Document:

Exhibit 10.3

 

Form Final

 

INDEMNIFICATION
AGREEMENT

 

This Indemnification
Agreement (“Agreement”) is made as of December 16, 2020, by and between Skillz Inc., a Delaware corporation (the “Company”),
and [a member of the board of directors / an officer] of the Company (“Indemnitee”). This Agreement supersedes and
replaces any and all previous Agreements between the Company and Indemnitee covering the subject matter of this Agreement.

 

RECITALS

 

WHEREAS, the board
of directors of the Company (the “Board”) believes that highly competent persons have become more reluctant to serve
publicly held corporations as directors, officers or in other capacities unless they are provided with adequate protection through
insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service
to and activities on behalf of the corporation;

 

WHEREAS, the Board
has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis,
at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities.
Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and
other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available
to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons
in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation
relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise
itself. The Bylaws of the Company (the “Bylaws”) require indemnification of the officers and directors of the Company.
Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”).
The Bylaws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby
contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons
with respect to indemnification;

 

WHEREAS, the uncertainties
relating to such insurance and to indemnification may increase the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board
has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the
Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such
protection in the future;

 

WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such
persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue
concern that they will not be so indemnified;

 

     

     

    

 

WHEREAS, this
Agreement is a supplement to and in furtherance of the Third Amended and Restated Certificate of Incorporation of the Company
(the “Certificate of Incorporation”), the Bylaws, and any resolutions adopted pursuant thereto, as well as any
rights of Indemnitee under any directors’ and officers’ liability insurance policy, and this Agreement shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS, Indemnitee
does not regard the protection available under the Certificate of Incorporation, Bylaws and insurance as adequate in the present
circumstances, and may not be willing to serve or continue to serve as an officer or director without adequate protection, and
the Company desires Indemnitee to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue to serve
and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified.

 

NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1.               
Services to the Company. Indemnitee agrees to serve
or continue to serve as a [director] [officer] of the Company. Indemnitee may at any time and for any reason resign from such position
(subject to any other contractual obligation or any obligation imposed by operation of law), in which event the Company shall have
no obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract
between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’s
employment with the Company (or any of its subsidiaries or any Enterprise), if any, is at will, and the Indemnitee may be discharged
at any time for any reason, with or without cause, except as may be otherwise provided in any written employment contract between
Indemnitee and the Company (or any of its subsidiaries or any Enterprise), other applicable formal severance policies duly adopted
by the Board, or, with respect to service as a director or officer of the Company, by the Certificate of Incorporation, the Bylaws,
and the DGCL. The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve as an
[officer] [director] of the Company, as provided in Section 16 hereof.

 

Section 2.               
Definitions. As used in this Agreement:

 

(a)              
References to “agent” shall mean any person who is or was a director, officer, or employee of the Company or
a subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in
such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability
company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of the
Company or a subsidiary of the Company.

 

(b)              
A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of
any of the following events:

 

i.                    Acquisition
of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or
indirectly, of securities of the Company representing twenty-five percent (25%) or more of the combined voting power of the
Company’s then outstanding securities (other than acquisitions of Class B Common Stock by a Qualified Stockholder (as
defined in the Certificate of Incorporation)) unless the change in relative Beneficial Ownership of the Company’s
securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled
to vote generally in the election of directors;

 

    -2-

     

    

 

ii.                 
Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution
of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director
designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i),
2(b)(iii) or 2(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved
by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority
of the members of the Board;

 

iii.               
Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than
a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger
or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the Surviving
Entity) more than 50% of the combined voting power of the voting securities of the Surviving Entity outstanding immediately after
such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body
of such Surviving Entity;

 

iv.               
Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for
the sale, lease, exchange or other transfer by the Company, in one or a series of related transactions, of all or substantially
all of the Company’s assets; and

 

v.                 
Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange
Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

For purposes of this Section 2(b), the
following terms shall have the following meanings:

 

(A)               
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

 

(B)                
“Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however,
that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan
of the Company, and (iii) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company.

 

(C)                
“Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided,
however, that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of
the Company approving a merger of the Company with another entity.

 

    -3-

     

    

 

(D)               
 “Surviving Entity” shall mean the surviving entity in a merger or consolidation or any entity that controls,
directly or indirectly, such surviving entity.

 

(c)              
“Corporate Status” describes the status of a person who is or was a director, trustee, partner, managing member,
officer, employee, agent or fiduciary of the Company or of any other corporation, limited liability company, partnership or joint
venture, trust or other enterprise which such person is or was serving at the request of the Company.

 

(d)              
“Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee.

 

(e)              
“Enterprise” shall mean the Company and any other corporation, limited liability company, partnership, joint
venture, trust or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer,
trustee, partner, managing member, employee, agent or fiduciary.

 

(f)               
“Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees
and other costs of experts and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs,
telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result
of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements,
obligations or expenses of the types customarily incurred in connection with, or as a result of, prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a deponent or witness in, or otherwise participating in, a Proceeding.
Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without
limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its
equivalent, (ii) expenses incurred in connection with recovery under any directors’ and officers’ liability insurance
policies maintained by the Company, regardless of whether Indemnitee is ultimately determined to be entitled to such indemnification,
advancement or Expenses or insurance recovery, as the case may be, and (iii) for purposes of Section 14(d) only, Expenses incurred
by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement,
the Certificate of Incorporation, the Bylaws or under any directors’ and officers’ liability insurance policies maintained
by the Company, by litigation or otherwise. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee
has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified
by affidavit of Indemnitee’s counsel as being reasonable in the good faith judgment of such counsel shall be presumed conclusively
to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines
against Indemnitee.

 

    -4-

     

    

 

(g)               “Independent
Counsel” shall mean a law firm, or a member of a law firm, that is experienced in matters of corporation law and
neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter
material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any
person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The
Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify
such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or
its engagement pursuant hereto.

 

(h)              
The term “Proceeding” shall include any threatened, pending or completed action, suit, claim, counterclaim,
cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or
any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a
civil, criminal, administrative, legislative, regulatory or investigative (formal or informal) nature, including any appeal therefrom,
in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of Indemnitee’s
Corporate Status, by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or
failure to act) on Indemnitee’s part while acting pursuant to Indemnitee’s Corporate Status, in each case whether or
not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement
of Expenses can be provided under this Agreement. If the Indemnitee believes in good faith that a given situation may lead to or
culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph.

 

(i)                
Reference to “other enterprise” shall include employee benefit plans; references to “fines” shall
include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company”
shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services
by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and
a person who acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants
and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests
of the Company” as referred to in this Agreement.

 

Section 3.                Indemnity
in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this
Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a
Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall
be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in
settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of such
Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on
Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in
good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and,
in the case of a criminal Proceeding had no reasonable cause to believe that Indemnitee’s conduct was unlawful. The
parties hereto intend that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess
of that expressly permitted by statute, including, without limitation, any indemnification provided by the Certificate of
Incorporation, the Bylaws, vote of the Company’s stockholders or disinterested directors or applicable law.

 

    -5-

     

    

 

Section 4.               
Indemnity in Proceedings by or in the Right of the Company.
The Company shall indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to
be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant
to this Section 4, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually
and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or
matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the
best interests of the Company. No indemnification for Expenses shall be made under this Section 4 in respect of any claim, issue
or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the
extent that the Delaware Court (as hereinafter defined) or any court in which the Proceeding was brought shall determine upon application
that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably
entitled to indemnification.

 

Section 5.               
Indemnification for Expenses of a Party Who is Wholly or Partly
Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law
and to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding
or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses
actually and reasonably incurred by or on behalf of Indemnitee in connection therewith. If Indemnitee is not wholly successful
in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters
in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest
extent permitted by law. For purposes of this Section and without limitation, the termination of any claim, issue or matter in
such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or
matter.

 

Section 6.               
Indemnification For Expenses of a Witness. Notwithstanding
any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is,
by reason of Indemnitee’s Corporate Status, a witness, is or was made (or asked) to respond to discovery requests in any
Proceeding, or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified
against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

Section 7.               
Partial Indemnification. If Indemnitee is entitled
under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses, but not, however, for
the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

 

    -6-

     

    

 

Section 8.               
Additional Indemnification.

