Document:

Exhibit
10.22

 

DRAFTKINGS INC.

 

2017 EQUITY INCENTIVE
PLAN

 

ADOPTED BY THE BOARD
OF DIRECTORS: September 28, 2017

APPROVED BY THE STOCKHOLDERS: November 20,
2017

TERMINATION DATE: September 27, 2027

 

		1.	GENERAL.

 

(a) Successor to and Continuation of Prior Plans. The Plan is the successor to and continuation of the DraftKings Inc. 2012
Stock Option and Restricted Stock Plan, as amended (the “Prior Plan”). From and after 12:01 a.m. Eastern
time on the Effective Date, no additional stock awards will be granted under the Prior Plan. All Stock Awards granted on or after
12:01 a.m. Eastern Time on the Effective Date will be granted under this Plan. All stock awards granted under the Prior Plan will
remain subject to the terms of the Prior Plan.

 

(i) Any shares that would otherwise remain available for future grants under the Prior Plan as of 12:01 a.m. Eastern Time
on the Effective Date (the “Prior Plan’s Available Reserve”) will cease to be available under the
Prior Plan at such time. Instead, that number of shares of Common Stock equal to the Prior Plan’s Available Reserve will
be added to the Share Reserve (as further described in Section 3(a) below) and be then immediately available for grants and issuance
pursuant to Stock Awards hereunder, up to the maximum number set forth in Section 3(a) below.

 

(ii) In addition, from and after 12:01 a.m. Eastern time on the Effective Date, with respect to the aggregate number of shares
subject, at such time, to outstanding stock awards granted under the Prior Plan that (1) expire or terminate for any reason prior
to exercise or settlement; (2) are forfeited because of the failure to meet a contingency or condition required to vest such shares
or otherwise return to the Company; or (3) are reacquired, withheld (or not issued) to satisfy a tax withholding obligation in
connection with an award or to satisfy the purchase price or exercise price of a stock award (such shares the “Returning
Shares”) will immediately be added to the Share Reserve (as further described in Section 3(a) below) as and when
such a share becomes a Returning Share, up to the maximum number set forth in Section 3(a) below.

 

(b) Eligible Stock Award Recipients. Employees, Directors and Consultants are eligible to receive Stock Awards.

 

(c) Available Stock Awards. The Plan provides for the grant of the following types of Stock Awards: (i) Incentive Stock
Options, (ii) Nonstatutory Stock Options, (iii) Stock Appreciation Rights, (iv) Restricted Stock Awards, (v) Restricted Stock Unit
Awards and (vi) Other Stock Awards.

 

(d) Purpose. The Plan, through the grant of Stock Awards, is intended to help the Company secure and retain the services
of eligible award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any
Affiliate and provide a means by which the eligible recipients may benefit from increases in value of the Common Stock.

 

		2.	ADMINISTRATION.

 

(a) Administration by the Board. The Board will administer the Plan. The Board may delegate administration of the Plan to
a Committee or Committees, as provided in Section 2(c).

 

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(b) Powers of the Board. The Board will have the power, subject to, and within the limitations of, the express provisions
of the Plan:

 

(i) To determine (A) who will be granted Stock Awards; (B) when and how each Stock Award will be granted; (C) what type
or combination of types of Stock Award will be granted; (D) the provisions of each Stock Award (which need not be identical), including
when a person will be permitted to exercise or otherwise receive cash or Common Stock under the Stock Award; (E) the number of
shares of Common Stock subject to, or the cash value of, a Stock Award; and (F) the Fair Market Value applicable to a Stock Award.

 

(ii) To construe and interpret the Plan and Stock Awards granted under it, and to establish, amend and revoke rules and regulations
for administration of the Plan and Stock Awards. The Board, in the exercise of these powers, may correct any defect, omission or
inconsistency in the Plan or in any Stock Award Agreement, in a manner and to the extent it will deem necessary or expedient to
make the Plan or Stock Award fully effective.

 

 (iii) To settle all controversies regarding the Plan and Stock Awards granted under it.

 

(iv) To accelerate, in whole or in part, the time at which a Stock Award may be exercised or vest (or the time at which cash
or shares of Common Stock may be issued in settlement thereof).

 

(v) To suspend or terminate the Plan at any time. Except as otherwise provided in the Plan or a Stock Award Agreement, suspension
or termination of the Plan will not materially impair a Participant’s economic rights under the Participant’s then-outstanding
Stock Award without the affected Participant’s written consent except as provided in subsection (viii) below.

 

(vi) To amend
the Plan in any respect the Board deems necessary or advisable, including, without limitation, by adopting amendments relating
to Incentive Stock Options and certain nonqualified deferred compensation under Section 409A of the Code and/or bringing the Plan
or Stock Awards granted under the Plan into compliance with the requirements for Incentive Stock Options or ensuring that they
are exempt from, or compliant with, the requirements for nonqualified deferred compensation under Section 409A of the Code, subject
to the limitations, if any, of applicable law. If required by applicable law or listing requirements, and except as provided in
Section 9(a) relating to Capitalization Adjustments, the Company will seek stockholder approval of any amendment of the Plan that
(A) materially increases the number of shares of Common Stock available for issuance under the Plan, (B) 
materially expands the class of individuals eligible to receive Stock Awards under the Plan, (C) 
materially increases the benefits accruing to Participants under the Plan, (D) materially reduces the price at which shares
of Common Stock may be issued or purchased under the Plan, (E) materially extends the term of the Plan, or (F) materially expands
the types of Stock Awards available for issuance under the Plan. Except as otherwise provided in the Plan (including subsection
(viii) below) or a Stock Award Agreement, no amendment of the Plan will materially impair a Participant’s economic rights
under an outstanding Stock Award without the Participant’s written consent.

 

(vii) To submit any amendment to the Plan for stockholder approval, including, but not limited to, amendments to the Plan
intended to satisfy the requirements of Section 422 of the Code regarding Incentive Stock Options.

 

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(viii) To approve forms of Stock Award Agreements for use under the Plan and to amend the terms of any one or more Stock Awards,
including, but not limited to, amendments to provide terms more favorable to the Participant
than previously provided in the Stock Award Agreement, subject to any specified limits in the Plan that are not subject to Board
discretion; provided however, that, except as otherwise provided in the Plan or the applicable Stock Award Agreement, a
Participant’s rights under any Stock Award will not be materially impaired by any such amendment unless (A) the Company requests
the consent of the affected Participant, and (B) such Participant consents in writing. Notwithstanding the foregoing, (1) a Participant’s
rights will not be deemed to have been impaired by any such amendment if the Board, in its sole discretion, determines that the
amendment, taken as a whole, does not materially impair the Participant’s rights, and (2) subject to the limitations of applicable
law, if any, the Board may amend the terms of any one or more Stock Awards without the affected Participant’s consent (A)
to maintain the qualified status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (B) to change the
terms of an Incentive Stock Option, if such change results in impairment of the Stock Award solely because it impairs the qualified
status of the Stock Award as an Incentive Stock Option under Section 422 of the Code; (C) to clarify the manner of exemption from,
or to bring the Stock Award into compliance with, Section 409A of the Code; or (D) to comply with other applicable laws.

 

(ix) Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the
best interests of the Company and that are not in conflict with the provisions of the Plan or Stock Awards.

 

(x) To adopt such procedures and sub-plans as are necessary or appropriate to permit participation in the Plan by Employees,
Directors or Consultants who are foreign nationals or employed outside the United States (provided that Board approval will not
be necessary for immaterial modifications to the Plan or any Stock Award Agreement that are required for compliance with the laws
of the relevant foreign jurisdiction).

 

(xi) To effect, with the consent of any adversely affected Participant, (A) the reduction of the exercise, purchase or strike
price of any outstanding Stock Award; (B) the cancellation of any outstanding Stock Award and the grant in substitution therefor
of a new (1) Option or SAR, (2) Restricted Stock Award, (3) Restricted Stock Unit Award, (4) Other Stock Award, (5) cash and/or
(6) other valuable consideration determined by the Board, in its sole discretion, with any such substituted award (x) covering
the same or a different number of shares of Common Stock as the cancelled Stock Award and (y) granted under the Plan or another
equity or compensatory plan of the Company; or (C) any other action that is treated as a repricing under generally accepted accounting
principles.

 

(c) Delegation to Committee. To the extent permitted by applicable law, the Board may delegate some or all of the administration
of the Plan to a Committee or Committees. If administration of the Plan is delegated to a Committee, the Committee will have, in
connection with the administration of the Plan, the powers theretofore possessed by the Board that have been delegated to the Committee,
including the power to delegate to a subcommittee of the Committee any of the administrative powers the Committee is authorized
to exercise (and references in this Plan to the Board will thereafter be to the Committee or subcommittee, as applicable). Any
delegation of administrative powers will be reflected in resolutions, not inconsistent with the provisions of the Plan, adopted
from time to time by the Board or Committee (as applicable). The Board may retain the authority to concurrently administer the
Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.

 

(d) Delegation to an Officer. The Board may delegate to one or more Officers the authority to do one or both of the following:
(i) designate Employees who are not Officers to be recipients of Options and SARs (and, to the extent permitted by applicable law,
other Stock Awards) and, to the extent permitted by applicable law, the terms of such Stock Awards, and (ii) determine the number
of shares of Common Stock to be subject to such
Stock Awards granted to such Employees; provided, however, that the Board resolutions regarding such delegation will specify
the total number of shares of Common Stock that may be subject to the Stock Awards granted by such Officer and that such Officer
may not grant a Stock Award to himself or herself. Any such Stock Awards will be granted on the form of Stock Award Agreement most
recently approved for use by the Committee or the Board, unless otherwise provided in the resolutions approving the delegation
authority. The Board may not delegate authority to an Officer who is acting solely in the capacity of an Officer (and not also
as a Director) to determine the Fair Market Value.

 

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(e) Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board in good faith
will not be subject to review by any person and will be final, binding and conclusive on all persons.

 

(f) Indemnification. Neither the Board nor any Committee, nor any member of either or any delegate thereof, shall be liable
for any act, omission, interpretation, construction or determination made in good faith in connection with the Plan, and the members
of the Board and any Committee (and any delegate thereof) shall be entitled in all cases to indemnification and reimbursement by
the Company in respect of any claim, loss, damage or expense (including, without limitation, reasonable attorneys’ fees)
arising or resulting therefrom to the fullest extent permitted by law and/or under the Company’s governing documents, including
its certificate of incorporation or bylaws, or any directors’ and officers’ liability insurance coverage which may
be in effect from time to time and/or any indemnification agreement between such individual and the Company.

 

		3.	SHARES
                                         SUBJECT TO THE PLAN.

 

(a) Share Reserve.
Subject to Section 9(a) relating to Capitalization Adjustments the aggregate number of shares of Common Stock that may be issued
pursuant to Stock Awards from and after the Effective Date shall not exceed 65,910,000 shares (the “Share Reserve”)
which number is the sum of (i) 10,755,142 shares, plus (ii) 366,641, which represents the aggregate number of shares subject to
the Prior Plans’ Available Reserve, plus (iii) 54,788,217, representing the number of shares that are Returning Shares,
as such shares become available from time to time. For clarity, the limitation in this Section 3(a) is a limitation in the number
of shares of Common Stock that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting
of Stock Awards except as provided in Section 7(a).

 

(b) Reversion of
Shares to the Share Reserve. If a Stock Award or any portion thereof (i) 
expires or otherwise terminates without all of the shares covered by such Stock Award having been issued or (ii) is settled
in cash (i.e., the Participant receives cash rather than stock), such expiration, termination or settlement will not reduce
(or otherwise offset) the number of shares of Common Stock that may be available for issuance under the Plan. If any shares of
Common Stock issued pursuant to a Stock Award are forfeited back to or repurchased by the Company because of the failure to meet
a contingency or condition required to vest such shares in the Participant, then the shares that are forfeited or repurchased
will revert to and again become available for issuance under the Plan. Any shares reacquired by the Company in satisfaction of
tax withholding obligations on a Stock Award or as consideration for the exercise or purchase price of a Stock Award will again
become available for issuance under the Plan.

 

(c) Incentive Stock Option Limit. Subject to the Share Reserve and Section 9(a) relating to Capitalization Adjustments,
the aggregate maximum number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options will
be a number of shares of Common Stock equal to three multiplied by the Share Reserve.

 

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(d) Source of Shares. The stock issuable under the Plan will be shares of authorized but unissued or reacquired Common Stock,
including shares repurchased by the Company on the open market or otherwise.

 

		4.	ELIGIBILITY.

 

(a) Eligibility for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a
 “parent corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e)
and 424(f) of the Code). Stock Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants;
provided, however, that Stock Awards may not be granted to Employees, Directors and Consultants who are providing Continuous
Service only to any “parent” of the Company, as such term is defined in Rule 405, unless (i) the stock underlying such
Stock Awards is treated as “service recipient stock” under Section 409A of the Code (for example, because the Stock
Awards are granted pursuant to a corporate transaction such as a spin off transaction), (ii) the Company, in consultation with
its legal counsel, has determined that such Stock Awards are otherwise exempt from Section 409A of the Code, or (iii) the Company,
in consultation with its legal counsel, has determined that such Stock Awards comply with the distribution requirements of Section
409A of the Code.

 

(b) Ten Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise
price of such Option is at least 110 percent of the Fair Market Value on the date of grant and the Option is not exercisable after
the expiration of five years from the date of grant.

 

(c) Consultants. A Consultant will not be eligible for the grant of a Stock Award if, at the time of grant, either the offer
or sale of the Company’s securities to such Consultant is not exempt under Rule 701 because of the nature of the services
that the Consultant is providing to the Company, because the Consultant is not a natural person, or because of any other provision
of Rule 701, unless the Company determines that such grant need not comply with the requirements of Rule 701 and will satisfy another
exemption under the Securities Act as well as comply with the securities laws of all other relevant jurisdictions.

 

		5.	PROVISIONS RELATING TO
OPTIONS AND STOCK APPRECIATION
RIGHTS.

 

Each Option
or SAR will be in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately
designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate
certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option
is not specifically designated as an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some
portion or all of the Option fails to qualify as an Incentive Stock Option under the applicable rules, then the Option (or portion
thereof) will be a Nonstatutory Stock Option. The provisions of separate Options or SARs need not be identical; provided, however,
that each Stock Award Agreement will conform to (through incorporation of provisions hereof by reference in the applicable Stock
Award Agreement or otherwise) the substance of each of the following provisions:

 

(a) Term. Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable
after the expiration of 10 years from the date of its grant or such shorter period specified in the Stock Award Agreement.

 

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(b) Exercise Price.
Subject to the provisions of Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option or SAR
will be not less than 100 percent of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Stock
Award is granted. Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100
percent of the Fair Market Value of the Common Stock subject to the Stock Award if such Stock Award is granted pursuant to an
assumption of or substitution for another option or stock appreciation right pursuant to a Corporate Transaction and in a manner
consistent with the provisions of Section 409A of the Code and, if applicable, Section 424(a) of the Code. Each SAR will be denominated
in shares of Common Stock equivalents.

