Document:

Exhibit 10.1

 

DRAFTKINGS INC. 2020 INCENTIVE AWARD
PLAN

 

1.       Purpose.
The purpose of the DraftKings Inc. 2020 Incentive Award Plan (the “Plan”) is to provide a means through which
the Company and its Affiliates may attract and retain key personnel and to provide a means whereby directors, officers, employees,
consultants and advisors (and prospective directors, officers, employees, consultants and advisors) of the Company and its Affiliates
can acquire and maintain an equity interest in the Company, or be paid incentive compensation, which may (but need not) be measured
by reference to the value of Common Shares, thereby strengthening their commitment to the welfare of the Company and its Affiliates
and aligning their interests with those of the Company’s shareholders.

 

2.       Definitions.
The following definitions shall be applicable throughout the Plan:

 

(a)       “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 Committee, 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.

 

(b)       “Award”
means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted
Stock, Restricted Stock Unit, Stock Bonus Award, and Performance Compensation Award granted under the Plan.

 

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

 

(d)       “Business
Combination” has the meaning given such term in the definition of “Change in Control.”

 

(e)       “Cause”
means, in the case of a particular Award, unless the applicable Award agreement states otherwise, (i) the Company or an Affiliate
having “cause” to terminate a Participant’s employment or service, as defined in any employment or consulting
or similar agreement between the Participant and the Company or an Affiliate in effect at the time of such termination or (ii)
in the absence of any such employment or consulting or similar agreement (or the absence of any definition of “Cause”
contained therein), (A) gross misconduct by the Participant which results in loss, damage or injury to the Company or any of its
Affiliates, its goodwill, business or reputation; (B) the commission or attempted commission of an act of embezzlement, fraud or
breach of fiduciary duty which results in loss, damage or injury to the Company or any of its Affiliates, its goodwill, business
or reputation; (C) the unauthorized disclosure or misappropriation of any trade secret or confidential information of the Company,
any of its Affiliate or any third party who has a business relationship with the Company; (D) the Participant’s conviction
of or plea of nolo contendere to, a felony under any state or federal law which materially interferes with such Participant’s
ability to perform his or her services for the Company or any of its Affiliates or which results in loss, damage or injury to the
Company or any of its Affiliates, its goodwill, business or reputation; (E) the violation (or potential violation) by the Participant,
in any material respect, of a non-competition, non-solicitation, non-disclosure or assignment of inventions covenant between the
Participant and the Company or any of its Affiliates; (F) the Participant’s failure to perform the Participant’s assigned
duties and responsibilities to the reasonable satisfaction of the Company which failure continues, in the reasonable judgment of
the Company, after written notice given to the Participant by the Company; or (G) the use of controlled substances, illicit drugs,
alcohol or other substances or behavior which interferes with the Participant’s ability to perform his or her services for
the Company or any of its Affiliates or which otherwise results in loss, damage or injury to the Company, its goodwill, business
or reputation. Any determination of whether Cause exists shall be made by the Committee in its sole discretion.

 

(f)       “Change
in Control” shall, in the case of a particular Award, unless the applicable Award agreement states otherwise or contains
a different definition of “Change in Control,” be deemed to occur upon:

 

(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;

 

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(ii)       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, (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 50% of
the then-outstanding Common Shares (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;

 

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

 

(g)       “Code”
means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any section of the Code
shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor
provisions to such section, regulations or guidance.

 

(h)       “Committee”
means a committee of at least two people as the Board may appoint to administer the Plan or, if no such committee has been appointed
by the Board, the Board.

 

(i)       “Common
Shares” means 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).

 

(j)       “Company”
means DraftKings Inc., a Nevada corporation.

 

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(k)       “Date
of Grant” means the date on which the granting of an Award is authorized, or such other date as may be specified
in such authorization.

 

(l)       “Effective
Date” means the date on which the Plan is approved by the shareholders of the Company.

 

(m)       “Eligible
Director” means a person who is a “non-employee director” within the meaning of Rule 16b-3 under the
Exchange Act.

 

(n)       “Eligible
Person” with respect to an Award denominated in Common Shares, means any (i) individual employed by the Company or
an Affiliate; provided, however, that no such employee covered by a collective bargaining agreement shall be an Eligible
Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement which includes rules
regarding equity entitlement or in an agreement or instrument relating thereto; (ii) director of the Company or an Affiliate; (iii)
consultant or advisor to the Company or an Affiliate; provided that if the Securities Act applies such persons must be eligible
to be offered securities registrable on Form S-8 under the Securities Act; or (iv) prospective employees, directors, officers,
consultants or advisors who have accepted offers of employment or consultancy from the Company or its Affiliates (and would satisfy
the provisions of clauses (i) through (iii) above once he or she begins employment with or begins providing services to the Company
or its Affiliates); and with respect to shares of Class B Common Stock issued under the Plan, “Eligible Person”
means the employees, directors, consultants or advisors who are eligible holders of Class B Common Stock as determined under the
Company’s Articles of Incorporation as in effect from time to time.

 

(o)       “Exchange
Act” has the meaning given such term in the definition of “Change in Control,” and any reference in the
Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other
interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations
or guidance.

 

(p)       “Exercise
Price” has the meaning given such term in Section 7(b) of the Plan.

 

(q)       “Fair
Market Value” means, as of any date, the value of Common Shares determined as follows:

 

(i)       If
the Common Shares are listed on any established stock exchange or a national market system will be the closing sales price for
such shares (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as
reported in The Wall Street Journal or such other source as the Committee deems reliable;

 

(ii)       If
the Common Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value
of a Common Share will be the mean between the high bid and low asked prices for the Common Shares on the day of determination,
as reported in The Wall Street Journal or such other source as the Committee deems reliable; or

 

(iii)       In
the absence of an established market for the Common Shares, the Fair Market Value will be determined in good faith by the Committee.

 

(r)       “Good
Reason” means, if applicable to any Participant in the case of a particular Award, as defined in the Participant’s
employment agreement or the applicable Award agreement.

 

(s)       “Immediate
Family Members” shall have the meaning set forth in Section 15(b).

 

(t)       “Incentive
Stock Option” means an Option that is designated by the Committee as an incentive stock option as described in Section
422 of the Code and otherwise meets the requirements set forth in the Plan.

 

(u)       “Indemnifiable
Person” shall have the meaning set forth in Section 4(e) of the Plan.

 

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(v)       “Mature
Shares” means Common Shares owned by a Participant that are not subject to any pledge or security interest and that
have been either previously acquired by the Participant on the open market or meet such other requirements, if any, as the Committee
may determine are necessary in order to avoid an accounting earnings charge on account of the use of such shares to pay the Exercise
Price or satisfy a tax or deduction obligation of the Participant.

 

(w)       “Nonqualified
Stock Option” means an Option that is not designated by the Committee as an Incentive Stock Option.

 

(x)       “Option”
means an Award granted under Section 7 of the Plan.

 

(y)       “Option
Period” has the meaning given such term in Section 7(c) of the Plan.

 

(z)       “Outstanding
Company Common Shares” has the meaning given such term in the definition of “Change in Control.”

 

(aa)“Outstanding
Company Voting Securities” has the meaning given such term in the definition of “Change in Control.”

 

(bb)“Participant”
means an Eligible Person who has been selected by the Committee to participate in the Plan and to receive an Award pursuant to
Section 6 of the Plan.

 

(cc)“Performance
Compensation Award” shall mean any Award designated by the Committee as a Performance Compensation Award pursuant
to Section 11 of the Plan.

 

(dd)“Performance
Criteria” shall mean the criterion or criteria that the Committee shall select for purposes of establishing the Performance
Goal(s) for a Performance Period with respect to any Performance Compensation Award under the Plan.

 

(ee)“Performance
Formula” shall mean, for a Performance Period, the one or more formulae applied against the relevant Performance
Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion but
less than all, or none of the Performance Compensation Award has been earned for the Performance Period.

 

(ff)“Performance
Goals” shall mean, for a Performance Period, the one or more goals established by the Committee for the Performance
Period based upon the Performance Criteria.

 

(gg)“Performance
Period” shall mean the one or more periods of time, as the Committee may select, over which the attainment of one
or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a
Performance Compensation Award.

 

(hh)“Permitted
Transferee” shall have the meaning set forth in Section 15(b) of the Plan.

 

(ii)       “Person”
has the meaning given such term in the definition of “Change in Control.”

 

(jj)“Plan”
means this DraftKings Inc. 2020 Incentive Award Plan, as amended from time to time.

 

(kk)“Qualifying
Termination” means the occurrence of either a termination of a Participant’s employment by the Company without
Cause or for Good Reason, in either case, occurring on or within the 12-month period (or such other period specified in the applicable
Award Agreement) following the consummation of a Change in Control.

 

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(ll)“Restricted
Period” means the period of time determined by the Committee during which an Award is subject to restrictions or,
as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned.

 

(mm)“Restricted
Stock Unit” means an unfunded and unsecured promise to deliver Common Shares, cash, other securities or other property,
subject to certain performance or time-based restrictions (including, without limitation, a requirement that the Participant remain
continuously employed or provide continuous services for a specified period of time), granted under Section 9 of the Plan.

 

(nn)“Restricted
Stock” means Common Shares, subject to certain specified performance or time-based restrictions (including, without
limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period
of time), granted under Section 9 of the Plan.

 

(oo)       “Retirement”
means, in the case of a particular Award, the definition set forth in the applicable Award Agreement.

 

(pp)“SAR
Period” has the meaning given such term in Section 8(b) of the Plan.

 

(qq)“Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section
of the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section, and
any amendments or successor provisions to such section, rules, regulations or guidance.

 

(rr)“Stock
Appreciation Right” or “SAR” means an Award granted under Section 8 of the Plan.

 

(ss)“Stock
Bonus Award” means an Award granted under Section 10 of the Plan.

 

(tt)“Strike
Price” means, except as otherwise provided by the Committee in the case of Substitute Awards, (i) in the case
of a SAR granted in tandem with an Option, the Exercise Price of the related Option, or (ii) in the case of a SAR granted independent
of an Option, the Fair Market Value on the Date of Grant.

 

(uu)“Subsidiary”
means, with respect to any specified Person:

 

(i)       any
corporation, association or other business entity of which more than 50% of the total voting power of shares (without regard to
the occurrence of any contingency and after giving effect to any voting agreement or shareholders’ agreement that effectively
transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and

 

(ii)       any
partnership (or any comparable foreign entity (a) the sole general partner (or functional equivalent thereof) or the managing general
partner of which is such Person or Subsidiary of such Person or (b) the only general partners (or functional equivalents thereof)
of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

(vv)“Substitute
Award” has the meaning given such term in Section 5(e).

 

3.       Effective
Date; Duration. The Plan shall be effective as of the Effective Date. The expiration date of the Plan, on and after which
date no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however,
that such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply
to such Awards.

 

4.       Administration.
(a) The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under
the Exchange Act (if the Board is not acting as the Committee under the Plan), it is intended that each member of the Committee
shall, at the time he takes any action with respect to an Award under the Plan, be an Eligible Director. However, the fact that
a Committee member shall fail to qualify as an Eligible Director shall not invalidate any Award granted by the Committee that is
otherwise validly granted under the Plan.

 

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(b)       Subject
to the provisions of the Plan and applicable law, the Committee shall have the sole and plenary authority, in addition to other
express powers and authorizations conferred on the Committee by the Plan, to: (i) designate Participants; (ii) determine the type
or types of Awards to be granted to a Participant; (iii) determine the number of Common Shares or shares of Class B Common Stock
to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards;
(iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards
may be settled or exercised in cash, Common Shares, other securities, other Awards or other property, or canceled, forfeited, or
suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine
whether, to what extent, and under what circumstances the delivery of cash, Common Shares, other securities, other Awards or other
property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant
or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission
in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or
waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of
the Plan; (ix) accelerate the vesting or exercisability of, payment for or lapse of restrictions on, Awards; and (x) make any other
determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.

 

(c)       The
Committee may delegate to one or more officers of the Company or any Affiliate the authority to act on behalf of the Committee
with respect to any matter, right, obligation, or election that is the responsibility of or that is allocated to the Committee
herein, and that may be so delegated as a matter of law, except for grants of Awards to persons subject to Section 16 of the Exchange
Act.

 

(d)       Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with
respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without
limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any shareholder of the Company.

 

(e)       No
member of the Board, the Committee, delegate of the Committee or any employee or agent of the Company (each such person, an “Indemnifiable
Person”) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect
to the Plan or any Award hereunder. Each Indemnifiable Person shall be indemnified and held harmless by the Company against and
from any loss, cost, liability, or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable
Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or
in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award
agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval, in settlement
thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such
Indemnifiable Person, provided that the Company shall have the right, at its own expense, to assume and defend any such
action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control
over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to
an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further
appeal) binding upon such Indemnifiable Person determines that the acts or omissions of such Indemnifiable Person giving rise to
the indemnification claim resulted from such Indemnifiable Person’s bad faith, fraud or willful criminal act or omission
or that such right of indemnification is otherwise prohibited by law or by the Company’s Articles of Incorporation or Bylaws.
The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such Indemnifiable
Persons may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any
other power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.

 

(f)       Notwithstanding
anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant
Awards and administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority granted to
the Committee under the Plan.

 

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5.       Grant
of Awards; Shares Subject to the Plan; Limitations. (b) The Committee may, from time to time, grant Options, Stock Appreciation
Rights, Restricted Stock, Restricted Stock Units, Stock Bonus Awards and/or Performance Compensation Awards to one or more Eligible
Persons.

 

(b)       Subject
to Section 12 of the Plan, Awards granted under the Plan shall be subject to the following limitations: (i) the Committee is authorized
to deliver under the Plan an aggregate of 52,870,000 Common Shares; provided, that total number of Common Shares that will be reserved,
and that may be issued, under the Plan will automatically increase on the first trading day of each calendar year, beginning with
calendar year 2021, by a number of Common Shares equal to five percent (5%) of the total outstanding Common Shares on the last
day of the prior calendar year (subject to a maximum annual increase of 33,000,000 Common Shares), and (ii) the maximum number
of Common Shares that may be granted under the Plan during any single fiscal year to any Participant who is a non-employee director,
when taken together with any cash fees paid to such non-employee director during such year in respect of his or her service as
a non-employee director (including service as a member or chair of any committee of the Board), shall not exceed $750,000 in total
value (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes);
provided that the non-employee directors who are considered independent (under the rules of The NASDAQ Stock Market or other
securities exchange on which the Common Shares are traded) may make exceptions to this limit for a non-executive chair of the Board,
if any, in which case the non-employee Director receiving such additional compensation may not participate in the decision to award
such compensation. Notwithstanding the automatic annual increase set forth in (i) above, 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 Common Shares than would otherwise occur pursuant to the stipulated percentage.

 

(c)       In
the event that (i) any Option or other Award granted hereunder is exercised through the tendering of Common Shares (either actually
or by attestation) or by the withholding of Common Shares by the Company, or (ii) tax or deduction liabilities arising from such
Option or other Award are satisfied by the tendering of Common Shares (either actually or by attestation) or by the withholding
of Common Shares by the Company, then in each such case the Common Shares so tendered or withheld shall be added to the Common
Shares available for grant under the Plan on a one-for-one basis. Shares underlying Awards under this Plan that are forfeited,
cancelled, expire unexercised, or are settled in cash are available again for Awards under the Plan.

 

(d)       Common
Shares delivered by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of the
Company, shares purchased on the open market or by private purchase, or a combination of the foregoing.

 

(e)       Awards
may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards
previously granted by an entity acquired by the Company or with which the Company combines (“Substitute Awards”).
The number of Common Shares underlying any Substitute Awards shall not be counted against the aggregate number of Common Shares
available for Awards under the Plan.

 

(f)       In
addition to the Common Shares that may be delivered pursuant to this Section 5, the Committee is authorized to deliver under the
Plan an aggregate of 52,870,000 shares of the Company’s Class B common stock, par value $0.0001 per share (and any stock
or other securities into which such shares of Class B common stock may be converted or into which they may be exchanged) (“Class
B Common Stock”) to Eligible Persons; provided, that the total number of shares of Class B Common Stock that will be
reserved, and that may be issued, under the Plan will automatically increase on the first trading day of each calendar year, beginning
with calendar year 2021, by a number of shares of Class B Common Stock equal to five percent (5%) of the total outstanding shares
of Class B Common Stock on the last day of the prior calendar year (subject to a maximum annual increase of 33,000,000 shares of
Class B Common Stock). Notwithstanding the automatic annual increase set forth above, 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 of Class B Common Stock than would otherwise occur pursuant to the stipulated
percentage. Shares of Class B Common Stock delivered by the Company under the Plan may be authorized and unissued shares, shares
held in the treasury of the Company, shares purchased by private purchase, or a combination of the foregoing.

 

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6.       Eligibility.
Participation shall be limited to Eligible Persons who have entered into an Award agreement or who have received written notification
from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan.

