Document:

Exhibit

Exhibit 4.6
DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
FalconStor Software, Inc. (the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): its common stock, par value $0.001 per share (“Common Stock”). The following is a summary of the material terms of the Common Stock. This summary is qualified in its entirety by reference to the Company’s Restated Certificate of Incorporation, as amended (the “Charter”), and Amended and Restated Bylaws (the “Bylaws”), which are incorporated herein by reference as Exhibit 3.1 and Exhibit 3.2, respectively, to the Company’s Annual Report on Form 10-K of which this Exhibit 4.6 is a part. We encourage you to read the Charter, the Bylaws and applicable provisions of the Delaware General Corporation Law (the “DGCL”) for additional information.
Description of Common Stock
Authorized Capital Stock
The Company is authorized to issue 30,000,000 shares of Common Stock, par value $0.001 per share. 
Voting Rights and Requirements
Each share of Common Stock entitles its record holder to one vote on all matters to be voted on by the common stockholders of the Company. Except as otherwise provided by law, actions by the common stockholders of the Company may be approved by a majority vote of the stockholders present at a duly called meeting of the stockholders at which a quorum is present (with the Series A Preferred Stock generally voting on an as-converted basis with the Common Stock); however, an amendment to the Bylaws by the stockholders requires the affirmative vote of the holders of at least sixty-six and two-thirds percent (66-2/3%) of the voting power of all of the then outstanding shares of the capital stock of the Company entitled to vote generally in the election of directors, voting together as a single class, as well as approval by the holders of Series A Preferred Stock. The Board of the Company may amend the Bylaws with the majority vote of the total number of authorized directors. The Board is classified and currently consists of four directors divided into three classes, each class with a term of office expiring the third succeeding annual meeting of stockholders after election of such class. At all meetings of stockholders for the election of directors, a plurality of the votes cast is sufficient to elect. No provision of the Company’s Charter or Bylaws provides for cumulative voting in the case of the election of directors or on any other matter.
Dividends and Liquidation Rights 
Each holder of Common Stock of the Company is entitled to share pro rata in any dividends paid on the Common Stock out of assets legally available for that purpose, when, and if declared by the Board. Upon the liquidation, dissolution or winding up of the Company, the assets of the Company shall be distributed pro rata among the holders of Common Stock. However, the aforementioned dividend and liquidation rights are limited and qualified by the Series A Preferred Stock, which has a preference to any such distribution of the assets or funds. Other than the rights described above, the holders of Common Stock have no redemption, preemptive, subscription or conversion rights, nor any rights to payment from any sinking or similar fund, and are not subject to any calls or assessments. There are no restraints in the Charter or Bylaws of the Company on the right of holders of shares of Common Stock to sell or otherwise alienate their shares of stock in the Company, and there are no provisions discriminating against any existing or prospective holder of shares of Common Stock as a result of such security holder owning a substantial amount of securities.
In addition to the Company’s outstanding Common Stock, the Company has outstanding options to purchase its Common Stock held by its employees and directors and additional shares available for issuance under several equity compensation plans, as further described in the Company’s periodic reports filed with the SEC.
Stock Exchange Listing
The Common Stock is quoted on the OTC Markets’ OTCQB under the symbol “FALC”.
Transfer Agent and Registrar
The transfer agent and registrar for the Common Stock is Computershare Inc.Exhibit 4.1

 

DAVE & BUSTER’S ENTERTAINMENT,
INC.

 

and

 

Computershare
Trust Company, N.A., as Rights Agent

 

RIGHTS AGREEMENT

 

Dated as of March 18, 2020

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	Section 1.	Certain Definitions	1
	Section 2.	Appointment of Rights Agent	8
	Section 3.	Issue of Right Certificates	9
	Section 4.	Form of Right Certificates	11
	Section 5.	Countersignature and Registration	11
	Section 6.	Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates; Uncertificated
Rights	12
	Section 7.	Exercise of Rights, Purchase Price; Expiration Date of Rights	13
	Section 8.	Cancellation and Destruction of Right Certificates	14
	Section 9.	Availability of Shares of Preferred Stock	15
	Section 10.	Preferred Stock Record Date	16
	Section 11.	Adjustment of Purchase Price, Number and Kind of Shares and Number of Rights	16
	Section 12.	Certificate of Adjusted Purchase Price or Number of Shares	23
	Section 13.	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	23
	Section 14.	Fractional Rights and Fractional Shares	26
	Section 15.	Rights of Action	27
	Section 16.	Agreement of Right Holders	27
	Section 17.	Right Certificate Holder Not Deemed a Stockholder	28
	Section 18.	Concerning the Rights Agent	29
	Section 19.	Merger or Consolidation or Change of Name of Rights Agent	29
	Section 20.	Duties of Rights Agent	30
	Section 21.	Change of Rights Agent	33
	Section 22.	Issuance of New Right Certificates	34
	Section 23.	Redemption	34
	Section 24.	Exchange	35
	Section 25.	Notice of Certain Events	36
	Section 26.	Notices	37
	Section 27.	Supplements and Amendments	38
	Section 28.	Successors	38
	Section 29.	Benefits of this Agreement	38
	Section 30.	Determinations and Actions by the Board of Directors	38
	Section 31.	Severability	39
	Section 32.	Governing Law; Waiver of Jury Trial	39
	Section 33.	Counterparts	39
	Section 34.	Effectiveness	39
	Section 35.	Descriptive Headings; Interpretation	39
	Section 36.	Force Majeure	39

 

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RIGHTS AGREEMENT

 

Rights
Agreement, dated as of March 18, 2020 (as amended, supplemented or otherwise modified from time to time, the “Agreement”),
between Dave & Buster’s Entertainment, Inc., a Delaware corporation (the “Company”), and Computershare
Trust Company, N.A., as Rights Agent (the “Rights Agent”).

 

The Board of Directors
of the Company has adopted resolutions creating a series of preferred stock designated as “Series A Junior Participating
Preferred Stock” and authorized the issuance and declared a dividend of one preferred share purchase right (a “Right”)
for each share of Common Stock (as hereinafter defined) outstanding as of the Close of Business (as defined below) on March 30,
2020 (the “Record Date”), each Right initially representing the right to purchase one ten-thousandth (subject
to adjustment as provided herein) of a share of Preferred Stock (as hereinafter defined), upon the terms and subject to the conditions
herein set forth, and has further authorized and directed the issuance of one Right (subject to adjustment as provided herein)
with respect to each share of Common Stock that shall become outstanding between the Record Date and the earlier of the Distribution
Date and the Expiration Date (as such terms are hereinafter defined); provided, however, that Rights may be issued
with respect to shares of Common Stock that shall become outstanding after the Distribution Date and prior to the Expiration Date
in accordance with Section 22.

 

Accordingly, in consideration
of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 

Section 1.               
Certain Definitions. For purposes of this Agreement, the following terms have the meaning indicated:

 

(a)              
“Acquiring Person” shall mean any Person (as such term is hereinafter defined) who or which, together
with all Affiliates and Associates of such Person, shall be the Beneficial Owner (as such term is hereinafter defined) of 15% or
more of the shares of Common Stock then outstanding, but shall not include (i) an Exempt Person (as such term is hereinafter
defined) or (ii) a Passive Institutional Investor (as such term is hereinafter defined), so long as, in the case of this clause
(ii), such Person is not the Beneficial Owner of 20% or more of the shares of Common Stock then outstanding, but subject to the
provisions in the definition of “Passive Institutional Investor”; provided, however, that

 

(i)                 if
the Board of Directors of the Company determines that a Person who would otherwise be an “Acquiring Person”
became the Beneficial Owner of a number of shares of Common Stock such that the Person would otherwise qualify as an
 “Acquiring Person” inadvertently (including because (A) such Person was unaware that it beneficially owned
that number of shares of Common Stock that would otherwise cause such Person to be an “Acquiring Person” or
(B) such Person was aware of the extent of its Beneficial Ownership of Common Stock but had no actual knowledge of the
consequences of such Beneficial Ownership under this Agreement) and without any intention of obtaining, changing or
influencing control of the Company, then such Person shall not be deemed to be or to have become an “Acquiring
Person” for any purposes of this Agreement unless and until such Person shall have failed to divest itself, as soon as
practicable (as determined by the Board of Directors of the Company), of Beneficial Ownership of a sufficient number of
shares of Common Stock so that such Person would no longer otherwise qualify as an “Acquiring Person”;

 

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(ii)             
if, as of the date hereof or prior to the first public announcement of the adoption of this Agreement, any Person (together
with its Affiliates and Associates) is or becomes the Beneficial Owner of 15% (20% in the case of a Passive Institutional Investor)
or more of the shares of Common Stock outstanding, such Person shall not be deemed to be or to become an “Acquiring Person”
unless and until such time as such Person shall, after the first public announcement of the adoption of this Agreement, become
the Beneficial Owner of any additional shares of Common Stock (other than pursuant to a dividend or distribution paid or made by
the Company on the outstanding Common Stock or pursuant to a split or subdivision of the outstanding Common Stock) that would cause
such Person’s Beneficial Ownership of the Common Stock outstanding to exceed by any amount such Person’s Beneficial
Ownership as of the date of this Agreement, in which case such Person will become an Acquiring Person;

 

(iii)           
no Person shall become an “Acquiring Person” solely as a result of any unilateral grant of any security by the
Company or through the exercise of any options, warrants, rights or similar interests (including restricted stock) granted by the
Company to its directors, officers and employees;

 

(iv)            
no Person shall become an “Acquiring Person” solely as the result of an acquisition of shares of Common Stock
by the Company which, by reducing the number of shares of Common Stock outstanding, increases the proportion of the shares of Common
Stock beneficially owned by such Person to 15% (20% in the case of a Passive Institutional Investor) or more of the Common Stock
then outstanding; provided, however, that if a Person shall become the Beneficial Owner of 15% (20% in the case of
a Passive Institutional Investor) or more of the shares of Common Stock then outstanding by reason of such share acquisitions by
the Company and shall thereafter become the Beneficial Owner of any additional shares of Common Stock (other than pursuant to a
dividend or distribution paid or made by the Company on the outstanding Common Stock or pursuant to a split or subdivision of the
outstanding Common Stock), then such Person shall be deemed to be an “Acquiring Person” unless, upon becoming the Beneficial
Owner of such additional shares of Common Stock, such Person does not beneficially own 15% (20% in the case of a Passive Institutional
Investor) or more of the shares of Common Stock then outstanding; and

 

(v)               no
Person shall become an “Acquiring Person” solely as the result of the acquisition by such Person of Beneficial
Ownership of shares of Common Stock from an individual who, on the later of the date hereof and the first public announcement
of this Agreement, is the Beneficial Owner of 15% (20% in the case of a Passive Institutional Investor) or more of the Common
Stock then outstanding if such shares of Common Stock are received by such Person upon such individual’s death pursuant
to such individual’s will or pursuant to a charitable trust created by such individual for estate planning purposes
unless and until such time as such Person shall become the Beneficial Owner of any additional shares of Common Stock (other
than pursuant to a dividend or distribution paid or made by the Company on the outstanding Common Stock or pursuant to a
split or subdivision of the outstanding Common Stock), unless, upon becoming the Beneficial Owner of such additional shares
of Common Stock, such Person is not then the Beneficial Owner of 15% (20% in the case of a Passive Institutional Investor) or
more of the shares of Common Stock then outstanding.

 

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With respect to any Person, for all purposes
of this Agreement, any calculation of the number of shares of Common Stock outstanding at any particular time, including for purposes
of determining the particular percentage of the outstanding shares of Common Stock of which such Person is the Beneficial Owner,
shall include the number of shares of Common Stock not outstanding at the time of such calculation that such Person is otherwise
deemed to beneficially own for purposes of this Agreement, but the number of shares of Common Stock not outstanding that such Person
is otherwise deemed to beneficially own for purposes of this Agreement shall not be included for the purpose of computing the percentage
of the outstanding shares of Common Stock beneficially owned by any other Person (unless such other Person is also otherwise deemed
to beneficially own for purposes of this Agreement such shares of Common Stock not outstanding).

 

(b)              
“Authorized Officer” shall mean the Chief Executive Officer, the Chief Financial Officer, the President
or any Senior Vice President of the Company.

 

(c)              
“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms
in Rule 12b-2 of the General Rules and Regulations under the Exchange Act (as such term is hereinafter defined).

 

(d)              
“Agreement” shall have the meaning set forth in the preamble.

 

(e)              
A Person shall be deemed the “Beneficial Owner” of, shall be deemed to have “Beneficial Ownership”
of and shall be deemed to “beneficially own” any securities:

 

(i)                
which such Person or any of such Person’s Affiliates or Associates is deemed to beneficially own, directly or indirectly,
within the meaning of Rule l3d-3 of the General Rules and Regulations under the Exchange Act;

 

(ii)              which
such Person or any of such Person’s Affiliates or Associates has, directly or indirectly: (A) the right or
obligation to acquire (whether such right is exercisable, or such obligation is required to be performed, immediately or only
after the passage of time, upon compliance with regulatory requirements, upon the satisfaction of conditions (whether or not
within the control of such Person) or otherwise) pursuant to any agreement, arrangement or understanding (whether or not in
writing) (other than customary agreements with and between underwriters and selling group members with respect to a bona fide
public offering of securities), or upon the exercise of conversion rights, exchange rights, rights (other than the Rights),
warrants or options, or otherwise; provided, however, that a Person shall not be deemed the Beneficial Owner
of, or to beneficially own, (w) securities tendered pursuant to a tender or exchange offer made by or on behalf of such
Person or any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or
exchange, (x) securities which such Person has a right to acquire upon the exercise of Rights at any time prior to the
time that any Person becomes an Acquiring Person, (y) securities issuable upon the exercise of Rights from and after the
time that any Person becomes an Acquiring Person if such Rights were acquired by such first Person or any of such first
Person’s Affiliates or Associates prior to the Distribution Date or pursuant to Section 3(a) or Section 22
hereof (“Original Rights”) or pursuant to Section 11(h) or Section 11(m) with respect to an
adjustment to Original Rights, or (z) securities which such Person or any of such Person’s Affiliates or
Associates may acquire, does or do acquire or may be deemed to have the right to acquire, pursuant to any merger or other
acquisition agreement between the Company and such Person (or one or more of such Person’s Affiliates or Associates) if
such agreement has been approved by the Board of Directors of the Company prior to such Person’s becoming an Acquiring
Person; or (B) the right to vote pursuant to any agreement, arrangement or understanding (whether or not in writing); provided, however,
that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, any security by reason of such agreement,
arrangement or understanding if the agreement, arrangement or understanding to vote such security (1) arises solely from
a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and
in accordance with, the applicable rules and regulations promulgated under the Exchange Act, (2) is not also then
reportable on Schedule 13D under the Exchange Act (or any comparable or successor report) and (3) does not constitute a
trust, proxy, power of attorney or other device with the purpose or effect of allowing two or more persons, acting in
concert, to avoid being deemed Beneficial Owners of such security or otherwise avoid the status of Acquiring Person under the
terms of this Agreement or as part of a plan or scheme to evade the reporting requirements under Schedule 13D or Sections
13(d) or 13(g) of the Exchange Act;

 

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(iii)           
which are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate of such other Person)
and with respect to which such first Person or any of such first Person’s Affiliates or Associates has (x) any agreement,
arrangement or understanding (whether or not in writing) (other than customary agreements with and between underwriters and selling
group members with respect to a bona fide public offering of securities) for the purpose of acquiring, holding, voting (except
to the extent contemplated by the proviso to Section 1(d)(ii)(B)) or disposing of such securities or (y) any agreement,
arrangement or understanding (whether or not in writing) to cooperate in obtaining, changing or influencing control of the issuer
of such securities; or

 

(iv)            
which are beneficially owned, directly or indirectly, by a Counterparty (or any of such Counterparty’s Affiliates
or Associates) under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives
Contract) to which such Person or any of such Person’s Affiliates or Associates is a Receiving Party (as such terms are hereinafter
defined); provided, however, that the number of shares of Common Stock that a Person is deemed to beneficially own
pursuant to this clause (iv) in connection with a particular Derivatives Contract shall not exceed the number of Notional
Common Shares (as such term is hereinafter defined) with respect to such Derivatives Contract; provided further that the
number of securities beneficially owned by each Counterparty (including its Affiliates and Associates) under a Derivatives Contract
shall for purposes of this clause (iv) be deemed to include all securities that are beneficially owned, directly or indirectly,
by any other Counterparty (or any of such other Counterparty’s Affiliates or Associates) under any Derivatives Contract to
which such first Counterparty (or any of such first Counterparty’s Affiliates or Associates) is a Receiving Party, with this
proviso being applied to successive Counterparties as appropriate;

 

provided, however, that no
Person who is an officer, director or employee of an Exempt Person shall be deemed, solely by reason of such Person’s status
or authority as such, to be the “Beneficial Owner” of, to have “Beneficial Ownership” of or to “beneficially
own” any securities that are “beneficially owned” (as defined in this Section l(d)), including in a fiduciary
capacity, by an Exempt Person or by any other such officer, director or employee of an Exempt Person.

 

(f)               
“Book Entry” shall mean an uncertificated book entry for the Common Stock.