 

(c) Purchase Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option may be
paid, to the extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the
methods of payment set forth below. The Board will have the authority to grant Options that do not permit all of the following
methods of payment (or otherwise restrict the ability to use certain methods) and to grant Options that require the consent of
the Company to use a particular method of payment. The permitted methods of payment are as follows:

 

(i) by cash, check, bank draft or money order payable to the Company;

 

(ii) pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance
of the stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable
instructions to pay the aggregate exercise price to the Company from the sales proceeds;

 

(iii) by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;

 

(iv) if an Option is a Nonstatutory Stock Option, by a “net exercise” arrangement pursuant to which the Company
will reduce the number of shares of Common Stock issuable upon exercise by the largest whole number of shares with a Fair Market
Value that does not exceed the aggregate exercise price; provided, however, that the Company will accept a cash or other
payment from the Participant to the extent of any remaining balance of the aggregate exercise price not satisfied by such reduction
in the number of whole shares to be issued. Shares of Common Stock will no longer be subject to an Option and will not be exercisable
thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price pursuant to the “net exercise,”
(B) shares are delivered to the Participant as a result of such exercise, and (C) shares are withheld to satisfy tax withholding
obligations;

 

(v) according to a deferred payment or similar arrangement with the Optionholder (including by the Optionholder delivering
to the Company a promissory note on such terms determined by the Board in its sole discretion, if the Board has expressly authorized
the loan of funds to the Optionholder for the purpose of enabling or assisting the Optionholder to effect the exercise of his or
her Option); provided, however, that: (A) interest will compound at least annually and will be charged at the minimum rate
of interest necessary to avoid (1) the imputation of interest income to the Company and compensation income to the Optionholder
under any applicable provisions of the Code and (2) the classification of the Option as a liability for financial accounting purposes;
and (B) in order to elect the deferred payment alternative, the Optionholder must give notice of the election of the deferred payment
alternative and, in order to secure the payment of the deferred exercise price to the Company, must tender to the Company a partial-recourse
promissory note and a pledge agreement covering the purchased shares of Common Stock, both in form and substance satisfactory to
the Company, or such other or additional documentation as the Company may request; or

 

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(vi) in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Stock Award
Agreement.

 

(d) Exercise and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice of exercise
to the Company in compliance with the provisions of the Stock Appreciation Right Agreement evidencing such SAR. The appreciation
distribution payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Fair
Market Value (on the date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock
equivalents in which the Participant is vested under such SAR, and with respect to which the Participant is exercising the SAR
on such date, over (B) the aggregate strike price of the number of Common Stock equivalents with respect to which the Participant
is exercising the SAR on such date. The appreciation distribution may be paid in Common Stock, in cash, in any combination of the
two or in any other form of consideration, as determined by the Board and contained in the Stock Award Agreement evidencing such
SAR.

 

(e) Transferability of Options and SARs. The Board may, in its sole discretion, impose such limitations on the transferability
of Options and SARs as the Board will determine. In the absence of such a determination by the Board to the contrary, the following
restrictions on the transferability of Options and SARs will apply:

 

(i) Restrictions on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution
(or pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant.
The Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws. Except
as explicitly provided in the Plan, neither an Option nor a SAR may be transferred for consideration.

 

(ii) Domestic Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be
transferred pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation
instrument as permitted by Treasury Regulation 1.421-1(b)(2). If an Option is an Incentive Stock Option, such Option may be deemed
to be a Nonstatutory Stock Option as a result of such transfer.

 

(iii) Beneficiary Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering
written notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, upon
the death of the Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration
resulting from such exercise. In the absence of such a designation, upon the death of the Participant, the executor or administrator
of the Participant’s estate will be entitled to exercise the Option or SAR and receive the Common Stock or other consideration
resulting from such exercise. However, the Company may prohibit designation of a beneficiary at any time, including due to any
conclusion by the Company that such designation would be inconsistent with the provisions of applicable laws.

 

(f) Vesting Generally. The total number of shares of Common Stock subject to an Option or SAR may vest and become exercisable
in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the
time or times when it may or may not be exercised (which may be based on the satisfaction of performance goals or other criteria)
as the Board may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section
5(f) are subject to any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or
SAR may be exercised.

 

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(g) Termination of Continuous Service. Except as otherwise provided in the applicable Stock Award Agreement or other agreement
between the Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other
than upon the Participant’s death or Disability), the Participant may exercise his or her Option or SAR (to the extent that
the Participant was entitled to exercise such Stock Award as of the date of termination of Continuous Service) within the period
of time ending on the earlier of (i) the date three months following the termination of the Participant’s Continuous Service
(or such longer or shorter period specified in the applicable Stock Award Agreement, which period will not be less than 30 days
if necessary to comply with applicable laws unless such termination is for Cause) and (ii) the expiration of the term of the Option
or SAR as set forth in the Stock Award Agreement. If, after termination of Continuous Service, the Participant does not exercise
his or her Option or SAR (as applicable) within the applicable time frame, the Option or SAR will terminate.

 

(h) Extension of Termination Date. Except as otherwise provided in the applicable Stock Award Agreement or other agreement
between the Participant and the Company, if the exercise of an Option or SAR following the termination of the Participant’s
Continuous Service (other than for Cause and other than upon the Participant’s death or Disability) would be prohibited at
any time solely because the issuance of shares of Common Stock would violate the registration requirements under the Securities
Act, then the Option or SAR will terminate on the earlier of (i) the expiration of a total period of time (that need not be consecutive)
equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous Service during
which the exercise of the Option or SAR would not be in violation of such registration requirements, and (ii) the expiration of
the term of the Option or SAR as set forth in the applicable Stock Award Agreement. In addition, unless otherwise provided in a
Participant’s Stock Award Agreement, if the sale of any Common Stock received upon exercise of an Option or SAR following
the termination of the Participant’s Continuous Service (other than for Cause) would violate the Company’s insider
trading policy, then the Option or SAR will terminate on the earlier of (i) the expiration of the period of time (that need not
be consecutive) equal to the applicable post-termination exercise period after the termination of the Participant’s Continuous
Service during which the sale of the Common Stock received upon exercise of the Option or SAR would not be in violation of the
Company’s insider trading policy, and

(ii) the expiration of the term of the Option or SAR as set forth in the applicable Stock Award Agreement.

 

(i) Disability of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between
the Participant and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s
Disability, the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise
such Option or SAR as of the date of termination of Continuous Service), but only within such period of time ending on the earlier
of (i) the date 12 months following such termination of Continuous Service (or such longer or shorter period specified in the Stock
Award Agreement, which period will not be less than six months if necessary to comply with applicable laws unless such termination
is for Cause), and (ii) the expiration of the term of the Option or SAR as set forth in the Stock Award Agreement. If, after termination
of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame, the Option
or SAR (as applicable) will terminate.

 

(j)
Death of Participant. Except as otherwise provided in the applicable Stock Award Agreement or other agreement between the
Participant and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s
death, or (ii) the Participant dies within the period (if any) specified in the Stock Award Agreement for exercisability after
the termination of the Participant’s Continuous Service (for a reason other than death), then the Option or SAR may be exercised
(to the extent the Participant was entitled to exercise such Option or SAR as of the date of death) by the Participant’s
estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a person designated to
exercise the Option or SAR upon the Participant’s death, but only within the period ending on the earlier of (i) the date
18 months following the date of death (or such longer or shorter period specified in the Stock Award Agreement, which period will
not be less than six months if necessary to comply with applicable laws unless such termination is for Cause), and (ii) the expiration
of the term of such Option or SAR as set forth in the Stock Award Agreement. If, after the Participant’s death, the Option
or SAR is not exercised within the applicable time frame, the Option or SAR (as applicable) will terminate.

 

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(k) Termination for Cause. Except as explicitly provided otherwise in a Participant’s Stock Award Agreement or other
individual written agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service
is terminated for Cause, the Option or SAR will terminate immediately upon such Participant’s termination of Continuous Service,
and the Participant will be prohibited from exercising his or her Option or SAR from and after the date of such termination of
Continuous Service.

 

(l) Non-Exempt Employees. If an Option or SAR is granted to an Employee who is a non- exempt employee for purposes of the
Fair Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until
at least six months following the date of grant of the Option or SAR (although the Stock Award may vest prior to such date). Consistent
with the provisions of the Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii)
upon a Corporate Transaction in which such Option or SAR is not assumed, continued, or substituted, (iii) upon a Change in Control,
or (iv) upon the Participant’s retirement (as such term may be defined in the Participant’s Stock Award Agreement,
in another agreement between the Participant and the Company, or, if no such definition, in accordance with the Company’s
then current employment policies and guidelines), the vested portion of any Options and SARs may be exercised earlier than six
months following the date of grant. The foregoing provision is intended to operate so that any income derived by a non-exempt employee
in connection with the exercise or vesting of an Option or SAR will be exempt from his or her regular rate of pay. To the extent
permitted and/or required for compliance with the Worker Economic Opportunity Act to ensure that any income derived by a non-exempt
employee in connection with the exercise, vesting or issuance of any shares under any other Stock Award will be exempt from the
employee’s regular rate of pay, the provisions of this Section 5(l) will apply to all Stock Awards and are hereby incorporated
by reference into such Stock Award Agreements.

 

(m) Early Exercise of Options. An Option may, but need not, include a provision whereby the Optionholder may elect at any
time before the Optionholder’s Continuous Service terminates to exercise the Option as to any part or all of the shares of
Common Stock subject to the Option prior to the full vesting of the Option. Any unvested shares of Common Stock so purchased may
be subject to a repurchase right in favor of the Company or to any other restriction the Board determines to be appropriate. The
Company will not be required to exercise its repurchase right until at least six months (or such longer or shorter period of time
required to avoid classification of the Option as a liability for financial accounting purposes) have elapsed following exercise
of the Option unless the Board otherwise specifically provides in the Option Agreement.

 

(n) Right of Repurchase. The Option or SAR may include a provision whereby the Company may elect to repurchase all or any
part of the shares of Common Stock acquired by the Participant pursuant to the exercise of the Option or SAR.

 

(o) Right of First Refusal. The Option or SAR may include a provision whereby the Company may elect to exercise a right
of first refusal following receipt of notice from the Participant of the intent to transfer all or any part of the shares of Common
Stock received upon the exercise of the Option or SAR. Except as expressly provided
in this Section 5(o) or in the Stock Award Agreement, such right of first refusal will otherwise comply with any applicable provisions
of the bylaws of the Company.

 

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		6.	PROVISIONS OF STOCK
AWARDS OTHER THAN OPTIONS
AND SARS.

 

(a) Restricted Stock Awards. Each Restricted Stock Award Agreement will be in such form and will contain such terms and
conditions as the Board will deem appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election,
shares of Common Stock underlying a Restricted Stock Award may be (i) held in book entry form subject to the Company’s instructions
until any restrictions relating to the Restricted Stock Award lapse; or (ii) evidenced by a certificate, which certificate will
be held in such form and manner as determined by the Board. The terms and conditions of Restricted Stock Award Agreements may change
from time to time, and the terms and conditions of separate Restricted Stock Award Agreements need not be identical. Each Restricted
Stock Award Agreement will conform to (through incorporation of the provisions hereof by reference in the agreement or otherwise)
the substance of each of the following provisions:

 

(i) Consideration.
A Restricted Stock Award may be awarded in consideration for (A) cash or cash equivalents, (B) past services to the Company or
an Affiliate, or (C) any other form of legal consideration (including future services) that may be acceptable to the Board, in
its sole discretion, and permissible under applicable law.

 

(ii) Vesting. Shares of Common Stock awarded under the Restricted Stock Award Agreement may be subject to forfeiture to the
Company in accordance with a vesting schedule to be determined by the Board.

 

(iii) Termination of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company
may receive through a forfeiture condition and/or a repurchase or reacquisition right, any or all of the shares of Common Stock
held by the Participant that have not vested as of the date of termination of Continuous Service under the terms of the Restricted
Stock Award Agreement.

 

(iv) Transferability. Rights to acquire shares of Common Stock under the Restricted Stock Award Agreement will be transferable
by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award Agreement, as the Board will
determine in its sole discretion, so long as Common Stock awarded under the Restricted Stock Award Agreement remains subject to
the terms of the Restricted Stock Award Agreement.

 

(v) Dividends. A Restricted Stock Award Agreement may provide that any dividends paid on Restricted Stock will be subject
to the same vesting and forfeiture restrictions as apply to the shares subject to the Restricted Stock Award to which they relate.

 

(vi) Right of Repurchase. The Restricted Stock Award Agreement may include a provision whereby the Company may elect to repurchase
all or any part of the shares of Common Stock acquired by the Participant pursuant to the Restricted Stock Award.

 

(b) Restricted Stock Unit Awards. Each Restricted Stock Unit Award Agreement will be in such form and will contain such
terms and conditions as the Board will deem appropriate. The terms and conditions of Restricted Stock Unit Award Agreements may
change from time to time, and the terms and conditions of separate Restricted Stock Unit Award Agreements need not be identical.
Each Restricted Stock Unit Award Agreement will conform to (through
incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the following provisions:

 

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(i) Consideration. At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if
any, to be paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The
consideration to be paid (if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may
be paid in any form of legal consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable
law.

 

(ii) Vesting. At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions
to the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.

 

(iii) Payment. A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent,
any combination thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock
Unit Award Agreement.

 

(iv) Additional Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate,
may impose such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject
to a Restricted Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award. The Restricted Stock Unit Award
may include a provision whereby the Company may elect to repurchase all or any part of the shares of Common Stock issued to the
participant in connection with the Restricted Stock Unit Award.

 

(v) Dividend Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted
Stock Unit Award, as determined by the Board and contained in the Restricted Stock Unit Award Agreement. At the sole discretion
of the Board, such dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock
Unit Award in such manner as determined by the Board. Unless otherwise determined by the Board, any additional shares covered by
the Restricted Stock Unit Award credited by reason of such dividend equivalents will be subject to all of the same terms and conditions
of the underlying Restricted Stock Unit Award Agreement to which they relate.

 

(vi) Termination of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock
Unit Award Agreement, such portion of the Restricted Stock Unit Award that has not vested will be forfeited upon the Participant’s
termination of Continuous Service.

 

(vii) Compliance with Section 409A of the Code. Notwithstanding anything to the contrary set forth herein, any Restricted
Stock Unit Award granted under the Plan that is not exempt from the requirements of Section 409A of the Code shall contain such
provisions so that such Restricted Stock Unit Award will comply with the requirements of Section 409A of the Code. Such restrictions,
if any, shall be determined by the Board and contained in the Restricted Stock Unit Award Agreement evidencing such Restricted
Stock Unit Award. For example, such restrictions may include, without limitation, a requirement that any Common Stock that is to
be issued in a year following the year in which the Restricted Stock Unit Award vests must be issued in accordance with a fixed
pre-determined schedule.

 

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(c) Other Stock Awards.
Other forms of Stock Awards valued in whole or in part by reference to, or otherwise based on, Common Stock, including the appreciation
in value thereof (e.g., options or stock rights with an exercise price or strike price less than 100 percent of the Fair Market
Value of the Common Stock at the time of grant) may be granted either alone or in addition to Stock Awards provided for under
Section 5 and the preceding provisions of this Section 6. Subject to the provisions of the Plan, the Board will have sole and
complete authority to determine the persons to whom and the time or times at which such Other Stock Awards will be granted, the
number of shares of Common Stock (or the cash equivalent thereof) to be granted pursuant to such Other Stock Awards and all other
terms and conditions of such Other Stock Awards.

 

		7.	COVENANTS OF THE COMPANY.

 

(a) Availability of Shares. The Company will keep available at all times the number of shares of Common Stock reasonably
required to satisfy then-outstanding Stock Awards.

 

(b) Securities Law Compliance. The Company will seek to obtain from each regulatory commission or agency having jurisdiction
over the Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise
of the Stock Awards; provided, however, that this undertaking will not require the Company to register under the Securities
Act the Plan, any Stock Award or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts
and at a reasonable cost, the Company is unable to obtain from any such regulatory commission or agency the authority that counsel
for the Company deems necessary for the lawful issuance and sale of Common Stock under the Plan, the Company will be relieved from
any liability for failure to issue and sell Common Stock upon exercise of such Stock Awards unless and until such authority is
obtained. A Participant will not be eligible for the grant of a Stock Award or the subsequent issuance of cash or Common Stock
pursuant to the Stock Award if such grant or issuance would be in violation of any applicable securities law.

