Document:

Exhibit 10.24

 

 

 

SBTech
(Global) Limited 

 

 

 

 

2011 Global Share Option Plan 

 

As assumed by DraftKings Inc.

 

 

 

 

 

 

 

    	 	 	 

    	 	 

    

 

This plan, as amended from time
to time, shall be known as the 2011 Global Share Option Plan (the “Plan”), which was adopted by SBTech (Global)
Limited on July 11, 2011 and assumed by DraftKings, Inc. on April 23, 2020 (the “Assumption Date”).

 

		1.	PURPOSE OF THE PLAN

 

The
Plan is intended to provide an incentive to retain, in the employment or engagement of the Company (as defined below) and its
Affiliated Company persons of training, experience and ability; to attract new employees, directors, consultants and service providers;
to encourage the sense of proprietorship of such persons; and to stimulate the active interest of such persons in the development
and financial success of the Company by providing them with opportunities to purchase shares of Class A Common Stock in the Company.

 

		2.	DEFINITIONS

 

For purposes of interpreting
the Plan and related documents (including the Option Agreement and its appendixes), the following definitions shall apply:

 

		2.1.	“Affiliated Company” of
a person means any person or entity that is controlling, controlled by, or under common control with, such person.

 

		2.2.	“Board” means the Board
of Directors of the Company.

 

		2.3.	“Cause” means (i) conviction
of any felony involving moral turpitude or affecting the Company or its Affiliated Companies; (ii) any refusal to carry out a reasonable
directive of the Company’s Chief Executive Officer, Board or the Optionee’s direct supervisor, which involves the business
of the Company or its Affiliated Companies and was capable of being lawfully performed; (iii) embezzlement of funds of the Company
or its Affiliated Companies; (iv) any breach of the Optionee’s fiduciary duties or duties of care of the Company or its Affiliated
Companies; including without limitation disclosure of confidential information of the Company or its Affiliated Companies; (v)
any conduct (other than conduct in good faith) reasonably determined by the Board to be materially detrimental to the Company or
its Affiliated Companies; (vi) termination of employment initiated by the Optionee (resignation); or (vii) any other behavior defined
as “Cause” “justifiable cause” or the like in the respective Optionee’s employment, consulting or
service agreement with the Company or an Affiliated Company, as applicable; all unless otherwise determined in the Option agreement.

 

		2.4.	“Committee” means a
compensation committee of the Board which is empowered by the Board to administer this Plan, as may be designated from time to
time by the resolution of the Board. 

 

		2.5.	“Company” means DraftKings,
Inc., a Nevada corporation. 

 

		2.6.	“Date of Grant” means
the date of grant of an Option, as determined by the Board or authorized Committee as set forth in the Option Agreement and in
any event not earlier than the first date on which the Company is permitted to effect Option grants under this Plan.

 

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		2.7.	“Disability” means Optionee’s
inability to perform the Optionee’s duties towards the Company or any of its Affiliated Companies, for a consecutive period
of at least 180 days, by reason of any medically determinable physical or mental impairment.

 

		2.8.	“Employee” means a person
who is employed by the Company or any Affiliated Company. 

 

		2.9.	“Exercise Period” means,
with respect to an Option, and Vesting Dates, a period in which an Option shall be exercisable. The Exercise Period will begin
on the applicable vesting date, as specified in the Option Agreement, and will end not later than the Expiration date. 

 

		2.10.	“Expiration date” means
the date upon which an Option shall expire, as set forth in Section 8.3 of the Plan. 

 

		2.11.	“Fair Market Value” means
as of any date, the value of a Share determined as follows: 

 

		(i)	If the Shares are listed on any established stock exchange or a national
market system, the Fair Market Value shall be the last reported sale price for such Shares (or the highest closing bid, if no sales
were reported), as quoted on such exchange or system for the last market trading day prior to time of determination, as reported
in the Wall Street Journal, or such other source as the Board deems reliable;

 

		(ii)	If the Shares are regularly quoted by one or more recognized securities dealers,
but selling prices are not reported, the Fair Market Value shall be the mean between the highest bid and lowest asked prices for
the Shares on the last market trading day prior to the day of determination; or

 

		(iii)	In the absence of an established market for the Shares, the Fair Market Value
thereof shall be determined in good faith by the Board;

 

		2.12.	“Option” means an option
to purchase one or more Shares of the Company pursuant to this Plan.

 

		2.13.	“Optionee” means a person
who receives or holds an Option under the Plan.

 

		2.14.	“Option Agreement”means
the option agreement entered into between the Company and an Optionee that evidences and sets out the terms and conditions of an
Option. 

 

		2.15.	“Plan” means this 2011
Global Share Option Plan.

 

		2.16.	“Purchase Price” means
the price for each Share subject to an Option.

 

		2.17.	“Service Provider” means
a director, consultant, advisor or contractor of the Company or any Affiliated Company, and any other Optionee who is employed
by any advisor, consultant or contractor of the Company.

 

		2.18.	“Share” means shares
of the Company’s Class A common stock, par value $0.0001 per share. 

 

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		2.19.	“Successor Company” means
any entity into which the Company is merged to or by which the Company is acquired.

 

		2.20.	“Transaction” means one
or more of the following events:

 

		(i)	merger, consolidation or reorganization
of the Company with one or more other entities in which the Company is not the surviving entity, as a result of which the stockholders
of the Company prior to such event do not own, by virtue of their stockholding in the Company prior to such event, a majority of
the voting power of the surviving entity in the same relative proportions; or

 

		(ii)	a sale of all or substantially all of the
assets or stock of the Company to another entity (on a consolidated basis with its subsidiaries) or a transfer, in one transaction
or a series of related transactions of more than 50% of the Company’s stock, other than to a wholly owned subsidiary of the
Company or for a change of domicile. 

