Document:

EX-10.3

 Exhibit 10.3 

TARGACEPT, INC. 
 2006
STOCK INCENTIVE PLAN 
 Nonqualified Stock Option Agreement 

(Nonemployee Directors) 

THIS AGREEMENT (together with Schedule A, attached hereto, the “Agreement”), effective as of the date specified as the “Grant
Date” on Schedule A attached hereto, between TARGACEPT, INC., a Delaware corporation (the “Corporation”), and the individual identified on Schedule A attached hereto, a Nonemployee Director of the Corporation or an Affiliate (the
“Participant”); 
 R E C I T A L S : 

In furtherance of the purposes of the Targacept, Inc. 2006 Stock Incentive Plan, as amended or restated and as it may be hereafter amended or
restated (the “Plan”), the Corporation and the Participant hereby agree as follows: 
 1. Incorporation of Plan. The rights
and duties of the Corporation and the Participant under this Agreement shall in all respects be subject to and governed by the provisions of the Plan, the terms of which are incorporated herein by reference. In the event of any conflict between the
provisions in the Agreement and those of the Plan, the provisions of the Plan shall govern. Unless otherwise defined herein, capitalized terms in this Agreement shall have the same definitions as set forth in the Plan. 

2. Grant of Option; Term of Option. The Corporation hereby grants to the Participant pursuant to the Plan, as a matter of separate
inducement and agreement in connection with his or her service to the Corporation, and not in lieu of any salary or other compensation for his or her services, the right and option (the “Option”) to purchase all or any part of such
aggregate number of shares (the “Shares”) of common stock of the Corporation (the “Common Stock”) at a purchase price (the “Option Price”) as specified on Schedule A, attached hereto, and subject to such other terms and
conditions as may be stated herein or in the Plan or on Schedule A. The Participant expressly acknowledges that the terms of Schedule A shall be incorporated herein by reference and shall constitute part of this Agreement. The Corporation and the
Participant further acknowledge and agree that the signatures of the Corporation and the Participant on the Grant Notice contained in Schedule A shall constitute their acceptance of all of the terms of this Agreement and their agreement to be bound
by the terms of this Agreement. The Option shall be designated as a Nonqualified Option, as stated on Schedule A. Except as otherwise provided in the Plan or this Agreement, this Option will expire if not exercised in full by the Expiration Date
specified on Schedule A. 
 3. Exercise of Option. Subject to the terms of the Plan and this Agreement, the Option shall become
exercisable on the date or dates, and subject to such conditions, as are set forth on Schedule A attached hereto. To the extent that the Option is exercisable and not exercised, the Option shall accumulate and be exercisable by the Participant in
whole or in part at any time 

 
prior to expiration of the Option, subject to the terms of the Plan and this Agreement. The Participant expressly acknowledges that the Option may vest and be exercisable only upon such terms
and conditions as are provided in this Agreement and the Plan. Upon the exercise of an Option in whole or in part and payment of the Option Price in accordance with the provisions of the Plan and this Agreement, the Corporation shall, as soon
thereafter as practicable, deliver to the Participant a certificate or certificates for the Shares purchased. Payment of the Option Price may be made (i) in cash or by cash equivalent; and, where permitted by applicable law, payment may also be
made (ii) by delivery (by either actual delivery or attestation) of shares of Common Stock owned by the Participant (subject to such terms and conditions, if any, as may be determined by the Administrator); (iii) by shares of Common Stock
withheld upon exercise but only if and to the extent that payment by such method does not result in variable accounting or other accounting consequences deemed unacceptable to the Corporation; (iv) in the event that a Public Market (as defined
in the Plan) for the Common Stock exists, by delivery of written notice of exercise to the Corporation and delivery to a broker of written notice of exercise and irrevocable instructions to promptly deliver to the Corporation the amount of sale or
loan proceeds to pay the Option Price; (v) by such other payment methods as may be approved by the Administrator and which are acceptable under applicable law; or (vi) by any combination of the foregoing methods. Shares delivered or
withheld in payment of the Option Price shall be valued at their Fair Market Value on the date of exercise, determined in accordance with the terms of the Plan. 