 

(c) No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise
such holder as to the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to
warn or otherwise advise such holder of a pending termination or expiration of a Stock Award or a possible period in which the
Stock Award may not be exercised. The Company has no duty or obligation to minimize the tax consequences of a Stock Award to the
holder of such Stock Award.

 

		8.	MISCELLANEOUS.

 

(a) Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards
will constitute general funds of the Company.

 

(b) Corporate Action Constituting Grant of Stock Awards. Corporate action constituting a grant by the Company of a Stock
Award to any Participant will be deemed completed as of the date of such corporate action, unless otherwise determined by the Board,
regardless of when the instrument, certificate, or letter evidencing the Stock Award is communicated to, or actually received or
accepted by, the Participant. In the event that the corporate records (e.g., Board consents, resolutions or minutes) documenting
the corporate action constituting the grant contain terms (e.g., exercise price, vesting schedule or number of shares) that are
inconsistent with those in the Stock Award Agreement or related grant documents as a result of a clerical error in the papering
of the Stock Award Agreement or related grant documents, the corporate records will control and the Participant will have no legally
binding right to the incorrect term in the Stock Award Agreement or related grant documents.

 

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(c) Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with
respect to, any shares of Common Stock subject to a Stock Award unless and until (i) such Participant has satisfied all requirements
for exercise of, or the issuance of shares of Common Stock under, the Stock Award pursuant to its terms or as otherwise required
by the Company at the time of exercise or issuance, which, in the Company’s discretion, may include, among other things,
the Participant’s execution and delivery of any applicable securityholders’ agreement, investor rights agreement, voting
agreement, drag-along agreement, right of first refusal and co-sale agreement or similar agreement that may be in effect from time
to time among the Company and the holders of its capital securities (and which may contain, among other provisions, additional
restrictions on transfer rights of repurchase in favor of the Company) and (ii) the issuance of the Common Stock subject to the
Stock Award has been entered into the books and records of the Company.

 

(d) No Employment or Other Service Rights. Nothing in the Plan, any Stock Award Agreement or any other instrument executed
thereunder or in connection with any Stock Award granted pursuant thereto will confer upon any Participant any right to continue
to serve the Company or an Affiliate in the capacity in effect at the time the Stock Award was granted or will affect the right
of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause,
(ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate, or
(iii) the service of a Director pursuant to the bylaws of the Company or an Affiliate, and any applicable provisions of the corporate
law of the state in which the Company or the Affiliate is incorporated, as the case may be.

 

(e) Change in Time Commitment. In the event a Participant’s regular level of time commitment in the performance of
his or her services for the Company and any Affiliates is reduced (for example, and without limitation, if the Participant is an
Employee of the Company and the Employee has a change in status from a full-time Employee to a part-time Employee or takes an extended
leave of absence) after the date of grant of any Stock Award to the Participant, the Board has the right in its sole discretion
(and without the Participant’s consent) to (x) make a corresponding reduction in the number of shares subject to any portion
of such Stock Award that is scheduled to vest or become payable after the date of such change in time commitment, and (y) in lieu
of or in combination with such a reduction, extend the vesting or payment schedule applicable to such Stock Award. In the event
of any such reduction, the Participant will have no right with respect to any portion of the Stock Award that is so reduced or
extended.

 

(f) Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant)
of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any
calendar year (under all plans of the Company and any Affiliates) exceeds $100,000 (or such other limit established in the Code)
or otherwise does not comply with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such
limit (according to the order in which they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory
Stock Options, notwithstanding any contrary provision of the applicable Option Agreement(s).

 

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(g)
Investment Assurances. The Company may require a Participant, as a condition of exercising or acquiring Common Stock under
any Stock Award, (i) to give written assurances satisfactory to the Company as to the Participant’s knowledge and experience
in financial and business matters and/or to employ a purchaser representative reasonably satisfactory to the Company who is knowledgeable
and experienced in financial and business matters and that the Participant is capable of evaluating, alone or together with the
purchaser representative, the merits and risks of exercising the Stock Award; and (ii) to give written assurances satisfactory
to the Company stating that the Participant is acquiring Common Stock subject to the Stock Award for the Participant’s own
account and not with any present intention of selling or otherwise distributing the Common Stock. The foregoing requirements,
and any assurances given pursuant to such requirements, will be inoperative if (A) the issuance of the shares upon the exercise
or acquisition of Common Stock under the Stock Award has been registered under a then currently effective registration statement
under the Securities Act, or (B) as to any particular requirement, a determination is made by counsel for the Company that such
requirement need not be met in the circumstances under the then applicable securities laws. The Company may, upon advice of counsel
to the Company, place legends on stock certificates issued under the Plan as such counsel deems necessary or appropriate in order
to comply with applicable securities laws, including, but not limited to, legends restricting the transfer of the Common Stock.

 

(h) Withholding Obligations. Unless prohibited by the terms of a Stock Award Agreement, the Company may, in its sole discretion,
satisfy any federal, state or local tax withholding obligation relating to a Stock Award by any of the following means or by a
combination of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the
shares of Common Stock issued or otherwise issuable to the Participant in connection with the Stock Award; provided, however,
that no shares of Common Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law (or
such lesser amount as may be necessary to avoid classification of the Stock Award as a liability for financial accounting purposes);
(iii) withholding cash from a Stock Award settled in cash; (iv) withholding payment from any amounts otherwise payable to the Participant;
or (v) by such other method as may be set forth in the Stock Award Agreement.

 

(i) Electronic Delivery. Any reference herein to a “written” agreement or document will include any agreement
or document delivered electronically or posted on the Company’s intranet (or other shared electronic medium controlled by
the Company to which the Participant has access).

 

(j) Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery
of Common Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Stock Award may be
deferred and may establish programs and procedures for deferral elections to be made by Participants. Deferrals by Participants
will be made in accordance with Section 409A of the Code. Consistent with Section 409A of the Code, the Board may provide for distributions
while a Participant is still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals
of Stock Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments,
following the Participant’s termination of Continuous Service, and implement such other terms and conditions consistent with
the provisions of the Plan and in accordance with applicable law.

 

(k) Compliance with Section 409A of the Code. To the extent that the Board determines that any Stock Award granted hereunder
is subject to Section 409A of the Code, the Stock Award Agreement evidencing such Stock Award shall incorporate the terms and conditions
necessary to avoid the consequences specified in Section 409A(a)(1) of the Code. To the extent applicable, the Plan and Stock Award
Agreements shall be interpreted in accordance with Section 409A of the Code. Notwithstanding anything to the contrary in the Plan
(and unless the Stock Award Agreement specifically provides otherwise), if the shares of Common Stock are publicly traded, and
if a Participant holding a Stock Award that constitutes “deferred compensation” under Section 409A of the Code is a
 “specified employee” for purposes of Section 409A of the Code, no distribution or payment of any amount that is due
because of a “separation from service” (as defined in Section 409A of the Code without regard to alternative definitions
thereunder) will be issued or paid before the date that is six months following the date of such Participant’s “separation
from service” (as defined in Section 409A of the Code without regard to alternative definitions thereunder) or, if earlier,
the date of the Participant’s death, unless such distribution or payment can be made in a manner that complies with Section
409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after such six month period elapses, with the
balance paid thereafter on the original schedule.

 

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(l)
Repurchase Rights. The terms of any repurchase right will be specified in the Stock Award Agreement. Unless otherwise provided
by the Board, the repurchase price for vested shares of Common Stock will be the Fair Market Value of the shares of Common Stock
on the date of repurchase. Unless otherwise provided by the Board, the repurchase price for unvested shares of Common Stock will
be the lower of (i) the Fair Market Value of the shares of Common Stock on the date of repurchase or (ii) their original
purchase price. However, the Company will not exercise its repurchase right until at least six months (or such longer or shorter
period of time necessary to avoid classification of the Stock Award as a liability for financial accounting purposes) have elapsed
following delivery of shares of Common Stock subject to the Stock Award, unless otherwise specifically provided by the Board.

 

		9.	ADJUSTMENTS UPON CHANGES
IN COMMON STOCK; OTHER
CORPORATE EVENTS.

 

(a) Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately
adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and
maximum number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c), and
(iii) the class(es) and number of securities and price per share of stock subject to outstanding Stock Awards. The Board will make
such adjustments, and its determination will be final, binding and conclusive. Unless otherwise determined by the Board in its
sole discretion, no fractional shares of Common Stock (or other applicable securities) shall be issued under the Plan resulting
from such Capitalization Adjustment, however the Board, in its sole discretion, may make a cash payment in lieu of fractional shares.

 

(b) Dissolution or Liquidation. Except as otherwise provided in the Stock Award Agreement, in the event of a dissolution
or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting of vested and outstanding shares
of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) will terminate immediately prior
to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s repurchase
rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the holder
of such Stock Award is providing Continuous Service, provided, however, that the Board may, in its sole discretion, cause
some or all Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent
such Stock Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent
on its completion.

 

(c) Corporate Transactions. The following provisions will apply to Stock Awards in the event of a Corporate Transaction
unless otherwise provided in the instrument evidencing the Stock Award or any other written agreement between the Company or any
Affiliate and the Participant or unless otherwise expressly provided by the Board at the time of grant of a Stock Award. In the
event of a Corporate Transaction, then, notwithstanding any other provision of the Plan, the Board may take one or more of the
following actions with respect to Stock Awards, contingent upon the closing or completion of the Corporate Transaction:

 

(i) arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent
company) to assume or continue the Stock Award or to substitute a similar stock award for the Stock
Award (including, but not limited to, an award to acquire the same consideration paid to the stockholders of the Company pursuant
to the Corporate Transaction);

 

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(ii) arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock
issued pursuant to the Stock Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s
parent company);

 

(iii) accelerate the vesting, in whole or in part, of the Stock Award (and, if applicable, the time at which the Stock Award
may be exercised) to a date prior to the effective time of such Corporate Transaction as the Board determines (or, if the Board
does not determine such a date, to the date that is five days prior to the effective date of the Corporate Transaction), with such
Stock Award terminating if not exercised (if applicable) at or prior to the effective time of the Corporate Transaction; provided,
however, that the Board may require Participants to complete and deliver to the Company a notice of exercise before the effective
date of a Corporate Transaction, which exercise is contingent upon the effectiveness of such Corporate Transaction;

 

(iv) suspend the exercise of the Stock Awards, prior to the effective time of the Corporate Transaction, for such period
as the Board determines is necessary to facilitate the negotiation and consummation of the Corporate Transaction;

 

(v) if a Stock Award is eligible for “early exercise,” cancel or arrange for the cancellation of any such “early
exercise” rights upon the Corporate Transaction, such that following the Corporate Transaction, such Stock Award may only
be exercised to the extent vested;

 

(vi) arrange for the lapse, in whole or in part, of any reacquisition or repurchase rights held by the Company with respect
to the Stock Award;

 

(vii) cancel or arrange for the cancellation of the Stock Award, to the extent not vested or not exercised prior to the effective
time of the Corporate Transaction, in exchange for such consideration or for no consideration as the Board, in its sole discretion,
may consider appropriate; and

 

(viii) make a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value of the
property the Participant would have received upon the exercise of the Stock Award immediately prior to the effective time of the
Corporate Transaction, over (B) any exercise price payable by such holder in connection with such exercise. For clarity, this payment
may be zero ($0) if the value of the property is equal to or less than the exercise price. Payments under this provision may be
delayed to the same extent that payment of consideration to the holders of the Company’s Common Stock in connection with
the Corporate Transaction is delayed as a result of escrows, earn outs, holdbacks or any other contingencies and the Board, in
its sole discretion, may condition a Participant’s right to receive such payment upon the Participant’s delivery of
an agreement (x) acknowledging such escrows, earn outs, holdbacks or other contingencies, (y) appointing a representative to act
on the Participant’s behalf following the Corporate Transaction with respect to matters relating to the Corporate Transaction,
and/or (z) agreeing to or acknowledging any indemnification or other agreements or obligations required of recipients of proceeds
pursuant to the Corporate Transaction.

 

The
Board need not take the same action or actions with respect to all Stock Awards or portions thereof or with respect to all Participants.
The Board may take different actions with respect to the vested and unvested portions of a Stock Award.

 

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(a) Appointment of Stockholder Representative. As a condition to the receipt of a Stock Award under this Plan, a Participant
will be deemed to have agreed that the Award will be subject to the terms of any agreement governing a Corporate Transaction involving
the Company, including, without limitation, a provision for the appointment of a shareholder representative that is authorized
to act on the Participant’s behalf with respect to any escrow or other contingent consideration.

 

(b) No Restriction on Right to Undertake Corporate Transactions. The grant of any Stock Award under the Plan and the issuance
of shares pursuant to any Stock Award does not affect or restrict in any way the right or power of the Company or the stockholders
of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital
structure or its business, any merger or consolidation of the Company, any issue of stock or of options, Options or rights to purchase
stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Stock or
the rights thereof or which are convertible into or exchangeable for Common Stock, or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar
character or otherwise.

 

(c) Change in Control. A Stock Award may be subject to additional acceleration of vesting and exercisability upon or after
a Change in Control as may be provided in the Stock Award Agreement for such Stock Award or as may be provided in any other written
agreement between the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration
will occur.

 

		10.	PLAN TERM; EARLIER
TERMINATION OR SUSPENSION OF THE PLAN.

 

(a) Plan Term. The Board may suspend or terminate the Plan at any time. Unless terminated sooner by the Board, the Plan
will automatically terminate on the day before the 10th anniversary of the earlier of (i) the date the Plan is adopted by the Board,
or (ii) the date the Plan is approved by the stockholders of the Company. No Stock Awards may be granted under the Plan while the
Plan is suspended or after it is terminated.

 

(b) No Impairment of Rights. Suspension or termination of the Plan will not impair rights and obligations under any Stock
Award granted while the Plan is in effect except with the written consent of the affected Participant or as otherwise permitted
in the Plan.

 

		11.	EFFECTIVE DATE OF PLAN.

 

This Plan will become effective on the Effective Date.

 

		12.	CHOICE OF LAW.

 

The laws
of the State of Delaware will govern all questions concerning the construction, validity and interpretation of this Plan, without
regard to that state’s conflict of laws rules.

 

		13.	DEFINITIONS.
As used in the Plan, the following definitions will apply to the capitalized terms indicated below:

 

(a) “Affiliate” means, at the time of determination, any “parent” or “majority-owned
subsidiary” of the Company, as such terms are defined in Rule 405. The Board will have the authority to determine the time
or times at which “parent” or “majority-owned subsidiary” status is determined within the foregoing definition.

 

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

 

(c) “Capitalization Adjustment” means any change that is made in, or other events that occur with
respect to, the Common Stock subject to the Plan or subject to any Stock Award after the Effective Date without the receipt of
consideration by the Company through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend,
dividend in property other than cash, large nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend,
combination of shares, exchange of shares, change in corporate structure, or any similar equity restructuring transaction, as that
term is used in Statement of Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor
thereto). Notwithstanding the foregoing, the conversion of any convertible securities of the Company will not be treated as a Capitalization
Adjustment.

