Document:

Exhibit 10.3

CHANGES IN TERMS AGREEMENT

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Principal

 	
 Loan Date

 	
 Maturity

 	
 Loan No

 	
 Call /
 Coll

 	
 Account

 	
 Officer

 	
 Initials

 
	
 $2,500,000.00

 	
 12-18-2014

 	
 12-18-2015

 	
 15695

 	
  

 	
  

 	
  

 	
  

 
	
 References
 in the boxes above are for Lender’s use only and do not limit the
 applicability of this document to any particular loan or item.

 
	
 Any
 item above containing “***” has been omitted due to text length limitations.

 

	
  

 	
  

 	
  

 	
  

 
	
 Borrower:

 	
 Electromed, Inc.

 	
 Lender:

 	
 Venture Bank

 
	
  

 	
 500 Sixth Avenue Northwest

 	
  

 	
 4470 W 78th St. Circle

 
	
  

 	
 New Prague, MN 56071

 	
  

 	
 Suite 100

 
	
  

 	
  

 	
  

 	
 Bloomington, MN 55435

 

	
  

 	
  

 
	
  

 	
  

 
	
 Principal
 Amount: $2,500,000.00

 	
 Date of
 Agreement: December 18, 2014

 

	
  

 	
  

 
	
 DESCRIPTION OF EXISTING INDEBTEDNESS. Promissory Note
 #15695 dated 12/18/2013, in the original amount of $2,500,000.00 from
 Borrower to Lender.

 
	
  

 	
  

 
	
 DESCRIPTION OF COLLATERAL. All Business Assets per Commercial Security
 Agreement dated 12/18/2013.

 
	
  

 	
  

 
	
 DESCRIPTION OF CHANGE IN TERMS. Decrease rate margin and extend
 maturity date to 12/18/2015.

 
	
  

 	
  

 
	
 PROMISE TO PAY. Electromed, Inc. (“Borrower”) promises to
 pay to Venture Bank (“Lender”), or order, in lawful money of the United
 States of America, the principal amount of Two Million Five Hundred Thousand
 & 00/100 Dollars ($2,500,000.00) or so much as may be outstanding,
 together with interest on the unpaid outstanding principal balance of each
 advance. Interest shall be calculated from the date of each advance until
 repayment of each advance.

 
	
  

 	
  

 
	
 PAYMENT. Borrower will pay this loan in one payment of all
 outstanding principal plus all accrued unpaid interest on December 18, 2015.
 In addition, Borrower will pay regular monthly payments of all accrued unpaid
 interest due as of each payment date, beginning January 18, 2015, with all
 subsequent interest payments to be due on the same day of each month after
 that. Unless otherwise agreed or required by applicable law, payments will be
 applied first to any accrued unpaid interest; then to principal; then to any
 unpaid collection costs; and then to any late charges. Borrower will pay
 Lender at Lender’s address shown above or at such other place as Lender may
 designate in writing.

 
	
  

 	
  

 
	
 VARIABLE INTEREST RATE. The interest rate on this loan is subject to
 change from time to time based on changes in an independent index which is
 the Prime rate of interest as published each business day by The Wall Street
 Journal (the “Index”). The Index is not necessarily the lowest rate charged
 by Lender on its loans. If the Index becomes unavailable during the term of this
 loan, Lender may designate a substitute index after notifying Borrower.
 Lender will tell Borrower the current Index rate upon Borrower’s request. The
 interest rate change will not occur more often than each day. Borrower
 understands that Lender may make loans based on other rates as well. The Index
 currently is 3.250% per annum. Interest on the unpaid principal
 balance of this loan will be calculated as described in the “INTEREST
 CALCULATION METHOD” paragraph using a rate of 1.000 percentage point over the
 Index, adjusted if necessary for any minimum and maximum rate limitations
 described below, resulting in an initial rate of 4.500% per annum based on a
 year of 360 days. NOTICE: Under no circumstances will the interest rate on
 this loan be less than 4.500% per annum or more than the maximum rate allowed
 by applicable law.

 
	
  

 	
  

 
	
 INTEREST CALCULATION METHOD. Interest on this loan is computed on a
 365/360 basis; that is, by applying the ratio of the interest rate over a
 year of 360 days, multiplied by the outstanding principal balance, multiplied
 by the actual number of days the principal balance is outstanding. All
 interest payable under this loan is computed using this method. This
 calculation method results in a higher effective interest rate than the numeric
 interest rate stated in the loan documents.

 
	
  

 	
  

 
	
 PREPAYMENT. Borrower agrees that all loan fees and other
 prepaid finance charges are earned fully as of the date of the loan and will
 not be subject to refund upon early payment (whether voluntary or as a result
 of default), except as otherwise required by law. Except for the foregoing,
 Borrower may pay without penalty all or a portion of the amount owed earlier
 than it is due. Early payments will not, unless agreed to by Lender in
 writing, relieve Borrower of Borrower’s obligation to continue to make
 payments of accrued unpaid interest. Rather, early payments will reduce the
 principal balance due. Borrower agrees not to send Lender payments marked
 “paid in full”, “without recourse”, or similar language. If Borrower sends
 such a payment, Lender may accept it without losing any of Lender’s rights
 under this Agreement, and Borrower will remain obligated to pay any further
 amount owed to Lender. All written communications concerning disputed
 amounts, including any check or other payment instrument that indicates that
 the payment constitutes “payment in full” of the amount owed or that is
 tendered with other conditions or limitations or as full satisfaction of a
 disputed amount must be mailed or delivered to: Venture Bank, P.O. Box 9180
 Minneapolis, MN 55480-9180.