4. No Right of Employment or Service; Forfeiture of Option. Neither the Plan, this Agreement nor any other action related to the Plan
shall confer upon the Participant any right to continue in the employment or service of the Corporation or an Affiliate or interfere with the right of the Corporation or an Affiliate to terminate the Participant’s employment or service at any
time. Except as otherwise expressly provided in the Plan or this Agreement or as determined by the Administrator, all rights of the Participant with respect to the Option shall terminate upon termination of the employment of the Participant with the
Corporation or an Affiliate. 
 5. Termination of Service. Unless the Administrator determines otherwise (subject to any requirements
imposed under Code Section 409A), the Option may be exercised only to the extent vested and exercisable on the Participant’s Termination Date (unless the termination was for Cause), and must be exercised, if at all, prior to the first to
occur of the following, as applicable: (a) the close of the period of three years next succeeding the Termination Date; or (b) the close of the Option Period. If the services of a Participant are terminated for Cause, his or her Option
shall lapse and no longer be exercisable as of his or her Termination Date, as determined by the Administrator. 
 6. Nontransferability
of Option. The Option shall not be transferable (including by sale, assignment, pledge or hypothecation) other than by will or the laws of intestate succession, except as may be permitted by the Administrator in a manner consistent with the
registration provisions of the Securities Act of 1933, as amended (the “Securities Act”). Except as may be permitted by the preceding sentence, the Option shall be exercisable during the Participant’s lifetime only by him or her or by
his or her guardian or legal representative. The designation of a beneficiary in accordance with the Plan does not constitute a transfer. 

 7. Superseding Agreement; Binding Effect. This Agreement supersedes any statements,
representations or agreements of the Corporation with respect to the grant of the Option or any related rights, and the Participant hereby waives any rights or claims related to any such statements, representations or agreements. This Agreement does
not supersede or amend any existing confidentiality agreement, nonsolicitation agreement, noncompetition agreement, employment agreement or any other similar agreement between the Participant and the Corporation, including, but not limited to, any
restrictive covenants contained in such agreements. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective executors, administrators, heirs, successors and assigns. 

8. Governing Law. Except as otherwise provided in the Plan or herein, this Agreement shall be construed and enforced according to the
laws of the State of Delaware, without regard to the conflict of laws provisions of any state, and in accordance with applicable federal laws of the United States. 

9. Amendment and Termination; Waiver. Subject to the terms of the Plan, this Agreement may be modified or amended only by the written
agreement of the parties hereto. The waiver by the Corporation of a breach of any provision of the Agreement by the Participant shall not operate or be construed as a waiver of any subsequent breach by the Participant. Notwithstanding the foregoing,
the Administrator shall have unilateral authority to amend the Plan and this Agreement (without Participant consent) to the extent necessary to comply with applicable law or changes to applicable law (including but in no way limited to Code
Section 409A, Code Section 422 and federal securities laws). 
 10. No Rights as Stockholder. The Participant and his or
her legal representatives, legatees and distributees shall not be deemed to be the holder of any Shares subject to the Option and shall not have any rights of a stockholder unless and until certificates for such Shares have been issued and delivered
to him or her or them. 
 11. Withholding; Tax Matters. 

(a) The Participant acknowledges that the Corporation shall require the Participant to pay the Corporation in cash the amount
of any tax or other amount required by any governmental authority to be withheld and paid over by the Corporation to such authority for the account of the Participant, and the Participant agrees, as a condition to the grant of the Option and
delivery of the Shares or any other benefit, to satisfy such obligations. Notwithstanding the foregoing, the Corporation may establish procedures to permit the Participant to satisfy such obligations in whole or in part, and any other local, state,
federal, foreign or other income tax obligations relating to the Option, by electing (the “election”) to have the Corporation withhold shares of Common Stock from the Shares to which the Participant is entitled. The number of Shares to be
withheld shall have a Fair Market Value as of the date that the amount of tax to be withheld is determined as nearly equal as possible to (but not exceeding) the amount of such obligations being satisfied. Each election must be made in writing to
the Administrator in accordance with election procedures established by the Administrator. 

