Document:

Exhibit 10.7

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

FOR COMPANY EMPLOYEES

UNDER THE HARBORONE BANCORP, INC.

2020 EQUITY INCENTIVE PLAN

 

	Name of Grantee:	 	 
	 	 	 
	No. of Restricted Stock Units:	 	 	 
	 	 	 	 
	Grant Date:	 	 	 

 

Pursuant to the HarborOne Bancorp, Inc.
2020 Equity Incentive Plan as amended through the date hereof (the “Plan”), HarborOne Bancorp, Inc. (the “Company”)
hereby grants an award of the number of Restricted Stock Units listed above (an “Award”) to the Grantee named above.
Each Restricted Stock Unit shall relate to one share of Common Stock, par value $0.01 per share (the “Stock”) of the
Company.

 

1.          Restrictions
on Transfer of Award. This Award may not be sold, transferred, pledged, assigned or otherwise encumbered or disposed of by
the Grantee, and any shares of Stock issuable with respect to the Award may not be sold, transferred, pledged, assigned or otherwise
encumbered or disposed of until (i) the Restricted Stock Units have vested as provided in Paragraph 2 of this Agreement and
(ii) shares of Stock have been issued to the Grantee in accordance with the terms of the Plan and this Agreement.

 

2.          Vesting
of Restricted Stock Units. The restrictions and conditions of Paragraph 1 of this Agreement shall lapse on the Vesting Date
or Dates specified in the following schedule so long as the Grantee remains an employee of the Company or a Subsidiary on such
Dates. If a series of Vesting Dates is specified, then the restrictions and conditions in Paragraph 1 shall lapse only with respect
to the number of Restricted Stock Units specified as vested on such date.

 

	Incremental Number of	 
	Restricted Stock Units Vested	Vesting Date
	 	 
	___________ (___%)	____________

 

The Administrator may at any time accelerate
the vesting schedule specified in this Paragraph 2.

 

3.          Termination
of Employment. If the Grantee’s employment with the Company and its Subsidiaries terminates for any reason (other
than death or Disability) prior to the satisfaction of the vesting conditions set forth in Paragraph 2 above, any Restricted
Stock Units that have not vested as of such date shall automatically and without notice terminate and be forfeited, and
neither the Grantee nor any of his or her successors, heirs, assigns, or personal representatives will thereafter have any
further rights or interests in such unvested Restricted Stock Units. Notwithstanding the foregoing, if the Grantee’s
employment with the Company and its Subsidiaries is terminated by reason of (i) the Grantee’s death or
(ii) the Grantee’s Disability, any Restricted Stock Units that have not vested at the time of such termination
shall accelerate and vest in full (and such date shall be deemed a “Vesting Date” for purposes of Paragraph 4
below).

 

     

     

    

 

4.          Issuance
of Shares of Stock. As soon as practicable following each Vesting Date (but in no event later than two and one-half months
after the end of the year in which the Vesting Date occurs), the Company shall issue to the Grantee (or his or her estate, if applicable)
the number of shares of Stock equal to the aggregate number of Restricted Stock Units that have vested pursuant to Paragraph 2
of this Agreement on such date and the Grantee shall thereafter have all the rights of a shareholder of the Company with respect
to such shares.

 

5.          Incorporation
of Plan. Notwithstanding anything herein to the contrary, this Agreement shall be subject to and governed by all the terms
and conditions of the Plan, including the powers of the Administrator set forth in Section 2(b) of the Plan. Capitalized
terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.

 

6.          Tax
Withholding. The Grantee shall, not later than the date as of which the receipt of this Award becomes a taxable event for Federal
income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state,
and local taxes required by law to be withheld on account of such taxable event. The Company shall have the authority to cause
the required tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock to be issued
to the Grantee a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due; provided,
however, that the amount withheld does not exceed the maximum statutory rate or such lesser amount as is necessary to avoid liability
accounting treatment. The Company shall also have the authority to cause the required tax withholding obligation to be satisfied,
in whole or in part, by an arrangement whereby a certain number of shares of Stock issued to the Grantee are immediately sold and
proceeds from such sale are remitted to the Company in an amount that would satisfy the withholding amount due.