 

(g)              
“Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions
in the State of New York are authorized or obligated by law or executive order to close.

 

(h)              
“Certificate of Incorporation” shall mean the Fourth Amended and Restated Certificate of Incorporation
of the Company, as filed with the Secretary of State of the State of Delaware on June 9, 2017, and as may be amended and/or restated
from time to time.

 

(i)                
“Close of Business” on any given date shall mean 5:00 P.M., New York City time, on such date; provided,
however, that if such date is not a Business Day it shall mean 5:00 P.M., New York City time, on the next succeeding
Business Day.

 

(j)                
“Common Stock” when used with reference to the Company or without reference shall mean the Common Stock,
presently par value $0.01 per share, of the Company. “Common Stock” when used with reference to any Person other than
the Company shall mean the common stock (or, in the case of any entity other than a corporation, the equivalent equity interest)
with the greatest voting power of such other Person or, if such other Person is a Subsidiary (as such term is hereinafter defined)
of another Person, the Person or Persons which ultimately control such first-mentioned Person.

 

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(k)              
“Common Stock Equivalents” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(l)                
“Company” shall have the meaning set forth in the preamble.

 

(m)              
“Counterparty” shall have the meaning set forth in Section 1(n) hereof.

 

(n)              
“Current Value” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(o)              
“Derivatives Contract” shall mean any option, warrant, swap, participation, convertible security, stock
appreciation right or other right or contract (in each case other than the Rights) between two parties that is designed to produce
economic benefits and risks for one party (the “Receiving Party”, and the other party, the “Counterparty”),
that has an exercise or conversion privilege or a settlement payment or mechanism at a price related to shares of Common Stock
or a value determined in whole or in part with reference to, or derived in whole or in part from, the market price or value of
shares of Common Stock or that is otherwise designed to produce the economic benefits and risks to a Person that correspond substantially
to the ownership by such Person of a number of shares of Common Stock specified or referenced in such contract (such number corresponding
to such economic benefits and risks, the “Notional Common Shares”), and that increases in value as the value
of shares of Common Stock increases or that provides to the holder of such contract an opportunity, directly or indirectly, to
profit or share in any profit derived from any increase in the value of shares of Common Stock (in any case, regardless of (i)
whether such contract, right or derivative transaction conveys any voting rights, (ii) whether obligations under such contract,
right or derivative transaction are required or permitted to be settled, in whole or in part, through the delivery of cash, shares
of Common Stock or other property, (iii) any short or similar position under the same or any other Derivative Contract, or (iv)
whether or not presently exercisable), but shall not include:

 

(i)               
rights of a bona fide pledgee of shares of Common Stock to sell the shares of Common Stock upon the bona fide exercise of
its rights as a secured party;

 

(ii)             
rights of all holders of shares of Common Stock to receive shares of Common Stock, or obligations of all holders of shares
of Common Stock to dispose of shares of Common Stock, pro rata, as a result of a merger, exchange offer or consolidation involving
the Company;

 

(iii)           
interests in broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks
approved for trading by the appropriate federal governmental authority;

 

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(iv)            
interests or rights to participate in, or awards under, employee benefit plans of the Company established by the Company
and held by employees or former employees of the Company or their permitted transferees; or

 

(v)              
options granted to an underwriter in a registered public offering for the purpose of satisfying over-allotments in such
offering.

 

(p)              
“Distribution Date” shall have the meaning set forth in Section 3(a) hereof.

 

(q)              
“Equivalent Preferred Shares” shall have the meaning set forth in Section 11(b) hereof.

 

(r)               
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(s)               
“Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof.

 

(t)                
“Exempt Person” shall mean the Company or any Subsidiary of the Company, in each case including in its
fiduciary capacity, or any employee benefit plan of the Company or of any Subsidiary of the Company, or any entity or trustee holding
(or acting in a fiduciary capacity in respect of) Common Stock for or pursuant to the terms of any such plan or for the purpose
of funding any such plan or funding other employee benefits for employees of the Company or of any Subsidiary of the Company.

 

(u)              
“Expiration Date” shall have the meaning set forth in Section 7(a) hereof.

 

(v)              
“Final Expiration Date” shall have the meaning set forth in Section 7(a) hereof.

 

(w)            
“Flip-In Event” shall have the meaning set forth in Section 11(a)(ii) hereof.

 

(x)              
“NASDAQ” shall mean The NASDAQ Stock Market LLC.

 

(y)              
“New York Stock Exchange” shall mean the New York Stock Exchange, Inc.

 

(z)              
“Notional Common Shares” shall have the meaning set forth in Section 1(n) hereof.

 

(aa)           
“Original Rights” shall have the meaning set forth in Section 1(d)(ii) hereof.

 

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(bb)           “Passive
Institutional Investor” shall mean any Person who or which has reported or is required to report Beneficial
Ownership of shares of Common Stock of the Company on Schedule 13G under the Exchange Act (or any comparable or
successor report), but only so long as (i) such Person is eligible to report such ownership on Schedule 13G under
the Exchange Act (or any comparable or successor report), and (ii) such Person has not reported and is not required to
report such ownership on Schedule 13D under the Exchange Act (or any comparable or successor report) and such Person
does not hold shares of Common Stock of the Company on behalf of any other Person who is required to report Beneficial
Ownership of shares of Common Stock of the Company on such Schedule 13D; provided that if a formerly Passive
Institutional Investor should report or become required to report Beneficial Ownership of shares of Common Stock of the
Company on Schedule 13D, that formerly Passive Institutional Investor will not be deemed to be or to have become an
Acquiring Person if (A) at the time it reports or becomes required to report Beneficial Ownership of shares of Common Stock
of the Company on Schedule 13D, that formerly Passive Institutional Investor has Beneficial Ownership of less than 15%
of the Common Stock then outstanding; or (B) (1) it divests as promptly as practicable (but in any event not later
than ten calendar days after becoming required to report on Schedule 13D) Beneficial Ownership of a sufficient number of
shares of Common Stock of the Company so that it would no longer be an “Acquiring Person,” as defined herein, and
(2) prior to reducing its Beneficial Ownership of shares of Common Stock of the Company then outstanding to below 15%,
it does not increase its Beneficial Ownership of the Common Stock then outstanding (other than by reason of share purchases
by the Company) above such Person’s lowest Beneficial Ownership of the Common Stock then outstanding at any time during
such ten calendar day period.

 

(cc)           
“Person” shall mean any individual, firm, corporation, partnership, limited liability company, association,
trust, joint venture, unincorporated organization or other entity, and shall include any successor (by merger or otherwise) of
such entity, as well as any group under Rule 13d-5(b)(1) of the General Rules and Regulations under the Exchange Act.

 

(dd)          
“Preferred Stock” shall mean the Series A Junior Participating Preferred Stock, par value $0.01 per share,
of the Company having the rights and preferences set forth in the Form of Certificate of Designation attached to this Agreement
as Exhibit A.

 

(ee)           
“Principal Party” shall have the meaning set forth in Section 13(b) hereof.

 

(ff)             
“Purchase Price” shall have the meaning set forth in Section 7(b) hereof.

 

(gg)          
“Receiving Party” shall have the meaning set forth in Section 1(n) hereof.

 

(hh)          
“Record Date” shall have the meaning set forth in the recitals hereto.

 

(ii)             
“Redemption Date” shall have the meaning set forth in Section 7(a) hereof.

 

(jj)             
“Redemption Price” shall have the meaning set forth in Section 23(a) hereof.

 

(kk)          
“Right” shall have the meaning set forth in the recitals hereto.

 

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(ll)              
“Right Certificate” shall have the meaning set forth in Section 3(a) hereof.

 

(mm)          
“Rights Agent” shall have the meaning set forth in the preamble.

 

(nn)            
“Securities Act” shall mean the Securities Act of 1933, as amended.

 

(oo)            
“Section 11(a)(ii) Trigger Date” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(pp)            
“Spread” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(qq)          
“Stock Acquisition Date” shall mean the first date of public announcement (which, for purposes of this
definition, shall include a report filed pursuant to Section 13(d) of the Exchange Act) by the Company or an Acquiring Person
that an Acquiring Person has become such, or such earlier date as a majority of the Board of Directors of the Company shall become
aware of the existence of an Acquiring Person.

 

(rr)              
“Subsidiary” of any Person shall mean any corporation or other entity of which securities or other ownership
interests having ordinary voting power sufficient to elect a majority of the board of directors or other persons performing similar
functions are beneficially owned, directly or indirectly, by such Person, and any corporation or other entity that is otherwise
controlled by such Person.

 

(ss)             
“Substitution Period” shall have the meaning set forth in Section 11(a)(iii) hereof.

 

(tt)              
“Summary of Rights” shall have the meaning set forth in Section 3(b) hereof.

 

(uu)            
“Trading Day” shall have the meaning set forth in Section 11(d)(i) hereof.

 

(vv)            
“Trust” shall have the meaning set forth in Section 24(a) hereof.

 

(ww)          
“Trust Agreement” shall have the meaning set forth in Section 24(a) hereof.

 

Section 2.                Appointment
of Rights Agent. The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the
express terms and conditions hereof (and no implied terms and conditions), and the Rights Agent hereby accepts such
appointment. The Company may from time to time appoint such co-Rights Agents as it may deem necessary or desirable (the term
 “Rights Agent” being used herein to refer, collectively, to the Rights Agent together with any such co-Rights
Agents), upon ten (10) days’ prior written notice to the Rights Agent. In the event the Company appoints one or more
co-Rights Agents, the respective duties of the Rights Agent and any co-Rights Agents shall be as the Company shall determine;
provided that such duties and determination are consistent with the terms and provisions of this Agreement and that
contemporaneously with such appointment, if any, the Company shall notify the Rights Agent in writing thereof. The Rights
Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such co-Rights
Agent.

 

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Section 3.               
Issue of Right Certificates. The Rights shall be deemed issued, upon the terms and subject to the conditions set
forth herein, as of the Record Date, or if later, the date on which the shares of Common Stock underlying such Rights become outstanding,
provided that:

 

(a)              
Until the Close of Business on the earlier of (i) the tenth Business Day after the Stock Acquisition Date and (ii) such
date (prior to such time as any Person becomes an Acquiring Person), if any, as may be determined by action of the Board of Directors
of the Company after the date of the commencement by any Person (other than an Exempt Person) of, or of the first public announcement
of the intention of any Person (other than an Exempt Person) to commence, a tender or exchange offer the consummation of which
would result in any Person (other than an Exempt Person) having Beneficial Ownership or becoming the Beneficial Owner of 15% or
more of the shares of Common Stock then outstanding (the earlier of such dates being herein referred to as the “Distribution
Date”; provided, however, that the Distribution Date shall in no event be prior to the Record Date), (x) the
Rights, unless earlier expired, redeemed or terminated, will be evidenced (subject to the provisions of Sections 3(b) and
3(c) hereof) by the certificates representing the shares of Common Stock registered in the names of the holders thereof (or by
Book Entry shares in respect of such shares of Common Stock) and not by separate Right Certificates, and (y) the Rights will
be transferable only in connection with the transfer of Common Stock. As soon as practicable after the Distribution Date, the Company
will prepare and execute, the Rights Agent will countersign and the Company will send or cause to be sent (and the Rights Agent
will, if requested, send) by first-class, insured, postage-prepaid mail, to each record holder of shares of Common Stock as of
the Close of Business on the Distribution Date (other than any Acquiring Person or any Associate or Affiliate of an Acquiring Person),
at the address of such holder shown on the records of the Company or the transfer agent or registrar for the Common Stock, a Right
Certificate, in substantially the form of Exhibit B hereto (a “Right Certificate”), evidencing one Right
(subject to adjustment as provided herein) for each share of Common Stock so held. As of the Distribution Date, the Rights will
be evidenced solely by such Right Certificates.

 

(b)               On
the Record Date, or as soon as practicable thereafter, the Company will send a copy of a Summary of Rights to Purchase Shares
of Preferred Stock, in substantially the form of Exhibit C hereto (the “Summary of Rights”), by
first-class, postage-prepaid mail, to each record holder of Common Stock as of the Close of Business on the Record Date
(other than any Acquiring Person or any Associate or Affiliate of any Acquiring Person), at the address of such holder shown
on the records of the Company or the transfer agent or registrar for the Common Stock. With respect to certificates
representing Common Stock (or Book Entry shares of Common Stock) outstanding as of the Record Date, and until the earlier of
the Distribution Date and the Expiration Date, the Rights will be evidenced by such certificates registered in the names of
the holders thereof (or such Book Entry shares) together with the Summary of Rights. Until the Distribution Date (or, if
earlier, the Expiration Date), the surrender for transfer of any certificate representing Common Stock (or any Book Entry
shares of Common Stock) outstanding on the Record Date, with or without a copy of the Summary of Rights, shall also
constitute the transfer of the Rights associated with the Common Stock represented thereby.

 

    9

     

    

 

(c)              
Rights shall, without any further action, be issued in respect of all shares of Common Stock issued or disposed of by the
Company after the Record Date but prior to the earlier of the Distribution Date and the Expiration Date, or in certain circumstances
provided in Section 22 hereof, after the Distribution Date. Certificates issued for Common Stock after the Record Date but
prior to the earlier of the Distribution Date and the Expiration Date, or in certain circumstances provided in Section 22
hereof, after the Distribution Date shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially
the following form:

 

This certificate also evidences and
entitles the holder hereof to certain Rights as set forth in a Rights Agreement between Dave & Buster’s Entertainment,
Inc. (the “Company”) and Computershare Trust Company, N.A., (and any successor thereto, as Rights Agent), dated as
of March 18, 2020, as it may be amended, supplemented or otherwise modified from time to time (the “Rights Agreement”),
the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices
of the Company. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates
and will no longer be evidenced by this certificate. The Company will mail to the holder of this certificate a copy of the Rights
Agreement without charge after receipt of a written request therefor. Under certain circumstances, as set forth in the Rights
Agreement, Rights owned by or transferred to any Person who is or becomes an Acquiring Person (as defined in the Rights Agreement)
and certain transferees thereof will become null and void and will no longer be transferable.

 

With respect to any Book Entry shares
of Common Stock, such legend shall be included in a notice to the record holder of such shares in accordance with applicable
law. With respect to such certificates containing the foregoing legend, or any notice of the foregoing legend delivered to
holders of Book Entry shares, until the Distribution Date, the Rights associated with the shares of Common Stock represented
by such certificates or Book Entry shares shall be evidenced by such certificates or Book Entry shares alone, and the
surrender for transfer of any such certificate or Book Entry share, except as otherwise provided herein, shall also
constitute the transfer of the Rights associated with the Common Stock represented thereby. In the event that the Company
purchases or otherwise acquires any shares of Common Stock after the Record Date but prior to the Distribution Date, any
Rights associated with such shares of Common Stock shall be deemed canceled and retired so that the Company shall not be
entitled to exercise any Rights associated with the shares of Common Stock which are no longer outstanding.

 

Notwithstanding this
paragraph (c), neither the omission of a legend nor the failure to deliver the notice of such legend required hereby shall affect
the enforceability of any part of this Agreement or the rights of any holder of the Rights.

 

    10

     

    

 

Section 4.               
Form of Right Certificates. The Right Certificates (and the forms of election to purchase shares of Preferred Stock
and of assignment to be printed on the reverse thereof), when and if issued, shall be substantially in the form set forth in Exhibit B
hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed thereon as
the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply
with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange
or interdealer quotation system on which the Rights may from time to time be listed or quoted, or to conform to customary usage
(but which, in each case, do not affect the rights, duties, liabilities or responsibilities of the Rights Agent). Subject to the
provisions of this Agreement, each Right Certificate shall entitle the holder thereof to purchase such number of one ten-thousandths
of a share of Preferred Stock as shall be set forth therein at the Purchase Price, but the number of such one ten-thousandths of
a share of Preferred Stock and the Purchase Price shall be subject to adjustment as provided herein.

 

Section 5.               
Countersignature and Registration.

 

(a)              
The Right Certificates shall be executed on behalf of the Company by the Chairperson of the Board of Directors of the Company,
the Chief Executive Officer, the Chief Financial Officer, the President or any Senior Vice President, either manually or by facsimile
signature, shall have affixed thereto the Company’s seal or a facsimile thereof and shall be attested by the Secretary or
an Assistant Secretary of the Company, either manually or by facsimile signature. The Right Certificates shall be manually or by
facsimile countersigned by the Rights Agent and shall not be valid for any purpose unless countersigned. In case any officer of
the Company who shall have signed any of the Right Certificates shall cease to be such officer of the Company before countersignature
by the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be countersigned by the
Rights Agent and issued and delivered by the Company with the same force and effect as though the Person who signed or attested
such Right Certificates had not ceased to be such officer of the Company; and any Right Certificate may be signed or attested on
behalf of the Company by any Person who, at the actual date of the execution of such Right Certificate, shall be a proper officer
of the Company to sign such Right Certificate, although at the date of the execution of this Agreement any such Person was not
such an officer.

 

(b)               Following
the Distribution Date, the Rights Agent will keep or cause to be kept, at an office or agency designated for such purpose,
books for registration and transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses
of the respective holders of the Right Certificates, the number of Rights evidenced on its face by each of the Right
Certificates and the date of each of the Right Certificates.

