EXHIBIT 10.1 

 

AMENDEDAND RESTATEDINVESTMENTMANAGEMENT AGREEMENT

 

AMENDEDAND RESTATEDINVESTMENTMANAGEMENT

AGREEMENT (this “Agreement”), datedas of January16, 2018, betweenBlackRockCapitalInvestment Corporation, a Delaware corporation (the“BDC”),andBlackRockCapitalInvestmentAdvisors,LLC,a Delaware limited liabilitycompany(the “Advisor”).

 

WHEREAS, the BDCand BlackRockAdvisors,LLC(the“PreviousAdvisor”) wereparties tothat certainInvestmentManagementAgreement,datedMarch 6,2015 (the “PreviousAgreement”),pursuant to which the Previous Advisorprovidedinvestmentmanagementservices to theBDC;and

 

WHEREAS,the Previous Advisor and the Advisor, a wholly-ownedsubsidiaryof thePrevious Advisor,entered into that certainAssignment and AssumptionAgreement, dated January16, 2018, to assign thePreviousAgreementto theAdvisorunderstatelawand in amannerthat is not an“assignment” for purposes of theInvestment CompanyAct of 1940 (the“1940Act”) in reliance on Rule 2a-6 thereunder;and

 

WHEREAS, the BDC and the Advisordesire to amend and restatethePreviousAgreementin its entiretytoacknowledge such assignmentand todelete thoseportions of the PreviousAgreement thatareno longer operative in accordance with theirterms;and

 

WHEREAS,the Advisorhasagreed to furnish investment advisoryservices to theBDC, a closed-endmanagement companythat has elected to be regulatedas a businessdevelopment companyunder the1940 Act;and

 

WHEREAS, this Agreementhasbeenapprovedin accordancewith theprovisions of the1940 Act, and theAdvisor is willingto furnishsuchservices upon thetermsandconditionsherein set forth.

 

NOW, THEREFORE, in consideration ofthe mutual premises andcovenantsherein contained and other goodand valuableconsideration, the receipt ofwhich is herebyacknowledged, it is agreedbyandbetween the parties hereto as follows:

 

1.InGeneral.  The Advisoragrees,allas morefullysetforthherein,to act as investment advisor to the BDC with respect to the investment of the BDC’sassetsand to superviseand arrange for theday-to-dayoperations of theBDC and thepurchase ofsecuritiesforand the sale ofsecuritiesheld in the investment portfolio of theBDC.

 

2.Duties and Obligations of theAdvisor with Respect toInvestmentof Assets of theBDC.

 

(a)Subject to the succeedingprovisions of this paragraphandsubject to the direction and control of theBDC’sBoard of Directors, the Advisor shall(i)act as investment advisorfor and supervise andmanage the investment andreinvestment

 

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ofthe BDC’sassetsandinconnectiontherewith havecompletediscretion in purchasingandsellingsecuritiesandotherassets fortheBDC and in voting, exercising consents andexercisingall other rightsappertainingto such securities and otherassetsonbehalf oftheBDC;(ii)supervisecontinuouslythe investmentprogram of theBDCand thecomposition of its investmentportfolio; (iii) arrange, subject to the provisions of Section3(b) hereof, for thepurchase and saleof securitiesand other assets held in the investmentportfolio of theBDC; and (iv) oversee the administration of allaspects of theBDC’sbusiness and affairsandprovide, orarrange for others whom it believes tobe competentto provide,certainservices as specified in paragraph (b)below.  Nothingcontainedherein shall beconstruedto restrict the BDC’s right to hireits own employees or tocontract for administrative services to be performedbythird parties, includingbut notlimited to, the calculation ofthe net asset valueofthe BDC’sshares.

 

(b)Except to the extent providedfor directlybytheBDC, thespecificservices to beprovided orarrangedforbythe Advisorfor theBDCpursuant toparagraph(a)(iv)above are(i) maintainingtheBDC’s books and records, to the extentnot maintained bytheBDC’s custodian, transferagent and dividend disbursingagent inaccordance with applicable lawsandregulations; (ii) initiatingall moneytransfers to theBDC’s custodianand from the BDC’s custodian forthe payment oftheBDC’s expenses,investments and dividends;(iii)reconcilingaccount information and balances amongtheBDC’s custodian, transfer agent and dividend disbursingagent; (iv) preparingallgovernmentalfilingsbythe BDCandallreportsbytheBDC to its shareholders; (v)supervisingthecalculation of thenetasset valueofthe BDC’sshares; and (vi) preparingnotices and agendas for meetings of the BDC’s shareholders and theBDC’s Board ofDirectorsaswellas minutes ofsuch meetings in all mattersrequiredbyapplicablelaw tobe acted upon bytheBoard ofDirectors.