  
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 (b) The Participant acknowledges that the Corporation has made no warranties or
representations to the Participant with respect to the tax consequences (including, but not limited to, income tax consequences) related to the transactions contemplated by this Agreement, and the Participant is in no manner relying on the
Corporation or its representatives for an assessment of such tax consequences. The Participant acknowledges that there may be adverse tax consequences upon acquisition or disposition of the Shares subject to the Option and that the Participant
should consult a tax advisor prior to such exercise or disposition. The Participant acknowledges that he or she has been advised that he or she should consult with his own attorney, accountant, and/or tax advisor regarding the decision to enter into
this Agreement and the consequences thereof. The Participant also acknowledges that the Corporation has no responsibility to take or refrain from taking any actions in order to achieve a certain tax result for the Participant. 

12. Administration. The authority to construe and interpret this Agreement and the Plan, and to administer all aspects of the Plan,
shall be vested in the Administrator, and the Administrator shall have all powers with respect to this Agreement as are provided in the Plan. Any interpretation of the Agreement by the Administrator and any decision made by it with respect to the
Agreement is final and binding. 
 13. Notices. Except as may be otherwise provided by the Plan or determined by the Administrator,
any written notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail. Notices sent by mail
shall be deemed received three business days after mailed but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at the Participant’s address indicated on Schedule A (or such other address as
may be designated by the Participant in a manner acceptable to the Administrator), or, if to the Corporation, at the Corporation’s principal office, attention Chief Financial Officer, Targacept, Inc. Notice may also be provided by electronic
submission, if and to the extent permitted by the Administrator. 
 14. Severability. The provisions of this Agreement are severable
and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable. 

15. Restrictions on Option and Shares. The Corporation may impose such restrictions on the Option and the Shares or other benefits
underlying the Option as it may deem advisable, including without limitation restrictions under the federal securities laws, the requirements of any stock exchange or similar organization and any blue sky, state or foreign securities laws applicable
to such Option or Shares. Notwithstanding any other provision in the Plan or the Agreement to the contrary, the Corporation shall not be obligated to issue, deliver or transfer shares of Common Stock, to make any other distribution of benefits, or
to take any other action, unless such delivery, distribution or action is in compliance with all applicable laws, rules and regulations (including but not limited to the requirements of the Securities Act). The Corporation may cause a restrictive
legend to be placed on any certificate for Shares issued pursuant to the exercise of the Option in such form as may be prescribed from time to time by applicable laws and regulations or as may be advised by legal counsel. 

  
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 16. Effect of Changes in Status. Unless the Administrator, in its sole discretion,
determines otherwise (or unless required by Code Section 409A), the Option shall not be affected by any change in the terms, conditions or status of the Participant’s service, provided that the Participant continues to be in the service to
the Corporation or an Affiliate. Without limiting the foregoing, the Administrator has sole discretion to determine, subject to Code Section 409A, at the time of grant of the Option or at any time thereafter, the effect, if any, on the Option
if the Participant’s status as a Director changes. 
 17. Right of Offset. Notwithstanding any other provision of the Plan or
the Agreement, the Corporation may reduce the amount of any payment otherwise payable to or on behalf of the Participant by the amount of any obligation of the Participant to the Corporation that is or becomes due and payable and the Participant
shall be deemed to have consented to such reduction. 
 18. Counterparts; Further Instruments. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The parties hereto agree to execute such further instruments and to take such further action as may be
reasonably necessary to carry out the purposes and intent of this Agreement. 
 [Signatures of the Corporation and the Participant follow
on Schedule A/Grant Notice.] 

  
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 TARGACEPT, INC. 

2006 STOCK INCENTIVE PLAN 

Nonqualified Stock Option Agreement 

(Nonemployee Directors) 

Schedule A/Grant Notice 

1. Pursuant to the terms and conditions of the Corporation’s 2006 Stock Incentive Plan, as amended or restated and as it may be hereafter
amended or restated (the “Plan”), you (the “Participant”) have been granted an option (the “Option”) to purchase              shares (the “Shares”)
of our Common Stock as outlined below. 
  

