Document:

Exhibit 10.2

 

SKILLZ INC.

2020 EMPLOYEE STOCK PURCHASE PLAN

 

1.                 Purpose. The purpose of the Plan is to provide employees of the Company and its Designated Companies with an opportunity
to purchase Common Stock through accumulated Contributions. The Company intends for the Plan to qualify as an “employee stock
purchase plan” under Section 423 of the Code and the provisions of the Plan will be construed so as to extend and limit Plan
participation in a uniform and nondiscriminatory basis consistent with the requirements of Section 423 of the Code.

 

2.                  
Definitions.

 

(a)                
“Administrator” means the Board or any Committee designated by the Board to administer the Plan pursuant
to Section 14.

 

(b)             
“Affiliate” means a Person that directly, or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, the Person specified. An entity shall be deemed an Affiliate of the Company
for purposes of this definition only for such periods as the requisite ownership or control relationship is maintained. For purposes
of this definition, “control” (including with correlative meanings, the terms “controlling,” “controlled
by,” or “under common control with”), as used with respect to any Person, shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the
ownership of voting securities or by contract or otherwise

 

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

 

(d)                
“Beneficial Owner” (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange
Act.

 

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

 

(f)                 
“Change in Control” shall be deemed to have occurred if an event set forth in any one of the following
paragraphs shall have occurred:

 

      (i)            
any Person, other than the Company or a Subsidiary thereof, becomes the Beneficial Owner, directly or indirectly, of securities
of the Company representing more than fifty percent (50%) of the combined voting power of the Company’s then outstanding
voting securities (the “Outstanding Company Voting Securities”), excluding any Person who becomes such a Beneficial
Owner in connection with a transaction described in clause (A) of paragraph (iii) below or any acquisition directly from the Company;
or

 

      (ii)               
the following individuals cease for any reason to constitute a majority of the number of Directors then serving on the Board:
individuals who, during any period of two (2) consecutive years, constitute the Board and any new Director (other than a Director
whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to,
a consent solicitation, relating to the election of Directors of the Company) whose appointment or election by the Board or nomination
for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3)
of the Directors then still in office who either were Directors at the beginning of the two (2) year period or whose appointment,
election or nomination for election was previously so approved or recommended; or

 

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      (iii)             
the consummation of a merger or consolidation of the Company or any Subsidiary thereof with any other corporation, other
than a merger or consolidation (A) that results in the Outstanding Company Voting Securities immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty
percent (50%) of the combined voting power of the Outstanding Company Voting Securities (or such surviving entity or, if the Company
or the entity surviving such merger is then a subsidiary, the ultimate parent thereof) outstanding immediately after such merger
or consolidation, and (B) immediately following which the individuals who comprise the Board immediately prior thereto constitute
at least a majority of the Board of the entity surviving such merger or consolidation or, if the Company or the entity surviving
such merger is then a subsidiary, the ultimate parent thereof; or

 

      (iv)              
the consummation of a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for
the sale or disposition by the Company of all or substantially all of the Company’s assets, other than (A) a sale or disposition
by the Company of all or substantially all of the Company’s assets to an entity, at least fifty percent (50%) of the combined
voting power of the voting securities of which are owned directly or indirectly by stockholders of the Company following the completion
of such transaction in substantially the same proportions as their ownership of the Company immediately prior to such sale or (B)
a sale or disposition of all or substantially all of the Company’s assets immediately following which the individuals who
comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such
assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof.

 

(g)             
“Code” means the U.S. Internal Revenue Code of 1986, as amended. Reference to a specific section of the
Code will include such section, any valid regulation or other official applicable guidance promulgated under such section, and
any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

 

(h)                
“Committee” means a committee of the Board appointed in accordance with Section 14 hereof.

 

(i)                 
“Common Stock” means the Class A common stock of the Company, par value $0.0001 per share.

 

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

 

(k)               
“Compensation” includes an Eligible Employee’s base salary or base hourly wage, but excludes overtime
pay, commissions, bonuses and other incentive compensation. The Administrator, in its discretion, may, on a uniform and nondiscriminatory
basis, establish a different definition of Compensation for a subsequent Offering Period.

 

(l)                
“Contributions” means the payroll deductions and other additional payments that the Company may permit
to be made by a Participant to fund the exercise of options granted pursuant to the Plan.

 

(m)             
“Designated Company” means any Subsidiary of the Company that has been designated by the Administrator
from time to time in its sole discretion as eligible to participate in the Plan.

