Company: PDCC
Filing Date: 2025-09-16
Form Type: N-2/A
Source: 0001214659-25-013826
Chunk: 125

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-09-16
Form: N-2/A
Chunk 125
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including, in either case, approval by a majority of our directors who are not “interested persons” of any party to such agreement,
as such term is defined in Section 2(a)(19) of the 1940 Act. The Investment Advisory Agreement will automatically terminate in the event
of its assignment. The Investment Advisory Agreement may also be terminated by our board of directors or the affirmative vote of a majority
of our outstanding securities (as defined in the 1940 Act) without penalty upon written notice to the Adviser and by the Adviser upon
not less than 90 days’ written notice to us.

Indemnification. The Investment
Advisory Agreement provides that, absent willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason
of the reckless disregard of its duties and obligations, the Adviser and its officers, managers, partners, agents, employees, controlling
persons, members, and any other person or entity affiliated with it are entitled to indemnification from us for any damages, liabilities,
costs, and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering
of the Adviser’s services under the Investment Advisory Agreement or otherwise as our investment adviser.

Base Management Fee and Incentive Fee.
We pay the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a base management fee
and an incentive fee. To the extent permitted by applicable law, the Adviser may elect to defer all or a portion of these fees for a specified
period of time.

The base management fee equals an annual rate
of 1.50% of our Total Equity Base and is calculated and payable quarterly in arrears. “Total Equity Base” means the net asset
value attributable to the common stock (prior to the application of the base management fee or incentive fee) and the paid-in or stated
capital of the preferred interests in the Company (howsoever called), including the Series A Term Preferred Stock, if any.

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In addition, we pay the Adviser an incentive fee
based on our performance. The incentive fee is calculated and payable quarterly in arrears and equals 15% of our “Pre-Incentive
Fee Net Investment Income” for the immediately preceding calendar quarter, subject to a hurdle and a “catch up” feature.
No incentive fees are payable to our Adviser in respect of any capital gains. For this purpose, “Pre-In