			
	Name of Participant:	  	  

	Address:	  	  

		  	  

	Grant Date:	  	  

	Option Price:	  	  

	Type of Option:	  	Nonqualified Stock Option
	Expiration Date (Last day of Option Period):	  	  

	Vesting Schedule/Conditions:	  	  

		  	  

		  	  

 2. By my signature below, I, the Participant, hereby acknowledge receipt of this Grant Notice and the Option
Agreement (the “Agreement”) dated                      , 20    , between the Participant and Targacept, Inc. (the
“Corporation”) which is attached to this Grant Notice. I understand that the Grant Notice and other provisions of Schedule A herein are incorporated by reference into the Agreement and constitute a part of the Agreement. By my signature
below, I further agree to be bound by the terms of the Plan and the Agreement, including but not limited to the terms of this Grant Notice and the other provisions of Schedule A contained herein. The Corporation reserves the right to treat the
Option and the Agreement as cancelled, void and of no effect if the Participant fails to return a signed copy of the Grant Notice within 30 days of grant date stated above. 

 

									
	Signature:	 	  
	 		 	Date:	 	  

				
		 		 		 	Agreed to by:
		 		 		 	TARGACEPT, INC.
					
		 		 		 	By:	 	  

		 		 		 		 	Stephen A. Hill
		 		 		 		 	Chief Executive Officer and President

  

	
	Attest:
	
	  

	Secretary

 Note: If there are any discrepancies in the name or address shown above, please make the appropriate corrections on this
form. Please retain a copy of the Agreement, including this Grant Notice, for your files. 

  
 6EX-10.1

 Exhibit 10.1 

AMENDMENT TO LOAN AGREEMENT 

This Amendment, dated as of November 1, 2013 (this “Amendment”), to that certain Loan Agreement, dated as of
March 6, 2012 (the “Loan Agreement”), among THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT, a Federally recognized Indian Tribe and Native American sovereign nation (the “Tribe”), the MOHEGAN TRIBAL GAMING
AUTHORITY, a governmental instrumentality of the Tribe (the “Borrower”), each lender from time to time party thereto (the “Lenders”) and WELLS FARGO GAMING CAPITAL, LLC, as Administrative Agent (in such capacity,
the “Administrative Agent”), is entered into among the Tribe, the Borrower, the Guarantors, the Administrative Agent and the Lenders party hereto. Capitalized terms used herein but not defined herein are used as defined in the Loan
Agreement. 
 W I T N E S S E T H: 

WHEREAS, the Borrower and the Tribe have requested that the Lenders agree to amend certain provisions of the Loan Agreement as
provided for herein, and the Lenders whose signatures appear below, constituting at least the Required Lenders, are willing to amend the Loan Agreement on the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and obligations herein set forth and
other good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, and in reliance upon the representations, warranties and covenants herein contained, the parties hereto, intending to be legally bound, hereby agree as
follows: 
  

	SECTION 1.	AMENDMENT TO THE LOAN AGREEMENT. 

 Effective as of the Amendment Effective Date (as
defined in Section 2 below), the Loan Agreement is hereby amended as follows: 
 1.1 Section 1.01 (Defined Terms) of the
Credit Agreement is hereby amended by inserting the following defined terms in the appropriate alphabetical order: 

“Amendment Effective Date” has the meaning assigned to such term in that certain Amendment, dated as of
November 1, 2013, to this Agreement. 
 “Make-Whole Amount” means with respect to the Term Loans on any
date of prepayment of such Term Loans pursuant to Section 2.06(a) from and after the Amendment Effective Date and prior to the second anniversary of the Closing Date, an amount equal to the excess of (a) the present value at such
prepayment date of (i) the aggregate principal amount of the Term 

  
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Loans as of the second anniversary of the Closing Date (assuming the entire aggregate principal amount of the Term Loans were outstanding on the second anniversary of the Closing Date) plus
(ii) the interest payments that would have been made pursuant to Section 2.08(c) on the aggregate principal amount of the Term Loans through the second anniversary of the Closing Date but for such prepayment (excluding accrued but unpaid
interest as of the date of such prepayment, and assuming for this purpose (x) Interest Payment Dates on the last day of each calendar quarter and on the second anniversary of the Closing Date and (y) an interest rate equal to the
Eurodollar Rate for a Eurodollar Rate Loan with a one-month Interest Period made on the date of such prepayment plus 7.50%), discounted to the date of prepayment at a rate equal to the Treasury Rate plus 0.50%, over (b) the aggregate principal
amount of the Term Loans. 
 “Treasury Rate” means, as of any date, the weekly average yield on actually
traded United States Treasury securities adjusted to a constant maturity of one year (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days
(but no more than five Business Days) prior to such date (or, if such Statistical Release is no longer published, any publicly available source of similar market data selected by the Administrative Agent)).