 

7.       Options.

 

(a)       Generally.
Each Option granted under the Plan shall be evidenced by an Award agreement (whether in paper or electronic medium (including email
or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each Option so granted
shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as
may be reflected in the applicable Award agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless
the applicable Award agreement expressly states that the Option is intended to be an Incentive Stock Option. The maximum aggregate
number of Common Shares that may be issued through the exercise of Incentive Stock Options granted under the Plan is 52,870,000
Common Shares. Incentive Stock Options shall be granted only to Eligible Persons who are employees of the Company and its Affiliates,
and no Incentive Stock Option shall be granted to any Eligible Person who is ineligible to receive an Incentive Stock Option under
the Code. No Option shall be treated as an Incentive Stock Option unless the Plan has been approved by the shareholders of the
Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code; provided
that any Option intended to be an Incentive Stock Option shall not fail to be effective solely on account of a failure to obtain
such approval, but rather such Option shall be treated as a Nonqualified Stock Option unless and until such approval is obtained.
In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject to and comply with such rules
as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive Stock Option (or any portion
thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such nonqualification, such Option or portion thereof
shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan.

 

(b)       Exercise
Price. Except with respect to Substitute Awards, the exercise price (“Exercise Price”) per Common Share
for each Option shall not be less than 100% of the Fair Market Value of such share determined as of the Date of Grant; provided,
however, that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option,
owns shares representing more than 10% of the total combined voting power of all classes of shares of the Company or any related
corporation (as determined in accordance with Treasury Regulation Section 1.422-2(f)), the Exercise Price per share shall not be
less than 110% of the Fair Market Value per share on the Date of Grant and provided further, that, notwithstanding any provision
herein to the contrary, the Exercise Price shall not be less than the par value per Common Share.

 

(c)       Vesting
and Expiration. Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee
and shall expire after such period, not to exceed ten years, as may be determined by the Committee (the “Option Period”);
provided, however, that the Option Period shall not exceed five years from the Date of Grant in the case of an Incentive
Stock Option granted to a Participant who on the Date of Grant owns shares representing more than 10% of the total combined voting
power of all classes of shares of the Company or any related corporation (as determined in accordance with Treasury Regulation
Section 1.422-2(f)); provided, further, that notwithstanding any vesting dates set by the Committee, the Committee
may, in its sole discretion, accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions
of such Option other than with respect to exercisability. Unless otherwise provided by the Committee in an Award agreement: (i)
the unvested portion of an Option shall expire upon termination of employment or service of the Participant granted the Option,
and the vested portion of such Option shall remain exercisable for (A) two years following termination of employment or service
by reason of such Participant’s death or disability (as determined by the Committee), but not later than the expiration of
the Option Period or (B) 90 days following termination of employment or service for any reason other than such Participant’s
death or disability, and other than such Participant’s termination of employment or service for Cause, but not later than
the expiration of the Option Period; and (ii) both the unvested and the vested portion of an Option shall expire upon the termination
of the Participant’s employment or service by the Company for Cause. If the Option would expire at a time when the exercise
of the Option would violate applicable securities laws, the expiration date applicable to the Option will be automatically extended
to a date that is thirty (30) calendar days following the date such exercise would no longer violate applicable securities laws
(so long as such extension shall not violate Section 409A of the Code); provided, that in no event shall such expiration
date be extended beyond the expiration of the Option Period.

 

    	 	8	 

     

    

 

(d)       Method
of Exercise and Form of Payment. No Common Shares shall be delivered pursuant to any exercise of an Option until payment
in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to
any taxes required to be withheld or paid. Options that have become exercisable may be exercised by delivery of written or electronic
notice of exercise to the Company in accordance with the terms of the Option accompanied by payment of the Exercise Price. The
Exercise Price shall be payable (i) in cash, check, cash equivalent and/or Common Shares valued at the fair market value at the
time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership
of a sufficient number of Common Shares in lieu of actual delivery of such shares to the Company); provided that such Common Shares
are not subject to any pledge or other security interest and are Mature Shares and; (ii) by such other method as the Committee
may permit in accordance with applicable law, in its sole discretion, including without limitation: (A) in other property having
a fair market value on the date of exercise equal to the Exercise Price or (B) if there is a public market for the Common Shares
at such time, by means of a broker-assisted “cashless exercise” pursuant to which the Company is delivered a copy of
irrevocable instructions to a stockbroker to sell the Common Shares otherwise deliverable upon the exercise of the Option and to
deliver promptly to the Company an amount equal to the Exercise Price or (C) by a “net exercise” method whereby the
Company withholds from the delivery of the Common Shares for which the Option was exercised that number of Common Shares having
a fair market value equal to the aggregate Exercise Price for the Common Shares for which the Option was exercised. No fractional
Common Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash, other
securities or other property shall be paid or transferred in lieu of any fractional Common Shares, or whether such fractional Common
Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

 

(e)       Notification
upon Disqualifying Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the
Plan shall notify the Company in writing immediately after the date he makes a disqualifying disposition of any Common Shares acquired
pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation,
any sale) of such Common Shares before the later of (A) two years after the Date of Grant of the Incentive Stock Option or (B)
one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance
with procedures established by the Committee, retain possession of any Common Shares acquired pursuant to the exercise of an Incentive
Stock Option as agent for the applicable Participant until the end of the period described in the preceding sentence.

 

(f)       Compliance
With Laws, etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a
manner that the Committee determines would violate the Sarbanes-Oxley Act of 2002, if applicable, or any other applicable law or
the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities
exchange or inter-dealer quotation system on which the securities of the Company are listed or traded.

 

8.       Stock
Appreciation Rights.

 

(a)       Generally.
Each SAR granted under the Plan shall be evidenced by an Award agreement (whether in paper or electronic medium (including email
or the posting on a web site maintained by the Company or a third party under contract with the Company)). Each SAR so granted
shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as
may be reflected in the applicable Award agreement. Any Option granted under the Plan may include tandem SARs. The Committee also
may award SARs to Eligible Persons independent of any Option.

 

(b)       Exercise
Price. The Exercise Price per Common Share for each SAR shall not be less than 100% of the Fair Market Value of such share
determined as of the Date of Grant.

 

(c)       Vesting
and Expiration. A SAR granted in connection with an Option shall become exercisable and shall expire according to the same
vesting schedule and expiration provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become
exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such period,
not to exceed ten years, as may be determined by the Committee (the “SAR Period”); provided, however,
that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion, accelerate the exercisability
of any SAR, which acceleration shall not affect the terms and conditions of such SAR other than with respect to exercisability.
Unless otherwise provided by the Committee in an Award agreement: (i) the unvested portion of a SAR shall expire upon termination
of employment or service of the Participant granted the SAR, and the vested portion of such SAR shall remain exercisable for (A)
two years following termination of employment or service by reason of such Participant’s death or disability (as determined
by the Committee), but not later than the expiration of the SAR Period or (B) 90 days following termination of employment or service
for any reason other than such Participant’s death or disability, and other than such Participant’s termination of
employment or service for Cause, but not later than the expiration of the SAR Period; and (ii) both the unvested and the vested
portion of a SAR shall expire upon the termination of the Participant’s employment or service by the Company for Cause. If
the SAR would expire at a time when the exercise of the SAR would violate applicable securities laws, the expiration date applicable
to the SAR will be automatically extended to a date that is thirty (30) calendar days following the date such exercise would no
longer violate applicable securities laws (so long as such extension shall not violate Section 409A of the Code); provided,
that in no event shall such expiration date be extended beyond the expiration of the SAR Period.

 

    	 	9	 

     

    

 

(d)       Method
of Exercise. SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise
to the Company in accordance with the terms of the Award, specifying the number of SARs to be exercised and the date on which such
SARs were awarded. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR independent
of an option, the SAR Period), the fair market value exceeds the Strike Price, the Participant has not exercised the SAR or the
corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired, such SAR shall
be deemed to have been exercised by the Participant on such last day and the Company shall make the appropriate payment therefor.

 

(e)       Payment.
Upon the exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR
that are being exercised multiplied by the excess, if any, of the fair market value of one Common Share on the exercise date over
the Strike Price, less an amount equal to any taxes required to be withheld or paid. The Company shall pay such amount in cash,
in Common Shares valued at fair market value, or any combination thereof, as determined by the Committee. No fractional Common
Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash, other securities
or other property shall be paid or transferred in lieu of any fractional Common Shares, or whether such fractional Common Shares
or any rights thereto shall be canceled, terminated or otherwise eliminated.

 

9.       Restricted
Stock and Restricted Stock Units. (c) Generally. Each grant of Restricted Stock and Restricted Stock Units
shall be evidenced by an Award agreement (whether in paper or electronic medium (including email or the posting on a web site maintained
by the Company or a third party under contract with the Company)). Each such grant shall be subject to the conditions set forth
in this Section 9, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement.

 

(b)       Restricted
Accounts; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, a book entry in a restricted account shall
be established in the Participant’s name at the Company’s transfer agent and, if the Committee determines that the
Restricted Stock shall be held by the Company or in escrow rather than held in such restricted account pending the release of the
applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow
agreement satisfactory to the Committee, if applicable, and (ii) the appropriate share power (endorsed in blank) with respect to
the Restricted Stock covered by such agreement. If a Participant shall fail to execute an agreement evidencing an Award of Restricted
Stock and, if applicable, an escrow agreement and blank share power within the amount of time specified by the Committee, the Award
shall be null and void. Subject to the restrictions set forth in this Section 9 and the applicable Award agreement, the Participant
generally shall have the rights and privileges of a shareholder as to such Restricted Stock, including without limitation the right
to vote such Restricted Stock and the right to receive dividends, if applicable. To the extent shares of Restricted Stock are forfeited,
any share certificates issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the
Participant to such shares and as a shareholder with respect thereto shall terminate without further obligation on the part of
the Company.

 

(c)       Vesting;
Acceleration of Lapse of Restrictions. Unless otherwise provided by the Committee in an Award agreement the unvested portion
of Restricted Stock and Restricted Stock Units shall terminate and be forfeited upon termination of employment or service of the
Participant granted the applicable Award.

 

    	 	10	 

     

    

 

(d)       Delivery
of Restricted Stock and Settlement of Restricted Stock Units. (i) Upon the expiration of the Restricted Period with respect
to any shares of Restricted Stock, the restrictions set forth in the applicable Award agreement shall be of no further force or
effect with respect to such shares, except as set forth in the applicable Award agreement. If an escrow arrangement is used, upon
such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the share certificate evidencing
the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted Period has expired (rounded
down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable to any particular
share of Restricted Stock shall be distributed to the Committee and attributable to any particular share of Restricted Stock shall
be distributed to the Participant in cash or, at the sole discretion of the Committee, in Common Shares having a fair market value
equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the Participant
shall have no right to such dividends (except as otherwise set forth by the Committee in the applicable Award agreement).

 

(i)       Unless
otherwise provided by the Committee in an Award agreement, upon the expiration of the Restricted Period with respect to any outstanding
Restricted Stock Units, the Company shall deliver to the Participant, or his beneficiary, without charge, one Common Share for
each such outstanding Restricted Stock Unit; provided, however, that the Committee may, in its sole discretion, elect
to (i) pay cash or part cash and part Common Share in lieu of delivering only Common Shares in respect of such Restricted Stock
Units or (ii) defer the delivery of Common Shares (or cash or part Common Shares and part cash, as the case may be) beyond the
expiration of the Restricted Period if such delivery would result in a violation of applicable law until such time as is no longer
the case. If a cash payment is made in lieu of delivering Common Shares, the amount of such payment shall be equal to the fair
market value of the Common Shares as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units,
less an amount equal to any taxes required to be withheld or paid.

 

10.       Stock
Bonus Awards. The Committee may issue unrestricted Common Shares, shares of Class B Common Stock or other Awards denominated
in Common Shares or shares of Class B Common Stock, under the Plan to Eligible Persons, either alone or in tandem with other awards,
in such amounts as the Committee shall from time to time in its sole discretion determine. Each Stock Bonus Award granted under
the Plan shall be evidenced by an Award agreement (whether in paper or electronic medium (including email or the posting on a web
site maintained by the Company or a third party under contract with the Company)). Each Stock Bonus Award so granted shall be subject
to such conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement.

 

11.       Performance
Compensation Awards. (d) Generally. The Committee shall have the authority, at the time of grant of any Award described
in Sections 7 through 10 of the Plan, to designate such Award as a Performance Compensation Award. The Committee shall have the
authority to make an award of a cash bonus to any Participant and designate such Award as a Performance Compensation Award. Unless
otherwise determined by the Committee, all Performance Compensation Awards shall be evidenced by an Award agreement.

 

(b)       Discretion
of Committee with Respect to Performance Compensation Awards. The Committee shall have the discretion to establish the
terms, conditions and restrictions of any Performance Compensation Award. With regard to a particular Performance Period, the Committee
shall have sole discretion to select the length of such Performance Period, the type(s) of Performance Compensation Awards to be
issued, the Performance Criteria that will be used to establish the Performance Goal (s), the kind(s) and/or level(s) of the Performance
Goals(s) that is (are) to apply and the Performance Formula.

 

(c)       Performance
Criteria. The Committee may establish Performance Criteria that will be used to establish the Performance Goal(s) for Performance
Compensation Awards which may be based on the attainment of specific levels of performance of the Company (and/or one or more Affiliates,
divisions, business segments or operational units, or any combination of the foregoing) and may include, without limitation, any
of the following: (i) net earnings or net income (before or after taxes); (ii) basic or diluted earnings per share (before
or after taxes); (iii)  revenue or revenue growth (measured on a net or gross basis); (iv) gross profit or gross profit
growth; (v) operating profit (before or after taxes); (vi) return measures (including, but not limited to, return on
assets, capital, invested capital, equity, or sales); (vii) cash flow (including, but not limited to, operating cash flow,
free cash flow, net cash provided by operations and cash flow return on capital); (viii) financing and other capital raising
transactions (including, but not limited to, sales of the Company’s equity or debt securities); (ix) earnings before
or after taxes, interest, depreciation and/or amortization; (x) gross or operating margins; (xi) productivity ratios;
(xii) share price (including, but not limited to, growth measures and total shareholder return); (xiii) expense targets;
(xiv) margins; (xv) productivity and operating efficiencies; (xvi)  customer satisfaction; (xvii) customer
growth; (xviii) working capital targets; (xix) measures of economic value added; (xx) inventory control; (xxi) enterprise
value; (xxii) sales; (xxiii) debt levels and net debt; (xxiv) combined ratio; (xxv) timely launch of new facilities;
(xxvi) client retention; (xxvii) employee retention; (xxviii) timely completion of new product rollouts; (xxix) cost
targets; (xxx) reductions and savings; (xxxi) productivity and efficiencies; (xxxii) strategic partnerships or transactions;
and (xxxiii) personal targets, goals or completion of projects. Any one or more of the Performance Criteria may be used on
an absolute or relative basis to measure the performance of the Company and/or one or more Affiliates as a whole or any business
unit(s) of the Company and/or one or more Affiliates or any combination thereof, as the Committee may deem appropriate, or any
of the above Performance Criteria may be compared to the performance of a selected group of comparison or peer companies, or a
published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market
indices. The Committee also has the authority to provide for accelerated vesting of any Award based on the achievement of Performance
Goals pursuant to the Performance Criteria specified in this paragraph. Any Performance Criteria that are financial metrics, may
be determined in accordance with United States Generally Accepted Accounting Principles (“GAAP”) or may be adjusted
when established to include or exclude any items otherwise includable or excludable under GAAP.

 

    	 	11	 

     

    

 

(d)       Modification
of Performance Goal(s). The Committee is authorized at any time to adjust or modify the calculation of a Performance Goal
for such Performance Period, based on and in order to appropriately reflect any specified circumstance or event that occurs during
a Performance Period, including but not limited to the following: (i) asset write-downs; (ii) litigation or claim judgments or
settlements; (iii) the effect of changes in tax laws, accounting principles, or other laws or regulatory rules affecting reported
results; (iv) any reorganization and restructuring programs; (v) unusual and/or infrequently occurring items as described in Accounting
Principles Board Opinion No. 30 (or any successor pronouncement thereto) and/or in management’s discussion and analysis of
financial condition and results of operations appearing in the Company’s annual report to shareholders for the applicable
year; (vi) acquisitions or divestitures; (vii) discontinued operations; (viii) any other specific unusual or infrequently occurring
or non-recurring events, or objectively determinable category thereof; (ix) foreign exchange gains and losses; and (x) a change
in the Company’s fiscal year.

 

(e)       Terms
and Condition to Receipt of Payment. Unless otherwise provided in the applicable Award agreement, a Participant must be
employed by the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation
Award for such Performance Period. A Participant shall be eligible to receive payment in respect of a Performance Compensation
Award only to the extent that: (A) the Performance Goals for such period are achieved; and (B) all or some of the portion of such
Participant’s Performance Compensation Award has been earned for the Performance Period based on the application of the Performance
Formula to such achieved Performance Goals. Following the completion of a Performance Period, the Committee shall determine whether,
and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate the amount of the
Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then determine the
amount of each Participant’s Performance Compensation Award actually payable for the Performance Period.

