Document:

Exhibit 10.5

 

DRAFTKINGS INC.

EMPLOYEE STOCK PURCHASE PLAN

 

Adopted April 23, 2020

 

1.       PURPOSE.
The DraftKings Inc. Employee Stock Purchase Plan (the “Plan”) is established to provide eligible employees of DraftKings
Inc., a Nevada corporation, and any successor corporation thereto (collectively, “DraftKings”), and any current or
future parent entity or subsidiary entities of DraftKings which the Board of Directors of DraftKings (the “Board”)
determines should be included in the Plan to the extent permitted by section 423 of the Code (collectively referred to as the “Company”),
with an opportunity to acquire a proprietary interest in the Company by the purchase of Shares (as defined below) of DraftKings
(NASDAQ trading symbol “DKNG”). DraftKings and any parent or subsidiary corporation designated by the Board as a corporation
included in the Plan shall be individually referred to herein as a “Participating Company.” The Board shall have the
sole and absolute discretion to determine from time to time what parent corporations and/or subsidiary corporations shall be Participating
Companies. For purposes of the Plan, a parent corporation and a subsidiary corporation shall be as defined in sections 424(e) and
424(f), respectively, of the Internal Revenue Code of 1986, as amended (the “Code”).

 

The Company intends that the Plan shall qualify
as an “employee stock purchase plan” under section 423 of the Code (including any amendments or replacements of such
section), and the Plan shall be so construed. Any term not expressly defined in the Plan but defined for purposes of section 423
of the Code shall have the same definition herein.

 

2.       ADMINISTRATION.
The Plan shall be administered by the Board and/or by a duly appointed committee or representative of the Board having such
powers as shall be specified by the Board. Any references to the Board shall also mean the committee or representative if a committee
or representative has been appointed. All questions of interpretation of the Plan shall be determined by the Board and shall be
final and binding upon all persons having an interest in the Plan. Subject to the provisions of the Plan, the Board shall determine
all of the relevant terms and conditions of the Plan; provided, however, that all Participants shall have the same rights
and privileges within the meaning of section 423(b)(5) of the Code, except that the Plan (or a sub-plan) or an Offering may provide
different terms to citizens or residents of a foreign jurisdiction if necessary to comply with the laws of that jurisdiction. All
expenses incurred in connection with administration of the Plan shall be paid by the Company.

 

3.       SHARE
RESERVE. The maximum number of shares which may be issued under the Plan shall be 5,840,000 shares of Class A common stock,
which may be authorized but unissued shares or shares held in the treasury of the Company (the “Shares”); provided,
that total number of Shares that will be reserved, and that may be issued, under the Plan will automatically increase on the first
trading day of each calendar year, beginning with calendar year 2022, by a number of Shares equal to one percent (1%) of the total
outstanding Shares on the last day of the prior calendar year (subject to a maximum annual increase of 6,600,000 Shares). Notwithstanding
the automatic annual increase set forth in the preceding sentence, the Board may act prior to January 1st of a given year to provide
that there will be no such increase in the share reserve for such year or that the increase in the share reserve for such year
will be a lesser number of Shares than would otherwise occur pursuant to the stipulated percentage.

 

     

     

    

 

4.       ELIGIBILITY.
Any full-time employee of a Participating Company is eligible to participate in the Plan beginning on the first day of the
first Purchase Period (as defined below) following the employee’s start date, except employees who own or hold options to
purchase or who, as a result of participation in the Plan, would own or hold options to purchase, stock of the Company possessing
five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company within the meaning
of section 423(b)(3) of the Code. A full time employee is defined as one who is regularly scheduled to work more than 30 hours
per week. Notwithstanding anything herein to the contrary, any individual performing services for a Participating Company solely
through a leasing agency or employment agency shall not be deemed an “employee” of such Participating Company. In certain
circumstances, eligibility may be restricted pursuant to a withdrawal under Section 10(d) of the Plan.

 

5.       OFFERING
DATES.

 

(a)       OFFERING
PERIODS. Except as otherwise set forth below, the Plan shall initially be implemented by offerings (individually, an “Offering”)
of three (3) months duration (an “Offering Period”). The first Offering will commence on January 1, 2021 and subsequent
Offerings would commence every three months thereafter until the Plan terminates, unless earlier modified in the Board’s
discretion. The first day of an Offering Period shall be the “Offering Date” for such Offering Period. In the event
the Offering Date would fall on a holiday or weekend, the Offering Date shall instead be the first business day after such day.
Notwithstanding the foregoing, the Board may establish a different term for one or more Offerings and/or different commencing and/or
ending dates for such Offerings. Eligible employees may not participate in more than one Offering at a time.

 

(b)       PURCHASE
PERIODS. Each Offering Period shall initially consist of one (1) purchase period of three (3) months duration (each, a “Purchase
Period”). The “Purchase Date” for each Purchase Period shall be the last day of such Purchase Period. A Purchase
Period commencing on January 1 shall end on March 31. A Purchase Period commencing on April 1 shall end on June 30. A Purchase
Period commencing on July 1 shall end on September 30. A Purchase Period commencing on October 1 shall end on December 31. In the
event the Purchase Date would fall on a holiday or weekend, the Purchase Date shall instead be the last business day prior to such
day. Notwithstanding the foregoing, the Board may establish a different term for one or more Purchase Periods and/or different
commencing dates and/or Purchase Dates for such Purchase Periods; provided that no Purchase Period may extend for more than 27
months. An employee who becomes eligible to participate in an Offering after the initial Purchase Period has commenced shall not
be eligible to participate in such Purchase Period but may participate in any subsequent Purchase Period during that Offering Period
provided such employee is still eligible to participate in the Plan as of the commencement of any such subsequent Purchase Period.

 

(c)       GOVERNMENTAL
APPROVAL; STOCKHOLDER APPROVAL. Notwithstanding any other provision of the Plan to the contrary, all transactions pursuant
to the Plan shall be subject to (i) obtaining all necessary governmental approvals and/or qualifications of the sale and/or issuance
of the Shares (including compliance with the Securities Act of 1933 and any applicable state securities laws) and (ii) obtaining
stockholder approval of the Plan.

 

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6.       PARTICIPATION
IN THE PLAN.

 

(a)       INITIAL
PARTICIPATION. An eligible employee shall become a Participant on the first Offering Date after satisfying the eligibility
requirements and delivering to the Company’s payroll office (at Company headquarters) not later than the close of business
for such payroll office on the last business day before such Offering Date (the “Subscription Date”) a subscription
agreement indicating the employee’s election to participate in the Plan and authorizing payroll deductions. An eligible employee
who does not deliver a subscription agreement to the Company’s payroll office on or before the Subscription Date shall not
participate in the Plan for such Purchase Period. DraftKings may, from time to time, change the Subscription Date as deemed advisable
by DraftKings in its sole discretion for proper administration of the Plan.