 

(a)              
Notwithstanding any limitation in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest extent permitted
by applicable law if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding
by or in the right of the Company to procure a judgment in its favor) by reason of Indemnitee’s Corporate Status.

 

(b)              
For purposes of Section 8(a), the meaning of the phrase “to the fullest extent permitted by applicable law”
shall include, but not be limited to:

 

i.                   
to the fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification
by agreement, or the corresponding provision of any amendment to or replacement of the DGCL, and

 

ii.                 
to the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of
this Agreement that increase the extent to which a corporation may indemnify its officers and directors.

 

Section 9.               
Exclusions. Notwithstanding any provision in this
Agreement, the Company shall not be obligated under this Agreement to make any indemnification payment in connection with any claim
involving Indemnitee:

 

(a)              
for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision;

 

(b)              
for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the
Company within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state
statutory law or common law, (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based
compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case
under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to
Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits
arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act) or (iii)
any reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted
by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock
exchange listing requirements implementing Section 10D of the Exchange Act; or

 

(c)               except
as provided in Section 14(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its
directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any
Proceeding) prior to its initiation, (ii) such payment arises in connection with any mandatory counterclaim or cross claim
brought or raised by Indemnitee in any Proceeding (or any part of any Proceeding), or (iii) the Company provides the
indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

    -7-

     

    

 

Section 10.           
Advances of Expenses. Notwithstanding any provision
of this Agreement to the contrary (other than Section 14(d)), the Company shall advance, to the extent not prohibited by law, the
Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding (or any part of any Proceeding) not initiated
by Indemnitee or any Proceeding initiated by Indemnitee with the prior approval of the Board as provided in Section 9(c), and such
advancement shall be made within thirty (30) days after the receipt by the Company of a statement or statements requesting such
advances from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest
free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s
ultimate entitlement to indemnification under the other provisions of this Agreement. In accordance with Section 14(d), advances
shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses
incurred preparing and forwarding statements to the Company to support the advances claimed. The Indemnitee shall qualify for advances
upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing that the Indemnitee
undertakes to repay the amounts advanced (without interest) by the Company pursuant to this Section 10, if and only to the extent
that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking
shall be required other than the execution of this Agreement. This Section 10 shall not apply to any claim made by Indemnitee for
which indemnity is excluded pursuant to Section 9.

 

Section 11.           
Procedure for Notification and Defense of Claim.

 

(a)              
Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification
or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof.
The written notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the
Proceeding. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to
determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding.
The omission by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to
Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver
by Indemnitee of any rights under this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for
indemnification, advise the Board in writing that Indemnitee has requested indemnification.

 

(b)              
The Company will be entitled to participate in the Proceeding at its own expense.

 

(c)               The
Company shall not settle any Proceeding (in whole or in part) if such settlement would impose any Expense, judgment,
liability, fine, penalty or limitation on Indemnitee in respect of which Indemnitee is not entitled to be indemnified
hereunder without Indemnitee’s prior written consent, which shall not be unreasonably withheld.

 

    -8-

     

    

 

Section 12.           
Procedure Upon Application for Indemnification.

 

(a)              
Upon written request by Indemnitee for indemnification pursuant to Section 11(a), a determination, if required by applicable
law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall
have occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii)
if a Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a
quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors,
even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors
so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if
so directed by the Board, by the stockholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification,
payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person,
persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing
to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise
protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs
or Expenses (including attorneys’ fees and disbursements) incurred by or on behalf of Indemnitee in so cooperating with the
person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s
entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company
promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to indemnification,
including a description of any reason or basis for which indemnification has been denied.

 

(b)               In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a)
hereof, the Independent Counsel shall be selected as provided in this Section 12(b). If a Change in Control shall not have
occurred, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee
advising Indemnitee of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the
Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the
Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising
it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be,
may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company or to
Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of
 “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with
particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as
Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not
serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such
objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for
indemnification pursuant to Section 11(a) hereof and the final disposition of the Proceeding, no Independent Counsel shall
have been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of
any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by such court or by such other person as such court
shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as
Independent Counsel under Section 12(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant
to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in
such capacity (subject to the applicable standards of professional conduct then prevailing).

 

    -9-

     

    

 

(c)              
If the Company disputes a portion of the amounts for which indemnification is requested, the undisputed portion shall be
paid and only the disputed portion withheld pending resolution of any such dispute.

 

Section 13.           
Presumptions and Effect of Certain Proceedings.

 

(a)              
In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making
such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under
this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and
the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection
with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the
Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action
pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard
of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has
not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met
the applicable standard of conduct.

 

(b)               Subject
to Section 14(e), if the person, persons or entity empowered or selected under Section 12 of this Agreement to determine
whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by
the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest
extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent
(i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such
indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not
to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to
entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation
and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 13(b) shall not
apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a)
of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such
determination the Board has resolved to submit such determination to the stockholders for their consideration at an annual
meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a
special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such
determination, such meeting is held for such purpose within sixty (60) days after having been so called and such
determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent
Counsel pursuant to Section 12(a) of this Agreement.

  

    -10-

     

    

 

(c)              
The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction,
or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement)
of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good
faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(d)              
For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s
action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied
to Indemnitee by the directors or officers of the Enterprise in the course of their duties, or on the advice of legal counsel for
the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant
or by an appraiser, financial advisor or other expert selected with reasonable care by or on behalf of the Enterprise. The provisions
of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee
may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

(e)              
The knowledge and/or actions, or failure to act, of any director, officer, trustee, partner, managing member, fiduciary,
agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement.

 

Section 14.           
Remedies of Indemnitee.

 

(a)               Subject
to Section 14(e), in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is
not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 10
of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of
this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of
indemnification is not made pursuant to Section 5, 6 or 7 or the second to last sentence of Section 12(a) of this Agreement
within ten (10) days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to
Section 3, 4 or 8 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is
entitled to indemnification, or (vi) the Company or any other person takes or threatens to take any action to declare this
Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover
from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee shall be
entitled to an adjudication by a court of Indemnitee’s entitlement to such indemnification or advancement of Expenses.
Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration to be conducted by a single
arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence
such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 14(a). The Company shall not oppose
Indemnitee’s right to seek any such adjudication or award in arbitration.

 

    -11-

     

    

 

(b)              
In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in
all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that
adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company shall have the
burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

 

(c)              
If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d)              
The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or
arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding
and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions
of this Agreement. It is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required
to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under
this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended
to be extended to the Indemnitee hereunder. The Company shall, to the fullest extent permitted by law, indemnify Indemnitee against
any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request
therefor) advance, to the extent not prohibited by law, such Expenses to Indemnitee, which are incurred by or on behalf of Indemnitee
in connection with any action brought by Indemnitee for indemnification or advancement of Expenses from the Company under this
Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company if, in the case
of indemnification, Indemnitee is wholly successful on the underlying claims; if Indemnitee is not wholly successful on the underlying
claims, then such indemnification shall be only to the extent Indemnitee is successful on such underlying claims or otherwise as
permitted by law, whichever is greater.

 

    -12-

     

    

 

(e)              
 Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification
under this Agreement shall be required to be made prior to the final disposition of the Proceeding.

 

Section 15.           
Non-exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)              
The rights of indemnification and to receive advancement of Expenses as provided by this Agreement (i) shall not be deemed
exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation,
the Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise and (ii) shall be interpreted independently
of, and without reference to, any other such rights to which Indemnitee may at any time be entitled. No amendment, alteration or
repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect
of any action taken or omitted by Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal.
To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement
of Expenses than would be afforded currently under the Certificate of Incorporation, the Bylaws and this Agreement, it is the intent
of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or
remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other right or remedy.

 

(b)              
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers,
employees, or agents of the Enterprise, Indemnitee shall be covered by such policy or policies in accordance with its or their
terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies.
If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability
insurance in effect, the Company shall give prompt notice of such claim or of the commencement of a Proceeding, as the case may
be, to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all
necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies.

 

(c)              
In the event of any payment made by the Company under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to
secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such
rights.

 

(d)              
The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or
for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received such payment
under any insurance policy, contract, agreement or otherwise.

