Document:

Exhibit 10.23

 

AGREEMENT

 

This Agreement is made and entered
into October 4, 2017 (“Agreement”), superseding the agreement entered into on August 16, 2016 by
and between Dover Downs, Inc., a Delaware corporation (“Dover Downs”), located at 1131 N. DuPont
Highway, Dover, DE 19901, and Delaware Standardbred Owners Association, Inc., a Delaware corporation
(“DSOA”), located at 830 Walker Road, Dover, DE 19904, and is executed in duplicate original copies.

 

WHEREAS, Dover Downs is licensed to conduct
and is engaged in the business of conducting harness racing meetings at a harness racing track known as Dover Downs, located in
Dover, Delaware; and

 

WHEREAS, DSOA’s membership consists
of owners, trainers, and drivers of harness horses participating in harness race meetings at Dover Downs and elsewhere in the United
States and Canada, and DSOA has been organized and exists for the purpose of promoting the sport of harness racing; improving the
lot of owners, drivers, and trainers of harness racing horses participating in race meetings; establishing health, welfare and
insurance programs for owners, drivers, and trainers of harness racing horses; negotiating with harness racing tracks on behalf
of owners, trainers, drivers, and grooms of harness racing horses; and generally rendering assistance to them whenever and wherever
possible; and

 

WHEREAS, the parties hereto desire to cooperate
in promoting the popularity of the sport of harness racing, and in insuring the continuity of harness racing at Dover Downs for
the best interests of the parties hereto and the public; and

 

IN CONSIDERATION OF the promises, the covenants
set forth herein, and other considerations, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

 

1.TERM OF AGREEMENT

 

The provisions of this Agreement shall apply to and
govern every harness racing meeting conducted by or at Dover Downs effective October 4, 2017 and continuing through August 31,
2020 (“Initial Term”).

 

During the Initial Term, Dover Downs will schedule
the following days of racing:

 

	Race Season	 	Begins	 	Ends	 	Number of Race Days	 
	2017 - 2018	 	October 30, 2017	 	March 29, 2018	 	 	83	 
	2018 - 2019	 	November 5, 2018	 	April 4, 2019	 	 	81	 
	2019 - 2020	 	November 4, 2019	 	April 2, 2020	 	 	81	 

 

The parties agree that after August 31, 2020
this Agreement shall automatically renew for successive one (1) year periods (“Renewal Term”) unless either
party notifies the other in writing by June 1 of the Initial Term or any Renewal Term of its intention to not renew this Agreement,
in which event the Agreement shall terminate at the end of the then current Initial or Renewal Term, as applicable.

 

     

     

    

 

During any Renewal Terms, Dover Downs will race not
less than the scheduled days of the previous year’s live racing meet subject to the availability of horses (“Prior
Year Schedule”).  That Prior Year Schedule shall remain in effect during any Renewal Terms unless either party notifies
the other in writing by June 1 of each Renewal Term to change the number of days.  If such notice is given and the parties
are unable to mutually agree within sixty (60) days on a new race schedule for that Renewal Term, then Dover Downs will race the
Prior Year Schedule.

 

Any days of racing lost to weather, acts of God, technical
problems, or human error that exceed three (3) in number shall be rescheduled, if necessary, as additional races added to
previously scheduled days. The scheduled days are subject to the availability of horses and may be reduced if the races are not
adequately filled by available horses. If such a reduction is necessary, Dover Downs will consult with the DSOA to determine the
best manner in which to conduct the reduced number of races.

 

The terms of this Agreement shall terminate prior
to the end of the Initial Term or any Renewal Term if one of the following events occurs and either party notifies the other party
of their intent to terminate the Agreement:

 

A.Delaware legalizes additional
video lottery terminals and/or table venues and a venue opens and is operational;

 

B.Delaware statutorily changes
the video lottery distribution of Dover Downs or the purse funds to be distributed at Dover Downs; or

 

C.Standardbred race days are legislatively
changed or a track other than Harrington Raceway is awarded and conducts standardbred races.

 

2.BASIC PURSE DISTRIBUTION

 

A.Dover Downs will distribute as
racing purses at all meetings conducted at Dover Downs during the term of this Agreement ten (10%) percent of the live handle wagered
at Dover Downs, except Dover Downs will retain all monies received from the live handle wagered on the last race each day.

