Document:

rytm_Ex10_3

		

			Exhibit 10.3

		

		

			Certain information marked as [***] has been excluded from this exhibit because it is both

		

		

			(i) not material and (ii) would be competitively harmful if publicly disclosed.

		

		
			AMENDMENT NO. 1 TO DEVELOPMENT AND
MANUFACTURING SERVICES AGREEMENT
		

		
			Amendment No. 1 to Development and Manufacturing and Services Agreement dated as of February 20, 2020 (the “Amendment”), between RHYTHM PHARMACEUTICALS, INC., a Delaware corporation, located at 222 Berkeley Street, 12th Floor, Boston, MA 02116, f/k/a Rhythm Metabolics, Inc. (“RHYTHM”), and Corden Pharma Brussels S.A., a Belgian company located at Rue de Ransbeek 310, 1120 Bruxelles, successor-in-interest to Peptisyntha, Inc. (“MANUFACTURER,” and together with Rhythm, the “Parties”, and each, a “Party”).
		

		
			WHEREAS, Rhythm and Peptisyntha Inc. have entered into a Development and Manufacturing and Services Agreement, effective as of July 17, 2013 (the “Existing Agreement”), which was assigned from Peptisyntha Inc. to Corden Pharma Brussels S.A. f/k/a Peptisyntha S.A.; and
		

		
			WHEREAS, the Parties have entered into a Quality Agreement with an effective date of March 29, 2019 superseding all previous quality assurance agreements between them (the “Quality Agreement”); and
		

		
			WHEREAS, the Parties hereto desire to amend the Existing Agreement to provide for the manufacture of Setmelanotide API lots by Manufacturer on the terms and subject to the conditions set forth herein; and
		

		
			WHEREAS, pursuant to Section 15.6 of the Existing Agreement, the amendment contemplated by the Parties must be contained in a written agreement signed by an authorized representative of each Party.
		

		
			NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:
		

			
	
			
				 1.
			Definitions.  Capitalized terms used and not defined in this Amendment have the respective meanings assigned to them in the Existing Agreement.

			
	
			
				 2.
			Amendment to the Existing Agreement.  As of the Effective Date (defined below), the Existing Agreement is hereby amended or modified as follows:

		
			Section 2.3 of the Existing Agreement is hereby amended by inserting at the end of such Section the following new Section 2.4:
		

		
			2.4Manufacture of Setmelanotide API.
		

		
			(a)Rhythm desires for Manufacturer to manufacture Setmelanotide API on behalf of Rhythm, and Manufacturer desires to perform such service.  The Parties will enter into a Work Order that will set forth the material terms of that project (the “Setmelanotide Work Order”), and such Setmelanotide Work Order shall also be subject to the terms of the Existing Agreement, the Quality Agreement, and this Amendment, including, without limitation, the provisions of the milestone schedule attached to this Agreement as Appendix B (“Milestone Schedule”).
		

		
			

		 

		

			 

		

		

			Certain information marked as [***] has been excluded from this exhibit because it is both

		

		

			(i) not material and (ii) would be competitively harmful if publicly disclosed.

		

		

		
			(b)Rhythm agrees pay to Manufacturer the applicable success milestone payment set forth on the Milestone Schedule within [***] ([***]) days of the successful completion of each milestone as set forth in Appendix B. The successful completion of each milestone, as defined by the associated deliverable, and the determination of the date of completion shall be governed by the terms of the Existing Agreement and the Quality Agreement, and in particular Section 6 of the Existing Agreement (Testing and Acceptance Process), which – to the extent the respective Work Order covers the performance of Services which do not comprise Manufacturing of Setmelanotide API – may be applied mutatis mutandis for those Service deliverables as may be further described in the respective Work Order.  The quality of the Setmelanotide API shall be in accordance with the respective mutually agreed specifications.  Due to the nature of the timelines, Rhythm acknowledges that Manufacturer has to timely initiate performance of certain milestones even before preceding milestones are met.  Thus, the commencement of a milestone may be independent of the completion of the preceding milestone, and each successfully completed milestone shall be paid for separately.
		