 

Notwithstanding
the aforesaid, the Board may determine that a transaction that falls within the aforesaid definition will not be considered a
Transaction for purpose of the Plan and any Option granted hereunder, as well as may be determined by the Board that any other
event will be considered a Transaction. For the avoidance of doubt “Transaction”
does not include:

 

		(i)	the Company being voluntarily liquidated
or dissolved;

 

		(ii)	any other event not specified above as Transaction.

 

		2.21.	“US$” means United States
of America dollar.

 

		2.22.	“Vested Option” means
a portion of an Option which has already been vested and exercisable according to its Vesting Dates or otherwise. 

 

		2.23.	“Vesting Dates” means,
with respect to an Option, as determined by the Board, the date(s) and/or event(s) as of which the Optionee shall be entitled to
exercise such Options or part of the Options into Shares, as set forth in Section 9 of the Plan.

  

		3.	ADMINISTRATION OF THE PLAN

 

		3.1	The Board shall have
the power and authority in its sole discretion to administer the Plan and to exercise all the powers and authorities specifically
granted to it under this Plan as necessary and advisable in the administration of this Plan. To the extent permitted under the
provisions of this Plan and any applicable law, the Board may delegate its powers under the Plan, or any part thereof, to the
Committee, in which case, any reference to the Board in the Plan with respect to the rights so delegated shall be construed as
reference to the Committee. Notwithstanding the foregoing, the Board shall automatically have residual authority (i) if no Committee
shall be constituted, (ii) with respect to rights not delegated by the Board to the Committee, or (iii) if such Committee shall
cease to operate for any reason whatsoever.

 

		3.2	The Committee shall
keep records of its meetings and shall make such rules and regulations for the conduct of its business as it shall deem advisable.

 

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		3.3	The Board shall have
full power and authority: (i) to designate Optionees to whom Options may from time to time be granted under this Plan; (ii) to
determine the terms and provisions of respective Option Agreements (which need not be identical) including, but not limited to,
the number of Shares to be covered by each Option, provisions concerning the time or times when and the extent to which the Options
may be exercised, the Purchase Price and the nature and duration of restrictions as to transferability or restrictions constituting
substantial risk of forfeiture; (iii) to accelerate the right of an Optionee to exercise, in whole or in part, any previously
granted Option; (iv) to interpret the provisions and supervise the administration of the Plan; (v) to determine the Fair Market
Value of the Shares; (vi) to designate the type of Options to be granted to an Optionee; (vii) to prescribe, amend and rescind
the rules and regulations relating to the Plan and to determine any other matter which is necessary or desirable for, or incidental
to, the administration of the Plan; (viii) to determine the effects upon the vesting, termination or expiration of any Option
in the case of: (a) any Optionee who is employed by an entity that ceases to be an Affiliated Company of the Company (whether
due to a spin-off or otherwise), (b) any transfer of an Optionee between locations of employment with the Company or an Affiliated
Company, (c) any leave of absence of an Optionee, (d) any change in an Optionee’s status from an Employee to non-Employee,
or vice versa, (e) any increase or decrease in the scope of engagement of an Optionee; and (f) any Optionee who ceases his/her
engagement with the Company or an Affiliated Company but becomes engaged by a partnership, joint venture, corporation or other
entity which is not an Affiliated Company; and (ix) to take all other actions and make all other determinations necessary or desirable
for or incidental to the administration of this Plan.

 

		3.4	The Board may at any time amend, suspend
or modify the terms of an Option granted hereunder, provided, however, that no amendment, modification or suspension
shall materially derogate from the rights of any Optionee, unless mutually agreed otherwise by the Optionee and the Company, which
agreement must be in writing and signed by the Optionee and the Company. In addition, without shareholder approval, except as otherwise
permitted under Section 7 of the Plan, (i) no amendment or modification may reduce the Purchase Price of any Option, (ii) the Board
may not cancel any outstanding Option where the Fair Market Value of the Common Shares underlying such Option is less than its
Purchase Price and replace it with a new Option, another equity award or cash and (iii) the Board may not take any other action
that is considered a “repricing” for purposes of the shareholder approval rules of the applicable securities exchange
or inter-dealer quotation system on which the Shares are listed or quoted1.

 

		3.5	Any decision or action taken or to be taken
by the Board, arising out of or in connection with the construction, administration, interpretation and effect of the Plan and
of its rules and regulations, shall be within its absolute discretion (except as otherwise specifically provided herein) and shall
be conclusive and binding upon all Optionees and any person claiming under or through any Optionee. Without derogating from the
foregoing, the Board may take any action or decision with respect to a specific Optionee, and such decision or action shall not
affect the remaining Optionees.

  

 

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		3.6	The interpretation
and construction by the Board of any provision of the Plan or of any Option Agreement thereunder shall be final and conclusive
unless otherwise determined by the Board.

 

		3.7	Subject to the Company’s
corporate documents and the Company’s decision, and to all approvals legally required, no member of the Board or the Committee
shall be personally liable to any Optionee as a result of any decision made and/or action taken in good faith with respect to
the Plan or its execution or any Option granted hereunder and each such member shall be indemnified and held harmless by the Company
against any cost or expense (including counsel fees) reasonably incurred by him/her, or any liability (including any sum paid
in settlement of a claim with the approval of the Company) arising out of any act or omission to act in connection with the Plan
unless arising out of such member’s own fraud or bad faith, to the extent permitted by applicable law. Such indemnification
shall be in addition to any rights of indemnification the member may have as a director or otherwise under the Company’s
incorporation documents, any agreement, any vote of stockholders or disinterested directors, insurance policy or otherwise.