 

7.          Section 409A
of the Code. This Agreement shall be interpreted in such a manner that all provisions relating to the settlement of the Award
are exempt from the requirements of Section 409A of the Code as “short-term deferrals” as described in Section 409A
of the Code.

 

8.          No
Obligation to Continue Employment. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this
Agreement to continue the Grantee in employment and neither the Plan nor this Agreement shall interfere in any way with the right
of the Company or any Subsidiary to terminate the employment of the Grantee at any time.

 

9.          Integration.
This Agreement constitutes the entire agreement between the parties with respect to this Award and supersedes all prior agreements
and discussions between the parties concerning such subject matter.

 

    	 	2	 

     

    

 

10.        Data
Privacy Consent. In order to administer the Plan and this Agreement and to implement or structure future equity grants, the
Company, its subsidiaries and affiliates and certain agents thereof (together, the “Relevant Companies”) may process
any and all personal or professional data, including but not limited to Social Security or other identification number, home address
and telephone number, date of birth and other information that is necessary or desirable for the administration of the Plan and/or
this Agreement (the “Relevant Information”). By entering into this Agreement, the Grantee (i) authorizes the Company
to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights
the Grantee may have with respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit
such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which
the Relevant Companies consider appropriate. The Grantee shall have access to, and the right to change, the Relevant Information.
Relevant Information will only be used in accordance with applicable law.

 

11.        Notices.
Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered
to the Grantee at the address on file with the Company or, in either case, at such other address as one party may subsequently
furnish to the other party in writing.

 

    	 	3	 

     

    

 

	 	HARBORONE BANCORP, INC.
	 	 
	 	 
	 	By:  	                        
	 	 	Title:

 

The foregoing Agreement is hereby accepted and the terms and
conditions thereof hereby agreed to by the undersigned. Electronic acceptance of this Agreement pursuant to the Company’s
instructions to the Grantee (including through an online acceptance process) is acceptable.

 

 

	Dated:  	 	 	 
	 	 	 	Grantee’s Signature
	 	 	 	 
	 	 	 	 
	 	 	Grantee’s name and address:
	 	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

 

    	 	4Exhibit 10.24

 

 

NINTH
AMENDMENT

TO

AMENDED
AND RESTATED LOAN AND SECURITY AGREEMENT

 

This Ninth Amendment to Amended and Restated
Loan and Security Agreement (this “Amendment”) is entered into as of September 14, 2020, by and among PACIFIC
WESTERN BANK, a California state chartered bank (“Bank”), and DRAFTKINGS INC.,
a Nevada corporation, DRAFTKINGS INC., a Delaware corporation, CROWN GAMING INC., and CROWN DFS INC. (individually, each
a “Borrower” and collectively, “Borrowers”).

 

RECITALS

 

Borrowers and Bank are parties to that
certain Amended and Restated Loan and Security Agreement dated as of October 21, 2016 (as amended from time to time, the “Agreement”).
The parties desire to amend the Agreement in accordance with the terms of this Amendment.

 

NOW, THEREFORE, the parties agree as follows:

 

1.     Bank
hereby waives any violations of Section 6.2(i), Section 6.2(ix), or Section 6.2(a) of the Agreement that may
have occurred due to Borrowers not providing the reporting required by such sections for the periods ending November 30, 2019
and December 31, 2019 within the timeframes required thereby.

 

2.     Section 2.5(c) of
the Agreement is hereby amended and restated, as follows:

 

(c)            [Reserved].