		
			(c)Rhythm agrees to fund [***] FTEs (as defined below) to be employed by Manufacturer with adequate skills and experience to undertake all tasks associated with the Setmelanotide Work Order.  Each of the FTEs shall be dedicated to the Setmelanotide Work Order or other Services agreed upon by Rhythm and shall be fully supported by other site functions and staff of Manufacturer to complete the program.  Manufacturer shall invoice Rhythm on a monthly basis commencing on [***]for the FTEs in an amount not to exceed [***] ([***]) per month.  In addition, Manufacturer shall invoice Rhythm on or after [***]for a one-time FTE administrative fee in the amount of [***]  ([***]). “FTE” means a full-time employee or equivalent individual having the appropriate skill and experience to conduct the specified activity and who is dedicated to the conduct of the specified activity a total of at least [***]  ([***]) hours per week.
		

		
			(d)Notwithstanding Section 14.1 of the Existing Agreement, Rhythm, in Rhythm’s sole and absolute discretion, has the option to terminate the Setmelanotide Work Order and the payments for the FTEs described above at any time after the Effective Date of this Amendment.  If Rhythm terminates the Setmelanotide Work Order, Rhythm shall reimburse Manufacturer for the expenses accrued under the Setmelanotide Work Order up to the time of termination and in addition the monthly costs for such FTEs for [***] following termination.  If termination occurs between two milestones, then the payment will be for expenses incurred and fees for services initiated before the termination, but in no event shall Rhythm’s reimbursement obligation exceed the amount of fees (but not milestone payments) due at the completion of the milestone during which termination occurred.  If Rhythm terminates the Setmelanotide Work Order, Manufacturer shall not be entitled to any other fees or additional milestone payments set forth on the Milestone Schedule for milestones subsequent to termination.
		

		
			The Parties hereby agree to insert in Section 12 of the Existing Agreement the new Subsection 12.6 to read as follows:
		

		
			12.6FURTHER LIMITATION OF LIABILITY.  SAVE FOR WRONGFUL INTENTIONAL ACTS OR OMISSIONS, EITHER PARTY’S LIABILITY UNDER THIS AGREEMENT 

		 

		

			2

		

		

			Certain information marked as [***] has been excluded from this exhibit because it is both

		

		

			(i) not material and (ii) would be competitively harmful if publicly disclosed.

		

SHALL BE LIMITED TO THE AMOUNT OF [***] FOR ALL CLAIMS ARISING UNDER THIS AGREEMENT.  NOTHING IN THIS SECTION 12.6 IS INTENDED TO LIMIT OR RESTRICT DAMAGES AS A RESULT OF A BREACH OF THE CONFIDENTIALITY AND NON-USE OBLIGATIONS IN SECTION 10.
		

		
			The Parties hereby agree that the milestone schedule attached to this Amendment shall be attached to the Existing Agreement as new Appendix B.
		

			
	
			
				 3.
			Date of Effectiveness; Limited Effect.  This Amendment will be deemed effective as of the date first written above (the “Effective Date”) and for the avoidance of doubt this Amendment shall also qualify as timely renewal of the Existing Agreement prior to the expiration of the then current term in accordance with Section 14.1 with the effect of a newly extended two year term until July 2021.  Except as expressly provided in this Amendment, all of the terms and provisions of the Existing Agreement are and will remain in full force and effect and are hereby ratified and confirmed by the Parties.  Without limiting the generality of the foregoing, the amendments contained herein will not be construed as an amendment to or waiver of any other provision of the Existing Agreement or as a waiver of or consent to any further or future action on the part of either Party that would require the waiver or consent of the other Party.  On and after the Effective Date, each reference in the Existing Agreement to “this Agreement,” “the Agreement,” “hereunder,” “hereof,” “herein,” or words of like import will mean and be a reference to the Existing Agreement as amended by this Amendment.

			
	
			
				 4.
			Representations and Warranties.  Each Party hereby represents and warrants to the other Party subject to the amended Section 12.6 of the Existing Agreement that:

			
	
			
				 (a)
			

			
	
			
			It has the full right, power, and authority to enter into this Amendment and to perform its obligations hereunder and when entering into the Existing Agreement as amended by this Amendment each Party had the full right, power, and authority to enter into the Existing Agreement and to perform its obligations thereunder and each Party continues to have the full right, power, and authority to perform its obligations thereunder.

			
	
			
				 (b)
			

			
	
			
			The execution of this Amendment by the individual whose signature is set forth at the end of this Amendment on behalf of such Party, and the delivery of this Amendment by such Party, have been duly authorized by all necessary action on the part of such Party.