 

(c)In the performance of itsdutiesunder this Agreement, theAdvisor shallat all times use allreasonableeffortsto conform to, and act in accordancewith, anyrequirementsimposedby(i) theprovisions of the1940 Act,andofanyrules orregulations in force thereunder;(ii) anyother applicableprovision of law; (iii) theprovisions of the Certificate of Incorporationand the By-Laws ofthe BDC,as suchdocumentsareamendedfrom timeto time;(iv)the investmentobjectives,policiesandrestrictionsapplicable tothe BDCas setforth in the BDC’sRegistrationStatement onFormN-2(the “RegistrationStatement”); and (v)anypolicies and determinations of theBoard of Directors oftheBDC.

 

(d)TheAdvisor willseek toprovidequalified personnel tofulfill its duties hereunderand,except as set forth in the followingsentence, will bearallcostsand expenses incurred in connection with its investment advisoryduties thereunder.TheBDC shall reimbursethe Advisorforalldirect and indirect costand expensesincurredbytheAdvisor (i) for office spacerental,officeequipment and utilities allocableto performance of investment advisoryand non investment advisoryadministrative oroperatingservices hereunder bythe Advisorand (ii) allocable to anynon-investmentadvisoryadministrative oroperatingservices provided bytheAdvisor hereunder,includingsalaries, bonuses, healthinsurance,retirementbenefits andallsimilaremploymentcosts,suchasofficeequipment andotheroverheaditems. All allocations

 

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madepursuant to this paragraph (d) shall bemadepursuant to allocationguidelinesapproved from time to time bytheBoard ofDirectors. TheBDC shall alsobe responsibleforthe payment ofall theBDC’sotherexpenses, including(i)payment ofthe feespayable to the Advisor under Section 8 hereof; (ii) organizational expenses; (iii)brokerage fees andcommissions;(iv)taxes; (v) interestcharges on borrowings; (vi) the

costofliabilityinsuranceorfidelitybondcoveragefor theBDC’sofficersandemployees,and directors’ and officers’ errors and omissions insurancecoverage; (vii) legal, auditingand accountingfeesandexpenses; (viii) charges of theBDC’sadministrator (if any),custodian, transfer agentand dividend disbursing agent and anyother service providers;

(ix) theBDC’sdues,feesandcharges of anytradeassociation of which theBDC is amember; (x) theexpenses ofprinting, preparingand mailingproxies, stock certificates,reports,prospectuses,registrationstatements and otherdocuments used bythe BDC; (xi)expenses ofregisteringand offeringsecurities ofthe BDC under applicablelaw; (xii) theexpenses ofholdingshareholdermeetings; (xiii) the compensation, including fees, of anyofthe BDC’sdirectors,officers or employeeswhoarenot affiliatedpersonsof theAdvisor; (xiv) allexpenses of computingtheBDC’s net assetvalue per share; (xv)litigationand indemnification and other extraordinaryornon recurringexpenses; and(xvi)all othernon investment advisoryexpenses oftheBDC.

 

(e)TheAdvisor shallgive the BDC thebenefit of itsprofessionaljudgment and effort in renderingservices hereunder, but neither theAdvisornor anyof its officers,directors, employees, agentsor controllingpersons shall be liableforanyact or omission or for anyloss sustained bytheBDC in connection with thematters to which this Agreementrelates,except a loss resultingfromwillfulmisfeasance,badfaith orgrossnegligence inthe performance of its duties, orbyreasonofits recklessdisregard ofits obligations anddutiesunder this Agreement; provided, however,that theforegoingshall not constitute awaiverof anyrights which theBDCmayhave whichmaynot be waived under applicablelaw.

 

3.Covenants.  (a)In the performance of its duties under thisAgreement, theAdvisorshall at all timesconform to, andact in accordancewith, anyrequirementsimposed by: (i) the provisions of the1940 Act and theInvestment AdvisersAct of 1940, asamended(the“AdvisersAct”),andallapplicableRules andRegulationsofthe Securitiesand ExchangeCommission(the“SEC”); (ii) anyother applicableprovision of law; (iii) the provisions of the Certificate ofIncorporationandBy-Laws ofthe BDC,as such documents areamended from time to time; (iv) the investmentobjectives and policies ofthe BDCas setforth in itsRegistrationStatement; and (v) anypoliciesanddeterminations of the Board ofDirectors of theBDC.