 

(d) “Cause” will have the meaning ascribed to such term in any written agreement between the Participant
and the Company or its Parents or Subsidiaries defining such term and, in the absence of such agreement, such term means, with
respect to a Participant, the occurrence of any of the following events: (i) gross misconduct by the Participant which results
in loss, damage or injury to the Company or its Affiliate, its goodwill, business or reputation; (ii) 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 its Affiliate, its goodwill, business or reputation; (iii) the unauthorized disclosure or misappropriation of any trade secret
or confidential information of the Company, any of its Affiliates or any third party who has a business relationship with the Company;
(iv) the commission of an act which induces any customer or prospective customer of the Company to breach a contract with the Company
or any of its Affiliates or to decline to do business with the Company or its Affiliate; (v) the commission by the Participant
of a felony 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; (vi) 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; (vii) the
engagement, whether directly or indirectly, by the Participant, during the period of his or her employment, engagement or relationship
with the Company or for a period of one 1 year after the termination of his or her employment, engagement or relationship (for
any reason), in a business or other commercial activity which is or may be competitive with the business being conducted by the
Company at such time; (viii) the solicitation, diversion or taking away by the Participant, or the attempted solicitation, diversion
or taking away by the Participant, whether directly or indirectly, during the period of his or her employment, engagement or relationship
with the Company or for a period of one year after the termination of his or her employment, engagement or relationship (for any
reason), of any of the customers, business or prospective customers of the Company then in existence and with whom the Participant
had contact or about whom the Participant gained confidential information during the Participant’s employment, engagement
or relationship with the Company on behalf of a competitive enterprise (prospective customer shall mean any person or entity being
solicited by the Company during the time the Participant was employed or engaged by the Company); (ix) the solicitation, recruiting
or hiring by the Participant, or the attempted solicitation, recruiting, or hiring by the Participant, whether directly or indirectly,
during the period of his or her employment or for a period of one year after the termination of his or her employment, engagement
or relationship (for any reason), engagement or relationship with the Company, of any employee of the Company; (x) 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
(xi) 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.

 

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(e) “Change in Control” means a Corporate Transaction that does not otherwise constitute any of
the following (as determined by the Board): (i) a Capitalization Adjustment or dissolution or liquidation of the Company, (ii)
a public offering of the Company’s securities, (iii) a transaction the primary purpose of which is to raise capital for the
Company, (iv) a transaction effected exclusively for the purpose of changing the domicile or corporate form of the Company, or
(v) a merger, consolidation or similar transaction involving (directly or indirectly) the Company in which the stockholders of
the Company immediately prior to such transaction continue to hold (directly or indirectly), at least 50 percent of the combined
outstanding voting power of the Company or the surviving entity in such transaction (as applicable) immediately following such
transaction. The definition of Change in Control (or any analogous term) in an individual written agreement between the Company
or any Affiliate and the Participant will supersede the foregoing definition with respect to Awards subject to such agreement containing
such definition and if no definition of Change in Control or any analogous term is set forth in such an individual written agreement,
this definition will apply. Notwithstanding the foregoing (including clause (v), above), in no event shall a Change in Control
include a “merger of equals” or similar transaction or business combination with an entity of a substantially similar
size and/or valuation (as determined by the Board in its sole discretion), even if the stockholders of the Company immediately
prior to such transaction hold (directly or indirectly) less than 50 percent of the combined outstanding voting power of the Company
or the surviving entity in such transaction (as applicable) immediately following such transaction. If required for compliance
with Section 409A of the Code, in no event will a Change in Control be deemed to have occurred if such transaction is not also
a “change in the ownership or effective control of” the Company or “a change in the ownership of a substantial
portion of the assets of” the Company as determined under Treasury Regulation Section 1.409A-3(i)(5) (without regard to any
alternative definition thereunder).

 

(f) “Code” means the Internal Revenue Code of 1986, as amended, including any applicable regulations
and guidance thereunder.

 

(g) “Committee” means a committee of one or more Directors to whom authority has been delegated
by the Board in accordance with Section 2(c).

 

 (h) “Common Stock” means the common stock of the Company, par value $0.001.

 

 (i) “Company” means DraftKings Inc., a Delaware corporation.

 

(j) “Consultant” means any person, including an advisor, who is (i) engaged by the Company or
an Affiliate to render consulting or advisory services and is compensated for such services, or (ii) serving as a member of the
board of directors of an Affiliate and is compensated for such services. However, service solely as a Director, or payment of a
fee for such service, will not cause a Director to be considered a “Consultant” for purposes of the Plan.

 

(k) “Continuous Service” means that the Participant’s service with the Company or an Affiliate,
whether as an Employee, Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant
renders service to the Company or an Affiliate as an Employee, Director or Consultant or a change in the Entity for which the Participant
renders such service, provided that there is no interruption or termination of the Participant’s service with the Company
or an Affiliate, will not terminate a Participant’s Continuous Service; provided, however, that if the Entity for
which a Participant is rendering services ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant’s
Continuous Service will be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. For example,
a change in status from an Employee of the Company to a Consultant of an Affiliate or to a Director will not constitute an interruption
of Continuous Service. To the extent permitted by law, the Board or the chief executive officer of the Company, in that party’s
sole discretion, may determine whether Continuous Service will be considered interrupted in the case of (i) any leave of absence
approved by the Board or chief executive officer, including sick leave, military leave or any other personal leave, or (ii) transfers
between the Company, an Affiliate, or their successors. Notwithstanding the foregoing, a leave of absence will be treated as Continuous
Service for purposes of vesting in a Stock Award only to such extent as may be provided in the Company’s leave of absence
policy, in the written terms of any leave of absence agreement or policy applicable to the Participant, or as otherwise required
by law.

 

    19

     

    

 

(l) “Corporate Transaction” means the consummation, in a single transaction or in a series of
related transactions, of any one or more of the following events:

 

(i) a sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the consolidated
assets of the Company and its Subsidiaries;

 

(ii) a sale or other disposition of at least 50 percent of the outstanding securities of the Company;

 

(iii) a merger, consolidation or similar transaction following which the Company is not the surviving corporation; or

 

(iv) a merger, consolidation or similar transaction following which the Company is the surviving corporation but the shares
of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by
virtue of the merger, consolidation or similar transaction into other property, whether in the form of securities, cash or otherwise.

 

 (m) “Director” means a member of the Board.

 

(n) “Disability” means, with respect to a Participant, the inability of such Participant to engage
in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected
to result in death or that has lasted or can be expected to last for a continuous period of not less than 12 months as provided
in Sections 22(e)(3) and 409A(a)(2)(c)(i) of the Code, and will be determined by the Board on the basis of such medical evidence
as the Board deems warranted under the circumstances.

 

(o) “Effective Date” means the effective date of this Plan, which is the earlier of (i) the date
that this Plan is first approved by the Company’s stockholders and (ii) the date this Plan is adopted by the Board.

 

(p) “Employee” means any person employed by the Company or an Affiliate. However, service solely
as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for
purposes of the Plan.

 

 (q)  “Entity” means a corporation, partnership, limited liability company or other entity.

 

    20

     

    

 

(r) “Fair Market Value” means, as of any date, the value of the Common Stock determined by the
Board in a manner not inconsistent with Section 409A of the Code or, in the case of an Incentive Stock Option, in compliance with
Section 422 of the Code.

 

(s) “Incentive Stock Option” means an option granted pursuant to Section 5 of the Plan that is
intended to be, and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.

 

 (t) “Non-Employee Director” means any Director that is not an Employee.

 

(u) “Nonstatutory Stock Option” means an option granted pursuant to Section 5 of the Plan that
does not qualify as an Incentive Stock Option.

 

 (v) “Officer” means any person designated by the Company as an officer.

 

(w) “Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares
of Common Stock granted pursuant to the Plan.

 

(x) “Option Agreement” means a written agreement between the Company and an Optionholder evidencing
the terms and conditions of an Option grant. Each Option Agreement will be subject to the terms and conditions of the Plan.

 

(y) “Optionholder” means a person to whom an Option is granted pursuant to the Plan or, if applicable,
such other person who holds an outstanding Option.

 

(z) “Other Stock Award” means an award based in whole or in part by reference to the Common Stock
which is granted pursuant to the terms and conditions of Section 6(c).

 

(aa) “Other Stock Award Agreement” means a written agreement between the Company and a holder of an Other
Stock Award evidencing the terms and conditions of an Other Stock Award grant. Each Other Stock Award Agreement will be subject
to the terms and conditions of the Plan.

 

(bb) “Own,” “Owned,” “Owner,” “Ownership”
A person or Entity will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have
acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting,
with respect to such securities.

 

(cc) “Participant” means a person to whom a Stock Award is granted pursuant to the Plan or, if applicable,
such other person who holds an outstanding Stock Award.

 

(dd) “Plan” means
this DraftKings Inc. 2017 Equity Incentive Plan.

 

(ee) “Restricted Stock Award” means an award of shares of Common Stock which is granted pursuant to the
terms and conditions of Section 6(a).

 

(ff) “Restricted Stock Award Agreement” means a written agreement between the Company and a holder of
a Restricted Stock Award evidencing the terms and conditions of a Restricted Stock Award grant. Each Restricted Stock Award Agreement
will be subject to the terms and conditions of the Plan.

 

    21

     

    

 

(gg) “Restricted Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant
to the terms and conditions of Section 6(b).

 

(hh) “Restricted Stock Unit Award Agreement” means a written agreement between the Company and a holder
of a Restricted Stock Unit Award evidencing the terms and conditions of a Restricted Stock Unit Award grant. Each Restricted Stock
Unit Award Agreement will be subject to the terms and conditions of the Plan.

 

(ii) “Rule
405” means Rule 405 promulgated under the Securities Act. (jj) “Rule 701” means
Rule 701 promulgated under the Securities Act. (kk) “Securities Act” means the Securities Act
of 1933, as amended.

 

(ll) “Stock Appreciation Right” or “SAR” means a right to receive the appreciation
on Common Stock that is granted pursuant to the terms and conditions of Section 5.

 

(mm) “Stock Appreciation Right Agreement” means a written agreement between the Company and a holder of
a Stock Appreciation Right evidencing the terms and conditions of a Stock Appreciation Right grant. Each Stock Appreciation Right
Agreement will be subject to the terms and conditions of the Plan.

 

(nn) “Stock Award” means any right to receive Common Stock granted under the Plan, including an Incentive
Stock Option, a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right
or any Other Stock Award.

 

(oo) “Stock Award Agreement” means a written agreement between the Company and a Participant evidencing
the terms and conditions of a Stock Award grant. Each Stock Award Agreement will be subject to the terms and conditions of the
Plan.

 

(pp) “Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50 percent
of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation
(irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might have voting power
by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership,
limited liability company or other entity in which the Company has a direct or indirect interest (whether in the form of voting
or participation in profits or capital contribution) of more than 50 percent.

 

(qq) “Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d)
of the Code) stock possessing more than 10 percent of the total combined voting power of all classes of stock of the Company or
any Affiliate.

 

    22

     

    

 

DRAFTKINGS INC.

 

AMENDMENT
NO. 1 TO

2017 EQUITY
INCENTIVE PLAN

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:
January 10, 2018

DATE APPROVED BY THE STOCKHOLDERS:
February 8, 2018

 

1.                  
Section 3(a) of the DraftKings Inc. (the “Company”) 2017 Equity Incentive Plan (the “Plan”)
is hereby deleted in its entirety and replaced with following:

 

“(a) Share Reserve.
Subject to Section 9(a) relating to Capitalization Adjustments the aggregate number of shares of Common Stock that may be issued
pursuant to Stock Awards from and after the Effective Date shall not exceed 66,426,585 shares (the “Share Reserve”)
which number is the sum of (i) 11,271,727 shares, plus (ii) 366,641, which represents the aggregate number of shares subject to
the Prior Plans’ Available Reserve, plus (iii) 54,788,217, representing the number of shares that are Returning Shares, as
such shares become available from time to time. For clarity, the limitation in this Section 3(a) is a limitation in the number
of shares of Common Stock that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of
Stock Awards except as provided in Section 7(a).”

 

2.                  
Except as set forth in this amendment, the Plan shall be unaffected hereby and shall remain in full force and effect. 

 

     

     

    

 

DRAFTKINGS INC.

 

AMENDMENT
NO. 2 TO

2017 EQUITY
INCENTIVE PLAN

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:
January 24, 2018

DATE APPROVED BY THE STOCKHOLDERS:
April 18, 2018

 

1.                  
Section 3(a) of the DraftKings Inc. (the “Company”) 2017 Equity Incentive Plan (the “Plan”)
is hereby deleted in its entirety and replaced with following:

 

“(a) Share Reserve.
Subject to Section 9(a) relating to Capitalization Adjustments the aggregate number of shares of Common Stock that may be issued
pursuant to Stock Awards from and after the Effective Date shall not exceed 87,357,111 shares (the “Share Reserve”)
which number is the sum of (i) 32,202,253 shares, plus (ii) the sum of (a) the aggregate number of shares subject to the Prior
Plans’ Available Reserve and (b) the number of shares that are Returning Shares, as such shares become available from time
to time. For clarity, the limitation in this Section 3(a) is a limitation in the number of shares of Common Stock that may be issued
pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section
7(a).”

 

2.                  
Except as set forth in this amendment, the Plan shall be unaffected hereby and shall remain in full force and effect. 

 

     

     

    

 

DRAFTKINGS INC.

 

AMENDMENT
NO. 3 TO

2017 EQUITY
INCENTIVE PLAN

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:
May 3, 2018

DATE APPROVED BY THE STOCKHOLDERS:
May 14, 2018

 

1.                  
Section 3(a) of the DraftKings Inc. (the “Company”) 2017 Equity Incentive Plan (the “Plan”)
is hereby deleted in its entirety and replaced with following:

 

“(a) Share Reserve.
Subject to Section 9(a) relating to Capitalization Adjustments the aggregate number of shares of Common Stock that may be issued
pursuant to Stock Awards from and after the Effective Date shall not exceed 130,825,862 shares (the “Share Reserve”)
which number is the sum of (i) 75,671,204 shares, plus (ii) the sum of (a) the aggregate number of shares subject to the Prior
Plans’ Available Reserve and (b) the number of shares that are Returning Shares, as such shares become available from time
to time. For clarity, the limitation in this Section 3(a) is a limitation in the number of shares of Common Stock that may be issued
pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section
7(a).”

 

2.                  
Except as set forth in this amendment, the Plan shall be unaffected hereby and shall remain in full force and effect. 

 

     

     

    

 

DRAFTKINGS INC.

 

AMENDMENT
NO. 4 TO

2017 EQUITY
INCENTIVE PLAN

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:
OCTOBER 1, 2019

DATE APPROVED
BY THE STOCKHOLDERS: NOVEMBER 18, 2019

 

1.                  
Section 3(a) of the DraftKings Inc. (the “Company”) 2017 Equity Incentive Plan (the “Plan”)
is hereby deleted in its entirety and replaced with following:

 

“(a)
Share Reserve. Subject to Section 9(a) relating to Capitalization Adjustments the aggregate number of shares of Common Stock
that may be issued pursuant to Stock Awards from and after the Effective Date shall not exceed 150,825,862 shares (the “Share
Reserve”) which number is the sum of (i) 95,671,004 shares, plus (ii) the sum of (a) the aggregate number of shares
subject to the Prior Plans’ Available Reserve and (b) the number of shares that are Returning Shares, as such shares become
available from time to time. For clarity, the limitation in this Section 3(a) is a limitation in the number of shares of Common
Stock that may be issued pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except
as provided in Section 7(a).”

 

2.                  
Except as set forth in this amendment, the Plan shall be unaffected hereby and shall remain in full force and effect.

 

     

     

    

 

DRAFTKINGS INC.