 

(b)       CONTINUED
PARTICIPATION. A Participant shall automatically participate in the Purchase Period commencing immediately after the first
Purchase Date of the initial Offering Period in which the Participant participates, and all subsequent Purchase Periods within
that Offering, until such time as such Participant (i) ceases to be eligible as provided in paragraph 4, (ii) withdraws from the
Offering or Plan pursuant to paragraphs 10(a) or 10(b) or (iii) terminates employment as provided in paragraph 11. Similarly, except
as provided in the preceding sentence, a Participant shall automatically participate in the Offering Period commencing immediately
after the last Purchase Date of the prior Offering Period in which the Participant participates, and all subsequent Offering Periods
pursuant to this Plan. However, a Participant may deliver a subscription agreement with respect to a subsequent Purchase or Offering
Period if the Participant desires to change any of the Participant’s elections contained in the Participant’s then
effective subscription agreement.

 

7.       PURCHASE
PRICE. The purchase price at which Shares may be acquired in a given Purchase Period pursuant to the Plan (the “Offering
Exercise Price”) shall be set by the Board; provided, however, that the per share Offering Exercise Price shall not be less
than eighty-five percent (85%) of the lesser of (a) the per share fair market value of the Shares on the Offering Date of the Offering
Period of which the Purchase Period is a part, or (b) the per share fair market value of the Shares on the Purchase Date for such
Purchase Period (such 85% value, the “Minimum Price”). Unless otherwise provided by the Board prior to the commencement
of an Offering Period, the Offering Exercise Price for each Purchase Period in that Offering Period shall be the Minimum Price.
The fair market value (“Fair Market Value”) of the Shares on the applicable dates shall be the closing price quoted
on The NASDAQ Stock Market (or the average of the closing bid and asked prices), or as reported on such other stock exchange or
market system if the Shares are traded on such other exchange or system instead, or as determined by the Board if the Shares are
not so reported.

 

8.       PAYMENT
OF PURCHASE PRICE. Shares which are acquired pursuant to the Plan may be paid for only by means of payroll deductions from
the Participant’s Compensation accumulated during the Offering Period. For purposes of the Plan, a Participant’s “Compensation”
with respect to an Offering (a) shall include all wages, salaries, commissions and bonuses after deduction for any contributions
to any plan maintained by a Participating Company and described in Section 401(k) or Section 125 of the Code, and (b) shall not
include occasional awards such as equity-based compensation or any other payments not specifically referenced in (a). Except as
set forth below, the deduction amount to be withheld from a Participant’s Compensation during each pay period shall be determined
by the Participant’s subscription agreement, and the amount of such payroll deductions shall be given the lowest priority
so that all other required and voluntary payroll deductions from a Participant’s Compensation are withheld prior to subscription
agreement amounts.

 

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(a)       LIMITATIONS
ON PAYROLL WITHHOLDING. The amount of payroll withholding with respect to the Plan for any Participant during any Offering
Period shall be elected by the Participant and shall be stated as a dollar amount, provided that the amount withheld (a) must be
less than or equal to fifteen percent (15%) of such Participant’s Compensation, subject to such rules and procedures established
by the Company from time to time, and (b) shall not exceed $21,250 during any calendar year. Amounts withheld shall be reduced
by any amounts contributed by the Participant and applied to the purchase of Shares pursuant to any other employee stock purchase
plan qualifying under section 423 of the Code.

 

(b)       PAYROLL
WITHHOLDING. Payroll deductions shall commence on the first pay date beginning after the Offering Date, as designated by DraftKings,
and shall continue to the last pay date before the end of the Offering Period, as designated by DraftKings, unless sooner altered
or terminated as provided in the Plan.

 

(c)       PARTICIPANT
ACCOUNTS. Individual accounts shall be maintained for each Participant. All payroll deductions from a Participant’s Compensation
shall be credited to such account and shall be deposited with the general funds of the Company. All payroll deductions received
or held by the Company may be used by the Company for any corporate purpose.

 

(d)       NO
INTEREST PAID. Interest shall not be paid on sums withheld from a Participant’s Compensation.

 

(e)       PURCHASE
OF SHARES. On each Purchase Date of an Offering Period, each Participant whose participation in the Offering has not terminated
on or before such Purchase Date shall automatically acquire the number of Shares (including fractional Shares subject to the last
sentence of this paragraph 8(e)) determined by dividing the total amount of the Participant’s accumulated payroll deductions
for the Purchase Period by the Offering Exercise Price. No Shares shall be purchased on a Purchase Date on behalf of a Participant
whose participation in the Offering or the Plan has terminated on or before such Purchase Date. If the Broker is unable to administer
purchases of fractional Shares, only whole Shares shall be purchased, and any remaining cash in the Participant’s account
shall be carried over to the next Purchase Period, if the Participant is continuing to participate in the next Purchase Period.

 

(f)       REMAINING
CASH BALANCE. Any cash balance remaining in the Participant’s account after a Purchase Date shall be carried over to
the next Purchase Period if the Participant is continuing to participate in the next Purchase Period. Any cash balance remaining
upon a Participant’s withdrawal from or termination of participation in the Plan (including due to termination of employment)
or termination of the Plan itself shall be refunded as soon as practicable after such event. Interest shall not be paid on sums
returned to a Participant pursuant to this Section 8(f).

 

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(g)       TAX
WITHHOLDING. At the time the Shares are purchased, in whole or in part, or at the time some or all of the Shares are disposed
of, the Participant shall make adequate provision for the foreign, federal and state tax withholding obligations of the Company,
if any, which arise upon the purchase of Shares and/or upon disposition of Shares, respectively. The Company may, but shall not
be obligated to, withhold from the Participant’s Compensation the amount necessary to meet such withholding obligations.

 

(h)       COMPANY
ESTABLISHED PROCEDURES. The Board may, from time to time, establish (i) a minimum required withholding amount for participation
in an Offering, (ii) limitations on the frequency and/or number of changes in the amount withheld during an Offering, (iii) an
exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, (iv) payroll withholding in excess of or less
than the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of subscription
agreements, and/or (v) such other limitations or procedures as deemed advisable by the Company in the Company’s sole discretion
which are consistent with the Plan and in accordance with the requirements of Section 423 of the Code. Notice of new or amended
procedures pursuant to this section shall be communicated to all eligible participants in a manner reasonably determined by the
Board to reach all participants in a cost efficient manner.