 

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

 

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(o)             
“Eligible Employee” means any individual who is a common law employee providing services to the Company
or a Designated Company and is customarily employed for at least twenty (20) hours per week and more than five (5) months in any
calendar year by the Employer. For purposes of the Plan, the employment relationship will be treated as continuing intact while
the individual is on sick leave or other leave of absence that the Employer approves or is legally protected under Applicable Laws.
Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either by
statute or by contract, the employment relationship will be deemed to have terminated three (3) months and one (1) day following
the commencement of such leave. Notwithstanding the foregoing, the Administrator, in its discretion, from time to time may, prior
to an Enrollment Date for all options to be granted on such Enrollment Date in an Offering, determine (on a uniform and nondiscriminatory
basis or as otherwise permitted by Treasury Regulation Section 1.423-2) that the definition of Eligible Employee will or will not,
as applicable, include an individual if he or she: (i) has not completed at least two (2) years of service since his or her last
hire date (or such lesser period of time as may be determined by the Administrator in its discretion), (ii) customarily works not
more than twenty (20) hours per week (or such lesser period of time as may be determined by the Administrator in its discretion),
(iii) customarily works not more than five (5) months per calendar year (or such lesser period of time as may be determined by
the Administrator in its discretion), (iv) is a highly compensated employee within the meaning of Section 414(q) of the Code, or
(v) is a highly compensated employee within the meaning of Section 414(q) of the Code with compensation above a certain level or
is an officer or subject to the disclosure requirements of Section 16(a) of the Exchange Act, provided the exclusion is applied
with respect to each Offering in an identical manner to all highly compensated individuals of the Employer whose Eligible Employees
are participating in that Offering. Each exclusion will be applied with respect to an Offering in a manner complying with U.S.
Treasury Regulation Section 1.423-2(e)(2)(ii).

 

(p)                
“Employer” means the employer of the applicable Eligible Employee(s).

 

(q)                
“Enrollment Date” means the first Trading Day of an Offering Period.

 

(r)            
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, including the rules and regulations
promulgated thereunder.

 

(s)                
“Exercise Date” means a date on which each outstanding option granted under the Plan will be exercised
(except if the Plan has been terminated), as may be determined by the Administrator, in its discretion and on a uniform and nondiscriminatory
basis from time to time prior to an Enrollment Date for all options to be granted on such Enrollment Date. For purposes of clarification,
there may be multiple Exercise Dates during an Offering Period.

 

(t)                 
“Fair Market Value” as of a particular date shall mean: (i) if the Shares are listed on any established
stock exchange or a national market system, including, without limitation, the New York Stock Exchange or the Nasdaq Stock Market,
the Fair Market Value shall be the closing price of a Share (or if no sales were reported, the closing price on the date immediately
preceding such date) as quoted on such exchange or system on the day of determination; (ii) if the Shares are not then listed on
a national securities exchange, the average of the highest reported bid and lowest reported asked prices for a Share as reported
by the National Association of Securities Dealers, Inc. Automated Quotations System for the last preceding date on which there
was a sale of such stock in such market; or (iii) whether or not the Shares are then listed on a national securities exchange
or traded in an over-the-counter market or the value of such Shares is not otherwise determinable, such value as determined by
the Administrator in good faith and in a manner not inconsistent with the regulations under Section 409A of the Code.

 

(u)                
“Fiscal Year” means a fiscal year of the Company.

 

(v)                
“New Exercise Date” means a new Exercise Date if the Administrator shortens any Offering Period then
in progress.

 

(w)               
“Offering” means an offer under the Plan of an option that may be exercised during an Offering Period
as further described in Section 4. For purposes of the Plan, the Administrator may designate separate Offerings under the Plan
(the terms of which need not be identical) in which Eligible Employees of one or more Employers will participate, even if the dates
of the applicable Offering Periods of each such Offering are identical and the provisions of the Plan will separately apply to
each Offering. To the extent permitted by U.S. Treasury Regulation Section 1.423-2(a)(1), the terms of each Offering need not be
identical provided that the terms of the Plan and an Offering together satisfy U.S. Treasury Regulation Section 1.423-2(a)(2) and
(a)(3).

 

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(x)               
“Offering Period” means a period beginning on such date as may be determined by the Administrator in
its discretion and ending on such Exercise Date as may be determined by the Administrator in its discretion, in each case on a
uniform and nondiscriminatory basis. The duration and timing of Offering Periods may be changed pursuant to Sections 4, 19 and
20.

 

(y)                
“Outstanding Shares” means the then-outstanding Shares of Common Stock of the Company, taking into account
as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible
stock or debt, and the exercise of any similar right to acquire such Common Stock.

 

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

 

(aa)              
“Participant” means an Eligible Employee that participates in the Plan.

 

(bb)             
“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in
Sections 13(d) and 14(d) thereof, however, a Person shall not include (i) the Company or any of its Subsidiaries; (ii) a trustee
or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries; (iii) an underwriter
temporarily holding securities pursuant to an offering of such securities; or (iv) a corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company.