 

(f)       Timing
of Award Payments. Except as provided in an Award agreement, Performance Compensation Awards granted for a Performance
Period shall be paid to Participants as soon as administratively practicable following the Committee’s determination in accordance
with Section 11(e).

 

12.       Changes
in Capital Structure and Similar Events. In the event of (i) any dividend (other than ordinary cash dividends) or other
distribution (whether in the form of cash, Common Shares, other securities or other property), recapitalization, stock split, reverse
stock split, reorganization, merger, amalgamation, consolidation, spin-off, split-up, split-off, combination, repurchase or exchange
of Common Shares or other securities of the Company, issuance of warrants or other rights to acquire Common Shares or other securities
of the Company, or other similar corporate transaction or event (including, without limitation, a Change in Control) that affects
the Common Shares (or with respect to Awards of Class B Common Stock, Class B Common Stock), or (ii) unusual or infrequently occurring
events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial statements of
the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any governmental body
or securities exchange or inter-dealer quotation system, accounting principles or law, such that in either case an adjustment is
determined by the Committee in its sole discretion to be necessary or appropriate, then the Committee shall make any such adjustments
in such manner as it may deem equitable, including without limitation any or all of the following:

 

    	 	12	 

     

    

 

(a)       adjusting
any or all of (A) the number of Common Shares or other securities of the Company (or number and kind of other securities or
other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including,
without limitation, adjusting any or all of the limitations under Section 5 of the Plan) and (B) the terms of any outstanding
Award, including, without limitation, (1) the number of Common Shares or other securities of the Company (or number and kind
of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise
Price or Strike Price with respect to any Award or (3) any applicable performance measures (including, without limitation,
Performance Criteria and Performance Goals);

 

(b)       providing
for a substitution or assumption of Awards in a manner that substantially preserves the applicable terms of such Awards;

 

(c)       accelerating
the exercisability or vesting of, lapse of restrictions on, or termination of, Awards or providing for a period of time for exercise
prior to the occurrence of such event;

 

(d)       modifying
the terms of Awards to add events, conditions or circumstances (including termination of employment within a specified period after
a Change in Control) upon which the exercisability or vesting of or lapse of restrictions thereon will accelerate;

 

(e)       deeming
any performance measures (including, without limitation, Performance Criteria and Performance Goals) satisfied at target, maximum
or actual performance through closing or such other level determined by the Committee in its sole discretion, or providing for
the performance measures to continue (as is or as adjusted by the Committee) after closing;

 

(f)       providing
that for a period prior to the Change in Control determined by the Committee in its sole discretion, any Options or SARs that would
not otherwise become exercisable prior to the Change in Control will be exercisable as to all Common Shares subject thereto (but
any such exercise will be contingent upon and subject to the occurrence of the Change in Control and if the Change in Control does
not take place after giving such notice for any reason whatsoever, the exercise will be null and void) and that any Options or
SARs not exercised prior to the consummation of the Change in Control will terminate and be of no further force and effect as of
the consummation of the Change in Control; and

 

(g)       canceling
any one or more outstanding Awards and causing to be paid to the holders thereof, in cash, Common Shares, other securities or other
property, or any combination thereof, the value of such Awards, if any, as determined by the Committee (which if applicable may
be based upon the price per Common Share received or to be received by other shareholders of the Company in such event), including
without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the
fair market value (as of a date specified by the Committee) of the Common Shares subject to such Option or SAR over the aggregate
Exercise Price or Strike Price of such Option or SAR, respectively (it being understood that, in such event, any Option or SAR
having a per share Exercise Price or Strike Price equal to, or in excess of, the fair market value of a Common Share subject thereto
may be canceled and terminated without any payment or consideration therefor); provided, however, that in the case of any “equity
restructuring” (within the meaning of the Financial Accounting Standards Board Accounting Standards Codification Topic 718),
the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. The
Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and
binding for all purposes.

 

13.       Amendments
and Termination.

 

(a)       Amendment
and Termination of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof
at any time; provided that (i) no amendment to Section 13(b) (to the extent required by the proviso in such Section 13(b))
shall be made without shareholder approval and (ii) no such amendment, alteration, suspension, discontinuation or termination shall
be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable
to the Plan (including, without limitation, as necessary to comply with any rules or requirements of any securities exchange or
inter-dealer quotation system on which the Common Shares may be listed or quoted); provided, further, that any such
amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any Participant
or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the
affected Participant, holder or beneficiary.

 

    	 	13	 

     

    

 

(b)       Amendment
of Award Agreements. The Committee may, to the extent consistent with the terms of any applicable Award agreement, waive
any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore
granted or the associated Award agreement, prospectively or retroactively; provided that any such waiver, amendment, alteration,
suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant
with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant;
provided, further, that without shareholder approval, except as otherwise permitted under Section 12 of the Plan,
(i) no amendment or modification may reduce the Exercise Price of any Option or the Strike Price of any SAR, (ii) the Committee
may not cancel any outstanding Option or SAR where the Fair Market Value of the Common Shares underlying such Option or SAR is
less than its Exercise Price and replace it with a new Option or SAR, another Award or cash and (iii) the Committee may not take
any other action that is considered a “repricing” for purposes of the shareholder approval rules of the applicable
securities exchange or inter-dealer quotation system on which the Common Shares are listed or quoted.

 

14.       General.
(e) Award Agreements. Each Award under the Plan shall be evidenced by an Award agreement, which shall be delivered
to the Participant (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company
or a third party under contract with the Company)) and shall specify the terms and conditions of the Award and any rules applicable
thereto, including without limitation, the effect on such Award of the death, disability or termination of employment or service
of a Participant, or of such other events as may be determined by the Committee.

 

(b)       Nontransferability.
(i) Each Award shall be exercisable only by a Participant during the Participant’s lifetime, or, if permissible under applicable
law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold
or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution and any such
purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the
Company or an Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation,
pledge, attachment, sale, transfer or encumbrance.

 

(ii)       Notwithstanding
the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred
by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award
agreement to preserve the purposes of the Plan, to: (A) any person who is a “family member” of the Participant,
as such term is used in the instructions to Form S-8 under the Securities Act (collectively, the “Immediate Family Members”);
(B) a trust solely for the benefit of the Participant and his or her Immediate Family Members; (C) a partnership or limited
liability company whose only partners or stockholders are the Participant and his or her Immediate Family Members; or (D) any
other transferee as may be approved either (I) by the Board or the Committee in its sole discretion, or (II) as provided
in the applicable Award agreement. (each transferee described in clauses (A), (B), (C) and (D) above is hereinafter referred
to as a “Permitted Transferee”); provided that the Participant gives the Committee advance written notice
describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a
transfer would comply with the requirements of the Plan.

 

(iii)       The
terms of any Award transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and
any reference in the Plan, or in any applicable Award agreement, to a Participant shall be deemed to refer to the Permitted Transferee,
except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and
distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect
a registration statement on an appropriate form covering the Common Shares to be acquired pursuant to the exercise of such Option
if the Committee determines, consistent with any applicable Award agreement, that such a registration statement is necessary or
appropriate; (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or
not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the
consequences of the termination of the Participant’s employment by, or services to, the Company or an Affiliate under the
terms of the Plan and the applicable Award agreement shall continue to be applied with respect to the Participant, including, without
limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified
in the Plan and the applicable Award agreement.

 

    	 	14	 

     

    

 

(c)       Tax
Withholding and Deductions. (ii) A Participant shall be required to pay to the Company or any Affiliate, and the Company
or any Affiliate shall have the right and is hereby authorized to deduct and withhold, from any cash, Common Shares, other securities
or other property deliverable under any Award or from any compensation or other amounts owing to a Participant, the amount (in
cash, Common Shares, other securities or other property) of any required taxes (up to the maximum statutory rate under applicable
law as in effect from time to time as determined by the Committee) and deduction in respect of an Award, its grant, vesting or
exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the
opinion of the Committee or the Company to satisfy all obligations for the payment of such taxes.

 

(ii)       Without
limiting the generality of clause (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole
or in part, the foregoing tax and deduction liability by (A) the delivery of Common Shares (which are not subject to any pledge
or other security interest and are Mature Shares, except as otherwise determined by the Committee) owned by the Participant having
a fair market value equal to such liability or (B) having the Company withhold from the number of Common Shares otherwise issuable
or deliverable pursuant to the exercise or settlement of the Award a number of shares with a fair market value equal to such liability.

 

(d)       No
Claim to Awards; No Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other person,
shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected
for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries
of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto
need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants
are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right
to be retained in the employ or service of the Company or an Affiliate, nor shall it be construed as giving any Participant any
rights to continued service on the Board. The Company or any of its Affiliates may at any time dismiss a Participant from employment
or discontinue any consulting relationship, free from any liability or any claim under the Plan, unless otherwise expressly provided
in the Plan or any Award agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived
any claim to continued exercise or vesting of an Award or to damages or severance entitlement related to non-continuation of the
Award beyond the period provided under the Plan or any Award agreement, notwithstanding any provision to the contrary in any written
employment contract or other agreement between the Company and its Affiliates and the Participant, whether any such agreement is
executed before, on or after the Date of Grant.

 

(e)       International
Participants. With respect to Participants who reside or work outside of the United States of America, the Committee may
in its sole discretion amend the terms of the Plan or outstanding Awards with respect to such Participants in order to conform
such terms with the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company
or its Affiliates.

 

(f)       Designation
and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more persons as
the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan
upon his death. A Participant may, from time to time, revoke or change his beneficiary designation without the consent of any prior
beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling;
provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the
Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If
no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his or her spouse or, if the Participant
is unmarried at the time of death, his or her estate.

 

    	 	15	 

     

    

 

(g)       Termination
of Employment/Service. Unless determined otherwise by the Committee at any point following such event: (i) neither a temporary
absence from employment or service due to illness, vacation or leave of absence nor a transfer from employment or service with
the Company to employment or service with an Affiliate (or vice-versa) shall be considered a termination of employment or service
with the Company or an Affiliate; and (ii) if a Participant’s employment with the Company and its Affiliates terminates,
but such Participant continues to provide services to the Company and its Affiliates in a non-employee capacity (or vice-versa),
such change in status shall not be considered a termination of employment with the Company or an Affiliate.

 

(h)       No
Rights as a Stockholder. Except as otherwise specifically provided in the Plan or any Award agreement, no person shall
be entitled to the privileges of ownership in respect of Common Shares or other securities that are subject to Awards hereunder
until such shares have been issued or delivered to that person.

 

(i)       Government
and Other Regulations. (iii) The obligation of the Company to settle Awards in Common Shares or other consideration shall
be subject to all applicable laws, rules, and regulations, and to such approvals by governmental agencies as may be required. Notwithstanding
any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and
shall be prohibited from offering to sell or selling, any Common Shares or other securities pursuant to an Award unless such shares
have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the
Company has received an opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration
pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The
Company shall be under no obligation to register for sale under the Securities Act any of the Common Shares or other securities
to be offered or sold under the Plan. The Committee shall have the authority to provide that all certificates for Common Shares
or other securities of the Company or any Affiliate delivered under the Plan shall be subject to such stop transfer orders and
other restrictions as the Committee may deem advisable under the Plan, the applicable Award agreement, the federal securities laws,
or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer
quotation system upon which such shares or other securities are then listed or quoted and any other applicable federal, state,
local or non-U.S. laws, and, without limiting the generality of Section 9 of the Plan, the Committee may cause a legend or legends
to be put on any such certificates to make appropriate reference to such restrictions. Notwithstanding any provision in the Plan
to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan
that it in its sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any
governmental entity to whose jurisdiction the Award is subject.

 

(ii)       The
Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions
and/or blockage and/or other market considerations would make the Company’s acquisition of Common Shares from the public
markets, the Company’s issuance of Common Shares or other securities to the Participant, the Participant’s acquisition
of Common Shares or other securities from the Company and/or the Participant’s sale of Common Shares to the public markets,
illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award denominated in Common
Shares in accordance with the foregoing, the Company shall pay to the Participant an amount equal to the excess of (A) the aggregate
fair market value of the Common Shares subject to such Award or portion thereof canceled (determined as of the applicable exercise
date, or the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or
Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of delivery of Common Shares
(in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancellation
of such Award or portion thereof.

 

(j)       Payments
to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under the
Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such
person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee
so directs the Company, be paid to his spouse, child, relative, an institution maintaining or having custody of such person, or
any other person deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such
payment shall be a complete discharge of the liability of the Committee and the Company therefor.

 

(k)       Nonexclusivity
of the Plan. Neither the adoption of this Plan by the Board nor the submission of this Plan to the shareholders of the
Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements
as it may deem desirable, including, without limitation, the granting of stock options or other equity-based awards otherwise than
under this Plan, and such arrangements may be either applicable generally or only in specific cases.

 

    	 	16	 

     

    

 

(l)       No
Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of
any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or
entity, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations
under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise
to segregate any assets, nor shall the Company maintain separate bank accounts, books, records or other evidence of the existence
of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan
other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional
compensation by performance of services, they shall have the same rights as other employees under general law.

 

(m)       Reliance
on Reports. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to
act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report
made by the independent public accountant of the Company and its Affiliates and/or any other information furnished in connection
with the Plan by any agent of the Company or the Committee or the Board, other than himself.

 

(n)       Relationship
to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension,
retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such
other plan.

 

(o)       Governing
Law. The Plan shall be governed by and construed in accordance with the internal laws of the State of Nevada applicable
to contracts made and performed wholly within the State of Nevada, without giving effect to the conflict of laws provisions thereof.

 

(p)       Severability.
If any provision of the Plan or any Award or Award agreement is or becomes or is deemed to be invalid, illegal, or unenforceable
in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable
by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed
or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such
provision shall be construed or deemed stricken as to such jurisdiction, person or entity or Award and the remainder of the Plan
and any such Award shall remain in full force and effect.

 

(q)       Obligations
Binding on Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or
organization resulting from the merger, amalgamation, consolidation or other reorganization of the Company, or upon any successor
corporation or organization succeeding to substantially all of the assets and business of the Company.

 

(r)       Code
Section 409A.

 

(i)       Notwithstanding
any provision of this Plan to the contrary, all Awards made under this Plan are intended to be exempt from or, in the alternative,
comply with Code Section 409A and the interpretive guidance thereunder, including the exceptions for stock rights and short-term
deferrals. The Plan shall be construed and interpreted in accordance with such intent. Each payment under an Award shall be treated
as a separate payment for purposes of Code Section 409A.

 

(ii)       If
a Participant is a “specified employee” (as such term is defined for purposes of Code Section 409A) at the time of
his or her termination of service, no amount that is nonqualified deferred compensation subject to Code Section 409A and that becomes
payable by reason of such termination of service shall be paid to the Participant (or in the event of the Participant’s death,
the Participant’s representative or estate) before the earlier of (x) the first business day after the date that is six months
following the date of the Participant’s termination of service, and (y) within 30 days following the date of the Participant’s
death. For purposes of Code Section 409A, a termination of service shall be deemed to occur only if it is a “separation from
service” within the meaning of Code Section 409A, and references in the Plan and any Award agreement to “termination
of service” or similar terms shall mean a “separation from service.” If any Award is or becomes subject to Code
Section 409A, unless the applicable Award agreement provides otherwise, such Award shall be payable upon the Participant’s
 “separation from service” within the meaning of Code Section 409A. If any Award is or becomes subject to Code Section
409A and if payment of such Award would be accelerated or otherwise triggered under a Change in Control, then the definition of
Change in Control shall be deemed modified, only to the extent necessary to avoid the imposition of an excise tax under Code Section
409A, to mean a “change in control event” as such term is defined for purposes of Code Section 409A.

 

    	 	17	 

     

    

 

(iii)       Any
adjustments made pursuant to Section 12 to Awards that are subject to Code Section 409A shall be made in compliance with the requirements
of Code Section 409A, and any adjustments made pursuant to Section 12 to Awards that are not subject to Code Section 409A shall
be made in such a manner as to ensure that after such adjustment, the Awards either (x) continue not to be subject to Code Section
409A or (y) comply with the requirements of Code Section 409A.

 

(s)       Expenses;
Gender; Titles and Headings. The expenses of administering the Plan shall be borne by the Company and its Affiliates. Masculine
pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the
Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or
headings shall control.

 

(t)       Other
Agreements. Notwithstanding the above, the Committee may require, as a condition to the grant of and/or the receipt of
Common Shares or other securities under an Award, that the Participant execute lock-up, shareholder or other agreements, as it
may determine in its sole and absolute discretion.

 

(u)       Payments.
Participants shall be required to pay, to the extent required by applicable law, any amounts required to receive Common Shares
or other securities under any Award made under the Plan.