 

    -13-

     

    

 

(e)              
 The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request
of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other corporation,
limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any
amount Indemnitee has actually received as indemnification or advancement of Expenses from such other corporation, limited liability
company, partnership, joint venture, trust or other enterprise.

 

Section 16.           
Duration of Agreement. This Agreement shall continue
until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee ceases to have any Corporate Status or
(b) one (1) year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of
indemnification or advancement of Expenses hereunder and of any proceeding (including any appeal thereof) commenced by Indemnitee
pursuant to Section 14 of this Agreement relating thereto. The indemnification and advancement of expenses rights provided by or
granted pursuant to this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors
and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee
or agent of the Company or of any other Enterprise, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse,
assigns, heirs, devisees, executors and administrators and other legal representatives. The Company shall require and shall cause
any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business
or assets of the Company to, by written agreement, expressly assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform if no such succession had taken place.

 

Section 17.           
Severability. Nothing in this Agreement is intended
to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. If any provision
or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity,
legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section
of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted
by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give
the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement
(including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the
intent manifested thereby.

 

Section 18.           
Enforcement.

 

(a)              
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on
it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee
is relying upon this Agreement in serving or continuing to serve as a director or officer of the Company.

 

    -14-

     

    

 

(b)              
 This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject
matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation,
the Bylaws, any directors’ and officers’ insurance maintained by the Company and applicable law, and shall not be deemed
a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section 19.           
Modification and Waiver. No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions
of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute
a continuing waiver.

 

Section 20.           
Notice by Indemnitee. Indemnitee agrees promptly
to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or
other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered
hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have
to the Indemnitee under this Agreement or otherwise.

 

Section 21.           
Notices. All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and
receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered
mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight
courier and receipted for by the party to whom said notice or other communication shall have been directed, (d) sent by facsimile
transmission, with receipt of oral confirmation that such transmission has been received or (e) sent by email and receipted for
by the party to whom said notice or other communication shall have been directed:

 

(a)              
If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee
shall provide to the Company.

 

(b)              
If to the Company to

 

Skillz Inc.

Attention: Charlotte Edelman, VP
of Legal

		Email: 	cedelman@skillz.com
	 	 	legal@skillz.com

 

with a copy (which shall not constitute
notice) to:

 

Winston & Strawn LLP

1901 L Street N.W.

Washington, D.C. 20036

Attn: Christopher Zochowski

           Steve
Gavin

 

    -15-

     

    

 

Kyle Gann

Facsimile No.: (202) 282-5100

		Email:	czochowski@winston.com
	 	 	sgavin@winston.com

 

or to any other address as may have been
furnished to Indemnitee by the Company.

 

Section 22.           
Contribution. To the fullest extent permissible under
applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the
Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines,
penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to
an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s)
and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers,
employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

Section 23.           
Applicable Law and Consent to Jurisdiction. This
Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws
of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration commenced by Indemnitee
pursuant to Section 14(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any
action or proceeding arising out of or in connection with this Agreement shall be brought only in the Court of Chancery of the
State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America
or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any
action or proceeding arising out of or in connection with this Agreement, (iii) waive any objection to the laying of venue of any
such action or Proceeding in the Delaware Court and (iv) waive, and agree not to plead or to make, any claim that any such action
or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

Section 24.           
Identical Counterparts. This Agreement may be executed
in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute
one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced
to evidence the existence of this Agreement.

 

Section 25.           
Miscellaneous. Use of the masculine pronoun shall
be deemed to include usage of the feminine pronoun where appropriate. The headings of this Agreement are inserted for convenience
only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

    -16-

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be signed as of the day and year first above written.

  

COMPANY

 

SKILLZ INC.

  

	By:		 

Name: Andrew Paradise

Title: CEO

  

INDEMNITEE

 

	 	 

Name:

 

	Address: 		 
	 	 	 
	 	 	 

 

[Signature Page
to Indemnification Agreement]Exhibit 10.6

 

EARNOUT ESCROW AGREEMENT

 

This EARNOUT ESCROW
AGREEMENT (this “Agreement”) is made and entered into as of December 16, 2020, by and among Skillz Inc., a Delaware
corporation (f/k/a Flying Eagle Acquisition Corp.) (“PubCo”), Andrew Paradise, in his capacity as the Stockholder
Representative (acting on behalf of Stockholder Earnout Group and not in his personal capacity) (together with any successor appointed
in accordance with the Merger Agreement, the “Stockholder Representative”), Eagle Equity Partners II, LLC (the
 “Sponsor”, and together with PubCo and the Stockholder Representative, sometimes referred to individually as
a “Party” or collectively as the “Parties”), and Continental Stock Transfer & Trust Company
(the “Earnout Escrow Agent”). Capitalized terms used but not defined herein shall have the respective meanings
ascribed to them in the Merger Agreement (as defined herein).

 

WHEREAS,
Skillz Inc., a Delaware corporation, PubCo,
FEAC Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and the Stockholder Representative (solely in
his capacity as such) have entered into that certain Agreement and Plan of Merger, dated as of September 1, 2020 (together with
all exhibits, schedules and annexes thereto, as amended, modified or supplemented from time to time in accordance with its terms,
the “Merger Agreement”), pursuant to which the parties thereto have agreed to establish an escrow arrangement
for the purposes set forth therein;

 

WHEREAS, in
accordance with Section 3.07 of the Merger Agreement, Ten Million (10,000,000) shares of Acquiror Class B Common Stock held on
record by the Sponsor will constitute the Earnout Shares (the “Earnout Shares);

 

WHEREAS, the
Earnout Shares shall be held in escrow by the Earnout Escrow Agent pursuant to the terms of this Agreement (the “Escrow
Account”) and shall be released by the Earnout Escrow Agent only upon the occurrence of certain triggering events as
specifically set forth in this Agreement and pursuant to Section 3.07 of the Merger Agreement;

 

WHEREAS, pursuant
to Section 3.01(c) of the Merger Agreement, a portion of the Earnout Shares shall convert into Acquiror Class A Common Stock;

 

WHEREAS, in accordance
with Section 2.04(a) of the Merger Agreement, the Certificate of Incorporation of PubCo shall be amended and restated in its entirety
to the PubCo Charter, pursuant to which the Acquiror Class A Common Stock and Acquiror Class B Common Stock shall be replaced with
PubCo Class A Common Stock and PubCo Class B Common Stock, respectively;

 

WHEREAS, pursuant
to Section 11.16 of the Merger Agreement, the Stockholder Representative is appointed as the representative, true and lawful attorney
in fact and agent for all of the Company Stockholders for all purposes set forth therein; and

 

WHEREAS,
the Parties desire to constitute and appoint the Earnout Escrow Agent as escrow agent hereunder, and the Earnout Escrow Agent is
willing to assume and perform the duties and obligations of the escrow agent pursuant to the terms and conditions set forth herein.

 

     

     

    

 

NOW
THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree
as follows:

 

		1.	Appointment.

 

		(a)	The PubCo, the Stockholder Representative, acting on behalf of the Company Stockholders, and the
Sponsor hereby appoint the Earnout Escrow Agent as their escrow agent to hold the Earnout Shares and any Escrowed Dividends (as
defined herein) received by the Earnout Escrow Agent pursuant to Section 2(f) in escrow for the Stockholder Representative and
the Sponsor and to administer and disburse the Earnout Shares and the Escrow Dividends and otherwise for the purposes set forth
herein, and the Earnout Escrow Agent hereby accepts such appointment under the express terms and conditions set forth herein.

 

		(b)	Prior to or in connection with the dissolution of the Sponsor, the Sponsor shall designate a representative
to act on behalf of the Sponsor, all on terms reasonably acceptable to the other Parties (any such Person so appointed, the “Sponsor
Representative”).

 

		2.	Deposit, Delivery and Receipt of Earnout Shares; Other Actions.

 

		(a)	At the Closing and immediately prior to the Effective Time, the Sponsor will deliver, or cause
to be delivered, 10,000,000 shares of Acquiror Class B Common Stock (5,000,000 of such shares constituting the “Sponsor
Earnout Shares” and 5,000,000 of such shares constituting
the “Stockholder Earnout Shares”)
to the Earnout Escrow Agent electronically through the DTC’s
Deposit/Withdrawal At Custodian system to an account designated by the Earnout Escrow Agent.