 

(cc)              
“Plan” means this Skillz Inc. 2020 Employee Stock Purchase Plan.

 

(dd)            
“Purchase Period” means the period, as determined by the Administrator in its discretion on a uniform
and nondiscriminatory basis, during an Offering Period that commences on the Offering Period’s Enrollment Date and ends on
the next Exercise Date, except that if the Administrator determines that more than one Purchase Period should occur within an Offering
Period, subsequent Purchase Periods within such Offering Period commence after one Exercise Date and end with the next Exercise
Date at such time or times as the Administrator determines prior to the commencement of the Offering Period.

 

(ee)              
“Purchase Price” means the price per Share of the Common Stock purchased under any option granted under
the Plan as determined by the Administrator from time to time, in its discretion and on a uniform and nondiscriminatory basis for
all options to be granted on an Enrollment Date. With respect to any option granted under this Plan, the initial Purchase Price
shall not be less than the lesser of 85% of the Fair Market Value of a Share on (i) the Enrollment Date and (ii) the Exercise Date,
or such other amount as may be required under Section 423 of the Code.

 

(ff)               
“Share” means a share of Common Stock.

 

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

 

(hh)             
“Trading Day” means a day on which the national stock exchange upon which the Common Stock is listed
is open for trading.

 

(ii)                
“U.S. Treasury Regulations” means the Treasury regulations of the Code. Reference to a specific Treasury
Regulation will include such Treasury Regulation, the section of the Code under which such regulation was promulgated, and any
comparable provision of any future legislation or regulation amending, supplementing, or superseding such Section or regulation.

 

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3.                  
Eligibility.

 

(a)              
Offering Periods. Any Eligible Employee on a given Enrollment Date will be eligible to participate in the Plan, subject
to the requirements of Section 5.

 

(b)               
Non-U.S. Employees. Eligible Employees who are citizens or residents of a non-U.S. jurisdiction (without regard to
whether they also are citizens or residents of the United States or resident aliens (within the meaning of Section 7701(b)(1)(A)
of the Code)) may be excluded from participation in the Plan or an Offering if the participation of such Eligible Employees is
prohibited under the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause
the Plan or an Offering to violate Section 423 of the Code.

 

(c)                
Limitations. Any provisions of the Plan to the contrary notwithstanding, no Eligible Employee will be granted an
option under the Plan (i) to the extent that, immediately after the grant, such Eligible Employee (or any other person whose stock
would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company or
any Parent or Subsidiary of the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or
more of the total combined voting power or value of all classes of the capital stock of the Company or of any Parent or Subsidiary
of the Company, or (ii) to the extent that his or her rights to purchase stock under all employee stock purchase plans (as defined
in Section 423 of the Code) of the Company or any Parent or Subsidiary of the Company accrues at a rate, which exceeds twenty-five
thousand dollars ($25,000) worth of stock (determined at the Fair Market Value of the stock at the time such option is granted)
for each calendar year in which such option is outstanding at any time, as determined in accordance with Section 423 of the Code
and the regulations thereunder.

 

4.               
Offering Periods. Offering Periods will expire on the earliest to occur of (i) the completion of the purchase of
Shares on the last Exercise Date occurring within twenty-seven (27) months of the applicable Enrollment Date on which the option
to purchase Shares was granted, or (ii) such shorter period as may be established by the Administrator from time to time, in its
discretion and on a uniform and nondiscriminatory basis, prior to an Enrollment Date for all options to be granted on such Enrollment
Date.

 

5.               
Participation. An Eligible Employee may participate in the Plan by (i) submitting to the Company’s stock administration
office (or its designee) a properly completed subscription agreement authorizing Contributions in the form provided by the Administrator
for such purpose or (ii) following an electronic or other enrollment procedure determined by the Administrator, in either case
on or before a date determined by the Administrator prior to an applicable Enrollment Date.

 

6.                  
Contributions.

 

(a)                
At the time a Participant enrolls in the Plan pursuant to Section 5, he or she will elect to have Contributions (in the
form of payroll deductions or otherwise, to the extent permitted by the Administrator) made on each pay day during the Offering
Period in an amount that will be subject to such limits as the Administrator may establish from time to time, in its discretion
and on a uniform and nondiscriminatory basis, for all options to be granted on any Enrollment Date. The Administrator, in its sole
discretion, may permit all Participants in a specified Offering to contribute amounts to the Plan through payment by cash, check
or other means set forth in the subscription agreement prior to each Exercise Date of each Purchase Period. A Participant’s
subscription agreement will remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof.

 

(b)                
In the event Contributions are made in the form of payroll deductions, such payroll deductions for a Participant will commence
on the first pay day following the Enrollment Date and will end on the last pay day on or prior to the last Exercise Date of such
Offering Period to which such authorization is applicable, unless sooner terminated by the Participant as provided in Section 10
hereof.