 

(v)       Erroneously
Awarded Compensation. All Awards shall be subject (including on a retroactive basis) to (i) any clawback, forfeiture or
similar incentive compensation recoupment policy established from time to time by the Company, including, without limitation, any
such policy established to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act, (ii) applicable law (including,
without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act), and/or (iii) the rules and regulations of the applicable securities exchange or inter-dealer quotation system on which the
Common Shares or other securities are listed or quoted, and such requirements shall be deemed incorporated by reference into all
outstanding Award agreements.

 

* * *

 

    	 	18Exhibit 10.2

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment
Agreement (“Agreement”) is made and effective as of this 23rd day of April 2020 (the “Effective
Date”) by and between DraftKings Inc., a Nevada corporation (“Company”), and Matthew Kalish (“Executive”).

 

W I T N E S S E T H

 

WHEREAS, Executive
was President of DraftKings North America of DraftKings Inc., a Delaware corporation (“Former DK”), prior to
the closing (the “Closing”) of the transactions contemplated by the Business Combination Agreement, dated as
of December 22, 2019, as amended by Amendment No. 1 thereto, dated as of April 7, 2020, among the Company, Diamond Eagle Acquisition
Corp., SBTech (Global) Limited and certain other parties thereto, following which Former DK became a wholly owned subsidiary of
the Company;

 

WHEREAS, the
Company desires to continue to employ the Executive as President of DraftKings North America of the Company following the Closing;
and

 

WHEREAS, the
Company and the Executive desire to enter into this Agreement to set forth the terms of the Executive’s employment with the
Company.

 

NOW, THEREFORE,
in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

1.       POSITION
AND DUTIES.

 

(a)       GENERAL.
Commencing on the Effective Date, Executive shall continue to serve as the Company’s President of DraftKings North America
and shall report directly to the Chief Executive Officer of the Company (the “CEO”). In this position, Executive
shall have such duties, authorities and responsibilities as are customary for an employee in such position, and such other duties,
authorities and responsibilities as may reasonably be assigned to the Executive from time to time by the CEO. The Executive’s
principal place of employment with the Company shall be at the Company’s headquarters located in Boston, Massachusetts or
such other place as approved by the CEO.

 

(b)       OTHER
ACTIVITIES. For so long as Executive remains in the employ of the Company (the “Employment Term”), the Executive
shall devote substantially all of the Executive’s business time, energy, knowledge and skill to the performance of the Executive’s
duties with the Company, provided that the foregoing shall not prevent the Executive from engaging in any non-Company activity
of any kind so long as such activity, together with any other non-Company activity, does not pose a conflict of interest or materially
interfere with Executive’s performance of his duties under this Agreement, as determined in the reasonable good faith discretion
of the CEO.

 

2.       ANNUAL
BASE SALARY. During the Employment Term, the Company agrees to pay the Executive an annual
base salary at an annual rate of $425,000 payable subject to standard federal and state payroll withholding requirements in accordance
with the regular payroll practices of the Company. The Executive’s annual base salary shall be subject to annual review by
the Company’s Board of Directors (“Board”) (or a committee thereof), and may be increased (but not decreased)
from time to time as determined by the Board (or a committee thereof). The annual base salary as may be increased from time to
time shall constitute “Annual Base Salary” for purposes of this Agreement.

 

     

     

    

 

3.       INCENTIVE
COMPENSATION.

 

(a)       Annual
Cash Incentive. During the Employment Term, Executive shall be eligible for a minimum annual target cash incentive opportunity
of 125% of Annual Base Salary (as may be increased from time to time, the “Target Annual Cash Incentive”), provided
Executive shall have the opportunity to earn a greater annual cash incentive for performance above target and, if the annual cash
incentive opportunity for performance above target is subject to a maximum, such maximum shall be equal to an amount that is at
least equal to 200% of the Target Annual Cash Incentive. The Executive’s Target Annual Cash Incentive shall be subject to
annual review by the Board (or a committee thereof), and may be increased (but not decreased) from time to time as determined by
the Board (or a committee thereof). The Board (or a committee thereof) shall set reasonable and appropriate Company and/or individual
performance goals for each annual cash incentive opportunity, in consultation with the CEO, by no later than (i) June 30 for the
2020 performance year, and (ii) March 31 for each performance year thereafter. The earned annual cash incentive (the “Annual
Cash Incentive”) for any given fiscal year will be determined based on overall Company performance and/or Executive’s
individual performance (as applicable), as determined in the sole discretion of the Board (or a committee thereof) and provided
Executive remains employed by the Company through the applicable performance period. Any such Annual Cash Incentive shall be paid
to Executive at the same time that annual cash incentives are paid to other senior executives of the Company, provided,
in any event, any such Annual Cash Incentive shall be paid by no later than March 15th of the year following the applicable performance
year.

 

(b)       Annual
Equity Incentive. During the Employment Term, the Company shall grant Executive an annual equity incentive award within the
first three (3) months of each fiscal year (or the first seven (7) months for fiscal year 2020) of the Company with a minimum aggregate
target value of $3,500,000 for each such award (as may be increased from time to time, the “Annual Equity Incentive Award”),
with the valuation methodology for such awards to be determined by the Board (or a committee thereof) in the reasonable good faith
exercise of its discretion. The Executive’s Annual Equity Incentive Award shall be subject to annual review by the Board
(or a committee thereof), and may be increased (but not decreased) from time to time as determined by the Board (or a committee
thereof). The Annual Equity Incentive Awards will be comprised of a mix of fifty percent (50%) of the minimum aggregate target
value granted as restricted stock units, with time-based vesting conditions that are not less favorable than vesting in equal quarterly
installments over four years, and fifty percent (50%) of the minimum aggregate target value granted as performance stock units
(“PSUs”), provided Executive shall have the opportunity to earn a greater amount of PSUs for performance
above target and, if the performance-based vesting for such PSUs for performance above target is subject to a maximum, such maximum
shall be equal to an amount that is at least equal to 300% of one half (1/2) of the minimum aggregate target value. The performance/vesting
period for such PSUs shall be between two (2) and three (3) years, as determined by the Board (or a committee thereof) in the reasonable
good faith exercise of its discretion. The Board (or a committee thereof) shall set reasonable and appropriate Company and/or individual
performance goals for each annual PSU grant, in consultation with the Chief Executive Officer, by no later than (i) July 31st
for the 2020 performance year, and (ii) March 31 for each performance year thereafter. The earned PSUs for any given fiscal year
will be determined based on overall Company performance and/or Executive’s individual performance (as applicable), as determined
in the sole discretion of the Board (or a committee thereof) and provided Executive remains employed by the Company through
the applicable performance period.

 

4.       EXECUTIVE
BENEFITS.

 

(a)       BENEFIT
PLANS. During the Employment Term, the Executive shall be entitled to participate in any employee and/or executive benefit
plan that the Company has adopted or may adopt, maintain or contribute to for the benefit of its employees and/or executives generally,
currently including, without limitation, health and dental insurance coverage, long-term and short-term disability insurance coverage
and group life insurance coverage, subject, in all events to satisfying the applicable eligibility requirements, and except to
the extent such plans are duplicative of the benefits otherwise provided hereunder. The Executive’s participation will be
subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing,
the Company may modify or terminate any employee and/or executive benefit plan at any time.

 

    	 	2	 

     

    

 

(b)       VACATION
TIME. During the Employment Term, the Executive shall be entitled to paid vacation in accordance with the Company’s policy
applicable to its executives as in effect from time to time.

 

(c)       BUSINESS
EXPENSES. Upon presentation of such reasonable substantiation and documentation as the Company reasonably may specify from
time to time, the Executive shall be reimbursed for all reasonable out-of-pocket business expenses incurred and paid by the Executive
during the Employment Term in connection with the performance of the Executive’s duties hereunder.

 

5.       TERMINATION.
The Executive’s employment under this Agreement and the Employment Term shall terminate on the first of the following to
occur:

 

(a)       DISABILITY.
Thirty (30) days after written notice by the Company to the Executive of a termination due to Disability. For purposes of this
Agreement, “Disability” shall be defined as the inability of the Executive to perform the Executive’s
material duties hereunder with a reasonable accommodation due to a physical or mental injury, infirmity or incapacity for one hundred
and twenty (120) days (including weekends and holidays) in any three hundred sixty-five (365) day period; provided such
disability also qualifies as a “disability” as defined in Treasury Regulation Section 1.409A-3(i)(4)(i). The Executive
shall reasonably cooperate with the Company if a question arises as to whether the Executive has become disabled.

 

(b)       DEATH.
Automatically upon the date of death of the Executive.

 

(c)       CAUSE.
 Thirty (30) days after written notice by the Company to the Executive of a termination for Cause if the Executive shall have
failed to cure or remedy such matter, if curable, within such thirty (30) day period. In the event that the basis for Cause is
not curable, then such thirty (30) day cure period shall not be required, and such termination shall be effective on the date the
Company delivers notice of such termination for Cause. “Cause” shall mean the Company’s termination of
the Executive’s employment with the Company or any of its subsidiaries as a result of: (i) fraud, embezzlement or any willful
act of material dishonesty by the Executive in connection with or relating to the Executive’s employment with the Company
or any of its subsidiaries; (ii) theft or misappropriation of property, information or other assets by the Executive in connection
with the Executive’s employment with the Company or any of its subsidiaries which results in or could reasonably be expected
to result in material loss, damage or injury to the Company and its subsidiaries, their goodwill, business or reputation; (iii)
the Executive’s conviction, guilty plea, no contest plea, or similar plea for any felony or any crime that results in or
could reasonably be expected to result in material loss, damage or injury to the Company and its subsidiaries, their goodwill,
business or reputation; (iv) the Executive’s use of alcohol or drugs while working that materially interferes with the ability
of Executive to perform the Executive’s material duties hereunder; (v) the Executive’s material breach of a material
Company policy, or material breach of a Company policy that results in or could reasonably be expected to result in material loss,
damage or injury to the Company and its subsidiaries, their goodwill, business or reputation; (vi) the Executive’s material
breach of any of his obligations under this Agreement; or (vii) the Executive’s repeated insubordination, or refusal (other
than as a result of a Disability or physical or mental illness) to carry out or follow specific reasonable and lawful instructions,
duties or assignments given by the CEO which are consistent with Executive’s position with the Company; provided,
that, for clauses (i) – (vii) above, the Company delivers written notice to Executive of the condition giving rise to Cause
within ninety (90) days after the Company becomes aware of its initial occurrence. For avoidance of doubt, the Executive being
deemed an Unsuitable Person, as defined in that certain Amended and Restated Articles of Incorporation of the Company as in effect
on the Effective Date (an “Unsuitable Person”), shall not independently constitute Cause (but any circumstances
giving rise to the Executive being deemed an Unsuitable Person shall constitute Cause to the extent such circumstances are grounds
provided in clauses (i) – (vii) above).

 

    	 	3	 

     

    

 

(d)       WITHOUT
CAUSE. The date of termination set forth in any written notice by the Company to the Executive of an involuntary termination
without Cause (other than death or Disability).

 

(e)       GOOD
REASON. Thirty (30) days after written notice by the Executive to the Company of an alleged condition giving rise to a resignation
for Good Reason if the Company shall have failed to cure or remedy such matter, if curable, within such thirty (30) day period.
In the event that the basis for Good Reason is not curable, then such thirty (30) day cure period shall not be required, and such
resignation shall be effective on the date the Executive delivers such notice. “Good Reason” shall mean the
occurrence of any of the following events, without the express written consent of the Executive: (i) the Company’s material
breach of any of its obligations under this Agreement; (ii) any material adverse change in the Executive’s duties or authority
or responsibilities, or the assignment of duties or responsibilities to the Executive materially inconsistent with his position;
(iii) the Executive no longer serving as the President of DraftKings North America of the Company; (iv) reduction in the Executive’s
Annual Base Salary, Target Annual Cash Incentive or Annual Equity Incentive Award (other than across-the-board reductions affecting
similarly situated senior executives of the Company or any of its subsidiaries); (v) the Company requires Executive to relocate
to a facility or location that increases Executive’s one-way commute by more than thirty-five (35) miles from the location
at which Executive was working immediately prior to the required relocation; or (vi) the failure of a successor to the Company
to assume the Company’s obligations under this Agreement; provided, that, for clauses (i) – (vi) above, Executive
has given written notice to the Company of the condition giving rise to Good Reason within ninety (90) days after Executive becomes
aware of its initial occurrence.

 

(f)       WITHOUT
GOOD REASON. Thirty (30) days after written notice by the Executive to the Company of the Executive’s voluntary termination
of employment without Good Reason (which the Company may, in its sole discretion, make effective earlier).

 

6.       CONSEQUENCES
OF TERMINATION.

 

(a)       DEATH
OR DISABILITY. In the event that the Executive’s employment ends on account of the Executive’s death or Disability,
the Executive or the Executive’s estate, as the case may be, shall be entitled to the following (with the amounts due under
Sections 6(a)(i) through 6(a)(iii) hereof to be paid within thirty (30) days following termination of employment,
or such earlier date as may be required by applicable law):

 

(i)       any
unpaid Annual Base Salary earned through the date of termination;

 

(ii)       reimbursement
for any unreimbursed business expenses incurred through the date of termination;

 

(iii)       all
other accrued and vested payments, benefits or fringe benefits required to be paid or provided to the Executive under the applicable
plans or by law, including without limitation, payment for all accrued vacation (collectively, Sections 6(a)(i) through
6(a)(iii) hereof shall be hereafter referred to as the “Accrued Benefits”); and

 

    	 	4	 

     

    

 

(iv)       provided
Executive is in full compliance with his obligations under Exhibits A and B attached hereto and Executive or the Executive’s
estate, as the case may be, executes, returns to the Company and does not revoke the release and waiver of claims in the form attached
hereto as Exhibit C (with such changes as may be required in order to reflect or comply with applicable laws at such time,
as determined by the Company in its reasonable judgment, the “Release and Waiver”) and the Release and Waiver
becomes effective pursuant to its terms and conditions, all within sixty (60) days following termination of employment, then the
Company shall also provide Executive or the Executive’s estate, as the case may be, with the following:

 

A.       Full
vesting of all outstanding unvested equity-based awards, including the portions of Annual Equity Incentive Awards, that are solely
subject to time-based vesting on the date of such termination, and Executive or the Executive’s estate, as the case may be,
shall have twelve (12) months after termination of employment to exercise all stock options that were vested at the time of such
termination of employment and all stock options that vest pursuant to this Section 6(a)(iv)(A) in connection with such termination
(provided such stock options shall remain subject to the maximum original term and expiration of such stock options).

 

B.       Vesting
of the portions of all outstanding unvested Annual Equity Incentive Awards that are solely subject to performance-based vesting
on the date of such termination, with such vesting determined based on actual performance against the applicable performance goals
established for the applicable awards, as determined at the time and in the manner applicable to such awards pursuant to the applicable
stock plans and award agreements, with such awards remaining outstanding through the date such vesting is determined. Notwithstanding
the foregoing, if any such awards are in the form of stock options, such stock options shall remain outstanding until such time
as Executive or the Executive’s estate, as the case may be, shall have twelve (12) months after the later of Executive’s
termination of employment, or the vesting of the applicable stock options, to exercise such stock options that were vested at the
time of such termination of employment and such stock options that vest pursuant to this Section 6(a)(iv)(B) in connection
with such termination (provided such stock options shall remain subject to the maximum original term and expiration of such
stock options).

 

C.       Vesting
of all outstanding unvested equity-based awards that are solely subject to performance-based vesting on the date of such termination
other than Annual Equity Incentive Awards (typically referred to by the Company as “LTIPs”), with such vesting determined
based on actual performance against the applicable performance goals established for the applicable awards through the date that
is two (2) years following Executive’s termination of employment, subject to the maximum original term and expiration of
the applicable award (the “Performance Vesting End Date”), as determined at the time and in the manner applicable
to such awards pursuant to the applicable stock plans and award agreements, with such awards remaining outstanding through the
date such vesting is determined, not to exceed the Performance Vesting End Date; provided, if the Performance Vesting End
Date falls in the middle of a performance/vesting period applicable to an award, the total shares that shall vest in relation to
such performance period shall be pro-rated based on the number of days between the first day of the performance/vesting period
and the Performance Vesting End Date. Notwithstanding the foregoing, if any such awards are in the form of stock options, such
stock options shall remain outstanding until such time as Executive or the Executive’s estate, as the case may be, shall
have twelve (12) months after the later of Executive’s termination of employment, or the vesting of the applicable stock
options, to exercise such stock options that were vested at the time of such termination of employment and such stock options that
vest pursuant to this Section 6(a)(iv)(C) in connection with such termination (provided such stock options shall
remain subject to the maximum original term and expiration of such stock options).

 

    	 	5	 

     

    

 

(b)       TERMINATION
FOR CAUSE OR WITHOUT GOOD REASON. If the Executive’s employment is terminated (i) by the Company for Cause, or (ii) by
the Executive without Good Reason, the Company shall pay to the Executive the Accrued Benefits, at such times as set forth in Section
6(a) above.