 

In the event of any legislation which changes Dover
Downs’ share of the pari-mutuel commission, the amount calculated above shall be adjusted so that fifty (50%) percent of
any increase shall be added to the purses and fifty (50%) percent of any decrease shall be subtracted from the purses.

 

B.Dover Downs agrees to distribute
to DSOA via the purse pool, and subject to the provisions of Paragraph 5, twenty-five percent (25%) of any monies received from
Dover Downs’ export signal of the live race meets conducted during the term of this Agreement, except Dover Downs will retain
all monies received from Dover Downs’ export signal on the last live race each day.

 

C.Over and above the purses payable
under Paragraphs 2.A. and 2.B., Dover Downs shall pay additional purses in an amount calculated pursuant to 29 Del. C. §4815
(b)(3)b. et seq.

 

    	 	2	 

     

    

 

D.In consideration of Dover Downs
agreeing to many provisions relating to race conditions, qualifying standards, qualifying races, physical improvements, and other
accommodations for the horsemen,  the share of pari-mutuel commissions for purses has been negotiated to the amounts specified
in Paragraphs 2.A. and 2.B. above.

 

E.Delaware owned or bred horses,
approved and qualified as Delaware owned or bred by the Delaware Harness Racing Commission (“DHRC”) and accepted
to race by Dover Downs, will receive a bonus agreed upon by Dover Downs and the DSOA.  The bonus is not to exceed twenty (20%)
percent of the advertised purse money earned by the DHRC-qualified horse in each race the horse earns purse money.  All bonus
money earned will be added to the earnings of the horse in the same manner that the normal purse won is added.

 

F.During the term of this Agreement,
Dover Downs, on a weekly basis during any race meeting conducted by Dover Downs, shall pay directly to the drivers and trainers
of the horses whose owners are entitled to receive a portion of the purse money, an amount equal to five (5%) percent of the owners’
purse money, which amount shall be credited against the purses required to be paid to the owners of such horses.  In no event
shall the aggregate payment made by Dover Downs on account of purses and other items specified in Paragraph 5 be increased beyond
the applicable amount for purses.

 

3.PROJECTION OF PURSES AND CARRY-OVER OF PURSE MONEY

 

A.The specifications of the applicable
purses for the race meet, in accordance with Paragraph 2, shall be projected on the basis of the total estimated purse funds to
be accrued during the live race meeting, with consideration given to seasonal fluctuation of purse accruals, so as to maintain
a reasonably uniform purse distribution schedule throughout the Dover Downs meetings each year.

 

B.(i)If any purse money due
under Paragraph 2 has not been fully distributed at any meeting covered by this Agreement, the amount due shall be carried over
and distributed in purses at the next meeting covered by this Agreement. Any underpayment of purse money under the preceding agreements
between Dover Downs and DSOA shall likewise be added to the purse money payable under Paragraph 2.

 

(ii)If the purses actually paid
at any meeting covered by this Agreement exceed the amount due under Paragraph 2, the amount of the excess payment shall be deducted
from the purses otherwise payable at the next meeting covered by this Agreement.  Any overpayment of purses during the last
meeting conducted under the previous agreement between Dover Downs and DSOA shall likewise be deducted from the purse money payable
under Paragraph 2 of this Agreement.

 

4.MINIMUM AND MAXIMUM PURSES

 

At all meetings conducted at Dover Downs, the minimum
and maximum purse payable by Dover Downs for any pari-mutuel betting race shall be agreed upon by DSOA representatives and Dover
Downs prior to the beginning of each race meet. In the event the parties are unable to reach an agreement, the minimum and maximum
purse payable will be the same as the start of the previous race meet conducted at Dover Downs.

 

    	 	3	 

     

    

 

5.ARRANGEMENTS WITH DSOA

 

A.Dover Downs will pay to DSOA,
in diminution of and as a credit against the percentages specified in Paragraph 2, requested funds to compensate DSOA for its expenses
provided that DSOA’s representation of the horsemen racing at meetings conducted by Dover Downs has been demonstrated by
the horsemen’s adherence to and recognition of this Agreement.  Such sum shall not exceed one hundred ten (110%) percent
of the amount requested the prior year and shall be paid in monthly installments no later than seven (7) days after the conclusion
of each month of each racing meeting covered by this Agreement unless mutually agreed by the parties.