 

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(c)              
All Contributions made for a Participant will be credited to his or her account under the Plan and Contributions will be
made in whole percentages of his or her Compensation only. A Participant may not make any additional payments into such account.

 

(d)             
A Participant may discontinue his or her participation in the Plan as provided under Section 10. Except as may be permitted
by the Administrator, as determined in its sole discretion, a Participant may not change the rate of his or her Contributions during
an Offering Period.

 

(e)                
Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(c), a
Participant’s Contributions may be decreased to zero percent (0%) at any time during a Purchase Period. Subject to Section
423(b)(8) of the Code and Section 3(c) hereof, Contributions will recommence at the rate originally elected by the Participant
effective as of the beginning of the first Purchase Period scheduled to end in the following calendar year, unless terminated by
the Participant as provided in Section 10.

 

(f)                 
Notwithstanding any provisions to the contrary in the Plan, the Administrator may allow Participants to participate in the
Plan via cash contributions instead of payroll deductions if (i) payroll deductions are not permitted under applicable local law,
or (ii) the Administrator determines that cash contributions are permissible under Section 423 of the Code.

 

(g)               
At the time the option is exercised, in whole or in part, or at the time some or all of the Common Stock issued under the
Plan is disposed of (or any other time that a taxable event related to the Plan occurs), the Participant must make adequate provision
for the Company’s or Employer’s federal, state, local or any other tax liability payable to any authority including
taxes imposed by jurisdictions outside of the U.S., national insurance, social security or other tax withholding obligations, if
any, which arise upon the exercise of the option or the disposition of the Common Stock (or any other time that a taxable event
related to the Plan occurs). At any time, the Company or the Employer may, but will not be obligated to, withhold from the Participant’s
compensation the amount necessary for the Company or the Employer to meet applicable withholding obligations, including any withholding
required to make available to the Company or the Employer any tax deductions or benefits attributable to sale or early disposition
of Common Stock by the Eligible Employee. In addition, the Company or the Employer may, but will not be obligated to, withhold
from the proceeds of the sale of Common Stock or any other method of withholding the Company or the Employer deems appropriate
to the extent permitted by U.S. Treasury Regulation Section 1.423-2(f).

 

7.                  
Grant of Option. On the Enrollment Date of each Offering Period, each Eligible Employee participating in such Offering
Period will be granted an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase Price)
up to a number of Shares of Common Stock determined by dividing such Eligible Employee’s Contributions accumulated prior
to such Exercise Date and retained in the Eligible Employee’s account as of the Exercise Date by the applicable Purchase
Price; provided that in no event will an Eligible Employee be permitted to purchase during each Purchase Period more than a maximum
number of Shares of Common Stock determined by the Administrator prior to the first Offering Period, if any (with such number subject
to any adjustment pursuant to Section 19) and provided further that such purchase will be subject to the limitations set forth
in Sections 3(c) and 13. The Eligible Employee may accept the grant of such option by electing to participate in the Plan in accordance
with the requirements of Section 5. The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion,
the maximum number of Shares of Common Stock that an Eligible Employee may purchase during each Purchase Period. Exercise of the
option will occur as provided in Section 8, unless the Participant has withdrawn pursuant to Section 10. The option will expire
on the last day of the Offering Period.

 

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8.                  
Exercise of Option.

 

(a)                
Unless a Participant withdraws from the Plan as provided in Section 10, his or her option for the purchase of Shares of
Common Stock will be exercised automatically on each Exercise Date, and the maximum number of full Shares subject to the option
will be purchased for such Participant at the applicable Purchase Price with the accumulated Contributions from his or her account.
No fractional Shares of Common Stock will be purchased; any Contributions accumulated in a Participant’s account that are
not sufficient to purchase a full Share will be retained in the Participant’s account for the subsequent Purchase Period
or Offering Period, subject to earlier withdrawal by the Participant as provided in Section 10. Any other funds left over in a
Participant’s account after the Exercise Date will be returned to the Participant. During a Participant’s lifetime,
a Participant’s option to purchase Shares hereunder is exercisable only by him or her.