 
	
  

 	
  

 
	
 LATE CHARGE. If a payment is 10 days or more late,
 Borrower will be charged 5.000% of the unpaid portion of the regularly
 scheduled payment or $50.00, whichever is greater.

 
	
  

 	
  

 
	
 INTEREST AFTER DEFAULT. Upon default, including failure to pay upon
 final maturity, the interest rate on this loan shall be increased by adding
 an additional 6.000 percentage point margin (“Default Rate Margin”). The
 Default Rate Margin shall also apply to each succeeding interest rate change
 that would have applied had there been no default. However, in no event will
 the interest rate exceed the maximum interest rate limitations under
 applicable law.

 
	
  

 	
  

 
	
 DEFAULT.
 Each of the following shall constitute an Event of Default under this
 Agreement:

 
	
  

 	
  

 
	
  

 	
 Payment Default.
 Borrower fails to make any payment when due under the Indebtedness.

 
	
  

 	
  

 
	
  

 	
 Other Defaults.
 Borrower fails to comply with or to perform any other term, obligation,
 covenant or condition contained in this Agreement or in any of the Related
 Documents or to comply with or to perform any term, obligation, covenant or
 condition contained in any other agreement between Lender and Borrower.

 
	
  

 	
  

 
	
  

 	
 False Statements.
 Any warranty, representation or statement made or fumished to Lender by
 Borrower or on Borrower’s behalf under this Agreement or the Related
 Documents is false or misleading in any material respect, either now or at
 the time made or fumished or becomes false or misleading at any time
 thereafter.

 

	
  

 	
  

 	
  

 
	
  

 	
 CHANGES IN TERMS AGREEMENT

 	
  

 
	
 Loan No: 15695

 	
 (Continued) 

 	
 Page 2

 
	
  

 	
  

 	
  

 

	
  

 	
  

 
	
  

 	
 Insolvency.
 The dissolution or termination of Borrower’s existence as a going business,
 the insolvency of Borrower, the appointment of a receiver for any part of
 Borrower’s property, any assignment for the benefit of creditors, any type of
 creditor workout, or the commencement of any proceeding under any bankruptcy
 or insolvency laws by or against Borrower.

 
	
  

 	
  

 
	
  

 	
 Creditor or
 Forfeiture Proceedings. Commencement of foreclosure
 or forfeiture proceedings, whether by judicial proceeding, self-help,
 repossession or any other method, by any creditor of Borrower or by any
 governmental agency against any collateral securing the Indebtedness. This
 includes a garnishment of any of Borrower’s accounts, including deposit
 accounts, with Lender. However, this Event of Default shall not apply if
 there is a good faith dispute by Borrower as to the validity or
 reasonableness of the claim which is the basis of the creditor or forfeiture
 proceeding and if Borrower gives Lender written notice of the creditor or
 forfeiture proceeding and deposits with Lender monies or a surety bond for
 the creditor or forfeiture proceeding, in an amount determined by Lender, in
 its sole discretion, as being an adequate reserve or bond for the dispute.

 
	
  

 	
  

 
	
  

 	
 Events Affecting
 Guarantor. Any of the preceding events occurs with
 respect to any guarantor, endorser, surety, or accommodation party of any of
 the Indebtedness or any guarantor, endorser, surety, or accommodation party
 dies or becomes incompetent, or revokes or disputes the validity of, or
 liability under, any Guaranty of the Indebtedness evidenced by this Note.

 
	
  

 	
  

 
	
  

 	
 Change In Ownership.
 Any change in ownership of twenty-five percent (25%) or more of the common
 stock of Borrower.

 
	
  

 	
  

 
	
  

 	
 Adverse Change.
 A material adverse change occurs in Borrower’s financial condition, or Lender
 believes the prospect of payment or performance of the Indebtedness is
 impaired.

 
	
  

 	
  

 
	
  

 	
 Insecurity.
 Lender in good faith believes itself insecure.

 
	
  

 	
  

 
	
  

 	
 Cure Provisions.
 If any default, other than a default in payment is curable and if Borrower
 has not been given a notice of a breach of the same provision of this
 Agreement within the preceding twelve (12) months, it may be cured if
 Borrower, after Lender sends written notice to Borrower demanding cure of
 such default: (1) cures the default within fifteen (15) days; or (2) if the
 cure requires more than fifteen (15) days, immediately initiates steps which
 Lender deems in Lender’s sole discretion to be sufficient to cure the default
 and thereafter continues and completes all reasonable and necessary steps
 sufficient to produce compliance as soon as reasonably practical.

 
	
  

 	
  

 
	
 LENDER’S RIGHTS. Upon default, Lender may declare the entire
 unpaid principal balance under this Agreement and all accrued unpaid interest
 immediately due, and then Borrower will pay that amount.