 

|   | (b) | Inaddition, the Advisorwill: |
|--------|-----|------------------------------|

 

(i)place orders either directlywith the issuer or withanybroker or dealer.Subject to the other provisions of this paragraph, in placingorderswith brokers anddealers, theAdvisor will attempt to obtain the best priceand the most favorable execution ofits orders.Inplacingorders, theAdvisor willconsider theexperience and skill of thefirm’s securitiestradersaswellas thefirm’sfinancialresponsibilityandadministrativeefficiency.Consistent with this

 

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obligation, the Advisormayselect brokers on thebasis of theresearch,statisticaland pricingservicestheyprovide to the BDCandotherclients of the Advisor.

Information and researchreceived from such brokers will be in addition to, andnot in lieu of, the services required to be performed bythe Advisor hereunder.  Acommission paid to such brokers maybe higher than that which another qualifiedbroker would have charged foreffectingthe same transaction, provided thattheAdvisor determines ingood faith that such commission is reasonable in termseither ofthe transaction or theoverall responsibilityof theAdvisor to the BDCand its other clients and that the total commissionspaid bytheBDC will bereasonable in relation to the benefits to theBDC over thelong term. Inaddition,the Advisor is authorized to take into account the sale ofshares of theBDCinallocatingpurchase and sale orders for portfolio securities to brokers ordealers(includingbrokers and dealers thatare affiliatedwith the Advisor), provided thatthe Advisor believes thatthe qualityof thetransaction and the commission arecomparable to what theywould be with other qualified firms. In no instance,however,will the BDC’ssecurities bepurchasedfrom or sold to the Advisor, oranyaffiliated person thereof, except to the extent permitted bythe SEC or byapplicable law;

 

(ii)maintain apolicyandpractice of conductingitsinvestment advisoryservices hereunder independentlyof thecommercial bankingoperations of its affiliates.  When the Advisor makesinvestmentrecommendations for the BDC, its investment advisorypersonnel will not inquireortakeinto considerationwhetherthe issuer ofsecurities proposed forpurchaseorsalefor theBDC’s account are customers of the commercial departmentofitsaffiliates; and

 

(iii)treat confidentiallyandas proprietaryinformationofthe BDCallrecordsand otherinformation relativeto the BDC,and theBDC’sprior,current or potentialshareholders,and will not usesuch recordsandinformation foranypurpose otherthan performance of its responsibilities anddutieshereunder,exceptafter prior notification to and approval in writingbytheBDC, which approval shall not be unreasonablywithheld andmaynot bewithheld wheretheAdvisor maybeexposedtocivil or criminalcontemptproceedings for failure tocomply, when requestedto divulge suchinformation bydulyconstitutedauthorities, or when so requested bytheBDC.

 

4.Services Not Exclusive.  Nothingin this Agreement shall preventthe Advisor oranyofficer, employee or other affiliate thereoffromacting as investmentadvisorfor anyother person, firm or corporation, or fromengagingin anyotherlawfulactivity,and shall not in anywaylimit or restrict theAdvisor oranyof its officers,employees or agents from buying, sellingor tradinganysecurities for its or theirownaccounts or for theaccounts of others forwhom itortheymaybe acting;provided,however, that theAdvisor willundertake,and will cause its employees to undertake, noactivitieswhich, in its judgment, will adverselyaffect the performance of theAdvisor’sobligationsunder this Agreement.

 

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5.Booksand Records. Incompliance with the requirements of Rule31a-3under the1940 Act, the Advisor herebyagrees that all records whichit maintainsforthe BDC arethe propertyof the BDCandfurtheragrees to surrenderpromptlyto theBDCanysuchrecords upon the BDC’srequest.TheAdvisor furtheragrees to preserveforthe periods prescribed byRule 31a-2 under the1940 Act the recordsrequired to bemaintainedbyRule 31a-1 under the1940 Act.