 

AMENDMENT
NO. 5 TO

2017 EQUITY
INCENTIVE PLAN

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:
February 13, 2020

DATE APPROVED BY THE STOCKHOLDERS:
March 24, 2020

 

1.                  
Section 3(a) of the DraftKings Inc. (the “Company”) 2017 Equity Incentive Plan (the “Plan”)
is hereby deleted in its entirety and replaced with following:

 

“(a) Share Reserve.
Subject to Section 9(a) relating to Capitalization Adjustments the aggregate number of shares of Common Stock that may be issued
pursuant to Stock Awards from and after the Effective Date shall not exceed 200,825,862 shares (the “Share Reserve”)
which number is the sum of (i) 145,671,004 shares, plus (ii) the sum of (a) the aggregate number of shares subject to the Prior
Plans’ Available Reserve and (b) the number of shares that are Returning Shares, as such shares become available from time
to time. For clarity, the limitation in this Section 3(a) is a limitation in the number of shares of Common Stock that may be issued
pursuant to the Plan. Accordingly, this Section 3(a) does not limit the granting of Stock Awards except as provided in Section
7(a).”

 

2.                  
Except as set forth in this amendment, the Plan shall be unaffected hereby and shall remain in full force and effect.

 

     

     

    

 

 

DRAFTKINGS INC.

 

AMENDMENT
NO. 6 TO

2017 EQUITY
INCENTIVE PLAN

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:
APRIL 22, 2020

DATE APPROVED
BY THE STOCKHOLDERS: APRIL 22, 2020

  

1.                  
Defined Terms. Effective as of the closing (the “Closing”) of the transactions contemplated by
the Business Combination Agreement (“Business Combination Agreement”) by and among the Company, SBTech (Global)
Limited, various sellers (“SBT Sellers”), Shalom Meckenzie, in his capacity as the SBT Sellers’ Representative,
Diamond Eagle Acquisition Corp., DEAC NV Merger Corp. and DEAC Merger Sub Inc., dated as of December 22, 2019, as amended:

 

		a.	Section 13(h) shall be amended and restated as follows:

 

“Common Stock” means the
Class A Common Stock of the Company.

 

		b.	Section 13(g) shall be amended and restated as follows: “Company”
means DraftKings Inc., a Nevada corporation.

2.                  
Shares Subject to the 2017 Plan. Effective as of the Closing, the first sentence of Section 3(a) shall be amended
and restated as follows:

 

Subject to Section 9(a) relating
to Capitalization Adjustments, the aggregate number of shares of Common Stock of the Company that may be issued pursuant to the
Plan from and after the Effective Date shall not exceed 71,017,647 shares (the “Share Reserve”).

 

3.                  
Other Changes. Effective as of the Closing, the reference to “the certificate of incorporation” in Section
2(f) shall be replaced with a reference to “the Articles of Incorporation”.

 

4.                  
Except as specifically provided herein, the 2017 Plan shall remain in full force and effect in accordance with its terms.
In the event that the Business Combination Agreement terminates prior to the Closing for any reason, this Plan Amendment shall
automatically be null and void and have no further force or effect.Exhibit
10.23

DraftKings
Inc.

2012 STOCK OPTION
 & RESTRICTED STOCK INCENTIVE PLAN

 

 

		1.	Purpose & Eligibility

 

The
purpose of this 2012 Stock Option & Restricted Stock Incentive Plan (the “Plan") of
DraftKings Inc. (the “Company”) is to provide incentive and nonqualified stock options,
shares of restricted stock, stock issuances and other equity interests or awards in the Company, for shares of Common Stock of
the Company (each, an “Award”) to employees, officers, directors (including directors who are
not an employee or officer of the Company, “Non- Employee Directors”), consultants and advisors
of the Company and its Subsidiaries, all of whom are eligible to receive Awards under the Plan. Any person to whom an Award has
been granted under the Plan is called a “Participant.”

 

		2.	Administration

 

a. Administration by Board of Directors. The Plan will be administered by the Board of Directors of the Company
(the “Board”). The Board, in its sole discretion, shall have the authority to grant and amend
Awards, to adopt, amend and repeal rules relating to the Plan and to interpret and correct the provisions of the Plan and any Award.
The Board shall have authority to construe, determine and interpret the respective option agreement, Awards and the Plan, to prescribe,
amend and rescind rules and regulations relating to the Plan and any Awards, to determine the terms and provisions of the respective
option agreements and Awards, which need not be identical, to make all other determinations in the judgment of the Board of Directors
necessary or desirable for the administration and interpretation of the Plan. The Board may correct any defect or supply any omission
or reconcile any inconsistency or ambiguity in the Plan or in any option agreement or Award in the manner and to the extent it
shall deem expedient to implement the Plan, any option agreement or Award and it shall be the sole and final judge of such expediency.
All decisions by the Board shall be final and binding on all interested persons. Neither the Company nor any member of the Board
shall be liable for any action or determination relating to the Plan.

  

    	 	 	 

    		Page 2

    

 

The
Board shall have the full and final power and authority, in its discretion, without the need for shareholders approval, unless
such approval is required to comply with applicable laws: to determine the persons to whom, and the time or times at which, Options
shall be granted and to grant the Options; to designate Options as Incentive Stock Options or Non-Qualified Stock Options; to
determine the Fair Market Value of the Common Stock or other property; to determine the terms, conditions and restrictions applicable
to each Option (which need not be identical) and any Common Stock issued upon the exercise thereof, including, without limitation,
(i) the exercise
price of the Option, (ii) the method of payment for shares purchased upon the exercise of the Option, (iii) the method for satisfaction
of any tax withholding obligation arising in connection with the Option or the Common Stock issued upon the exercise thereof,
including by the withholding or delivery of Common Stock, (iv) the timing, terms and conditions of the exercisability of the Option
and the vesting schedule thereof, (v) the time of the expiration of the Option, and (vi) all other
terms, conditions and restrictions applicable to the Options not inconsistent with the terms of the Plan; to prescribe the form
or forms of the instruments evidencing Awards granted under the Plan; to amend, modify, extend, cancel or renew any Award or to
waive any restrictions or conditions applicable to any Awards; to accelerate, continue, extend or defer the exercisability of any
Awards or the vesting schedule thereof, including with respect to the period following a participant’s termination of employment
or engagement; to change, amend, modify, the exercise price of any Option, to re-price Options, including following their grant;
to grant to the holder of an outstanding Option, in exchange for the surrender and cancellation of such Option, a new Option having
a purchase price equal to, lower than or higher than the exercise price provided in the Option so surrendered and canceled, and
containing such other terms and conditions as the Board may prescribe in accordance with the provisions of the Plan; to prescribe,
amend or rescind rules, guidelines and policies relating to the Plan, or to adopt supplements to, or alternative versions of, the
Plan, including, without limitation, as the Board deems necessary or desirable to comply with the laws of, or to accommodate the
tax policy or custom of, foreign jurisdictions whose citizens may be granted Options; and to correct any defect, supply any omission
or reconcile any inconsistency in the Plan or any Award agreement and to make all other determinations and take such other actions
with respect to the Plan or any Award as the Board may deem advisable to the extent not inconsistent with the provisions of the
Plan or applicable law.

  

b. Appointment of Committee. To the extent permitted by applicable law, the Board may delegate any or all of its
powers under the Plan to one or more committees or subcommittees of the Board (a “Committee”).
Such Committee shall be composed of at least two (2) members, and such members shall be Non-Employee Directors. All references
in the Plan to the “Board” shall mean such Committee or the Board.

 

c. Delegation to Executive Officers. To the extent permitted by applicable law, the Board may delegate to one or
more officers of the Company the power to grant Awards and exercise such other powers under the Plan as the Board may determine;
provided, however, that the Board shall fix the maximum number of Awards to be granted and the maximum number of shares
issuable to any one Participant pursuant to Awards granted by such officer or officers. All such Awards shall be documented in
the same manner and fashion as Awards made by the Board. The Board may, by a resolution adopted by the board, authorize one or
more officers of the corporation to do one or both of the following: (i) designate officers, employees, advisors and/or consultants
of the Company or of any of its subsidiaries to be recipients of Awards created by the Company and (ii) determine the number of
such Awards to be received by such officers, employees, advisors and/or consultants; provided, however, that the resolution
so authorizing such persons shall specify the maximum number of Awards such persons may so award. The Board may not authorize an
officer to designate himself or herself as a recipient of any such Awards.

 

The
Board shall be authorized to (i) delegate responsibility for Plan operation, management and administration on such terms, consistent
with the Plan, as the Board may establish; (ii) delegate to other persons the responsibility for performing ministerial acts in
furtherance of the Plan's purpose; and (iii) engage the services of persons or organizations in furtherance of the Plan's purpose,
including but not limited to banks, insurance companies, brokerage firms and consultants.

 

    	 	 	 

    		Page 3

    

   

d. Applicability of Rule 16b-3. Those provisions of the Plan that expressly refer to Rule 16b-3 promulgated
under the Securities and Exchange Act of 1934 (the “Exchange Act”) or, any successor rules (“Rule
16b-3”) or which are required in order for certain option transactions to qualify for exemption under Rule 16b-3
shall apply only to such persons as are required to file reports under Section 16 (a) of the Exchange Act (a “Reporting
Person”).

 

e. Grant of Options to Directors and Officers. If the Company is a reporting company under the Exchange Act, the
selection of a director or an officer (as the terms “director” and “officer” are defined for purposes of
Rule 16b-3) as a Participant, the timing of the grant of the Award, the exercise price or sale price of the Award and the number
of shares for which an Award may be granted to such director or officer shall be determined either (i) by the Board, of which all
members shall be “disinterested persons” (as hereinafter defined), or (ii) by a committee of two or more directors
having full authority to act in the matter, of which all members shall be “disinterested persons.” For the purposes
of the Plan, a director shall be deemed to be “disinterested” only if such person qualifies as a “disinterested
person” within the meaning of Rule 16b-3 of the Exchange Act, as such terms are interpreted from time to time.

 

f. Liability and Indemnification. The Board, the Committee, their members and any person designated above shall
not be liable for any action or determination made in good faith with respect to the Plan. To the maximum extent permitted by applicable
law, no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination
made in good faith with respect to the Plan or any Option granted under it. To the maximum extent permitted by applicable law and
the Certificate of Incorporation and Bylaws of the Company and to the extent not covered by insurance, each officer and member
or former member of the Committee or of the Board shall be indemnified and held harmless by the Company against any cost or expense
(including reasonable fees of counsel reasonably acceptable to the Company) or liability (including any sum paid in settlement
of a claim with the approval of the Company), and advanced amounts necessary to pay the foregoing at the earliest time and to the
fullest extent permitted, arising out of any act or omission to act in connection with the Plan, except to the extent arising out
of such officer's, member's or former member's own fraud or bad faith. Such indemnification shall be in addition to any rights
of indemnification the officers, directors or members or former officers, directors or members may have under applicable law or
under the Certificate of Incorporation or Bylaws (or other incorporation documents) of the Company. Notwithstanding anything else
herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Options granted
to him or her under this Plan.

 

		3.	Stock Available for Awards

 

a. Number of Shares. Subject to adjustment under Section 3(b), the aggregate number of shares of common stock of
the Company (the “Common Stock”) that may be issued pursuant to the Plan is 53,565 shares
of Common Stock. If any Award expires or lapses, or is terminated, repurchased, surrendered or forfeited, in whole or in part,
the unissued Common Stock covered by such Award shall again be available for the grant of Awards under the Plan, subject to the
limitations set forth herein. If shares of Common Stock issued pursuant to the Plan are repurchased by, or are surrendered or
forfeited to, the Company (including a surrender or forfeiture of shares to satisfy any applicable tax withholding obligation),
such shares of Common Stock shall again be available for the grant of Awards under the Plan. Shares issued under the Plan may
consist in whole or in part of authorized but unissued shares or treasury shares. Subject to adjustment under Section 3(b), no
Participant may be granted Awards to purchase, over the ten-year term of this Plan, more than an aggregate of 50% of the shares
of Common Stock available under this Plan.

 

    	 	 	 

    		Page 4

    

  

b. Adjustment to Common Stock. In the event of any stock split, stock dividend, recapitalization, reorganization,
merger, consolidation, combination, exchange of shares, liquidation, spin-off, split-up, or other similar change in capitalization
or event, (i) the number and class of securities available for Awards under the Plan and the per-Participant share limit, (ii)
the number and class of securities, vesting schedule and exercise price per share subject to each outstanding Option (as defined
below), (iii) the repurchase price per security subject to repurchase, and (iv) the terms of each other outstanding stock-based
Award shall be adjusted by the Company (or substituted Awards may be made) to the extent the Board shall determine, in good faith,
that such an adjustment (or substitution) is appropriate. If Section 7(e)(i) applies for any event, this Section 3(b) shall not
be applicable.

 

		4.	Stock Options

 

a. General. The Board may grant options to purchase Common Stock (each, an “Option”)
and determine the number of shares of Common Stock to be covered by each Option, the exercise price of each Option and the conditions
and limitations applicable to the exercise of each Option and the Common Stock issued upon the exercise of each Option, including
vesting provisions, repurchase provisions and restrictions relating to applicable federal or state securities laws, as it considers
advisable.

 

b. Incentive Stock Options. An Option that the Board intends to be an “incentive stock option” as defined
in Section 422 of the Code (an “Incentive Stock Option”) shall be granted only to employees of
the Company and shall be subject to and shall be construed consistently with the requirements of Section 422 of the Code. The Board
and the Company shall have no liability if an Option or any part thereof that is intended to be an Incentive Stock Option does
not qualify as such. An Option or any part thereof that does not qualify as an Incentive Stock Option is referred to herein as
a “Nonstatutory Stock Option.” The Board shall establish the exercise price at the time each option
is granted and specify it in the applicable agreement evidencing the grant of the option. The option price per share of Common
Stock, with respect to which each Incentive Stock Option is granted, shall not be less than the Fair Market Value per share at
the time the option is granted. No employee who owns or is deemed to own more than 10% of the voting power of all classes of the
issued and outstanding stock of the Company or any Subsidiary (excluding Common Stock subject to the proposed Option and Common
Stock subject to Options previously granted but not yet exercised in full) shall be eligible for an Incentive Stock Option grant
under the Plan unless (a) the exercise price is equal to at least 110% of the Fair Market Value (at the time the Incentive Stock
Option is granted) of the Common Stock subject to the Incentive Stock Option and (b) the Incentive Stock Option is not exercisable
more than five years from the date it is granted.

 

    	 	 	 

    		Page 5

    

 

c. Dollar Limitation. For so long as the Code shall so provide, Options granted to any employee under the Plan
(and any other plans of the Company) which are intended to constitute Incentive Stock Options shall not constitute Incentive Stock
Options to the extent that such Options, in the aggregate, become exercisable for the first time in any one calendar year for
shares of Common Stock with an aggregate Fair Market Value (as defined below) of more than $100,000 (determined as of the respective
date or dates of grant). To the extent that any such Incentive Stock Options exceed the $100,000 limitation, such Options shall
be deemed to be Nonstatutory Stock Options.

 

d. Exercise Price; Duration; Exercise Mechanics. The Board shall establish the exercise price (or determine the
method by which the exercise price shall be determined) at the time each Option is granted and specify the exercise price in the
applicable option agreement. Such Option shall be granted at not less than Fair Market Value if it is an incentive stock option
(or 110% of Fair market value if the incentive stock option is granted to any stockholder who owns beneficially more than 10% of
the voting power of all classes of the issued and outstanding stock of the Company). Each Option shall be exercisable at such times
and subject to such terms and conditions as the Board may specify in the applicable option agreement. Options may be exercised
only by delivery to the Company, or to such representative as the Company shall designate, by the proper person of a notice of
exercise, in writing or by electronic transmission, together with payment in full as specified in Section 4(e) or the option agreement
for the number of shares for which the Option is exercised. Any Option must be exercised within three (3) months following termination
of the relationship with the Company, except as otherwise set forth in any applicable Option. An Incentive Stock Option maybe permitted
by its terms to be exercised after three (3) months following the termination of a Participant’s employment with the Company
(or twelve (12) months in the case of termination due to death or disability (as defined in Section 22(e)(3) of the Internal Revenue
Code of 1986, as amended)), but if so exercised, the Option shall be treated for tax and accounting purposes as a Nonstatutory
Stock Option. Nonqualified stock options may be granted at less than Fair Market Value only if the Board of Directors has reviewed
and approved in advance any adverse accounting consequences which may be incurred by the Company associated with the grant.