 

B.When this Agreement and any succeeding
agreement between DSOA and Dover Downs has expired and there is no agreement in effect between them providing otherwise, any underpayment
of purses due under this Agreement shall be payable to horsemen who participated in the last Dover Downs’ meet covered by
this Agreement and both parties shall take whatever action is required to accomplish such payment.

 

In order to minimize any underpayment or overpayment
of purses at the conclusion of the live race meet under this Agreement, DSOA and Dover Downs will meet regularly to make adjustments
to the purse account if necessary.  These adjustments to the purses will be in a fair and reasonable manner and will include
lowering the minimum purse if such action is warranted.  The base purse for any claiming race will not exceed eighty (80%)
percent of the claiming price.

 

C.Dover Downs shall provide an
office for the use of a DSOA representative on its racing grounds.

 

D.Representatives of Dover Downs
will be available at reasonable times to consult with DSOA representatives upon request of either party concerning any matters
pertaining to the provisions of this Agreement and/or the conduct of races, maintenance of the receiving stable area, the race
track, paddock and training areas.

 

E.Dover Downs shall pay to DSOA
as part of its expenses in Paragraph 5.A. the incurred premiums of insurance administered by DSOA for grooms, second trainers,
trainers, and drivers.  Insurance premiums shall be paid monthly upon presentation of a bill from DSOA.  The premiums
shall be in diminution of and as a credit against purse money payable under this Agreement as specified in Paragraph 2.

 

F.Dover Downs agrees to cooperate
with DSOA in its effort to provide education, promotional material and public relations regarding harness racing, pari-mutuel betting,
and horse ownership.

 

    	 	4	 

     

    

 

G.DSOA acknowledges that from time
to time certain legislative effort will be required in Delaware pertaining to pari-mutuel wagering, horse racing, and the video
lottery, as well as other matters that will affect Dover Downs.  DSOA will fully support and help lobby for all reasonable
legislation and oppose all harmful legislation insofar as it does not adversely impact horsemen’s issues.

 

H.The minimum “claiming priced
race” and the minimum “nonwinners (“NW”) last 6 condition race” will be for Delaware owned
or bred horses only unless changed by mutual agreement.

 

I.Unless changed by mutual agreement,
the qualifying times during the term of this Agreement shall be 2:00 for pacers and 2:02 for trotters, plus applicable allowances
for weather, and track conditions.  Two year olds will receive a two second allowance.  Three year olds will receive
a one second allowance.

 

J.During this Agreement, horses
permitted at Dover Downs will have the opportunity to qualify two times per calendar month. Horses that are two year olds and three
year olds, and are nominated to the Delaware Breeders program, will have unlimited opportunity to qualify during each of the three
(3) months leading up to the first event of the program to which it is nominated.

 

K.There shall not be any general
age restrictions in condition races that are written as NW of $6,000 or higher in last (x) starts.  This does not apply
to NW of (x) races lifetime, NW of ($x) lifetime, or any other type of condition race written according to the available horse
population in an effort to enhance the quality and competitiveness of the racing at Dover Downs.  All races written for NW
of (x) races lifetime shall exclude as a win only, any win in which the first place money was less than or equal to $750.

 

L.During the term of this Agreement,
if Dover Downs has races with nine horse fields, a bonus will be added to the base purse as follows:

 

	Base purse is:	 	Bonus is:	 
	Less than $20,000	 	$	500	 
	$20,000 or more	 	$	1,000	 

 

M.Dover Downs, upon request, shall
furnish to DSOA a summary of the handle.

 

6.SIMULCAST WAGERING

 

A.As consideration for the distribution
to the purse pool in accordance with Paragraph 2.B., DSOA agrees, as is standard in the industry, to share the daily cost incurred
by Dover Downs for the daily export of the live signal throughout each season.  These incremental costs incurred by Dover
Downs for the exporting of live races will be calculated and shared twenty-five (25%) percent by DSOA and seventy-five (75%) percent
by Dover Downs.  These daily costs will be detailed on the purse reconciliation report submitted to DSOA at the end of each
month.

 

    	 	5	 

     

    

 

B.As consideration for the covenants
set forth herein, and other considerations, DSOA agrees that it will not share in any of the revenues or expenses from intrastate
and interstate simulcasting of standardbred and thoroughbred races from such tracks as approved per Paragraph 6.C.

 

C.All simulcasting agreements need
the approval of DSOA prior to Dover Downs accepting wagering on those races.  DSOA agrees not to unreasonably withhold their
approval.