 

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Section 6.               
Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates;
Uncertificated Rights.

 

(a)              
Subject to the provisions of this Agreement, at any time after the Close of Business on the Distribution Date and prior
to the Close of Business on the earliest of the Redemption Date, the Final Expiration Date and any occurrence of the events specified
in Section 7(a)(iii) hereof, any Right Certificate or Right Certificates (other than Right Certificates representing Rights that
have become null and void pursuant to Section 11(a)(ii) hereof or that have been exchanged pursuant to Section 24
hereof) may be transferred, split up, combined or exchanged for another Right Certificate or Right Certificates, entitling the
registered holder to purchase a like number of one ten-thousandths of a share of Preferred Stock (subject to adjustments as provided
herein) as the Right Certificate or Right Certificates surrendered then entitled such holder to purchase. Any registered holder
desiring to transfer, split up, combine or exchange any Right Certificate or Right Certificates shall make such request in writing
delivered to the Rights Agent, and shall surrender the Right Certificate or Right Certificates to be transferred, split up, combined
or exchanged at the office or agency of the Rights Agent designated for such purpose accompanied by a signature guarantee and such
other documentation as the Rights Agent may reasonably request. Thereupon the Rights Agent shall countersign and deliver to the
Person entitled thereto a Right Certificate or Right Certificates, as the case may be, as so requested. The Company may require
payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split
up, combination or exchange of Right Certificates. The Rights Agent shall forward any such sum collected by it to the Company or
to such Persons as the Company shall specify by written notice.

 

(b)              
Subject to the provisions of this Agreement, at any time after the Close of Business on the Distribution Date and prior
to the Close of Business on the earlier of the Redemption Date, the Final Expiration Date and the occurrence of the events specified
in Section 7(a)(iii) hereof, upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the
loss, theft, destruction or mutilation of a Right Certificate (other than Right Certificates representing Rights that have become
null and void pursuant to Section 11(a)(ii) hereof or that have been exchanged pursuant to Section 24 hereof), and, in case of
loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and, at the Company’s or Rights Agent’s
request, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to
the Rights Agent and cancellation of the Right Certificate if mutilated, the Company will make and deliver a new Right Certificate
of like tenor to the Rights Agent for countersignature and delivery to the registered holder in lieu of the Right Certificate so
lost, stolen, destroyed or mutilated.

 

(c)              
Notwithstanding any other provision hereof, the Company and the Rights Agent may amend this Agreement to provide for uncertificated
Rights in addition to or in place of Rights evidenced by Right Certificates, to the extent permitted by applicable law.

 

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Section 7.               
Exercise of Rights, Purchase Price; Expiration Date of Rights.

 

(a)              
Except as otherwise provided herein, the Rights shall become exercisable on the Distribution Date, and thereafter the registered
holder of any Right Certificate (other than Right Certificates representing Rights that have become null and void pursuant to Section 11(a)(ii) hereof
or that have been exchanged pursuant to Section 24 hereof) may, subject to Section 11(a)(ii) hereof and except as
otherwise provided herein, exercise the Rights evidenced thereby in whole or in part upon surrender of the Right Certificate, with
the form of election to purchase on the reverse side thereof properly completed and duly executed, to the Rights Agent at the office
or agency of the Rights Agent designated for such purpose, together with payment of the aggregate Purchase Price with respect to
the total number of one ten-thousandths of a share of Preferred Stock (or other securities, cash or other assets, as the case may
be) as to which the Rights are exercised and an amount equal to any tax or charge required to be paid in cash, or by certified
check, cashier’s check or money order payable to the order of the Company, at any time which is both after the Distribution
Date and prior to the time (the “Expiration Date”) that is the earliest of (i) the Close of Business on
March 17, 2021 (the “Final Expiration Date”), (ii) the time at which the Rights are redeemed as provided
in Section 23 hereof (the “Redemption Date”), (iii) the closing of any merger or other acquisition
transaction involving the Company pursuant to an agreement of the type described in Section 1(d)(ii)(A)(z) hereof, at which
time the Rights are terminated, or (iv) the time at which such Rights are exchanged as provided in Section 24 hereof.
Except for those provisions herein that expressly survive the termination of this Agreement, this Agreement shall terminate at
such time as the Rights are no longer exercisable hereunder.

 

(b)              
The purchase price for each one ten-thousandth of a share of Preferred Stock purchasable upon the exercise of a Right shall
be initially $45.00 (the “Purchase Price”). The Purchase Price and the number of one ten-thousandths of a share
of Preferred Stock or other securities or property to be acquired upon exercise of a Right shall be subject to adjustment from
time to time as provided in Sections 11 and 13 hereof and shall be payable in lawful money of the United States of America
in accordance with paragraph (c) of this Section 7.

 

(c)               Except
as otherwise provided herein, upon receipt of a Right Certificate representing exercisable Rights, with the form of election
to purchase duly executed, accompanied by payment of the aggregate Purchase Price for the shares of Preferred Stock (or other
securities, cash or other assets, as the case may be) to be purchased and an amount equal to any applicable transfer tax or
charge required to be paid by the holder of such Right Certificate in accordance with Section 9(e) hereof, in cash or by
certified check, cashier’s check or money order payable to the order of the Company, the Rights Agent shall thereupon
promptly (i) (A) requisition from any transfer agent of the Preferred Stock, or make available if the Rights Agent is
the transfer agent for the Preferred Stock, certificates for the number of shares of Preferred Stock to be purchased, and the
Company hereby irrevocably authorizes its transfer agent to comply with all such requests, or (B) requisition from a
depositary agent appointed by the Company depositary receipts representing interests in such number of one ten-thousandths of
a share of Preferred Stock as are to be purchased (in which case certificates for the Preferred Stock represented by such
receipts shall be deposited by the transfer agent of the Preferred Stock with any such depositary agent), and the Company
hereby directs any such depositary agent to comply with such request, (ii) when necessary to comply with this Agreement,
requisition from the Company the amount of cash to be paid in lieu of issuance of fractional shares in accordance with
Section 14 hereof, (iii) promptly after receipt of such certificates or depositary receipts, cause the same to be
delivered to or upon the order of the registered holder of such Right Certificate, registered in such name or names as may be
designated by such holder and (iv) when necessary to comply with this Agreement, after receipt, promptly deliver such
cash to or upon the order of the registered holder of such Right Certificate.

 

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(d)             
Except as otherwise provided herein, in case the registered holder of any Right Certificate shall exercise less than all
of the Rights evidenced thereby, a new Right Certificate evidencing Rights equivalent to the exercisable Rights remaining unexercised
shall be issued by the Rights Agent to the registered holder of such Right Certificate or to such holder’s duly authorized
assigns, subject to the provisions of Section 14 hereof.

 

(e)              Notwithstanding anything in this Agreement to the contrary, neither
the Rights Agent nor the Company shall be obligated to undertake any action with respect to a registered holder of Rights
upon the occurrence of any purported transfer or exercise of Rights pursuant to Section 6 hereof or this Section 7
unless such registered holder shall have (i) completed and signed the certificate contained in the form of assignment or
form of election to purchase set forth on the reverse side of the Right Certificate surrendered for such transfer or
exercise, (ii) tendered the Purchase Price (and an amount equal to any applicable transfer tax or charge required to be
paid by the holder of such Right Certificate in accordance with Section 9 to the Company in the manner set forth in Section
7(c), and (iii) include a signature guarantee and such additional evidence of the identity of the Beneficial Owner (or former
Beneficial Owner) or Affiliates or Associates thereof as the Company shall reasonably request.

 

Section 8.                 Cancellation
and Destruction of Right Certificates. All Right Certificates surrendered for the purpose of exercise, transfer, split
up, combination or exchange shall, and any Right Certificate representing Rights that have become null and void pursuant to
Section 11(a)(ii) surrendered for any purpose shall, if surrendered to the Company or to any of its agents, be
delivered to the Rights Agent for cancellation or in canceled form, or, if delivered or surrendered to the Rights Agent,
shall be canceled by it, and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of
the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the
Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise than upon
the exercise thereof. The Rights Agent shall deliver all canceled Right Certificates to the Company, or shall, at the written
request of the Company, destroy such canceled Right Certificates, and in such case shall deliver a certificate of destruction
thereof to the Company. Subject to applicable law and regulation, the Rights Agent shall, at the Company’s expense,
maintain in a retrievable database electronic records of all canceled or destroyed Rights Certificates which have been
canceled or destroyed by the Rights Agent. The Rights Agent shall maintain such electronic records for the term of this
Agreement and any additional time period required by applicable law and regulation or in accordance with the Rights
Agent’s retention policy then in effect. Upon written request of the Company (and at the expense of the Company), the
Rights Agent shall provide to the Company or its designee copies of such electronic records relating to Rights Certificates
canceled or destroyed by the Rights Agent and shall certify to the Company the accuracy of such records.

 

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Section 9.                
Availability of Shares of Preferred Stock.

 

(a)            
The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued
shares of Preferred Stock or any shares of Preferred Stock held in its treasury, free from preemptive rights or any right of first
refusal, the number of shares of Preferred Stock that will be sufficient to permit the exercise in full of all outstanding Rights.

 

(b)            
So long as the shares of Preferred Stock issuable upon the exercise of Rights may be listed or admitted to trading on any
national securities exchange, the Company shall use its best efforts to cause, from and after such time as the Rights become exercisable,
all shares reserved for such issuance to be listed or admitted to trading on such exchange upon official notice of issuance upon
such exercise.

 

(c)            
From and after such time as the Rights become exercisable, the Company shall use its best efforts, if then necessary to
permit the issuance of shares of Preferred Stock (or, after a Flip-In Event, Common Stock or other securities) upon the exercise
of Rights, to register and qualify shares of such securities under the Securities Act and any applicable state securities or “Blue
Sky” laws (to the extent exemptions therefrom are not available), cause such registration statement and qualifications to
become effective as soon as possible after such filing and keep such registration and qualifications effective (with a prospectus
at all times meeting the requirements of the Securities Act) until the earlier of the date as of which the Rights are no longer
exercisable for such securities and the Expiration Date. The Company may temporarily suspend, for a period of time not to exceed
120 days, the exercisability of the Rights in order to prepare and file a registration statement under the Securities Act and permit
it to become effective. Upon any such suspension, the Company shall issue a public announcement stating that the exercisability
of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect.
Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction unless
the requisite qualification in such jurisdiction shall have been obtained and until a registration statement under the Securities
Act shall have been declared effective, unless an exemption therefrom is available.

 

(d)             The
Company covenants and agrees that it will take all such action as may be necessary to ensure that all shares of Preferred
Stock (or other securities of the Company) delivered upon exercise of Rights shall, at the time of delivery of the
certificates therefor (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid
and non-assessable shares.

 

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(e)            
The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes
and charges which may be payable in respect of the issuance or delivery of the Right Certificates or of any shares of Preferred
Stock (or other securities of the Company) upon the exercise of Rights. The Company shall not, however, be required to pay any
transfer tax or charge which may be payable in respect of any transfer or delivery of Right Certificates to a Person other than,
or the issuance or delivery of certificates or depositary receipts for the Preferred Stock (or other securities of the Company)
in a name other than that of, the registered holder of the Right Certificate evidencing Rights surrendered for exercise or to issue
or deliver any certificates or depositary receipts for Preferred Stock (or other securities of the Company) upon the exercise of
any Rights until any such tax or charge shall have been paid (any such tax or charge being payable by the holder of such Right
Certificate at the time of surrender) or until it has been established to the Company’s and the Rights Agent’s reasonable
satisfaction that no such tax or charge is due.

 

Section 10.             
Preferred Stock Record Date. Each Person in whose name any certificate for Preferred Stock is issued upon the exercise
of Rights shall for all purposes be deemed to have become the holder of record of the shares of Preferred Stock (or other securities
of the Company) represented thereby on, and such certificate shall be dated, the date upon which the Right Certificate evidencing
such Rights was duly surrendered with the forms of election and certification properly completed and duly executed and payment
of the Purchase Price (and any applicable transfer taxes or charges) was made; provided, however, that if the date
of such surrender and payment is a date upon which the Preferred Stock transfer books of the Company are closed, such Person shall
be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding Business
Day on which the Preferred Stock transfer books of the Company are open. Prior to the exercise of the Rights evidenced thereby,
the holder of a Right Certificate shall not be entitled to any rights of a holder of Preferred Stock for which the Rights shall
be exercisable, including the right to vote or to receive dividends or other distributions or to exercise any preemptive rights,
and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein.

 

Section 11.             
Adjustment of Purchase Price, Number and Kind of Shares and Number of Rights. The Purchase Price, the number of shares
of Preferred Stock or other securities or property purchasable upon exercise of each Right and the number of Rights outstanding
are subject to adjustment from time to time as provided in this Section 11.

 

(a)              (i)         In
the event the Company shall at any time after the date of this Agreement (A) declare and pay a dividend on shares of the
Preferred Stock payable in shares of Preferred Stock, (B) subdivide the outstanding shares of Preferred Stock,
(C) combine the outstanding shares of Preferred Stock into a smaller number of shares of Preferred Stock or
(D) issue any shares of its capital stock in a reclassification of the Preferred Stock (including any such
reclassification in connection with a consolidation, merger or combination in which the Company is the continuing or
surviving corporation), except as otherwise provided in this Section 11(a), the Purchase Price in effect at the time of
the record date for such dividend or of the effective date of such transaction and the number and kind of shares of capital
stock issuable upon exercise of a Right as of the record date for such dividend or the effective date of such transaction
shall be proportionately adjusted so that the holder of any Right exercised after such time shall be entitled to receive the
aggregate number and kind of shares of capital stock which, if such Right had been exercised immediately prior to such date
and at a time when the Preferred Stock transfer books of the Company were open, such holder would have owned upon such
exercise and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification.

 

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  (ii)              Subject
to Section 24 of this Agreement, in the event any Person becomes an Acquiring Person (the first occurrence of such event
being referred to hereinafter as the “Flip-In Event”), then (A) the Purchase Price shall be adjusted
to be the Purchase Price in effect immediately prior to the Flip-In Event multiplied by the number of one ten-thousandths of
a share of Preferred Stock for which a Right was exercisable immediately prior to such Flip-In Event, whether or not such
Right was then exercisable, and (B) each holder of a Right, except as otherwise provided in this
Section 11(a)(ii) and Section 11(a)(iii) hereof, shall thereafter have the right to receive, upon
exercise thereof at a price equal to the Purchase Price (as so adjusted), in accordance with the terms of this Agreement and
in lieu of shares of Preferred Stock, such number of shares of Common Stock as shall equal the result obtained by dividing
the Purchase Price (as so adjusted) by 50% of the current per share market price of the Common Stock (determined pursuant to
Section 11(d) hereof) on the date of such Flip-In Event; provided, however, that the Purchase Price (as so
adjusted) and the number of shares of Common Stock so receivable upon exercise of a Right shall, following the Flip-In Event,
be subject to further adjustment as appropriate in accordance with Section 11(f) hereof. Notwithstanding anything in
this Agreement to the contrary, however, from and after the Flip-In Event, any Rights that are, or were acquired,
beneficially owned by (x) any Acquiring Person (or any Affiliate or Associate of any Acquiring Person), (y) a
transferee of any Acquiring Person (or of any such Affiliate or Associate) who becomes a transferee after the Flip-In Event
or (z) a transferee of any Acquiring Person (or of any such Affiliate or Associate) who became a transferee prior to or
concurrently with the Flip-In Event pursuant to either (I) a transfer (whether or not for consideration) from the Acquiring
Person to holders of its equity securities or to any Person with whom it has any continuing agreement, arrangement or
understanding (whether or not in writing) regarding the transferred Rights or (II) a transfer which the Board of Directors of
the Company has determined is part of a plan, arrangement or understanding which has the purpose or effect of avoiding the
provisions of this paragraph, and subsequent transferees, either direct transferees or transferees through one or more
intermediate transferees, of such Persons, shall be null and void without any further action and any holder of such Rights
shall thereafter have no rights whatsoever with respect to such Rights under any provision of this Agreement or otherwise.
The Company shall use all reasonable efforts to ensure that the provisions of this Section 11(a)(ii) are complied
with, but the Company shall have no liability to any holder of Right Certificates or other Person as a result of the
Company’s failure to make any determinations with respect to an Acquiring Person, its Affiliates or Associates or its
or their transferees hereunder. From and after the Flip-In Event, no Right Certificate shall be issued pursuant to
Section 3 or Section 6 hereof that represents Rights that are or have become null and void pursuant to the
provisions of this paragraph, and any Right Certificate delivered to the Rights Agent that represents Rights that are or have
become null and void pursuant to the provisions of this paragraph shall be canceled. From and after the occurrence of an
event specified in Section 13(a) hereof, any Rights that theretofore have not been exercised pursuant to this
Section 11(a)(ii) shall thereafter be exercisable only in accordance with Section 13 and not pursuant to this
Section 11(a)(ii).