 

6.AgencyCross Transactions.  From time to time, theAdvisor orbrokers ordealersaffiliated with it mayfind themselves in a position to buyfor certain oftheir brokerage clients (each an“Account”)securities which theAdvisor’sinvestmentadvisoryclients wish to sell, andto sell for certainof theirbrokerageclients securitieswhich advisoryclients wish to buy.  Whereoneof the parties is an advisoryclient, theAdvisor orthe affiliatedbroker ordealer cannotparticipate in this type oftransaction(knownas across transaction) onbehalf of anadvisoryclient and retain commissionsfrom one orboth parties to the transaction withoutthe advisoryclient’s consent.This isbecause ina situationwherethe Advisor is makingthe investment decision (as opposedto a brokerage client whomakes his own investmentdecisions),and the Advisor or anaffiliate is receivingcommissions from both sidesofthe transaction,there is a potentialconflictingdivision of loyaltiesandresponsibilities on theAdvisor’s part regardingtheadvisoryclient.  TheSEC hasadopted arule under theAdvisersAct, which permits theAdvisor orits affiliatestoparticipate on behalf ofanAccount in agencycrosstransactions if theadvisoryclient hasgiven written consent in advance.Byexecution ofthis Agreement, theBDCauthorizes the Advisor orits affiliates to participate in agencycrosstransactions involvinganAccount.TheBDC mayrevokeits consentatanytime bywritten noticeto theAdvisor.

 

7.Expenses.  Duringthe term of this Agreement, theAdvisor willbearallcostsandexpenses ofits employees and anyoverhead incurred in connectionwith its duties hereunderandshallbear the costsof anysalaries or Directors’ feesof anyofficers or Directors ofthe BDC whoareaffiliatedpersons(asdefined in the1940 Act)ofthe Advisor;providedthat the Board ofDirectors ofthe BDC mayapprovereimbursement to theAdvisor ofthe pro rata portion ofthe salaries, bonuses, healthinsurance,retirement benefits and allsimilaremploymentcosts for thetimespent onBDCoperations(other than the provision ofinvestment adviceandadministrativeservicesrequired to be provided hereunder)ofallpersonnel employed bytheAdvisorwho devote substantial time to BDCoperations or the operations of other investmentcompaniesadvisedbytheAdvisor.

 

|   | 8. | Compensation. |
|--------|----|---------------|

 

(a)The provisions of this Section8 shall applywith respect tothe compensation oftheAdvisor.

 

(b)TheAdvisor, for its services to theBDC, will be entitled toreceive a ManagementFee from theBDC. TheManagementFeewill be calculatedat anannualrate of 1.75% of total assets, excludingcash.TheManagementFeewill be paid

 

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quarterlyin arrearsbasedon the assetvaluation asofthe end ofthe prior quarterand willbe prorated for anyperiod of lessthana quarter.

 

(c)For purposes of this Agreement, the assetsand net assets ofthe BDC shall be calculatedpursuant to the proceduresadoptedbyresolutionsof theDirectors oftheBDC for calculatingthe value of the BDC’sassets or delegatingsuchcalculations to third parties.

 

(d)TheAdvisor will be entitled to receive theIncentive Feeduringeachcalendarquarter(whichwill applyonlyto theportion of theIncentive Feebased on income)and eachAnnual Period (whichwill applyonlyto theportion of theIncentiveFee based oncapital gains), as follows:

 

|   | (i) | IncentiveFee Based on Income. |
|--------|-----|-------------------------------|

 

(A)Theportion of theIncentiveFee based onincomeotherthan capitalgainswill be calculatedseparatelyforeachcalendarquarterand will be paidon aquarterlybasis.The BDC will paythe Advisortheportion of theIncentiveFee based on income foreachperiodas follows:

 

|   | (i) | NoIncentiveFee basedon incomeotherthan capital gains foranycalendarquarter in whichthe BDC’sPre-IncentiveFeeNetInvestmentIncome doesnot exceed 1.75%(7.00% annualized) ofthe BDC’s netassets attributableto common stockat the beginningofsuch quarter. |   |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

 

|   | (ii) | 100%of the BDC’sPre-Incentive Fee NetInvestmentIncome inanycalendarquarterwithrespect to that portion ofsuchPre-IncentiveFeeNetInvestmentIncome, if any,for such calendarquarter,thatexceeds 1.75% (7.00% annualized)of theBDC’s netassetsattributable to common stockat the beginningof suchquarter but is lessthan 2.1875% (8.75% annualized). |   |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

 

|   | (iii) | 0%oftheBDC’sPre-Incentive Fee NetInvestmentIncome, ifany,foranycalendarquarter, that exceeds 2.1875% (8.75%annualized) of theBDC’snetassetsattributabletocommonstockatthe beginningof suchquarter. |   |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

 