 

9.       LIMITATIONS
ON PURCHASE OF SHARES: RIGHTS AS A STOCKHOLDER.

 

(a)       FAIR
MARKET VALUE LIMITATION. Notwithstanding any other provision of the Plan, no Participant shall be entitled to purchase Shares
under the Plan (or any other employee stock purchase plan which is intended to meet the requirements of section 423 of the Code
sponsored by DraftKings or a parent or subsidiary corporation of DraftKings) in an amount which exceeds $25,000 in fair market
value, which fair market value is determined for Shares purchased during a given Offering Period as of the Offering Date for such
Offering Period (or such other limit as may be imposed by the Code), for any calendar year in which Participant participates in
the Plan (or any other employee stock purchase plan described in this sentence).

 

(b)       PRO
RATA ALLOCATION. In the event the number of Shares which might be purchased by all Participants in the Plan exceeds the number
of Shares available in the Plan, the Company shall make a pro rata allocation of the remaining Shares in as uniform a manner as
shall be practicable and as the Company shall determine to be equitable. Any cash balance remaining after such allocation shall
be refunded to Participants as soon as practicable.

 

(c)       RIGHTS
AS A STOCKHOLDER AND EMPLOYEE. A Participant shall have no rights as a stockholder by virtue of the Participant’s participation
in the Plan until the date of issuance of stock for the Shares being purchased pursuant to the Plan. Moreover, Shares shall not
be issued and a Participant shall not be permitted to purchase Shares unless and until such Shares have been registered under the
Securities Act of 1933 on an effective S-8 registration and any other applicable registration requirements are satisfied. Nothing
herein shall confer upon a Participant any right to continue in the employ of the Company or interfere in any way with any right
of the Company to terminate the Participant’s employment at any time.

 

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(d)       USE
OF A CAPTIVE STOCK BROKER. In order to reduce paperwork and properly track and report Participant’s acquisition and disposition
of Shares purchased pursuant to the Plan, the Company may, in its discretion, designate one or more stock brokers as a “captive”
broker (“Broker”) for receiving Participants’ Shares and maintaining individual accounts for each Participant.
The initial Broker shall be Morgan Stanley. The Company and the Broker may establish such account procedures and restrictions as
are necessary to carry out their respective functions and properly administer the Plan (see, for example, Section 19).

 

(e)       RIGHT
TO ISSUANCE OF SHARE CERTIFICATE. Initially, Participants will not receive share certificates from DraftKings representing
the Shares purchased pursuant to the Plan. Instead, the Company shall issue one share in the form of a stock certificate or by
 “DWAC” or similar electronic transfer to the Broker for all Shares purchased on a Purchase Date, followed by electronic
allocation by the Broker among all Participants according to their respective contributions. A Participant may obtain a share certificate
for his or her actual share amount only from the Broker according to such Broker’s procedures. This limitation may be modified
by the Board in its discretion at any time.

 

10.       WITHDRAWAL.

 

(a)       WITHDRAWAL
FROM AN OFFERING. A Participant may withdraw from an Offering and stop payroll deductions one (1) time during a Purchase Period
by providing a notice of withdrawal (on a form provided by the Company for such purpose) to DraftKings’s payroll office at
least 10 days before the Purchase Date for the Purchase Period. A cash refund of payroll deduction amounts from a Participant’s
account shall be made prior to the next scheduled Purchase Date in accordance with Section 8(f) of this Plan.

 

Withdrawals requested after the deadline in
this paragraph 10(a) for a Purchase Period shall not affect Shares acquired by the Participant on such Purchase Date. A Participant
who withdraws from an Offering for a Purchase Period may not resume participation in the Plan during the same Purchase Period,
but may participate in any subsequent Offering, or in any subsequent Purchase Period within the same Offering, by again satisfying
the requirements of paragraphs 4 and 6(a) above.

 

(b)       WITHDRAWAL
FROM THE PLAN. A Participant may voluntarily withdraw from the Plan by signing a written notice of withdrawal on a form provided
by the Company for such purpose and delivering such notice to the Company’s payroll office. The effect of withdrawal from
the Plan shall be in accordance with Section 10(a) above.

 

(c)       RETURN
OF PAYROLL DEDUCTIONS. Upon withdrawal from an Offering or the Plan pursuant to paragraphs 10(a) or 10(b), respectively, the
withdrawn Participant’s accumulated payroll deductions shall be returned as soon as practicable after the withdrawal, in
accordance with Section 8(f) of this Plan. Interest shall not be paid on sums returned to a Participant pursuant to this paragraph
10(c). The Participant’s interest in the Offering and/or the Plan, as applicable, shall terminate.

 

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(d)       PARTICIPATION
FOLLOWING WITHDRAWAL. An employee who is also an officer or director of the Company subject to Section 16 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and who is deemed to “cease participation” in the
Plan within the meaning of Rule 16b-3 promulgated under the Exchange Act and amended from time to time or any successor rule or
regulation (“Rule 16b-3”) as a consequence of his or her withdrawal from an Offering pursuant to paragraph 10(a) above
or withdrawal from the Plan pursuant to paragraph 10(b) above shall not again participate in the Plan for at least six months after
the date of such withdrawal.

 

(e)       REDUCTION
RIGHTS. A Participant may elect to decrease future payroll deductions from his or her Compensation during a Purchase Period
no more than one (1) time each Purchase Period. Such Participant must submit a signed written notice of reduction on a form provided
by the Company for such purpose and delivering such notice to the Company’s payroll office at least 10 days before the Purchase
Date for the Purchase Period.

 

11.       TERMINATION
OF EMPLOYMENT. Termination of a Participant’s employment with the Company for any reason, including retirement, disability
or death or the failure of a Participant to remain an employee eligible to participate in the Plan, shall terminate the Participant’s
participation in the Plan immediately. In such event, the payroll deductions credited to the Participant’s account since
the last Purchase Date shall, as soon as practicable, be returned to the Participant or, in the case of the Participant’s
death, to the Participant’s legal representative, and all of the Participant’s rights under the Plan shall terminate.
Interest shall not be paid on sums returned to a Participant pursuant to this paragraph 11. DraftKings may establish a date which
is a reasonable number of days prior to the Purchase Date as a cutoff for return of a Participant’s payroll deductions in
the form of cash.

 

After the cutoff date, Shares will be purchased
for the terminated employee in accordance with paragraph 10(c), above. A Participant whose participation has been so terminated
may again become eligible to participate in the Plan by again satisfying the requirements of paragraphs 4 and 6(a) above.