 

(c)       TERMINATION
WITHOUT CAUSE OR FOR GOOD REASON. If the Executive’s employment by the Company is terminated (x) by the Company without
Cause, or (y) by the Executive for Good Reason (each, a “Qualifying Termination”), then the Company will provide
Executive with the Accrued Benefits at such times as set forth in Section 6(a) above and, provided Executive is in
full compliance with his obligations under Exhibits A and B attached hereto and Executive executes, returns to the Company and
does not revoke the Release and Waiver and the Release and Waiver becomes effective pursuant to its terms and conditions, all within
sixty (60) days following termination of employment, then the Company shall also pay or provide the Executive with the following:

 

(i)       Termination
in Connection with Change in Control. In the event of a Qualifying Termination within eighteen (18) months after a Change in
Control (as defined below), or within three (3) months before a Change in Control, the Company shall provide Executive:

 

A.       Cash
severance in an amount equal to two times the sum of (x) Annual Base Salary plus (y) Target Annual Cash Incentive, less
all applicable withholdings and deductions, payable on the first regular payroll date of the Company that is sixty (60) days following
the date of Executive’s termination.

 

B.       Continued
participation through COBRA coverage or such other method determined by the Company (all costs, expenses and premiums to be paid
by Company) on the same basis as the employee and/or executive benefit plans contemplated by Section 4(a) hereof in
which the Executive is participating on the date of such termination of employment for 24 months following the month in which coverage
would otherwise be lost as an employee of the Company; provided that the Executive is eligible and remains eligible for
coverage under such plans by timely electing COBRA continuation, if applicable; and provided, further, that in the
event that the Executive obtains other employment that offers Executive health benefits such that Executive is not eligible for
COBRA continuation rights, such continuation of coverage by the Company under this Section (6)(c)(i)(B) shall immediately
cease (such 24 month or shorter period, the “COBRA Payment Period”). Notwithstanding the foregoing, if at any
time the Company determines that its payment of COBRA premiums on Executive’s behalf or other method of continued participation
would result in a violation of applicable law (including but not limited to the 2010 Patient Protection and Affordable Care Act,
as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums or providing such other
method of continued participation pursuant to this Section, the Company shall pay Executive on the last day of each remaining
month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premium or such other payment for such month,
subject to applicable tax withholding (such amount, the “Special Severance Payment”), such Special Severance
Payment to be made without regard to Executive’s payment of COBRA premiums and without regard to the expiration of the COBRA
period prior to the end of the COBRA Payment Period. Nothing in this Agreement shall deprive Executive of his rights under COBRA
or ERISA for benefits under plans and policies arising under his employment by the Company.

 

C.       Full
vesting of all outstanding unvested equity-based awards (including Annual Equity Incentive Awards) on the date of such termination
or, if later, the consummation of the Change in Control, with any performance-based vesting conditions for performance periods
that are not completed as of the date of termination deemed satisfied at the target level.

 

    	 	6	 

     

    

 

(ii)       Termination
Not in Connection with Change in Control. In the event of a Qualifying Termination that is not within eighteen (18) months
after a Change in Control, and not within three (3) months before a Change in Control, the Company shall provide Executive:

 

A.       Cash
severance in an amount equal to two times the Executive’s Annual Base Salary, less all applicable withholdings and deductions,
payable on the first regular payroll date of the Company that is sixty (60) days following the date of Executive’s termination.

 

B.       An
additional cash severance amount in an amount equal to the Annual Cash Incentive to which Executive would be entitled for the year
of termination if Executive were employed by the Company on the last day of such year, based on actual performance against the
applicable performance goals established for such bonus, pro-rated based on the number of days Executive was employed by the Company
during such year, less all applicable withholdings and deductions, payable at the same time as bonuses are paid to active employees
but no later than March 15 of the year after the year of termination.

 

C.       Continued
participation through COBRA coverage or such other method determined by the Company (all costs, expenses and premiums to be paid
by Company) on the terms and conditions set forth in Section 6(c)(i)(B).

 

D.       Pro
rata vesting of all outstanding unvested equity-based awards (including the portions of Annual Equity Incentive Awards) that are
solely subject to time-based vesting on the date of such termination based on the number of days Executive was employed by the
Company during the vesting period during which the termination occurs.

 

E.       Pro
rata vesting of all outstanding unvested equity-based awards (including the portions of Annual Equity Incentive Awards) that are
subject to performance-based vesting on the date of such termination, with such vesting determined based on actual performance
against the applicable performance goals established for the applicable awards, as determined at the time and in the manner applicable
to such awards pursuant to the applicable stock plans and award agreements, with such awards remaining outstanding through the
date such vesting is determined, and pro-rated based on the number of days Executive was employed by the Company during the applicable
performance/vesting periods.

 

(iii)       “Change
in Control” for purposes of this Section 6 will have the meaning set forth in the DraftKings Inc. 2020 Incentive
Award Plan (or its successor as in effect at the time of a Qualifying Termination). For the avoidance of doubt, the Closing shall
not constitute a Change in Control.

 

7.       RETURN
OF COMPANY PROPERTY. Within ten (10) days after Executive’s termination of employment
with the Company for any reason, the Executive shall return all property belonging to the Company or its affiliates (including,
but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices and other equipment,
documents and property belonging to the Company).

 

8.       REPRESENTATIONS
AND WARRANTIES.

 

    	 	7	 

     

    

 

(a)       AUTHORIZATION.
All corporate action on the part of the Company and its directors necessary for the authorization, execution and delivery of
this Agreement by the Company, and the performance of all of the Company’s obligations under this Agreement has been taken.

 

(b)       ENFORCEABILITY.
This Agreement, when executed and delivered by the Company, will constitute valid and legally binding obligations of the Company,
enforceable in accordance with its terms.

 

9.       NO
ASSIGNMENTS. This Agreement is personal to each of the parties hereto and no party may
assign or delegate any rights or obligations hereunder without first obtaining the written consent of the other party hereto; provided,
however, that the Company may assign this Agreement to any successor to all or substantially all of the business and/or
assets of the Company; provided, further, that the Company shall require such successor to expressly assume and agree
to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. As used in this Agreement, “Company” shall mean the Company and any successor to
its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement
by operation of law or otherwise.

 

10.       NOTICE.
For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall
be deemed to have been duly given (a) on the date of delivery, if delivered by hand, (b) upon receipt of confirmation of successful
transmission, if delivered by facsimile, (c) on the date of delivery, if delivered by overnight delivery service, or mailed by
registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

	
        If to the Executive:

         

        Matthew Kalish

        Address on file with the Company

         

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

         

        _______________

        _______________

        _______________

        _______________

        _______________

         

         

        If to the Company:

         

        DraftKings Inc.

        Attn: Chief Legal Officer

        222 Berkley Street, 5th Floor

        Boston, MA 02116

        Fax: (617) 977-1727

 

or to such other address or fax number
as either party may have furnished to the other in writing in accordance herewith.

 

    	 	8	 

     

    

 

11.       SECTION
HEADINGS; INCONSISTENCY. The section headings
used in this Agreement are included solely for convenience and shall not affect, or be used in connection with, the interpretation
of this Agreement. 

 

12.       SEVERABILITY.
Each provision of this Agreement will be construed as separable and divisible from every
other provision and the enforceability of any one (1) provision will not limit the enforceability, in whole or in part, of any
other provision.  In the event that a court or administrative body of competent jurisdiction holds any provision of this Agreement
to be invalid, illegal, void or less than fully enforceable as to time, scope or otherwise, then such provision will be construed
by limiting and reducing it so that such provision is valid, legal and fully enforceable while preserving to the greatest extent
permissible the original intent of the parties; the remaining terms and conditions of this Agreement will not be affected by such
alteration, and will remain in full force and effect.

 

13.       COUNTERPARTS.
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together
will constitute one and the same instrument.

 

14.       GOVERNING
LAW; ARBITRATION. This Agreement, the rights and obligations of the parties hereto, and
all claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the Commonwealth of
Massachusetts, without regard to the choice of law provisions thereof. Except for disputes arising under Exhibit A, Exhibit B,
Exhibit C or Exhibit D hereof, which shall be decided pursuant to the terms of those Exhibits, any dispute arising from this Agreement
or Executive’s employment with the Company, including but not limited to claims for wrongful termination; violation of Title
VII of the Civil Rights Act of 1964 as amended; violations of the Americans with Disabilities Act of 1990; violations of Massachusetts
law, including without limitation claims pursuant to Chapter 151B of the Massachusetts General Laws and the Massachusetts Wage
Act and Overtime law; or claims for violations of any state law or rule or regulation regarding discrimination, harassment or other
wrongful conduct (collectively, “Covered Claims”), shall be decided solely and exclusively in a final and binding
arbitration administered by the JAMS in Boston, Massachusetts, in accordance with the JAMS Employment Arbitration Rules in effect
at the time of the filing of the demand for arbitration (the “Rules”), a copy of which is available at http://www.jamsadr.com/rules-employment-arbitration/. 
The arbitrator shall be a single arbitrator with expertise in employment disputes, mutually selected by the parties, or, if the
parties are unable to agree thereon, a single arbitrator with expertise in employment disputes designated by the Boston office
of JAMS.  The arbitrator shall have the authority to award all remedies available in a court of law. The Company shall pay
the arbitrator’s fees and all fees and costs to administer the arbitration.  The parties acknowledge and agree that
their obligations to arbitrate under this Section survive the termination of the Agreement and continue after the termination
of the employment relationship between the Executive and the Company. By agreeing to arbitrate disputes arising out of Executive’s
employment, both the Executive and the Company voluntarily and irrevocably waive any and all rights to have any such dispute heard
or resolved in any forum other than through arbitration as provided herein. This waiver specifically includes, but is not limited
to, any right to trial by jury. Notwithstanding anything to the contrary set forth herein, this Section will not apply to
claims for workers’ compensation or unemployment benefits, any claim for injunctive or equitable relief, or any claim arising
from Exhibit A, Exhibit B, Exhibit C or Exhibit D to this Agreement brought by the Company or the Executive, which shall be governed
by the terms and conditions thereof.  All arbitration proceedings hereunder shall be confidential, except: (a) to the extent
the parties otherwise agree in writing; (b) as may be otherwise appropriate in response to a request from a government agency,
subpoena, or legal process; (c) if the substantive law of the State of Massachusetts (without giving effect to choice of law principles)
provides to the contrary; or (d) as is necessary in a court proceeding to enforce, correct, modify or vacate the arbitrator’s
award or decision (and in the case of this subpart (d), the parties agree to take all reasonable steps to ensure that the arbitrator’s
award, decision or findings and all other documents, pleadings and papers are filed and/or entered with the court under seal and/or
in a manner that would maintain their confidentiality, including, without limitation, complying with all rules of procedure and
local rules for filing documents, pleadings and papers under seal).

 

    	 	9	 

     

    

 

15.       MISCELLANEOUS.
No provision of this Agreement may be modified, waived or discharged unless such waiver,
modification or discharge is agreed to in writing and signed by the Executive and the CEO or other authorized representative of
the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition
or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time. This Agreement, the exhibits attached hereto, and the Transaction
Performance Award Letter Agreement entered into between the Company and Executive contemporaneously herewith collectively set forth
the entire agreement of the parties hereto in respect of the subject matter contained herein and supersede any and all prior agreements
or understandings between the Executive and the Company with respect to the subject matter hereof. No agreements or representations,
oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly
set forth in this Agreement. In the event of any conflict or inconsistency between the terms and conditions of this Agreement and
any offer letter, form, award, plan or policy of the Company, the terms of this Agreement shall govern and control. Notwithstanding
the foregoing, in the event of any conflict or inconsistency between this Agreement (including the exhibits hereto) and the DraftKings
Inc. 2017 Equity Incentive Plan or the DraftKings Inc. 2012 Stock Option & Restricted Stock Incentive Plan (or any award agreement
under such plans to which Executive is a party) regarding (1) the definitions of “Cause” or “Disability”,
(2) the treatment of equity-based awards in connection with a termination of employment (whether before or after a Change in Control)
or (3) the governing law and dispute resolution procedures, then such provisions in this Agreement (including the exhibits hereto)
shall control. Notwithstanding the foregoing, the Executive shall remain bound by all covenants, duties and obligations relating
to confidentiality, ownership of intellectual property, non-solicitation, non-competition and all other post-employment restrictive
covenants, duties and obligations with respect to which the Executive agreed to be bound in connection with the Executive’s
employment with the Company, including without limitation such covenants, obligations and duties set forth in the Noncompetition,
Nonsolicitation, Nondisclosure & Assignment of Inventions Agreement dated March 13, 2013; the Stock Option Grant Notice And
Post Employment Noncompetition Covenant (2017 Equity Incentive Plan), dated June 4, 2019; the Stock Option Grant Notice And Post
Employment Noncompetition Covenant (2017 Equity Incentive Plan), dated June 4, 2019; and the Stock Option Grant Notice And Post
Employment Noncompetition Covenant (2017 Equity Incentive Plan), dated June 4, 2019 (collectively, the “Restrictive Covenants”). 
The post-employment covenants, duties and obligations set forth in this Agreement are intended to supplement – not replace
 – the Restrictive Covenants.

 

16.       TAX
MATTERS.

 

(a)       WITHHOLDING.
The Company may withhold from any and all amounts payable under this Agreement or otherwise such federal, state and local taxes
as may be required to be withheld pursuant to any applicable law or regulation.

 

(b)       SECTION
409A COMPLIANCE.

 

(i)       The
intent of the parties is that payments and benefits under this Agreement are exempt from or comply with Internal Revenue Code Section
409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly,
to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. To the extent that any provision
hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum
extent reasonably possible, maintain the original intent and economic benefit to the Executive and the Company of the applicable
provision without violating the provisions of Code Section 409A.

 

    	 	10	 

     

    

 

(ii)       To
the extent required to prevent the imposition of taxes or penalties under Code Section 409A, a termination of employment shall
not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amount or benefit
upon or following a termination of employment unless such termination is also a “separation from service” within the
meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,”
 “termination of employment” or like terms shall mean “separation from service.” Notwithstanding anything
to the contrary in this Agreement, if the Executive is deemed on the date of termination to be a “specified employee”
within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit
that is considered “nonqualified deferred compensation” under Code Section 409A payable on account of a “separation
from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration
of the six (6)-month period measured from the date of such “separation from service” of the Executive, and (B) the
date of the Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay
period, all payments and benefits delayed pursuant to this Section 16(b)(ii) (whether they would have otherwise been payable
in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and
all remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates
specified for them herein.

 

(iii)       To
the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation”
for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day
of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to reimbursement
or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses
eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for
reimbursement, or in-kind benefits to be provided, in any other taxable year.

 

(iv)       For
purposes of Code Section 409A, the Executive’s right to receive installment payments pursuant to this Agreement shall be
treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment
period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion
of the Company.

 

(v)       Notwithstanding
any other provision of this Agreement to the contrary, in no event shall any payment or benefit under this Agreement that constitutes
 “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless
otherwise permitted by Code Section 409A.

 

17.       NONSOLICITATION,
NONDISCLOSURE & ASSIGNMENT OF INVENTIONS AGREEMENT AND NONCOMPETITION COVENANT. As
a condition of continuing employment and as a condition to be eligible to receive the severance compensation set forth herein,
Executive agrees to execute and abide by the Nonsolicitation, Nondisclosure & Assignment of Inventions Agreement in the form
attached as Exhibit A and the Noncompetition Covenant in the form attached as Exhibit B (together the “Covenants”).
The execution of the Covenants by Executive is a condition precedent to this agreement becoming effective. The Covenants contain
provisions that are intended by the parties to survive and do survive termination of this Agreement.

 

    	 	11	 

     

    

 

18.       INDEMNIFICATION.
Executive will be insured under the Company’s Director’s and Officer’s Liability Insurance to the extent the
Company maintains such a policy and will be entitled to indemnification by the Company pursuant to the terms and conditions of
the Company’s certification of incorporation and by-laws to the same extent as the Company’s executive officers and
directors pursuant to an Indemnification Agreement between the Company and the Executive substantially in the form attached hereto
as Exhibit D.