 

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  (iii)            The
Company may at its option substitute for a share of Common Stock issuable upon the exercise of Rights in accordance with the
foregoing subparagraph (ii) a number of shares of Preferred Stock or fraction thereof such that the current per share
market price of one share of Preferred Stock multiplied by such number or fraction is equal to the current per share market
price of one share of Common Stock. In the event that there shall not be sufficient shares of Common Stock issued but not
outstanding or authorized but unissued to permit the exercise in full of the Rights in accordance with the foregoing
subparagraph (ii), the Board of Directors of the Company shall, with respect to such deficiency, to the extent permitted by
applicable law and any material agreements then in effect to which the Company is a party, (A) determine the excess
(such excess, the “Spread”) of (1) the value of the shares of Common Stock issuable upon the exercise
of a Right in accordance with the foregoing subparagraph (ii) (the “Current Value”) over (2) the
Purchase Price (as adjusted in accordance with the foregoing subparagraph (ii)), and (B) with respect to each Right
(other than Rights which have become null and void pursuant to the foregoing subparagraph (ii)), make adequate provision to
substitute for the shares of Common Stock issuable in accordance with the foregoing subparagraph (ii) upon exercise of
the Right and payment of the Purchase Price (as adjusted in accordance therewith), (1) cash, (2) a reduction in
such Purchase Price, (3) shares of Preferred Stock or other equity securities of the Company (including shares or
fractions of shares of preferred stock which, by virtue of having dividend, voting and liquidation rights substantially
comparable to those of the shares of Common Stock are determined by the Board of Directors of the Company to have
substantially the same value as the shares of Common Stock (such shares of Preferred Stock and shares or fractions of shares
of preferred stock are hereinafter referred to as “Common Stock Equivalents”, and, when used with
reference to any Person other than the Company, shall have a correlative meaning in respect of such Person’s Common
Stock)), (4) debt securities of the Company, (5) other assets, or (6) any combination of the foregoing, having a value which,
when added to the value of the shares of Common Stock issued upon exercise of such Right, shall have an aggregate value equal
to the Current Value (less the amount of any reduction in such Purchase Price), where such aggregate value has been
determined by the Board of Directors of the Company; provided, however, that if the Company shall not make
adequate provision to deliver value pursuant to clause (B) above within thirty (30) days following the Flip-In Event
(the date of the Flip-In Event being the “Section 11(a)(ii) Trigger Date”), then the Company
shall be obligated to deliver, to the extent permitted by applicable law and any material agreements then in effect to which
the Company is a party, upon the surrender for exercise of a Right and without requiring payment of such Purchase Price,
shares of Common Stock (to the extent available), and then, if necessary, such number or fractions of shares of Preferred
Stock (to the extent available) and then, if necessary, cash, which shares and/or cash have an aggregate value equal to the
Spread. If, upon the occurrence of the Flip-In Event, the Board of Directors of the Company shall determine that it is likely
that sufficient additional shares of Common Stock could be authorized for issuance upon exercise in full of the Rights, then,
if the Board of Directors of the Company so elects, the thirty (30) day period set forth above may be extended to the extent
necessary, but not more than ninety (90) days after the Section 11(a)(ii) Trigger Date, in order that the Company
may seek stockholder approval for the authorization of such additional shares (such thirty (30) day period, as it may be
extended, is herein called the “Substitution Period”). To the extent that the Company determines that
action need be taken pursuant to the second and/or third sentence of this Section 11(a)(iii), the Company (x) shall
provide, subject to Section 11(a)(ii) hereof and the last sentence of this Section 11(a)(iii) hereof,
that such action shall apply uniformly to all outstanding Rights and (y) may suspend the exercisability of the Rights
until the expiration of the Substitution Period in order to seek any authorization of additional shares and/or to decide the
appropriate form of distribution to be made pursuant to such second sentence and to determine the value thereof. In the event
of any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been
temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect. For purposes
of this Section 11(a)(iii), the per share value of the shares of Common Stock shall be the current per share market
price (as determined pursuant to Section 11(d)(i)) on the Section 11(a)(ii) Trigger Date and the per share or
fractional value of any Common Stock Equivalent shall be deemed to equal the current per share market price of the Common
Stock. The Board of Directors of the Company may, but shall not be required to, establish procedures to allocate the right to
receive shares of Common Stock upon the exercise of the Rights among the holders of Rights pursuant to this
Section 11(a)(iii).

 

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(b)             In
case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred Stock
entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Preferred
Stock (or shares having the same rights, privileges and preferences as the Preferred Stock (“Equivalent Preferred
Shares”)) or securities convertible into Preferred Stock or Equivalent Preferred Shares at a price per share of
Preferred Stock or Equivalent Preferred Shares (or having a conversion price per share, if a security convertible into shares
of Preferred Stock or Equivalent Preferred Shares) less than the then current per share market price of the Preferred Stock
(determined pursuant to Section 11(d) hereof) on such record date, the Purchase Price to be in effect after such record
date shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the
numerator of which shall be the number of shares of Preferred Stock and Equivalent Preferred Shares outstanding on such
record date plus the number of shares of Preferred Stock and Equivalent Preferred Shares which the aggregate offering price
of the total number of shares of Preferred Stock and/or Equivalent Preferred Shares so to be offered (and/or the aggregate
initial conversion price of the convertible securities so to be offered) would purchase at such current market price, and the
denominator of which shall be the number of shares of Preferred Stock and Equivalent Preferred Shares outstanding on such
record date plus the number of additional shares of Preferred Stock and/or Equivalent Preferred Shares to be offered for
subscription or purchase (or into which the convertible securities so to be offered are initially convertible); provided, however,
that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of
the shares of capital stock of the Company issuable upon exercise of one Right. In case such subscription price may be paid
in consideration part or all of which shall be in a form other than cash, the value of such consideration shall be as
determined by the Board of Directors of the Company, whose determination shall be described in a statement filed with the
Rights Agent and shall be binding on the Rights Agent and holders of the Rights. Shares of Preferred Stock and Equivalent
Preferred Shares owned by or held for the account of the Company or any Subsidiary of the Company shall not be deemed
outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date
is fixed; and in the event that such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to
be the Purchase Price which would then be in effect if such record date had not been fixed.

 

(c)             
In case the Company shall fix a record date for the making of a distribution to all holders of the Preferred Stock (including
any such distribution made in connection with a consolidation, merger or combination in which the Company is the continuing or
surviving corporation) of evidences of indebtedness or assets (other than a regular quarterly cash dividend or a dividend payable
in Preferred Stock) or subscription rights or warrants (excluding those referred to in Section 11(b) hereof), the Purchase
Price to be in effect after such record date shall be determined by multiplying the Purchase Price in effect immediately prior
to such record date by a fraction, the numerator of which shall be the then current per share market price of the Preferred Stock
(determined pursuant to Section 11(d) hereof) on such record date, less the fair market value (as determined by the Board
of Directors of the Company whose determination shall be described in a statement filed with the Rights Agent and shall be binding
on the Rights Agent and holders of the Rights) of the portion of the assets or evidences of indebtedness so to be distributed or
of such subscription rights or warrants applicable to one share of Preferred Stock, and the denominator of which shall be such
current per share market price of the Preferred Stock (determined pursuant to Section 11(d) hereof); provided, however,
that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the
shares of capital stock of the Company to be issued upon exercise of one Right. Such adjustments shall be made successively whenever
such a record date is fixed; and in the event that such distribution is not so made, the Purchase Price shall again be adjusted
to be the Purchase Price which would then be in effect if such record date had not been fixed.

 

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(d)             (i)          Except
as otherwise provided herein, for the purpose of any computation hereunder, the “current per share market price”
of any security (a “Security” for the purpose of this Section 11(d)(i)) on any date shall be deemed
to be the average of the daily closing prices per share of such Security for the 30 consecutive Trading Days (as such term is
hereinafter defined) immediately prior to such date; provided, however, that in the event that the current per
share market price of the Security is determined during a period following the announcement by the issuer of such Security of
(A) a dividend or distribution on such Security payable in shares of such Security or securities convertible into such
shares, or (B) any subdivision, combination or reclassification of such Security, and prior to the expiration of 30
Trading Days after the ex-dividend date for such dividend or distribution, or the record date for such subdivision,
combination or reclassification, then, and in each such case, the current per share market price shall be appropriately
adjusted to reflect the current market price per share equivalent of such Security. The closing price for each day shall be
the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked
prices, regular way, in either case as reported by the principal consolidated transaction reporting system with respect to
securities listed or admitted to trading on the New York Stock Exchange or NASDAQ or, if the Security is not listed or
admitted to trading on the New York Stock Exchange or NASDAQ, as reported in the principal consolidated transaction
reporting system with respect to securities listed on the principal national securities exchange on which the Security is
listed or admitted to trading or, if the Security is not listed or admitted to trading on any national securities exchange,
the last quoted price or, if not so quoted, the average of the high and low asked prices in the over-the-counter market as
reported by any system then in use, or, if not so quoted, the average of the closing bid and asked prices as furnished by a
professional market maker making a market in the Security selected by the Board of Directors of the Company. The term
 “Trading Day” shall mean a day on which the principal national securities exchange on which the Security
is listed or admitted to trading is open for the transaction of business or, if the Security is not listed or admitted to
trading on any national securities exchange, a Business Day.

 

(ii)             
For the purpose of any computation hereunder, if the Preferred Stock is publicly traded, the “current per share market
price” of the Preferred Stock shall be determined in accordance with the method set forth in Section 11(d)(i). If the
Preferred Stock is not publicly traded but the Common Stock is publicly traded, the “current per share market price”
of the Preferred Stock shall be conclusively deemed to be the current per share market price of the Common Stock as determined
pursuant to Section 11(d)(i) (appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring
after the date hereof) multiplied by the then applicable Adjustment Number (as defined in and determined in accordance with
the Certificate of Designation for the Preferred Stock). If neither the Common Stock nor the Preferred Stock is publicly traded,
 “current per share market price” shall mean the fair value per share as determined by the Board of Directors of the
Company, whose determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent.

 

(e)             
No adjustment in the Purchase Price shall be required unless such adjustment would require an increase or decrease of at
least 1% in the Purchase Price; provided, however, that any adjustments which by reason of this Section 11(e)
are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under
this Section 11 shall be made to the nearest cent or to the nearest one hundred-thousandth of a share of Preferred Stock or
one-hundredth of a share of Common Stock or other share or security as the case may be. Notwithstanding the first sentence of this
Section 11(e), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three years
from the date of the transaction which requires such adjustment and (ii) the Expiration Date.

 

(f)              If
as a result of an adjustment made pursuant to Section 11(a) hereof, the holder of any Right thereafter exercised shall
become entitled to receive any shares of capital stock of the Company other than the Preferred Stock, thereafter the Purchase
Price and the number of such other shares so receivable upon exercise of a Right shall be subject to adjustment from time to
time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Stock
contained in Sections 11(a), 11(b), 11(c), 11(e), 11(g), 11(h) and 11(l) hereof, as applicable, and the provisions
of Sections 7, 9, 10, 13 and 14 hereof with respect to the Preferred Stock shall apply on like terms to any such other
shares.

 

    20

     

    

 

(g)            
Unless the Company shall have exercised its election as provided in Section 11(h), upon each adjustment of the Purchase
Price as a result of the calculations made in Sections 11(b) and 11(c), each Right outstanding immediately prior to the making
of such adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of one ten-thousandths
of a share of Preferred Stock (calculated to the nearest one hundred-thousandth of a share of Preferred Stock) obtained by (i) multiplying
(x) the number of one ten-thousandths of a share purchasable upon the exercise of a Right immediately prior to such adjustment
by (y) the Purchase Price in effect immediately prior to such adjustment and (ii) dividing the product so obtained by
the Purchase Price in effect immediately after such adjustment.

 

(h)            
The Company may elect on or after the date of any adjustment of the Purchase Price pursuant to Sections 11(b) or 11(c)
hereof to adjust the number of Rights, in substitution for any adjustment in the number of one ten-thousandths of a share of Preferred
Stock purchasable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number of Rights shall
be exercisable for the number of one ten-thousandths of a share of Preferred Stock for which a Right was exercisable immediately
prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that number of
Rights (calculated to the nearest one-hundredth) obtained by dividing the Purchase Price in effect immediately prior to adjustment
of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company shall make
a public announcement of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known
at the time, the amount of the adjustment to be made. Such record date may be the date on which the Purchase Price is adjusted
or any day thereafter, but, if the Right Certificates have been issued, shall be at least 10 days later than the date of the public
announcement. If Right Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section 11(h),
the Company may, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record
date Right Certificates evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be entitled
as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution
and replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if
required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be entitled after such adjustment.
Right Certificates to be so distributed shall be issued, executed and countersigned in the manner provided for herein and shall
be registered in the names of the holders of record of Right Certificates on the record date specified in the public announcement.

 

(i)               Irrespective
of any adjustment or change in the Purchase Price or the number of one ten-thousandths of a share of Preferred Stock issuable
upon the exercise of a Right, the Right Certificates theretofore and thereafter issued may continue to express the Purchase
Price and the number of one ten-thousandths of a share of Preferred Stock, in each case as adjusted pursuant to the terms
hereof, which were expressed in the initial Right Certificates issued hereunder.

 

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(j)             
Before taking any action that would cause an adjustment reducing the Purchase Price below the then par value, if any, of
the fraction of Preferred Stock or other shares of capital stock issuable upon exercise of a Right, the Company shall take any
corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue
fully paid and non-assessable shares of Preferred Stock or other such shares at such adjusted Purchase Price.

 

(k)             
In any case in which this Section 11 shall require that an adjustment in the Purchase Price be made effective as of
a record date for a specified event, the Company may elect to defer until the occurrence of such event issuing to the holder of
any Right exercised after such record date the Preferred Stock and other capital stock or securities of the Company, if any, issuable
upon such exercise over and above the Preferred Stock and other capital stock or securities of the Company, if any, issuable upon
such exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, however, that the
Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive
such additional shares upon the occurrence of the event requiring such adjustment.

 

(l)             
Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make such adjustments
in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it
in its sole discretion shall determine to be advisable in order that any consolidation or subdivision of the Preferred Stock, issuance
wholly for cash of any shares of Preferred Stock at less than the current market price, issuance wholly for cash of Preferred Stock
or securities which by their terms are convertible into or exchangeable for Preferred Stock, dividends on Preferred Stock payable
in shares of Preferred Stock or issuance of rights, options or warrants referred to hereinabove in Section 11(b), hereafter
made by the Company to holders of its Preferred Stock shall not be taxable to such stockholders.

 

(m)             Notwithstanding
anything in this Agreement to the contrary, in the event that at any time after the date of this Agreement and prior to the
Distribution Date, the Company shall (i) declare and pay any dividend on the shares of Common Stock payable in shares of
Common Stock, or (ii) effect a subdivision, combination or consolidation of the shares of Common Stock (by
reclassification or otherwise than by payment of a dividend payable in shares of Common Stock) into a greater or lesser
number of shares of Common Stock, then, in each such case, the number of Rights associated with each share of Common Stock
then outstanding, or issued or delivered thereafter, shall be proportionately adjusted so that the number of Rights
thereafter associated with each share of Common Stock following any such event shall equal the result obtained by multiplying
the number of Rights associated with each share of Common Stock immediately prior to such event by a fraction the numerator
of which shall be the total number of shares of Common Stock outstanding immediately prior to the occurrence of the event and
the denominator of which shall be the total number of shares of Common Stock outstanding immediately following the occurrence
of such event.

 

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(n)            
The Company agrees that, after the earlier of the Distribution Date and the Stock Acquisition Date, it will not, except
as permitted by Sections 23, 24 or 27 hereof, take (or permit any Subsidiary to take) any action if at the time such action
is taken it is reasonably foreseeable that such action will diminish substantially or eliminate the benefits intended to be afforded
by the Rights.

 

Section 12.             
Certificate of Adjusted Purchase Price or Number of Shares. Whenever an adjustment is made as provided in Section 11
or 13 hereof, the Company shall promptly (a) prepare a certificate setting forth such adjustment, and a brief, reasonably
detailed statement of the facts accounting for such adjustment, (b) file with the Rights Agent and with each transfer agent
for the Common Stock and the Preferred Stock a copy of such certificate and (c) mail a brief summary thereof to each holder
of a Right Certificate in accordance with Section 25 hereof (if so required under Section 25 hereof). Notwithstanding
the foregoing sentence, the failure of the Company to make such certification or give such notice shall not affect the validity
of such adjustment or the force or effect of the requirement for such adjustment. The Rights Agent shall be fully protected in
relying on any such certificate and on any adjustment therein contained and shall have no duty or liability with respect to and
shall not be deemed to have knowledge of any such adjustment unless and until it shall have received such certificate.

 

Section 13.              
Consolidation, Merger or Sale or Transfer of Assets or Earning Power.