(B)Thecalculationsdescribedabove in sub-paragraph (A) will be appropriatelypro rated foranyperiod ofless thanaquarterandadjusted forthe net proceedsfrom anycommonstockissuancesand thecostofanycommonstockrepurchases duringsuch quarter.The payment of anysuchIncentiveFee based on income otherwiseearnedbythe Advisor shall be deferredif,forthe most recent four fullcalendarquarter period endingon orpriorto thedatesuchpayment is to be made,theAnnualized Rate ofReturnis less than 7.0%ofthe BDC’s net assetsattributable to commonstockat thebeginningof suchfourquarterperiodas adjusted for the net proceeds fromanycommon stockissuances andthecost ofanycommonstockrepurchases duringsuchfourfull

 

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calendarquarter period, with anydeferredIncentive Fees to be carried over forpayment in subsequentquarterlycalculation periods to the extent suchpaymentcan then bemadeinaccordancewith this Agreement.

 

(ii)IncentiveFee Based onCapital Gains.

 

(A)The portion of theIncentiveFee based oncapitalgains will becalculated separatelyforeachAnnual Period.  TheAdvisorwill be entitled to receiveanIncentiveFeebased oncapitalgains foreachAnnualPeriod in an amount equal to 20%of the amount bywhich(1)theBDC’s netrealizedcapitalgains occurringduringthe period,if any,exceeds (2) itsunrealizedcapital depreciation, if any, occurringduringthe period.

 

(B)Incalculatingthe portion of theIncentiveFee based oncapitalgainspayablefor anyperiod, the BDC’sinvestments shall beaccountedforon asecurity-by-securitybasis.Inaddition, theportion of theIncentiveFee based oncapital gains will be determined usingthe“period-to-period” method pursuantto which theportion of the IncentiveFee based oncapitalgains for anyperiod will be based on realizedcapital gains fortheperiodreducedbyrealizedcapital lossesforthe period and unrealizedcapitaldepreciationfor theperiod.

 

(iii)Thecalculation oftheIncentive Fee describedabove in this Section8(d) is illustrated in the examplesattached to this Agreementin AnnexA.In theeventof aconflictbetween thelanguage above and theexamples, the examplesshallprevail.

 

(iv)Notwithstandinganythingelse set forthherein,theIncentiveFee shall not include anyamounts ofcapitalgainthat would violateSection205(b)(3)of the AdvisersAct as interpretedfrom timeto timebytheSECorits staff.

 

(e)For purposes of Section8(d), thefollowingtermsshallhave the meaningsascribed to them below:

 

(i)“Annual Period”means the periodbeginningonJuly1 of eachcalendaryear andendingon June30 ofthe next calendaryear;

 

(ii)“Annualized Rate ofReturn”is computedbyreference to thesum of (i) theaggregate distributions to the BDC’s commonstockholders forthe period in questionand (ii) thechangein the BDC’s net assetsattributable to commonstock(before takinginto accountanyIncentiveFeesotherwise payable during suchperiod);

 

(iii)“netassetsattributable tocommon stock” means theBDC’stotalassetslessindebtedness and preferredstock;and

 

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(iv)“Pre-IncentiveFeeNetInvestmentIncome” meansnetinvestmentincome(asdetermined in accordance withUnited Statesgenerallyacceptedaccountingprinciples) accruedbytheBDC duringthecalendarquarterexcludinganyaccruals foror payments in respectof the Incentive Fee.

 