  

		4.	DESIGNATION OF PARTICIPANTS

 

		4.1	The persons and entities
eligible for participation in the Plan as optionees shall include Employees and/or Service Providers of the Company or of any
Affiliated Company thereof. The grant of an Option hereunder shall neither entitle the Optionee to participate nor disqualify
him or her from participating in, any other grant of Options pursuant to the Plan or any other option or equity incentive plan
of the Company or any of its Affiliated Companies.

  

		5.	SHARES RESERVED FOR THE PLAN; RESTRICTIONS
THEREON

 

		5.1	The number of authorized but unissued
                                                                                                        Shares reserved for the purposes of the Plan shall be 5,636,082 Shares (the “Pool”), subject to adjustment as set
                                                                                                        forth in Section 7 below. Any Shares which remain unissued and which are not subject to outstanding Options at the
                                                                                                        termination of the Plan shall cease to be reserved for the purpose of the Plan. Should any Option for any reason expire or be
                                                                                                        canceled prior to its exercise in full, the Share or Shares subject to such Option may again be subjected to another Option
                                                                                                        under the Plan or under future plans.

 

 

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		6.	PURCHASE PRICE

 

		6.1	The Purchase Price of each Share subject
to an Option shall be determined by the Board in its sole and absolute discretion in accordance with applicable law, or by the
Committee subject to any guidelines as may be determined by the Board from time to time, and, with respect to Options granted following
the Assumption Date, may not be less than the Fair Market Value of a Share on the Date of Grant. Each Option Agreement will contain
the Purchase Price determined for each Optionee.

 

		6.2	The Purchase Price shall be payable (i)
in cash, check, cash equivalent and/or Shares valued at the fair market value at the time the Option is exercised (including, pursuant
to procedures approved by the Board, by means of attestation of ownership of a sufficient number of Shares in lieu of actual delivery
of such shares to the Company); provided that such Shares are not subject to any pledge or other security interest and; (ii) by
such other method as the Board may permit in accordance with applicable law, in its sole discretion, including without limitation:
(A) in other property having a fair market value on the date of exercise equal to the Purchase Price or (B) if there is a public
market for the Shares at such time, by means of a broker-assisted “cashless exercise” pursuant to which the Company
is delivered a copy of irrevocable instructions to a stockbroker to sell the Shares otherwise deliverable upon the exercise of
the Option and to deliver promptly to the Company an amount equal to the Purchase Price or (C) by a “net exercise”
method whereby the Company withholds from the delivery of the Shares for which the Option was exercised that number of Shares having
a fair market value equal to the aggregate Purchase Price for the Shares for which the Option was exercised. 

 

		6.3	The Purchase Price shall be denominated
in the currency of the primary economic environment of, either the Company or the Optionee (that is the functional currency of
the Company or the currency in which the Optionee is paid) as determined by the Company.

  

		7.	ADJUSTMENTS

 

Upon
the occurrence of any of the following described events, Optionee’s rights to purchase Shares under the Plan shall be adjusted
as hereafter provided:

 

		7.1.	In the event of a Transaction, the Board
may, with respect of the then outstanding Options, assume or substitute the Options as follows: (a) the Shares underlying unexercised
Options then outstanding under the Plan shall be substituted for an appropriate number of shares of each class of shares or other
securities of the Successor Company (or a parent or subsidiary of the Successor Company) determined based on the number of shares
or other securities as were distributed to the stockholders of the Company in connection and with respect to the Transaction and
(b) appropriate adjustments shall be made to the Purchase Price so as to reflect such action and all other terms and conditions
of the Option Agreements shall remain unchanged, including but not limited to the Vesting Dates, all subject to the determination
of the Board, which determination shall be in its sole discretion and final. The Company shall notify the Optionee of the Transaction
in such form and method as it deems applicable. In the absence of an assumption or substitution of an unexercised Option as described
above, and unless otherwise decided by the Board, such Option shall terminate immediately prior to the consummation of a Transaction.

 

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		7.2.	For the purposes of Section 7.1 above, an
Option shall be considered assumed or substituted if, following the Transaction, the Option shall confer the right, subject to
such Option’s original Vesting Dates, to purchase or receive, for each Share underlying such Option immediately prior to
the Transaction, the consideration (whether shares, options, cash, or other securities or property) received in the Transaction
by the holders of the same class of shares for each Share held on the effective date of the Transaction (and if such holders were
offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided,
however, that if such consideration received in the Transaction is not solely shares of common stock (or their equivalent) of the
Successor Company or its parent or subsidiary, the Board may, with the consent of the Successor Company, provide for the consideration
to be received upon the exercise of the Option to be solely shares of common stock (or their equivalent) of the Successor Company
or its parent or subsidiary equal in Fair Market Value to the per Share consideration received by holders of a majority of the
outstanding shares in the Transaction; and provided further that the Board may determine, in its discretion, that in lieu of such
assumption or substitution of Options for options of the Successor Company or its parent or subsidiary or of the acceleration of
unvested Options, such Options will be substituted for any other type of asset or property including cash which is fair under the
circumstances.

 

		7.3.	If all outstanding Shares shall at any time
be changed or exchanged by declaration of a share dividend (bonus shares), Share split or reverse Share split, combination or exchange
of shares, recapitalization, or any other like event by or of the Company, and as often as the same shall occur, then the Board
shall appropriately and equitably adjust the number, class and kind of the Shares subject to the Plan or subject to any Options
theretofore granted, and the Purchase Prices, so as to maintain the proportionate number of Shares without changing the aggregate
Purchase Price; provided, however, that no adjustment shall be made by reason of the distribution of subscription rights (rights
offering) on outstanding Shares. Upon the happening of any of the foregoing, the class and aggregate number of Shares issuable
pursuant to the Plan (as set forth in Section 5 hereof), in respect of which Options have not yet been exercised, shall be appropriately
adjusted (all as determined by the Board whose determination shall be final).