			
	
			
				 (c)
			

			
	
			
			This Amendment has been executed and delivered by such Party and (assuming due authorization, execution, and delivery by the other Party hereto) constitutes the legal, valid, and binding obligation of such Party, enforceable against such Party in accordance with its terms, except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws and equitable principles related to or affecting creditors’ rights generally or the effect of general principles of equity.

			
	
			
				 5.
			Miscellaneous.

			
	
			
				 (a)
			

			
	
			
			This Amendment is governed by and construed in accordance with the laws of the State of New York without regard to the conflict of laws provisions of such State.

		
			

		 

		

			3

		

		

			Certain information marked as [***] has been excluded from this exhibit because it is both

		

		

			(i) not material and (ii) would be competitively harmful if publicly disclosed.

		

		

			
	
			
				 (b)
			

			
	
			
			This Amendment shall inure to the benefit of and be binding upon each of the Parties and each of their respective successors and assigns.

			
	
			
				 (c)
			

			
	
			
			The headings in this Amendment are for reference only and do not affect the interpretation of this Amendment.

			
	
			
				 (d)
			

			
	
			
			This Amendment may be executed in counterparts, each of which is deemed an original, but all of which constitute one and the same agreement.  Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Amendment.

			
	
			
				 (e)
			

			
	
			
			This Amendment constitutes the sole and entire agreement between the Parties with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter.

			
	
			
				 (f)
			

			
	
			
			Each Party shall pay its own costs and expenses in connection with this Amendment (including the fees and expenses of its advisors, accountants, and legal counsel).

			
	
			
				 (g)
			

			
	
			
			Time is of the essence with respect to any and all time periods for taking any action under this Amendment.

		
			IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above.
		

		
			RHYTHM PHARMACEUTICALS, INC.
		

		
			By  /s/ Hunter Smith
		

		
			Name:Hunter Smith
		

		
			Title CFO
		

		
			CORDEN PHARMA BRUSSELS S.A.
		

		
			By  /s/ Jan Braes
		

		
			Name:Jan Braes
		

		
			Title:Managing Director
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			4

		

		

			 

		

		

		
			Appendix B
		

		
			Milestone Schedule to
		

		
			Setmelanotide WORK ORDERExhibit 10.1

 

Dave & Buster’s Entertainment,
Inc.

2014 Omnibus Incentive Plan

(Performance Based Market Stock Units)

 

MARKET STOCK UNIT AWARD AGREEMENT

 

THIS MARKET STOCK UNIT
AWARD AGREEMENT (this “Award Agreement”) is made effective as of [●] (the “Date of Grant”),
between Dave & Buster’s Entertainment, Inc., a Delaware corporation (the “Company”) and [●]
(the “Participant”).

 

R E
C I T A L S:

 

WHEREAS, the Company
has adopted the Dave & Buster’s Entertainment, Inc. 2014 Omnibus Incentive Plan (as amended from time to time, the “Plan”);
and

 

WHEREAS, the Compensation
Committee of the Board of Directors of the Company (the “Committee”) has determined that it would be in the best interests
of the Company and its stockholders to grant the award (the “Award”) of performance-vesting restricted stock
units (each, an “MSU”) provided for herein to the Participant pursuant to the Plan and the terms set forth herein.

 

NOW THEREFORE, in consideration
of the mutual covenants hereinafter set forth, the parties agree as follows:

 

1.                 
Grant of Award. The Company hereby grants to the Participant MSUs on the following terms:

 

(a)              
Upon achievement of target-level performance, [●] MSUs may be earned under this Award (the “Target Achievable
MSUs”) in respect of the one-year performance period commencing on the Date of Grant and ending on the day before the
first anniversary of the Date of Grant (the “Performance Period,” and the last day, the “Closing Date”).

 

(b)              
Each MSU represents one notional share of common stock, par value $.01 per share, of the Company (each, a “Share”);
provided that the Earned MSUs (as defined below) shall be settled in Shares or cash in accordance with Section 3 below.

 

    	D&B Team Member
Market Stock Unit Award Agreement
Page 1 of 10 

     

    

 

2.              
Terms and Conditions.

 

(a)              
Calculation of Earned Portion. The Award shall be one hundred percent (100%) unvested as of the Date of Grant. Pursuant
to the terms of the Plan and this Award Agreement, including, without limitation, Sections 3 and 4 below, as soon as reasonably
practicable following the Closing Date, the Committee shall determine and certify the number of MSUs, if any, that shall be deemed
earned and eligible for vesting and settlement (such MSUs, “Earned MSUs”). The number of Earned MSUs shall equal
the Target Achievable MSUs multiplied by the Stock Performance Multiplier. Any and all MSUs that are not Earned MSUs as of the
Closing Date shall be forfeited and canceled immediately without consideration.