 

		(b)	The Earnout Escrow Agent will hold the Sponsor Earnout Shares in the Escrow Account as a book-entry
position registered in the name of the Sponsor until any such Sponsor Earnout Shares are to be (i) released to the Sponsor, or
(ii) otherwise forfeited and released to PubCo, in each case, in accordance with the terms of this Agreement and the Merger Agreement.

 

		(c)	The Earnout Escrow Agent will hold the Stockholder Earnout Shares in the Escrow Account as a book-entry
position with a number of Stockholder Eanout Shares registered in the name of each member of the Stockholder Earnout Group as set
forth opposite such Member’s name on Exhibit A, until
any such Stockholder Earnout Shares are to be (i) released to each member of the Stockholder Earnout Group on a Pro Rata Basis,
or (ii) otherwise forfeited and released to PubCo, in each case, in accordance with the terms of this Agreement and the Merger
Agreement.

 

		(d)	When all or any portion of the Sponsor Earnout Shares and Stockholder Earnout Shares are required
to be released under the Merger Agreement, the Parties shall deliver joint written instructions to the Earnout Escrow Agent in
accordance with the security procedures set forth in Section 11 and executed by each of (x) PubCo, (y) the Sponsor (or, in the
event of a dissolution of the Sponsor, the Sponsor Representative), and (z) the Stockholder Representative (a “Release
Notice”). The Parties agree that the Earnout Shares shall
not be subject to attachment by any creditor (including any creditor of any party to the Merger Agreement).

 

     

     

    

 

		(e)	The Earnout Escrow Agent does not own or have any interest in the Earnout Shares or any Escrowed
Dividends, but is serving as escrow holder, having only possession thereof and agreeing to hold and distribute the Earnout Shares
and any Escrowed Dividends in accordance with the terms and conditions set forth herein.

 

		(f)	The Parties agree that Sponsor shall retain all voting rights and other shareholder rights with
respect to the Sponsor Earnout Shares and the Stockholder Representative shall retain all voting rights and other shareholder rights
with respect to the Stockholder Earnout Shares (except, in each case, the right to receive any dividends or other distributions
paid in respect of such Earnout Shares following the Closing and prior to the release of such Earnout Shares, which instead shall
be governed by the terms of this Agreement) until such shares are released from the Escrow Account in accordance with the terms
of this Agreement and the Merger Agreement. For so long as the Earnout Shares are held by the Escrow Agent, the Escrow Agent shall
vote the Earnout Shares solely as directed in writing by Sponsor (in the case of the Sponsor Earnout Shares) and the Stockholder
Representative (in the case of the Stockholder Earnout Shares). Any dividend or other distributions distributed on any Earnout
Shares (collectively the “Escrowed Dividends”)
shall be distributed to and held by the Earnout Escrow Agent, and shall be disbursed by the Escrow Agent together with and when
the Earnout Shares on which such dividend was distributed are released, to the same person or entity to whom such Earnout Shares
are released in accordance with the terms of this Agreement. For the avoidance of doubt, any release or distribution of Earnout
Shares in accordance with this Agreement shall also be understood to include a distribution of the Escrowed Dividends, if any,
with respect to such released Earnout Shares.

 

		(g)	Any cash Escrowed Dividends shall be delivered to the Earnout Escrow Agent to be held in a bank
account and be deposited in one or more non-interest-bearing accounts to be maintained by the Earnout Escrow Agent in the name
of the Earnout Escrow Agent at one or more of the banks listed in Schedule 3 hereto (the “Approved
Banks”). The deposit of such Escrowed Dividends in any
of the Approved Banks shall be deemed to be at the direction of the applicable Party entitled to such Escrowed Dividends. At any
time and from time to time, the applicable Party entitled to such Escrowed Dividends may direct the Earnout Escrow Agent, by written
instruction, (i) to deposit such dividends with a specific Approved Bank, (ii) not to deposit any new dividend amount in any Approved
Bank as specified in such written instruction and/or (iii) to withdraw all or any of such dividends that may then be deposited
with any Approved Bank specified in such written instruction. With respect to any such written instruction by the applicable Party
entitled to the Escrowed Dividends, the Earnout Escrow Agent will withdraw such amount specified in such written instruction as
soon as reasonably practicable and the Parties acknowledge and agree that such specified amount remains at the sole risk of the
Parties prior to and after such withdrawal. Any amount so withdrawn may be reinvested or deposited with any other Approved Bank
or any Approved Bank instructed by the applicable Party entitled to the Escrowed Dividends in such written instruction. So long
as the Earnout Escrow Agent is holding any amount of the cash
Escrowed Dividends in accordance with this Agreement and absent investment instructions from the applicable Party in accordance
with this Section 2(g) (such amount in respect of which no investment instructions have been received, a “Non-Invested
Amount”), the Earnout Escrow Agent shall deposit the
Non-Invested Amount in a non-interest-bearing account with an Approved Bank and such deposit of the Escrowed Dividend in any of
the Approved Banks shall be deemed to be at the direction of the applicable Party entitled to such Escrowed Dividends.

 

     

     

    

 

		(h)	The Earnout Escrow Agent shall have no duty, responsibility or obligation to invest any cash Escrowed
Dividends or other funds or cash held by it hereunder other than in accordance with this Section 2.

 

		(i)	The amounts held in custody by the Earnout Escrow Agent pursuant to this Agreement are at the sole
risk of the Parties and, without limiting the generality of the foregoing, the Earnout Escrow Agent shall have no responsibility
or liability for any diminution of the cash Escrowed Dividends which may result from any deposits made pursuant to this Agreement,
including any losses resulting from a default by an Approved Bank or any other credit losses (whether or not resulting from such
default) or other losses on any deposit required to be liquidated in order to make a payment required hereunder. The Parties acknowledge
and agree that the Earnout Escrow Agent is acting prudently and at their direction when depositing the cash Escrowed Dividends
at any Approved Bank, and the Earnout Escrow Agent is not required to make any further inquiries in respect of any Approved Bank.

 

		3.	Release Notices.

 

		(a)	The Earnout Escrow Agent shall disburse the Earnout Shares only in accordance with the Release
Notice. Each such Release Notice shall set forth in reasonable detail the triggering event giving rise to the requested release
and the specific release instructions with respect thereto (including the number of Earnout Shares to be released and the identity
of the person to whom they should be released).

 

		(b)	If the Sponsor Earnout Shares are to be released to the Sponsor (as opposed to a release and forfeiture
to PubCo), the specified number of Sponsor Earnout Shares (and the applicable portion of the Escrowed Dividends) shall be released
to the Sponsor; provided, that if the Sponsor has been dissolved, the Sponsor Earnout Shares shall be released to the Persons
designated by the Sponsor Representative (in which case, the Sponsor Representative shall specify in the Release Notice the number
of Sponsor Earnout Shares and Escrowed Dividends each Person shall receive in connection with such release and the Earnout Escrow
Agent, the PubCo and the Stockholder Representative shall have no liability for the accuracy of, or compliance with terms of the
Merger Agreement or any other document, of such instructions).

 

     

     

    

 

		(c)	If the Stockholder Earnout Shares are to be released to the Stockholder Earnout Group (as opposed
to a release and forfeiture to PubCo), the specified number of Stockholder Earnout Shares (and the applicable portion of the Escrowed
Dividends) shall be released to either (x) the Stockholder Representative in his, her or its capacity as the Stockholder Representative
of the Stockholder Earnout Group, or (y) directly to the members of the Stockholder Earnout Group in accordance with the terms
of the Merger Agreement (in which case, the Stockholder Representative shall specify in the Release Notice the number of Stockholder
Earnout Shares and Escrowed Dividends each member of the Stockholder Earnout Group shall receive in connection with such release
and the Escrow Agent and the Sponsor shall have no liability for the accuracy of, or compliance with terms of the Merger Agreement
or any other document, of such instructions).

 

		(d)	If the Merger Agreement requires that all or any portion of the Earnout Shares are to be released
and forfeited to PubCo, then the Release Notice shall specify the number of Earnout Shares to be released and forfeited to PubCo
(and the applicable portion of the Escrowed Dividends).

 

		(e)	In the event an equitable adjustment is required under Section 4(c) below, any Release Notice shall
also include reasonably detailed information with respect to such equitable adjustment.