9.Indemnity.(a)TheBDCmay, in the discretion ofthe Board ofDirectors oftheBDC, indemnifytheAdvisor, andeach of theAdvisor’s directors,officers,employees, agents, associates andcontrollingpersonsand the directors, partners,members,officers,employees andagents thereof(includinganyindividualwho servesatthe Advisor’srequest asdirector,officer, partner,member orthe like of anotherentity)(each such person being an“Indemnitee”)againstanyliabilitiesand expenses, includingamounts paid in satisfaction of judgments, in compromiseor asfinesand penalties, andcounselfees(allas provided in accordance with applicable statelaw) reasonablyincurredbysuchIndemniteein connection with the defense or disposition ofanyaction, suit orotherproceeding, whether civil or criminal, before anycourt oradministrative orinvestigative bodyin which suchIndemnitee maybeor mayhave beeninvolved as apartyorotherwise orwith whichsuchIndemniteemaybeor mayhavebeen threatened,while actingin anycapacityset forthherein or thereafterbyreason of suchIndemniteehavingacted in anysuchcapacity,except with respect to anymatteras to whichsuchIndemniteeshall havebeen adjudicated not to have acted ingood faith in the reasonablebeliefthat suchIndemnitee’s action was in thebest interest of the BDC andfurthermore,in the case of anycriminal proceeding, so long as suchIndemniteehad no reasonablecause to believe that theconductwasunlawful; provided, however,that (1)noIndemniteeshall be indemnifiedhereunderagainst anyliabilityto theBDCor itsshareholdersor anyexpense ofsuchIndemniteearisingbyreason of (i)willfulmisfeasance,(ii)badfaith, (iii) grossnegligence or(iv)recklessdisregard of thedutiesinvolved in the conductofsuchIndemnitee’s position (theconductreferredto in suchclauses (i) through(iv)beingsometimesreferredtoherein as“disabling conduct”), (2)asto anymatter disposed of bysettlement oracompromise paymentbysuchIndemnitee,pursuant to a consent decreeor otherwise, no indemnificationeitherfor said payment orforanyother expenses shall be providedunless therehas been adetermination that suchsettlement or compromise is in the bestinterests of theBDCand that suchIndemniteeappears to haveacted ingood faith in thereasonable beliefthat suchIndemnitee’s actionwas in the bestinterest ofthe BDCand did not involve disablingconduct bysuchIndemniteeand(3)with respect to anyaction, suit or otherproceedingvoluntarilyprosecutedbyanyIndemnitee asplaintiff, indemnification shall bemandatoryonlyif theprosecution ofsuchaction, suit or otherproceedingbysuchIndemniteewas authorizedbyamajorityof thefullBoard of Directors oftheBDC.

 

(b)TheBDCmaymake advance payments in connection withthe expenses ofdefendinganyaction with respectto which indemnificationmight besought hereunder iftheBDC receives a writtenaffirmation of theIndemnitee’sgood faithbeliefthat thestandard of conduct necessaryforindemnificationhas beenmet and awrittenundertakingto reimbursethe BDC unless it is subsequentlydetermined that suchIndemniteeisentitled to suchindemnificationandif the Directorsof the BDC determinethat the factsthen knownto them would not precludeindemnification.Inaddition, atleast one ofthe following conditions must be met:(A)theIndemniteeshallprovide

 

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securityforsuchIndemnitee-undertaking,(B) the BDC shall be insuredagainstlossesarisingbyreasonof anyunlawfuladvance, or(C)amajorityof aquorum consistingofDirectors oftheBDC who areneither “interestedpersons” oftheBDC (asdefined inSection2(a)(19) ofthe 1940 Act) norparties to the proceeding(“Disinterested Non-PartyDirectors”) oran independent legalcounsel in awritten opinion, shalldetermine,basedon a review of readilyavailablefacts(as opposedto a full trial-type inquiry), that thereisreason to believethat theIndemniteeultimatelywill be foundentitled to indemnification.

 

(c)All determinations with respect to the standards forindemnificationhereundershall bemade (1) byafinaldecision on the merits byacourtorotherbodybefore whom the proceedingwas broughtthat suchIndemniteeis not liableoris not liablebyreasonofdisablingconduct, or (2)in the absence of sucha decision,by

(i)amajorityvote of aquorum ofthe Disinterested Non-PartyDirectors ofthe BDC,or

(ii)ifsucha quorum is not obtainable or, evenif obtainable, ifamajorityvote ofsuchquorum so directs,independentlegal counsel in awritten opinion.All determinationsthat advance payments inconnection with theexpense of defendinganyproceedingshallbe authorizedandshallbemadein accordancewith theimmediatelyprecedingclause (2)above.

 

Therights accruingto any Indemniteeunder theseprovisions shall notexclude anyother righttowhichsuchIndemniteemaybelawfullyentitled.

 

10.Limitation onLiability.(a)TheAdvisor will not be liablefor anyerror ofjudgment or mistakeof law or for anyloss sufferedbyAdvisor orbytheBDC inconnection with the performance of this Agreement, except a loss resultingfrom a breachoffiduciarydutywith respect to the receipt of compensation forservices oralossresultingfrom willfulmisfeasance,badfaith orgrossnegligence on its partin theperformance of its duties or fromreckless disregard byit of its duties underthisAgreement.

 

(b)Notwithstandinganythingto thecontrarycontained in thisAgreement, the parties heretoacknowledgeandagree that, as provided in the CertificateofIncorporation, this Agreement is executedbythe Directorsand/orofficers of the BDC,not individuallybut as such Directorsand/or officers oftheBDC,and the obligationshereunderare not bindingupon anyof theDirectors or Shareholders individuallybut bindonlythe estateof the BDC.