 

(b)              
Service Vesting. The Earned MSUs shall vest ratably on each of the first three anniversaries of the Date of Grant
(each, a “Vesting Date”), subject to the Participant’s continued employment with the Company through each
applicable Vesting Date.

 

(c)              
Certain Definitions. For purposes of this Award Agreement:

 

(i)                
“Ending Average Closing Price” means the average closing price of a Share as reported on the NASDAQ Global
Select Market for the 10 consecutive trading days ending on (and including) the Closing Date.

 

(ii)             
“Starting Average Closing Price” means the average closing price of a Share as reported on the NASDAQ
Global Select Market for the 10 consecutive trading days ending on (and including) the trading day immediately preceding the Date
of Grant.

 

(iii)           
“Stock Performance Multiplier” means the quotient obtained by dividing (i) the Ending Average Closing
Price by (ii) the Starting Average Closing Price”.

 

3.                 
Settlement; Payment.

 

(a)              
Share Settlement. Pursuant to the terms of the Plan and this Award Agreement, including, without limitation, Sections
3(b) and 4 below, and to the extent that it would not cause a violation of Section 409A, each vested Earned MSU shall be settled
by the issuance of a Share as soon as practicable following the applicable Vesting Date, and in all events no later than the June
30 next following such Vesting Date, as determined solely by the Company (the date of settlement, the “Settlement Date”).
Vested and Earned MSUs settled via Share issuance shall be distributed to the Participant or the Participant’s legal representative;
provided, that the Company may, at its election, either (a) on or after the Settlement Date, issue a certificate representing the
Shares subject to this Award Agreement, or (b) not issue any certificate representing Shares subject to this Award Agreement and
instead document the Participant’s or the Participant’s legal representative’s interest in the Shares by registering
the Shares with the Company's transfer agent (or another custodian selected by the Company) in book-entry form.

 

    	D&B Team Member
Market Stock Unit Award Agreement
Page 2 of 10 

     

    

 

(b)              
Special Circumstances. Consistent with the Company’s historical past practice with respect to its equity-based
awards granted under the Plan, the Company intends and fully expects to settle all Earned MSUs in Shares. However, in the limited
circumstance in which there are not sufficient Shares available under the Plan as of an applicable Settlement Date to issue Shares
to the Participant with respect to Earned MSUs as contemplated by Section 3(a) above, then the Company shall make a cash payment
hereunder in lieu of settling the balance of the applicable vested Earned MSUs that were not able to be settled in Shares. In such
event, the amount of such payment shall be equal to the Fair Market Value as of the applicable Settlement Date multiplied by the
number of Earned MSUs that would have been otherwise settled in Shares. Pursuant to the terms of the Plan and this Award Agreement,
including, without limitation, Section 4 below, and to the extent that it would not cause a violation of Section 409A, any cash
settlement amount shall be paid to the Participant or the Participant’s legal representative within thirty (30) days following
the applicable Settlement Date.

 

(c)              
Limitations. The maximum number of Shares issuable under this Award Agreement (the “Maximum Share Limit”)
shall equal 200% of the Target Achievable MSUs. To the extent that any Earned MSUs are required to be settled in cash pursuant
to Section 3(b) above, the maximum amount of cash payable under this Award Agreement (the “Maximum Cash Limit”)
shall equal the product of (A) the Starting Average Closing Price, multiplied by (B) the original Monte Carlo valuation applied
to the Award, multiplied by (C) the Target Achievable MSUs, multiplied by (D) 300%; provided, that the Maximum Cash Limit shall
immediately thereupon be reduced by the aggregate value of the Shares actually issued to the Participant under Section 3(a) above
on any Settlement Date (with the value thereof determined by multiplying the number of Shares distributed by the Fair Market Value
of a Share as of the applicable Settlement Date).