 
	
  

 	
  

 
	
 ATTORNEYS’ FEES; EXPENSES. Lender may hire or pay someone else to help
 collect this Agreement if Borrower does not pay. Borrower will pay Lender
 that amount. This includes, subject to any limits under applicable law,
 Lender’s reasonable attorneys’ fees and Lender’s legal expenses, whether or
 not there is a lawsuit, including reasonable attorneys’ fees, expenses for
 bankruptcy proceedings (including efforts to modify or vacate any automatic
 stay or injunction), and appeals. If not prohibited by applicable law,
 Borrower also will pay any court costs, in addition to all other sums
 provided by law.

 
	
  

 	
  

 
	
 GOVERNING LAW. This Agreement will be governed by federal
 law applicable to Lender and, to the extent not preempted by federal law, the
 laws of the State of Minnesota without regard to its conflicts of law
 provisions. This Agreement has been accepted by Lender in the State of
 Minnesota.

 
	
  

 	
  

 
	
 DISHONORED ITEM FEE. Borrower will pay a fee to Lender of $32.00
 if Borrower makes a payment on Borrower’s loan and the check or preauthorized
 charge with which Borrower pays is later dishonored.

 
	
  

 	
  

 
	
 RIGHT OF SETOFF. To the extent permitted by applicable law,
 Lender reserves a right of setoff in all Borrower’s accounts with Lender
 (whether checking, savings, or some other account). This includes all
 accounts Borrower holds jointly with someone else and all accounts Borrower
 may open in the future. However, this does not include any IRA or Keogh
 accounts, or any trust accounts for which setoff would be prohibited by law.
 Borrower authorizes Lender, to the extent permitted by applicable law, to
 charge or setoff all sums owing on the indebtedness against any and all such
 accounts, and, at Lender’s option, to administratively freeze all such
 accounts to allow Lender to protect Lender’s charge and setoff rights
 provided in this paragraph.

 
	
  

 	
  

 
	
 COLLATERAL. Borrower acknowledges this Agreement is
 secured by All Business Assets per Commercial Security Agreement dated
 12/18/2013.

 
	
  

 	
  

 
	
 LINE OF CREDIT. This Agreement evidences a revolving line of
 credit. Advances under this Agreement, as well as directions for payment from
 Borrower’s accounts, may be requested orally or in writing by Borrower or by
 an authorized person. Lender may, but need not, require that all oral
 requests be confirmed in writing. Borrower agrees to be liable for all sums
 either: (A) advanced in accordance with the instructions of an authorized
 person or (B) credited to any of Borrower’s accounts with Lender. The unpaid
 principal balance owing on this Agreement at any time may be evidenced by
 endorsements on this Agreement or by Lender’s internal records, including
 daily computer print-outs. Lender will have no obligation to advance funds under
 this Agreement if: (A) Borrower or any guarantor is in default under the
 terms of this Agreement or any agreement that Borrower or any guarantor has
 with Lender, including any agreement made in connection with the signing of
 this Agreement; (B) Borrower or any guarantor ceases doing business or is
 insolvent; (C) any guarantor seeks, claims or otherwise attempts to limit,
 modify or revoke such guarantor’s guarantee of this Agreement or any other
 loan with Lender; (D) Borrower has applied funds provided pursuant to this
 Agreement for purposes other than those authorized by Lender; or (E) Lender
 in good faith believes itself insecure.

 
	
  

 	
  

 
	
 CONTINUING VALIDITY. Except as expressly changed by this
 Agreement, the terms of the original obligation or obligations, including all
 agreements evidenced or securing the obligation(s), remain unchanged and in
 full force and effect. Consent by Lender to this Agreement does not waive
 Lender’s right to strict performance of the obligation(s) as changed, nor
 obligate Lender to make any future change in terms. Nothing in this Agreement
 will constitute a satisfaction of the obligation(s). It is the intention of
 Lender to retain as liable parties all makers and endorsers of the original
 obligation(s), including accommodation parties, unless a party is expressly
 released by Lender in writing. Any maker or endorser, including accommodation
 makers, will not be released by virtue of this Agreement. If any person who
 signed the original obligation does not sign this Agreement below, then all
 persons signing below acknowledge that this Agreement is given conditionally,
 based on the representation to Lender that the non-signing party consents to
 the changes and provisions of this Agreement or otherwise will not be
 released by it. This waiver applies not only to any initial extension,
 modification or release, but also to all such subsequent actions.

 
	
  

 	
  

 
	
 LOAN AGREEMENT. A document titled, “Business Loan Agreement
 (Asset Based)”, is attached to this Promissory Note.

 
	
  

 	
  

 
	
 CREDIT LINE NON-USAGE FEE. A pro-rated non-usage fee of 0.125% based on
 the average unused portion of the line of credit will be assessed up to the
 maturity date of 12/18/2015.

 
	
  

 	
  

 
	
 SUCCESSORS AND ASSIGNS. Subject to any limitations stated in this
 Agreement on transfer of Borrower’s interest, this Agreement shall be binding
 upon and inure to the benefit of the parties, their successors and assigns.
 If ownership of the Collateral becomes vested in a person other than
 Borrower, Lender, without notice to Borrower, may deal with Borrower’s
 successors with reference to this Agreement and the Indebtedness by way of
 forbearance or extension without releasing Borrower from the obligations of
 this Agreement or liability under the Indebtedness.