 

		7.4.	The Company may grant Options under this
Plan in substitution for options held by employees or service providers of another corporation who become Employees or Service
Providers of the Company, or an Affiliated Company, as the result of a merger, acquisition or consolidation of the employing corporation
with the Company or an Affiliated Company, or as a result of the acquisition by the Company, or an Affiliated Company, of property
or stock of the employing corporation. The Company may direct that substitute options be granted on such terms and conditions as
the Board considers appropriate in the circumstances.

 

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		7.5.	The Optionee acknowledges that Optionee’s
rights to exercise the Options or sell the Shares may be subject to certain limitations (including a lock-up period), as may be
applicable under law or as will be requested by the Company or its underwriters, and the Optionee unconditionally agrees and accepts
any such limitations as a condition to the issuance of Shares upon due exercise of Options hereunder.

  

		8.	TERM AND EXERCISE OF OPTIONS

 

		8.1	Each Option granted
pursuant to the Plan, shall be evidenced by a written Option Agreement between the Company and the Optionee, in such form as the
Board shall from time to time approve. Each Option Agreement shall state, inter alia, the number of Shares to which the Option
relates, the type of Option granted thereunder, the Vesting Dates, the Purchase Price per Share, the Expiration Date and such
other terms and conditions as the Board in its discretion may prescribe, provided in all cases that they are not in conflict with
this Plan. The Option Agreement shall be delivered to the Optionee and executed by the Company and the Optionee and shall incorporate
the terms of this Plan by reference and specify the terms and conditions thereof and any rules applicable thereto. Option Agreements
may differ among recipients and grants.

 

		8.2	Vested Options shall be exercised by the
Optionee by giving written notice thereof (“Exercise Notice”) to the Company or to any third party designated
by the Company (the “Representative”), in such form and method as may be determined by the Company, which exercise
shall be effective upon receipt of such Exercise Notice by the Company and/or the Representative and the payment of the Purchase
Price for the number of Shares with respect to which the option is being exercised, at the Company’s or the Representative’s
principal office or any other place the Company shall designate. The Exercise Notice shall specify the number of Shares with respect
to which the Option is being exercised. The Company may require as a condition to the exercise of an Option that the Optionee pay
or otherwise make arrangements to the Company’s satisfaction, for the payment of the tax and other obligatory payments applicable
to him or her (including all sums payable arising out of or in connection with the Company’s obligation to deduct tax and
other obligatory payments at source) pursuant to applicable law and the provisions of the Plan. 

 

		8.3	Unexercised Options shall terminate forthwith
upon the earlier of: (i) ten (10) years from the Date of Grant or such earlier termination date set forth in an Option Agreement;
(ii) the expiration of any extended period in any of the events set forth in Section 8.6 below; or (iii) the effective date of
a Transaction, to the extent not assumed or substituted, as set forth in Section 7.1.

 

		8.4	The Options may be exercised by the Optionee
in whole at any time or in part from time to time, to the extent that the Options have become vested and exercisable, during the
Exercise Period, and prior to the Expiration Date, and provided that, subject to the provisions of Section 8.6 below, the Optionee
is an Employee or a Service Provider at all times during the period beginning at the grant of the Option and ending upon the date
of exercise.

 

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		8.5	Subject to the provisions of Section 8.6 below, in the event
                                                                                                                          of a termination of Optionee’s employment or service with the Company or its Affiliated Companies, all Options granted
                                                                                                                          to such Optionee shall immediately expire and the Shares underlying such Options shall revert to the Pool immediately upon
                                                                                                                          the actual date of termination of relationship. Unless otherwise approved by the Board, a notice of termination of employment
                                                                                                                          or services shall be deemed to constitute termination of employment or services. 
                                                                                                                          For the avoidance of doubt, employment or service shall not be deemed to be terminated because an Optionee is transferred
                                                                                                                          from the Company or an Affiliated Company to another Affiliated Company or from any Affiliated Company to the
                                                                                                                          Company.

 

		8.6	Notwithstanding the termination of an Option
in accordance with Section 8.5 above, and notwithstanding the provisions of Section 8.4 above, and unless otherwise determined
in the Optionee’s Option Agreement, an Option may be exercised during an additional period of time beyond the date of the
termination of Optionee’s employment or service with the Company or its Affiliated Companies as set forth below (or, if earlier,
until the end of the Expiration Date of such Options), but only with respect to the number of Vested Options at the time of such
termination according to the Vesting Dates and provided that the Exercise Period has begun, if:

 

		8.6.1	Termination is without Cause, in which event
the Vested Options still in force and unexpired may be exercised within a period of one (1) month after the date of such termination;
or

 

		8.6.2	Termination due to death; or arriving to
the age of retirement by law if applicable; or Disability of the Optionee, in which event the Optionee or his inheritors may give
an Exercise Notice for the Vested Options still in force and unexpired, within a period of one (1) month after the date of such
termination; or

 

		8.6.3	The Board authorizes an extension of the
term of all or part of the Vested Options beyond the date of such termination for a period not to exceed the period during which
the Options by their terms would otherwise have been exercisable; for the avoidance of doubt, such extension shall be at the Board’s
sole and exclusive discretion.