 

11.Durationand Termination.  This Agreementshallbecome effectiveas of the date hereof and,unless soonerterminatedwith respect to theBDCasprovidedherein,  shallcontinue ineffectfor a period oftwoyears.Thereafter, ifnotterminated,this Agreementshall continuein effect with respect to the BDC forsuccessive periods of12 months, providedsuchcontinuance is specificallyapprovedat least annuallybyboth

(a)) thevote of amajorityofthe BDC’sBoard ofDirectors orthe voteof a majorityofthe outstandingvotingsecurities of the BDCat thetime outstandingandentitled to vote,and

(b)bythe voteofamajorityof theDirectors whoarenot parties to this Agreement orinterestedpersons of anypartyto this Agreement,cast in personat a meetingcalled forthe purpose ofvotingonsuch approval.Notwithstandingthe foregoing, this Agreement

 

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maybe terminatedbytheBDCatanytime, without the payment of anypenalty, upongivingthe Advisor 60 days’ notice (which noticemaybe waivedbythe Advisor),providedthat such termination bytheBDC shallbe directed or approvedbythe voteof amajorityof the Directors ofthe BDC in office at thetime orbythevote ofthe holders ofamajorityof thevotingsecurities oftheBDCatthetime outstandingandentitled to vote,orbytheAdvisor on 60days’written notice (whichnotice maybewaived bytheBDC).This Agreement will alsoimmediatelyterminate in the event of its assignment.(Asusedin this Agreement, the terms“majorityof theoutstandingvotingsecurities,” “interestedperson” and“assignment”shall have the same meanings of such terms in the 1940 Act.)Ifthis Agreement is terminatedpursuant to this Section, the BDC shall paythe Advisor aproratedportion oftheManagementFeeand theIncentiveFee.TheManagementFeeand theIncentive Fee dueto the Adviser in theevent of termination pursuant to thisSection will be determined accordingto themethod setforth in the followingparagraph.

 

TheBDC will engage atits own expense afirmacceptable to theBDCandtheAdvisor to determine themaximum reasonablefairvalueas of thetermination date oftheBDC’sconsolidatedassets (assumingeach asset is readilymarketable amonginstitutionalinvestors without minoritydiscount andwith an appropriatecontrol premium foranycontrol positions and ascribinganappropriate netpresent valueto unamortizedorganizational and offeringcostsandgoing concernvalue).  Afterreview ofsuch firm’swork papers bythe Advisor and theBDCand resolution of anycommentstherefrom,such firm will render itsreport as to valuation, andthe BDC will payto theAdvisor oritsaffiliatesanyManagement Fees orIncentive Fee,as the case maybe, payable pursuant tothe paragraphs above asifall of theconsolidatedassets of the BDChad been sold at thevaluesindicated in such report andanynet incomeandgaindistributed.  Suchreportwillbe completedwithin 90 daysafter noticeof termination is deliveredhereto.

 

12.Notices.Anynotice under this Agreement shall bein writingtothe other partyat such addressas the other partymaydesignate from timeto time for thereceipt of such notice and shall be deemed to bereceived on theearlierof the dateactuallyreceived oronthe fourthdayafter the postmark if suchnotice is mailed firstclasspostage prepaid.

 

13.Amendment ofthis Agreement.No provision ofthis Agreementmaybe changed,waived,discharged orterminatedorally, but onlybyan instrument inwritingsignedbythe partyagainst whichenforcement ofthe change,waiver,dischargeor termination is sought.Anyamendment of thisAgreement shall besubject to the 1940Act.

 

14.Governing Law.This Agreementshall begovernedbyandconstrued in accordancewith the laws of theStateof New York forcontracts to beperformedentirelytherein without reference tochoiceof lawprinciplesthereof and inaccordance with the applicableprovisions of the1940 Act.

 

15.Useof theNameBlackRock.  TheAdvisor has consented to theuse bythe BDC of thename oridentifying word“BlackRock” in the nameofthe BDC.Suchconsent is conditioned upon the employment of theAdvisor as the investment

 

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advisor to the BDC.  Thename oridentifyingword“BlackRock” maybeused from timeto timein otherconnectionsandfor other purposesbythe Advisor andanyofits affiliates.TheAdvisormayrequire the BDC to cease using“BlackRock” in thename oftheBDC ifthe BDCceases to employ,for anyreason, theAdvisor, anysuccessor thereto or anyaffiliate thereof as investment advisor oftheBDC.