 

12.       CHANGE
IN CONTROL. A “Change in Control” shall be deemed to have occurred in the event any of the following occurs with
respect to DraftKings:

 

(a)       Any
sale, lease, exchange or other transfer (in one or a series of related transactions) of all or substantially all of the assets
of the Company;

 

(b)       Any
 “Person” as such term is used in Section 13(d) and Section 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) becomes, directly or indirectly, the “beneficial owner” as defined in Rule 13d-3 under
the Exchange Act of securities of the Company that represent more than 50% of the combined voting power of the Company’s
then outstanding voting securities (the “Outstanding Company Voting Securities”); provided, however, that for purposes
of this Section 2(f)(ii), the following acquisitions shall not constitute a Change in Control: (I) any acquisition directly from
the Company, (II) any acquisition by the Company, (III) any acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Company or any Affiliate (as defined below), (IV) any acquisition by any corporation pursuant to a transaction
that complies with Sections 2(f)(iv)(A) and 2(f)(iv)(B), (V) any acquisition involving beneficial ownership of less than fifty
percent (50%) of the then-outstanding Shares (the “Outstanding Company Shares”) or the Outstanding Company Voting Securities
that is determined by the Board, based on review of public disclosure by the acquiring Person with respect to its passive investment
intent, not to have a purpose or effect of changing or influencing the control of the Company; provided, however, that for purposes
of this clause (V), any such acquisition in connection with (x) an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or consents or (y) any “Business Combination”
(as defined below) shall be presumed to be for the purpose or with the effect of changing or influencing the control of the Company;

 

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(c)       During
any period of not more than two (2) consecutive years, individuals who constitute the Board as of the beginning of the period (the
 “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person
becoming a director subsequent to the beginning of such period, whose election or nomination for election was approved by a vote
of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement
of the Company in which such person is named as a nominee for director, without written objection to such nomination) will be an
Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result
of an actual or threatened election contest with respect to directors or as a result of any other actual or threatened solicitation
of proxies by or on behalf of any person other than the Board will be deemed to be an Incumbent Director;

 

(d)       Consummation
of a merger, amalgamation or consolidation (a “Business Combination”) of the Company with any other corporation, unless,
following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners
of the Outstanding Company Shares and the Outstanding Company Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than fifty percent (50%) of the then-outstanding shares of common stock (or, for
a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled
to vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be,
of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction,
owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries)
in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company
Shares and the Outstanding Company Voting Securities, as the case may be, and (B) at least a majority of the members of the board
of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination
were Incumbent Directors at the time of the execution of the initial agreement or of the action of the Board providing for such
Business Combination; or

 

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(e)       Shareholder
approval of a plan of complete liquidation of the Company.

 

For purposes of this section 12, “Affiliate” means
(i) any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company and/or
(ii) to the extent provided by the Board, any person or entity in which the Company has a significant interest. The term “control”
(including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied
to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of such person or entity, whether through the ownership of voting or other securities, by contract or otherwise.

 

In the event of a Change in Control, the Board
may take any one or more of the following actions with respect to an Offering in progress as of the Change in Control on such terms
as the Board determines: (i) provide that such Offering shall be assumed or continued by the acquiring or succeeding corporation
(or an Affiliate thereof); (ii) upon written notice to Participants, provide that such Offering will be terminated immediately
prior to the consummation of the Change in Control and that all Shares under such Offering will be purchased to the extent of accumulated
payroll deductions as of a date specified by the Board in such notice, which date shall not be less than ten (10) days preceding
the effective date of the Change in Control; (iii) upon written notice to Participants, provide that all Shares under such Offering
will be cancelled as of a date prior to the effective date of the Change in Control and that all accumulated payroll deductions
will be returned to Participants on such date; (iv) in the event of a Change in Control under the terms of which Participants will
receive upon consummation thereof a cash payment for each Share surrendered in the Change in Control (the “Acquisition Price”),
change the last day of the Offering Period to be the date of the consummation of the Change in Control and make or provide for
a cash payment to each Participant equal to (A) (i) the Acquisition Price times (ii) the number of Shares that the Participant’s
accumulated payroll deductions as of immediately prior to the Change in Control could purchase at the Purchase Price, where the
Acquisition Price is treated as the fair market value of the Shares on the last day of the applicable Offering Period for purposes
of determining the Purchase Price under paragraph 7 above, and where the number of Shares that could be purchased is subject to
the limitations set forth in paragraph 3 above, minus (B) the result of multiplying such number of Shares by such Purchase Price;
(v) provide that, in connection with a liquidation or dissolution of the Company, Shares shall convert into the right to receive
liquidation proceeds (net of the Purchase Price thereof); and (vi) any combination of the foregoing. For the avoidance of doubt,
interest shall not be paid on sums returned to a Participant pursuant to this section 12.

 

13.       CAPITAL
CHANGES. In the event that the Board determines that any dividend or other distribution (whether in the form of cash, shares,
other securities or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation,
split-up, spin-off, combination, repurchase or exchange of shares or other securities of the Company, issuance of warrants or other
rights to purchase shares or other securities of the Company or other similar corporate transaction or event affects the Shares
such that an adjustment is determined by the Board to be appropriate in order to prevent dilution or enlargement of the benefits
or potential benefits intended to be made available under the Plan, then the Board shall, in such manner as it may deem equitable,
adjust any or all of (a) the Offering Exercise Price, (b) the number of Shares subject to purchase by Participants, and (c) the
Plan’s share reserve amount.

 

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14.       NON-TRANSFERABILITY.
Prior to a Purchase Date, a Participant’s rights under the Plan may not be transferred in any manner otherwise than by
will or the laws of descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant.
Subsequent to a Purchase Date, a Participant shall be allowed to sell or otherwise dispose of the Shares in any manner that he
or she deems fit. However, the Company, in its absolute discretion, may impose such restrictions on the transferability of Shares
purchased by a Participant pursuant to the Plan as it deems appropriate and any such restriction may be placed on the certificates
evidencing such Shares (see also Sections 9(d) and 19).

 

15.       REPORTS.
Each Participant shall receive, within a reasonable period after the Purchase Date, a report of such Participant’s account
setting forth the total payroll deductions accumulated, the number of Shares purchased, the fair market value of such Shares, the
date of purchase and the remaining cash balance to be refunded or retained in the Participant’s account pursuant to paragraph
8(f) above, if any. Each Participant who acquires Shares pursuant to the Plan shall be provided information concerning the Company
equivalent to that information generally made available to the Company’s common stockholders.