 

(b)               
If the Administrator determines that, on a given Exercise Date, the number of Shares of Common Stock with respect to which
options are to be exercised may exceed (i) the number of Shares of Common Stock that were available for sale under the Plan on
the Enrollment Date of the applicable Offering Period, or (ii) the number of Shares of Common Stock available for sale under the
Plan on such Exercise Date, the Administrator may in its sole discretion (x) provide that the Company will make a pro rata allocation
of the Shares of Common Stock available for purchase on such Enrollment Date or Exercise Date, as applicable, in as uniform a manner
as will be practicable and as it will determine in its sole discretion to be equitable among all Participants exercising options
to purchase Common Stock on such Exercise Date, and continue all Offering Periods then in effect or (y) provide that the Company
will make a pro rata allocation of the Shares of Common Stock available for purchase on such Enrollment Date or Exercise Date,
as applicable, in as uniform a manner as will be practicable and as it will determine in its sole discretion to be equitable among
all participants exercising options to purchase Common Stock on such Exercise Date, and terminate any or all Offering Periods then
in effect pursuant to Section 20. The Company may make a pro rata allocation of the Shares available on the Enrollment Date of
any applicable Offering Period pursuant to the preceding sentence, notwithstanding any authorization of additional Shares for issuance
under the Plan by the Company’s stockholders subsequent to such Enrollment Date.

 

9.                  
Delivery. As soon as reasonably practicable after each Exercise Date on which a purchase of Shares of Common Stock
occurs, the Company will arrange the delivery to each Participant of the Shares purchased upon exercise of his or her option in
a form determined by the Administrator (in its sole discretion) and pursuant to rules established by the Administrator. The Company
may permit or require that Shares be deposited directly with a broker designated by the Company or to a designated agent of the
Company, and the Company may utilize electronic or automated methods of Share transfer. The Company may require that Shares be
retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking of
disqualifying dispositions of such Shares. No Participant will have any voting, dividend, or other stockholder rights with respect
to Shares of Common Stock subject to any option granted under the Plan until such Shares have been purchased and delivered to the
Participant as provided in this Section 9.

 

10.               Withdrawal.

 

(a)                
A Participant may withdraw all but not less than all the Contributions credited to his or her account and not yet used to
exercise his or her option under the Plan at any time, subject to any limitations imposed by the Administrator and/or by Company
policies, by (i) submitting to the Company’s stock administration office (or its designee) a written notice of withdrawal
in the form determined by the Administrator for such purpose, or (ii) following an electronic or other withdrawal procedure determined
by the Administrator. All of the Participant’s Contributions credited to his or her account will be paid to such Participant
promptly after receipt of notice of withdrawal and such Participant’s option for the Offering Period will be automatically
terminated, and no further Contributions for the purchase of Shares will be made for such Offering Period. If a Participant withdraws
from an Offering Period, Contributions will not resume at the beginning of the succeeding Offering Period, unless the Participant
re-enrolls in the Plan in accordance with the provisions of Section 5.

 

(b)               
A Participant’s withdrawal from an Offering Period will not have any effect on his or her eligibility to participate
in any similar plan that may hereafter be adopted by the Company or in succeeding Offering Periods that commence after the termination
of the Offering Period from which the Participant withdraws.

 

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11.               
Termination of Employment. Upon a Participant’s ceasing to be an Eligible Employee for any reason, he or she
will be deemed to have elected to withdraw from the Plan and the Contributions credited to such Participant’s account during
the Offering Period but not yet used to purchase Shares of Common Stock under the Plan will be returned to such Participant or,
in the case of his or her death, to the person or persons entitled thereto under Section 15, and such Participant’s option
will be automatically terminated. Unless otherwise provided by the Administrator, a Participant whose employment transfers between
entities through a termination with an immediate rehire (with no break in service) by the Company or a Designated Company will
not be treated as terminated under the Plan.

 

12.               
Interest. No interest will accrue on the Contributions of a participant in the Plan, except as may be required by
Applicable Law, as determined by the Company, and if so required by the laws of a particular jurisdiction, except to the extent
otherwise permitted by U.S. Treasury Regulation Section 1.423-2(f).

 

13.                
Stock.

 

(a)                
Subject to adjustment upon changes in capitalization of the Company as provided in Section 19 hereof, the maximum number
of Shares of Common Stock that will be made available for sale under the Plan will be 4,933,855 Shares of Common Stock; provided,
that the total number of Shares that will be reserved, and that may be issued, under the Plan will automatically increase on the
first trading day of each calendar year, beginning with calendar year 2021, by a number of Shares equal to one percent (1%) of
the total number of Outstanding Shares on the last day of the prior calendar year. Notwithstanding the foregoing, the Administrator
may act prior to January 1 of a given year to provide that there will be no such increase in the share reserve for that year or
that the increase in the share reserve for such year will be a lesser number of Shares than provided herein.

 

(b)             
Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been
or may be reacquired by the Company in the open market, in private transactions or otherwise.

 

(c)             
Until the Shares of Common Stock are issued (as evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company), a Participant will have only the rights of an unsecured creditor with respect to such
Shares, and no right to vote or receive dividends or any other rights as a stockholder will exist with respect to such Shares.

 

(d)             
Shares of Common Stock to be delivered to a Participant under the Plan will be registered in the name of the Participant
or in the name of the Participant and his or her spouse, as the Participant may elect.