 

	
  

 	
  

 	
  

 
	
  

 	
 CHANGES IN TERMS AGREEMENT

 	
  

 
	
 Loan No: 15695

 	
 (Continued) 

 	
 Page 3

 
	
  

 	
  

 	
  

 

	
  

 	
  

 
	
 MISCELLANEOUS PROVISIONS. If any part of this Agreement cannot be
 enforced, this fact will not affect the rest of the Agreement. Lender may
 delay or forgo enforcing any of its rights or remedies under this Agreement
 without losing them. In addition, Lender shall have all the rights and
 remedies provided in the related documents or available at law, in equity, or
 otherwise. Except as may be prohibited by applicable law, all of Lender’s
 rights and remedies shall be cumulative and may be exercised singularly or
 concurrently. Election by Lender to pursue any remedy shall not exclude
 pursuit of any other remedy, and an election to make expenditures or to take
 action to perform an obligation of Borrower shall not affect Lender’s right
 to declare a default and to exercise its rights and remedies. Borrower and
 any other person who signs, guarantees or endorses this Agreement, to the
 extent allowed by law, waive presentment, demand for payment, and notice of
 dishonor. Upon any change in the terms of this Agreement, and unless
 otherwise expressly stated in writing, no party who signs this Agreement,
 whether as maker, guarantor, accommodation maker or endorser, shall be
 released from liability. All such parties agree that Lender may renew or
 extend (repeatedly and for any length of time) this loan or release any party
 or guarantor or collateral; or impair, fail to realize upon or perfect
 Lender’s security interest in the collateral; and take any other action
 deemed necessary by Lender without the consent of or notice to anyone. All
 such parties also agree that Lender may modify this loan without the consent
 of or notice to anyone other than the party with whom the modification is
 made. The obligations under this Agreement are joint and several.

 
	
  

 	
  

 
	
 SECTION DISCLOSURE. To the extent not preempted by federal law,
 this loan is made under Minnesota Statutes, Section 334.01.

 
	
  

 	
  

 
	
 PRIOR TO SIGNING THIS AGREEMENT, BORROWER READ AND
 UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT, INCLUDING THE VARIABLE
 INTEREST RATE PROVISIONS. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.

 

	
  

 	
  

 	
  

 
	
 BORROWER:

 
	
  

 
	
 ELECTROMED, INC.

 
	
  

 
	
 By:

 	
 /s/ Jeremy Brock

 	
  

 
	
  

 	
 Jeremy
 Brock, Chief Financial Officer of Electromed, Inc.

 	
  

 
	
  

 	
  

 	
  

 
	
 LENDER:

 	
  

 
	
  

 	
  

 
	
 VENTURE BANK

 	
  

 
	
  

 	
  

 
	
 X

 	
 /s/ Kevin Doyle

 	
  

 
	
  

 	
 Authorized Signer

 	
  

 

	
  

 
	
 LaserPro, Ver. 14.4.10.012 Copr. D*H USA
 Corporation 1997, 2014. All Rights Reserved. - MN
 c:\APPS\CFI\SFI\LPL\D20C.FC TR-6872 PR-39EX-4.1

 Exhibit 4.1 

STOCKHOLDERS’ AGREEMENT 

DATED AS OF 
 OCTOBER 9,
2014 
 AMONG 

DAVE & BUSTER’S ENTERTAINMENT, INC. 

AND 
 THE STOCKHOLDERS
PARTY HERETO 

 Table of Contents 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1          DEFINITIONS
	  	 	1	  
			
	 Section 1.01.
	 	Definitions	  	 	1	  
		
	 ARTICLE 2          CORPORATE GOVERNANCE
	  	 	4	  
			
	 Section 2.01.
	 	Board of Directors; Board Nominees; Committees	  	 	4	  
			
	 Section 2.02.
	 	Vacancies	  	 	5	  
			
	 Section 2.03.
	 	Reimbursement of Director Expenses	  	 	5	  
			
	 Section 2.04.
	 	Reimbursement of Certain Oak Hill Expenses	  	 	5	  
			
	 Section 2.05.
	 	Corporate Opportunities	  	 	5	  
			
	 Section 2.06.
	 	Approvals	  	 	6	  
		
	 ARTICLE 3          CONFIDENTIAL INFORMATION
	  	 	6	  
			
	 Section 3.01.
	 	Confidentiality	  	 	6	  
		
	 ARTICLE 4          MISCELLANEOUS
	  	 	7	  
			
	 Section 4.01.
	 	Binding Effect; Assignability; Benefit	  	 	7	  
			
	 Section 4.02.
	 	Notices	  	 	7	  
			
	 Section 4.03.
	 	Waiver; Amendment; Termination	  	 	8	  
			
	 Section 4.04.
	 	Fees and Expenses	  	 	9	  
			
	 Section 4.05.
	 	Governing Law	  	 	9	  
			
	 Section 4.06.
	 	Jurisdiction	  	 	9	  
			
	 Section 4.07.
	 	Waiver of Jury Trial	  	 	9	  
			
	 Section 4.08.
	 	Specific Enforcement; Cumulative Remedies	  	 	9	  
			
	 Section 4.09.
	 	Entire Agreement	  	 	10	  
			
	 Section 4.10.
	 	Severability	  	 	10	  
			
	 Section 4.11.
	 	Counterparts; Effectiveness	  	 	10	  
			
	 Section 4.12.
	 	No Recourse	  	 	10	  

  
 i 

 THIS STOCKHOLDERS’ AGREEMENT (this “Agreement”)

 dated as of October 9, 2014 among: 

(i) Dave & Buster’s Entertainment, Inc. (f/k/a Dave & Buster’s Parent, Inc.), a Delaware corporation
(the “Company”); and 
 (ii) Oak Hill Capital Partners III, L.P. and Oak Hill Capital Management
Partners III, L.P. (collectively, with their permitted assignees as contemplated by Section 4.01(b), “Oak Hill”). 