 

16.       PLAN
TERM. This Plan shall continue until terminated by the Board or until all of the Shares reserved for issuance under the Plan
have been issued, whichever shall first occur.

 

17.       RESTRICTION
ON ISSUANCE OF SHARES. The issuance of Shares under the Plan shall be subject to compliance with all applicable requirements
of federal or state law with respect to such securities. A Purchase Right may not be exercised if the issuance of Shares upon such
exercise would constitute a violation of any applicable federal or state securities laws or other law or regulations. In addition,
no Purchase Right may be exercised unless (i) a registration statement under the Securities Act of 1933, as amended, shall at the
time of exercise of the Purchase Right be in effect with respect to the Shares issuable upon exercise of the Purchase Right, or
(ii) in the opinion of legal counsel to the Company, the Shares issuable upon exercise of the Purchase Right may be issued in accordance
with the terms of an applicable exemption from the registration requirements of said Act. As a condition to the exercise of a Purchase
Right, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance
with any applicable law or regulation, and to make any representation or warranty with respect thereto as may be requested by the
Company.

 

18.       LEGENDS.
The Company may at any time place legends or other identifying symbols referencing any applicable federal and/or state securities
restrictions or any provision(s) convenient in the administration of the Plan on some or all of the certificates representing Shares
issued under the Plan. The Participant shall, at the request of the Company, promptly present to the Company any and all certificates
representing Shares acquired pursuant to a Purchase Right in the possession of the Participant in order to carry out the provisions
of this paragraph. Unless otherwise specified by the Company, legends placed on such certificates may include but shall not be
limited to any legend required to be placed thereon by applicable law.

 

    	 	-10-	 

     

    

 

19.       NOTIFICATION
OF SALE OF SHARES. The Company may require the Participant to give the Company prompt notice of any disposition of Shares acquired
under the Plan within two years from the date of commencement of an Offering Period or one year from the Purchase Date. The Company
may direct that the certificates evidencing Shares acquired by the Participant refer to such requirement to give prompt notice
of disposition. Additionally, the Company and the Broker may impose such restrictions or procedures related to transfer of Shares
acquired under the Plan as are necessary for the Company to obtain sufficient notice of disposition, in order to comply with governmental
requirements related to Form W-2 reporting, payroll tax withholding, employment tax liability and corporate income taxes.

 

20.       AMENDMENT
OR TERMINATION OF THE PLAN. The Board may at any time amend or terminate the Plan, except that such amendment or termination
shall not affect Shares purchased under the Plan, (except as may be necessary to qualify the Plan as an employee stock purchase
plan pursuant to section 423 of the Code or to obtain qualification or registration of the Shares under applicable federal or state
securities laws). In addition, an amendment to the Plan must be approved by the stockholders of the Company within twelve (12)
months of the adoption of such amendment if such amendment would authorize the sale of more Shares than are authorized for issuance
under the Plan or would change the definition of the entities that may be designated by the Board as Participating Companies.

 

Furthermore, the approval of the Company’s
stockholders shall be sought for any amendment to the Plan for which the Board deems stockholder approval necessary in order to
comply with Rule 16b-3 promulgated under Section 16 of the Exchange Act.

 

    	 	-11-Exhibit 10.7

 

FORM
OF INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (the “Agreement”) is made and entered into as of ____________, 2020 between DraftKings
Inc., a Nevada corporation (the “Company”), and ____________ (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS, highly
competent persons have become more reluctant to serve 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 of Directors of the Company (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. Chapter 78 of the Nevada Revised Statutes (the “NRS”)
and the Amended and Restated Articles of Incorporation of the Company (the “Articles”) authorize indemnification
of the directors, officers, employees, fiduciaries and agents of the Company. The Amended and Restated Bylaws of the Company (the
 “Bylaws”) provide that the Company will indemnify the directors and officers of the Company. The NRS
expressly provides that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
may be entered into between the Company and persons acting on behalf of the Company with respect to indemnification;

 

WHEREAS, the
uncertainties relating to such insurance and to indemnification have increased 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’s 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 any indemnification provisions in the Articles and/or the Bylaws of the Company
and any resolutions adopted pursuant thereto, and 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 NRS, the Bylaws and insurance as adequate in the present circumstances, and
may not be willing to serve as an officer or a director without adequate protection, and the Company desires Indemnitee 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 he or she be so indemnified.

 

     

     

    

 

NOW, THEREFORE,
in consideration of Indemnitee’s agreement to serve as an officer and/or a director from and after the date of this Agreement,
and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

 

1.       Indemnity
of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by law,
as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality
thereof.

 

(a)       Proceedings
Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided
in this Section l(a) if, by reason of his or her Corporate Status (as hereinafter defined), Indemnitee was or is a party,
or is threatened to be made a party, to any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the
Company. Pursuant to this Section 1(a), the Company shall indemnify Indemnitee against all Expenses (as hereinafter defined),
judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her, or on his or her behalf, in connection
with such Proceeding or any claim, issue or matter therein, if Indemnitee either (i) is not liable pursuant to NRS 78.138 or (ii)
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 with respect to any criminal Proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful.

 

(b)       Proceedings
by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section
1(b) if, by reason of his or her Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in
any Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 1(b),
the Company shall indemnify Indemnitee against all Expenses 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 matters therein, if Indemnitee
either (i) is not liable pursuant to NRS 78.138 or (ii) acted in good faith and in a manner Indemnitee reasonably believed to be
in or not opposed to the best interests of the Company; provided, however, if applicable law so provides, no indemnification
against such Expenses or other amounts shall be made in respect of any claim, issue or matter as to which Indemnitee shall have
been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the Company or for
amounts paid in settlement to the Company, unless and only to the extent that the court in which the Proceeding was brought or
other court of competent jurisdiction shall determine that in view of all the circumstances in the case, Indemnitee is fairly and
reasonably entitled to indemnity for such expenses as the court deems proper.

 

(c)       Termination
of Proceeding. The termination of any Proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere
or its equivalent, shall not, of itself, adversely affect the right of Indemnitee to indemnification or create an inference or
presumption either that Indemnitee is liable pursuant to NRS 78.138, that Indemnitee did not act in good faith and in a manner
which he or she reasonably believed to be in or not opposed to the best interests of the corporation, or, with respect to any criminal
action or proceeding, that Indemnitee had reasonable cause to believe that the conduct was unlawful. The Company acknowledges that
such a resolution, short of final judgment, may be successful on the merits if it permits a party to avoid expense, delay, distraction,
disruption and uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than
by adverse judgment against Indemnitee (including, without limitation, settlement of such Proceeding with or without payment of
money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding.
Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing
evidence.