 

(a)              In
the event, directly or indirectly, at any time after the Flip-In Event (i) the Company shall consolidate with, merge
into or otherwise combine with any other Person, (ii) any Person shall merge with and into or otherwise combine with the
Company and the Company shall be the continuing or surviving corporation of such transaction and, in connection with such
transaction, all or part of the shares of Common Stock shall be changed into or exchanged for stock or other securities of
any other Person (or of the Company) or cash or any other property, or (iii) the Company shall sell or otherwise
transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets or
earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole)
to any other Person (other than the Company or one or more wholly-owned Subsidiaries of the Company), then upon the first
occurrence of any such event, proper provision shall be made so that: (A) each holder of a Right (other than Rights
which have become null and void pursuant to Section 11(a)(ii) hereof) shall thereafter have the right to receive,
upon the exercise thereof at the Purchase Price (as theretofore adjusted in accordance with
Section 11(a)(ii) hereof), in accordance with the terms of this Agreement and in lieu of shares of Preferred Stock
or Common Stock of the Company, such number of validly authorized and issued, fully paid, non-assessable and freely tradeable
shares of Common Stock of the Principal Party (as such term is hereinafter defined), not subject to any liens, encumbrances,
rights of first refusal or other adverse claims, as shall equal the result obtained by dividing the Purchase Price (as
theretofore adjusted in accordance with Section 11(a)(ii) hereof) by 50% of the current per share market price of
the Common Stock of such Principal Party (determined pursuant to Section 11(d) hereof) on the date of consummation of
such consolidation, merger, combination, sale or transfer; provided, however, that the Purchase Price (as
theretofore adjusted in accordance with Section 11(a)(ii) hereof) and the number of shares of Common Stock of such
Principal Party so receivable upon exercise of a Right shall be subject to further adjustment as appropriate in accordance
with Section 11(f) hereof to reflect any events occurring in respect of the Common Stock of such Principal Party after
the occurrence of such consolidation, merger, combination, sale or transfer; (B) such Principal Party shall thereafter
be liable for, and shall assume, by virtue of such consolidation, merger, combination, sale or transfer, all the obligations
and duties of the Company pursuant to this Agreement; (C) the term “Company” shall thereafter be deemed to
refer to such Principal Party; and (D) such Principal Party shall take such steps (including, but not limited to, the
reservation of a sufficient number of its shares of Common Stock in accordance with Section 9 hereof) in connection with
such consummation of any such transaction as may be necessary to assure that the provisions hereof shall thereafter be
applicable, as nearly as reasonably may be, in relation to the shares of its Common Stock thereafter deliverable upon the
exercise of the Rights; provided that, upon the subsequent occurrence of any consolidation, merger, combination, sale
or transfer of assets or other extraordinary transaction in respect of such Principal Party, each holder of a Right shall
thereupon be entitled to receive, upon exercise of a Right and payment of the Purchase Price as provided in this
Section 13(a), such cash, shares, rights, warrants and other property which such holder would have been entitled to
receive had such holder, at the time of such transaction, owned the Common Stock of the Principal Party receivable upon the
exercise of a Right pursuant to this Section 13(a), and such Principal Party shall take such steps (including, but not
limited to, reservation of shares of stock) as may be necessary to permit the subsequent exercise of the Rights in accordance
with the terms hereof for such cash, shares, rights, warrants and other property.

 

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(b)            
“Principal Party” shall mean:

 

  (i)                
in the case of any transaction described in (i) or (ii) of the first sentence of Section 13(a) hereof: (A) the
Person that is the issuer of the securities into which the shares of Common Stock are converted in such merger, consolidation or
combination, or, if there is more than one such issuer, the issuer of the shares of Common Stock of which have the greatest aggregate
market value of shares outstanding, or (B) if no securities are so issued, (x) the Person that is the other party to
the merger, if such Person survives said merger, or, if there is more than one such Person, the Person the shares of Common Stock
of which have the greatest aggregate market value of shares outstanding or (y) if the Person that is the other party to the
merger does not survive the merger, the Person that does survive the merger (including the Company if it survives) or (z) the
Person resulting from the consolidation; and

 

  (ii)              in
the case of any transaction described in (iii) of the first sentence of Section 13(a) hereof, the Person that is
the party receiving the greatest portion of the aggregate market value of the assets or earning power transferred pursuant to
such transaction or transactions, or, if each Person that is a party to such transaction or transactions receives the same
portion of the aggregate market value of the assets or earning power so transferred or if the Person receiving the greatest
portion of the aggregate market value of assets or earning power cannot be determined, whichever of such Persons is the
issuer of Common Stock having the greatest aggregate market value of shares outstanding;

 

provided, however, that in
any such case described in the foregoing clause (b)(i) or (b)(ii), if the Common Stock of such Person is not at such time
or has not been continuously over the preceding 12-month period registered under Section 12 of the Exchange Act, then (1) if
such Person is a direct or indirect Subsidiary of another Person the Common Stock of which is and has been so registered, the term
 “Principal Party” shall refer to such other Person, or (2) if such Person is a Subsidiary, directly or indirectly,
of more than one Person, the Common Stock of all of which is and has been so registered, the term “Principal Party”
shall refer to whichever of such Persons is the issuer of Common Stock having the greatest aggregate market value of shares outstanding,
or (3) if such Person is owned, directly or indirectly, by a joint venture formed by two or more Persons that are not owned,
directly or indirectly, by the same Person, the rules set forth in clauses (1) and (2) above shall apply to each of the
owners having an interest in the venture as if the Person owned by the joint venture was a Subsidiary of both or all of such joint
venturers, and the Principal Party in each such case shall bear the obligations set forth in this Section 13 in the same ratio
as its interest in such Person bears to the total of such interests.

 

(c)            
The Company shall not consummate any consolidation, merger, combination, sale or transfer referred to in Section 13(a)
hereof unless prior thereto the Company and the Principal Party involved therein shall have executed and delivered to the Rights
Agent an agreement confirming that the requirements of Sections 13(a) and (b) hereof shall promptly be performed in accordance
with their terms and that such consolidation, merger, combination, sale or transfer of assets shall not result in a default by
the Principal Party under this Agreement as the same shall have been assumed by the Principal Party pursuant to Sections 13(a)
and (b) hereof and providing that, as soon as practicable after executing such agreement pursuant to this Section 13,
the Principal Party will:

 

    24

     

    

 

  (i)                
prepare and file a registration statement under the Securities Act, if necessary, with respect to the Rights and the securities
purchasable upon exercise of the Rights on an appropriate form, use its best efforts to cause such registration statement to become
effective as soon as practicable after such filing and use its best efforts to cause such registration statement to remain effective
(with a prospectus at all times meeting the requirements of the Securities Act) until the Expiration Date and similarly comply
with applicable state securities laws;

 

  (ii)              use
its best efforts, if the Common Stock of the Principal Party shall be listed or admitted to trading on the New York
Stock Exchange, NASDAQ or on another national securities exchange, to list or admit to trading (or continue the listing of)
the Rights and the securities purchasable upon exercise of the Rights on the New York Stock Exchange, NASDAQ or such
securities exchange, or, if the Common Stock of the Principal Party shall not be listed or admitted to trading on the
New York Stock Exchange, NASDAQ or a national securities exchange, to cause the Rights and the securities receivable
upon exercise of the Rights to be authorized for quotation on any other system then in use;

 

  (iii)           
deliver to holders of the Rights historical financial statements for the Principal Party which comply in all respects with
the requirements for registration on Form 10 (or any successor form) under the Exchange Act; and

 

  (iv)            
obtain waivers of any rights of first refusal or preemptive rights in respect of the Common Stock of the Principal Party
subject to purchase upon exercise of outstanding Rights.

 

(d)            
In case the Principal Party has a provision in any of its authorized securities or in its certificate of incorporation or
by-laws or other instrument governing its affairs, which provision would have the effect of (i) causing such Principal Party
to issue (other than to holders of Rights pursuant to this Section 13), in connection with, or as a consequence of, the consummation
of a transaction referred to in this Section 13, shares of Common Stock or Common Stock Equivalents of such Principal Party
at less than the then current market price per share thereof (determined pursuant to Section 11(d) hereof) or securities exercisable
for, or convertible into, Common Stock or Common Stock Equivalents of such Principal Party at less than such then current market
price, or (ii) providing for any special payment, tax or similar provision in connection with the issuance of the Common Stock
of such Principal Party pursuant to the provisions of Section 13, then, in such event, the Company hereby agrees with each
holder of Rights that it shall not consummate any such transaction unless prior thereto the Company and such Principal Party shall
have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal
Party shall have been canceled, waived or amended, or that the authorized securities shall be redeemed, so that the applicable
provision will have no effect in connection with, or as a consequence of, the consummation of the proposed transaction.

 

(e)            
The Company covenants and agrees that it shall not, at any time after the Flip-In Event, enter into any transaction of the
type described in clauses (i) through (iii) of Section 13(a) hereof if (i) at the time of or immediately after
such consolidation, merger, combination, sale, transfer or other transaction there are any rights, warrants or other instruments
or securities outstanding or agreements in effect which would substantially diminish or otherwise eliminate the benefits intended
to be afforded by the Rights, (ii) prior to, simultaneously with or immediately after such consolidation, merger, combination,
sale, transfer or other transaction, the stockholders of the Person who constitutes, or would constitute, the Principal Party for
purposes of Section 13(b) hereof shall have received a distribution of Rights previously owned by such Person or any of its
Affiliates or Associates or (iii) the form or nature of organization of the Principal Party would preclude or limit the exercisability
of the Rights.

 

    25

     

    

 

Section 14.              
Fractional Rights and Fractional Shares.

 

(a)             
The Company shall not be required to issue fractions of Rights (except prior to the Distribution Date in accordance with
Section 11(m) hereof) or to distribute Right Certificates which evidence fractional Rights. In lieu of such fractional Rights,
there may be paid to the registered holders of the Right Certificates with regard to which such fractional Rights would otherwise
be issuable, an amount in cash equal to the same fraction of the current market value of a whole Right. For the purposes of this
Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for the Trading Day immediately
prior to the date on which such fractional Rights would have been otherwise issuable. The closing price for any day shall be the
last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices,
regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed
or admitted to trading on the New York Stock Exchange or NASDAQ or, if the Rights are not listed or admitted to trading on
the New York Stock Exchange or NASDAQ, as reported in the principal consolidated transaction reporting system with respect
to securities listed on the principal national securities exchange on which the Rights are listed or admitted to trading or, if
the Rights are not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted,
the average of the high bid and low asked prices in the over-the-counter market, as reported by any system then in use or, if on
any such date the Rights are not quoted by any such organization, the average of the closing bid and asked prices as furnished
by a professional market maker making a market in the Rights selected by the Board of Directors of the Company. If on any such
date no such market maker is making a market in the Rights, the fair value of the Rights on such date as determined by the Board
of Directors of the Company shall be used.

 

(b)            
The Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral
multiples of one ten-thousandth of a share of Preferred Stock) or to distribute certificates which evidence fractional shares of
Preferred Stock (other than fractions which are integral multiples of one ten-thousandth of a share of Preferred Stock) upon the
exercise or exchange of Rights. Interests in fractions of shares of Preferred Stock in integral multiples of one ten-thousandth
of a share of Preferred Stock may, at the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate
agreement between the Company and a depositary selected by it; provided that such agreement shall provide that the holders
of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as beneficial owners
of the Preferred Stock represented by such depositary receipts. In lieu of fractional shares of Preferred Stock that are not integral
multiples of one ten-thousandth of a share of Preferred Stock, the Company may pay to the registered holders of Right Certificates
at the time such Rights are exercised or exchanged as herein provided an amount in cash equal to the same fraction of the current
market value of a whole share of Preferred Stock (as determined in accordance with the method set forth in Section 14(a) hereof)
for the Trading Day immediately prior to the date of such exercise or exchange.

 

(c)             The
Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which evidence
fractional shares of Common Stock upon the exercise or exchange of Rights. In lieu of such fractional shares of Common Stock,
the Company may pay to the registered holders of the Right Certificates with regard to which such fractional shares of Common
Stock would otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole share
of Common Stock. For purposes of this Section 14(c), the current market value of one share of Common Stock for which a
Right is exercisable shall be deemed to be the closing price of one share of Common Stock (as determined in accordance with
Section 11(d)(i) hereof), for the Trading Day immediately prior to the date of such exercise.

 

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(d)           The holder of a Right by the acceptance of the Right expressly waives such holder’s right to receive any fractional
Rights or any fractional shares upon exercise or exchange of a Right (except as provided above).

 

(e)           Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent under any section of this
Agreement, the Company shall (i) promptly prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail
the facts related to such payments and the prices and formulas utilized in calculating such payments, and (ii) provide sufficient
monies to the Rights Agent in the form of fully collected funds to make such payments. The Rights Agent shall be fully protected
in relying upon such a certificate.

 

Section 15.           
Rights of Action. All rights of action in respect of this Agreement, excepting the rights of action given to the
Rights Agent under Section 18 hereof, are vested in the respective registered holders of the Right Certificates (and, prior
to the Distribution Date, the registered holders of the Common Stock); and any registered holder of any Right Certificate (or,
prior to the Distribution Date, of the Common Stock), without the consent of the Rights Agent or of the holder of any other Right
Certificate (or, prior to the Distribution Date, of the Common Stock), on such holder’s own behalf and for such holder’s
own benefit, may enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise
act in respect of, such holder’s right to exercise the Rights evidenced by such Right Certificate (or, prior to the Distribution
Date, such Common Stock) in the manner provided therein and in this Agreement. Without limiting the foregoing or any remedies available
to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at law for
any breach of this Agreement by the Company and will be entitled to specific performance of the obligations under, and injunctive
relief against actual or threatened violations of, the obligations of the Company under this Agreement.

 

Section 16.           
Agreement of Right Holders. Every holder of a Right, by accepting the same, consents and agrees with the Company
and the Rights Agent and with every other holder of a Right that:

 

(a)            prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Stock
and the Right associated with each such share of Common Stock shall be automatically transferred upon the transfer of each such
share of Common Stock;

 

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(b)           after
the Distribution Date, the Right Certificates are transferable, subject to Section 11(a)(ii), only on the registry books
of the Rights Agent if surrendered at the office or agency of the Rights Agent designated for such purpose, duly endorsed or
accompanied by a proper instrument of transfer and with the appropriate forms and certificates properly completed and duly
executed; and

 

(c)            the Company and the Rights Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution
Date, the Common Stock certificate (or Book Entry shares in respect of Common Stock)) is registered as the absolute owner thereof
and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the Common
Stock certificate (or notices provided to holders of Book Entry shares of Common Stock) made by anyone other than the Company or
the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent, subject to Section 7(e) hereof,
shall be affected by any notice to the contrary.

 

(d)           notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability
to any holder of a Right or other Person as a result of the inability of the Company or the Rights Agent to perform any of its
or their obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree, judgment
or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative agency or commission,
or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority prohibiting or otherwise
restraining performance of such obligation; provided, however, that the Company must use its best efforts to have any such order,
decree, judgment or ruling lifted or otherwise overturned as soon as practicable.

 

Section 17.           
Right Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Right Certificate shall be entitled
to vote, receive dividends or be deemed for any purpose the holder of the Preferred Stock or any other securities of the Company
which may at any time be issuable on the exercise or exchange of the Rights represented thereby, nor shall anything contained herein
or in any Right Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder
of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders
(except as provided in this Agreement), or to receive dividends or subscription rights, or otherwise, until the Right(s) evidenced
by such Right Certificate shall have been exercised or exchanged in accordance with the provisions hereof.

 

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Section 18.           
Concerning the Rights Agent.

 

(a)            The
Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder in accordance
with a fee schedule to be mutually agreed upon and, from time to time, on demand of the Rights Agent, to reimburse the Rights
Agent for all of its reasonable, documented, out-of-pocket expenses and counsel fees and other disbursements incurred in the
preparation, delivery, negotiation, amendment, administration and execution of this Agreement and the exercise and
performance of its duties hereunder. The Company also covenants and agrees to indemnify the Rights Agent for, and to hold it
harmless against, any and all loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense
(including, without limitation, the reasonable fees and expenses of legal counsel) that may be paid, incurred or suffered by
it, or which it may become subject, without gross negligence, bad faith or willful misconduct on the part of the Rights Agent
(which gross negligence, bad faith, or willful misconduct must be determined by a final, non-appealable judgment of a court
of competent jurisdiction), for any action taken, suffered, or omitted to be taken by the Rights Agent in connection with the
execution, acceptance, administration, exercise and performance of its duties under this Agreement, including the costs and
expenses of defending against any claim of liability arising therefrom, directly or indirectly, or enforcing its rights
hereunder. The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company, except to
the extent such indemnification is not available as determined by a final, non-appealable order of a court of competent
jurisdiction.

 

(b)           The Rights Agent shall be protected and shall incur no liability for, or in respect of any action taken, suffered or omitted
by it in connection with, its administration of this Agreement in reliance upon any Right Certificate or certificate representing
the Preferred Stock, the Common Stock or any other securities of the Company, instrument of assignment or transfer, power of attorney,
endorsement, affidavit, letter, notice, direction, consent, certificate, statement or other paper or document believed in good
faith by it to be genuine and to be signed and executed, and, where necessary, verified or acknowledged, by the proper Person or
Persons, or otherwise upon the advice of counsel as set forth in Section 20 hereof.

 

(c)            The provisions of this Section 18 and Section 20 hereof shall survive the termination of this Agreement, the exercise
or expiration of the Rights and the resignation, replacement or removal of the Rights Agent.

 

Section 19.            
Merger or Consolidation or Change of Name of Rights Agent.