 

		(f)	During the period from the date of this Agreement until the date upon which all of the Earnout
Shares have been released, PubCo, the Stockholder Representative and the Sponsor (or, following the dissolution of the Sponsor,
the Sponsor Representative) agree to promptly and jointly issue all applicable Release Notices upon the occurrence of each triggering
event, as such events are described in the Merger Agreement (and in accordance with Section 4). For the avoidance of doubt, in
the event of a conflict between the terms of this Agreement and the Merger Agreement, then, as between PubCo, the Sponsor (or the
Sponsor Representative) and the Stockholder Representative, the terms of the Merger Agreement shall control and the aforementioned
parties shall use reasonable best efforts to effect an amendment to this Agreement (including to Section 4 below).

 

		(g)	Within two (2) Business Days following the receipt of any Release Notice and subject to the receipt
of required documentation for compliance with applicable anti-money laundering requirements, the Earnout Escrow Agent shall release
and deliver to the person or persons designated in the applicable Release Notice the number of Earnout Shares set forth in such
Release Notice by transfer of the relevant Earnout Shares into the securities accounts designated in such Release Notice.

 

		(h)	The Earnout Escrow Agent shall be entitled to rely upon, and be held harmless for such reliance,
on any Release Notice for any action taken, suffered or omitted to be taken in good faith by it. The Earnout Escrow Agent shall
have no obligation to determine whether a triggering event has occurred or is contemplated to occur under the Merger Agreement, this
Agreement (including, without limitation, under Section 4), or any other document.

 

     

     

    

 

		(i)	For purposes of this Agreement, “Business
Day” shall mean any day other than a Friday, Saturday,
Sunday or any other day on which commercial banks in New York, New York or the location of the Earnout Escrow Agent’s
offices in Section 10 are authorized or required by law to close.

 

		4.	Disbursement and Termination.

 

		(a)	Release of Earnout Shares. The Earnout Shares shall be released and delivered as follows:

 

		(i)	(A) one-half of the Stockholder Earnout Shares will be released from the Earnout Escrow Account,
and distributed to each member of the Stockholder Earnout Group on a Pro Rata Basis and (B) one-half of the Sponsor Earnout Shares
will be released from the Earnout Escrow Account and distributed to the Sponsor, in each case, in accordance with Section 3.07(b)(ii)
of the Merger Agreement upon receipt of the applicable Release Notice by the Earnout Escrow Agent, if, on or prior to the fifth
(5th) anniversary of the Closing Date: (x) the VWAP of shares of PubCo’s
Class A Common Stock equals or exceeds $15.00 per share for twenty (20) of any thirty (30) consecutive trading days commencing
after the Closing on the NYSE, Nasdaq or any other national securities exchange, as applicable, or (y) if PubCo consummates a transaction
which results in the stockholders of PubCo having the right to exchange their shares for cash, securities or other property having
a value equaling or exceeding $15.00 per share (for any non-cash proceeds, as determined based on the agreed valuation set forth
in the applicable definitive agreements for such transaction or, in the absence of such valuation, as determined in good faith
by the PubCo Board);

 

		(ii)	(A) one-half of the Stockholder Earnout Shares will be released from the Earnout Escrow
                                                              Account, and distributed to each member of the Stockholder Earnout Group on a Pro Rata Basis and (B) one-half of the Sponsor
                                                              Earnout Shares will be released from the Earnout Escrow Account and distributed to the Sponsor, in each case, in accordance
                                                              with Section 3.07(b)(ii) of the Merger Agreement upon receipt of the applicable Release Notice by the Earnout Escrow Agent,
                                                              if, on or prior to the fifth (5th) anniversary of the Closing Date: (x) the VWAP of shares of PubCo’s
                                                              Class A Common Stock equals or exceeds $17.50 per share for twenty (20) of any thirty (30) consecutive trading days
                                                              commencing after the Closing on the NYSE, Nasdaq or any other national securities exchange, as applicable, or (y) if PubCo
                                                              consummates a transaction which results in the stockholders of PubCo having the right to exchange their shares for cash,
                                                              securities or other property having a value equaling or exceeding $17.50 per share (for any non-cash proceeds, as determined
                                                              based on the agreed valuation set forth in the applicable definitive
agreements for such transaction or, in the absence of such valuation, as determined in good faith by PubCo Board);

 

     

     

    

 

		(iii)	if the conditions set forth in either Sections 3.07(c)(i) or (ii) of the Merger Agreement have
not been satisfied following the fifth (5th) anniversary of the Closing Date, any Earnout Shares remaining in the Earnout
Escrow Account shall be automatically released to PubCo for cancellation and neither the members of the Stockholder Earnout Group
nor the Sponsor shall have any right to receive such Earnout Shares or any benefit therefrom;

 

		(iv)	for the avoidance of doubt, if the condition for more than one triggering event is met pursuant
to Section 3.07(c) of the Merger Agreement, then all of the Earnout Shares to be released and distributed in connection with each
such triggering event shall be released and delivered to the Sponsor and the members of the Stockholder Earnout Group in accordance
with Section 3.07(c) of the Merger Agreement;

 

		(v)	for the avoidance of doubt, any Earnout Shares to be released from the Earnout Escrow Account shall
be distributed and released as PubCo’s Class A Shares, save
and except for any Earnout Shares to be released and distributed from the Earnout Escrow Account to holders of Company Class A
Common Stock immediately prior to the Effective Time (for the avoidance of doubt, including any Company Class A Common Stock after
giving effect to the Exchange and excluding any shares of Company Class A Common Stock that is a Cash Election Share), which instead
shall be released and distributed as PubCo’s Class B Shares.

 

		(b)	Escrow Termination Date. Subject to the provisions of Section 8, this Agreement shall terminate
after all of the Earnout Shares and Escrowed Dividends have been released from the Escrow Account.

 

		(c)	Adjustment. The PubCo’s
Class A Common Stock price targets set forth in Section 3.07(a)
and Section 3.07(b) of the Merger Agreement and the number
of PubCo’s Class A Common Stock to be issued and released
pursuant to Section 3.07(a) and Section 3.07(b)
of the Merger Agreement shall be equitably adjusted for any stock dividend, subdivision, reclassification, recapitalization, split,
combination or exchange of shares, or any similar event affecting the PubCo Class A Common Stock after the date of this Agreement.
With respect to the shares of PubCo’s Class B Common Stock
to be issued and released pursuant to Section 3.07(a) and Section 3.07(b), such shares shall be equitably adjusted for any stock
dividend, subdivision, reclassification, recapitalization, split, combination or exchange of shares, or any similar event affecting
the Acquiror Class B Common Stock after the date of this Agreement.

 

		(d)	Records. The Earnout Escrow Agent shall keep proper books of record and account in which
full and correct entries shall be made of all release activity in the Escrow Account.

 

     

     

    

 

		5.	Earnout Escrow Agent.

 

		(a)	The Earnout Escrow Agent shall have only those duties as are specifically and expressly provided
herein, which shall be deemed purely ministerial in nature, and no other duties shall be implied. The Earnout Escrow Agent shall
not have any fiduciary, partnership or joint venture relationship with any Party or any other person or entity arising out of or
in connection with this Agreement.

 

		(b)	The Earnout Escrow Agent shall not be responsible for, nor chargeable with, knowledge of, nor have
any requirements to comply with, the terms and conditions of any other agreement, instrument or document among the Parties, in
connection herewith, if any, including without limitation the Merger Agreement, nor shall the Earnout Escrow Agent be required
to determine if any person or entity has complied with any such agreements, nor shall any additional obligations of the Earnout
Escrow Agent be inferred from the terms of such agreements, even though reference thereto may be made in this Agreement. In the
event of any conflict between the terms and provisions of this Agreement, those of the Merger Agreement, any schedule or exhibit
attached to this Agreement, or any other agreement among the Parties, the terms and conditions of this Agreement shall govern and
control in all respects relating to the Earnout Escrow Agent, but in every other respect involving the parties and beneficiaries
of any such other agreement, the other agreement shall control.