 

(d)              
Forfeiture of Earned MSUs Due to Limitations. Notwithstanding anything to the contrary in this Award Agreement, upon
the first to occur of (i) the issuance pursuant to Section 3(a) above of the number of Shares equal to the Maximum Share Limit,
and (ii) the payment in cash pursuant to Section 3(b) above of an amount equal to the Maximum Cash Limit (as reduced from time
to time in accordance with Section 3(c) above), any remaining Earned MSUs shall be forfeited and canceled immediately without consideration,
and no further Shares or cash shall be issuable or payable to the Participant hereunder.

 

(e)              
Award Subject to Clawback Policy. The Participant agrees and acknowledges that the Participant is bound by, and the
Award is subject to, any clawback policy adopted by the Committee from time to time.

 

4.                 
Termination of Service. Notwithstanding anything herein to the contrary:

 

(a)              
Termination of Service Due to Death or Disability or Termination without Cause. Upon a termination of the Participant’s
Service by reason of death or Disability, or by the Company or one of its successors or Affiliates without Cause, that occurs:

 

(i)                
at any time prior to the expiration of the Performance Period, then the Award shall be settled in accordance with Section
3 above in respect of the number of MSUs that would have been earned pursuant to this Agreement based on actual performance during
the full Performance Period, notwithstanding the termination of the Participant’s Service, except that notwithstanding Section
2(b), such MSUs shall be fully vested and settled on the Settlement Date next following such termination of Service, subject to
the applicable limitations set forth in Section 3 above; and

 

    	D&B Team Member
Market Stock Unit Award Agreement
Page 3 of 10 

     

    

 

(ii)             
after the expiration of the Performance Period and prior to the final Settlement Date, then the Award shall be settled in
accordance with Section 3 above, in respect of the number of then-outstanding Earned MSUs, except that notwithstanding Section
2(b), such MSUs shall be fully vested and settled within thirty (30) days following such termination of Service, subject to the
applicable limitations set forth in Section 3 above.

 

For purposes of this Award Agreement, “Disability”
means (i) “Disability” as defined in any employment agreement between the Participant and the Company or any of its
Affiliates, or (ii) if there is no such employment agreement or if it does not define Disability: the Participant is disabled to
the extent that he or she is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, or is receiving income replacement benefits for a period of not less than three (3) months under an accident
and health plan covering employees of Dave & Buster’s Management Corporation, Inc. The determination of the Participant’s
Disability shall be made in good faith by a physician reasonably acceptable to the Company.

 

(b)              
Termination of Service Due to Retirement. Upon a termination of the Participant’s Service by reason of Retirement
that occurs:

 

(i)                
at any time prior to the expiration of the Performance Period, then the Award shall be settled in accordance with Section
3 above in respect of the number of MSUs that would have been earned pursuant to this Agreement based on actual performance during
the full Performance Period, notwithstanding the termination of the Participant’s Service, multiplied by a fraction, the
numerator of which is the number of days in the Performance Period through and including the date of termination of Service, and
the denominator of which is 1,095, except that notwithstanding Section 2(b), such MSUs shall be fully vested and settled on the
Settlement Date next following such termination of Service, subject to the applicable limitations set forth in Section 3 above;
and

 

(ii)             
after the expiration of the Performance Period and prior to the final Settlement Date, then the Award shall be settled in
accordance with Section 3 above, in respect of the number of then-outstanding Earned MSUs that would have vested on the Vesting
Date coincident with or next following such termination of Service, multiplied by a fraction, the numerator of which is the number
of days elapsed after the immediately preceding Vesting Date through and including the date of termination of Service, and the
denominator of which is 365, except that notwithstanding Section 2(b), such MSUs shall be fully vested and settled within thirty
(30) days following such termination of Service, subject to the applicable limitations set forth in Section 3 above.

 

    	D&B Team Member
Market Stock Unit Award Agreement
Page 4 of 10 

     

    

 

For purposes of this Award Agreement, “Retirement”
means (i) “Retirement” as defined in any employment agreement between the Participant and the Company or any of its
Affiliates, or (ii) if there is no such employment agreement or if it does not define Retirement: termination of the Participant’s
Service, other than for Cause, after attaining (A) age sixty (60) and completing ten (10) years of continued Service (i.e., without
any termination of Service) with the Company or its Affiliates or (B) age sixty-five (65).