 

14.               
Administration. The Plan will be administered by the Board or a Committee appointed by the Board, which Committee
will be constituted to comply with Applicable Laws. The Administrator will have full and exclusive discretionary authority to:
(i) construe, interpret and apply the terms of the Plan, (ii) delegate ministerial duties to any of the Company’s employees,
(iii) supply omissions or correct defects in the Plan, (iv) designate separate Offerings under the Plan, (v) designate Subsidiaries
of the Company as participating in the Plan, (vi) determine eligibility, (vii) adjudicate all disputed claims filed under the Plan
and (viii) establish such procedures that it deems necessary for the administration of the Plan (including, without limitation,
to adopt such procedures and sub-plans as are necessary or appropriate to permit the participation in the Plan by employees who
are foreign nationals or employed outside the U.S., the terms of which sub-plans may take precedence over other provisions of this
Plan, with the exception of Section 13(a) hereof, but unless otherwise superseded by the terms of such sub-plan, the provisions
of this Plan will govern the operation of such sub-plan). Without limiting the generality of the foregoing, the Administrator is
specifically authorized to adopt rules and procedures regarding eligibility to participate, the definition of Compensation, handling
of Contributions, making of Contributions to the Plan (including, without limitation, in forms other than payroll deductions),
establishment of bank or trust accounts to hold Contributions, payment of interest, conversion of local currency, obligations to
pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of stock certificates
that vary with applicable local requirements. The Administrator also is authorized to determine that, to the extent permitted by
U.S. Treasury Regulation Section 1.423-2(f), the terms of an option granted under the Plan or an Offering to citizens or residents
of a non-U.S. jurisdiction will be less favorable than the terms of options granted under the Plan or the same Offering to employees
residing solely in the U.S. Every finding, decision, and determination made by the Administrator will, to the full extent permitted
by law, be final and binding upon all parties.

 

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15.                
Designation of Beneficiary.

 

(a)                 
If permitted by the Administrator, a Participant may file a designation of a beneficiary who is to receive any Shares of
Common Stock and cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death
subsequent to an Exercise Date on which the option is exercised but prior to delivery to such Participant of such Shares and cash.
In addition, if permitted by the Administrator, a Participant may file a designation of a beneficiary who is to receive any cash
from the Participant’s account under the Plan in the event of such Participant’s death prior to exercise of the option.
If a Participant is married and the designated beneficiary is not the spouse, spousal consent will be required for such designation
to be effective.

 

(b)                
Such designation of beneficiary may be changed by the Participant at any time by notice in a form determined by the Administrator.
In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living
at the time of such Participant’s death, the Company will deliver such Shares and/or cash to the executor or administrator
of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Company),
the Company, in its discretion, may deliver such Shares and/or cash to the spouse or to any one or more dependents or relatives
of the Participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may
designate.

 

(c)                
All beneficiary designations will be in such form and manner as the Administrator may designate from time to time. Notwithstanding
Sections 15(a) and (b) above, the Company and/or the Administrator may decide not to permit such designations by Participants in
non-U.S. jurisdictions to the extent permitted by U.S. Treasury Regulation Section 1.423-2(f).

 

16.               
Transferability. Neither Contributions credited to a Participant’s account nor any rights with regard to the
exercise of an option or to receive Shares of Common Stock under the Plan may be assigned, transferred, pledged or otherwise disposed
of in any way (other than by will, the laws of descent and distribution or as provided in Section 15 hereof) by the Participant.
Any such attempt at assignment, transfer, pledge or other disposition will be without effect, except that the Company may treat
such act as an election to withdraw funds from an Offering Period in accordance with Section 10 hereof.

 

17.                
Use of Funds. The Company may use all Contributions received or held by it under the Plan for any corporate purpose,
and the Company will not be obligated to segregate such Contributions. Until Shares of Common Stock are issued, Participants will
have only the rights of an unsecured creditor with respect to such Contributions and such Shares.

 

18.                
Reports. Individual accounts will be maintained for each Participant in the Plan. Statements of account will be given
to participating Eligible Employees at least annually, which statements will set forth the amounts of Contributions, the Purchase
Price, the number of Shares of Common Stock purchased and the remaining cash balance, if any.

 

19.               
Adjustments, Dissolution, Liquidation, Merger, or Change in Control.

 

(a)                
Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Common Stock, other
securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up,
spin-off, combination, repurchase, or exchange of Common Stock or other securities of the Company, or other change in the corporate
structure of the Company affecting the Common Stock occurs, the Administrator, in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan, will, in such manner as it may deem equitable, adjust
the number and class of Common Stock that may be delivered under the Plan, the Purchase Price per share and the number of shares
of Common Stock covered by each option under the Plan that has not yet been exercised, and the numerical limits of Sections 7 and
13.