 

Should either DSOA or Dover Downs deny an approval
or elect to terminate an agreement, they must provide the other party written notice at least fifteen (15) days prior to termination
or disapproval with reasonable explanation for their action.

 

7.STAKE AND EARLY CLOSING EVENTS

 

Not more than eight (8%) percent of the total purse
money payable to the horsemen during each race meet shall be paid for stake and early closing events.  Purse money payable
to the Delaware Standardbred Breeders Program, or any other Delaware owned or bred stakes or early closing events, shall not be
part of the eight (8%) percent limitation.

 

8.ON-TRACK DRIVER INSURANCE

 

Dover Downs shall provide on-track driver accident
and disability insurance with minimums of $100,000 death benefit, $100,000 medical expenses and $350 a week disability income for
104 weeks subject to no more than a seven-day waiting period.  Up to an additional $150 per week disability income will be
provided for the first 26 weeks of disability based on the prior six months earnings of the injured person as a driver/trainer
on a dollar for dollar disability to earnings per week over $350 up to $500 per week.  This coverage shall have no deductible
to the horsemen and will be provided on race days, non-race days during the race meet when the track is available for training,
and for three (3) days prior to each race meeting covered under this Agreement.

 

9.STALL ASSIGNMENTS AND RACING PRIVILEGES

 

Nothing in this Agreement shall be deemed to limit
or restrict in any manner the absolute discretion of Dover Downs to assign stalls and/or grant racing privileges to owners and
trainers whether or not members of DSOA, except that stall space and/or racing privileges shall not be denied by reason of membership
in, or activity on behalf of, DSOA or a duly constituted horsemen’s committee.  Notwithstanding this paragraph, it is
understood that Dover Downs does not contemplate opening its barn area and providing stabling facilities during the term of this
Agreement.  Dover Downs does, however, agree to make reasonable attempts to restrict the horse population to a manageable
level with preference being given to Delaware owned horses.

 

10.INDEMNITY AND COOPERATION

 

DSOA shall indemnify and hold Dover Downs harmless
against any claims, losses, expenses, judgments, penalties or extra distributions imposed upon or suffered by Dover Downs arising
out of, or in connection with, the payment provided in Paragraph 5 above.  In the event any other organization shall claim
to represent the horsemen participating in any Dover Downs meeting during the term of this Agreement, Dover Downs shall promptly
notify DSOA.

 

    	 	6	 

     

    

 

Dover Downs agrees and acknowledges that the DSOA
during the term of this Agreement is and shall be the sole and exclusive representatives and bargaining agent for harness horse
people in respect to all matters related to harness racing and ancillary and appurtenant activities carried on by Dover Downs,
as long as DSOA represents a majority of the horsemen racing at Dover Downs.

 

11.CONTROLLING LAW AND REGULATION

 

The interpretation of the provisions of this Agreement
shall be governed by the law of Delaware.  If and to the extent that any provision(s) of this Agreement is and/or becomes
inconsistent with any Delaware statute, law or any regulation of the DHRC not in effect or hereinafter enacted, such provision
or provisions shall be deemed to be superseded by such law or regulation as the case may be.  The validity of the remaining
provisions of this Agreement shall be construed and enforced as if the Agreement did not contain the particular provision held
to be invalid.

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be signed on their behalf by their respective Officers as of the date first above written.

 

	DOVER DOWNS, INC.	 
	 	 
	By:	/s/ Charles B. Lockhart	 
	 	Charles B. Lockhart	 
	 	Vice-President, Horse Racing	 
	 	 
	DELAWARE STANDARDBRED OWNERS ASSOCIATION, INC.	 
	 	 
	By:	/s/ Andrew D. Markano	 
	 	Andrew D. Markano	 
	 	President	 

 

    	 	7Exhibit 10.24

 

EXHIBIT
A

 

2010
BLB WORLDWIDE HOLDINGS, INC.

 

STOCK
OPTION PLAN

 

		l.	Purpose
                                         of the Plan

 

The
purpose of the Plan is to aid the Company and its Affiliates in recruiting and retaining key employees, directors or consultants
of outstanding ability and to motivate such employees, directors or consultants to exert their best efforts on behalf of the Company
and its Affiliates by providing incentives through the granting of Awards. The Company expects that it will benefit from the added
interest which such key employees, directors and consultants will have in the welfare of the Company as a result of their proprietary
interest in the Company's success. The Plan is the Management Incentive Plan as defined in the Shareholders Agreement.

