Company: PDCC
Filing Date: 2025-11-05
Form Type: DEF 14A
Source: 0001214659-25-015968
Chunk: 24

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-11-05
Form: DEF 14A
Chunk 24
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 in 2008 and is owned by Mr. Indranil (Neil)
Basu and Mr. Chandrajit Chakraborty. Senior members of the Adviser’s management team also hold indirect ownership interests in Pearl
Diver Capital Holdings Ltd., the Adviser’s parent company.

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The Company pays the Adviser
a base management fee and an incentive fee for its services under the Advisory Agreement. The base management fee is equal to an annual
rate of 1.50% of our Total Equity Base and is payable quarterly in arrears. The incentive fee is equal to 15% of our Pre-Incentive Fee
Net Investment Income for the immediately preceding calendar quarter, subject to a hurdle and catch-up feature. No incentive fee is payable
to the Adviser in respect of any capital gains. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest
income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting
fees or other fees that the Company receives from an investment) accrued during the calendar quarter, minus the Company’s operating
expenses for the quarter (including the base management fee and any interest expense and/or dividends paid on any issued and outstanding
debt or preferred interests, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments
with a deferred interest feature (such as original issue discount, payment-in-kind interest and zero coupon securities), accrued income
that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized or unrealized capital
gains or realized or unrealized losses.

Pre-Incentive Fee Net Investment
Income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar
quarter, shall be compared to a “hurdle rate” of 2.00% per quarter. The Company shall pay the Adviser an Incentive Fee with
respect to the Company’s Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no Incentive Fee in any
calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed 2.00%; (2) 100% of the Company’s
Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income