 

		(c)	The Earnout Escrow Agent may rely upon, and shall not be liable for acting or refraining from acting
upon, any Release Notice or other written notice, document, instruction or request furnished to it hereunder and reasonably believed
by it to be genuine and to have been signed or presented by the proper Party or Parties without inquiry and without requiring substantiating
evidence of any kind. The Earnout Escrow Agent shall not be liable to any Party, any beneficiary, or other person or entity for
refraining from acting upon any Release Notice or other written notice, document, instruction or request furnished to it hereunder
setting forth, claiming, containing, objecting to, or related to the transfer or distribution of the Earnout Shares, or any portion
thereof, unless such Release Notice or other written notice, document, instruction or notice shall have been delivered to the Earnout
Escrow Agent in accordance with Section 11 below and the Earnout Escrow Agent has been able to satisfy any applicable security
procedures as may be required hereunder and as set forth in Section 11. The Earnout Escrow Agent shall not be under any duty to
inquire into or investigate the validity, accuracy or content of any such document, notice, instruction or request. The Earnout
Escrow Agent shall have no duty to solicit any receipt of Earnout Shares which may be due to it or the Escrow Account, nor shall
the Earnout Escrow Agent have any duty or obligation to confirm or verify the accuracy or correctness of any number or class of
Earnout Shares deposited with it hereunder.

 

     

     

    

 

		(d)	The Earnout Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken
by it in good faith except to the extent that a final adjudication of a court of competent jurisdiction determines that the Earnout
Escrow Agent’s fraud, gross negligence or willful
misconduct was the primary cause of any loss to either Party. The Earnout Escrow Agent may execute any of its powers and perform
any of its duties hereunder directly or through affiliates or agents, and the Earnout Escrow Agent shall not be liable for any
action taken, suffered or omitted to be taken by any such attorney or agent in good faith, absent fraud, gross negligence, bad
faith or willful misconduct (each as determined by a final, nonappealable judgment of a court of competent jurisdiction) in the
selection and continued employment thereof. The Earnout Escrow Agent may consult with counsel, accountants and other skilled persons
to be selected and retained by it. The Earnout Escrow Agent shall not be liable for any action taken, suffered or omitted to be
taken by it in accordance with, or in reasonable reliance upon, the advice or opinion of any such counsel, accountants or other
skilled persons. In the event that the Earnout Escrow Agent shall be uncertain or believe there is some ambiguity as to its duties
or rights hereunder or shall receive instructions, claims or demands from any Party which, in its opinion, conflict with any of
the provisions of this Agreement, it shall be entitled to refrain from taking any action, and its sole obligation shall be to keep
safely all property held in escrow until it shall be given a direction in writing by the Parties which eliminates such ambiguity
or uncertainty to the satisfaction of Earnout Escrow Agent or by a final and non-appealable order or judgment of a court of competent
jurisdiction. To the extent practicable, the Parties agree to pursue any redress or recourse in connection with any dispute arising
under the Merger Agreement (other than with respect to a dispute involving the Earnout Escrow Agent) without making the Earnout
Escrow Agent a party to the same. Anything in this Agreement to the contrary notwithstanding, in no event shall the Earnout Escrow
Agent be liable for special, incidental, punitive, indirect or consequential loss or damage of any kind whatsoever (including but
not limited to lost profits), even if the Earnout Escrow Agent has been advised of the likelihood of such loss or damage and regardless
of the form of action.

 

		6.	Succession.

 

		(a)	The Earnout Escrow Agent may resign and be discharged from its duties or obligations hereunder
by giving thirty (30) days advance notice (pursuant to Section 10) in writing of such resignation to the Parties specifying a date
when such resignation shall take effect. By delivery of joint written instructions by the Parties to the Escrow Agent, the Parties
shall have the right to terminate their appointment of the Earnout Escrow Agent, or successor escrow agent, as Earnout Escrow Agent,
upon thirty (30) days’ notice to the Earnout Escrow Agent.
If the Earnout Escrow Agent shall resign, be removed or otherwise become incapable of acting, the Parties shall appoint a successor
to be the Earnout Escrow Agent. If the Parties have failed to appoint a successor escrow agent prior to the expiration of thirty
(30) days after giving notice of such removal or following the receipt of the notice of resignation or incapacity, the Earnout
Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor escrow agent within the relevant
jurisdiction or for other appropriate relief, and any such resulting appointment shall be binding upon all of the parties hereto.
The Earnout Escrow Agent’s sole responsibility after such
thirty (30) day notice period expires shall be to hold the Earnout Shares (without any obligation
to reinvest the same) and to deliver the same to a designated substitute escrow agent as jointly instructed in writing by the Parties,
if any, or in accordance with the directions of a final order or judgment of a court of competent jurisdiction, at which time of
delivery, the Earnout Escrow Agent’s obligations hereunder
shall cease and terminate, subject to the provisions of Section 8 hereunder. The Earnout Escrow Agent shall have the right to withhold
monies or property in an amount equal to any amount due and then owing to the Earnout Escrow Agent, plus any costs and expenses
the Earnout Escrow Agent shall reasonably believe may be incurred by the Earnout Escrow Agent that the Parties are obligated to
indemnify or reimburse the Earnout Escrow Agent for pursuant to this Agreement in connection with the termination of this Agreement,
so long as the Earnout Escrow Agent has previously submitted a written invoice in respect thereof to the Parties that the Parties
have not paid within 30 days of receipt of such invoice.

 

     

     

    

 

		(b)	Any entity into which the Earnout Escrow Agent may be merged or converted or with which it may
be consolidated, or any entity to which all or substantially all the escrow business may be transferred, shall be the Earnout Escrow
Agent under this Agreement without further action on the part of any party hereto. The Earnout Escrow Agent shall promptly notify
the Parties in the event this occurs.

 

		(c)	Every successor escrow agent appointed hereunder shall execute, acknowledge and deliver to its
predecessor, and also to the Parties, an instrument in writing accepting such appointment hereunder, and thereupon such successor
escrow agent, without any further action, shall become fully vested with all the rights, immunities and powers and shall be subject
to all of the duties and obligations, of its predecessor; and every predecessor escrow agent shall deliver all property and moneys
held by it hereunder to such successor escrow agent, at which time of delivery the Earnout Escrow Agent’s
obligations hereunder shall cease and terminate, subject to the provisions of Section 8.

 

		7.	Compensation and Reimbursement. PubCo agrees to (a) pay the Earnout Escrow Agent upon execution
of this Agreement, and from time to time thereafter, all reasonable compensation for the services to be rendered hereunder by the
Escrow Agent as described in Schedule 2 attached hereto, and (b) pay or reimburse the Earnout Escrow Agent upon request for all
reasonable and documented expenses, disbursements and advances, including, without limitation, reasonable attorney’s
fees and expenses, incurred or made by it in connection with the performance, modification and termination of this Agreement.

 

		8.	Indemnity.

 

		(a)	Subject to Section 8(c) below, the Earnout Escrow Agent shall be liable for any and all
                                                               losses, damages, claims, costs, charges, penalties and related interest, counsel fees and expenses, payments, expenses and
                                                               liability (collectively, “Losses”),
                                                               only to the extent such Losses are determined by a court of competent jurisdiction to be a result of its own fraud, gross
                                                               negligence, bad faith or willful misconduct (as determined by final adjudication of a court of competent jurisdiction);
                                                               provided, however, that any liability of
the Earnout Escrow Agent will be limited in the aggregate to the aggregate value of the Earnout Shares and Earnout Dividends deposited
with the Earnout Escrow Agent.

 

     

     

    

 

		(b)	The Parties shall jointly and severally indemnify and hold the Earnout Escrow Agent harmless from
and against, and the Earnout Escrow Agent shall not be responsible for, any and all Losses arising out of or attributable to the
Earnout Escrow Agent’s duties under this Agreement or this
appointment, including the reasonable costs and expenses of defending itself against any Losses or enforcing this Agreement (collectively,
“Agent Claims”),
except to the extent that such Losses are determined by a court of competent jurisdiction to be a result of the Earnout Escrow
Agent’s own fraud, gross negligence, bad faith or willful
misconduct (as determined by final adjudication of a court of competent jurisdiction). Notwithstanding the foregoing, and except
as provided in Section 7, as between themselves, the Parties agree that any Agent Claims payable hereunder shall be paid (or reimbursed,
as applicable): (a) in the case that the Agent Claim is not attributable to actions or inactions of any particular Party, by PubCo;
and (b) in the event that the Agent Claim is attributable to the actions or inactions of a certain Party, by such Party (and such
Party shall reimburse the other Parties, in the event that such other Party(ies) has made indemnification payments under this Section
8(b) in respect of such Agent Claim).