W I T N E S S E T H : 

WHEREAS, in connection with underwritten initial public offering of Common Stock of the Company (the “Initial Public
Offering”), it is the intention of the parties hereto to enter into this Agreement to govern Oak Hill’s rights with respect to the Company. 

NOW, THEREFORE, for good and valuable consideration the sufficiency and adequacy of which is hereby acknowledged, the parties hereto agree as
follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. 

(a) The following terms, as used herein, have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling,
controlled by or under common control with such Person; provided that no securityholder of the Company shall be deemed an Affiliate of any other securityholder solely by reason of an investment in the Company. For the purpose of this definition, the
term “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as used with respect to
any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 “Board” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City are
authorized by law to close. 
 “Charter” means the Second Amended and Restated Certificate of Incorporation of the
Company, as the same may be amended from time to time. 
 “Common Shares” means shares of Common Stock. 

 “Common Stock” means the Company’s common stock, par
value $0.01 per share, and any stock into which such Common Stock may thereafter be converted, changed, reclassified or exchanged. 

“Company Securities” means (i) the Common Stock, (ii) any preferred stock, (iii) any
other common stock issued by the Company and (iv) any securities convertible into or exchangeable for, or options, warrants or other rights to acquire, Common Stock or any other common stock issued by the Company. 

“Designation Number” means (i) the product of (x) Oak Hill’s aggregate ownership interest
in the Company multiplied by (y) the then current number of directors on the Board and (ii) then rounded to the next highest number of directors if the product of clause (x) and (y) does not equal a whole number. For
illustrative purposes only, if Oak Hill’s aggregate ownership percentage is 60% and there are 9 directors, the product of (x) and (y) would equal 5.4 and the Designation Number would be 6 directors. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Oak Hill Nominees” means the members of the Board designated by Oak Hill. 

“Person” means an individual, corporation, limited liability company, partnership, association, trust or
other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Relevant Stock Exchange” means the primary U.S. stock exchange on which the Company’s Common Stock is listed.

 “Securities Act” means the Securities Act of 1933, as amended. 

“Stockholder” means each Person (other than the Company) who, at any relevant determination date, shall
be a party to or bound by this Agreement (as may be amended from time to time) so long as such Person shall “beneficially own” (as such term is defined in Rule 13d-3 of the Exchange Act) any Company Securities. 

“Subsidiary” means, with respect to any Person, any entity of which securities or other ownership
interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. 

“Transfer” means, with respect to any Company Securities, (i) when used as a verb, to sell, assign,
dispose of, exchange, pledge, encumber, hypothecate or otherwise transfer such Company Securities or any participation or interest therein, whether directly or indirectly, or agree or commit to do any of the foregoing and (ii) when used as a
noun, a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation, or other transfer of such Company Securities or any participation or interest therein or any agreement or commitment to do any of the
foregoing. 

  
 2 

 (b) Each of the following terms is defined in the Section set forth opposite such term: 

 

							
	 	 	 TERM
	  	 SECTION
	 	 
		 	Agreement	  	Preamble	 	
		 	Company	  	Preamble	 	
		 	Confidential Information	  	3.01(b)	 	
		 	Initial Public Offering	  	Recitals	 	
		 	Oak Hill	  	Preamble	 	
		 	Replacement Nominee	  	2.02	 	

 (c) Other Definitional and Interpretive Matters. Unless otherwise expressly provided, for purposes of this
Agreement, the following rules of interpretation shall apply: 
 Calculation of Time Period. When calculating the period of time
before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is a non-Business Day, the
period in question shall end on the next succeeding Business Day. 
 Dollars. Any reference in this Agreement to $ shall mean U.S.
dollars. 
 Exhibits/Schedules. The Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof and are
an integral part of this Agreement. All Exhibits, Annexes and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule,
Annex or Exhibit but not otherwise defined therein shall be defined as set forth in this Agreement. 
 Gender and Number. Any
reference in this Agreement to gender shall include all genders, and words imparting the singular number only shall include the plural and vice versa. 

Headings. The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the
insertion of headings are for convenience of reference only and shall not affect or be utilized in construing or interpreting this Agreement. All references in this Agreement to any “Section” are to the corresponding Section of this
Agreement unless otherwise specified. 
 Herein. The words such as “herein,”
“hereinafter,” “hereof,” and “hereunder” refer to this Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires.

 Including. Wherever the word “include,” “includes,” or
“including” is used in this Agreement, it shall be deemed to be followed by the words “without limitation”. 

  
 3 

 ARTICLE 2 

CORPORATE GOVERNANCE 

Section 2.01. Board of Directors; Board Nominees; Committees. 