 

(a)            Any
entity into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated or
otherwise combined, or any entity resulting from any merger, consolidation or combination to which the Rights Agent or any
successor Rights Agent shall be a party, or any entity succeeding to the stock transfer or corporate trust powers of the
Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the
execution or filing of any paper or any further act on the part of any of the parties hereto; provided that such
entity would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof. In case
at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Right Certificates
shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of a
predecessor Rights Agent and deliver such Right Certificates so countersigned; and in case at that time any of the Right
Certificates shall not have been countersigned, any successor Rights Agent may countersign such Right Certificates either in
the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Right
Certificates shall have the full force provided in the Right Certificates and in this Agreement.

 

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(b)           In case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have
been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates
so countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may
countersign such Right Certificates either in its prior name or in its changed name and in all such cases such Right Certificates
shall have the full force provided in the Right Certificates and in this Agreement.

 

Section 20.           
Duties of Rights Agent. The Rights Agent undertakes the duties and obligations imposed by this Agreement upon the
following express terms and conditions (and no implied terms and conditions), by all of which the Company and the holders of Right
Certificates, by their acceptance thereof, shall be bound:

 

(a)            The Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion or advice of
such counsel shall be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it
in in the absence of bad faith and in accordance with such opinion or advice.

 

(b)            Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that
any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter
(unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established
by a certificate signed by the Chairperson of the Board, the Chief Executive Officer, the Chief Financial Officer, the President
or any Senior Vice President, and delivered to the Rights Agent; and such certificate shall be full authorization and protection
to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to
be taken by it under the provisions of this Agreement in reliance upon such certificate. The Rights Agent shall have no duty to
act without such a certificate as set forth in this Section 20(b).

 

(c)            The Rights Agent shall not be required to take notice or be deemed to have notice of any event or condition hereunder, including
any event or condition that may require action by the Rights Agent and shall be fully protected and shall incur no liability for
failing to take action in connection therewith unless the Rights Agent shall be specifically notified in writing of such event
or condition by the Company, and all notices or other instruments required by this Agreement to be delivered to the Rights Agent
must, in order to be effective, be received by the Rights Agent as specified in Section 25 hereof, and in the absence of such notice
so delivered, the Rights Agent may conclusively assume no such event or condition exists.

 

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(d)            The
Rights Agent shall be liable hereunder only for its own gross negligence, bad faith or willful misconduct (which gross
negligence, bad faith or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling
of a court of competent jurisdiction). Notwithstanding anything in this Agreement to the contrary, any liability of the
Rights Agent under this Agreement will be limited to the amount of annual fees (but not reimbursed expenses) paid by the
Company to the Rights Agent during the twelve (12) months immediately preceding the event for which recovery from the Rights
Agent is being sought. Notwithstanding anything in this Agreement to the contrary, in no event will the Rights Agent be
liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost
profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless of the form of
action. Any liability of the Rights Agent under this Agreement will be limited to the amount of annual fees paid by the
Company to the Rights Agent.

 

(e)              
The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and
recitals are and shall be deemed to have been made by the Company only.

 

(f)               
The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and
delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right Certificate
(except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained
in this Agreement or in any Right Certificate; nor shall it be responsible for any change in the exercisability of the Rights (including
the Rights becoming null and void pursuant to Section 11(a)(ii) hereof) or any adjustment in the terms of the Rights
provided for in Sections 3, 11, 13, 23 and 24, or the ascertaining of the existence of facts that would require any such change
or adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after receipt of a certificate furnished
pursuant to Section 12, describing such change or adjustment); nor shall it by any act hereunder be deemed to make any representation
or warranty as to the authorization or reservation of any shares of Preferred Stock or other securities to be issued pursuant to
this Agreement or any Right Certificate or as to whether any shares of Preferred Stock or other securities will, when issued, be
validly authorized and issued, fully paid and non-assessable.

 

(g)            The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged
and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for
the carrying out or performing by the Rights Agent of the provisions of this Agreement.

 

(h)            The
Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder
from any person reasonably believed by the Rights Agent to be one of the Chairperson of the Board, the Chief Executive
Officer, the Chief Financial Officer, the President or any Senior Vice President, and to apply to such officers for advice or
instructions in connection with its duties, and it shall not be liable for any action taken or suffered by it in accordance
with the instructions of any such officer or for any delay in acting while waiting for those instructions.

 

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(i)             The Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of
the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested,
or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this
Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal
entity.

 

(j)              The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder
either itself or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act,
default, neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act, default,
neglect or misconduct, absent gross negligence or bad faith in the selection and continued employment thereof (which gross negligence
or bad faith must be determined by a final, non-appealable judgment of a court of competent jurisdiction).

 

(k)             If, with respect to any Right Certificate surrendered to the Rights Agent for exercise or transfer, the certificate contained
in the form of assignment or the form of election to purchase set forth on the reverse thereof, as the case may be, has not been
completed to certify the holder is not an Acquiring Person (or an Affiliate or Associate thereof) or a transferee thereof, the
Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with
the Company; provided, however that Rights Agent shall not be liable for any delays arising from the failure of a holder to complete
the applicable certificate contemplated by this Section 20(k).

 

(l)             No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise any of its rights or powers if it believes that
repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

 

(m)           The Rights Agent shall have no responsibility to the Company, any holders of Rights or any holders of shares of Common Stock
for interest or earnings on any moneys held by the Rights Agent pursuant to this Agreement.

 

(n)            The Rights Agent may rely on and be fully authorized and protected in acting or failing to act upon any guaranty of signature
by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion
Program or other comparable “signature guarantee program” or insurance program in addition to, or in substitution for,
the foregoing.

 

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(o)            The
Rights Agent shall not have any duty or responsibility in the case of the receipt of any written demand from any holder of Rights
with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or
responsibility to initiate or attempt to initiate any proceedings at law or otherwise or to make any demand upon the Company;
provided that upon the receipt of any such demand the Rights Agent shall use efforts to provide the Company with notice thereof
as soon as commercially practicable.

 

Section 21.             Change
of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this
Agreement upon 30 days’ notice in writing mailed to the Company and, in the event that the Rights Agent or one of
its Affiliates is not also the transfer agent for the Company, to each transfer agent of the Common Stock or Preferred Stock
by registered or certified mail. The Company may remove the Rights Agent or any successor Rights Agent upon 30 days’
notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and, in the event that the
Rights Agent or one of its Affiliates is not also the transfer agent for the Company, to each transfer agent of the Common
Stock or Preferred Stock by registered or certified mail, and, following the Distribution Date, to the holders of the Right
Certificates by first-class mail. In the event that the Rights Agent or one of its Affiliates is also the transfer agent for
the Company and the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights
Agent will be deemed to have resigned as the Rights Agent automatically and be discharged from its duties under this
Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice.
If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a
successor to the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days after giving
notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or
incapacitated Rights Agent or by the holder of a Right Certificate (who shall, with such notice, submit such holder’s
Right Certificate for inspection by the Company), then the registered holder of any Right Certificate may apply to any court
of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the
Company or by such a court, shall be a Person organized and doing business under the laws of the United States or any state
of the United States so long as such entity is authorized to do business as a banking institution in such state, in good
standing, which is authorized under such laws to exercise corporate trust or stock transfer powers and is subject to
supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent a
combined capital and surplus, along with its Affiliates, of at least $50 million. After appointment, the successor Rights
Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights
Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent
any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed
necessary for the purpose. Not later than the effective date of any such appointment the Company shall mail notice thereof in
writing with the predecessor Rights Agent and each transfer agent of the Common Stock or Preferred Stock, and, following the
Distribution Date, mail a notice thereof in writing to the registered holders of the Right Certificates. Failure to give any
notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the
resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.

 

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Section 22.           
Issuance of New Right Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the
contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such forms as may be approved by the
Board of Directors of the Company to reflect any adjustment or change in the Purchase Price and the number or kind or class of
shares or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this
Agreement. In addition, in connection with the issuance or sale of Common Stock following the Distribution Date and prior to the
Expiration Date, the Company may with respect to shares of Common Stock so issued or sold (a) pursuant to the exercise of
stock options, (b) under any employee plan or arrangement, (c) upon the exercise, conversion or exchange of securities,
notes or debentures issued by the Company or (d) pursuant to a contractual obligation of the Company, in each case existing
prior to the Distribution Date, issue Rights Certificates representing the appropriate number of Rights in connection with such
issuance or sale; provided, however, that (i) no such Right Certificate shall be issued if, and to the extent that, the Company
shall be advised by counsel that such issuance would create a significant risk of material adverse tax consequences to the Company
or the Person to whom such Right Certificate would be issued, (ii) no such Right Certificate shall be issued if, and to the
extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof and (iii) no such Right
Certificate shall be issued to an Acquiring Person or an Affiliate or Associate of an Acquiring Person.

 

Section 23.            
Redemption.

 

(a)            The Board of Directors of the Company may, at its option, at any time prior to the earlier of (i) the Distribution Date
and (ii) the Expiration Date, redeem all but not less than all the then outstanding Rights at a redemption price of $0.01 per Right,
appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring in respect of the Common Stock
after the date hereof (the redemption price being hereinafter referred to as the “Redemption Price”). The redemption
of the Rights may be made effective at such time, on such basis and with such conditions, if any, as the Board of Directors of
the Company in its sole discretion may establish. The Redemption Price shall be payable, at the option of the Company, in cash,
shares of Common Stock or such other form of consideration as the Board of Directors of the Company shall determine.

 

(b)            Immediately
upon the action of the Board of Directors of the Company ordering the redemption of the Rights pursuant to paragraph
(a) of this Section 23 (or at such later time as the Board of Directors of the Company may establish for the
effectiveness of such redemption), and without any further action and without any notice, the right to exercise the Rights
will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. The Company
shall promptly give public notice of any such redemption; provided, however, that the failure to give, or any
defect in, any such notice shall not affect the validity of such redemption. Within 10 days after such action of the Board of
Directors of the Company ordering the redemption of the Rights (or such later time as the Board of Directors of the Company
may establish for the effectiveness of such redemption), the Company shall mail a notice of redemption to all the holders of
the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to
the Distribution Date, on the registry books of the transfer agent for the Common Stock. Any notice which is mailed in the
manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption
shall state the method by which the payment of the Redemption Price will be made.

 

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Section 24.            
Exchange.

 

(a)            The Board of Directors of the Company may, at its option, at any time after the Flip-In Event, exchange all or part of the
then outstanding Rights (which shall not include Rights that have become null and void pursuant to the provisions of Section 11(a)(ii) hereof)
for shares of Common Stock at an exchange ratio of one share of Common Stock per Right, appropriately adjusted to reflect any stock
split, stock dividend or similar transaction occurring in respect of the Common Stock, after the date hereof (such amount per Right
being hereinafter referred to as the “Exchange Ratio”). Notwithstanding the foregoing, the Board of Directors
of the Company shall not be empowered to effect such exchange at any time after an Acquiring Person shall have become the beneficial
owner of 50% or more of the shares of the Common Stock then outstanding. From and after the occurrence of an event specified in
Section 13(a) hereof, any Rights that theretofore have not been exchanged pursuant to this Section 24(a) shall thereafter
be exercisable only in accordance with Section 13 and may not be exchanged pursuant to this Section 24(a). The exchange
of the Rights by the Board of Directors of the Company may be made effective at such time, on such basis and with such conditions,
if any, as the Board of Directors of the Company in its sole discretion may establish. Prior to effecting an exchange pursuant
to this Section 24, the Board of Directors of the Company may direct the Company to enter into such arrangements or implement
such procedures as it deems necessary or appropriate for ensuring that Common Stock (or such other consideration contemplated by
Section 24(c) below) issuable upon an exchange pursuant to this Section 24 is not received by any holders of Rights that
have become null and void pursuant to Section 11(a)(ii) hereof, including entering into a Trust Agreement in such form
and with such terms as the Board of Directors of the Company shall then approve (the “Trust Agreement”). If
the Board of Directors of the Company so directs, the Company shall enter into the Trust Agreement and shall issue to the trust
created by such agreement (the “Trust”) all of the shares of Common Stock (or such other consideration) issuable
pursuant to the exchange, and all Persons entitled to receive shares (or such other consideration) pursuant to the exchange shall
be entitled to receive such shares (or such other consideration) (and any dividends or distributions made thereon after the date
on which such shares are deposited in the Trust) only from the Trust and solely upon compliance with the relevant terms and provisions
of the Trust Agreement.

 

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(b)            Immediately
upon the effectiveness of the action of the Board of Directors of the Company ordering the exchange of any Rights pursuant to
paragraph (a) of this Section 24 and without any further action and without any notice, the right to exercise such
Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of shares of
Common Stock (or such other consideration contemplated by Section 24(c) below) equal to the number of such Rights held
by such holder multiplied by the Exchange Ratio. The Company shall promptly give public notice of any such exchange; provided, however,
that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The Company shall
promptly mail a notice of any such exchange to all of the holders of the Rights so exchanged at their last addresses as they
appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed
given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the
exchange of the shares of Common Stock (or such other consideration) for Rights will be effected and, in the event of any
partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the
number of Rights (other than Rights which have become null and void pursuant to the provisions of
Section 11(a)(ii) hereof) held by each holder of Rights.

 

(c)            The Company may at its option substitute, and, in the event that there shall not be sufficient shares of Common Stock issued
but not outstanding or authorized but unissued to permit an exchange of Rights for Common Stock as contemplated in accordance with
this Section 24, the Company shall substitute to the extent of such insufficiency, for each share of Common Stock that would
otherwise be issuable upon exchange of a Right, a number of shares of Preferred Stock or fraction thereof (or Equivalent Preferred
Shares, as such term is defined in Section 11(b)) such that the current per share market price (determined pursuant to Section 11(d)
hereof) of one share of Preferred Stock (or Equivalent Preferred Shares) multiplied by such number or fraction is equal to the
current per share market price of one share of Common Stock (determined pursuant to Section 11(d) hereof) as of the date of
such exchange.

 

Section 25.            
Notice of Certain Events.

 

(a)            In
case the Company shall at any time after the earlier of the Distribution Date and the Stock Acquisition Date determine
(i) to pay any dividend payable in stock of any class to the holders of shares of the Preferred Stock or to make any
other distribution to the holders of shares of the Preferred Stock (other than a regular quarterly cash dividend),
(ii) to offer to the holders of shares of the Preferred Stock rights or warrants to subscribe for or to purchase any
additional shares of Preferred Stock or shares of stock of any class or any other securities, rights or options,
(iii) to effect any reclassification of the shares of the Preferred Stock (other than a reclassification involving only
the subdivision or combination of outstanding Preferred Stock), (iv) to effect any consolidation, combination or merger
into or with, or to effect any sale or other transfer (or to permit one or more of its Subsidiaries to effect any sale or
other transfer), in one or more transactions, of 50% or more of the assets or earning power of the Company and its
Subsidiaries (taken as a whole) to, any other Person, (v) to effect the liquidation, dissolution or winding up of the
Company, or (vi) to pay any dividend on the shares of Common Stock payable in shares of Common Stock or to effect a
subdivision, combination or consolidation of the Common Stock (by reclassification or otherwise than by payment of dividends
in Common Stock), then, in each such case, the Company shall give to each holder of a Right Certificate, in accordance with
Section 26 hereof, a notice of such proposed action, which shall specify the record date for the purposes of such
dividend or distribution or offering of rights or warrants, or the date on which such transaction is to take place and the
date of participation therein by the holders of shares of Common Stock and/or Preferred Stock, if any such date is to be
fixed, and such notice shall be so given in the case of any action covered by clause (i) or (ii) above at least 10
days prior to the record date for determining holders of the Preferred Stock for purposes of such action, and in the case of
any such other action, at least 10 days prior to the date of the taking of such proposed action or the date of participation
therein by the holders of the Common Stock and/or Preferred Stock, whichever shall be the earlier. The failure to give notice
required by this Section 25 or any defect therein shall not affect the legality or validity of the action taken by the
Company or the vote upon any such action.

 

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(b)           In case any event described in Section 11(a)(ii) or Section 13 shall occur then (i) the Company shall
as soon as practicable thereafter give to each holder of a Right Certificate (or if occurring prior to the Distribution Date, the
holders of the Common Stock) in accordance with Section 26 hereof, a notice of the occurrence of such event, which notice
shall describe such event and the consequences of such event to holders of Rights under Section 11(a)(ii) and Section 13
hereof, and (ii) all references in the preceding paragraph to Preferred Stock shall be deemed thereafter to refer to Common
Stock and/or, if appropriate, other securities.

 

Section 26.            
Notices. Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder
of any Right Certificate to or on the Company shall be sufficiently given or made if in writing and sent by overnight delivery
service or first-class mail, postage prepaid, addressed (until another address is filed in writing with the Rights Agent) as follows:

 

Dave & Buster’s Entertainment, Inc.

2481 Mañana Drive

Dallas, TX 75220

Attention: General Counsel

 

Subject to the provisions of Section 21
hereof, any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any Right Certificate
to or on the Rights Agent shall be sufficiently given or made if in writing and sent by overnight delivery service or first-class
mail, postage prepaid, addressed (until another address is filed in writing with the Company) as follows:

 

Computershare Trust Company, N.A.