 

If
the exercise of an Option following the termination of Optionee’s employment or service with the Company or its Affiliated
Companies would be prohibited at any time solely because the issuance of Shares would violate requirements of any applicable law
or the rules of the applicable stock exchange, including for the avoidance of doubt due to the absence of filings with the Securities
and Exchange Commission required in order to register the Company’s Shares, then the period of time during which the Option
shall remain exercisable in accordance with this Section 8.6, if any, shall be tolled during the period of such prohibition (but
not beyond the end of the Expiration Date of such Options).

 

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For
avoidance of any doubt, if termination of employment or service is for Cause, any outstanding unexercised Option will immediately
expire and terminate upon notice of such termination and the Shares underlying such Options shall revert to the Pool immediately
upon the actual date of termination of relationship, and the Optionee shall not have any right in respect of such outstanding
Options.

 

		8.7	For the avoidance
of doubt, Optionees shall not have any of the rights or privileges of stockholders of the Company, in respect of any Shares purchasable
upon the exercise of an Option, nor shall they be deemed to be a class of stockholders or creditors of the Company for the purpose
of all applicable law, until registration of the Optionee as holder of such Shares in the Company’s register of stockholders
upon exercise of the Option in accordance with the provisions of this Plan.

 

		8.8	Any form of Option Agreement authorized
by this Plan may contain such other provisions, not inconsistent with the Plan, as the Board may, from time to time, deem advisable.

 

		8.9	The inability of the Company to obtain authority
from any regulatory body, which authority is deemed by the Company’s counsel to be necessary for the lawful issuance and
sale of any Shares hereunder, shall relieve the Company of any liability in respect of the failure to issue or sell such Shares
as to which such requisite authority shall not have been obtained.

 

		8.10	Shares shall not be issued pursuant to the
exercise of an Option unless the exercise of such Option, the method of payment and the issuance and delivery of such Shares shall
comply with applicable laws.

 

		9.	VESTING AND EXERCISABILITY OF OPTIONS

 

		9.1.	Subject to the provisions of this Plan,
each Option shall vest and become exercisable at the Vesting Dates set forth in the Option Agreement for the number of Shares as
shall be provided in the Option Agreement. However, no Option may be exercised after the Expiration Date. 

 

		9.2.	An Option may be subject to such other terms
and conditions, not inconsistent with the Plan, on the time or times when it may be exercised as the Board may deem appropriate.
The vesting provisions of individual Options may vary. 

  

		10.	DIVIDENDS

 

With
respect to all Shares (but excluding, for avoidance of any doubt, any unexercised Options) allocated or issued upon the exercise
of Options purchased by the Optionee and held by the Optionee or by a trustee, as the case may be, the Optionee shall be entitled
to receive dividends with respect to such Shares, subject to the provisions of the Company’s corporate documents, as amended
from time to time and subject to any applicable taxation on distribution of dividends.

  

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		11.	RESTRICTIONS ON ASSIGNABILITY AND SALE
OF OPTIONS

 

No
Option or any right with respect thereto, purchasable hereunder, whether fully paid or not, shall be assignable, transferable,
or given as collateral nor any right with respect thereto may be given to any third party whatsoever, other than by will or by
the laws of descent and distribution or as specifically otherwise allowed under this Plan and during the lifetime of the Optionee,
each and all of such Optionee’s rights to purchase Shares hereunder shall be exercisable only by the Optionee. Any action
made in contradiction to the aforementioned, made directly or indirectly, for an immediate validation or for a future one, shall
be null and void.

 

		12.	EFFECTIVE DATE AND DURATION OF THE PLAN

 

The
Plan became effective on July 20, 2011 and shall terminate on July 20, 2021 (the “Termination Date”), unless
terminated earlier by the Board. The termination of this Plan shall not affect Options granted prior to such termination.

 

The
Company shall obtain the approval of the Company’s stockholders for the adoption of this Plan or for any amendment to this
Plan, if stockholders’ approval is necessary to comply with any applicable law including without limitation the securities
laws of any jurisdictions applicable to Options granted to Optionees under this Plan, or if stockholders’ approval is required
by any authority or by any governmental agencies or national securities exchanges.

 

		13.	AMENDMENTS OR TERMINATION

 

		13.1	The Board may at any time, subject to the
provisions of Section 13.2 below and all applicable law, amend, alter, suspend or terminate the Plan or any of its terms, provided,
however, that no amendment, alteration, suspension or termination of the Plan shall impair the rights of any Optionee, unless
mutually agreed otherwise by the Optionee and the Company, which agreement must be in writing and signed by the Optionee and the
Company. Earlier termination of the Plan prior to the Termination Date shall not affect the Board’s ability to exercise the
powers granted to it hereunder with respect to Options granted under the Plan prior to the date of such earlier termination.

 

		13.2	The Company shall obtain the approval of
the Company’s stockholders for any amendment to this Plan and/or the Appendixes (as defined below) thereto if stockholders’
approval is required under any applicable law including without limitation the securities laws of any jurisdiction applicable to
Options granted to Optionees under this Plan and/or the Appendixes thereto, or if stockholders’ approval is required by any
authority or by any governmental agencies or national securities exchanges. 

 

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		14.	GOVERNMENT REGULATIONS

 

This
Plan, the granting and exercise of Options hereunder and the obligation of the Company to sell and deliver Shares under such Options
shall be subject to all applicable laws, rules, regulations, approvals and consents of any state having jurisdiction over the
Company or the Optionee, including the securities laws of any applicable jurisdiction, and to such approvals by any governmental
agencies or national securities exchanges as may be required and the rules of any stock exchange on which the Shares are registered
for trade.

