) minutes or as agreed

     
	
    Critical Incident shall mean an Incident prevents
    all trading activity on the Customer Market.

     

    Examples:

     

    ●
    Material degradation affecting Customer Market administration

     

    ●
    Order handling failure

     

 

    
	 	 	 
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	PRIORITY	PRIORITY LEVEL	
    WORK WILL 

    BE PERFORMED 
	WORK TO BE STARTED	FOLLOW UP	DEFINITION AND EXAMPLE OF TYPICAL INCIDENTS
	 	 	 	 	 	
    ●
    Trade/Deal handling failure

     

    ● Significant night batch
    delays with expected market impact during Trading Hours

     

    ●
    Marketplace, interface or market operations connectivity problems including login

     

    ●
    Price dissemination failure

     

    ● Any other Incident that,
    in the reasonable opinion of the Customer, requires the Market to be halted in order to maintain a fair and orderly market.

     

	2	Very High	24/7 until solved	Immediate after response	
    Every thirty (30) minutes or as
agreed

     
	
    Very High Incident shall mean an Incident materially
    affecting at least a significant proportion of the market, including:

     

    ● One or more Participants
    have a complete connectivity failure preventing market access by their systems or individual end-users for the purpose of trading,
    and these Participants have in aggregate historically provided more than 10% of trading value, calculated as an average over the
    previous six (6) months.

     

    ● More than 10% of
    individual end- users have a connectivity failure preventing market access for the purpose of trading

     

    ● An asset class or market
    segment is materially affected and cannot be accessed for the purpose trading

     

    ● A significant business
    function or feature is unavailable to Participants

     

    ● System performance is
    materially degraded impacting Participants ability to trade

     

    ● Redundancy problems of
    Production System – until redundancy is secured (e.g. back end node or central connectivity).

     

	3	High	During Customer Working Hours	
    Within sixty (60) minutes from
response during

     
	Summary after forty five (45) minutes and again when solved	High Incident shall mean an Incident materially affecting a limited number of individual end-users or Participants or issues that cause inconvenience but do not prevent the fair and orderly operation of the Customer Market.

 

    
	 	 	 
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	PRIORITY	PRIORITY LEVEL	
    WORK WILL 

    BE PERFORMED 
	WORK TO BE STARTED	FOLLOW UP	DEFINITION AND EXAMPLE OF TYPICAL INCIDENTS
	 	 	 	Nasdaq Working Hours.	 	
    Examples:

     

    ● One
    or more Participants have a complete connectivity failure preventing market access by their systems or individual end-users for the purpose
    of trading, and these Participants have in aggregate historically provided less than 10% of trading value, calculated as an average over
    the previous six (6) months.

     

    ● Less
    10% of individual end-users have a connectivity failure preventing market access for the purpose of trading

     

    ● Missing/wrong
    market data that does not materially impact Participant’s ability to trade.

     

	4	Medium	During Nasdaq Working Hours	Within next Nasdaq Working Day from response.	When solved	
    Medium Incident shall mean an Incident regarding individual
    user login problem, questions of next release and major Incidents in Non-Production Systems.

     

    Examples:

     

    ● Non-material
    degradation of the functionality in the Production System affecting the commercial use of the system

     

    ● Investigations
    after a disturbance has occurred, e.g. trace on a production connection, closely look into log files

     

    ● All
    issues regarding the next release of the Software Product (if they cannot be answered immediately

     

    ● Material
    Degradation in the Non- Production Systems.

     

	5	Low	During Nasdaq Working Hours	
    Within one hundred and eighty (180) 

    Nasdaq Working Days from response

     
	When solved	
    Low Incident shall mean general questions and non-production
    problems that are not Medium Incidents.

     

    Examples:

     

    ● General
    questions of the service

     

    ● Non-material
    degradation of the functionality of Production System not affecting the commercial use of the system

     

    ● Non-material
    degradation in test and training systems.

     

 

    
	 	 	 
	Schedule 12 - Service Level Agreement	CONFIDENTIAL	Page 110 of 117
	 	 	 
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    	NYIAX Inc.	

    

 

	2.4	Problem Resolution

 

Nasdaq shall, in all circumstances, use its reasonable endeavors
to resolve Problems with the Software Product as soon as possible, taking account of the severity level of the Incident. However, and
without limiting its obligations to handle Incidents set out in Clause 2.3 above, Nasdaq does not represent that it will be able
to resolve any Incident, Problem or performance deficiency of the Software Product within any specified time.

 

    
	 	 	 
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	C.	System
                                            and Software Product Capabilities

 

The following section describes the capabilities of the
Software Product when verified in a controlled test environment (e.g., production or production like configuration), with realistic load,
from load generators in reproducible tests.