 

19.       GOLDEN PARACHUTE.
Anything in this Agreement to the contrary notwithstanding, if any payment or benefit Executive would receive from the Company
or otherwise (a “Payment”) would (a) constitute a “parachute payment” within the meaning of Internal
Revenue Code Section 280G (“Code Section 280G”); and (b) but for this Section 19, be subject to the excise
tax imposed by Internal Revenue Code Section 4999 (the “Excise Tax”), then such Payment shall be equal to the
Reduced Amount. For purposes of this Agreement, the “Reduced Amount” shall be either (x) the largest portion
of the Payment that would result in no portion of the Payment being subject to the Excise Tax; or (y) the largest portion, up to
and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment
taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt,
on an after-tax basis, of the greater amount of the Payment. Any reduction made pursuant to this Section 19 shall be made
in accordance with the following order of priority: (i) Full Credit Payments (as defined below) that are payable in cash, (ii)
non-cash Full Credit Payments that are taxable, (iii) non-cash Full Credit Payments that are not taxable, (iv) Partial Credit Payments
(as defined below), (v) non-cash employee welfare benefits and (vi) stock options whose exercise price exceeds the fair market
value of the optioned stock. In each case, reductions shall be made in reverse chronological order such that the payment or benefit
owed on the latest date following the occurrence of the event triggering the Excise Tax will be the first payment or benefit to
be reduced (with reductions made pro-rata in the event payments or benefits are owed at the same time). For purposes of this Agreement,
 “Full Credit Payment” means a payment, distribution or benefit, whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise, that if reduced in value by one dollar reduces the amount of the parachute
payment (as defined in Code Section 280G) by one dollar, determined as if such payment, distribution or benefit had been paid or
distributed on the date of the event triggering the excise tax. For purposes of this Agreement, “Partial Credit Payment”
means any payment, distribution or benefit that is not a Full Credit Payment. In no event shall Executive has any discretion with
respect to the ordering of payment reductions. Unless the Company and Executive otherwise agree in writing, any determination required
under this Section 19 will be made in writing by a certified professional services firm selected by the Company, the Company’s
legal counsel or such other person or entity to which the parties mutually agree (the “Firm”), whose determination
will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required
by this Section 19, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely
on reasonable, good faith interpretations concerning the application of Code Section 280G and Internal Revenue Code Section 4999.
The Company and Executive will furnish to the Firm such information and documents as the Firm may reasonably request in order to
make a determination under this Section 19. The Company will bear all costs the Firm may reasonably incur in connection
with any calculations contemplated by this Section 19.

 

 

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BLANK]

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first written above.

 

 

	 	DRAFTKINGS INC., a Nevada corporation
	 	 
	 	By: 	/s/ R. Stanton Dodge
	 	 	 
	 	Name:	R. Stanton Dodge
	 	 	 
	 	Title:	Chief Legal Officer
	 	 	 
	 	 	 
	 	EXECUTIVE
	 	 
	 	/s/ Matthew Kalish
	 	Name: Matthew Kalish
	 	 	 

 

    	 	13	 

     

    

 

EXHIBIT A

 

NONSOLICITATION, NONDISCLOSURE &
ASSIGNMENT OF INVENTIONS AGREEMENT

 

The undersigned Employee
(the “Employee”), executes this Nonsolicitation, Nondisclosure & Assignment of Inventions Agreement (the “Agreement”)
in consideration of, and a material inducement for, the Company’s (as defined below) continuing relationship with Employee,
whether by employment, contractor, or in advisory or consulting capacities, or otherwise, and in consideration of receiving any
form of compensation or benefit from or in the Company, and the entering into of the Executive Employment Agreement (the “Employment
Agreement”). Employee understands and agrees that this Agreement shall remain in effect and survive any and all changes in
Employee’s job duties, titles and compensation during Employee’s relationship with Company.

 

Definitions

 

		i.	“Company” shall mean DraftKings Inc., a Nevada corporation, and any entity controlled
by, controlling, or under common control with it, including affiliates and subsidiaries. “Control” for this purpose
means the direct or indirect possession of the power to direct or cause the direction of the management and policies of an entity,
whether through ownership, by contract or otherwise.

 

		ii.	“Competing Business” shall mean any person, firm, association, corporation or
any other legal entity that is engaged in a business that is competitive with any aspect of the Business of the Company, including
but not limited to: FanDuel, Paddy Power Betfair, William Hill, bet365, PointsBet, Penn National, Barstool Sports, SugarHouse,
888, MGM, TheScore, BetStars, Unibet, Caesars, Golden Nugget, Bet America, Borgata, Harrahs, Oceans, Resorts, Tropicana, Virgin,
and Pala.

 

		iii.	“Business of the Company” shall mean the research, design, development, marketing,
sales, operations, maintenance and commercial exploitation pertaining to the operation of, and providing products and services
for: (1) fantasy sports contests (“FSC”); (2) Regulated Gaming (defined below); (3) all other products and services
that exist, are in development, or are under consideration by the Company during Employee’s relationship with the Company
(“Other Products and Services”); and (4) all products and services incidentally related to, or which are an extension,
development or expansion of, FSC, Regulated Gaming and/or Other Products and Services (“Incidental Products and Services”).

 

		iv.	“Regulated Gaming” shall mean the operation of games of chance or skill or pari-mutuel
or fixed odds games (including, but not limited to, lotteries, pari-mutuel betting, bingo, race tracks, jai alai, legalized bookmaking,
off-track betting, casino games, racino, keno, and sports betting or any play for fun (non-wagering) versions of the foregoing)
and any type of ancillary service or product related to or connected with the foregoing.

 

		v.	“Confidential Information” shall mean all information or a compilation of information,
in any form (tangible or intangible or otherwise), that is not generally known to competitors or the public, which Company considers
to be confidential and/or proprietary, including but not limited to: research and development; techniques; methodologies; strategies;
product information, designs, prototypes and technical specifications; algorithms, source codes, object codes, trade secrets or
technical data; training materials methods; internal policies and procedures; marketing plans and strategies; pricing and cost
policies; customer, supplier, vendor and partner lists and accounts; customer and supplier preferences; contract terms and rates;
financial data, information, reports, and forecasts; inventions, improvements and other intellectual property; product plans or
proposed product plans; know-how; designs, processes or formulas; software and website applications; computer passwords; market
or sales information, plans or strategies; business plans, prospects and opportunities (including, but not limited to, possible
acquisitions or dispositions of businesses or facilities); information concerning existing or potential customers, partners or
vendors. Confidential Information shall also mean information of or related to Company’s current or potential customers,
vendors or partners that is considered to be confidential or proprietary to the applicable customer, vendor or partner.

 

    	 	A-1	 

     

    

 

Confidential Information does not
include: information in the public domain (other than as a result of disclosure directly or indirectly by Employee); information
approved in writing for unrestricted release by Company; or information produced or disclosed pursuant to a valid court order,
provided Employee has given Company written notice of such request such that Company has an actual, reasonable opportunity
to defend, limit or protect such production or disclosure.

 

1.       Duty
of Loyalty. During the period of Employee’s relationship with the Company, Employee will devote Employee’s
best efforts on behalf of the Company. Employee agrees not to provide any services to any Competing Business or engage in any conduct
which may create an actual or appear to create a conflict of interest, without the expressed, written permission of the Company.

 

2.       Nonsolicitation
of Customers, Clients or Vendors. During the period of Employee’s relationship with the Company and for a period
of twelve (12) months after termination of such relationship (for any reason), Employee shall not directly or indirectly either
for him/herself or for any other person, partnership, legal entity, or enterprise, solicit or transact business, or attempt to
solicit or transact business with, any of the individuals or entities actually known to Employee to be the Company’s customers,
clients, vendors or partners, or prospective customers, clients, vendors or partners, in all cases, about which Employee learned
Confidential Information (as defined above) or which Employee had some involvement or knowledge related to the Business of the
Company. 

 

3.       Nonsolicitation
of Employees and Contractors. During the period of Employee’s relationship with the Company and for a period of twelve
(12) months after termination of such relationship (for any reason), Employee will not directly or indirectly either for him/herself
or for any other person, partnership, legal entity, or enterprise: (i) solicit, in person or through supervision or control of
others, an employee, advisor, consultant or contractor of the Company for the purpose of inducing or encouraging the employee,
advisor, consultant or contractor to leave his or her relationship with the Company or to change an existing business relationship
with the Company or to change an existing business relationship to the detriment of the Company, (ii) hire away an employee, advisor,
consultant or contractor of the Company; or (iii) help another person or entity hire away a Company employee, advisor, consultant
or contractor. Notwithstanding the foregoing, the placement of general advertisements offering employment, other service relationships
or activities that are not specifically targeted toward employees, advisors, consultants or contractors of the Company shall not
be deemed to be a breach of this Section 3.

 

    	 	A-2	 

     

    

 

4.       Nondisclosure
of Customer, Partner and Vendor Information. Employee understands and agrees that it is essential to the Company’s
success that all nonpublic customer, partner, and vendor information is deemed and treated as Confidential Information and a confidential
trade secret. Employee will not, directly or indirectly, either for him/herself or for any other person, partnership, legal entity,
or enterprise, use or disclose any such customer, partner, or vendor information, except as may be necessary in the normal conduct
of the Company’s business for the specific customer, partner, or vendor. Employee agrees that at the end of Employee’s
relationship with the Company, or upon request by the Company, Employee will return to the Company any materials containing such
information.

 

5.       Nondisclosure
of Confidential Information. All such Confidential Information is (and will be) the exclusive property of the Company,
and Employee shall not, during or after Employee’s employment: (i) use any Confidential Information for any purpose that
is not authorized by the Company; (ii) disclose any Confidential Information to any person or entity, except as authorized by the
Company in connection with Employee’s job duties; or (iii) remove or transfer Confidential Information from the Company’s
premises or systems except as authorized by the Company.

 

Upon termination of Employee’s
relationship (for any reason), or upon the request of the Company, Employee will immediately surrender to the Company all Company
property in Employee’s possession, custody, or control, including any and all documents, electronic information, and materials
of any nature containing any Confidential Information, without retaining any copies.

 

Employee understands that the
Company is now and may hereafter be subject to non-disclosure or confidentiality agreements with third persons that require the
Company to protect or refrain from use of Confidential Information. Employee agrees to respect and be bound by the terms of such
agreements in the event Employee has access to such Confidential Information.

 

Employee understands that Confidential
Information is never to be used or disclosed by Employee, as provided in this Section 5. If a temporal limitation on Employee’s
obligation not to use or disclose such information is required under applicable law, and the Agreement or its restriction(s) cannot
otherwise be enforced, Employee agrees and the Company agrees that the two (2) year period after the date Employee’s employment
ends will be the temporal limitation relevant to the contested restriction; provided, however, that this sentence
will not apply to trade secrets protected without temporal limitation under applicable law.

 

Notwithstanding the foregoing
or anything to the contrary in this Agreement or any other agreement between the Company and the Employee, nothing in this Agreement
shall limit the Employee’s right to discuss Employee’s employment or report possible violations of law or regulation
with the Equal Employment Opportunity Commission, United States Department of Labor, the National Labor Relations Board, the Securities
and Exchange Commission, or other federal government agency or similar state or local agency or to discuss the terms and conditions
of his employment with others to the extent expressly permitted by Section 7 of the National Labor Relations Act or to the extent
that such disclosure is protected under the applicable provisions of law or regulation, including but not limited to “whistleblower”
statutes or other similar provisions that protect such disclosure. Employee agrees to take all reasonable steps to ensure that
the Company’s Confidential Information is not made public during any such disclosure. Pursuant to 18 U.S.C. Section 1833(b),
the Employee shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a
trade secret that: (1) is made in confidence to a Federal, State, or local government official, either directly or indirectly,
or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint
or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

    	 	A-3	 

     

    

 

6.       Assignment
of Inventions. Employee expressly understands and agrees that any and all right or interest Employee obtains in any designs,
trade secrets, technical specifications and technical data, know-how and show-how, customer and vendor lists, marketing plans,
pricing policies, inventions, concepts, ideas, expressions, discoveries, improvements and patent or patent rights which are authored,
conceived, devised, developed, reduced to practice, or otherwise obtained by him during the term of this Agreement which relate
to or arise out of his relationship with the Company and which relate to the business of the Company are expressly regarded as
 “works for hire” or works invented or authored within the scope of employment or engagement, whether as an adviser,
consultant, officer, executive, director or other capacity (the “Inventions”). Employee hereby assigns to the
Company the sole and exclusive right to such Inventions. Any assignment of Inventions (and all intellectual property rights with
respect thereto) hereunder includes an assignment of all “Moral Rights” (which shall mean all paternity, integrity,
disclosure, withdrawal, special and any other similar rights recognized by the laws of any jurisdiction or country). To the extent
such Moral Rights cannot be assigned to the Company and to the extent the following is allowed by the laws in any country where
Moral Rights exist, Employee hereby unconditionally and irrevocably waives the enforcement of such Moral Rights, and all claims
and causes of action of any kind against the Company or related to the Company’s customers, with respect to such rights.
Employee further acknowledges and agrees that neither his successors-in-interest nor legal heirs retain any Moral Rights in any
Inventions (and any intellectual property rights with respect thereto).

 

Employee agrees to disclose
all Inventions fully and in writing to the Company promptly after development, conception, invention, creation or discovery of
the same, and at any time upon request. Employee will provide all assistance that the Company reasonably requests to secure or
enforce its rights throughout the world with respect to Inventions, including signing all necessary documents to memorialize those
rights and take any other action which the Company shall deem necessary to assign to and vest completely in the Company, to perfect
trademark, copyright and patent protection with respect to, or to otherwise protect the Company’s trade secrets and proprietary
interest in such Inventions. The obligations of this Section shall continue beyond the termination of Employee’s relationship
with respect to such Inventions conceived of, reduced to practice, or developed by the Employee during the term of this Agreement.
The Company agrees to pay any and all copyright, trademark and patent fees and expenses or other costs incurred by Employee for
any assistance rendered to the Company pursuant to this Section.

 

In the event the Company is
unable, after reasonable effort, to secure Employee’s signature on any patent application, copyright or trademark registration
or other analogous protection relating to an Invention, the Employee hereby irrevocably designates and appoints the Company and
its duly authorized officer and agent as his agent and attorney-in-fact, to act for and on his behalf and stead to execute and
file any such application or applications and to do all other lawfully permitted acts to further the prosecution and issuance of
letters patent, copyright or other analogous protection thereon with the same legal force and effect as if executed by the Employee.

 

In Attachment A to this Agreement,
Employee has listed all Inventions that relate to the business of the Company that Employee (alone or jointly with others) made,
conceived, or first reduced to practice by Employee prior to Employee’s execution of this Agreement, and in which Employee
has any property interest or claim of ownership. If no such Inventions are listed in said Attachment, Employee represents that
Employee has no such Inventions.

 

    	 	A-4	 

     

    

 

To the extent Employee is a
citizen of and subject to law of a state which provides a limitation on invention assignments, then this Agreement’s assignment
shall not include inventions excluded under such law.

 

Notwithstanding anything to
the contrary in this Section 6, this Section 6 shall not apply to inventions that the Employee develops entirely
on his own time without using the Company’s equipment, supplies, facilities, or trade secret information, except to the extent
such inventions (a) relate at the time of conception or reduction to practice of the invention to the Company’s business,
or actual or demonstrably anticipated research or development of the Company; or (b) result from any work performed by the Employee
for the Company.

 

7.       Absence
of Conflicting Agreements. Employee understands that the Company does not desire to acquire from Employee any trade secrets,
know-how or confidential business information that Employee may have acquired from others, and Employee agrees not to disclose
any such information to the Company or otherwise utilize any such information in connection with Employee’s performance of
duties with the Company. Employee represents that Employee is not bound by any agreement or any other existing or previous business
relationship which purports to conflict or impact the full performance of Employee’s duties and obligations to the Company.

 

8.       Remedies
Upon Breach. Employee agrees that any action that violates this Agreement would cause the Company irreparable harm for
which monetary damages are inadequate. Accordingly, in the event of a breach, or threatened breach, the Company shall be entitled
to an injunction restraining such breach or threatened breach, or requiring specific performance, in addition to any and all rights
and remedies at law and equity. The Company shall not be obligated to present additional evidence of irreparable harm or the insufficiency
of monetary damages and, to the extent permitted by law or under applicable court rule, does not need to post a bond or other surety.
Nothing herein shall be construed as prohibiting the Company from pursuing any other remedy available to the Company for such breach
or threatened breach.

 

9.       Jurisdiction,
Venue and Choice of Law The parties hereby mutually agree to the exclusive jurisdiction of the Superior Court (inclusive
of the Business Litigation Session) of the Commonwealth of Massachusetts or the United States District Court for the District of
Massachusetts for any dispute arising hereunder. Accordingly, with respect to any such court action, Employee (a) submits to the
personal jurisdiction of such courts; (b) consents to service of process by regular mail to his last known address; and (c) waives
any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service
of process. If either party hereto commences a legal action or other proceeding against the other party concerning a dispute arising
from or relating to this Agreement outside of Massachusetts, such commencing party shall reimburse such other party for its or
his reasonable attorneys’ fees, costs and expenses if such other party prevails in staying, transferring, dismissing or otherwise
defending such action or proceeding based on the location of the action or proceeding, regardless of whether such fees, costs and
expenses are incurred in the forum where such commencing party commenced the action or in a Massachusetts forum. This Agreement
shall be governed by the internal substantive laws of Massachusetts, without regard to the doctrine of conflicts of law.

 

10.       Employment
Relationship. Employee agrees and acknowledges that Employee is an employee “at will” and nothing in this Agreement
is intended to guarantee employment for any period of time. The parties enter this Agreement with the understanding that Employee’s
position, title, duties and responsibilities could change in a material way in the future and, in light of that understanding,
the parties intend that this Agreement shall follow Employee throughout the entire course of Employee’s employment with the
Company, and such subsequent material change shall not affect the enforceability or validity of this Agreement.