1.2 Section 2.06 (Voluntary Prepayments of the Term Loans) of the Loan Agreement is hereby amended by replacing the period at the
end of the last sentence of paragraph (a) thereof with the following: 
 ; provided, however, that notwithstanding
anything to the contrary herein, from and after the Amendment Effective Date and prior to the second anniversary of the Closing Date, the Borrower may, upon three Business Days prior notice to the Administrative Agent, prepay the Term Loans in
whole, but not in part; provided, further, that in the event of any such prepayment, the Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders, in addition to any amounts required to be paid by the
Borrower in connection with such prepayment under Section 3.05, a prepayment premium equal to the Make-Whole Amount; provided, further, that no prepayment shall be made by the Borrower under this Section 2.06(a) to the extent
such prepayment is prohibited by the First Out Loan Agreement unless substantially simultaneously therewith the First Out Obligations (other than the obligations referenced in Sections 3.01, 3.04, 3.05, 3.06, 12.04 and 12.05 of the First Out Loan
Agreement) are being repaid in full and the lending commitments under the First Out Loan Agreement are being terminated. 

  
 2 

	SECTION 2.	CONDITIONS PRECEDENT  

 This Amendment shall become effective as of the first date
(the “Amendment Effective Date”) on which it has been executed by the Administrative Agent and the Administrative Agent shall have received counterparts of this Amendment, duly executed by each of the Borrower, the Tribe, each
Guarantor and Lenders constituting the Required Lenders. 
  

	SECTION 3.	REPRESENTATIONS AND WARRANTIES 

 In order to induce the Lenders to consent to the
amendment contained herein, each of the Borrower and, to the extent applicable, the Tribe hereby represents and warrants to the Administrative Agent and each Lender as follows: 

(a) This Amendment does not impair the validity, effectiveness or priority of the Liens granted pursuant to the Collateral Documents, and such
Liens continue unimpaired with the same priority to secure, to the fullest extent possible in accordance with the Loan Documents, the payment and performance of all Obligations. 

(b) Each of the Borrower and the Tribe reaffirms as of the Amendment Effective Date its covenants and agreements contained in the Loan
Agreement and each Collateral Document and other Loan Document to which it is a party, including, in each case, as such covenants and agreements may be modified by this Amendment on the Amendment Effective Date. Each of the Borrower and the Tribe
further confirms that the Loan Agreement and each Collateral Document and other Loan Document to which it is a party is, and shall continue to be, in full force and effect, and the same are hereby ratified, approved and confirmed in all respects,
except as the Loan Agreement may be amended by this Amendment. 
 (c) After giving effect to this Amendment, the representations and
warranties set forth in Article V and Article VI of the Loan Agreement are, in each case, true and correct in all material respects (or, in the case of any such representation that is already subject to a materiality qualifier, in all
respects) on and as of the Amendment Effective Date with the same effect as if made on and as of such date (unless stated to relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all
material respects (or, in the case of any such representation that is already subject to a materiality qualifier, in all respects) as of such earlier date). 

(d) This Amendment constitutes the legal, valid and binding obligation of each of the Borrower and the Tribe, enforceable in accordance with
its terms. 
 (e) Each of the Borrower and the Tribe has all requisite power and authority to enter into this Amendment and to carry out the
transactions contemplated by, and perform its obligations under, this Amendment and the Loan Agreement as amended by this Amendment. 
 (f)
No Default or Event of Default has occurred and is continuing as of the date hereof, or will have occurred and be continuing as of the Amendment Effective Date, after giving effect to this Amendment. 