  

		15.	CONTINUANCE OF EMPLOYMENT 

 

Neither
this Plan nor any Option Agreement with the Optionee shall impose any obligation on the Company or an Affiliated Company to continue
any Optionee in its employ or service, and nothing in this Plan or in any Option granted pursuant hereto shall confer upon any
Optionee any right to continue in the employ or service of the Company or an Affiliated Company thereof or restrict the right
of the Company or an Affiliated Company thereof to terminate such employment or service at any time.

 

		16.	GOVERNING LAW AND JURISDICTION

 

This
Plan shall be governed by and construed and enforced in accordance with the laws of the State of Nevada as applicable to contracts
made and to be performed therein, without giving effect to the principles of conflict of laws.

 

		17.	TAX CONSEQUENCES

 

Any
tax consequences to any Optionee arising from the grant or exercise of any Option, from the payment for Shares covered thereby
or from any other event or act (of the Company and/or its Affiliated Companies, or the Optionee) hereunder shall be borne solely
by the Optionee. The Company and/or its Affiliated Companies shall withhold taxes according to the requirements of applicable
laws, rules, and regulations, including withholding taxes at source. The Company shall have the right to withhold taxes from any
compensation paid to the Optionee by the Company or its Affiliated Companies. Furthermore, the Optionee shall agree to indemnify
the Company and/or its Affiliated Companies and hold them harmless against and from any and all liability for any such tax or
interest or penalty thereon, including without limitation, liabilities relating to withholding.

 

The
Company shall not be required to release any Share and/or stock certificate representing such Shares to an Optionee until all
required tax payments have been fully made.

 

Notwithstanding
any provision of this Plan to the contrary, all Options granted under this Plan are intended to be exempt from or, in the alternative,
comply with Section 409A of the United States Internal Revenue Code (the “Code”) and the interpretive guidance thereunder
to the extent applicable, including the exceptions for stock rights and short-term deferrals. The Plan shall be construed and
interpreted in accordance with such intent. Each payment under an Option shall be treated as a separate payment for purposes of
Code Section 409A.

 

Any
adjustments made pursuant to Section 7 to Options that are subject to Code Section 409A shall be made in compliance with the requirements
of Code Section 409A, and any adjustments made pursuant to Section 7 to Options that are not subject to Code Section 409A shall
be made in such a manner as to ensure that after such adjustment, the Options either (x) continue not to be subject to Code Section
409A or (y) comply with the requirements of Code Section 409A.

 

    	 	13	 

    	 	 

    

 

		18.	NON-EXCLUSIVITY OF THE PLAN

 

The
adoption of this Plan by the Board shall not be construed as amending, modifying or rescinding any previously approved incentive
arrangements or as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem
desirable, including, without limitation, the granting of options otherwise then under the Plan, and such arrangements may be
either applicable generally or only in specific cases. For the avoidance of doubt, prior grant of options to purchase shares of
common stock of the Company to optionees of the Company under their employment agreements, and not in the framework of any previous
option plan, shall not be deemed an approved incentive arrangement for the purpose of this section. For the avoidance of doubt,
in addition to this Plan and the Option Agreement (or any other applicable contractual terms), the Shares issued hereunder are
also subject to the corporate documents of the Company, including, without limitations, its Articles of Incorporation, bylaws,
and any other such document (as applicable to the Company).

 

		19.	MULTIPLE AGREEMENTS

 

The
terms of each Option may differ from other Options granted under the Plan at the same time, or at any other time. The Board may
also grant more than one Option to a given Optionee during the term of the Plan, either in addition to, or in substitution for,
one or more Options previously granted to that Optionee.

 

		20.	RULES PARTICULAR TO SPECIFIC COUNTRIES

 

Notwithstanding
anything herein to the contrary, the terms and conditions of this Plan may be adjusted with respect to a particular country by
means of an addendum to the Plan in the form of an appendix (the “Appendix”), and to the extent that the terms
and conditions set forth in the Appendix conflict with any provisions of the Plan, the provisions of the Appendix shall govern.
Terms and conditions set forth in the Appendix shall apply only to Options issued to Optionees under such Appendix and shall not
apply to Options not issued under the terms of such Appendix. The adoption of any such Appendix shall be subject to the approval
of the Board and if required the approval of the stockholders of the Company.

 

 

 

*     *     *

 

 

    	 	14	 

    	 	 

    

 ‏

 

	SBTech (Global) Limited	 	July 20, 2011
	The Company  	                                     	Date

 

 

 

As assumed
by DraftKings Inc. on April 23, 2020

 

 

    	 	15Exhibit 4.1

  

   

    

  
    Unless this certificate is presented by an authorized  representative of The Depository Trust Company, a New York corporation (“DTC”), to the issuer or its agent for registration of transfer,
      exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is
      requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

    

    

    INTERNATIONAL BUSINESS MACHINES CORPORATION

    

    

    1.700% Note due 2027

    CUSIP 459200 KH3

    ISIN US459200KH39

    

    

    

    

    No.: R-

    

    

    

    

    

    