 

e. Payment Upon Exercise. Common Stock purchased upon the exercise of an Option shall be paid for by one or any
combination of the following forms of payment:

 

(i) by check or other good funds payable to the Company;

 

(ii) if the Common Stock is then publicly traded, to the extent permitted by applicable law and except as otherwise explicitly
provided in the applicable option agreement, by delivery of an irrevocable and unconditional undertaking by a creditworthy broker
to deliver promptly to the Company sufficient funds to pay the exercise price of the underlying Option being exercised, or delivery
by the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly
to the Company cash or a check sufficient to pay the exercise price; or

 

(iii) to the extent explicitly provided in the applicable option agreement by (a) delivery of shares of Common Stock owned
by the Participant (such shares not having been acquired within the prior six months by the Participant pursuant to an Option exercise)
valued at Fair Market Value or (b) payment
of such other lawful consideration as the Board may determine. The fair market value of any other non-cash consideration which
may be delivered upon exercise of an Option shall be determined in such manner as may be prescribed by the Board. Fair Market Value
shall be determined by the Board, using the guidelines set forth in Section 11(a)(iv).

 

    	 	 	 

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f. Additional Option Provisions. The Board may, in its sole discretion, include additional provisions in any Award
granted under the Plan, including without limitation restrictions on transfer, repurchase rights, commitments to pay cash bonuses,
to transfer other property to optionees upon exercise of Awards, or such other provisions as shall be determined by the Board;
provided that such additional provisions shall not be inconsistent with any other term or condition of the Plan.

 

g. Acceleration, Extension. The Board may, in its sole discretion, (i) accelerate the date or dates on which all
or any particular options or Awards granted under the Plan may be exercised or (ii) extend the dates during which all or any particular
options or Awards granted under the Plan may be exercised.

 

		5.	Restricted Stock

 

a. Grants. The Board may grant Awards entitling recipients to acquire shares of Common Stock, subject to (i) delivery
to the Company by the Participant of a check in an amount at least equal to the par value of the shares purchased, and (ii) the
right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant
in the event that conditions specified by the Board in the applicable Award are not satisfied prior to the end of the applicable
restriction period or periods established by the Board for such Award (each, a “Restricted Stock Award”).

 

b. Terms and Conditions. The Board shall determine the terms and conditions of any such Restricted Stock Award.
Any stock certificates issued in respect of a Restricted Stock Award shall be registered in the name of the Participant and, unless
otherwise determined by the Board, deposited by the Participant, together with a stock power endorsed in blank, with the Company
(or its designee). After the expiration of the applicable restriction periods, the Company (or such designee) shall deliver the
certificates no longer subject to such restrictions to the Participant or, if the Participant has died, to the beneficiary designated
by the Participant, in a manner determined by the Board, to receive amounts due or exercise rights of the Participant in the event
of the Participant's death (the “Designated Beneficiary”). In the absence of an effective designation
by a Participant, Designated Beneficiary shall mean the Participant's estate.

 

		6.	Other Stock-Based Awards

 

The
Board shall have the right to grant other Awards based upon the Common Stock having such terms and conditions as the Board may
determine, including, without limitation, the grant of shares based upon certain conditions, the grant of securities convertible
into Common Stock, and the grant of stock appreciation rights, bonus stock, phantom stock awards or stock units.

 

    	 	 	 

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		7.	General Provisions Applicable to Awards

 

a. Transferability of Awards; Right of First Refusal; Unvested Restricted Stock Awards. Except as the Board may
otherwise determine or provide in an Award, Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by
the person to whom they are granted, either voluntarily or by operation of law, except by will or the laws of descent and distribution,
and, during the life of the Participant, shall be exercisable only by the Participant; provided, however, that only Nonstatutory
Options may be transferred to a grantor-retained annuity trust or a similar estate-planning vehicle in which the trust is bound
by all provisions of the Option which are applicable to the Participant, and subject to the prior written consent of the Board.
References to a Participant, to the extent relevant in the context, shall include references to authorized transferees.

 

(i) Right of First Refusal. If the Participant desires to transfer all or any part of any Common Stock issued upon
exercise of Options or Restricted Stock Awards (the “Offered Shares”) to any person other than
the Company (an “Offeror”), the Participant shall: (i) obtain in writing an irrevocable and unconditional
bona fide offer (the “Offer”) for the purchase thereof from the Offeror; and (ii) give
written notice (the “Option Notice”) to the Company setting forth the Participant’s desire
to transfer such shares, which Option Notice shall be accompanied by a photocopy of the Offer and shall set forth the name and
address of the Offeror and the price and terms of the Offer. Upon receipt of the Option Notice, the Company shall have an assignable
option to purchase any or all of such Offered Shares specified in the Option Notice, such option to be exercisable by giving, within
30 days after receipt of the Option Notice, a written counter- notice to the Participant. If the Company elects to purchase any
or all of such Offered Shares, it shall be obligated to purchase, and the Participant shall be obligated to sell to the Company,
such Offered Shares at the price and terms indicated in the Offer within 30 days from the date of delivery by the Company of such
counter-notice.

 

Notwithstanding
the provisions of this Section 7, a Participant may transfer the vested portion of any shares of Common Stock to any trust, estate
planning vehicle, family members (including spouse and lineal descendents) as long as such persons agree in writing to comply with
all the provisions of this Plan and any Agreement pursuant to which an Award was granted.

 

(ii) Sale of Offered Shares to Offeror. The Participant may, for 60 days after the expiration of the period as set
forth in paragraph (a)(i) above, sell to the Offeror, pursuant to the terms of the Offer, any or all of such Offered Shares not
purchased or agreed to be purchased by the Company or its assignee; provided, however, that the Participant shall not sell
such Offered Shares to such Offeror if such Offeror is a competitor of the Company and the Company gives written notice to the
Participant, within 30 days of its receipt of the Option Notice, stating that the Participant shall not sell his or her Offered
Shares to such Offeror; and provided, further, that prior to the sale of such Offered Shares to an Offeror, such Offeror
shall execute an agreement with the Company pursuant to which such Offeror agrees to be subject to the restrictions set forth in
this Section and any other terms to which the Offered Shares may then be subject. If any or all of such Offered Shares are not
sold pursuant to an Offer within the time permitted above, the unsold Offered Shares shall remain subject to the terms of this
Section.

 

    	 	 	 

    		Page 8

    

 

(iii) Failure to Deliver Offered Shares. If the Participant fails or refuses to deliver on a timely basis duly endorsed
certificates representing Offered Shares to be sold to the Company or its assignee pursuant to this Section, the Company shall
have the right to deposit the purchase price for such Offered Shares in a special account with any bank or trust company, giving
notice of such deposit to the Participant, whereupon such Offered Shares shall be deemed to have been purchased by the Company.
All such monies shall be held by the bank or trust company for the benefit of the Participant. All monies deposited with the bank
or trust company but remaining unclaimed for two years after the date of deposit shall be repaid by the bank or trust company to
the Company on demand, and the Participant shall thereafter look only to the Company for payment.

 

(iv) Expiration of Company’s Right of First Refusal. The first refusal rights of the Company set forth in this
Section shall expire as to Offered Shares on the earliest to occur of (i) immediately prior to the closing of a public offering
of Common Stock by the Company pursuant to an effective registration statement filed under the Securities Act of 1933, as amended,
or (ii) the consummation of an Acquisition.

 

(v) Unvested Restricted Stock Awards. Within one hundred eighty (180) days of the termination of employment for any
reason of a Participant who holds Restricted Stock Awards, the Company shall have the right to purchase any and all shares of unvested
Restricted Stock Awards at the lower of cost or Fair Market Value (as defined in Section 11(a)(iv)) from any such Participant.

 

b.   
Documentation. Each Award under the Plan shall be evidenced by a written instrument in such form as the Board
shall determine or as executed by an officer of the Company pursuant to authority delegated by the Board. Each Award may contain
terms and conditions in addition to those set forth in the Plan, provided that such terms and conditions do not contravene the
provisions of the Plan. The terms of each type of Award need not be identical, and the Board need not treat Participants uniformly.

 

c. Additional Award Provisions. To the extent permitted by applicable law, the Board may, in its sole discretion,
include additional provisions in any Award granted under the Plan, including without limitation restrictions on transfer, repurchase
rights, commitments to pay cash bonuses, to make, arrange for or guarantee loans, to transfer other property to a Participant upon
the exercise of an Award, or such other provisions as shall be determined by the Board; provided, however, that such additional
provisions shall not be inconsistent with any other term or condition of the Plan.

 

d. Termination of Status. The Board shall determine the effect on an Award of the disability, death, retirement,
authorized leave of absence or other change in the employment or other status of a Participant and the extent to which, and the
period during which, the Participant, or the Participant's legal representative, conservator, guardian or Designated Beneficiary,
may exercise rights under the Award, subject to applicable law and the provisions of the Code related to Incentive Stock Options;
provided, however, that if a Non-Employee Director shall cease to be a member of the Board for any reason other than “For
Cause” termination as defined in Section 9(b) of this Plan, the Option granted to the Non-Employee Director shall
remain exercisable (to the extent such Option was exercisable on the date the Non-Employee Director ceased to be a member of the Board) until the
earlier of (i) five (5) years after termination of status as a member of the Board or (ii) expiration of such Option in
accordance with this Plan or the option agreement. In the event that a Participant changes the capacity of his engagement with
the Company or an Affiliate (i.e. ceases to be an employee but becomes a consultant or a director, or vice versa) the Board, in
its sole and absolute discretion, may determine that no termination of employment or engagement shall be deemed to occur until
such time as such Participant is no longer a director or an employee or a consultant.

 

    	 	 	 

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e.
Acquisition of the Company; Consequences of an Acquisition.

 

(i) Treatment of Acquisition. Unless otherwise expressly provided in the applicable Award, upon the occurrence of
an Acquisition, the Board or the board of directors of the surviving or acquiring entity (as used in this Section 7(e), also the
 “Board”), shall, as to outstanding Awards (on the same basis or on different bases, as the Board
shall specify), make appropriate provision for the continuation of such Awards by the Company or the assumption of such Awards
by the surviving or acquiring entity and by substituting on an equitable basis for the shares then subject to such Awards either
(a) the consideration payable with respect to the outstanding shares of Common Stock in connection with the Acquisition (net of
the exercise price), (b) shares of stock of the surviving or acquiring corporation, or (c) such other securities or consideration
as the Board deems appropriate, the fair market value of which (as determined by the Board in its sole discretion) shall not materially
differ from the Fair Market Value of the shares of Common Stock subject to such Awards immediately preceding the Acquisition.

 

Notwithstanding
the foregoing, and in addition to or in lieu of thereof, the Board may, on the same basis or on different bases as the Board shall
specify, provide that one or more Options then outstanding must be exercised, in whole or in part, within a specified number of
days of the date of such notice, at the end of which period such Options shall terminate; or provide that one or more Options then
outstanding, in whole or in part, shall be terminated in exchange for a cash payment equal to the excess of the Fair Market Value
of the shares subject to such Options over the exercise price thereof; provided, however, that before terminating any portion
of an Option that is not vested or exercisable (other than in exchange for cash payment), the Board may (in its sole discretion)
also accelerate in full the exercisability of the portion that is to be terminated. Unless otherwise determined by the Board (on
the same basis or on different bases as the Board shall specify), any repurchase rights or other rights of the Company that relate
to an Award shall continue to apply to consideration, including cash, that has been substituted, assumed or amended for an Award
pursuant to this Section 7(e)(i). The Company may hold in escrow all or any portion of any such consideration in order to effectuate
any continuing restrictions.

 

Notwithstanding
the provisions of this Section 7(e), unless otherwise provided in any particular Award, immediately prior to and conditioned upon
the consummation of an Acquisition, (i) the remaining unvested portion of any Award held by a Non-Employee Director shall become
vested and exercisable by such Non-Employee Director, and (ii) the vesting provisions of all Awards held by a Participant who is
not a Non-Employee Director shall become accelerated by 50% of the remaining unvested portion of the Option (and the 50%
component which shall become vested shall be from the latter installments of the Options or Awards, that is, from last installments
of such Options or Awards). Thereafter, the remaining Options or Awards held by the Participant to
the extent not vested shall vest at the same rate (i.e. the same time schedule and the same amounts) as would have vested if such
an Acquisition had not been consummated, and such vesting shall continue until all such Options and/or Awards become vested. If
any Participant who is not a Non-Employee Director is terminated without Cause within twelve (12) months following the consummation
of an Acquisition, then the remaining unvested portion of such Participant’s Option or Award shall become vested and immediately
exercisable upon the effective date of any such termination.

 

    	 	 	 

    		Page 10

    

  

Notwithstanding anything in
this Plan to the contrary, as to any Participant, the remaining unvested portion of any Option or Award held by such Participant
may also become vested and exercisable in the event of an Acquisition, if the acceleration of such vesting is otherwise set forth
in any employment offer letter, employment agreement or other agreement with such person (unless otherwise superseded by an option
agreement or other agreement under which an Award granted under this Plan), or is otherwise set forth in any option agreement or
other agreement which provides for the grant of additional Awards to a Participant following commencement of employment, or is
otherwise expressly set forth by a resolution of the Board.

 

(ii) Acquisition Defined. An “Acquisition” shall mean: (a) any merger, business combination,
consolidation or purchase of outstanding capital stock of the Company in a business combination after which the voting securities
of the Company outstanding immediately prior thereto represent (either by remaining outstanding or by being converted into voting
securities of the surviving or acquiring entity) less than 50% of the combined voting power of the voting securities of the Company
or such surviving or acquiring entity outstanding immediately after such event (other than as a result of a financing transaction);
(b) any sale of all or substantially all of the capital stock or assets of the Company (other than in a spin-off or similar transaction);
or (c) any other form of business combination or acquisition of the business of the Company in which the Company is the target
of the acquisition, as determined by the Board, whose determination shall be conclusive.

 

(iii) Assumption of Options Upon Certain Events. The Board may grant Awards under the Plan in substitution for stock
and stock based awards held by employees, directors or other option holders of another corporation in connection with a merger
or consolidation of the employing corporation with the Company or a Subsidiary or the acquisition by the Company or a Subsidiary
of property or stock of the employing corporation. The Board may direct that the substitute awards be granted on such terms and
conditions as the Board considers appropriate in the circumstances. Any substitute Awards granted under the Plan shall not count
against the share limitation set forth in Section 3.

 

f. Parachute Payments and Parachute Awards. The Company may take reasonable and appropriate actions in its sole
discretion to minimize (or eliminate to the extent possible) the impact of any potential excise taxes under Section 4999 of the
Code or any similar provision. Without limiting the generality of the foregoing, the Company shall use reasonable efforts to solicit
in good faith a vote of stockholders so as to comply with the provisions of the stockholder approval rules under Section 280G(b)(5)(B)
of the Code.

 

    	 	 	 

    		Page 11

    

 

g. Amendment of Awards. The Board may amend, modify or terminate any outstanding Award including, but not limited
to, substituting therefore another Award of the same or a different type, changing the date of exercise or realization, modifying
the exercise price, and converting an Incentive Stock Option to a Nonstatutory Stock Option, provided that, except as otherwise
provided in Section 7(e), the Participant's consent to such action shall be required unless the Board determines that the action,
taking into account any related action, would not materially and adversely affect the Participant.