 

(c)              
Termination without Cause or for Good Reason related to a Change of Control. Upon (i) a termination of the Participant’s
Service by the Company or one of its successors or Affiliates without Cause or due to the Participant’s resignation for Good
Reason (excluding termination by reason of death or Disability) (a “Specified Termination”) and (ii) the Specified
Termination occurs either within ninety (90) days before or within twelve (12) months following the occurrence of a Change of Control
of the Company (the “Protected Period”), then:

 

(i)                
If the Change in Control occurs at any time prior to the expiration of the Performance Period, the Award shall be settled
in accordance with Section 3 above in respect of the number of MSUs that would have been earned pursuant to this Agreement based
on the price per Share as of the date of the Change of Control (provided that the Committee in its discretion may determine that
the Ending Average Closing Price shall be deemed to be equal to the per Share consideration paid or implied in the transaction
giving rise to the Change of Control), notwithstanding the termination of the Participant’s Service, except that notwithstanding
Section 2(b), such MSUs shall be fully vested upon such termination (or, if later, such Change of Control) and settled within ten
(10) days following such termination (or, if later, such Change of Control), subject to the applicable limitations set forth in
Section 3 above; and

 

(ii)             
If the Change in Control occurs after the expiration of the Performance Period and prior to the final Settlement Date, the
Award shall be settled in accordance with Section 3 above, in respect of the number of then-outstanding Earned MSUs, except that
notwithstanding Section 2(b), such MSUs shall be fully vested upon such termination (or, if later, such Change of Control) and
settled within ten (10) days following such termination (or, if later, such Change of Control), subject to the applicable limitations
set forth in Section 3 above;

 

provided, that if a Specified Termination
should occur prior to a Change of Control of the Company, the Award shall remain outstanding for up to ninety (90) days following
such Specified Termination in order to determine whether such Specified Termination shall have occurred during a Protected Period
such that the Award shall be eligible for settlement pursuant to this Section 4(c).

 

    	D&B Team Member
Market Stock Unit Award Agreement
Page 5 of 10 

     

    

 

(d)              
For purposes of this Award Agreement, “Cause” means (x) “Cause” as defined in any employment
agreement between the Participant and the Company or any of its Affiliates, or (y) if there is no such employment agreement or
if it does not define Cause: the willful and continued failure by the Participant to perform the duties assigned by the Company,
failure to follow reasonable business-related directions from the Company, gross insubordination, theft from the Company or its
Affiliates, habitual absenteeism or tardiness, conviction or plea of guilty or nolo contendere to a felony, misdemeanor
involving fraud, theft or moral turpitude, or any other reckless or willful misconduct that is contrary to the best interests of
the Company or materially and adversely affects the reputation of the Company.

 

(e)              
For purposes of this Award Agreement, “Good Reason” means (i) “Good Reason” as defined in
any employment agreement between the Participant and the Company or any of its Affiliates, or (ii) if there is no such employment
agreement or if it does not define Good Reason: Without the Participant’s consent, (A) a material reduction in the Participant’s
annual base salary or (B) a relocation of the Participant’s primary place of employment with the Company by more than fifty
(50) miles from that in effect as of the Date of Grant; provided, however, that neither item (A) nor item (B) shall constitute
Good Reason unless the Participant has provided written notice to the Company within thirty (30) days of the occurrence of such
event and the Company shall have failed to cure such event within thirty (30) days of receipt of such written notice.

 

(f)               
Other Terminations of Service. Upon a termination of the Participant’s Service prior to the final Settlement
Date for any reason other than pursuant to Sections 4(a), 4(b) and 4(c) above, the Award, including any then-outstanding Earned
MSUs, shall immediately terminate and be forfeited without consideration.

 

5.                 
No Right to Continued Service. The granting of the Award evidenced hereby and this Award Agreement shall impose no
obligation on the Company or any Affiliate to continue the Service of the Participant and shall not lessen or affect any right
that the Company or any Affiliate may have to terminate the Service of such Participant.

 

6.                 
Shareholder Rights. Neither the Participant nor the Participant’s representative shall have any rights as a
shareholder of the Company with respect to the MSUs until such Person receives the Shares, if any, issued upon settlement.