(a) Concurrently with the Initial Public Offering, (i) the Board of the Company shall consist of the following nine (9) directors:
Tyler J. Wolfram, Kevin M. Mailender, Alan J. Lacy, David A. Jones, Kevin M. Sheehan, Jonathan S. Halkyard, Michael J. Griffith, J. Taylor Crandall, and Stephen M. King, (ii) the Chairman of the Board shall be Alan J. Lacy and (iii) the
lead independent director shall be Alan J. Lacy. 
 (b) Subject to applicable law and the Relevant Stock Exchange rules, Oak Hill
shall be entitled to designate directors to serve on the Board proportionate to Oak Hill’s aggregate ownership interest in the Company, which such number of director designees shall be equal to the Designation Number; provided that as
long as Oak Hill owns 5% or more of the issued and outstanding Common Stock of the Company, Oak Hill shall be entitled to designate to the Board at least one (1) director. As of the date hereof, Tyler J. Wolfram, Kevin M. Mailender and J.
Taylor Crandall are the Oak Hill Nominees. 
 (c) Subject to applicable law and the Relevant Stock Exchange rules, (1) the Board
shall have at least the following committees and (2) subject to Section 2.01(c)(i) and Section (c)(ii), each committee of the Board shall have at least one (1) member designated by Oak Hill. 

(i) For so long as Oak Hill owns 20% or more of the issued and outstanding Common Stock of the Company, the Nominating and Corporate
Governance Committee shall consist of no more than three (3) members. Oak Hill shall have the right to designate the members of the Nominating and Corporate Governance Committee up to the number of Oak Hill Nominees and the remaining members shall
be appointed by the Board. The members of the Nominating and Corporate Governance Committee shall initially be Tyler J. Wolfram, Alan J. Lacy and Kevin M. Mailender. 

(ii) Audit Committee which shall consist of members appointed by the Board. The members of the Audit Committee shall initially be Kevin M.
Sheehan, Jonathan S. Halkyard and Michael J. Griffith. The Chairman of the Audit Committee shall initially be Kevin M. Sheehan. 
 (iii)
Compensation Committee which shall consist of members appointed by the Board. The members of the Compensation Committee shall initially be Tyler J. Wolfram, David A. Jones, Alan J. Lacy, Michael J. Griffith and Jonathan S. Halkyard. The Chairman of
the Compensation Committee shall initially be David A. Jones. 
 (iv) Plan Subcommittee of the Compensation Committee which shall consist of
members appointed by the Board. The members of the Plan Committee shall initially be Michael J. Griffith and Jonathan S. Halkyard. 
 (d)
The Company agrees to cause each individual designated pursuant to this Section 2.01 or Section 2.02 to be nominated to serve as a director on the Board, or as Chairman of the Board, and to take all other necessary actions
(including calling a special meeting of the Board and/or stockholders or expanding the size of the Board) to ensure that the composition of the Board and any committee of the Board, as applicable, is as set forth in this Section 2.01 and
to 

  
 4 

 
otherwise implement the provisions of this Section 2.01 and Section 2.02. For the avoidance of doubt, the Company agrees to expand the size of the Board to ensure that
that the composition of the Board is as set forth in Section 2.01(b). 
 Section 2.02.
Vacancies. If, as a result of death, disability, retirement, resignation, removal or otherwise, there shall exist or occur any vacancy of an Oak Hill Nominee on the Board, Oak Hill may designate another individual (the
“Replacement Nominee”) to fill such vacancy and serve as a director on the Board. 

Section 2.03. Reimbursement of Director Expenses. The Company will pay all reasonable out-of-pocket expenses incurred by
the Oak Hill Nominees in connection with traveling to and from and attending meetings of the Board (and any committee thereof) and while conducting business at the request of the Company. 

Section 2.04. Reimbursement of Certain Oak Hill Expenses. The Company shall reimburse Oak Hill and its Affiliates for the
costs of any third party advisors retained by Oak Hill and its Affiliates, and for any out of pocket expenses incurred in connection with (i) counsel retained by Oak Hill to advise the Oak Hill Nominees and/or the Company in connection with any
matter related to or arising out of meetings of the Board (or committees thereof) or otherwise raised by management, (ii) any review, amendment and or enforcement of this Agreement, (iii) the agreements entered into in connection with the
Initial Public Offering and the transactions contemplated hereby and thereby (including, the enforcement or amendment thereof) and (iv) any regulatory filings of the Company involving Oak Hill and/or its Affiliates (including any liquor license
filings or securities filings (13D, Form 4 etc.)) and similar matters. 
 Section 2.05. Corporate Opportunities. In
furtherance of, and without limiting what is set forth in the Charter, each of the parties hereto acknowledges that Oak Hill, its Affiliates and any related investment funds and portfolio companies may review the business plans and related
proprietary information of any enterprise, including any enterprise which may have products or services which compete directly or indirectly with those of the Company or any of its Affiliates or Subsidiaries and may trade in the securities of such
enterprise. Nothing in this Agreement shall preclude or in any way restrict Oak Hill, its Affiliates or any related investment funds or portfolio companies from investing or participating in any particular enterprise, or trading in the securities
thereof whether or not such enterprise has products or services that compete with those of the Company or any of its Affiliates or Subsidiaries. Notwithstanding anything to the contrary herein, the Company expressly acknowledges and agrees that:
(a) Oak Hill, members of the Board designated by Oak Hill and Affiliates or portfolio companies of Oak Hill, have the right to, and shall have no duty (contractual or otherwise) not to, directly or indirectly, engage in the same or similar
business activities or lines of business as the Company or any of its Affiliates or Subsidiaries; and (b) in the event that Oak Hill, members of the Board designated by Oak Hill or any Affiliate or portfolio company of Oak Hill acquires
knowledge of a potential transaction or matter that may be a corporate opportunity for any of the Company or any of its Affiliates or Subsidiaries, Oak Hill, members of the Board designated by Oak Hill or Affiliates or portfolio companies of Oak
Hill shall have no duty (contractual or otherwise) to communicate or present such corporate opportunity to the Company or any of its Affiliates or Subsidiaries, as the case may be (provided, however, that the foregoing shall not apply
to any person who is a director or officer of the Company if such business opportunity is expressly offered to such director or 