 

		2.	Definitions

 

The
following capitalized terms used in the Plan have the respective meanings set forth in this Section:

 

		(a)	Act:
                                         The Securities Exchange Act of 1934, as amended, or any successor thereto.

 

		(b)	Affiliate:
                                         With respect to the Company, any entity directly or indirectly controlling, controlled
                                         by, or under common control with, the Company or any other entity designated by the Board
                                         in which the Company or an Affiliate has an interest.

 

		(c)	Award:
                                         An Option granted pursuant to the Plan.

 

		(d)	Beneficial
                                         Owner: A "beneficial owner", as such term is defined in Rule 13d-3 under
                                         the Act (or any successor rule thereto).

 

		(e)	Board: The Board of Directors of the Company.

 

		(f)	Change
                                         in Control: Any of the following: (A) the transfer of the shares of common stock
                                         of the Company, BLB Management Services, Inc. ("MSI") or UTGR, Inc. ("UTGR")
                                         to a Person or affiliated group of Persons who would, upon completion of the transfer,
                                         own or be the Beneficial Owner of more than fifty (50%) percent of (i) the then outstanding
                                         shares of common stock of the Company, MSI or UTGR, as applicable or (ii) the combined
                                         voting power of the then outstanding voting shares of the Company, MSI or UTGR or (B)
                                         the closing of any sale or transfer by any of the Company, MSI or UTGR of all or substantially
                                         all of its assets.

 

    	 	 	 

     

    

 

		(g)	Code: The Internal Revenue Code of 1986, as amended, or any successor thereto.

 

		(h)	Committee:
                                         The Compensation Committee of the Board, or such other Committee as may be appointed
                                         by the Board in accordance with Section 4 of the Plan.

 

		(i)	Company:
                                         BLB Worldwide Holdings, Inc., a Delaware corporation.

 

		(j)	Effective
                                         Date: November 5, 2010.

 

		(k)	Employment:
                                         The term "Employment" as used herein shall be deemed to refer to (i) a Participant's
                                         employment if the Participant is an employee of the Company or any of its Affiliates,
                                         (ii) a Participant's services as a consultant, if the Participant is consultant to the
                                         Company or its Affiliates and (iii) a Participant's services as an non-employee director,
                                         if the Participant is a non-employee member of the Board.

 

		(l)	Fair
                                         Market Value: The Fair Market Value shall be the value established by the Committee
                                         in good faith from time to time.

 

		(m)	Option:
                                         A stock option granted pursuant to Section 6 of the Plan.

 

		(n)	Option
                                         Price: The purchase price per Share under the terms of an Option, as determined pursuant
                                         to Section 6(a) of the Plan.

 

		(o)	Participant:
                                         An employee, director or consultant of the Company or an Affiliate who is selected by
                                         the Committee to participate in the Plan.

 

		(p)	Person:
                                         An individual, corporation, limited liability company, association, partnership, joint
                                         venture, organization, business, trust or any other entity or organization, including
                                         a government or any subdivision or agency thereof.

 

		(q)	Plan:
                                         The 2010 BLB Worldwide Holdings, Inc. Stock option Plan.

 

		(r)	Public
                                         Offering: A bona fide underwritten public offering and sale of equity securities
                                         of the Company pursuant to one or more effective registration statements under the Securities
                                         Act of 1933, as amended, at the conclusion of which the aggregate number of Shares that
                                         have been sold to the public equals at least 20% of the Shares then outstanding (on a
                                         fully diluted basis) after giving effect to such sale, and which results in the Company
                                         receiving at least $25 million in gross proceeds from the sale.

 

		(s)	Shareholders
                                         Agreement: The Shareholders Agreement among the Company and its Shareholders dated
                                         as of November 5, 2010.

 

    	 	2	 

     

    

 

		(t)	Shares:
                                         Shares of common stock of the Company.

 

		(u)	Subsidiary:
                                         A subsidiary corporation, as defined in Section 424(f) of the Code (or any successor
                                         section thereto).

 

		3.	Shares
                                         Subject to the Plan

 

The
total number of Shares which may be issued under the Plan is 489,470. The Shares may consist, in whole or in part, of unissued
Shares or treasury Shares. The issuance of Shares or the payment of cash upon the exercise of an Award or in consideration of
the cancellation or termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. Shares
which are subject to Awards which terminate or lapse without the payment of consideration may be granted again under the Plan.