 

    9 

     

    

 

(b)               
Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, any Offering
Period then in progress will be shortened by setting a New Exercise Date, and will terminate immediately prior to the consummation
of such proposed dissolution or liquidation, unless provided otherwise by the Administrator. The New Exercise Date will be before
the date of the Company’s proposed dissolution or liquidation. The Administrator will notify each Participant in writing
or electronically, prior to the New Exercise Date, that the Exercise Date for the Participant’s option has been changed to
the New Exercise Date and that the Participant’s option will be exercised automatically on the New Exercise Date, unless
prior to such date the Participant has withdrawn from the Offering Period as provided in Section 10 hereof.

 

(c)                
Change in Control. In the event of a Change in Control, each outstanding option will be assumed or an equivalent
option substituted by the successor corporation or a Parent or Subsidiary of the successor corporation. In the event that the successor
corporation fails to assume or substitute for the option, the Offering Period with respect to which such option relates will be
shortened by setting a New Exercise Date on which such Offering Period will end. The New Exercise Date will occur before the date
of the Company’s proposed merger or Change in Control. The Administrator will notify each Participant in writing or electronically
prior to the New Exercise Date that the Exercise Date for the Participant’s option has been changed to the New Exercise Date
and that the Participant’s option will be exercised automatically on the New Exercise Date, unless prior to such date, the
Participant has withdrawn from the Offering Period as provided in Section 10 hereof.

 

20.               
Amendment or Termination.

 

(a)                
The Administrator, in its sole discretion, may amend, suspend, or terminate the Plan, or any part thereof, at any time and
for any reason. If the Plan is terminated, the Administrator, in its discretion, may elect to terminate all outstanding Offering
Periods either immediately or upon completion of the purchase of Shares of Common Stock on the next Exercise Date (which may be
sooner than originally scheduled, if determined by the Administrator in its discretion), or may elect to permit Offering Periods
to expire in accordance with their terms (and subject to any adjustment pursuant to Section 19). If the Offering Periods are terminated
prior to expiration, all amounts then credited to Participants’ accounts that have not been used to purchase Shares of Common
Stock will be returned to the Participants (without interest thereon, except as otherwise required under Applicable Laws, as further
set forth in Section 12 hereof) as soon as administratively practicable.

 

(b)               
Without stockholder consent and without limiting Section 20(a), the Administrator will be entitled to change the Offering
Periods or Purchase Periods, designate separate Offerings, limit the frequency and/or number of changes in the amount withheld
during an Offering Period, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, permit
Contributions in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s
processing of properly completed Contribution elections, establish reasonable waiting and adjustment periods and/or accounting
and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond
with Contribution amounts, and establish such other limitations or procedures as the Administrator determines in its sole discretion
advisable that are consistent with the Plan.

 

    10 

     

    

 

(c)                
In the event the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting
consequences, the Administrator may, in its discretion and, to the extent necessary or desirable, modify, amend or terminate the
Plan to reduce or eliminate such accounting consequence including, but not limited to:

 

(i)                 
amending the Plan to conform with the safe harbor definition under the Financial Accounting Standards Board Accounting Standards
Codification Topic 718 (or any successor thereto), including with respect to an Offering Period underway at the time;

 

(ii)               
altering the Purchase Price for any Offering Period or Purchase Period including an Offering Period or Purchase Period underway
at the time of the change in Purchase Price;

 

(iii)             
shortening any Offering Period or Purchase Period by setting a New Exercise Date, including an Offering Period or Purchase
Period underway at the time of the Administrator action;

 

(iv)              
reducing the maximum percentage of Compensation a Participant may elect to set aside as Contributions; and

 

(v)               
reducing the maximum number of Shares of Common Stock a Participant may purchase during any Offering Period or Purchase
Period.

 

Such modifications or amendments
will not require stockholder approval or the consent of any Participants.

 

21.               
Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan
will be deemed to have been duly given when received in the form and manner specified by the Company at the location, or by the
person, designated by the Company for the receipt thereof.

 

22.               
Conditions Upon Issuance of Shares. Shares of Common Stock will not be issued with respect to an option unless the
exercise of such option and the issuance and delivery of such Shares pursuant thereto will comply with all applicable provisions
of law, domestic or foreign, including, without limitation, the U.S. Securities Act of 1933, as amended, the Exchange Act, the
rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then be listed,
and will be further subject to the approval of counsel for the Company with respect to such compliance.

 

As a condition
to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the time of
any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute
such Shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned applicable
provisions of law.