 

    	 	A-5	 

     

    

 

		11.	Return of Property. Employee agrees that, at the time of termination of Employee’s
employment (for any reason), Employee will return immediately to the Company, in good condition, all property of the Company. This
return of property includes, without limitation, a return of physical property (such as computer, phone or other mobile devices,
credit card, promotional materials, etc.) and intangible property (such as computer passwords).

 

		12.	Litigation and Regulatory Cooperation. During and after the Employee’s relationship
with the Company, Employee shall cooperate fully with the Company in the defense or prosecution of any claims or actions now in
existence or that may be brought in the future against or on behalf of the Company by/against third parties that relate to events
or occurrences that transpired while the Employee was employed by the Company. Employee’s full cooperation in connection
with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery
or trial and to act as a witness at mutually convenient times. During and after the Employee’s employment, Employee also
shall cooperate fully with the Company in connection with any investigation or review of any federal, state, or local regulatory
authority as any such investigation or review relates to events or occurrences that transpired while the Employee was employed
by the Company, unless such claim is brought by Employee. As consideration for the Employee’s services under this Section
12, the Company shall remit to Employee, as agreed between the parties in advance, (a) reasonable expenses related to such
cooperation, and (b) an hourly rate equal to Employee’s last base salary divided by 2,000.

 

		13.	Communication to Future Employers. Employee agrees to communicate the contents of
all post-relationship obligations in this Agreement to any Competing Business that Employee intends to be employed by, associated
with, or represent. Employee understands and agrees that the Company may, in its discretion, also share any post-employment obligation
set out in this Agreement with any future employer or potential employer of Employee, or any entity which seeks to be associated
with Employee for Employee’s services.

 

		14.	Miscellaneous. Any waiver by the Company of a breach of any provision of this Agreement
shall not operate or be construed as a waiver of any subsequent breach hereof. If a court determines that one or more of the provisions
contained in this Agreement shall be invalid or unenforceable, such court shall construe, reform or otherwise revise such provision(s)
so as to render it/them enforceable to the maximum extent allowed by law, without invalidating the remaining provisions of this
Agreement. The obligations of each party hereto under this Agreement shall survive the termination of the Employee’s relationship
with the Company regardless of the manner of such termination to the extent expressly provided in, or logically would be expected
under, this Agreement. All covenants and agreements hereunder shall inure to the benefit of and be enforceable by the successors
of the Company. This Agreement amends, supplants and supersedes any agreement previously executed between the parties regarding
the subject matter of this Agreement.

 

Notwithstanding the foregoing,
the Employee shall remain bound by all covenants, duties and obligations relating to confidentiality, ownership of intellectual
property, non-solicitation, non-competition and all other post-employment restrictive covenants, duties and obligations with respect
to which the Employee agreed to be bound in connection with the Employee’s employment with the Company, including without
limitation such covenants, obligations and duties set forth in the Noncompetition, Nonsolicitation, Nondisclosure & Assignment
of Inventions Agreement dated March 13, 2013; the Stock Option Grant Notice And Post Employment Noncompetition Covenant (2017 Equity
Incentive Plan), dated June 4, 2019; the Stock Option Grant Notice And Post Employment Noncompetition Covenant (2017 Equity Incentive
Plan), dated June 4, 2019; and the Stock Option Grant Notice And Post Employment Noncompetition Covenant (2017 Equity Incentive
Plan), dated June 4, 2019 (collectively, the “Restrictive Covenants”).  The post-employment covenants, duties
and obligations set forth in this Agreement are intended to supplement – not replace – the Restrictive Covenants.

 

    	 	A-6	 

     

    

 

Employee recognizes and agrees
that the enforcement of this Agreement is necessary, among other things, to ensure the preservation, protection and continuity
of Confidential Information, trade secrets and goodwill of the Company. Employee agrees that, due to the proprietary nature of
the Business of the Company and relationships with others, the post-employment restrictions set forth above are reasonable as to
duration and scope.

 

Employee is advised to consult with an attorney before
entering into this Agreement.

    	 	A-7	 

     

    

 

IN WITNESS WHEREOF, the undersigned Employee and the
Company have executed this Nonsolicitation, Nondisclosure and Assignment of Inventions Agreement as an instrument under seal as
of this 23rd day of April, 2020.

 

	DraftKings Inc.	 	Employee
	 	 	 
	 	 	 
	 	 	 
	/s/ R. Stanton Dodge	 	/s/ Matthew Kalish
	By:  R. Stanton Dodge	 	Name: Matthew Kalish
	Title: Chief Legal Officer	 	 

 

    	 	A-8	 

     

    

  

NONSOLICITATION, NONDISCLOSURE &
ASSIGNMENT OF INVENTIONS AGREEMENT

 

Attachment A

 

List of all inventions or improvements
(referred to in Section 6) made by Employee, alone or jointly with others, prior to joining the Company.

 

 

	
        Right, Title or Interest

        (If none, please write “NONE”.)

         
	 	Date Acquired	 	Identifying Number or Brief Description of Inventions or Improvements
	 	 	 	 	 
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	
		 		 	

 

 

	Name of Employee:	 
	 	 
	Matthew Kalish	 
	Print	 
	 	 
	/s/ Matthew Kalish	 
	Sign	 
	 	 
	April 23, 2020	 
	Date	 

 

    
	 		 

     

    

 

EXHIBIT B

 

Noncompetition
Covenant

 

		(a)	During the period of your relationship with Company, you, Matthew Kalish (hereinafter “you”)
agree to not, anywhere within the Restricted Area (defined below), acting individually, or as an owner, shareholder, partner, employee,
contractor, agent or otherwise (other than on behalf of Company): provide services to a Competing Business (defined below). For
a period of twelve (12) months following termination of your relationship with Company (for any reason other than referenced below
in section (b)), you agree to not, anywhere within the Restricted Area, acting individually, or as an owner, shareholder, partner,
employee, contractor, agent or otherwise (other than on behalf of Company): provide services to a Competing Business that relate
to any aspect of the Business of the Company (i.e., FSC, Regulated Gaming, Other Products and Services, and/or Incidental Products
and Services) for which you performed services or received confidential information at any time during the twelve (12) month period
prior to such termination. For example, if you performed services for the FSC aspect of the Business of the Company and received
confidential information about the Regulated Gaming aspect of the Business of the Company during the twelve (12) month period prior
to the termination of your relationship with the Company (for any reason other than referenced below in section (b)), then for
twelve (12) months after such termination, you shall not, anywhere within the Restricted Area, acting individually, or as an owner,
shareholder, partner, employee, contractor, agent or otherwise (other than on behalf of Company), provide services to a Competing
Business that relate to FSC or Regulated Gaming. The foregoing shall not be construed to preclude you from (i) owning up to one
percent (1%) of the outstanding stock of a publicly held corporation that constitutes or is affiliated with a Competing Business,
or (ii) becoming a shareholder, partner, contractor, agent, member, employee or otherwise of a private equity, venture capital
or other investment firm, and providing services in connection therewith. The foregoing shall, however, be construed to specifically
prevent you from (x) acting individually, or as an owner, shareholder, partner, employee, contractor, agent or otherwise (other
than on behalf of Company) anywhere within the Restricted Area, during the period of your relationship with the Company and for
a period of twelve (12) months following termination of your relationship with Company (for any reason other than referenced below
in section (b)), and (y) providing services that relate to any aspect of the Business of the Company for any private equity, venture
capital or other investment firm that at any time during such twelve (12) month period, has investments in any Competing Business;
provided that you may work for a division, entity or subgroup of any companies that engage in a Competing Business (a “Separate
BU”) so long as such Separate BU does not engage in any Competing Business and you do not provide any investment advice or
consulting related to any Competing Business. To the extent that you act individually, or as an owner, shareholder, partner, employee,
contractor, agent or otherwise and provide services unrelated to the Business of the Company for any Separate BU or private equity,
venture capital or other investment firm at any time during such twelve (12) month period, you agree to institute an ethical screen
that prevents your access to communications, information and participation in all services related to the Business of the Company.

 

    	 	B-1	 

     

    

 

As set out in the Massachusetts
Noncompetition Agreement Act, you and the Company agree that the opportunity for post-employment benefits and compensation set
forth in the Executive Employment Agreement dated April 23, 2020 (the “Employment Agreement”) constitute mutually-agreed
upon consideration for this Noncompetition Covenant, and is fair and reasonable consideration for this Noncompetition Covenant,
independent of continued employment. Such consideration is specifically designated and you acknowledge the receipt and sufficiency
of the consideration. 

 

		i.	“Company” shall mean any entity controlled by, controlling, or under common
control with DraftKings Inc., a Nevada corporation, including affiliates and subsidiaries. Control means the direct or indirect
possession of the power to direct or cause the direction of the management and policies of an entity, whether through ownership,
by contract or otherwise.

 

		ii.	“Restricted Area” shall mean the entire United States since the Business of
the Company encompasses the entire United States, of which you acknowledge and agree. Additionally, the Restricted Area shall include
any territory or country outside the United States in which the Company operates the Business of the Company.

 

		iii.	“Competing Business” shall mean any person, firm, association, corporation or
any other legal entity that is engaged in a business that is competitive with any aspect of the Business of the Company, including
but not limited to: FanDuel, Paddy Power Betfair, William Hill, bet365, PointsBet, Penn National, Barstool Sports, SugarHouse,
888, MGM, TheScore, BetStars, Unibet, Caesars, Golden Nugget, Bet America, Borgata, Harrahs, Oceans, and Resorts, Tropicana, Virgin,
and Pala.

 

 

		iv.	“Business of the Company” shall mean the research, design, development, marketing,
sales, operations, maintenance and commercial exploitation pertaining to the operation of, and providing products and services
for: (1) fantasy sports contests (“FSC”); (2) Regulated Gaming (defined below); (3) all other products and services
that exist, are in development, or are under consideration by the Company during your relationship with the Company (“Other
Products and Services”); and (4) all products and services incidentally related to, or which are an extension, development
or expansion of, FSC, Regulated Gaming and/or Other Products and Services (“Incidental Products and Services”).

 

		v.	“Regulated Gaming” shall mean the operation of games of chance or skill or pari-mutuel
or fixed odds games (including, but not limited to, lotteries, pari-mutuel betting, bingo, race tracks, jai alai, legalized bookmaking,
off-track betting, casino games, racino, keno, and sports betting or any play for fun (non-wagering) versions of the foregoing)
and any type of ancillary service or product related to or connected with the foregoing.

 

    	 	B-2	 

     

    

 

		vi.	“Confidential Information” shall mean all information or a compilation of information,
in any form (tangible or intangible or otherwise), that is not generally known to competitors or the public, which Company considers
to be confidential and/or proprietary, including but not limited to: research and development; techniques; methodologies; strategies;
product information, designs, prototypes and technical specifications; algorithms, source codes, object codes, trade secrets or
technical data; training materials methods; internal policies and procedures; marketing plans and strategies; pricing and cost
policies; customer, supplier, vendor and partner lists and accounts; customer and supplier preferences; contract terms and rates;
financial data, information, reports, and forecasts; inventions, improvements and other intellectual property; product plans or
proposed product plans; know-how; designs, processes or formulas; software and website applications; computer passwords; market
or sales information, plans or strategies; business plans, prospects and opportunities (including, but not limited to, possible
acquisitions or dispositions of businesses or facilities); information concerning existing or potential customers, partners or
vendors. Confidential Information shall also mean information of or related to Company’s current or potential customers,
vendors or partners that is considered to be confidential or proprietary to the applicable customer, vendor or partner.

 

Confidential Information does not
include: information in the public domain (other than as a result of disclosure by you); approved in writing for unrestricted release
by Company; or produced or disclosed pursuant to a valid court order, provided you have given Company written notice of
such request such that Company has an actual, reasonable opportunity to defend, limit or protect such production or disclosure.

 

		(b)	You and the Company agree that the Noncompetition Covenant shall not be enforceable against you
if the Company terminates your employment without cause or you are subject to a layoff as set forth in the Massachusetts Noncompetition
Agreement Act. In the event of a termination without cause or a layoff as set forth in the Massachusetts Noncompetition Agreement
Act, all other agreements with the Company shall remain in full force and effect to the extent expressly intended, or logically
would be expected, to survive termination of your employment.

 

		(c)	You agree to communicate the contents of all post-relationship obligations in this Noncompetition
Covenant to any Competing Business that you intend to be employed by, associated with, or represent. You understand and agree that
the Company may, in its discretion, also share any post-relationship obligation in this Noncompetition Covenant with any future
(or potential) employer or association that is a Competing Business that seeks to be associated with you or employ you for your
services.

 

 

		(d)	You agree that the enforcement of the Noncompetition Covenant is necessary, among other things,
to ensure the preservation, protection and continuity of the Company’s Confidential Information, trade secrets and goodwill
of the Company. You agree that, due to the proprietary nature of the Business of the Company and relationships with others, the
post-employment restrictions set forth above are reasonable as to duration and scope. You further acknowledge that the Company’s
legitimate business interest cannot be adequately protected through an alternative restrictive covenant, including but not limited
to a non-solicitation agreement or a non-disclosure or confidentiality agreement.

 

    	 	B-3	 

     

    

 

		(e)	You agree that any action that violates this Noncompetition Covenant would cause the Company irreparable
harm for which monetary damages are inadequate. Accordingly, in the event of a breach, or threatened breach, of this Noncompetition
Covenant, the Company shall be entitled to an injunction restraining such breach or threatened breach, or requiring specific performance,
in addition to any and all rights and remedies at law and equity. The Company shall not be obligated to present additional evidence
of irreparable harm or the insufficiency of monetary damages and, to the extent permitted by law or under applicable court rule,
does not need to post a bond or other surety. Nothing herein shall be construed as prohibiting the Company from pursuing any other
remedy available to the Company for such breach or threatened breach.

 

		(f)	You and the Company hereby mutually agree to the exclusive jurisdiction of the Superior Court (inclusive
of the Business Litigation Session) of the Commonwealth of Massachusetts or the United States District Court for the District of
Massachusetts for any dispute arising hereunder. Accordingly, with respect to any such court action, you (a) submit to the personal
jurisdiction of such courts; (b) consent to service of process by regular mail to your last known address; and (c) waive any other
requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.
If either party hereto commences a legal action or other proceeding against the other party hereto concerning a dispute arising
from or relating to this Noncompetition Covenant outside of Massachusetts, such commencing party shall reimburse such other party
for its or his reasonable attorneys’ fees, costs and expenses if such other party prevails in staying, transferring, dismissing
or otherwise defending such action or proceeding based on the location of the action or proceeding, regardless of whether such
fees, costs and expenses are incurred in the forum where such commencing party commenced the action or in a Massachusetts forum.
This Noncompetition Covenant shall be governed by the internal substantive laws of Massachusetts, without regard to the doctrine
of conflicts of law.

 

		(g)	The failure of you or Company to insist upon strict performance of this Noncompetition Covenant
irrespective of the length of time for which such failure continues, shall not be a waiver of such party’s rights herein.
No term or provision of this Noncompetition Covenant may be waived unless such waiver is in writing.

 

		(h)	If a court determines that one or more of the provisions contained in this Noncompetition Covenant
shall be invalid or unenforceable, such court shall construe, reform or otherwise revise such provision(s) so as to render it/them
enforceable to the maximum extent allowed by law, without invalidating the remaining provisions of this Noncompetition Covenant.

 

    	 	B-4	 

     

    

 

		(i)	Except as described in Section (b) of this Noncompetition Covenant, your obligations under this
Noncompetition Covenant shall survive the termination of your relationship with the Company regardless of the manner of such termination.

 

		(j)	The rights granted to the Company under the Noncompetition Covenant shall inure to the benefit
of, and be enforceable by, the successors or assigns of Company.

 

		(k)	You acknowledge that the Company provided you with a copy of this Noncompetition Covenant at least
ten (10) business days before it is to be effective. Provided it is executed by both parties, this Noncompetition Covenant
shall become effective on the later of (i) the date it is fully executed, or (ii) ten (10) business days after you received a copy
of it.

 

Before agreeing to this Noncompetition
Covenant, you have the right to consult with counsel, and the Company advises you to do so.

 

Notwithstanding the foregoing,
you shall remain bound by all covenants, duties and obligations relating to confidentiality, ownership of intellectual property,
non-solicitation, non-competition and all other post-employment restrictive covenants, duties and obligations with respect to which
you agreed to be bound in connection with your employment with the Company, including without limitation such covenants, obligations
and duties set forth in the Noncompetition, Nonsolicitation, Nondisclosure & Assignment of Inventions Agreement dated March
13, 2013; the Stock Option Grant Notice And Post Employment Noncompetition Covenant (2017 Equity Incentive Plan), dated June 4,
2019; the Stock Option Grant Notice And Post Employment Noncompetition Covenant (2017 Equity Incentive Plan), dated June 4, 2019;
and the Stock Option Grant Notice And Post Employment Noncompetition Covenant (2017 Equity Incentive Plan), dated June 4, 2019
(collectively, the “Restrictive Covenants”).  The post-employment covenants, duties and obligations set forth
in this Agreement are intended to supplement – not replace – the Restrictive Covenants.