 

	SECTION 4.	GUARANTOR ACKNOWLEDGEMENT AND CONSENT 

 4.1 Each Guarantor hereby acknowledges that it
has reviewed the terms and provisions of the Loan Agreement and this Amendment and consents to the amendment of the Loan Agreement effected pursuant to this Amendment. Each Guarantor hereby confirms that its guarantee of the Obligations and

  
 3 

 
each Collateral Document and other Loan Document to which it is a party and all collateral encumbered thereby will continue to guarantee or secure, as the case may be, to the fullest extent
possible in accordance with the Loan Documents, the payment and performance of all Obligations. 
 4.2 Each Guarantor hereby confirms that
each Collateral Document and other Loan Document to which it is a party is, and shall continue to be, in full force and effect, and the same are hereby ratified, approved and confirmed in all respects. 

4.3 Each Guarantor and each other party hereto acknowledges and agrees that (i) notwithstanding the conditions to effectiveness and
acknowledgments set forth in this Amendment, the consent of such Guarantor hereto is not required by the terms of the Loan Agreement or any other Loan Document and (ii) nothing in the Loan Agreement, this Amendment or any other Loan Document
shall be deemed to require the consent of such Guarantor to any future amendments to the Loan Agreement. 
  

	SECTION 5.	MISCELLANEOUS 

 5.1 Headings. Section headings used herein are for
convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment. 

5.2 Execution in Counterparts. This Amendment may be executed in two or more counterparts, each of which shall constitute an
original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Section 2. Delivery of an executed counterpart to this Amendment by facsimile transmission (or pdf file or other
electronic transmission pursuant to procedures approved by the Administrative Agent) shall be as effective as delivery of a manually signed original. 

5.3 Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns. 
 5.4 Governing Law. Except to the extent otherwise expressly provided herein, this
Amendment shall be governed by, and construed and enforced in accordance with, the Laws of Connecticut, without regard to the conflicts of law provisions of the Laws of Connecticut. Borrower and each other party hereto each hereby consents to the
application of Connecticut civil law to the construction, interpretation and enforcement of this Amendment, and to the application of Connecticut civil law to the procedural aspects of any suit, action or proceeding relating thereto, including but
not limited to legal process, execution of judgments and other legal remedies, except for any procedural matters governed by or relating to the conduct of arbitration under Section 12.15 of the Loan Agreement. This Amendment is a
“Contract of The Tribal Gaming Authority” within the meaning of Section 1 of Article XIII (entitled “Tribal Gaming Authority Amendment”) of the Constitution. 

5.5 Incorporation by Reference of Certain Provisions. The parties hereto agree that each of the following Sections of the Loan
Agreement applies to this Amendment and is incorporated by reference as if fully set forth herein, mutatis mutandis: Section 12.15 (Arbitration Reference), Section 12.17 (Waiver of Right to Trial by Jury), Section 12.18 (Waiver
of Sovereign Immunity; Consent to Jurisdiction) and Section 12.27 (Gaming Law Limitations). 
 5.6 Fees and Expenses. The
Borrower agrees to pay, promptly after receipt of an invoice therefor, all reasonable out-of-pocket expenses incurred by the Administrative Agent in connection with the preparation, negotiation, execution, delivery and administration of this
Amendment, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent. 

  
 4 

 5.7 Loan Document Pursuant to Loan Agreement. This Amendment is a Loan Document
executed pursuant to the Loan Agreement and shall be construed, administered and applied in accordance with all of the terms and provisions of the Loan Agreement (and, following the Amendment Effective Date, the Loan Agreement, as amended hereby).

 5.8 Effects of this Amendment. 

(a) On the Amendment Effective Date, the Loan Agreement will be automatically amended to reflect the amendment thereto provided for in this
Amendment. Once the Amendment Effective Date has occurred, all references to the Loan Agreement in any document, instrument, agreement, or writing shall be deemed to refer to the Loan Agreement as amended by this Amendment. 

(b) Other than as specifically provided herein, this Amendment shall not operate as a waiver or amendment of any right, power or privilege of
the Administrative Agent or any Lender under the Loan Agreement or any other Loan Document or of any other term or condition of the Loan Agreement or any other Loan Document, nor shall the entering into of this Amendment preclude the Administrative
Agent and/or any Lender from refusing to enter into any further waivers or amendments with respect thereto. This Amendment is not intended by any of the parties hereto to be interpreted as a course of dealing which would in any way impair the rights
or remedies of the Administrative Agent or any Lender except as expressly stated herein. 
 [SIGNATURE PAGES
FOLLOW] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as
of the first date above written. 
  