 

		4.	Administration

 

The
Plan shall be administered by the Committee, which shall take action by majority vote and which may delegate its duties and powers
in whole or in part to any subcommittee thereof. Awards may, in the discretion of the Committee, be made under the Plan in assumption
of, or in substitution for, outstanding awards previously granted by the Company or its Affiliates or a company that becomes an
Affiliate. The number of Shares underlying such substitute Awards shall be counted against the aggregate number of Shares available
for Awards under the Plan. The Committee is authorized to interpret the Plan, to establish, amend and rescind any rules and regulations
relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the
Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan in the manner and
to the extent the Committee deems necessary or desirable. The Committee shall have the full power and authority to establish the
terms and conditions of any Award consistent with the provisions of the Plan and to waive any such terms and conditions at any
time, in its sole discretion (including, without limitation, accelerating or waiving any vesting conditions and/or accelerating
payment). The Committee shall require payment of any amount it may reasonably determine to be necessary to withhold for federal,
state, local or other taxes as a result of the exercise, grant or vesting of an Award. The Committee, in its discretion, may allow
the Participant to pay a portion or all of such withholding taxes by (a) delivery in Shares or (b) having Shares withheld by the
Company from any Shares that would have otherwise been received by the Participant.

 

		5.	Limitations

 

No
Award may be granted under the Plan after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend
beyond that date.

  

    	 	3	 

     

    

 

		6.	Terms
                                         and Conditions of Options

 

Options
granted under the Plan shall be non-qualified options for federal income tax purposes, as evidenced by the related Award agreements,
and shall be subject to the foregoing and the following terms and conditions:

 

		(a)	Option
                                         Price. The Option Price per Share shall be determined by the Committee, but shall
                                         not be less than one hundred (100%) percent of the Fair Market Value of the Shares on
                                         the date an Option is granted.

 

		(b)	Exercisability.
                                         Options granted under the Plan shall be exercisable at such time and upon such terms
                                         and conditions as may be determined by the Committee and set forth in a Non-Qualified
                                         Stock Option Agreement between the Participant and the Company ("Award Agreement"),
                                         but in no event shall an Option be exercisable more than ten years after the date it
                                         is granted.

 

		(c)	Exercise
                                         of Options. Except as otherwise provided in the Plan or in an Award agreement, an
                                         Option may be exercised for all, or from time to time any part, of the Shares for which
                                         it is then exercisable. For purposes of Section 6 of the Plan, the exercise date of an
                                         Option shall be the later of the date a notice of exercise is received by the Company
                                         and, if applicable, the date payment is received by the Company pursuant to clauses (i),
                                         (ii), (iii) (iv) or (v) in the following sentence. The purchase price for the Shares
                                         as to which an Option is exercised shall be paid to the Company in full at the time of
                                         exercise at the election of the Participant (i) in cash or its equivalent (e.g., by check),
                                         (ii) to the extent permitted by the Committee, in Shares having a Fair Market Value equal
                                         to the aggregate Option Price for the Shares being purchased and satisfying such other
                                         requirements as may be imposed by the Committee; provided, that such Shares have been
                                         held by the Participant for no less than six (6) months (or such other period as established
                                         from time to time by the Committee in order to avoid adverse accounting treatment applying
                                         generally accepted accounting principles), (iii) partly in cash and, to the extent permitted
                                         by the Committee, partly in such Shares, (iv) if there is a public market for the Shares
                                         at such time, through the delivery of irrevocable instructions to a broker to sell Shares
                                         obtained upon the exercise of the Option and to deliver promptly to the Company an amount
                                         out of the proceeds of such Sale equal to the aggregate Option Price for the Shares being
                                         purchased or (v) to the extent permitted by the Committee, by authorizing the Company
                                         to retain Shares which would otherwise be issuable upon the exercise of the Option having
                                         a Fair Market Value as of the day of such exercise equal to such Option Price. No Participant
                                         shall have any rights to dividends or other rights of a shareholder with respect to Shares
                                         subject to an Option until the Participant has given written notice of exercise of the
                                         Option and paid in full for such Shares.