 

3.     Section 6.6
of the Agreement is hereby amended and restated, as follows:

 

6.6          Primary
Depository. Borrowers shall collectively maintain Cash at Bank of at least the Cash Threshold
Amount at all times. Prior to any Borrower maintaining any investment accounts with Bank’s affiliates, such Borrower, Bank,
and any such affiliate shall have entered into a securities account control agreement with respect to any such investment accounts,
in form and substance satisfactory to Bank.

 

4.     Section 8.2(b) of
the Agreement is hereby amended and restated, as follows:

 

(b)            If
any Borrower fails to perform any obligation under Section 6.7(b) (Minimum Liquidity) and has failed to cure such default
within 5 Business Days; or

 

5.     The
following defined term is hereby added in Exhibit A to the Agreement, as follows:

 

“Cash
Threshold Amount” means

 

(a)            during
the period on and before December 31, 2020, the lesser of (i) $400,000,000 and (ii) 40% of Borrowers’ Total
Operating Cash; and

    

     

    

 

(b)            during
the period on and after January 1, 2021, the lesser of (i) $250,000,000 and (ii) 25% of Borrowers’ Total Operating
Cash.

 

6.     The
following defined terms in Exhibit A of the Agreement are hereby amended and restated, as follows:

 

“Aggregate
Borrowing Limit” means $60,000,000.

 

“Non-Formula
Revolving Line” means a Credit Extension of up to $60,000,000.

 

“Non-Formula
Revolving Maturity Date” means March 1, 2022.

 

“Total
Operating Cash” means all of Borrowers’ unrestricted cash (excluding, for the avoidance of doubt, any Player Deposits),
but excluding cash maintained in a segregated account to comply with legal or regulatory requirements applicable to a Borrower
due to Borrowers’ Gaming businesses.

 

“Unused
Availability” means (i) $60,000,000 minus (ii) the outstanding principal amount of the Non-Formula Advances minus
(iii) the aggregate limits of Ancillary Services requested by a Borrower and approved by Bank.

 

7.     The
defined term “Applicable Success Fee Amount” and its definition in Exhibit A to the Agreement are hereby deleted.

 

8.     Unless
otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the Agreement. The Agreement, as amended
hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed
in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate
as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date
hereof.

 

9.     Each
Borrower represents and warrants that the representations and warranties contained in the Agreement are true and correct in all
material respects as of the date of this Amendment.

 

10.   This
Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one instrument.

 

11.   As
a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance satisfactory to Bank, the following:

 

(a)      this
Amendment, duly executed by each Borrower;

 

(b)      an
officer’s certificate of each of DraftKings Inc., a Delaware corporation, Crown Gaming Inc., and Crown DFS Inc. with respect
to incumbency and resolutions authorizing the execution and delivery of this Amendment;

    

     

    

 

(c)      payment
of a $2,000 facility fee, which may be debited from any Borrower’s accounts; and

 

(d)     such
other documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate.

 

[Signature Page Follows]

    

     

    

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment
as of the first date above written.

 

	DRAFTKINGS INC., a Nevada corporation	 
		 
	By: 	/s/ Jason Park	 
	Name: 	Jason Park	 
	Title: 	Chief Financial Officer	 
	 	 
		 
	DRAFTKINGS INC., a Delaware corporation	 
		 
	By: 	/s/ Jason Park	 
	Name: 	Jason Park	 
	Title: 	Treasurer	 
	 	 
	 	 
	CROWN GAMING INC.	 
		 
	By: 	/s/ Tim Dent	 
	Name: 	Tim Dent	 
	Title: 	Director	 
	 	 
	 	 
	CROWN DFS INC.	 
		 
	By: 	/s/ Tim Dent	 
	Name: 	Tim Dent	 
	Title: 	Director	 
		 
		 
	PACIFIC WESTERN BANK	 
		 
	By: 	/s/ Joel Marquis	 
	Name: 	Joel Marquis	 
	Title:  	Senior Vice President	 

 

[Signature Page to Ninth Amendment
to Amended and Restated Loan and Security Agreement]

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