    INTERNATIONAL BUSINESS MACHINES CORPORATION, a corporation duly organized and existing under the laws of the State of New York (herein called the “Company”, which term includes any successor corporation under the Indenture referred to on the
      reverse hereof), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of $                 (                 ), at the office or agency of the Company in the Borough of Manhattan, The City and State of
      New York, or any other office or agency designated by the Company for that purpose, on May 15, 2027, in such coin or currency of the United States as at the time of payment shall be legal tender for the payment of public and private debts, and to pay
      interest, semi-annually on May 15 and November 15 of each year, commencing November 15, 2020, on said principal sum at said office or agency, in like coin or currency, at the rate of 1.700% per annum, from the May 15 or November 15 next preceding the
      date of this Note to which interest has been paid, unless the date hereof is a date to which interest has been paid, in which case from the date of this Note, or unless no interest has been paid on the Notes (as defined on the reverse hereof), in
      which case from May 7, 2020, until payment of said principal sum has been made or duly provided for.  Notwithstanding the foregoing, if the date hereof is after the fifteenth calendar day preceding a May 15 or November 15, as the case may be, and
      before such May 15 or November 15, this Note shall bear interest from such May 15 or November 15; provided however, that if the Company shall default in the payment of interest due on such May 15 or November 15, then this Note shall bear interest
      from the next preceding May 15 or November 15 to which interest has been paid, or, if no interest has been paid on the Notes, from May 7, 2020.  The interest so payable on May 15 or November 15 will, subject to certain exceptions provided in the
      Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of business on the fifteenth calendar day preceding such May 15 or November 15, unless the Company shall default in the payment of
      interest due on such interest payment date, 

    

     

    

    
      
        

    

     

    

    
      in which case such defaulted interest, at the option of the Company, may be paid to the person in whose name this Note is registered at the close of business on a special record date for the payment of such defaulted interest established by
        notice to the registered holders of Notes not less than ten days preceding such special record date or may be paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed. 
        Payment of interest may, at the option of the Company, be made by check mailed to the registered address of the person entitled thereto.  Interest on this Note will be calculated on the basis of a 360-day year consisting of twelve 30-day months.

    

    

    

    Reference is made to the further provisions of this Note set forth on the reverse hereof.  Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

    

    

    [signatures follow]

    

    

    
      
        

    

    

    

    

    

    This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse
      hereof.

    

    

    IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

    

    

    
      	Dated:	INTERNATIONAL BUSINESS MACHINES CORPORATION	 
	 	 	 
	 	[SEAL]

            	 
	 	 	 	 
	
              

              

            	
              by 

            	  

            	 
	 	 	

            	 
	 	 	

            	 
	 	by 

            	

            	 

    

    

    

    

    
      
        

    

     

    

    TRUSTEE’S CERTIFICATE

      OF AUTHENTICATION

    

    

    This is one of the

    Securities of the Series

    designated herein issued

    under the within-

    mentioned Indenture.

      

    

    

    

    
      	THE BANK OF NEW YORK MELLON, as Trustee	 
	 	 	 
	 	 	 
	
               

                by

            	   

            	 
	 	Authorized Signatory	 
	 	 	 

      

    

    

    

    

    
      
        

    

    

    

    

    

    This security is one of a duly authorized issue of unsecured debentures, notes or other evidences of indebtedness of the Company (hereinafter called the “Securities”), of the series hereinafter
      specified, all issued or to be issued under an indenture dated as of October 1, 1993, duly executed and delivered by the Company to The Bank of New York Mellon, a New York banking corporation, as trustee (hereinafter called the “Trustee”), as
      supplemented by the First Supplemental Indenture dated as of December 15, 1995, between the Company and the Trustee, as trustee (hereinafter called the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made
      for a description of the respective rights and duties thereunder of the Trustee, the Company and the holders of the Securities.  The Securities may be issued in one or more series, which different series may be issued in various aggregate principal
      amounts, may mature at different times, may bear interest at different rates, may have different conversion prices (if any), may be subject to different redemption provisions, may be subject to different sinking, purchase or analogous funds, may be
      subject to different covenants and Events of Default and may otherwise vary as in the Indenture provided.  This Security is one of a series designated as the 1.700% Notes due 2027 of the Company (hereinafter called the “Notes”) issued under the
      Indenture.

    

    

    The Notes may be redeemed, as a whole or in part, at the Company’s option, at any time or from time to time, upon mailing a notice of such redemption not less than 30 days nor more than 60 days prior
      to the date fixed for redemption to holders of the Notes at their last registered addresses, all as provided in the Indenture. Prior to the Par Call Date, the redemption price for the Notes will be equal to the greater of: (i) 100% of the principal
      amount of the Notes to be redeemed, plus accrued interest, if any, to the redemption date; or (ii) the sum of the present values of the Remaining Scheduled Payments, as defined below, discounted, on a semiannual basis, assuming a 360-day year
      consisting of twelve 30-day months, at the Treasury Rate, as defined below, plus 20 basis points, plus accrued interest to the date of redemption which has not been paid. On and after the Par Call Date, the redemption price for the Notes will be
      equal to 100% of the principal amount of the Notes to be redeemed, plus accrued interest, if any, to the redemption date.

    

    

    “Treasury Rate” means, with respect to any redemption date for the Notes: (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most
      recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities
      adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided that if no maturity is within three months before or after the maturity date for the Notes
      (assuming, for this purpose, that the Notes matured on the Par Call Date), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or
      extrapolated from those yields on a straight line basis rounding to the nearest month; or (ii) if that release, or any successor release, is not published during the week preceding the calculation date or does not contain such yields, the rate per
      annum equal to the semiannual equivalent yield to maturity of the Comparable

     

    

     

    

    
      
        

    

     

    

     Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. The Treasury Rate will be calculated on the third
      business day preceding the redemption date.

    

    

    “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed
      (assuming, for this purpose, that the Notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
      to the remaining term of such Notes.

    

    

    “Independent Investment Banker” means one of the Reference Treasury Dealers, to be appointed by the Company.

    

    

    “Comparable Treasury Price” means, with respect to any redemption date for the Notes: (i) the average of the Reference Treasury Dealer Quotations for that redemption date, after excluding the highest
      and lowest of such Reference Treasury Dealer Quotations; or (ii) if the Company obtains fewer than four Reference Treasury Dealer Quotations, the average of all quotations obtained by the Company.

    

    

    “Par Call Date” means March 15, 2027 (two months prior to the maturity date of the Notes).