 

(d)       Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent
that Indemnitee is, by reason of his or her Corporate Status, a party to and is successful, on the merits or otherwise, in any
Proceeding, the Company shall indemnify Indemnitee to the maximum extent permitted by law, as such may be amended from time to
time, against all Expenses actually and reasonably incurred by him or her on his or her behalf in connection with the defense of
the Proceeding. 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 him or her, or on his or her behalf, in connection with each successfully resolved
claim, issue or matter. 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.

 

    	 	2	 

     

    

 

2.       Additional
Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of
this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee, to the fullest extent permitted by law,
as may be amended from time to time, against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably
incurred by him or her, or on his or her behalf, if, by reason of his or her Corporate Status, he or she was or is a party, or
is threatened to be made a party, to any Proceeding (including a Proceeding by or in the right of the Company), including, without
limitation, all liability arising out of the simple or gross negligence, recklessness, or active or passive wrongdoing of Indemnitee.
The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company
shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions,
set forth in Section 6 and Section 7 hereof) to be unlawful.

 

3.       Contribution.

 

(a)       Whether
or not the indemnification provided in Section 1 and Section 2 hereof is available, in respect of any Proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall pay the entire
amount of any judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such payment and the Company
hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not enter into any settlement
of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such
settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(b)       Without
diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee
shall elect or be required to pay all or any portion of any judgment or settlement in any Proceeding in which the Company is jointly
liable with Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses, judgments,
fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative
benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly
liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, from the
transaction from which such Proceeding arose; provided, however, that the proportion determined on the basis of relative
benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and
all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if
joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in
such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which applicable law may require
to be considered. The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee,
who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other
hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain
personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct
is active or passive.

 

    	 	3	 

     

    

 

(c)       The
Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers,
directors, or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)       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, 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).

 

(e)       The
Company hereby acknowledges that Indemnitee may have rights to indemnification for payment of the judgment or settlement amount
provided by another entity (“Other Indemnitor(s)”). The Company agrees with Indemnitee that the Company
is the indemnitor of first resort of Indemnitee with respect to matters for which indemnification is provided under this Agreement
and that the Company will be obligated to make all payments due to or for the benefit of Indemnitee under this agreement without
regard to any rights that Indemnitee may have against the Other Indemnitor(s). The Company hereby waives any equitable rights to
contribution or indemnification from the Other Indemnitor in respect of any amounts paid to Indemnitee hereunder until such time
as the Indemnitee has been fully and finally indemnified. The Company further agrees that no payment of Expenses or losses by the
Other Indemnitor(s) to or for the benefit of Indemnitee shall affect the obligations of the Company hereunder.

 

4.       Indemnification
for Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee, by reason
of his or her Corporate Status, is a witness, or is made (or asked) to respond to discovery requests or otherwise asked to participate
in any Proceeding to which Indemnitee is not a party, the Company shall indemnify Indemnitee against all Expenses actually and
reasonably incurred by him or her, or on his or her behalf, in connection therewith.

 

5.       Advancement
of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on
behalf of Indemnitee in connection with defending any Proceeding within thirty (30) days after the receipt by the Company of a
statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and
Indemnitee shall also submit a written undertaking to repay any Expenses advanced if it shall ultimately be determined by a court
of competent jurisdiction that Indemnitee is not entitled to be indemnified by the Company against such Expenses. Any advances
and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free. In furtherance of the foregoing,
Indemnitee hereby undertakes to repay such amounts advanced if, and to the extent that, it shall ultimately be determined by a
court of competent jurisdiction that Indemnitee is not entitled to be indemnified by the Company pursuant to the terms of this
Agreement.

 

    	 	4	 

     

    

 

6.       Procedures
and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee
rights of indemnity that are as favorable as may be permitted under the NRS and public policy of the State of Nevada. Accordingly,
the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee
is entitled to indemnification under this Agreement:

 

(a)       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. 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. Notwithstanding the foregoing,
any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not
relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, the Company is actually and
materially prejudiced as a result of such failure.

 

(b)       Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination
with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following three methods,
which shall be at the election of the Board (i) by a majority vote of a quorum consisting of Disinterested Directors (as defined
below), (ii) if a majority vote of a quorum consisting of Disinterested Directors so orders, or if a quorum of Disinterested Directors
cannot be obtained, by Independent Counsel (as defined below) in a written opinion to the Board, a copy of which shall be delivered
to Indemnitee, or (iii) by the stockholders of the Company.

 

(c)       Notwithstanding
anything to the contrary set forth in this Agreement, if a request for indemnification is made after a Change in Control, at the
election of Indemnitee made in writing to the Company, and if the Board by a majority vote of a quorum consisting of Disinterested
Directors orders the determination of Indemnitee’s entitlement to indemnification to be made by an Independent Counsel, or
if a quorum of Disinterested Directors cannot be obtained, any determination required to be made pursuant to Section 6(b)
above as to whether Indemnitee is entitled to indemnification shall be made by Independent Counsel selected as provided in this
Section 6(c). The Independent Counsel shall be selected by Indemnitee, unless Indemnitee shall request that such selection
be made by the Board. The party making the selection shall give written notice to the other party advising it of the identity of
the Independent Counsel so selected. The party receiving such notice may, within seven (7) days after such written notice of selection
shall have been given, deliver to the other party a written objection to such selection. 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 13 hereof, 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 a written objection is made, the Independent
Counsel so selected may not serve as Independent Counsel unless and until a court has determined that such objection is without
merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section
6(a) hereof, no Independent Counsel shall have been selected (or, if selected, such selection shall have been objected to)
in accordance with this paragraph, then either the Company or Indemnitee may petition the courts of the State of Nevada or other
court of competent jurisdiction 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 the court
or by such other person as the court shall designate, and the person with respect to whom an objection is favorably resolved or
the person so appointed shall act as Independent Counsel under Section 6(c) hereof. The Company shall pay any and all reasonable
fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section
6(b) hereof. The Company shall pay any and all reasonable and necessary fees and expenses incident to the procedures of this
Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.

 

    	 	5	 

     

    

 

(d)       If
the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof,
the Independent Counsel shall be selected as provided in this Section 6(d). The Independent Counsel shall be selected by
the Board. Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company
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 13 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 a written objection is made and
substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn
or a court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a
written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected (or,
if selected, such selection shall have been objected to) in accordance with this paragraph, then either the Company or Indemnitee
may petition the appropriate courts of the State of Nevada or other court of competent jurisdiction for resolution of any objection
which shall have been made by Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as
Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with
respect to whom an objection is favorably resolved or the person so appointed shall act as Independent Counsel under Section
6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel in connection with acting
pursuant to Section 6(b) hereof, and the Company shall pay any and all reasonable fees and expenses incident to the procedures
of this Section 6(d), regardless of the manner in which such Independent Counsel was selected or appointed.