 

7.                 
Non-Solicitation and Non-Hire. If the Participant has an employment agreement with the Company or any of its Subsidiaries
that contains non-solicitation and/or non-hire covenants, the covenants are incorporated into this Award Agreement by reference.
To the extent the Participant does not have an employment agreement containing such covenants, the following restrictive covenants
shall apply:

 

 

    	D&B Team Member
Market Stock Unit Award Agreement
Page 6 of 10 

     

    

 

As a material incentive
for the Company to enter into this Award Agreement, during the term of the Participant’s employment with the Company or any
of its Subsidiaries and for a period of twelve (12) months from the termination of the Participant’s employment for any reason
(including, without limitation, resignation by the Participant) (the "Non-Solicitation and Non-Hire Period") the Participant
shall not, directly or indirectly, on the Participant’s own behalf or on behalf of any other person, partnership, entity,
association, or corporation, induce or attempt to influence, induce, or encourage anyone who is or, within the six (6) months prior
to the date of termination was, an employee of the Company or any of its Subsidiaries at or above the managerial level (including,
without limitation, General Managers, Assistant General Managers, store departmental managers, and all higher-ranking managers)
(for purposes of this Section 7, an “Employee”), client, supplier, vendor, licensee, distributor, contractor or other
business relation of the Company or any of its Subsidiaries to cease doing business with, adversely alter or interfere with its
business relationship with, the Company or any of its Subsidiaries. Further, during the Non-Solicitation and Non-Hire Period, the
Participant shall not, on the Participant’s own behalf or on behalf of any other person, partnership, entity, association,
or corporation, (i) solicit or seek to hire any Employee, or in any other manner attempt directly or indirectly to influence, induce,
or encourage any Employee to leave their employ (provided, however, that nothing herein shall restrict the Participant from engaging
in any general solicitation that is not specifically targeted at such persons), nor shall the Participant use or disclose to any
person, partnership, entity, association, or corporation any information concerning the names, addresses or personal telephone
numbers of any Employee, (ii) without the Company's prior written consent, hire, employ or engage as a consultant any Employee,
or (iii) directly or indirectly solicit, induce, or attempt to influence, induce, or encourage any person, partnership, entity,
association, or corporation that is a client or customer of the Company or its Subsidiaries and who or which the Participant helped
to schedule or conduct a special event or corporate teambuilding while employed by the Company or its Subsidiaries to schedule
or conduct a special event or corporate teambuilding through another person, partnership, entity, association, or corporation.

 

This Section 7 shall
survive termination or settlement of the Award and termination or satisfaction of the Award Agreement.

 

8.                 
Securities Laws/Legend on Certificates. The issuance and delivery of Shares shall comply with all applicable requirements
of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder,
state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s
securities may then be traded. If the Company deems it necessary to ensure that the issuance of securities under the Plan is not
required to be registered under any applicable securities laws, the Participant shall deliver to the Company an agreement or certificate
containing such representations, warranties and covenants as the Company which satisfies such requirements. The certificates representing
the Shares shall be subject to such stop transfer orders and other restrictions as the Committee may deem reasonably advisable,
and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 

9.                 
Transferability. Unless otherwise provided by the Committee, the Award may not be assigned, alienated, pledged, attached,
sold or otherwise transferred or encumbered by the Participant other than by will or by the laws of descent and distribution, and
any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against
the Company or any Affiliate; provided that, the designation of a beneficiary shall not constitute an assignment, alienation,
pledge, attachment, sale, transfer or encumbrance. No such permitted transfer of the Award to heirs or legatees of the Participant
shall be effective to bind the Company unless the Committee shall have been furnished with written notice thereof and a copy of
such evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance by the transferee
or transferees of the terms and conditions hereof.

 

    	D&B Team Member
Market Stock Unit Award Agreement
Page 7 of 10 

     

    

 

10.             
Withholding. The Participant may be required to pay to the Company or any Affiliate and the Company shall have the
right and is hereby authorized to withhold any applicable withholding taxes in respect of the Award, its exercise or transfer and
to take such other action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of such
withholding taxes.

 

11.             
Notices. Any notification required by the terms of this Award Agreement shall be given in writing and shall be deemed
effective upon personal delivery or within three (3) days of deposit with the United States Postal Service, by registered or certified
mail, with postage and fees prepaid. A notice shall be addressed to the Company, Attention: General Counsel, at its principal executive
office and to the Participant at the address that he or she most recently provided to the Company.

 

12.             
Entire Agreement. This Award Agreement and the Plan constitute the entire contract between the parties hereto with
regard to the subject matter hereof and supersede any other agreements, representations or understandings (whether oral or written
and whether express or implied) which relate to the subject matter hereof.