211 Quality Circle

College Station, TX 77845

Attention: Client Services

 

Notices or demands authorized by this Agreement
to be given or made by the Company or the Rights Agent to the holder of any Right Certificate shall be sufficiently given or made
if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books
of the Company.

 

    37

     

    

 

Section 27.             Supplements and Amendments. Except as provided in the penultimate sentence of this Section 27, for so long
as the Rights are then redeemable, the Company may in its sole and absolute discretion, and the Rights Agent shall if the Company
so directs, supplement or amend any provision of this Agreement in any respect without the approval of any holders of the Rights.
At any time when the Rights are no longer redeemable, except as provided in the penultimate sentence of this Section 27,
the Company may, and the Rights Agent shall, if the Company so directs, supplement or amend this Agreement without the approval
of any holders of Rights, provided that no such supplement or amendment may (a) adversely affect the interests of
the holders of Rights as such (other than an Acquiring Person or an Affiliate or Associate of an Acquiring Person or any other
holder of Rights that have become null and void pursuant to Section 11(a)(ii) hereof), (b) cause this Agreement
again to become amendable other than in accordance with this sentence or (c) cause the Rights again to become redeemable.
Notwithstanding anything contained in this Agreement to the contrary, no supplement or amendment shall be made that changes the
Redemption Price. Upon the delivery of a certificate from an Authorized Officer which states that the supplement or amendment
is in compliance with the terms of this Section 27, the Rights Agent shall execute such supplement or amendment; provided,
that, the Rights Agent shall not be required to execute any supplement or amendment to this Agreement that it has reasonably determined
would adversely affect its own rights, duties, obligations or immunities under this Agreement; further, provided, that no supplement
or amendment to this Agreement shall be effective unless duly executed by the Rights Agent. The Rights Agent agrees that time
is of the essence in connection with any supplement or amendment to this Agreement that it is directed to execute by the Company
in accordance with this Section 27.

 

Section 28.           
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights
Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.

 

Section 29.           
Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company,
the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Stock) any
legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit
of the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the
Common Stock).

 

Section 30.            Determinations
and Actions by the Board of Directors. Without limiting any of the rights or immunities of the Rights Agent, the Board of
Directors of the Company (or any duly authorized committee thereof) shall have the exclusive power and authority to
administer this Agreement and to exercise the rights and powers specifically granted to the Board of Directors of the Company
or to the Company, or as may be necessary or advisable in the administration of this Agreement, including the right and power
to (i) interpret the provisions of this Agreement and (ii) make all determinations deemed necessary or advisable
for the administration of this Agreement (including a determination to redeem or not redeem the Rights or to amend or not
amend this Agreement). All such actions, calculations, interpretations and determinations that are done or made by the Board
of Directors of the Company (or any duly authorized committee thereof) in good faith shall be final, conclusive and binding
on the Company, the Rights Agent, the holders of the Rights, as such, and all other parties. The Rights Agent is entitled
always to assume the Board of Directors acted in good faith and shall be fully protected and incur no liability in reliance
thereon.

 

    38

     

    

 

Section 31.           
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; provided, however,
that if such excluded provision shall adversely affect the rights, immunities, liabilities, duties or obligations of the Rights
Agent, the Rights Agent shall be entitled to resign immediately upon written notice to the Company.

 

Section 32.           
Governing Law; Waiver of Jury Trial. This Agreement and each Right Certificate issued hereunder shall be deemed to
be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance
with the laws of such State applicable to contracts to be made and performed entirely within such State. Each
of the parties hereto also irrevocably waives all right to trial by jury in any action, proceeding or counterclaim arising out
of this Agreement.

 

Section 33.           
Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
A signature to this Agreement transmitted electronically shall have the same authority, effect and enforceability as an original
signature.

 

Section 34.           
Effectiveness. Upon the exchange of signatures of the parties hereto, this Agreement shall be effective as of the
Close of Business on the date hereof.

 

Section 35.           
Descriptive Headings; Interpretation. Descriptive headings of the several Sections of this Agreement are inserted
for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. The words “include,”
 “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
Each reference in this Agreement to a period of time following or after a specified date or event shall be calculated without including
such specified date or the day on which such specified event occurs.

 

Section 36.           
Force Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for
any delays or failures in performance resulting from acts beyond its reasonable control including acts of God, epidemics, pandemics,
terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of
data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or
civil unrest.

 

    39

     

    

 

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

 

    40

     

    

 

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

 

	 	DAVE & BUSTER’S ENTERTAINMENT, INC.

 

	 	By:	 /s/ Robert W. Edmund
	 	 	Name:   	Robert W. Edmund
	 	 	Title:	 General Counsel, Secretary, and

Senior Vice President of Human

Resources

 

[Signature Page to Rights Agreement]

 

     

     

    

 

	 	COMPUTERSHARE TRUST COMPANY, N.A., as Rights Agent

 

	 	By:	/s/ Kathy Heagerty
	 	 	Name:  	Kathy Heagerty
	 	 	Title:	 Vice President & Manager

 

[Signature Page to Rights
Agreement]

 

     

     

    

 

 

Exhibit A

 

FORM OF

CERTIFICATE OF DESIGNATION

 

of

 

SERIES A JUNIOR PARTICIPATING PREFERRED STOCK

of

DAVE & BUSTER’S ENTERTAINMENT, INC.

Pursuant to Section 151 of the General Corporation

Law of the State of Delaware

 

Dave & Buster’s
Entertainment, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (the “Corporation”),
in accordance with the provisions of Section 103 thereof, DOES HEREBY CERTIFY:

 

That pursuant to the
authority vested in the Board of Directors of the Corporation (the “Board of Directors”) in accordance with
the provisions of the Fourth Amended and Restated Certificate of Incorporation of the said Corporation, as amended (the “Certificate
of Incorporation”), the said Board of Directors on March 18, 2020  adopted
the following resolution creating a series of 50,000 shares of Preferred Stock designated as “Series A Junior Participating
Preferred Stock”:

 

RESOLVED, that pursuant to the authority
vested in the Board of Directors of this Corporation in accordance with the provisions of the Certificate of Incorporation of the
Corporation, the Board of Directors hereby authorizes a series of preferred stock, par value $0.01 per share, of the Corporation
be and hereby is created, and that the number of shares thereof and the voting powers, designations, preferences and relative,
participating, optional or other special rights of the shares of such series and the qualifications, limitations and restrictions
thereof are as follows:

 

Series A Junior Participating Preferred
Stock

 

1. Designation and
Amount. There shall be a series of Preferred Stock that shall be designated as “Series A Junior Participating Preferred
Stock,” and the number of shares constituting such series shall be 50,000. Such number of shares may be increased or decreased
by resolution of the Board of Directors; provided, however, that no decrease shall reduce the number of shares of
Series A Junior Participating Preferred Stock to less than the number of shares then issued and outstanding plus the number of
shares issuable upon exercise of outstanding rights, options or warrants or upon conversion of outstanding securities issued by
the Corporation.

 

    A-1

     

    

 

2. Dividends and Distributions.

 

(A) Subject to the
prior and superior rights of the holders of any shares of any class or series of stock of the Corporation ranking prior and superior
to the shares of Series A Junior Participating Preferred Stock with respect to dividends, the holders of shares of Series A Junior
Participating Preferred Stock, in preference to the holders of shares of any class or series of stock of the Corporation ranking
junior to the Series A Junior Participating Preferred Stock in respect thereof, shall be entitled to receive, when, as and if declared
by the Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash in each year (each
such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly
Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Junior Participating Preferred Stock,
in an amount per share (rounded to the nearest cent) equal to the sum of (1) the Adjustment Number (as defined below) times
the aggregate per share amount of all cash dividends plus (2) the Adjustment Number times the aggregate per share amount
(payable in kind) of all non-cash dividends or other distributions other than a dividend payable in shares of Common Stock, par
value $0.01 per share, of the Corporation (the “Common Stock”), or a subdivision of the outstanding shares of
Common Stock (by reclassification or otherwise), in each case declared on the Common Stock since the immediately preceding Quarterly
Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or
fraction of a share of Series A Junior Participating Preferred Stock. The “Adjustment Number” shall initially
be 10,000. In the event the Corporation shall at any time after March 18, 2020 (i) declare and pay any dividend on Common
Stock payable in shares of Common Stock, (ii) subdivide the outstanding Common Stock or (iii) combine the outstanding
Common Stock into a smaller number of shares, then in each such case the Adjustment Number in effect immediately prior to such
event shall be adjusted by multiplying such Adjustment Number by a fraction the numerator of which is the number of shares of Common
Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding
immediately prior to such event.

 

(B) The Corporation
shall declare a dividend or distribution on the Series A Junior Participating Preferred Stock as provided in paragraph (A) above
immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common
Stock).

 

(C) Dividends
shall begin to accrue and be cumulative on outstanding shares of Series A Junior Participating Preferred Stock from the
Quarterly Dividend Payment Date next preceding the date of issue of such shares of Series A Junior Participating Preferred
Stock, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date; in
which case dividends on such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue
is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series
A Junior Participating Preferred Stock entitled to receive a quarterly dividend and before such Quarterly Dividend Payment
Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment
Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of Series A Junior Participating
Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares
shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors
may fix a record date for the determination of holders of shares of Series A Junior Participating Preferred Stock entitled to
receive payment of a dividend or distribution declared thereon, which record date shall be no more than 60 days prior to the
date fixed for the payment thereof.

 

    A-2

     

    

 

3. Voting Rights. The holders of shares
of Series A Junior Participating Preferred Stock shall have the following voting rights:

 

(A) Each share of Series
A Junior Participating Preferred Stock shall entitle the holder thereof to a number of votes equal to the Adjustment Number on
all matters submitted to a vote of the stockholders of the Corporation.

 

(B) Except as required
by law, by Section 3(C) and by Section 10 hereof, holders of Series A Junior Participating Preferred Stock shall have
no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of
Common Stock as set forth herein) for taking any corporate action.

 

(C) If, at the time
of any annual meeting of stockholders for the election of directors, the equivalent of six quarterly dividends (whether or not
consecutive) payable on any share or shares of Series A Junior Participating Preferred Stock are in default, the number of directors
constituting the Board of Directors shall be increased by two. In addition to voting together with the holders of Common Stock
for the election of other directors of the Corporation, the holders of record of the Series A Junior Participating Preferred Stock,
voting separately as a class to the exclusion of the holders of Common Stock, shall be entitled at said meeting of stockholders
(and at each subsequent annual meeting of stockholders), unless all dividends in arrears on the Series A Junior Participating
Preferred Stock have been paid or declared and set apart for payment prior thereto, to vote for the election of two directors
of the Corporation, the holders of any Series A Junior Participating Preferred Stock being entitled to cast a number of votes
per share of Series A Junior Participating Preferred Stock as is specified in paragraph (A) of this Section 3. Each
such additional director shall serve until his or her successor shall be elected and shall qualify, or until his or her right
to hold such office terminates pursuant to the provisions of this Section 3(C). Until the default in payments of all dividends
which permitted the election of said directors shall cease to exist, any director who shall have been so elected pursuant to the
provisions of this Section 3(C) may be removed at any time, without cause, only by the affirmative vote of the holders of
the shares of Series A Junior Participating Preferred Stock at the time entitled to cast a majority of the votes entitled to be
cast for the election of any such director at a special meeting of such holders called for that purpose, and any vacancy thereby
created may be filled by the vote of such holders. If and when such default shall cease to exist, the holders of the Series A
Junior Participating Preferred Stock shall be divested of the foregoing special voting rights, subject to revesting in the event
of each and every subsequent like default in payments of dividends. Upon the termination of the foregoing special voting rights,
the terms of office of all persons who may have been elected directors pursuant to said special voting rights shall forthwith
terminate, and the number of directors constituting the Board of Directors shall be reduced by two. The voting rights granted
by this Section 3(C) shall be in addition to any other voting rights granted to the holders of the Series A Junior Participating
Preferred Stock in this Section 3.

 

    A-3

     

    

 

4. Certain Restrictions.

 

(A) Whenever quarterly
dividends or other dividends or distributions payable on the Series A Junior Participating Preferred Stock as provided in Section 2
are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of
Series A Junior Participating Preferred Stock outstanding shall have been paid in full, the Corporation shall not:

 

(i) declare or pay
dividends on, make any other distributions on, or redeem or purchase or otherwise acquire for consideration any shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Junior Participating Preferred
Stock other than (A) such redemptions or purchases that may be deemed to occur upon the exercise of stock options, warrants
or similar rights or grant, vesting or lapse of restrictions on the grant of any other performance shares, restricted stock, restricted
stock units or other equity awards to the extent that such shares represent all or a portion of (x) the exercise or purchase
price of such options, warrants or similar rights or other equity awards and (y) the amount of withholding taxes owed by the
recipient of such award in respect of such grant, exercise, vesting or lapse of restrictions; or (B) the repurchase, redemption,
or other acquisition or retirement for value of any such shares from employees, former employees, directors, former directors,
consultants or former consultants of the Company or their respective estate, spouse, former spouse or family member, pursuant to
the terms of the agreements pursuant to which such shares were acquired;

 

(ii) declare or
pay dividends on or make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series A Junior Participating Preferred Stock, except dividends paid ratably on the Series
A Junior Participating Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to
the total amounts to which the holders of all such shares are then entitled; or

 

(iii) purchase or
otherwise acquire for consideration any shares of Series A Junior Participating Preferred Stock, or any shares of stock ranking
on a parity with the Series A Junior Participating Preferred Stock, except in accordance with a purchase offer made in writing
or by publication (as determined by the Board of Directors) to all holders of Series A Junior Participating Preferred Stock, or
to such holders and holders of any such shares ranking on a parity therewith, upon such terms as the Board of Directors, after
consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes,
shall determine will result in fair and equitable treatment among the respective series or classes.

 

    A-4

     

    

 

(B) The Corporation
shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock of the
Corporation unless the Corporation could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares
at such time and in such manner.

 

5. Reacquired Shares.
Any shares of Series A Junior Participating Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever
shall be retired promptly after the acquisition thereof. All such shares shall upon their retirement become authorized but unissued
shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock to be created by resolution or resolutions
of the Board of Directors, subject to any conditions and restrictions on issuance set forth herein.

 

6. Liquidation, Dissolution
or Winding Up. (A) Upon any liquidation, dissolution or winding up of the Corporation, voluntary or otherwise, no distribution
shall be made to the holders of shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding
up) to the Series A Junior Participating Preferred Stock unless, prior thereto, the holders of shares of Series A Junior Participating
Preferred Stock shall have received an amount per share (the “Series A Liquidation Preference”) equal to the
Adjustment Number times the per share amount of all cash and other property to be distributed in respect of the Common Stock upon
such liquidation, dissolution or winding up of the Corporation.

 

(B) In the event,
however, that there are not sufficient assets available to permit payment in full of the Series A Liquidation Preference and the
liquidation preferences of all other classes and series of stock of the Corporation, if any, that rank on a parity with the Series
A Junior Participating Preferred Stock in respect thereof, then the assets available for such distribution shall be distributed
ratably to the holders of the Series A Junior Participating Preferred Stock and the holders of such parity shares in proportion
to their respective liquidation preferences.

 

(C) None of the merger,
consolidation or combination of the Corporation into or with another entity nor the merger, consolidation or combination of any
other entity into or with the Corporation shall be deemed to be a liquidation, dissolution or winding up of the Corporation within
the meaning of this Section 6.

 

7. Consolidation,
Merger, Etc. In case the Corporation shall enter into any consolidation, merger, combination or other transaction in which
the outstanding shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property,
then in any such case each share of Series A Junior Participating Preferred Stock shall at the same time be similarly exchanged
or changed in an amount per share equal to the Adjustment Number times the aggregate amount of stock, securities, cash and/or any
other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged.

 

8. No Redemption.
Shares of Series A Junior Participating Preferred Stock shall not be subject to redemption by the Corporation.

 

    A-5

     

    

 

9. Ranking. The
Series A Junior Participating Preferred Stock shall rank junior to all other series of Preferred Stock as to the payment of dividends
and as to the distribution of assets upon liquidation, dissolution or winding up, unless the terms of any such series shall provide
otherwise, and shall rank senior to the Common Stock as to such matters.

 

10. Amendment. At
any time that any shares of Series A Junior Participating Preferred Stock are outstanding, the Certificate of Incorporation of
the Corporation shall not be amended, by merger, consolidation, combination or otherwise, which would materially alter or change
the powers, preferences or special rights of the Series A Junior Participating Preferred Stock so as to affect them adversely without
the affirmative vote of the holders of two-thirds of the outstanding shares of Series A Junior Participating Preferred Stock, voting
separately as a class.

 

11. Fractional Shares. Series A Junior
Participating Preferred Stock may be issued in fractions of a share that shall entitle the holder, in proportion to such holder’s
fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other
rights of holders of Series A Junior Participating Preferred Stock.

 

IN WITNESS WHEREOF, the
undersigned has executed this Certificate this __ day of _________________, 20__.