			
	MOHEGAN TRIBAL GAMING AUTHORITY
		
	By:	 	 /s/ Mitchell G. Etess

	Name:	 	 Mitchell G. Etess

	Title:	 	 Chief Executive Officer

	
	THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT
		
	By:	 	 /s/ Kevin P. Brown

	Name:	 	 Kevin P. Brown

	Title:	 	 Chairman

 
					
	“Guarantors”
	
	DOWNS RACING, L.P., a Pennsylvania limited partnership
		
	By:	 	 /s/ Mitchell G. Etess

	Name:	 	 Mitchell G. Etess

	Title:	 	 Manager

	
	BACKSIDE, L.P., a Pennsylvania limited partnership
		
	By:	 	MOHEGAN COMMERCIAL VENTURES PA, LLC, a Pennsylvania limited liability company, its General Partner
			
		 	By:	 	 /s/ Mitchell G. Etess

		 	Name:	 	 Mitchell G. Etess

		 	Title:	 	 Manager

	
	MILL CREEK LAND, L.P., a Pennsylvania limited partnership
		
	By:	 	MOHEGAN COMMERCIAL VENTURES PA, LLC, a Pennsylvania limited liability company, its General Partner
			
		 	By:	 	 /s/ Mitchell G. Etess

		 	Name:	 	 Mitchell G. Etess

		 	Title:	 	 Manager

  
 7 

 
					
	NORTHEAST CONCESSIONS, L.P., a Pennsylvania limited partnership
		
	By:	 	MOHEGAN COMMERCIAL VENTURES PA, LLC, a Pennsylvania limited liability company, its General Partner
			
		 	By:	 	 /s/ Mitchell G. Etess

		 	Name:	 	 Mitchell G. Etess

		 	Title:	 	 Manager

	
	MOHEGAN COMMERCIAL VENTURES PA, LLC, a Pennsylvania limited liability company, for its own account
		
	By:	 	 /s/ Mitchell G. Etess

	Name:	 	 Mitchell G. Etess

	Title:	 	 Manager

	
	MOHEGAN VENTURES-NORTHWEST, LLC, a limited liability company formed under the laws of The Mohegan Tribe of Indians of Connecticut
		
	By:	 	 /s/ Mitchell G. Etess

	Name:	 	 Mitchell G. Etess

	Title:	 	 President

	
	MOHEGAN GOLF, LLC, a limited liability company formed under the laws of The Mohegan Tribe of Indians of Connecticut
		
	By:	 	 /s/ Mitchell G. Etess

	Name:	 	 Mitchell G. Etess

	Title:	 	 President

  
 8 

 
			
	MOHEGAN VENTURES WISCONSIN, LLC, a limited liability company formed under the laws of The Mohegan Tribe of Indians of Connecticut
		
	By:	 	 /s/ Mitchell G. Etess

	Name:	 	 Mitchell G. Etess

	Title:	 	 Chief Executive Officer

	
	WISCONSIN TRIBAL GAMING, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Mitchell G. Etess

	Name:	 	 Mitchell G. Etess

	Title:	 	 Manager

	
	MTGA GAMING, LLC, a Delaware limited liability company
		
	By:	 	 /s/ Mitchell G. Etess

	Name:	 	 Mitchell G. Etess

	Title:	 	 President

	
	MOHEGAN BASKETBALL CLUB LLC, a limited liability company formed under the laws of The Mohegan Tribe of Indians of Connecticut
		
	By:	 	 /s/ Mitchell G. Etess

	Name:	 	 Mitchell G. Etess

	Title:	 	 President

  
 9 

			
	ACKNOWLEDGED AND AGREED:
	
	 WELLS FARGO GAMING CAPITAL, LLC,
 as
Administrative Agent

		
	By:	 	 /s/ Kelly Walsh

	Name:	 	 Kelly Walsh

	Title:	 	 Authorized Signatory

  
 10

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