 

h. Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant
to the Plan or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have
been met or removed to the satisfaction of the Company, (ii) in the opinion of the Company's counsel, all other legal matters in
connection with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and any
applicable stock exchange or stock market rules and regulations, (iii) the Participant has executed and delivered to the Company
such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws,
rules or regulations, and (iv) the Participant has undertaken arrangement and satisfaction of any applicable tax withholding obligation.

 

i. Acceleration. The Board may at any time (including upon consummation of an Acquisition) provide that any Options
shall become immediately exercisable in full or in part, that any Restricted Stock Awards shall be free of some or all restrictions,
or that any other stock- based Awards may become exercisable in full or in part or free of some or all restrictions or conditions,
or otherwise realizable in full or in part, as the case may be, despite the fact that the foregoing actions may (i) cause the application
of Sections 280G and 4999 of the Code if a change in control of the Company occurs, or (ii) disqualify all or part of the Option
as an Incentive Stock Option. In the event of the acceleration of the exercisability of one or more outstanding Options, including
pursuant to Section 7(e)(i), the Board may provide, as a condition of full exercisability of any or all such Options, that the
Common Stock or other substituted consideration, including cash, as to which exercisability has been accelerated shall be restricted
and subject to forfeiture back to the Company at the option of the Company at the cost thereof upon termination of employment or
other relationship, with the timing and other terms of the vesting of such restricted stock or other consideration being equivalent
to the timing and other terms of the superseded exercise schedule of the related Option.

 

		8.	Withholding. 

 

Prior to the issuance of any
shares of Common Stock subject to an Award, the Company shall have the right to deduct from payments of any kind otherwise due
to the Participant of an award any federal, state or local taxes of any kind required by law to be withheld with respect to any
shares issued upon exercise of an Option under the Plan or the purchase or issuance of shares subject to an Award. Subject to
the prior approval of the Company, which may be withheld by the Company in its sole discretion, a Participant may elect to satisfy
such tax obligations, in whole or in part, (i) by causing the Company to withhold shares of Common Stock otherwise issuable pursuant
to the exercise of an Option or the purchase of shares subject to an Award or (ii) by delivering to the Company shares of Common
Stock already owned by the Participant. The shares so withheld or delivered shall have an aggregate Fair Market Value equal to
the amount of the withholding obligation. A Participant who has made an election pursuant to this Section may only satisfy his
or her withholding obligation with shares of Common Stock which
are not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements. The Company may, to the extent
permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to a Participant.

 

    	 	 	 

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		9.	Company’s Right of Repurchase

 

a. Repurchase Option; Termination of Award. Unless otherwise set forth in any applicable Award, if, with respect
to a Participant, any of the events specified in Section 9(b) below occur, then,

 

(i) with respect to those shares of Common Stock acquired pursuant to an Award by the Participant within the six-month period
preceding the occurrence of such event, and

 

(ii) with respect to all shares of Common Stock acquired pursuant to an Award by the Participant after the occurrence of
such event, within 12 months after the Company receives actual knowledge of the event (the “Repurchase Period”),
the Company shall have the right, but not the obligation, to repurchase from the Participant, or his or her legal representative,
as the case may be, all or a portion of the shares of Common Stock set forth in (i) and (ii) above, regardless of whether such
Participant is then still employed or engaged by, or otherwise has a relationship with the Company (the "Repurchase
Option"). The Repurchase Option shall be exercised by the Company by giving the Participant, or his or her legal
representative, written notice of its intention to exercise the Repurchase Option on or before the last day of the Repurchase
Period.

 

The Company
may exercise its Repurchase Option by tendering to the Participant, or his or her legal representative, or delivering to an escrow
account for the benefit of the Participant, or his or legal representative, an amount equal to the price originally paid by the
Participant to the Company, subject to adjustment as provided in Section 3(b), for each share of Common Stock to be repurchased
by the Company hereunder. Upon timely exercise of the Repurchase Option in the manner provided in this Section 9(a), the Participant,
or his or her legal representative, shall deliver to the Company the stock certificate or certificates representing the shares
purchased by the Participant under this Plan, as set forth in (i) and (ii) above, and to be repurchased by the Company hereunder,
duly endorsed and free and clear of any and all liens, charges and encumbrances. If the Participant shall fail to deliver such
stock certificate or certificates, the Company shall be entitled to instruct its transfer agent to take such action as may be necessary
to remove the requisite number of shares of Common Stock registered in the name of the Participant from the books and records of
the Company. The Repurchase Option and any right of the Company to payment pursuant to Section 9 hereof shall be a right of the
Company in addition to any and all other rights of the Company and remedies available to the Company, whether at law or in equity.
Furthermore, upon the Company receiving actual knowledge of the occurrence of any of the events specified in Section 9(b) below,
all Awards to acquire Common Stock granted to such Participant shall immediately terminate and shall thereupon not be exercisable
to any extent whatsoever. The Board or, in the case of an employee that is not an executive officer, the President may waive or
modify the provisions of this Section with respect to any individual Participant, with regard to the
facts and circumstances of any particular situation involving a determination under this Section.

 

    	 	 	 

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b. Triggering Events. The Company shall have the Repurchase Option in the event that any of the following events
(a “For Cause” event) shall occur: (i) gross misconduct by the Participant which results in loss,
damage or injury to the Company, its goodwill, business or reputation; (ii) the commission of an act of embezzlement, fraud or
breach of fiduciary duty which results in loss, damage or injury to the Company, its goodwill, business or reputation; (iii) the
unauthorized disclosure or misappropriation of any trade secret or confidential information of the Company or any third party who
has a business relationship with the Company; (iv) the commission of an act which induces any customer or prospective customer
of the Company to breach a contract with the Company or to decline to do business with the Company; (v) the conviction of the Participant
of a felony which materially interferes with such Participant’s ability to perform his or her services for the Company or
which results in loss, damage or injury to the Company, its goodwill, business or reputation; (vi) 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; (vii) the engagement, whether directly or indirectly, by the Participant,
during the period of his or her employment, engagement or relationship with the Company or for a period of one (1) year after the
termination of his or her employment, engagement or relationship (for any reason), in a business or other commercial activity which
is or may be competitive with the business being conducted by the Company at such time; (viii) the solicitation, diversion or taking
away by the Participant, or the attempted solicitation, diversion or taking away by the Participant, whether directly or indirectly,
during the period of his or her employment, engagement or relationship with the Company or for a period of one (1) year after the
termination of his or her employment, engagement or relationship (for any reason), of any of the customers, business or prospective
customers of the Company then in existence and with whom the Participant had contact or about whom the Participant gained confidential
information during the Participant’s employment, engagement or relationship with the Company on behalf of a competitive enterprise
(prospective customer shall mean any person or entity being solicited by the Company during the time the Participant was employed
or engaged by the Company); (ix) the solicitation, recruiting or hiring by the Participant, or the attempted solicitation, recruiting,
or hiring by the Participant, whether directly or indirectly, during the period of his or her employment or for a period of one
(1) year after the termination of his or her employment, engagement or relationship (for any reason), engagement or relationship
with the Company, of any employee of the Company; or (x) 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 which otherwise
results in loss, damage or injury to the Company, its goodwill, business or reputation.

 

c. Repurchase Price. In the event that at the time the Company wishes to exercise its Repurchase Option, the Participant
ceases to own a sufficient number of shares of Common Stock acquired by him or her under the Plan to satisfy the Company’s
Repurchase Option, in addition to performing any obligations necessary to satisfy the Company’s exercise of its Repurchase
Option of those shares of Common Stock available for repurchase, the Participant shall be required to deliver to the Company, for
each share of Common Stock that is the subject of the Repurchase Option and is not available for repurchase as it has been sold
or transferred, an aggregate cash amount, if positive, equal to the difference between the Fair Market Value of each share of Common Stock
sold or transferred by the Participant and the price originally paid by the Participant to the Company for each such share of Common
Stock so sold or transferred by the Participant, as adjusted pursuant to Section 3(b). The Fair Market Value of each share of Common
Stock sold or transferred by the Participant shall be determined as of the date of such sale or transfer.

 

    	 	 	 

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d. Optional Repurchase upon Voluntary Termination. Notwithstanding anything in this Plan to the contrary, if any
Participant shall voluntarily leave the employ of the Company, or cease to perform consulting or advisory services for the Company,
and such departure shall occur within twenty four (24) months of the date the any Participant receives an executed Award, the Company
shall have the right, but not the obligation, to cancel up to fifty percent (50%) of the vested portion of any Award at the time
of departure, or to repurchase up to fifty percent (50%) of the Option Shares previously issued to the Participant. The purchase
price for this Repurchase Option shall be the lower of the Fair Market Value of the Option Share or Award or the
exercise price of the Option or the issue price of the Award.

 

The
Company may, within sixty (60) days after the departure date of the Participant, exercise its Repurchase Option under the foregoing
paragraph by notifying the Participant in writing of the Company’s intention to exercise its Repurchase Option, setting out
the number of Shares the Company will repurchase, the intended date of the repurchase, the purchase price for the Repurchase Option
(as set forth above), and the total amount due the Participant. The Company shall tender to the Participant, or his or her legal
representative, or deliver to an escrow account for the benefit of the Participant, or his or legal representative, an amount equal
to the purchase price for the Repurchase Option. Upon tendering of the purchase price by good funds, all rights of the Participant
in the Shares subject to the Repurchase Option shall automatically terminate and expire.

 

If the
Participant becomes obligated to sell Shares to the Company under the Repurchase Option and fails to deliver such Shares to the
Company in accordance with the terms of this paragraph, the Company may, at its option, in addition to all other remedies it may
have, send to the Participant by registered mail, return receipt requested, or overnight courier service, the purchase price for
such Shares, determined as specified above. Thereupon, the Company, upon written notice to the Participant, (i) shall cancel on
its books the certificate or certificates representing the Shares to be sold; and (ii) shall issue, in lieu thereof, a new certificate
or certificates in the name of the Participant representing such Shares which may remain; and thereupon all of the Participant’s
rights in and to such Shares shall terminate. Upon a breach or threatened breach of the terms of this section by any Participant,
the Company shall, in addition to all other remedies, be entitled to a temporary or permanent injunction, without showing any actual
damage, and/or a decree for specific performance.

 

		10.	No Exercise of Option if Employment, Engagement or
Relationship Terminated for Cause

 

(a) For Cause. If a Participant’s employment, engagement or relationship with the Company is terminated “For
Cause,” the Award shall terminate (unless otherwise determined by the Board) on the date of
such termination, and the Option shall thereupon not be exercisable to any extent whatsoever. For purposes of this Section, “For
Cause” is any conduct during the term of a Participant’s employment, engagement or relationship with the
Company that gives rise to the Company’s Repurchase Option, as set forth in Section 9(b) of this Plan, in each case, as determined
by the Board or, in the case of employees or other persons (including consultants and advisors) who are not executive officers,
by the President or Chief Executive Officer. The Board or, in the case of an employee that is not an executive officer, the President,
the Chief Executive Officer or Board of Directors may waive or modify the provisions of this Section with respect to any individual
Participant, with regard to the facts and circumstances of any particular situation involving a determination under this Section.

 

    	 	 	 

    		Page 15

    

  

(b) Other Termination. Notwithstanding anything to the contrary herein, upon the termination of employment or engagement
of a Participant, for any reason whatsoever, any Options granted to such Participant which are not vested at such time shall immediately
expire and terminate, become null and void, and shall not entitle the Participant to any right in or to the Company or any Affiliate
in connection with the same, and all interests and rights of the Participant, in and to the same, shall expire. Notwithstanding
anything to the contrary herein, upon the Termination of a Participant’s employment or engagement for Cause, all of such
Participant’s Options or Awards which have already vested shall also immediately expire and terminate, become null and void,
and shall not entitle the Participant to any right in or to the Company or any Affiliate in connection with the same, and all interests
and rights of the Participant, in and to the same, shall expire.

 

Notwithstanding
anything to the contrary herein, following termination of a Participant’s employment or engagement not for Cause, the Participant
may exercise Options which are vested at such time of Termination, as follows: if prior to the date of such termination, the Board
shall authorize an extension of the terms of all or part of the Options which have already vested at such time, beyond the date
of such termination for a period not to exceed the Option Term, such Options may be exercised within such extended period. If an
Incentive Stock Option is exercised more than ninety (90) days after the date on which the Participant ceased to be an employee
(other than by reason of death or disability), such Option will be treated as a Non-Qualified Stock Option and not as an Incentive
Stock Option, and in such event a Participant whose period of exercise has been so extended should consult with its own tax advisor
regarding the tax effects of such extension; andif such termination is the result of death or disability of the Participant,
the Options which have already vested may be exercised within a period of twelve

(12) months from the date of such
termination.

 

		11.	Miscellaneous

 

a. Definitions.

 

(i) “Code” means the Internal Revenue Code of 1986, as amended, and any regulations promulgated
thereunder.

 

(ii) “Company,” for purposes of eligibility under the Plan, shall include the Company and
any present or future subsidiary corporations of the Company, as defined in Section 424(f) of the Code (a “Subsidiary”),
and any present or future parent corporation of the Company, as defined in Section
424(e) of the Code. For purposes of Awards other than Incentive Stock Options, the term “Company”
shall include any other business venture in which the Company has a direct or indirect significant interest, as determined by the
Board in its sole discretion.

 

    	 	 	 

    		Page 16

    

  

(iii) “Employee,” for purposes of eligibility under the Plan, shall include a person to whom an offer of
employment has been extended by the Company and who has actually commenced employment with the Company, whether full or part-time
status.

 

(iv) “Fair Market Value” of the Company’s Common Stock on any date means (i) the average (on that
date) of the high and low prices of the Common Stock on the principal national securities exchange on which the Common Stock is
traded, if the Common Stock is then traded on a national securities exchange; or (ii) the last reported sale price (on that date)
of the Common Stock on the NASDAQ National Market, if the Common Stock is not then traded on a national securities exchange; or
(iii) the average of the closing bid and asked prices last quoted (on that date) by an established quotation service for over-the-counter
securities, if the Common Stock is not reported on the NASDAQ National Market; or (iv) if the Common Stock is not publicly traded,
the fair market value of the Common Stock as determined by the Board after taking into consideration all factors which it deems
appropriate, including, without limitation, recent sale and offer prices of the Common Stock in private transactions negotiated
at arm's length, revenues and operating earnings of the Company for the most recent twelve-month period, projected revenues and
operating earnings of the Company for the next twelve-month period, discounted positive cash flow of the Company, the nature and
timing of any product releases and product shipments, generation of significant orders, cash flow from operations, consummation
of relationships with strategic partners, the book value of the Company’s assets as recorded on the most recently prepared
balance sheet of the Company, the price/earnings multiples of comparable publicly traded companies (and adjusted for any illiquidity
associated with the Company’s Common Stock), and appropriate consideration of the senior rights, preferences and privileges
of classes of preferred stock outstanding, and other pertinent factors determined by the Board. The Board’s determination
shall be conclusive as to the Fair Market Value of the Common Stock.

 

b. No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the
grant of an Award shall not be construed as giving a Participant the right to continued employment or any other relationship with
the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant
free from any liability or claim under the Plan (except as otherwise set forth in any Award or other agreement with the Participant).

 

c. No Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary
shall have any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until
becoming the record holder thereof.

 

d. Effective Date and Term of Plan. The Plan shall become effective on the date on which it is adopted by the Board.
No Awards shall be granted under the Plan after the completion of ten years from
the date on which the Plan was adopted by the Board, but Awards previously granted may extend beyond that date.