 

(e)       In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company
(including by its directors or independent legal 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 legal 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.

 

(f)       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
(as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the 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 or other expert selected with reasonable
care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee
of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
Whether or not the foregoing provisions of this Section 6(f) are satisfied, it shall in any event be presumed that Indemnitee
has at all times acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests
of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear
and convincing evidence. The Company will promptly 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.

 

(g)       Notwithstanding
anything to the contrary set forth in this Agreement, if the person, persons or entity empowered or selected under Section 6
to determine whether Indemnitee is entitled to indemnification shall not have been appointed or 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 be deemed to have been made and Indemnitee shall be entitled to such indemnification, unless the Company establishes by written
opinion of Independent Counsel that (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 sixty (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 such determination
with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation
and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 6(g)
shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section
6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination,
the Disinterested Directors resolve as required by Section 6(b)(iii) of this Agreement 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.

 

    	 	6	 

     

    

 

(h)       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 Independent Counsel or member of the Board or stockholder of the Company shall act reasonably and in
good faith in making a determination regarding Indemnitee’s entitlement to indemnification under this Agreement. Any costs
or expenses (including attorneys’ fees and disbursements) incurred by 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.

 

7.       Remedies
of Indemnitee.

 

(a)       In
the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no
determination of entitlement to indemnification is made pursuant to Section 6(b) or Section 6(c) of this Agreement
within sixty (60) days after receipt by the Company of the request for indemnification, or such longer period, not to exceed an
additional thirty (30) days, to which the period may be extended pursuant to Section 6(g), (iv) payment of indemnification
is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request therefor or (v) payment
of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification
or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled
to an adjudication of Indemnitee’s entitlement to such indemnification or advancement of expenses either, at Indemnitee’s
sole option, in (1) an appropriate court of the State of Nevada, or any other court of competent jurisdiction or (2) an arbitration
to be conducted by a single arbitrator, selected by mutual agreement of the Company and Indemnitee, pursuant to the rules of the
American Arbitration Association. The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

    	 	7	 

     

    

 

(b)       In
the event that a determination shall have been made pursuant to Section 6(b) or Section 6(c) of this Agreement that
Indemnitee is not entitled to indemnification, (i) any judicial proceeding or arbitration commenced pursuant to this Section
7 shall be conducted in all respects de novo on the merits, and Indemnitee shall not be prejudiced by reason of any adverse
determination under Section 6(b) or Section 6(c); and (ii) in any such judicial proceeding or arbitration, the Company
shall have the burden of proving that Indemnitee is not entitled to indemnification under this Agreement.

 

(c)       If
a determination shall have been made pursuant to Section 6(b) or Section 6(c), or shall have been deemed to have
been made pursuant to Section 6(g), of this Agreement that Indemnitee is entitled to indemnification, the Company shall
be obligated to pay the amounts constituting such indemnification within five (5) days after such determination has been made or
has been deemed to have been made and shall be conclusively bound by such determination in any judicial proceeding commenced pursuant
to this Section 7, unless the Company establishes by written opinion of Independent Counsel that (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially misleading
in connection with the request for indemnification or (ii) a prohibition of such indemnification under applicable law.

 

(d)       In
the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of, or an award in arbitration to enforce,
his or her rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’
liability insurance policies maintained by the Company, the Company shall pay to him or her, or on his or her behalf, in advance,
and shall indemnify him or her against, any and all expenses (of the types described in the definition of Expenses in Section 13
of this Agreement) actually and reasonably incurred by him or her in such judicial adjudication or arbitration, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

(e)       The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 7
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. The Company shall 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 therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred by Indemnitee
in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement
or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether
Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the
case may be.

 

8.       Non-Exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a)       The
rights of indemnification and advancement of expenses as provided by this Agreement shall not be deemed exclusive of, and shall
be in addition to, any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles or the Bylaws
of the Company, any agreement, a vote of stockholders, a resolution of directors of the Company, or otherwise, and nothing in this
Agreement shall diminish or otherwise restrict Indemnitee’s rights to indemnification or advancement of expenses under any
of the foregoing. 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 such Indemnitee in his or her Corporate Status
prior to such amendment, alteration or repeal. To the extent that a change in the NRS, whether by statute or judicial decision,
permits greater indemnification than would be afforded currently under the Articles, 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 and Indemnitee
shall be deemed to have such greater benefits hereunder. 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. The Company shall not adopt
any amendments to its Articles or Bylaws, the effect of which would be to deny, diminish or encumber Indemnitee’s right to
indemnification or advancement of expenses under this Agreement, any other agreement or otherwise, without the prior written consent
of the Indemnitee.

 

    	 	8	 

     

    

 

(b)       To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise that such person serves at the request of the Company, 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 director, officer, employee, agent
or fiduciary 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 the commencement of
such Proceeding 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 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 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 (with all of Indemnitee’s
reasonable expenses, including, without limitation, attorneys’ fees and charges, related thereto to be reimbursed by or,
at the option of Indemnitee, advanced by the Company).

 

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

 

(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, employee or agent of any other corporation, 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, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9.       Exception
to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this
Agreement to make any indemnity in connection with any claim made against 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; or

 

(b)       for
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 Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or similar provisions of state statutory law or common law; or

 

(c)       for
any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits
realized by 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

 

    	 	9	 

     

    

 

(d)       for
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

 

(e)       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 (other than to enforce Indemnitee’s rights under this Agreement)
or its directors, officers, employees or other indemnitees, unless (i) the Board of the Company authorized the Proceeding (or such
part of the Proceeding) prior to its initiation, or (ii) the Company indemnifies Indemnitee, in its sole discretion, independently
of this Agreement pursuant to the powers vested in the Company under applicable law.

 

10.       Retroactive
Effect; Duration of Agreement; Successors and Binding Agreement. All agreements and obligations of the Company contained herein
shall be deemed to have become effective upon the date Indemnitee first had Corporate Status; shall continue during the period
Indemnitee has Corporate Status; and shall continue thereafter so long as Indemnitee may be subject to any Proceeding (or any action
commenced under Section 7 hereof) by reason of his or her Corporate Status, whether or not he or she is acting or serving
in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors (including any direct or indirect successor by purchase, merger, consolidation, reorganization or otherwise to all or
substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.
The Company shall require any such successor to all or substantially all of the business or assets of the Company, by agreement
in form and substance satisfactory to Indemnitee and his or her counsel, expressly to assume and agree to perform this Agreement
in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. Except
as otherwise set forth in this Section 10, this Agreement shall not be assignable or delegable by the Company.