 

	3	Volumetrics

 

The X-stream Trading Non Functional Specification document
describes the volumes, hours of operations and maximum load or capacity to which the Customer is entitled in production (“Volumetrics”).

 

The Volumetrics constitute the circumstances such as maximum
load under which Nasdaq commits to uphold the agreed Service Levels. Consequently, if the Volumetrics and/or Maximum Load Profile are
exceeded during operation that will impact on the ability of the Production System to maintain the Service Levels and the Customer acknowledges
that the Service Levels may not be upheld. Therefore, if the Volumetrics and Maximum Load Profile is exceeded, the Service Levels will
neither apply for the duration of that excess, nor to the extent that it effects the relevant Service Level (which might be longer than
the actual duration of the excess). Nasdaq shall however continue to provide the Services to the Customer even if the Maximum Load Profile
is exceeded.

 

If any of the Parties becomes aware that a Maximum Load
Profile parameter is being exceeded or is likely to be exceeded, that Party shall inform the other Party without any undue delay.

 

The Software Product shall conform to the requirement and
performance levels required by the Customer as described in this Schedule 12 (Service Level Agreement), provided that the Customer
Hardware Configuration fulfils the minimum hardware requirements described in Schedule 10 (System Description). Verification of
the Software Product capabilities should be performed in controlled test environment where possible problems can be systematically reproduced.

 

The Customer is responsible for the Customer External Systems
and the Customer Interfaces to be able to handle the data produced by the central system according to the required load figures in this
document.

 

No assumptions have been made, in this document, about the
procedures and test cases aimed to verify the performance and Service Levels. The parties will agree upon the way measurements are done.
Furthermore, the hardware and software environment where benchmarks are executed must be set according to Nasdaq’s directives as
described in Schedule 10 (System Description). Further, Nasdaq personnel have the right to attend performance test preparation,
execution and evaluation and any proposed benchmark has to be previously agreed upon between the parties. The preferred measurement is
via port mirroring in the switch. Should any of these requirements not be met, the outcome of any performance test shall be regarded as
not valid, unless otherwise agreed by the Parties.

 

Any usage of the Software Product causing load in the system
excess of the volumetric stated in the tables below may adversely impact the ability of the system to meet the performance levels.

 

In the event of any value of the Volumetrics is exceeded,
a Support Meeting shall be triggered in which to agree on a resolution, which shall include:

 

		●	Compensation on a time and materials basis for the effort in dealing with incidents caused by a Volumetrics breach; and

 

		●	Adjustment of the Support Services and Volumetrics to correspond to the usage of the Production System by the Customer, in accordance
with the Change Procedure.

 

    
	 	 	 
	Schedule 12 - Service Level Agreement	CONFIDENTIAL	Page 112 of 117
	 	 	 
	Copyright 2016 Nasdaq Technology AB

    	NYIAX Inc.	

    

 

 

 

 

 

 

 

 

 

 

 

 

SERVICES AGREEMENT SCHEDULE

 

 

 

Schedule 13 Change Procedure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
	Schedule 13 - Change Procedure	CONFIDENTIAL	Page 113 of 117
	 	 	 
	Copyright 2016 Nasdaq Technology AB

    	NYIAX Inc.	

    

 

	1	Introduction

 

This Schedule 13 (Change Procedure) describes the
process to be applied where either Party would like to request a change to the Agreement, including changes to the Software Product and
the Services.

 

	2	Change Procedure

 

	2.1	Change Request Form

 

	2.1.1	Change Requests shall be documented using a change request form (“Change Request Form”).

 

	2.1.2	A Change Request Form template shall be maintained by Nasdaq and be provided to the Customer upon the Customer’s request.

 

	2.1.3	Each Change Request Form shall be uniquely numbered to identify the Charge Request.

 

	2.2	Initial Proposal and Assessment

 

	2.2.1	A Change Request can be initiated by either Party (the “Proposing Party”) by submitting a high-level outline of the proposed
change to the other Party (the “Responding Party”) in writing, using the Change Request Form.

 

	2.2.2	Upon the submission, an initial assessment of the Change Request shall be made by the Responding Party to determine impact of the
change.

 

	2.2.3	The Responding Party shall, within ten (10) Working Days, provide the Proposing Party with a non-binding assessment of the time and
cost of the proposed change and a binding cost for the further evaluation of the Change Request pursuant to Section 2.3.