 

    	 	 	 

    		Page 17

    

 

e. Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time subject,
in the case of amendments, to any applicable statutory or regulatory requirements to obtain stockholder approval when and if so
required.

 

f. Arbitration. Any dispute, controversy, or claim arising out of, in connection with this Plan or any agreement
applicable to an Award or Option granted under this Plan, or relating to the performance of any such agreement, shall be settled
by arbitration in the Commonwealth of Massachusetts. Any controversy, claim or breach of an agreement or covenant shall be referred
to JAMS/EndDispute. Such arbitration shall be held in Boston, Massachusetts, and the judgment upon the award rendered shall be
entered by consent in any court having jurisdiction. The prevailing party shall be entitled to recover all costs and expenses
associated with any arbitration (including attorneys’ fees); and if no party completely prevails, each party shall be responsible
for its own expenses. In the event of any conflict between the arbitration rules in effect from time to time and the provisions
of this Agreement, the provisions of this Agreement shall be controlling. The arbitrator shall be required to (i) follow the substantive
rules of applicable law, (ii)  
require all testimony to be transcribed, and (iii) accompany the award with findings of fact and a statement of reasons
for the decision. The arbitrator shall have the authority to permit discovery for no more than thirty (30) days, to the extent
deemed appropriate by the arbitrator, upon reasonable request of a party. The arbitrator shall have no power or authority to (i)
add to or detract from the written agreement of the parties set forth herein, (ii) modify or disregard any provision of this Agreement
or any of the other related documents, or (iii) address or resolve any issue not submitted by the parties The arbitrator shall
hold proceedings during a period of not longer than thirty (30) days promptly following conclusion of discovery, and the arbitrator
shall render a final decision within ten (10) days following conclusion of the hearings. The arbitrator shall have the power to
grant injunctive relief (without the necessity of a party posting a bond) in the event a party has violated the terms of this
Agreement. Any award shall be final, binding and conclusive upon the parties and a judgment rendered thereon may be entered in
any court having jurisdiction thereof.

 

g. Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted
in accordance with the General Corporation Law of Delaware as to matters within the scope thereof (that is, matters pertaining
to the rights of the holders of Common Stock issued under the Plan), without regard to any applicable conflicts of law. As to matters
of contract law, including the interpretation of any Option Agreement or Restricted Stock Agreement, the contract laws of the Commonwealth
of Massachusetts shall apply.

 

    	 	 	 

    		Page 18

    

  

h. Lock-up for Public
Offerings. The Participant and each permitted transferee agrees that if the Company proposes to offer for sale to the public
any shares of Common Stock pursuant to a public offering and if requested by the Company and any underwriter engaged by the Company,
not to, directly or indirectly, offer, sell, pledge, contract to sell (including any short sale), grant any option to purchase
or otherwise dispose of any securities of the Company held by him, her or them (except for any securities sold pursuant to such
registration statement) or enter into any “Hedging Transaction” (as defined below) relating to any securities of the
Company (including, without limitation, pursuant to Rule 144 under the Securities Act of 1933, as amended, or any successor similar
exemptive rule hereinafter in effect) held by him, her or them for such period following the effective date of the registration
statement of the Company filed under the Act with respect to such offering, as the Company or such underwriter shall specify reasonably
and in good faith, not to exceed one hundred eighty (180) days in the case of the Company’s initial public offering or ninety
(90) days in the case of any other follow-on offering. For purposes of this Section, “Hedging Transaction”
means any short sale (whether or not against the box) or any purchase, sale or grant of any right (including, without limitation,
any put or call option) with respect to any security (other than a broad-based market basket or index) that includes, relates to
or derives any significant part of its value from the Common Stock.

 

	Adopted by the Board of Directors on:	March 13, 2012
	Amended by the Board of Directors:	July 12, 2012
	Approved by the Stockholders on:	July 12, 2012
	Amended by the Board of Directors:	August 21, 2012
	Approved by the Stockholders on:	August 21, 2012
	Amended by the Board of Directors:	December 20, 2012
	Amended by the Board of Directors:	April 19, 2013
	Approved by the Stockholders on:	April 19, 2013
	Amended by the Board of Directors:	November 14, 2013
	Approved by the Stockholders on:	November 14, 2013
	Amended by the Board of Directors:	August 11, 2014
	Approved by the Stockholders on:	August 11, 2014

 

     

     

    

  

AMENDMENT
TO THE

DRAFTKINGS
INC.

2012 STOCK
OPTION & RESTRICTED STOCK
INCENTIVE PLAN

 

EFFECTIVE
AS OF APRIL 24, 2013

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:
AUGUST 9, 2014

DATE APPROVED
BY THE STOCKHOLDERS: AUGUST 11, 2014

 

1.                  
Section 3(a) of the DraftKings Inc. 2012 Stock Option & Restricted Stock Incentive Plan, as amended (the “Plan”),
is hereby amended by replacing such section in its entirety with the following:

 

“a.
Number of Shares. Subject to adjustment under Section 3(b), the aggregate number of shares of common stock of the Company
(the “Common Stock”) that may be issued pursuant to the Plan is 19,221,161 shares of Common Stock.
If any Award expires or lapses, or is terminated, repurchased, surrendered or forfeited, in whole or in part, the unissued Common
Stock covered by such Award shall again be available for the grant of Awards under the Plan, subject to the limitations set forth
herein. If shares of Common Stock issued pursuant to the Plan are repurchased by, or are surrendered or forfeited to, the Company
(including a surrender or forfeiture of shares to satisfy any applicable tax withholding obligation), such shares of Common Stock
shall again be available for the grant of Awards under the Plan, provided, however, that notwithstanding the above, any such shares
shall not be subsequently issued pursuant to the exercise of Incentive Stock Options. Shares issued under the Plan may consist
in whole or in part of authorized but unissued shares or treasury shares. Subject to adjustment under Section 3(b), no Participant
may be granted Awards to purchase, over the ten-year term of this Plan, more than an aggregate of 50% of the shares of Common Stock
available under this Plan.”

 

2.
                   Section 3 of
the Plan is hereby amended by adding the following subsection:

 

“c.
Incentive Stock Option Limit. Subject to adjustment under Section 3(b) and the shares limits established in Section
3(a), the aggregate number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options (as
defined below) is 19,221,161 shares of Common Stock.

 

     

     

    

 

AMENDMENT
TO THE

DRAFTKINGS
INC.

2012 STOCK
OPTION & RESTRICTED STOCK
INCENTIVE PLAN

  

DATE
APPROVED BY THE BOARD OF DIRECTORS:
DECEMBER 1, 2014

DATE APPROVED
BY THE STOCKHOLDERS: DECEMBER 3, 2014

 

1.                  
Section 3(a) of the DraftKings Inc. 2012 Stock Option & Restricted Stock Incentive Plan, as amended (the “Plan”),
is hereby amended by replacing such section in its entirety with the following:

 

“a.
Number of Shares. Subject to adjustment under Section 3(b), the aggregate number of shares of common stock of the Company
(the “Common Stock”) that may be issued pursuant to the Plan is 25,980,182 shares of Common Stock.
If any Award expires or lapses, or is terminated, repurchased, surrendered or forfeited, in whole or in part, the unissued Common
Stock covered by such Award shall again be available for the grant of Awards under the Plan, subject to the limitations set forth
herein. If shares of Common Stock issued pursuant to the Plan are repurchased by, or are surrendered or forfeited to, the Company
(including a surrender or forfeiture of shares to satisfy any applicable tax withholding obligation), such shares of Common Stock
shall again be available for the grant of Awards under the Plan, provided, however, that notwithstanding the above, any such shares
shall not be subsequently issued pursuant to the exercise of Incentive Stock Options. Shares issued under the Plan may consist
in whole or in part of authorized but unissued shares or treasury shares. Subject to adjustment under Section 3(b), no Participant
may be granted Awards to purchase, over the ten-year term of this Plan, more than an aggregate of 50% of the shares of Common Stock
available under this Plan.”

 

2.
                   Section 3 of
the Plan is hereby amended by adding the following subsection:

 

“c.
Incentive Stock Option Limit. Subject to adjustment under Section 3(b) and the shares limits established in Section
3(a), the aggregate number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options (as
defined below) is 25,980,182 shares of Common Stock.

  

     

     

    

  

AMENDMENT
TO THE

DRAFTKINGS
INC.

2012 STOCK
OPTION & RESTRICTED STOCK
INCENTIVE PLAN

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:
AUGUST 7, 2015

DATE APPROVED
BY THE STOCKHOLDERS: AUGUST 7, 2015

 

1.                  
Section 3(a) of the DraftKings Inc. 2012 Stock Option & Restricted Stock Incentive Plan, as amended (the “Plan”),
is hereby amended by replacing such section in its entirety with the following:

 

“a.
Number of Shares. Subject to adjustment under Section 3(b), the aggregate number of shares of common stock of the Company
(the “Common Stock”) that may be issued pursuant to the Plan is 37,997,035 shares of Common Stock.
If any Award expires or lapses, or is terminated, repurchased, surrendered or forfeited, in whole or in part, the unissued Common
Stock covered by such Award shall again be available for the grant of Awards under the Plan, subject to the limitations set forth
herein. If shares of Common Stock issued pursuant to the Plan are repurchased by, or are surrendered or forfeited to, the Company
(including a surrender or forfeiture of shares to satisfy any applicable tax withholding obligation), such shares of Common Stock
shall again be available for the grant of Awards under the Plan, provided, however, that notwithstanding the above, any such shares
shall not be subsequently issued pursuant to the exercise of Incentive Stock Options. Shares issued under the Plan may consist
in whole or in part of authorized but unissued shares or treasury shares. Subject to adjustment under Section 3(b), no Participant
may be granted Awards to purchase, over the ten-year term of this Plan, more than an aggregate of 50% of the shares of Common Stock
available under this Plan.”

 

2.                  
Section
3 of the Plan is hereby amended by adding the following subsection:

 

“c.
Incentive Stock Option Limit. Subject to adjustment under Section 3(b) and the shares limits established in Section
3(a), the aggregate number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options (as
defined below) is 37,997,035 shares of Common Stock.” 

 

     

     

    

 

AMENDMENT
TO THE

DRAFTKINGS
INC.

2012 STOCK
OPTION & RESTRICTED STOCK
INCENTIVE PLAN

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:
FEBRUARY 10, 2016

DATE APPROVED
BY THE STOCKHOLDERS: MAY 3, 2016

 

1.                  
Section 3(a) of the DraftKings Inc. 2012 Stock Option & Restricted Stock Incentive Plan, as amended (the “Plan”),
is hereby amended by replacing such section in its entirety with the following:

 

“a.
Number of Shares. Subject to adjustment under Section 3(b), the aggregate number of shares of common stock of the Company
(the “Common Stock”) that may be issued pursuant to the Plan is 55,154,858 shares of Common Stock.
If any Award expires or lapses, or is terminated, repurchased, surrendered or forfeited, in whole or in part, the unissued Common
Stock covered by such Award shall again be available for the grant of Awards under the Plan, subject to the limitations set forth
herein. If shares of Common Stock issued pursuant to the Plan are repurchased by, or are surrendered or forfeited to, the Company
(including a surrender or forfeiture of shares to satisfy any applicable tax withholding obligation), such shares of Common Stock
shall again be available for the grant of Awards under the Plan, provided, however, that notwithstanding the above, any such shares
shall not be subsequently issued pursuant to the exercise of Incentive Stock Options. Shares issued under the Plan may consist
in whole or in part of authorized but unissued shares or treasury shares. Subject to adjustment under Section 3(b), no Participant
may be granted Awards to purchase, over the ten-year term of this Plan, more than an aggregate of 50% of the shares of Common Stock
available under this Plan.”

 

2.                  
Section 3(c) of the Plan is hereby amended by replacing such section in its entirety with the following:

 

“c.
Incentive Stock Option Limit. Subject to adjustment under Section 3(b) and the shares limits established in Section
3(a), the aggregate number of shares of Common Stock that may be issued pursuant to the exercise of Incentive Stock Options (as
defined below) is 55,154,858 shares of Common Stock.” 

 

     

     

    

 

DRAFTKINGS INC.

 

AMENDMENT
TO

2012 EQUITY
INCENTIVE PLAN

 

DATE
APPROVED BY THE BOARD OF DIRECTORS:
APRIL 22, 2020

DATE APPROVED
BY THE STOCKHOLDERS: APRIL 22, 2020

  

1.                  
Defined Terms. Effective as of the closing (the “Closing”) of the transactions contemplated by
the Business Combination Agreement (“Business Combination Agreement”) by and among the Company, SBTech (Global)
Limited, various sellers (“SBT Sellers”), Shalom Meckenzie, in his capacity as the SBT Sellers’ Representative,
Diamond Eagle Acquisition Corp., DEAC NV Merger Corp. and DEAC Merger Sub Inc., dated as of December 22, 2019, as amended, the
first sentence of Section 1 shall be amended and restated as follows:

 

The purpose of this 2012 Stock Option &
Restricted Stock Incentive Plan (the “Plan”) of DraftKings Inc., a Nevada corporation
(the “Company”), is to provide incentive and nonqualified stock options, shares of restricted
stock, stock issuances and other equity interests of awards in the Company, for shares of Class A Common Stock (the “Common
Stock”) of the Company (each, an “Award”) to employees, officers, directors
(including directors who are not an employee or officer of the Company, “Non-Employee Directors”),
consultants and advisors of the Company and its Subsidiaries, all of whom are eligible to receive Awards under the Plan.

 

2.                  
Stock Available for Awards. Effective as of the Closing, the first sentence of Section 3(a) shall be amended and
restated as follows:

 

Subject to adjustment under Section 3(b), the
aggregate number of shares of Common Stock of the Company that may be issued pursuant to the Plan is 19,504,302 shares of Common
Stock.

 

3.                  
Other Changes. Effective as of the Closing, the following subsections of Section 2 shall be amended and restated
as follows:

 

		a.	Section 2(e) shall be amended and restated as follows:

 

“If the Company is a reporting company
under the Exchange Act, the selection of a director or an officer (as the terms “director” and “officer”
are defined for purposes of Rule 16b-3) as a Participant, the timing of the grant of the Award, the exercise price or sale price
of the Award and the number of shares for which an Award may be granted to such director or officer shall be determined either
(i) by the Board, or (ii) by a committee comprised solely of two or more Non- Employee Directors within the meaning of Rule 16b-3
of the Exchange Act, as such terms are interpreted from time to time.”

 

		b.	Each reference to “the Certificate of Incorporation” in Section 2(f) shall be replaced
with a reference to “the Articles of Incorporation”.

 

		c.	Section 7(a)(iv) shall be amended and restated as follows:

 

     

     

    

 

Expiration of Company’s Right of First
Refusal. The first refusal rights of the Company set forth in this Section shall expire as to Offered Shares on the earliest
to occur of (i) immediately prior to the closing of a public offering of Common Stock by the Company pursuant to an effective registration
statement filed under the Securities Act of 1933, as amended, which shall include, for the avoidance of doubt, the Closing of the
transactions contemplated by the Business Combination Agreement or (ii) the consummation of an Acquisition.

 

		d.	Section 7(f) shall be amended and restated to remove the last sentence of Section 7(f) as follows:
Parachute Payments and Parachute Awards. The Company may take reasonable and appropriate actions in its sole discretion
to minimize (or eliminate to the extent possible) the impact of any potential excise taxes under Section 4999 of the Code or any
similar provision.

 

4.                  
Except as specifically provided herein, the 2012 Plan shall remain in full force and effect in accordance with its terms.
In the event that the Business Combination Agreement terminates prior to the Closing for any reason, this Plan Amendment shall
automatically be null and void and have no further force or effect.

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