 

		(c)	Notwithstanding anything in this Agreement to the contrary, none of the Parties or the Earnout
Escrow Agent shall be liable for any incidental, punitive, indirect, special or consequential damages of any nature whatsoever,
including, but not limited to, loss of anticipated profits, occasioned by a breach of any provision of this Agreement even if apprised
of the possibility of such damages.

 

		(d)	In order that the indemnification provisions contained in this Section 8 shall apply, upon the
assertion of a claim for which one party may be required to indemnify the other, the party seeking indemnification shall promptly
notify the other party of such assertion in writing after it becomes aware, and shall keep the other party advised with respect
to all developments concerning such claim; provided, that failure to give prompt notice shall not relieve the indemnifying party
of any liability to the indemnified party, except to the extent that the indemnifying party demonstrates that the defense of such
action has been materially prejudiced by the indemnified party’s
failure to timely give such notice. The indemnifying party shall have the option to participate with the indemnified party in the
defense of such claim or to defend against said claim in its own name or the name of the indemnified party unless such claim is
(i) brought by the indemnified party or (ii) the indemnified party reasonably determines that there may be a conflict of interest
between the indemnified party and the indemnifying party in the defense of such claim and the indemnified party does in fact assume
the defense. The indemnified party shall in no case confess any claim, make any compromise or take any action adverse to the indemnifying
party in any case in which the indemnifying party may be required to indemnify it, except with the indemnifying party’s
prior written consent, which shall not be unreasonably withheld or delayed.

 

     

     

    

 

		(e)	For the avoidance of doubt, this Section 8 shall survive termination of this Agreement or the resignation,
replacement or removal of the Earnout Escrow Agent for any reason.

 

		9.	Patriot Act Disclosure/Taxpayer Identification Numbers/Tax Reporting.

 

		(a)	Patriot Act Disclosure. Section 326 of the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA
PATRIOT Act”) requires the Earnout Escrow Agent to implement
reasonable procedures to verify the identity of any person that opens a new account with it. Accordingly, the Parties acknowledge
that Section 326 of the USA PATRIOT Act and the Earnout Escrow Agent’s
identity verification procedures require the Earnout Escrow Agent to obtain applicable information which is required to confirm
the Parties’ identity including without limitation name,
address and organizational documents (“identifying information”).
The Parties agree to provide the Earnout Escrow Agent with and consent to the Earnout Escrow Agent obtaining from third parties
any such identifying information required as a condition of opening an account with or using any service provided by the Earnout
Escrow Agent for the purposes of this Agreement.

 

		(b)	Certification and Tax Reporting. The Parties have provided, or promptly following the date
hereof will provide, the Earnout Escrow Agent with their respective fully executed Internal Revenue Service (“IRS”)
Form W-8, or W-9. The Earnout Escrow Agent shall make such reports to the applicable tax authorities as directed by PubCo and shall
have no obligation under this Agreement to make any other reports with respect to taxes. If required by law, the Earnout Escrow
Agent shall withhold any taxes it deems appropriate in the absence of proper tax documentation or as required by law, and shall
remit such taxes to the appropriate authorities.

 

		10.	Notices. All notices, demands and other communications given pursuant to the terms and provisions
hereof shall be in writing, except for communications from the Parties setting forth, claiming, containing, objecting to, or in
any way related to the transfer or distribution of funds, including but not limited to funds transfer instructions (all of which
shall be specifically governed by Section 11 below), shall be deemed effective on the date of receipt, and may be sent by:

 

		(a)	by facsimile or other electronic submission (including e-mail);

 

		(b)	by overnight courier or delivery service; or

 

		(c)	by certified or registered mail, return receipt requested; to the appropriate notice address set
forth below or at such other address as any party hereto may have furnished to the other parties hereto in writing by registered
mail, return receipt requested.

 

     

     

    

 

If to the Stockholder Representative:

 

Attention: Andrew Paradise

E-mail: aparadise@skillz.com

 

With a copy (which shall not constitute
notice) to:

 

Winston & Strawn LLP

1901 L Street N.W.

Washington,
D.C. 20036

Attn: Christopher
Zochowski

Facsimile No.: (202) 282-5100

 

Email: czochowski@winston.com

sgavin@winston.com

kgann@winston.com

 

If to Sponsor:

 

2121 Avenue of the Stars,
Suite 2300

Los Angeles, CA 90067

Attention: Eli Baker

E-mail: elibaker@geacq.com

 

If to PubCo:

 

Skillz Inc.

Attention:
Charlotte Edelman, VP of Legal

Email:
cedelman@skillz.com

legal@skillz.com

 

with a copy (which
shall not constitute notice) to:

 

Winston & Strawn LLP

1901 L Street N.W.

Washington, D.C. 20036

Attn: Christopher Zochowski

Steve Gavin

Kyle Gann

Facsimile No.: (202) 282-5100

Email: czochowski@winston.com

sgavin@winston.com

 

     

     

    

 

With a copy (which shall not constitute
notice) to:

 

White & Case LLP

1221 Avenue of the
Americas

New York, NY
10020

Attn: Joel
Rubinstein

Michael Deyong

Email: joel.rubinstein@whitecase.com

michael.deyong@whitecase.com

 

If to the Earnout Escrow Agent:

 

Continental Stock Transfer &
Trust Company

1 State Street 30th
Floor

New York, NY
10004-1561

Attn: Henry
Farrell

Email: hfarrell@continentalstock.com

 

		11.	Security Procedures.

 

		(a)	Notwithstanding anything to the contrary as set forth in this Agreement, any instructions setting
forth, claiming, containing, objecting to, or in any way related to the transfer or distribution of the Earnout Shares, including
but not limited to any such instructions that may otherwise be set forth in a Release Notice or other written notice, document,
instruction or request permitted pursuant to Section 4 of this Agreement, may be given to the Earnout Escrow Agent only by confirmed
facsimile or other electronic transmission (including e-mail) and no instruction for or related to the transfer or distribution
of the Earnout Shares, or any portion thereof, shall be deemed delivered and effective unless the Earnout Escrow Agent actually
shall have received such instruction by facsimile or other electronic transmission (including e-mail) at the number or e-mail address
provided to the Parties by the Earnout Escrow Agent in accordance with Section 10 and as further evidenced by a confirmed transmittal
to that number or e-mail address.

 

		(b)	In the event transfer instructions are so received by the Earnout Escrow Agent by facsimile or
other electronic submission (including e-mail), the Earnout Escrow Agent is authorized to seek confirmation of such instructions
by telephone call-back to the person or persons designated on Schedule 1 hereto, and the Earnout Escrow Agent may rely upon the
confirmation of anyone purporting to be the person or persons so designated. The persons and telephone numbers for call-backs may
be changed only in a writing actually received and acknowledged by the Earnout Escrow Agent. If the Earnout Escrow Agent is unable
to reach the Stockholder Representative after a reasonable amount of time, the Earnout Escrow Agent is hereby authorized both to
receive written instructions from and seek written confirmation of such instructions by any one or more of PubCo’s
executive officers (“Executive Officers”),
as the case may be, which shall include the titles of Chief Legal Officer and Chief Financial Officer, as the Earnout Escrow Agent
may select. Such Executive Officer shall deliver to the Earnout Escrow Agent a fully executed incumbency certificate, and the Earnout
Escrow Agent may rely upon the confirmation of anyone purporting
to be any such officer as confirmation on behalf of the Stockholder Representative.

 

     

     

    

 

		(c)	Notwithstanding anything to the contrary herein, the Earnout Escrow Agent shall only deliver or
distribute the Earnout Shares upon receipt of and in accordance with the delivery instructions set forth in the applicable Release
Notice.

 

		(d)	The Parties acknowledge that the security procedures set forth in this Section 11 are commercially
reasonable.

 

		12.	Compliance with Court Orders. In the event that any escrow or trust property shall be attached,
garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any
order, judgment or decree shall be made or entered by any court affecting the property deposited under this Agreement, the Earnout
Escrow Agent is hereby expressly authorized, in its sole discretion, to obey and comply with all writs, orders, judgments or decrees
so entered or issued, which it is advised by legal counsel of its own choosing is binding upon it, whether with or without jurisdiction,
and in the event that the Earnout Escrow Agent obeys or complies with any such writ, order, judgment or decree, it shall not be
liable to any of the parties hereto or to any other person, entity, firm or corporation, by reason of such compliance notwithstanding
such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated.