 

13.             
Waiver. No waiver of any breach or condition of this Award Agreement shall be deemed to be a waiver of any other
or subsequent breach or condition whether of like or different nature.

 

14.             
Successors and Assigns. The provisions of this Award Agreement shall inure to the benefit of, and be binding upon,
the Company and its successors and assigns and upon the Participant, the Participant’s assigns and the legal representatives,
heirs and legatees of the Participant’s estate, whether or not any such person shall have become a party to this Award Agreement
and have agreed in writing to be joined herein and be bound by the terms hereof.

 

15.             
Governing Law; Jurisdiction; Waiver of Jury Trial.

 

(a)              
This Award Agreement and all claims, causes of action or proceedings (whether in contract, in tort, at law or otherwise)
that may be based upon, arise out of or relate to this Award Agreement shall be governed by the internal laws of the State of Delaware,
excluding any conflicts or choice-of-law rule or principle that might otherwise refer construction or interpretation of the Award
Agreement to the substantive law of another jurisdiction. Each party to this Award Agreement agrees that it shall bring all claims,
causes of action and proceedings (whether in contract, in tort, at law or otherwise) that may be based upon, arise out of or be
related to the Award Agreement exclusively in the Delaware Court of Chancery or, in the event (but only in the event) that such
court does not have subject-matter jurisdiction over such claim, cause of action or proceeding, exclusively in the United States
District Court for the District of Delaware (the “Chosen Court”) and hereby (i) irrevocably submits to
the exclusive jurisdiction of the Chosen Court, (ii) waives any objection to laying venue in any such proceeding in the Chosen
Court, (iii) waives any objection that the Chosen Court is an inconvenient forum or does not have jurisdiction over any party
and (iv) agrees that service of process upon such party in any such claim or cause of action shall be effective if notice
is given in accordance with this Award Agreement. 

 

    	D&B Team Member
Market Stock Unit Award Agreement
Page 8 of 10 

     

    

 

(b)              
EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY CLAIM OR CAUSE OF ACTION (WHETHER IN CONTRACT,
IN TORT, AT LAW OR OTHERWISE) INSTITUTED BY OR AGAINST SUCH PARTY IN RESPECT OF ITS, HIS OR HER OBLIGATIONS HEREUNDER.

 

16.             
Award Subject to Plan. By entering into this Award Agreement the Participant agrees and acknowledges that the Participant
has received and read a copy of the Plan. The Award is subject to the Plan. The terms and provisions of the Plan as it may be amended
from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained
herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. Capitalized
terms not otherwise defined herein shall have the same meanings as in the Plan.

 

17.             
No Guarantees Regarding Tax Treatment. The Participant shall be responsible for all taxes with respect to the Award.
The Committee and the Company make no guarantees regarding the tax treatment of the Award.

 

18.             
Amendment. The Committee may amend or alter this Award Agreement and the Award granted hereunder at any time, subject
to the terms of the Plan.

 

19.             
Signature in Counterparts. This Award Agreement may be signed in counterparts, manually or electronically, and each
of which will be an original, with the same effect as if the signatures to each were upon the same instrument.

 

20.             
Electronic Signature and Delivery. This Award Agreement may be accepted by return signature or by electronic confirmation.
Each party agrees that the electronic signatures, whether digital or encrypted, of the parties included in this Award Agreement
are intended to authenticate this writing and to have the same force and effect as manual signatures.  Delivery of a copy
of this Agreement or any other document contemplated hereby bearing an original or electronic signature by facsimile transmission
(whether directly from one facsimile device to another by means of a dial-up connection or whether mediated by the worldwide web),
by electronic mail in “portable document format” (“.pdf”) form, or by any other electronic means intended
to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the
paper document bearing an original or electronic signature.

 

21.             
Severability. The provisions of this Award Agreement are severable and if any one or more provisions are determined
to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions shall nevertheless be binding and enforceable.

 

[signature page follows]

 

    	D&B Team Member
Market Stock Unit Award Agreement
Page 9 of 10 

     

    

 

IN WITNESS WHEREOF, the
Company and the Participant have executed this Market Stock Unit Award Agreement as of the date first set forth above.

 

 

 

PARTICIPANT

 

 

_________________________________

 

 

	 	DAVE
    & BUSTER’S ENTERTAINMENT, INC.
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	D&B Team Member
Market Stock Unit Award Agreement
Page 10 of 10

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