 

	2.2.4	The Responding Party shall not unreasonably refuse to agree to a Change Request, providing that:

 

		(a)	the proposed change is technically feasible and is an appropriate change within the general scope of the Project; and

 

		(b)	the effort to implement the Change Request is not unreasonably high such that the Responding Party would be constrained due to resource
availability;

 

	2.2.5	The Proposing Party shall be responsible for bearing its own costs and any time impact of any proposed Change Request.

 

	2.3	Evaluation

 

	2.3.1	The Proposing Party can elect to either proceed or terminate the Change Request based upon the initial
assessment.

 

	2.3.2	Where Proposing Party elects to proceed with the Change Request it shall be reported to the Joint Steering
Committee.

 

	2.3.3	If a decision is made to proceed with the evaluation, the proposing Party shall instruct the Responding
Party to evaluate the Change Request and to prepare a binding cost and time plan for the implementation of the Change Request

 

    
	 	 	 
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	2.3.4	The cost and time impact and all legal and commercial impacts, including any increase to the support fee where applicable, shall be
documented in an updated version of the Change Request Form.

 

	2.3.5	The Proposing Party shall be liable for the costs of the Change Request evaluation pursuant to Section 2.2.2.

 

	2.3.6	For the sake of clarity, the full cost of the implementation for any Change Request that is required due
to a breach by a Party of the provisions of this Agreement shall be borne by that Party.

 

	2.4	Decision

 

	2.4.1	The Proposing Party may decide whether to accept or to reject the Change Request.

 

	2.4.2	The Proposing Party shall record its decision on the change request form. Both Parties shall then sign the change request form.

 

	2.4.3	The Proposing Party shall record its decision on the Change Request form. Both Parties shall then sign the change request form.

 

	2.4.4	If the change request is made during the Project, the decision shall be reported to and recorded by the Joint Steering Committee.

 

	2.5	Implementation

 

	2.5.1	If the Change Request is agreed between the Parties, each Party shall plan and perform its respective obligations as defined in the
change request form (and, if applicable, the appendices thereto).

 

	2.5.2	Any Change Request agreed upon shall be priced on the basis of Schedule 2

 

(Consideration and Payment Terms).

 

	2.5.3	Nasdaq is responsible for managing all records of Change Requests, through the entire processing cycle, including after approval/rejection
and during the implementation stage until completion and will send updates to Change Requests to the Customer.

 

    
	 	 	 
	Schedule 13 - Change Procedure	CONFIDENTIAL	Page 115 of 117
	 	 	 
	Copyright 2016 Nasdaq Technology AB

    	NYIAX Inc.	

    

 

 

 

 

 

 

 

 

 

 

 

 

SERVICES AGREEMENT SCHEDULE

 

 

 

Schedule 14 Marketing Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    
	 	 	 
	Schedule 14 - Marketing Services	CONFIDENTIAL	Page 116 of 117
	 	 	 
	Copyright 2016 Nasdaq Technology AB

    	NYIAX Inc.	

    

 

Nasdaq shall provide the following marketing Services:

 

		●	Consent to a mutually agreed press release associated with each of the Effective Date and Production Start.

 

		●	The Nasdaq marketing team will make a reasonable effort to arrange for a market closing at Nasdaq’s MarketSite (4 Times Square,
New York, NY 10038) for the CEO and his senior team at a date to be agreed to by the Parties. The timing of this event cannot be guaranteed.
The Customer will have the option to have an event following a closing at the MarketSite, if available on that date and at Customer’s
expense.

 

		●	At least three (3) promotions on the Nasdaq corporate website homepage and on various social media channels (such as Facebook, Google+,
Instagram, LinkedIn, Twitter) to be mutually agreed by the Parties, including a quote card and occurring within a year from the time of
the PR session. Customer promotions must be aligned with a Nasdaq marketing asset and Nasdaq marketing calendar.

 

		●	A PR session, including a one-time promotion of the Customer’s logo on the Nasdaq MarketSite tower in Times Square at a time
to be mutually agreed with photos that can be used on Customer’s website and social media platforms which shall be separate from
the Customer’s market closing event. Final approval of the timing of this session will be by MarketSite.

 

		●	At least three (3) blog entries posted in the Top 5 section of Marketinsite (Nasdaq’s marketing site public blog), occurring
within a year from the time of the PR session. Nasdaq will have final approval of timing and the content.

 

		●	A video interview for a Customer executive at the Nasdaq Marketinsite studio for use via Marketinsite, email and social media to be
mutually agreed by the Parties.

 

    
	 	 	 
	Schedule 14 - Marketing Services	CONFIDENTIAL	Page 117 of 117
	 	 	 
	Copyright 2016 Nasdaq Technology AB

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