 

23.               
Section 409A of the Code. The Plan is exempt from the application of Section 409A of the Code and any ambiguities
herein will be interpreted to so be exempt from Section 409A of the Code. In furtherance of the foregoing and notwithstanding any
provision in the Plan to the contrary, if the Administrator determines that an option granted under the Plan may be subject to
Section 409A of the Code or that any provision in the Plan would cause an option under the Plan to be subject to Code Section 409A,
the Administrator may amend the terms of the Plan and/or of an outstanding option granted under the Plan, or take such other action
the Administrator determines is necessary or appropriate, in each case, without the Participant’s consent, to exempt any
outstanding option or future option that may be granted under the Plan from or to allow any such options to comply with Section
409A of the Code, but only to the extent any such amendments or action by the Administrator would not violate Code Section 409A.
Notwithstanding the foregoing, the Company will have no liability to a Participant or any other party if any option to purchase
Common Stock under the Plan that is intended to be exempt from or compliant with Section 409A of the Code is not so exempt or compliant
or for any action taken by the Administrator with respect thereto. The Company makes no representation that any option to purchase
Common Stock under the Plan is compliant with Section 409A of the Code.

 

24.               
Term of Plan. The Plan will become effective upon approval by the stockholders. It will continue in effect for a
term of ten (10) years, unless sooner terminated under Section 20.

 

    11 

     

    

 

25.               
Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12)
months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree
required under Applicable Laws.

 

26.              Governing Law. The Plan will be governed by, and construed in accordance with, the laws of the State of Delaware
(except its choice-of-law provisions).

 

27.             
No Right to Employment. Participation in the Plan by a Participant will not be construed as giving a Participant
the right to be retained as an employee of the Company or a Subsidiary or affiliate of the Company, as applicable. Further, the
Company or a Subsidiary or affiliate of the Company may dismiss a Participant from employment at any time, free from any liability
or any claim under the Plan.

 

28.             
Severability. If any provision of the Plan is or becomes or is deemed to be invalid, illegal, or unenforceable for
any reason in any jurisdiction or as to any Participant, such invalidity, illegality or unenforceability will not affect the remaining
parts of the Plan, and the Plan will be construed and enforced as to such jurisdiction or Participant as if the invalid, illegal
or unenforceable provision had not been included.

 

29.               Compliance with Applicable Laws. The terms of this Plan are intended to comply with all Applicable Laws and will
be construed accordingly.

 

    12Exhibit 4.2

    

     

        

    
      
        	
                
                  

                

              	
                
                  Modi'in Technology Park

                  2 HaMa'ayan Street

                  Modi'in 7177871, Israel

                   

                  

                  
                    Phone: 972-8-642-9100

                    Fax:      972-8-642-9101

                    web:      www.BioLineRx.com

                  

                

              

      

       

        September 24, 2020

        

        

        Re: Amendment to Employment Agreement

         

            

        Dear Phil:

         

        This letter shall serve as an amendment (the "Amendment") to that certain
          Employment Agreement, dated May 24, 2009, by and between BiolineRx Ltd. ("Bioline") and Philip Serlin (the "Employee"), as amended, (the "Employment Agreement"). Defined terms used herein and not otherwise defined herein shall have the meaning
          ascribed to them in the Employment Agreement.

         

        Bioline and Employee hereby mutually agree to the following revisions to the
          Employment Agreement:

        

        

        Section 5.2 of the Employment Agreement shall be replaced with the following:

        

        

        "5.2          Termination.

         

            

        
                         (a)        In the event of termination without Cause (as defined below) by Bioline of Employee's employment, Bioline may terminate the Employment Agreement by giving the Employee prior written notice
            of 180 days.

           

          

          
                           (b)        In the event Employee resigns his employment for any reason that would constitute constructive dismissal under Israeli law, Employee may terminate the Employment Agreement by giving
              Bioline prior written notice of 60 days, but will be entitled to be compensated for a Notice Period of 180 days.

             

            

            
                             (c)        In the event Employee resigns his employment for any reason other than as stated in section (b) above, Employee may terminate the Employment Agreement by giving Bioline prior written
                notice of 60 days.

            

          

           

         

        
           Each of the
              notice periods in this Section 5.2 shall be deemed a "Notice Period" for the purpose of Section 5.4 below."

        

         

        

        
          
            
              
                Except as modified by this letter, the terms, provisions and requirements of the Employment Agreement shall remain the same and In full force and effect in accordance with the terms and
                  provisions thereof.

                 

                

              

            

          

        

        
          
            
              
                	
                         

                      	
                        Very truly yours,

                         

                        

                        BioLineRx Ltd.

                        

                         

                        

                        /s/ Mali Zeevi
                        By: Mali Zeevi

                        Title: Chief Financial Officer

                          

                      
	 	 
	
                        Accepted and agreed as of the date first written above:

                         

                        

                        /s/ Philip Serlin

                          Philip Serlin

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