 

		(l)	The parties agree that you are employed “at will” and nothing in this Noncompetition
Covenant is intended to guarantee employment for any period of time. The parties enter this Noncompetition Covenant with the understanding
that your position, title, duties and responsibilities could change in a material way in the future and, in light of that understanding,
the parties intend that this Noncompetition Covenant shall follow you throughout the entire course of your employment with the
Company, and such subsequent material change shall not affect the enforceability or validity of this Noncompetition Covenant.

 

	DraftKings Inc.	 	Employee
	 	 	 
	 	 	 
	 	 	 
	/s/ R. Stanton Dodge	 	/s/ Matthew Kalish
	By: R. Stanton Dodge	 	Name: Matthew Kalish
	Title: Chief Legal Officer	 	 

  

    	 	B-5	 

     

    

 

EXHIBIT C

 

RELEASE AND WAIVER OF CLAIMS

 

In consideration for
the end of employment / termination benefits set forth in the Executive Employment Agreement, to which this form is attached (the
“Employment Agreement”), including without limitation the end of employment / termination benefits set forth
in Section 6 thereof, among other things, Matthew Kalish (the “Executive” or “I”) and DraftKings,
Inc. (the “Company”) hereby enter into the following release and waiver of claims (the “Release”).
For the avoidance of doubt, nothing in this Release is intended or shall be construed to waive, release or limit in any manner
the end of employment / termination benefits described in the Employment Agreement.

 

The Executive hereby
generally and completely release the Company, its affiliates, and its and their current and former directors, officers, employees,
shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, family
and assigns (collectively, the “Released Parties”) of and from any and all claims, liabilities and obligations,
both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to or
on the date that Executive signs this Release (collectively, the “Released Claims”). The Released Claims include,
but are not limited to: (i) all claims arising out of or in any way related to the Executive’s employment with the Company,
or the termination of that employment; (ii) all claims related to the Executive’s compensation or benefits from the
Company, including salary, bonuses, retention bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe
benefits, stock, stock options, or any other ownership interests or equity-based awards in the Company; (iii) all claims for
breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (iv) all tort
claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (v) all federal,
state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other
claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as
amended), the federal Family and Medical Leave Act (as amended) (the “FMLA”), the federal Age Discrimination
in Employment Act of 1967 (as amended) (the “ADEA”), the Employee Retirement Income Security Act of 1974 (as
amended), the National Labor Relations Act of 1935 (as amended), Chapter 151B of the Massachusetts General Laws, and any similar
applicable state laws, including those of the Commonwealth of Massachusetts and any other federal, state or local civil or human
rights law or any other local, state or federal law, regulation or ordinance, and any public policy, contract, tort, or common
law. Released Claims specifically includes, without limitation, claims pursuant to the Massachusetts Wage Act and State Overtime
Law, M.G.L. c. 149 §§ 148, 150 et seq. and M.G.L. c 151, §1A et seq, as amended. Notwithstanding the foregoing,
the following are not included in the Released Claims (the “Excluded Claims”): (i) any rights or claims
for indemnification that Executive may have pursuant to any written indemnification agreement with the Company, the charter, bylaws,
or operating agreements of the Company, or under applicable law; (ii) any rights which are not waivable as a matter of law;
(iii) any claims arising from the breach of this Release; or (iv) any claims related to any Accrued Benefits or other vested benefits
or any severance benefits payable or due to the Executive on account of the end of the Executive’s employment or the Executive’s
termination under the terms of the Executive Employment Agreement. For the avoidance of doubt, nothing in this Release shall prevent
Executive from challenging the validity of the Release in a legal or administrative proceeding. Nothing in this Release shall prevent
the Executive from filing, cooperating with, or participating in any proceeding or investigation before the Equal Employment Opportunity
Commission, United States Department of Labor, the National Labor Relations Board, the Occupational Safety and Health Administration,
the Securities and Exchange Commission or any other federal government agency, or similar state or local agency (“Government
Agencies”), or exercising any rights pursuant to Section 7 of the National Labor Relations Act. The Executive further
understands that this Release does not limit the Executive’s ability to voluntarily communicate with any Government Agencies
or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing
documents or other information, without notice to the Company. While this Release does not limit the Executive’s right to
receive an award for information provided to the Securities and Exchange Commission, the Executive understands and agrees that
the Executive is otherwise waiving, to the fullest extent permitted by law, any and all rights the Executive may have to individual
relief based upon any claims arising out of any proceeding or investigation before one or more of the Government Agencies. If any
such claim is not subject to release, to the extent permitted by law, the Executive waives any right or ability to be a class or
collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action
or proceeding based on such a claim in which any of the Released Parties is a party. Notwithstanding anything to the contrary set
forth herein, this Release does not abrogate the Executive’s existing rights under any Company benefit plan, the Executive
Employment Agreement or any plan or agreement related to equity ownership in the Company.

 

    	 	C-1	 

     

    

 

I acknowledge that
I am knowingly and voluntarily waiving and releasing any rights I may have under the ADEA (“ADEA Waiver”). I
also acknowledge that (i) the consideration given for the ADEA Waiver is in addition to anything of value to which I was already
entitled; and (ii) that, subject only to Company providing the end of employment / termination benefits described in the first
paragraph of this Release, I have been paid for all time worked, has received all the leave, leaves of absence and leave benefits
and protections for which I am eligible, and have not suffered any on-the-job injury for which I have not already filed a claim.
I affirm that all of the decisions of the Released Parties regarding my pay and benefits through the date of my execution of this
Release were not discriminatory based on age, disability, race, color, sex, religion, national origin or any other classification
protected by law. I affirm that I have not filed or caused to be filed, and am not presently a party to, a claim against any of
the Released Parties. I further affirm that I have no known workplace injuries or occupational diseases. I acknowledge and affirm
that I have not been retaliated against for reporting any allegation of corporate fraud or other wrongdoing by any of the Released
Parties, or for exercising any rights protected by law, including any rights protected by the Fair Labor Standards Act, the Family
Medical Leave Act or any related statute or local leave or disability accommodation laws, or any applicable state workers’
compensation law. I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply
to any claims that may arise after I sign this Release; (b) I should consult with an attorney prior to executing this release;
(c) I have twenty-one (21) days within which to consider this release (although I may choose to voluntarily execute this release
earlier); (d) I have seven (7) days following the execution of this release to revoke this Release (in a written revocation
sent to the Chief Executive Officer of the Company); and (e) this Release will not be effective until the eighth day after
I sign this Release, provided that I have not earlier revoked this Release (the “Effective Date”). I
will not be entitled to receive any of the benefits specified by this Release unless and until it becomes effective.

 

    	 	C-2	 

     

    

 

In granting the release
herein, which includes claims that may be unknown to me at present, I acknowledge that I expressly waive and relinquish any and
all rights and benefits under any applicable law or statute providing, in substance, that a general release does not extend to
claims which a party does not know or suspect to exist in his or her favor at the time of executing the release, which if known
by him or her would have materially affected the terms of such release.

 

The Executive agrees
that the Executive will not make any negative or disparaging statements or comments, either as fact or as opinion, about the Released
Parties or their vendors, products or services, business, technologies, market position or performance. The Company (including
its subsidiaries and affiliates) will not make, and agrees to use commercially reasonable efforts to cause the executive officers
and board of directors of the Company to refrain from making, any negative or disparaging statements or comments, either as fact
or as opinion, about the Executive (or authorizing any statements or comments to be reported as being attributed to the Company).
Nothing in this paragraph shall prohibit the Executive or the Company from providing truthful information in response to a subpoena
or other legal process. In addition, nothing in the Release shall apply to any legally protected whistleblower rights (including
under Rule 21F under the Securities Exchange Act of 1934).

 

Noncompetition Covenant.
For a period of twelve (12) months following the last day of my employment, I agree to not, anywhere within the Restricted
Area acting individually, or as an owner, shareholder, partner, employee, contractor, agent or otherwise (other than on behalf
of Company) provide services to a Competing Business that relate to any aspect of the Business of the Company (the “Noncompetition
Covenant”). The foregoing shall not be construed to preclude me from (i) owning up to one percent (1%) of the outstanding
stock of a publicly held corporation that constitutes or is affiliated with a Competing Business, or (ii) becoming a shareholder,
partner, contractor, agent, member, employee or otherwise of a private equity, venture capital or other investment firm, and providing
services in connection therewith. The foregoing shall, however, be construed to specifically prevent me from (x) acting individually,
or as an owner, shareholder, partner, employee, contractor, agent or otherwise (other than on behalf of Company) anywhere within
the Restricted Area, during the period of your relationship with the Company and for a period of twelve (12) months following termination
of your relationship with Company (for any reason other than referenced below in section (b)), and (y) providing services that
relate to any aspect of the Business of the Company for any private equity, venture capital or other investment firm that at any
time during such twelve (12) month period, has investments in any Competing Business; provided that I may work for a division,
entity or subgroup of any companies that engage in a Competing Business (a “Separate BU”) so long as such Separate
BU does not engage in any Competing Business and I do not provide any investment advice or consulting related to any Competing
Business. To the extent that I act individually, or as an owner, shareholder, partner, employee, contractor, agent or otherwise
and provide services unrelated to the Business of the Company for any Separate BU or private equity, venture capital or other investment
firm at any time during such twelve (12) month period, I agree to institute an ethical screen that prevents my access to communications,
information and participation in all services related to the Business of the Company. The following definitions apply to this Noncompetition
Covenant:

 

    	 	C-3	 

     

    

 

		i.	“Company” shall mean any entity controlled by, controlling, or under common
control with DraftKings Inc., including affiliates and subsidiaries. Control means the direct or indirect possession of the power
to direct or cause the direction of the management and policies of an entity, whether through ownership, by contract or otherwise.

 

		ii.	“Restricted Area” shall mean the entire United States since the Business of
the Company encompasses the entire United States, of which you acknowledge and agree.

 

		iii.	“Competing Business” shall mean any person, firm, association, corporation or
any other legal entity that is engaged in a business that is competitive with any aspect of the Business of the Company, including
but not limited to: FanDuel, Paddy Power Betfair, William Hill bet365, PointsBet, Penn National, Barstool Sports, SugarHouse, 888,
MGM, TheScore, BetStars, Unibet, Caesars, Golden Nugget, Bet America, Borgata, Harrahs, Oceans, and Resorts, Tropicana, Virgin,
and Pala.

 

		iv.	“Business of the Company” shall mean the research, design, development, marketing,
sales, operations, maintenance and commercial exploitation pertaining to the operation of, and providing products and services
for: (1) fantasy sports contests (“FSC”); (2) Regulated Gaming (defined below); (3) all other products and services
that exist, are in development, or are under consideration by the Company during your relationship with the Company (“Other
Products and Services”); and (4) all products and services incidentally related to, or which are an extension, development
or expansion of, FSC, Regulated Gaming and/or Other Products and Services (“Incidental Products and Services”).

 

		v.	“Regulated Gaming” shall mean the operation of games of chance or skill or pari-mutuel
or fixed odds games (including, but not limited to, lotteries, pari-mutuel betting, bingo, race tracks, jai alai, legalized bookmaking,
off-track betting, casino games, racino, keno, and sports betting or any play for fun (non-wagering) versions of the foregoing)
and any type of ancillary service or product related to or connected with the foregoing.

 

I agree to communicate
the contents of all post-relationship obligations to any Competing Business that I intend to be employed by, associated with, or
represent. I understand and agree that the Company may, in its discretion, also share any post-relationship obligation with any
future (or potential) employer or association that is a Competing Business that seeks to be associated with you or employ you for
your services.

 

I agree that the enforcement
of the Noncompetition Covenant is necessary, among other things, to ensure the preservation, protection and continuity of the Company’s
confidential information, trade secrets and goodwill of the Company. I agree that, due to the proprietary nature of the Business
of the Company and relationships with others, the post-employment restrictions set forth above are reasonable as to duration and
scope. I acknowledge that the Company’s legitimate business interest cannot be adequately protected through an alternative
restrictive covenant, including but not limited to a non-solicitation agreement or a non-disclosure or confidentiality agreement.

 

    	 	C-4	 

     

    

 

I agree that any action
that violates this Noncompetition Covenant would cause the Company irreparable harm for which monetary damages are inadequate.
Accordingly, in the event of a breach, or threatened breach, the Company shall be entitled to an injunction restraining such breach
or threatened breach, or requiring specific performance, in addition to any and all rights and remedies at law and equity. The
Company shall not be obligated to present additional evidence of irreparable harm or the insufficiency of monetary damages and,
to the extent permitted by law or under applicable court rule, does not need to post a bond or other surety. Nothing herein shall
be construed as prohibiting the Company from pursuing any other remedy available to the Company for such breach or threatened breach.

 

The parties hereby
mutually agree to the exclusive jurisdiction of the Superior Court (inclusive of the Business Litigation Session) of the Commonwealth
of Massachusetts or the United States District Court for the District of Massachusetts for any dispute arising hereunder. Accordingly,
with respect to any such court action, I (a) submit to the personal jurisdiction of such courts; (b) consent to service of process
by regular mail to my last known address; and (c) waive any other requirement (whether imposed by statute, rule of court, or otherwise)
with respect to personal jurisdiction or service of process. If either party hereto commences a legal action or other proceeding
against the other party hereto concerning a dispute arising from or relating to this Noncompetition Covenant outside of Massachusetts,
such commencing party will reimburse such other party for its or my reasonable attorneys’ fees, costs and expenses if such
other party prevails in staying, transferring, dismissing or otherwise defending such action or proceeding based on the location
of the action or proceeding, regardless of whether such fees, costs and expenses are incurred in the forum where such commencing
party commenced the action or in a Massachusetts forum. This Noncompetition Covenant shall be governed by the internal substantive
laws of Massachusetts, without regard to the doctrine of conflicts of law.

 

The failure of myself
or the Company to insist upon strict performance of this Noncompetition Covenant irrespective of the length of time for which such
failure continues, shall not be a waiver of such party’s rights herein. No term or provision of this Noncompetition Covenant
may be waived unless such waiver is in writing.

 

If a court determines
that one or more of the provisions contained in the Noncompetition Covenant shall be invalid or unenforceable, such court shall
construe, reform or otherwise revise such provision(s) so as to render it/them enforceable to the maximum extent allowed by law,
without invalidating the remaining provisions of this Noncompetition Covenant.

 

The rights granted
to the Company under the Noncompetition Covenant shall inure to the benefit of, and be enforceable by, the successors or assigns
of Company. The Noncompetition Covenant is entered into in connection with my cessation of employment.

 

    	 	C-5	 

     

    

 

This Release constitutes
the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter
hereof. Notwithstanding the above, the Noncompetition Covenant is intended to supplement, but not replace, any other post-employment
obligations between me and the Company [to be listed at the time of separation],
as such other post-employment obligations remain in full force and effect. By signing below, I am not relying on any promise or
representation by the Company that is not expressly stated herein. This Release may only be modified by a writing signed by both
me and a duly authorized officer of the Company.

 

The Company advises me to consult with legal
counsel before entering into this Release.

 

 

THE EXECUTIVE:

 

	Date:	 	 	 	 
	 	 	 	Name:	Matthew Kalish
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

THE COMPANY:

 

	Date:	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	 
	 	 	 	Its:	 

 

    	 	C-6	 

     

    

 

EXHIBIT D

 

INDEMNIFICATION
AGREEMENT

 

This Indemnification
Agreement (the “Agreement”) is made and entered into as of April 23, 2020 between DraftKings
Inc., a Nevada corporation (the “Company”), and Matthew Kalish
(“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

 

    	 	D-1
	 

     

    

 

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-2	 

     

    

 

(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.       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.

 

    	 	D-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.

 

    	 	D-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.

 

    	 	D-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.

 

    	 	D-6	 

     

    

 

(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.

 

(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.

 

    	 	D-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.

 

    	 	D-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

 

    	 	D-9	 

     

    

 

(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

 

(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.

 

    	 	D-10	 

     

    

 

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.

 

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;

 

    	 	D-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.

 

    	 	D-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:

 

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

 

    	 	D-13	 

     

    

 

To the Company at:

 

DraftKings Inc.

222 Berkeley Street 5th Floor

Boston, Massachusetts 02116

Attention: Chief Legal Officer

 

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.

 

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blank]

 

    	 	D-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: 	/s/ R. Stanton Dodge
	 	Name:	R. Stanton Dodge
	 	Title:	Chief Legal Officer
	 	 	 
	 	 	 
	 	INDEMNITEE

	 	 
	 	/s/ Matthew Kalish
	 	Name: Matthew Kalish
	 	 	 
	 	Address:	Address on file with the Company
	 	 	 
	 	 	 
	 	 	 

 

    	 	D-15

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