  
 5 

 
officer solely in his or her capacity as a director or officer of the Company), and, notwithstanding any provision of this Agreement to the contrary, shall not be liable to the Company or any of
its Affiliates or Subsidiaries or any stockholders for breach of any duty (contractual or otherwise) by reason of the fact that Oak Hill, any Affiliate thereof or related investment fund or portfolio company thereof, directly or indirectly, pursues
or acquires such opportunity for itself, directs such opportunity to another Person, or does not present such opportunity to the Company or any of its Affiliates or Subsidiaries. 

Section 2.06. Approvals. For so long as Oak Hill owns 25% or more of the issued and outstanding Common Stock of the
Company, the Company and its Subsidiaries shall not take any of the following actions without the prior written consent of Oak Hill: 

(a) declare or pay any non-pro rata dividends or other non-pro rata distributions or purchases in respect of the Company Securities; or 

(b) amend the Charter or bylaws of the Company in a manner adverse to Oak Hill. 

ARTICLE 3 
 CONFIDENTIAL
INFORMATION 
 Section 3.01. Confidentiality. 

(a) The Company acknowledges and agrees that (i) Oak Hill may disclose Confidential Information to its Affiliates, representatives and
advisors, (ii) any Oak Hill Nominee may disclose Confidential Information to Oak Hill and its Affiliates, representatives and advisors, (iii) Oak Hill and its Affiliates may disclose Confidential Information if requested or required by
law, judicial or governmental order, deposition, interrogatory, subpoena, civil investigation, demand, discovery request or similar process and (iv) Oak Hill and its Affiliates may disclose Confidential Information to any potential purchaser of
the Company and/or Oak Hill’s Company Securities, that executes a customary confidentiality agreement. Oak Hill shall have no obligation to the Company to disclose discussions with any potential purchaser of its Company Securities. For so long
as Oak Hill owns 10% or more of the issued and outstanding Common Stock of the Company, Oak Hill will be granted access to customary non-public information of the Company and its Subsidiaries and members of the Company’s and its
Subsidiaries’ management team as reasonably requested by Oak Hill. 
 (b) “Confidential Information” shall mean
any confidential or proprietary information relating to the business or affairs of the Company or any of its Affiliates, including, but not limited to, information relating to financial statements, customer identities, potential customers,
employees, sales representatives, suppliers, servicing methods, equipment programs, strategies and information, analyses, profit margins or other proprietary information used by the 

  
 6 

 
Company or any of its Affiliates; provided, however, that Confidential Information does not include any information which is in the public domain or becomes known in the industry
through no wrongful act on the part of Oak Hill; provided that Confidential Information shall not include information that (i) is or becomes generally known to the public other than as a result of a disclosure by Oak Hill in violation of
this Agreement, (ii) is or was available to Oak Hill on a non-confidential basis prior to its disclosure to Oak Hill, or (iii) was or becomes available to Oak Hill on a non-confidential basis from a source other than the Company, which
source is or was (at the time of receipt of the relevant information) not bound by a confidentiality agreement with the Company or another person. 

ARTICLE 4 
 MISCELLANEOUS

 Section 4.01. Binding Effect; Assignability; Benefit. 

(a) This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors, legal
representatives and permitted assigns. 
 (b) Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by
reason hereof shall be assignable by any party hereto pursuant to any Transfer of Company Securities or otherwise; provided, however, that in connection with any Transfer of Company Securities by Oak Hill (i) to any of its
Affiliates or (ii) in a privately negotiated transaction, in each case Oak Hill may assign all or any portion of its rights as set forth in Article 2 and Article 3 to any transferee who agrees to be bound by this Agreement. 

(c) Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the parties hereto, and their respective
heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

Section 4.02. Notices. All notices, requests and other communications to any party shall be in writing and shall be
delivered in person, mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission, 
 If to
the Company, to: 
 Dave & Buster’s Entertainment, Inc. 

2481 Manana Drive 
 Dallas, Texas
75220 
 Attention: Jay L. Tobin, Esq. 

Fax: (214) 357-1536 
 With a
copy to: 
 Oak Hill Capital Management, LLC 

65 East 55th Street, 32nd Floor 

New York, NY 10022 
 Attention:
John R. Monsky, Esq. 
 Fax: (212) 527-8450 

  
 7 

 and 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, New
York 10153 
 Attention: Douglas P. Warner, Esq. 

Fax: (212) 310-8007 
 If to
Oak Hill, to: 
 Oak Hill Capital Management, LLC 

65 East 55th Street, 32nd Floor 

New York, NY 10022 
 Attention:
John R. Monsky, Esq. 
 Fax: (212) 527-8450 

With a copy to: 
 Weil,
Gotshal & Manges LLP 
 767 Fifth Avenue 

New York, New York 10153 

Attention: Douglas P. Warner, Esq. 