 

		(d)	Attestation.
                                         Wherever in this Plan or any Award Agreement a Participant is permitted to pay the exercise
                                         price of an Option or taxes relating to the exercise of an Option by delivering Shares,
                                         the Participant may satisfy such delivery requirement by presenting proof of beneficial
                                         ownership of such Shares, in which case the Company shall treat the Option as exercised
                                         without further payment and shall withhold such number of Shares from the Shares acquired
                                         by the exercise of the Option.

 

    	 	4	 

     

    

 

		7.	Adjustments
                                         Upon Certain Events

 

Notwithstanding
any other provisions in the Plan to the contrary, the following provisions shall apply to all Awards granted under the Plan:

 

		(a)	Generally.
                                         In the event of any change in the outstanding Shares after the Effective Date by reason
                                         of any Share dividend or split, reorganization, recapitalization, merger, consolidation,
                                         spin-off, combination, combination or transaction or exchange of Shares or other corporate
                                         exchange, or any distribution to shareholders of Shares other than regular cash dividends
                                         or any transaction similar to the foregoing or a change in the number of options granted
                                         (a "Reorganization Event"), the Committee shall substitute or adjust, as to
                                         (i) the number or kind of Shares or other securities issued or reserved for issuance
                                         pursuant to the Plan or pursuant to outstanding Awards, (ii) the Option Price
                                         and/or (iii) any other affected terms of such Awards so that the Participants receive
                                         an Award equivalent to that held immediately prior to the Reorganization Event.

 

		(b)	Change
                                         in Control/Public Offering. In the event of a Change in Control or Public Offering
                                         after the Effective Date, (i) any outstanding Awards then held by Participants which
                                         are unexercisable or otherwise unvested or subject to lapse restrictions shall automatically
                                         be deemed exercisable or otherwise vested or no longer subject to lapse restrictions,
                                         as the case may be, as of immediately prior to such Change of Control or Public Offering,
                                         as the case may be, and (ii) the Committee shall cancel such Awards for fair value which,
                                         in the case of Options shall equal the excess, if any, of value of the consideration
                                         to be paid in the Change of Control or Public Offering transaction to holders of the
                                         same number of Shares subject to such Options (or, if no consideration is paid in any
                                         such transaction, the Fair Market Value of the Shares subject to such Options) or the
                                         Public Offering Price, as the case may be, over the aggregate Option Price of such Options.

 

		8.	No
                                         Right to Employment or Awards

 

The
granting of an Award under the Plan shall impose no obligation on the Company or any Affiliate to continue the employment or service
of a Participant and shall not lessen or affect the Company's or Affiliate's right to terminate the employment or service of such
Participant. No Participant or other person shall have any claim to be granted any Award, and there is no obligation for uniformity
of treatment of Participants, or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee's determinations
and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants
are similarly situated).

 

    	 	5	 

     

    

 

		9.	Successors
                                         and Assigns

 

The
Plan shall be binding on all successors and assigns of the Company and a Participant, including without limitation, the estate
of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative
of the Participant's creditors.

 

		10.	Nontransferability
                                         of Awards

 

Unless
otherwise determined by the Committee, an Award shall not be transferable or assignable by the Participant other than by will
or by the laws of descent and distribution. An Award exercisable after the death of a Participant may be exercised by the heirs,
executors administrators or personal representatives of the Participant.

 

		11.	Amendments
                                         or Termination

 

The
Board may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made, (a) without the
approval of a majority in number of the Founding Shareholders of the Company (as defined in the Shareholders Agreement), if such
action would increase the total number of Shares reserved for the purposes of the Plan or change the maximum number of Shares
for which Awards may be granted to any Participant or (b) without the consent of a Participant, if such action would change the
method of determining fair market value or diminish any of the rights of the Participant under any Award theretofore granted to
such Participant under the Plan; provided, however, that the Committee may amend the Plan in such manner as it deems necessary
to permit the granting of Awards meeting the requirements of the Code or other applicable laws.

 

		12.	International
                                         Participants

 

With
respect to Participants who reside or work outside the United States of America, the Committee may, in its sole discretion, amend
the terms of the Plan or Awards with respect to such Participants in order to conform such terms with the requirements of local
law.

 

		13.	Choice
                                         of Law

 

The
Plan shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflicts of laws.

 

		14.	Effectiveness
                                         of the Plan

 

The
Plan shall be effective as of the Effective Date.

 

    	 	6

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