 

11.       Security.
To the extent requested by Indemnitee and approved by the Board of the Company, the Company may at any time and from time to time
provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded
trust or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written
consent of Indemnitee.

 

12.       Enforcement.

 

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

 

(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.

 

    	 	10	 

     

    

 

13.       Definitions.
For purposes of this Agreement:

 

(a)       “Change
in Control” means the occurrence of any one of the following events:

 

(i)       any
sale, lease, exchange or other transfer (in one or a series of related transactions) of all or substantially all of the assets
of the Company;

 

(ii)       any
 “Person” as such term is used in Section 13(d) and Section 14(d) of the Exchange Act becomes, directly or
indirectly, the “beneficial owner” as defined in Rule 13d-3 under the Exchange Act of securities of the Company
that represent more than 50% of the combined voting power of the Company’s then outstanding voting securities (the “Outstanding
Company Voting Securities”); provided, however, that for purposes of this Section 13(a)(ii), the
following acquisitions shall not constitute a Change in Control: (I) any acquisition directly from the Company, (II) any acquisition
by the Company, (III) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or
any person or entity that directly or indirectly controls, is controlled by or is under common control with the Company and/or
to the extent provided by the Board, any person or entity in which the Company has a significant interest, (IV) any acquisition
by any corporation pursuant to a transaction that complies with Sections 13(a)(iv)(A) and 13(a)(iv)(B), (V) any acquisition
involving beneficial ownership of less than 50% of the then-outstanding shares of the Company’s Class A common stock,
par value $0.0001 per share (and any stock or other securities into which such ordinary shares may be converted or into which they
may be exchanged) (the “Outstanding Company Common Shares”) or the Outstanding Company Voting Securities
that is determined by the Board, based on review of public disclosure by the acquiring Person with respect to its passive investment
intent, not to have a purpose or effect of changing or influencing the control of the Company; provided, however,
that for purposes of this clause (V), any such acquisition in connection with (x) an actual or threatened election contest
with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents or (y) any
 “Business Combination” (as defined below) shall be presumed to be for the purpose or with the effect of changing or
influencing the control of the Company;

 

(iii)       during
any period of not more than two (2) consecutive years, individuals who constitute the Board as of the beginning of the
period (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board,
provided that any person becoming a director subsequent to the beginning of such period, whose election or nomination for
election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote
or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection
to such nomination) will be an Incumbent Director; provided, however, that no individual initially elected or nominated
as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of
any other actual or threatened solicitation of proxies by or on behalf of any person other than the Board will be deemed to be
an Incumbent Director; 

 

    	 	11	 

     

    

 

(iv)       consummation
of a merger, amalgamation or consolidation (a “Business Combination”) of the Company with any other corporation,
unless, following such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial
owners of the Outstanding Company Common Shares and the Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate
entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally
in the election of directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting
from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company
or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Shares
and the Outstanding Company Voting Securities, as the case may be, and (B) at least a majority of the members of the board of directors
(or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were Incumbent
Directors at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination;

 

(v)       the
stockholders of the Company approve a plan of complete liquidation of the Company.

 

(b)       “Corporate
Status” means the fact that a person is or was a director, officer, employee, agent or fiduciary of the Company or
is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership,
joint venture, trust or other enterprise.

 

(c)       “Disinterested
Director” means 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.

 

(d)       “Enterprise”
shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that Indemnitee is or was serving at the express written request of the Company as a director, officer, trustee, partner, manager,
managing member, employee, agent or fiduciary.

 

(e)       “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts and other professionals,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees,
ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred or actually incurred
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing
to be a witness in a Proceeding, or responding to, or objecting to, a request to provide discovery in a Proceeding. Expenses also
shall include 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, supersede as bond, or other appeal bond or its equivalent. Should
any payments by the Company to or for the account of Indemnitee under this Agreement be determined to be subject to any federal,
state or local income or excise tax, Expenses shall also include such amounts as are necessary to place Indemnitee in the same
after-tax position (after giving effect to all applicable taxes) Indemnitee would have been in had no such tax been determined
to apply to those payments. 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.

 

    	 	12	 

     

    

 

(f)       “Independent
Counsel” means 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 (5) 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 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 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.

 

(g)       “Proceeding”
includes 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 by or in the right of the Company or otherwise and whether civil, criminal, administrative, legislative or investigative
(formal or informal); in each case whether or not Indemnitee’s Corporate Status existed at the time any liability or expense
is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this
Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his or her rights
under this Agreement.

 

14.       Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.
Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to
the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable law, such provision
shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

15.       Modification
and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing
by both of 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 hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

16.       Notice
by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any
summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may
be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement unless, and only to the extent that, the Company is actually and materially
prejudiced as a result of such delay or failure.

 

17.       Notices.
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given (a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile, or (c) upon delivery when sent
by a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications
shall be sent:

 

(a)       To
Indemnitee at the address set forth below Indemnitee’s signature hereto.

 

(b)       To
the Company at:

 

DraftKings Inc.

222 Berkeley Street 5th Floor

Boston, Massachusetts 02116

Attention: Chief Legal Officer

Fax: (617) 249-1722

 

    	 	13	 

     

    

 

or to such other address
as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

 

18.       Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same the same instrument. Counterparts may be delivered via facsimile, electronic mail (including
pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes.

 

19.       Headings.
The headings of the paragraphs 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.

 

20.       Successors
and Assigns. The terms of this Agreement shall be binding upon the Company and its successors and assigns and shall inure to
the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors, administrators and other legal representatives.

 

21.       Governing
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 Nevada, without regard to its conflict of laws rules. The Company and
Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with
this Agreement (other than an arbitration pursuant to Section 7 hereof) shall be brought only in the Eighth Judicial District
Court of Clark County (the “Nevada 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 Nevada Court for
purposes of such action or proceeding, (iii) waive any objection to the laying of venue of any such action or proceeding in the
Nevada Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Nevada
Court has been brought in an improper or inconvenient forum.

 

[Remainder of page intentionally left
blank]

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on and as of the day and year first above written.

 

 

	 	COMPANY 
	 	  
	 	DraftKings Inc.
	 	  
	 	By: 	  
	 	Name:	 
	 	Title:	  
	 	 	 
	 	 	 
	 	INDEMNITEE
	 	 	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

[Signature Page to Indemnification Agreement]

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