Fax: (212) 310-8007 
 or, in each case, at
such other address or fax number as such party may hereafter specify for the purpose of notices hereunder by written notice to the other parties hereto. All notices, requests and other communications shall be deemed received on the date of receipt
by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next
succeeding Business Day in the place of receipt. Any notice, request or other written communication sent by facsimile transmission shall be confirmed by certified or registered mail, return receipt requested, posted within one (1) Business Day,
or by personal delivery, whether courier or otherwise, made within two (2) Business Days after the date of such facsimile transmissions. 

Any Person that hereafter becomes a Stockholder shall provide its address and fax number to the Company, which shall promptly provide such
information to each other Stockholder. 
 Section 4.03. Waiver; Amendment; Termination. 

(a) No provision of this Agreement may be waived except by an instrument in writing executed by the party against whom the waiver is to be
effective. No provision of this Agreement may be amended or otherwise modified except by an instrument in writing executed by the Company and Oak Hill. 

  
 8 

 (b) This Agreement shall terminate upon, (i) the written request of Oak Hill or
(ii) such time as Oak Hill or any transferee of Oak Hill who agrees to be bound by this Agreement owns less than 5% in the aggregate of the issued and outstanding Common Stock of the Company. 

Section 4.04. Fees and Expenses. Except as set forth in Section 2.04, each party shall pay its own costs and
expenses incurred in connection with the preparation and execution of this Agreement. 
 Section 4.05. Governing Law.
This Agreement, and all claims or causes of action (whether at law, in equity, in contract, in tort or otherwise) based upon, arising out of, related to or otherwise in connection with this Agreement or the transactions contemplated hereby, shall be
exclusively governed by, and construed in accordance with, the internal laws of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of
laws of another jurisdiction (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement). 

Section 4.06. Jurisdiction. The parties hereby agree that any suit, action or proceeding (whether at law, in equity, in
contract, in tort or otherwise) seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (including any claim or cause of action based upon, arising out
of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement) shall be exclusively brought in the United States District Court for the Southern District of New York or
any New York State court sitting in New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any case of action arising out of this Agreement shall be deemed to have arisen
from a transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the exclusive jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and
irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is
brought in any such court has been brought in an inconvenient form. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the
foregoing, each party agrees that service of process on such party as provided in Section 4.03 shall be deemed effective service of process on such party. 

Section 4.07. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING (WHETHER AT LAW, IN EQUITY, IN CONTRACT, IN TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 4.08. Specific Enforcement; Cumulative Remedies. The parties hereto acknowledge that money damages may not be an
adequate remedy for violations of this 

  
 9 

 
Agreement and that any party, in addition to any other rights and remedies which the parties may have hereunder or at law or in equity, may, in his or its sole discretion, apply to a court of
competent jurisdiction for specific performance or injunction or such other relief as such court may deem just and proper in order to enforce this Agreement or prevent any violation hereof and, to the extent permitted by applicable law, each party
waives any objection to the imposition of such relief. All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning
of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such rights, powers or remedies by such party. 

Section 4.09. Entire Agreement. This Agreement and any exhibits and other documents referred to herein constitute the
entire agreement and understanding among the parties hereto in respect of the subject matter hereof and thereof and supersede all prior and contemporaneous agreements and understandings, both oral and written, among the parties hereto, or between
any of them, with respect to the subject matter hereof and thereof. 
 Section 4.10. Severability. If any term,
provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner so that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 4.11. Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

Section 4.12. No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding
the fact that the entities comprising Oak Hill are two limited partnerships, each party to this Agreement covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this
Agreement shall be had against any of Oak Hill’s current or future directors, officers, employees, general or limited partners, members, managers or trustees, or any partner, member, manager or trustee, as such, whether by the enforcement of
any assessment or by any legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be
incurred by any of Oak Hill’s current or future officers, agents, employees, directors, managers, members, or any Affiliates or assignees thereof, as such, for any obligation of Oak Hill under this Agreement or any documents or instruments
delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 

[The remainder of this page is intentionally left blank.] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

							
	DAVE & BUSTER’S ENTERTAINMENT, INC.
		
	By:	 	 /s/ Jay L. Tobin

		 	Name: Jay L. Tobin
		 	Title: Senior Vice President, General Counsel           and Secretary
	
	OAK HILL CAPITAL PARTNERS III, L.P.
		
	By:	 	OHCP GenPar III, L.P.,
		 	its General Partner
		
	By:	 	OHCP MGP Partners III, L.P.,
		 	its General Partner
		
	By:	 	OHCP MGP III, Ltd.,
		 	its General Partner
			
		 	By:	 	 /s/ Tyler J. Wolfram

		 		 	Name:	 	Tyler J. Wolfram
		 		 	Title:	 	Vice President
	
	OAK HILL CAPITAL MANAGEMENT PARTNERS III, L.P.
		
	By:	 	OHCP GenPar III, L.P.,
		 	its General Partner
		
	By:	 	OHCP MGP Partners III, L.P.,
		 	its General Partner
		
	By:	 	OHCP MGP III, Ltd.,
		 	its General Partner
			
		 	By:	 	 /s/ Tyler J. Wolfram

		 		 	Name:	 	Tyler J. Wolfram
		 		 	Title:	 	Vice President

 [SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT]

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