 

		13.	Miscellaneous.

 

		(a)	Amendment. Except for transfer instructions as provided in Section 11, the provisions of
this Agreement may be waived, altered, amended or supplemented, in whole or in part, only by a writing signed by the parties hereto.

 

		(b)	Assignment. Neither this Agreement nor any right, obligation or interest hereunder may be
assigned in whole or in part by any party hereto, except as provided in Section 6, without the prior written consent of all of
the other parties hereto.

 

		(c)	Governing Law; Jurisdiction. This Agreement shall be governed by and construed under the
laws of the State of New York, without regard to principles of law (including conflicts of law) that will require the application
of the laws of any other jurisdiction. Each party to this Agreement irrevocably waives any objection on the grounds of venue, forum
non-conveniens, lack of jurisdiction or any similar grounds and irrevocably consents to service of process by mail or in any other
manner permitted by applicable law and consents to the jurisdiction of any court of the State of New York or United States federal
court located in the State of New York. The parties to this Agreement further hereby waive any right to a trial by jury with respect
to any lawsuit or judicial proceeding arising or relating to this Agreement.

 

     

     

    

 

		(d)	Force Majeure. No party to this Agreement is liable to any other party hereto for losses
due to, or if it is unable to perform its obligations under the terms of this Agreement because of acts reasonably beyond its control
including, without limitation, acts of God, fire, terrorism, disease, pandemic, floods, strikes, shortage of supply, breakdowns or malfunctions,
interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information
storage or retrieval systems, labor difficulties, war, or civil unrest; provided, that the Earnout Escrow Agent shall use commercially
reasonable efforts to resume performance as soon as practicable. If any such act occurs, then the Earnout Escrow Agent shall give,
as promptly as practicable, written notice to the Parties, stating the nature of such act and any action being taken to avoid or
minimize its effect.

 

		(e)	Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. All signatures of the parties
to this Agreement may be transmitted by facsimile or pdf (including via e-mail). A signature to this Agreement transmitted electronically
shall have the same authority, effect, and enforceability as an original signature, and will be binding and effective upon such
party when a counterpart shall have been signed by each of the parties hereto and delivered to the other parties hereto.

 

		(f)	Severability. If any term, provision, covenant or restriction of this Agreement is held
by a court of competent jurisdiction or other authority to be invalid, void or unenforceable by reason of any applicable law of
a jurisdiction, then the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated.

 

		(g)	Interpretation. When a reference is made in this Agreement to Sections, such reference shall
be to a Section of this Agreement unless otherwise indicated. Whenever the words “include,”
 “includes” or “including”
are used in this Agreement they shall be deemed to be followed by the words “without
limitation.” The table of contents and headings set forth
in this Agreement are for convenience of reference purposes only and shall not affect or be deemed to affect in any way the meaning
or interpretation of this Agreement or any term or provision hereof. All references to currency, monetary values and dollars set
forth herein shall mean U.S. dollars. The Parties agree that they have been represented by counsel during the negotiation and execution
of this Agreement and, therefore, waive the application of any Law, regulation, holding or rule of construction providing that
ambiguities in an agreement or other document will be construed against the party drafting such agreement or document.

 

		(h)	Enforcement, Remedies and Compliance. A person or entity who is not a party to this
                                                               Agreement shall have no right to enforce any term of this Agreement. Each Party represents, warrants and covenants that each
                                                               document, notice, instruction or request provided by such Party to the Earnout Escrow Agent shall comply with applicable laws
                                                               and regulations. Where, however, the conflicting provisions of any such applicable law may be waived, they are hereby
                                                               irrevocably waived by the parties hereto to the fullest extent permitted by law, to the end that this Agreement shall be
                                                               enforced as written. Except as expressly provided in Section 8 above, nothing in this Agreement, whether express or implied,
                                                               shall be construed to give to any person or entity other than
the Earnout Escrow Agent and the Parties any legal or equitable right, remedy, interest or claim under or in respect of this Agreement
or any funds escrowed hereunder. Except as otherwise expressly provided herein or as between the applicable Parties in the Merger
Agreement, any and all remedies herein expressly conferred upon a party hereto will be deemed cumulative with and not exclusive
of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party hereto of any one remedy
will not preclude the exercise of any other remedy.

 

     

     

    

 

		(i)	Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY OR IN ANY
WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS
RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. EACH
PARTY HERETO HEREBY FURTHER AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT
TRIAL WITHOUT A JURY AND THAT THE PARTIES HERETO MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH PARTY HERETO CERTIFIES
AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY HERETO WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE SUCH WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED
THE IMPLICATIONS OF SUCH WAIVER, (C) IT MAKES SUCH WAIVER VOLUNTARILY, AND (D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 13(i).

 

		(j)	Publicity. Except as may be required by applicable law (including securities laws), court
order, regulatory authority (including a securities authority) or as shall be required or desirable to be presented by a party
to any tax authority of such party, none of the parties hereto shall disclose, issue a news release, public announcement, advertisement,
or other form of publicity concerning the existence of this Agreement or the services to be provided hereunder without obtaining
the prior written approval of the other parties hereto, which may be withheld in the other parties’
sole discretion; provided that the Earnout Escrow Agent may use PubCo’s
name in its customer lists or otherwise as required by applicable law or regulation.

 

     

     

    

 

		(k)	Successors. All the covenants and provisions of this Agreement by or for the benefit of
the parties hereto shall bind and inure to the benefit of their respective permitted successors and assigns hereunder.

 

		(l)	Third Party Beneficiaries. The provisions of this Agreement are intended to benefit only
the parties hereto and their respective permitted successors and assigns. No rights shall be granted to any other person or entity
by virtue of this Agreement, and there are no third party beneficiaries hereof.

 

		(m)	Survival. Notwithstanding anything to the contrary, all provisions regarding indemnification,
liability and limits thereon, compensation and expenses (with respect to any fees or expenses payable in respect of the period
preceding the termination or expiry of this Agreement) and confidentiality shall survive the termination or expiration of this
Agreement. For the avoidance of doubt, Section 8, Section 6, Section 7 (with respect to any outstanding fees or expenses payable
in respect of the period preceding the termination or expiry of this Agreement) and Section 13 shall survive termination of this
Agreement or the resignation, replacement or removal of the Earnout Escrow Agent for any reason.

 

		(n)	Merger of Agreement. This Agreement together with the Merger Agreement constitutes the entire
agreement between the parties hereto related to the Earnout Shares and supersedes any prior agreement with respect to the subject
matter hereof, whether oral or written.

 

		(o)	No Strict Construction. The parties hereto have participated jointly in the negotiation
and drafting of this Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by all parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of the authorship of any provision of this Agreement.

 

* * * * *

 

     

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Escrow Earnout Agreement as of the date set forth above.

 

	
        SKILLZ INC. 
	 
	 	 
	By:	/s/ Andrew Paradise	 
	
         

        Name:
	
         

        Andrew Paradise
	 
	 	 	 
	Title:	Chief Executive Officer	 
	
         

        STOCKHOLDER REPRESENTATIVE:

         
	 
	 	/s/ Andrew Paradise	 
	
        Name: Andrew Paradise

         

        Eagle Equity Partners II, LLC 

         
	 
	By:	/s/ Eli Baker	 
	 	 	 
	Name:	Eli Baker	 
	 	 	 
	Title:	Managing Member	 
	
         

        Continental Stock Transfer & Trust Company, as
        Earnout Escrow Agent

         
	 
	By:	/s/ Henry Farrell 	 
	 	 	 
	Name:	Henry Farrell	 
	 	 	 
	Title:	Vice President & Account Administrator	 

 

Signature page to Earnout Escrow Agreement

 

     

     

    

 

Schedule 1

Security Procedures

 

To be attached.

 

     

     

    

 

Schedule 2

Compensation and Reimbursement

 

To be attached.

 

     

     

    

 

Schedule 3

Approved Banks

 

To be attached.

 

     

     

    

 

Exhibit A

Stockholder Earnout Shares

 

	Stockholder Earnout Group Member	Number of Stockholder Earnout Shares

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]