 

		DAVE & BUSTER’S ENTERTAINMENT, INC.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-6

     

    

 

Exhibit B

Form of Right Certificate

Certificate No. R-______

 

NOT EXERCISABLE AFTER MARCH 17, 2021
OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.01 PER RIGHT AND TO EXCHANGE ON THE TERMS
SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS BENEFICIALLY OWNED
BY OR TRANSFERRED TO ANY PERSON WHO IS OR BECOMES AN ACQUIRING PERSON OR ANY AFFILIATE OR ASSOCIATE THEREOF (EACH AS DEFINED IN
THE RIGHTS AGREEMENT) AND CERTAIN TRANSFEREES THEREOF WILL BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.

 

RIGHT CERTIFICATE

DAVE & BUSTER’S ENTERTAINMENT, INC.

 

This certifies that ____________________________
or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof,
subject to the terms, provisions and conditions of the Rights Agreement, dated as of March 18, 2020, as the same may be amended
from time to time (the “Rights Agreement”), between Dave & Buster’s Entertainment, Inc., a Delaware
corporation (the “Company”), and Computershare Trust Company, N.A., as Rights Agent (the “Rights Agent”),
to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior
to 5:00 P.M., New York City time, on March 17, 2021 at the office or agency of the Rights Agent designated for such purpose,
or of its successor as Rights Agent, one ten-thousandth of a fully paid non-assessable share of Series A Junior Participating Preferred
Stock, par value $0.01 per share (the “Preferred Stock”), of the Company at a purchase price of $45.00 per one
ten-thousandth of a share of Preferred Stock (the “Purchase Price”), upon presentation and surrender of this
Right Certificate with the Form of Election to Purchase duly executed. The number of Rights evidenced by this Rights Certificate
(and the number of one ten-thousandths of a share of Preferred Stock which may be purchased upon exercise hereof) set forth above,
and the Purchase Price set forth above, are the number and Purchase Price as of March 18, 2020  based
on the Preferred Stock as constituted at such date. As provided in the Rights Agreement, the Purchase Price, the number of one
ten-thousandths of a share of Preferred Stock (or other securities or property) which may be purchased upon the exercise of the
Rights and the number of Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening
of certain events.

 

If the Rights evidenced by this Right Certificate
are at any time beneficially owned by or transferred to any person who is or becomes an Acquiring Person or an Affiliate or

 

    B-1

     

    

 

Associate of an Acquiring Person (each
as defined in the Rights Agreement) or certain transferees thereof, such Rights will become null and void and will no longer be
transferable.

 

This Right Certificate is subject to all
of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are hereby incorporated
herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the
rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of
the Right Certificates. Copies of the Rights Agreement are on file at the principal executive offices of the Company and the above-mentioned
office or agency of the Rights Agent. The Company will mail to the holder of this Right Certificate a copy of the Rights Agreement
without charge after receipt of a written request therefor.

 

This Right Certificate, with or without
other Right Certificates, upon surrender at the office or agency of the Rights Agent designated for such purpose, may be exchanged
for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a
like aggregate number of shares of Preferred Stock as the Rights evidenced by the Right Certificate or Right Certificates surrendered
shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled
to receive upon surrender hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised.

 

Subject to the provisions of the Rights
Agreement, the Rights evidenced by this Certificate (i) may be redeemed by the Company at a redemption price of $0.01 per
Right or (ii) may be exchanged in whole or in part for shares of the Company’s Common Stock, par value $0.01 per share,
shares of Preferred Stock, or Equivalent Preferred Shares (as defined in the Rights Agreement).

 

No fractional shares of Preferred Stock
or Common Stock are required to be issued upon the exercise or exchange of any Right or Rights evidenced hereby (other than fractions
of Preferred Stock which are integral multiples of one ten-thousandth of a share of Preferred Stock, which may, at the election
of the Company, be evidenced by depository receipts), but in lieu thereof a cash payment may be made, as provided in the Rights
Agreement.

 

No holder of this Right Certificate, as
such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Stock or of any other
securities of the Company which may at any time be issuable on the exercise or exchange hereof, nor shall anything contained in
the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a stockholder of the
Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof,
or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders
(except as provided in the Rights Agreement) or to receive dividends or subscription rights, or otherwise, until the Right or Rights
evidenced by this Right Certificate shall have been exercised or exchanged as provided in the Rights Agreement.

 

    B-2

     

    

 

This Right Certificate shall not be valid
or obligatory for any purpose until it shall have been countersigned by the Rights Agent.

 

WITNESS the facsimile signature of the
proper officers of the Company and its corporate seal. Dated as of _________ __, 20__.

  

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

 

	ATTEST:	 
	 	 
	 	 
	Name:	 
	Title:	 

 

	Countersigned:	 
	 	 
	 	 
	Computershare Trust Company, N.A., as Rights Agent	 
	 	 	                                                
	By		 
	 	Name:	 
	 	Title:	 

 

    B-3

     

    

 

Form of Reverse Side of Right Certificate

FORM OF ASSIGNMENT

(To be executed by the registered holder if such

holder desires to transfer the Right Certificate)

 

FOR VALUE RECEIVED _______________ hereby sells, assigns and
transfers unto

 

	 
	 
	 
	 

 

(Please print name and address of transferee)

 

_______ Rights represented by this Right
Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint ______________________________
Attorney, to transfer said Rights on the books of the within-named Company, with full power of substitution.

 

	Dated:	 	 	
		 	 
		 	Signature

 

Signature Guaranteed:

 

Signatures must be guaranteed by a bank,
trust company, broker, dealer or other eligible institution participating in a recognized signature guarantee medallion program.

 

	  

(To be completed)

 

The undersigned hereby certifies that (1) the
Rights evidenced by this Right Certificate are not being sold, assigned or transferred by or on behalf of a Person who is or was
an Acquiring Person or an Affiliate or Associate thereof (as such terms are defined in the Rights Agreement), (2) this Right
Certificate is not being sold, assigned or transferred to or on behalf of any Acquiring Person or Affiliate or Associate thereof
and (3) the undersigned did not acquire the Rights evidenced by this Right Certificate from any Person who is or was an Acquiring
Person or an Affiliate or Associate thereof.

 

		 
		Signature

 

    B-4

     

    

 

Form of Reverse Side of Right Certificate
 – continued

FORM OF ELECTION TO PURCHASE

(To be executed if holder desires to exercise

Rights represented by the Rights Certificate)

 

To Dave & Buster’s Entertainment, Inc.:

 

The undersigned hereby irrevocably elects
to exercise ________ Rights represented by this Right Certificate to purchase the shares of Preferred Stock (or other securities
or property) issuable upon the exercise of such Rights and requests that certificates for such shares of Preferred Stock (or such
other securities) be issued in the name of:

 

	   

(Please print name and address

 

	    

 

If such number of Rights shall not be all
the Rights evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered
in the name of and delivered to:

 

Please insert social security or other identifying
number

 

	    

(Please print name and address

 

	    

 

	Dated:	 		 
		 	 	 
		 		Signature

 

(Signature must conform to holder specified
on Right Certificate)

 

Signature Guaranteed:

 

Signature must be guaranteed by a bank,
trust company, broker, dealer or other eligible institution participating in a recognized signature guarantee medallion program.

 

    B-5

     

    

 

Form of Reverse Side of Right Certificate
- continued

 

	    

(Please print name and address

 

 

The undersigned hereby
certifies that (1) the Rights evidenced by this Right Certificate are not being sold, assigned or transferred by or on behalf
of a Person who is or was an Acquiring Person or an Affiliate or Associate thereof (as such terms are defined in the Rights Agreement),
(2) this Right Certificate is not being sold, assigned or transferred to or on behalf of any Acquiring Person or any Affiliate
or Associate thereof and (3) the undersigned did not acquire the Rights evidenced by this Right Certificate from any Person
who is or was an Acquiring Person or an Affiliate or Associate thereof.

 

		 
		Signature

 

NOTICE

 

The signature in the
Form of Assignment or Form of Election to Purchase, as the case may be, must conform to the name as written upon the face of this
Right Certificate in every particular, without alteration or enlargement or any change whatsoever.

 

In the event the certification
set forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, such Assignment
or Election to Purchase will not be honored.

 

    B-6

     

    

 

Exhibit C

 

UNDER CERTAIN CIRCUMSTANCES, AS SET
FORTH IN THE RIGHTS AGREEMENT, RIGHTS OWNED BY OR TRANSFERRED TO ANY PERSON WHO IS OR BECOMES AN ACQUIRING PERSON (AS DEFINED IN
THE RIGHTS AGREEMENT) AND CERTAIN TRANSFEREES THEREOF WILL BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.

 

SUMMARY OF RIGHTS TO PURCHASE

SHARES OF PREFERRED STOCK OF

DAVE & BUSTER’S ENTERTAINMENT, INC.

 

On March 18, 2020, the
Board of Directors of Dave & Buster’s Entertainment, Inc., (the “Company”) declared a dividend of
one preferred share purchase right (a “Right”) for each outstanding share of common stock, par value $0.01 per
share, of the Company (the “Common Stock”). The dividend is payable on March 30, 2020 (the “Record
Date”) to the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company
one ten-thousandth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share, of the Company (the
 “Preferred Stock”) at a price of $45.00 per one ten-thousandth of a share of Preferred Stock (the “Purchase
Price”), subject to adjustment. The description and terms of the Rights are set forth in a Rights Agreement dated as
of March 18, 2020, as the same may be amended from time to time (the “Rights Agreement”), between the Company
and Computershare Trust Company, N.A., as Rights Agent (the “Rights Agent”).

 

Until the earlier to
occur of (i) 10 business days following the earlier to occur of (x) a public announcement that a person or group of affiliated
or associated persons (with certain exceptions, an “Acquiring Person”) has acquired beneficial ownership of
15% (20% in the case of a passive institutional investor) or more of the outstanding shares of Common Stock or (y) a majority of
the Board of Directors of the Company becoming aware of the existence of any person or group of affiliated persons becoming an
Acquiring Person, or (ii) such date (prior to such time as any person or group of affiliated persons becomes an Acquiring
Person), if any, as may be determined by action of the Board of Directors of the Company following the commencement of, or announcement
of an intention to make, a tender offer or exchange offer the consummation of which would result in the beneficial ownership by
a person or group of 15% or more of the outstanding shares of Common Stock (the earlier of such dates being called the “Distribution
Date”), the Rights will be evidenced, with respect to any of the Common Stock certificates (or book-entry shares) outstanding
as of the Record Date, by such Common Stock certificate (or book-entry shares) together with this Summary of Rights.

 

The Rights
Agreement provides that, until the Distribution Date (or earlier expiration of the Rights), the Rights will be transferred
with and only with the Common Stock. Until the Distribution Date (or earlier expiration of the Rights), new Common Stock
certificates issued after the Record Date upon transfer or new issuances of Common Stock will contain a legend incorporating
the Rights Agreement by reference, and notice of such legend will be furnished to holders of book-entry shares. Until the
Distribution Date (or earlier expiration of the Rights), the surrender for transfer of any certificates for shares of Common
Stock (or book entry shares of Common Stock) outstanding as of the Record Date, even without such legend or a copy of this
Summary of Rights, will also constitute the transfer of the Rights associated with the shares of Common Stock represented by
such certificate or registered in book-entry form. As soon as practicable following the Distribution Date, separate
certificates evidencing the Rights (“Right Certificates”) will be mailed to holders of record of the
Common Stock as of the close of business on the Distribution Date and such separate Right Certificates alone will evidence
the Rights.

 

    C-1

     

    

 

The Rights are not exercisable
until the Distribution Date. The Rights will expire on March 17, 2021 (the “Final Expiration Date”), unless
the Rights are earlier redeemed or exchanged by the Company, in each case as described below, or upon the occurrence of certain
transactions.

 

The Purchase Price payable,
and the number of shares of Preferred Stock or other securities or property issuable, upon exercise of the Rights is subject to
adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or
reclassification of, the Preferred Stock, (ii) upon the grant to holders of the Preferred Stock of certain rights or warrants
to subscribe for or purchase Preferred Stock at a price, or securities convertible into Preferred Stock with a conversion price,
less than the then-current market price of the Preferred Stock or (iii) upon the distribution to holders of the Preferred
Stock of evidences of indebtedness or assets (excluding regular periodic cash dividends or dividends payable in Preferred Stock)
or of subscription rights or warrants (other than those referred to above).

 

The number of outstanding
Rights is subject to adjustment in the event of a stock dividend on the Common Stock payable in shares of Common Stock or subdivisions,
consolidations or combinations of the Common Stock occurring, in any such case, prior to the Distribution Date.

 

Shares of Preferred
Stock purchasable upon exercise of the Rights will not be redeemable. Subject to the prior and superior rights of the holders
of any shares of any series of preferred stock ranking prior and superior to the shares of Preferred Stock with respect to
dividends, the holders of shares of Preferred Stock shall be entitled to receive, when, as and if declared, out of funds
legally available for the purpose, preferential quarterly dividends payable in cash, in an amount per share equal to (a)
10,000 times the aggregate per share amount of all cash dividends, and (b) 10,000 times the aggregate per share amount
(payable in kind) of all non-cash dividends or other distributions other than a dividend payable in shares of Common Stock or
a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock
since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment
Date, since the first issuance of any share or fraction of a share of Preferred Stock. In the event of liquidation,
dissolution or winding up of the Company, the holders of the Preferred Stock will be entitled to a minimum preferential
payment of an amount per share equal to 10,000 times the payment made per share of Common Stock. Each one ten-thousandth of a
share of Preferred Stock will have one vote, voting together with the Common Stock. Finally, in the event of any merger,
consolidation or other transaction in which outstanding shares of Common Stock are converted or exchanged, each share of
Preferred Stock will be entitled to receive 10,000 times the amount received per share of Common Stock. These rights are
protected by customary anti-dilution provisions.

 

    C-2

     

    

 

Because of the nature
of the Preferred Stock’s dividend, liquidation and voting rights, the value of the one ten-thousandth interest in a share
of Preferred Stock purchasable upon exercise of each Right should approximate the value of one share of Common Stock.

 

In the event that any
person or group of affiliated or associated persons becomes an Acquiring Person, each holder of a Right, other than Rights beneficially
owned by the Acquiring Person, affiliates and associates of the Acquiring Person and certain transferees thereof (which will thereupon
become null and void), will thereafter have the right to receive upon exercise of a Right that number of shares of Common Stock
having a market value of two times the exercise price of the Right.

 

In the event that, after
a person or group has become an Acquiring Person, the Company is acquired in a merger or other business combination transaction
or 50% or more of its consolidated assets or earning power are sold, proper provisions will be made so that each holder of a Right
(other than Rights beneficially owned by an Acquiring Person, affiliates and associates of the Acquiring Person and certain transferees
thereof which will have become null and void) will thereafter have the right to receive upon the exercise of a Right that number
of shares of common stock of the person with whom the Company has engaged in the foregoing transaction (or its parent) that at
the time of such transaction have a market value of two times the exercise price of the Right.

 

At any time after the
Distribution Date and prior to the earlier of one of the events described in the previous paragraph and the acquisition by such
Acquiring Person of 50% or more of the outstanding shares of Common Stock, the Board of Directors of the Company may exchange the
Rights (other than Rights owned by such Acquiring Person and certain transferees thereof which will have become null and void),
in whole or in part, for shares of Common Stock or Preferred Stock (or a series of the Company’s preferred stock having equivalent
rights, preferences and privileges), at an exchange ratio of one share of Common Stock, or a fractional share of Preferred Stock
(or other preferred stock) equivalent in value thereto, per Right.

 

With certain exceptions,
no adjustment in the Purchase Price will be required until cumulative adjustments require an adjustment of at least 1% in such
Purchase Price. No fractional shares of Preferred Stock or Common Stock are required to be issued (other than fractions of shares
of Preferred Stock which are integral multiples of one ten-thousandth of a share of Preferred Stock, which may, at the election
of the Company, be evidenced by depositary receipts), and in lieu thereof an adjustment in cash may be made based on the current
market price of the Preferred Stock or the Common Stock.

 

    C-3

     

    

 

At any time prior to
the Distribution Date, the Board of Directors of the Company may redeem the Rights in whole, but not in part, at a price of $0.01
per Right (the “Redemption Price”) payable, at the option of the Company, in cash, shares of Common Stock or
such other form of consideration as the Board of Directors of the Company shall determine. The redemption of the Rights may be
made effective at such time, on such basis and with such conditions as the Board of Directors of the Company in its sole discretion
may establish. Immediately upon any redemption of the Rights, the right to exercise the Rights will terminate and the only right
of the holders of Rights will be to receive the Redemption Price.

 

For so long as the Rights
are then redeemable, the Company may, except with respect to the Redemption Price, amend the Rights Agreement in any manner. After
the Rights are no longer redeemable, the Company may, except with respect to the Redemption Price, amend the Rights Agreement in
any manner that does not adversely affect the interests of holders of the Rights (other than holders of Rights owned by or transferred
to any person who is or becomes an Acquiring Person or affiliates and associates of an Acquiring Person and certain transferees
thereof).

 

Until a Right is exercised
or exchanged, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation,
the right to vote or to receive dividends.

 

A copy of the Rights
Agreement has been filed with the Securities and Exchange Commission as an Exhibit to a Registration Statement on Form 8-A
dated March 19, 2020. A copy of the Rights Agreement is available free of charge from the Company. This summary description of
the Rights does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, as the same may
be amended from time to time, which is hereby incorporated herein by reference.

 

    C-4

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