    

    

    “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the
      Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m., New York City time on the third business day preceding such redemption date.

    

    

    “Reference Treasury Dealer” means each of BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC,
      Santander Investment Securities Inc., SG Americas Securities, LLC and Wells Fargo Securities, LLC, or a Primary Treasury Dealer selected by any of them, and their respective successors; provided however, that if
      any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”) the Company will substitute therefor another nationally recognized investment banking firm that is a Primary Treasury Dealer.

    

    

    “Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related
      redemption date but for such redemption (assuming, for this purpose, that the Notes matured on the Par Call Date); provided however, that, if such redemption date is not an interest payment date with respect to such Note, the amount of the next
      succeeding scheduled interest payment thereon will be deemed to be reduced by the amount of interest accrued thereon to such redemption date.

    

    

    

    

    
      
        

    

    

    

    On and after the redemption date, interest will cease to accrue on the Notes or any portion thereof called for redemption, unless the Company defaults in the payment of the redemption price and
      accrued interest. On or before the redemption date, the Company will deposit with a Paying Agent, or the Trustee, money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed on such date. If less than all of the
      Notes are to be redeemed, the Notes to be redeemed shall be selected by the Trustee by such method as the Trustee shall deem fair and appropriate.

    

    

    In case an Event of Default with respect to the Notes, as defined in the Indenture, shall have occurred and be continuing, the principal hereof together with interest accrued thereon, if any, may be
      declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

    

    

    The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than a majority in aggregate principal amount of the Securities at the time
      outstanding of all series to be affected (acting as one class), to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying
      in any manner the rights of the holders of the Securities of such series to be affected; provided however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity of the principal of, or any installment of
      principal of or interest on, or the currency of payment of, any Security; (ii) reduce the principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof; (iii) impair the right to institute suit for the
      enforcement of any such payment on or after the fixed maturity thereof (or, in the case of redemption, on or after the redemption date); (iv) reduce the percentage in principal amount of the outstanding Securities of any series, the consent of whose
      holders is required for any such supplemental indenture, or the consent of whose holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults thereunder and their consequences) provided for in the
      Indenture; (v) change any obligation of the Company, with respect to outstanding Securities of a series, to maintain an office or agency in the places and for the purposes specified in the Indenture for such series; or (vi) modify any of the
      foregoing provisions or the provisions for the waiver of certain covenants and defaults, except to increase any applicable percentage of the aggregate principal amount of outstanding Securities the consent of the holders of which is required or to
      provide with respect to any particular series the right to condition the effectiveness of any supplemental indenture as to that series on the consent of the holders of a specified percentage of the aggregate principal amount of outstanding Securities
      of such series or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent of the holder of each outstanding Security affected thereby.  It is also provided in the Indenture that the holders of a
      majority in aggregate principal amount of the Securities of a series at the time outstanding may on behalf of the holders of all the Securities of such series waive any past default under the Indenture with respect to such series and its
      consequences, except a default in the payment of the principal of, premium, if any, or interest, if any, on any Security of such series or in respect of a covenant or provision which cannot be modified without the consent of the Holder of each 

    
      

      

      

      

      
        
          

      

      

      

      outstanding Security of the series affected.  Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders and owners of this Note and any Notes which may be issued in exchange or
      substitution herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Notes.

    

    

    No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal
      of, premium, if any, and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed.

    

    

    The Indenture permits the Company to Discharge its obligations with respect to the Notes on the 91st day following the satisfaction of the conditions set forth in the Indenture, which include the
      deposit with the Trustee of money or U.S. Government Obligations or a combination thereof sufficient to pay and discharge each installment of principal of (including premium, if any, on) and interest, if any, on the outstanding Notes.

    

    

    If the Company shall, in accordance with Section 901 of the Indenture, consolidate with or merge into any other corporation or convey or transfer its properties and assets substantially as an
      entirety to any Person, the successor shall succeed to, and be substituted for, the Person named as the “Company” on the face of this Note, all on the terms set forth in the Indenture.

    

    

    The Notes are issuable in registered form without coupons in denominations of $100,000 and any integral multiple of $1,000 in excess thereof.  In the manner and subject to the limitations provided in
      the Indenture, but without the payment of any service charge, Notes may be exchanged for an equal aggregate principal amount of Notes of other authorized denominations at the office or agency of the Company maintained for such purpose in the Borough
      of Manhattan, The City and State of New York.

    

    

    Upon due presentation for registration of transfer of this Note at the office or agency of the Company for such registration in the Borough of Manhattan, The City and State of New York, or any other
      office or agency designated by the Company for such purpose, a new Note or Notes of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, subject to the limitations provided in the
      Indenture, without charge except for any tax or other governmental charge imposed in connection therewith.

    

    

    Prior to due presentment for registration of transfer of this Note, the Company, the Trustee and any agent of the Company or the Trustee may deem and treat the registered holder hereof as the
      absolute owner of this Note (whether or not this Note shall be overdue) for the purpose of receiving payment of the principal of, premium, if any, and interest on this Note, as herein provided, and for all other purposes, and neither the Company nor
      the Trustee nor any agent of the Company or the Trustee shall be affected by any notice of the contrary.  All payments made to or upon the order of such registered 

    
      

      

      

      

      
        
          

      

      

      

      holder shall, to the extent of the sum or sums paid, effectually satisfy and discharge liability for moneys payable on this Note.

    

    

    No recourse for the payment of the principal of, premium, if any, or interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation,
      covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director,
      as such, past, present or future, of the Company or of any successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any
      assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released.

    

    

    Unless otherwise defined in this Note, all terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

    

    

    THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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