 

16.Miscellaneous.  The captions in this Agreementare included forconvenience of referenceonlyand in no waydefineor delimit anyof theprovisionshereof orotherwise affecttheirconstruction or effect.If anyprovision ofthis Agreementshall be held or madeinvalid byacourtdecision, statute, rule orotherwise,the remainderofthis Agreementshall not be affectedthereby.  This Agreementshall bebindingon, andshall inureto the benefitofthe partieshereto and their respective successors.

 

17.Counterparts. This Agreementmaybe executedincounterpartsbythe partieshereto,eachofwhichshallconstitute an original counterpart, and all of which,together,shallconstitute oneAgreement.

 

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INWITNESSWHEREOF,thepartiesheretohavecausedtheforegoing

instrumenttobeexecutedbytheirdulyauthorizedofficers,allasofthedayandtheyearfirstabovewritten.

 

BLACK.ROCKCAPITALINVESTMENTCORPORATION

 

 

 

 

ichaelZugay

ChiefExecutiveOfficer

 

 

 

 
 

 

 

 

BLACK.ROCKCAPITALINVESTMENT ADVISORS,LLC

 

 

 

|   | By: | _ |
|--------|-----|---|

Name:LaurenceD.Paredes Title:Secretary

 

 

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INWITNESSWHEREOF,thepartiesheretohavecausedtheforegoing instrumenttobeexecutedbytheirdulyauthorizedofficers,allasofthedayandtheyear firstabovewritten.

 

BLACKROCKCAPITALINVESTMENT CORPORATION

 

 

 

By:­

Name: MichaelZugay

Title:ChiefExecutiveOfficer

 

 

 

 

 

 

 

 

 

LaurenceD.Paredes Secretary

 

 

 

 

 

 

 
 

 

 

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AnnexA

 

ExamplesofFeeCalculationUnderSection8oftheAgreement

 

Example1—IncentiveFeeBasedonIncome(1)

Formula

TheformulafortheportionoftheIncentiveFeebasedonincomeforanyquartercanbeexpressedasfollows:

IncentiveFeewithrespecttoPre-IncentiveFeeNetInvestmentIncome—

|   | • | WhenthePre-IncentiveFeeNetInvestmentIncome forsuchquarterexceeds1.75%(2)butdoesnotexceed2.1875%=100%x(Pre-IncentiveFeeNetInvestmentIncome–1.75%) |   |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | • | WhenthePre-IncentiveFeeNetInvestmentIncome forsuchquarterexceeds2.1875%=100%x(2.1875%–1.75%)+20%x(Pre-IncentiveFeeNetInvestmentIncome–2.1875%) |   |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

 

Notwithstandingtheforegoing,iftheAnnualizedRateofReturnforthe mostrecentfourfullcalendarquarterperiodendingonorpriortothedatesuchpaymentistobe made paymentislessthan7.0%oftheBDC’snetassetsattributabletocommonstockat thebeginningofsuchfourquarter period,adjustedforthenetproceedsfromanycommonstockissuancesandthecostofanycommonstockrepurchasesduringtheperiod,thepaymentofsuchIncentiveFeewillbedeferreduntiltheearliestquartersuchfourfullcalendarquarterAnnualizedRateofReturnrequirementissatisfied.“AnnualizedRateofReturn”inthiscontextiscomputedbyreferenceto thesumof(i)theaggregatedistributionstheBDC’scommonstockholdersduringtheperiodand(ii) thechangeintheBDC’snetassetvalueattributabletocommonstockpriortocalculationofanyincomeorcapitalgainIncentiveFees duringtheperiodanddoesnottakeintoaccountchangesinthemarketpriceoftheBDC’scommonstock.

 

Assumptions

|   | • | Managementfee(3)=0.4375% |
|--------|---------|--------------------------|

|   | • | Otherexpenses(legal,accounting,custodian,transferagent,etc.)(4)=0.0625% |
|--------|---------|-------------------------------------------------------------------------|

|   | • | Afteraccountingforthedistributionofincomeduringeachperiod,thereisnochangeintheCompany’snetassets |   |
|--------|---------|--------------------------------------------------------------------------------------------------------|--------|

 

|   | (1) | ThehypotheticalamountofPre-IncentiveFeeNetInvestmentIncomeshownisbasedonapercentageofnetassetsattributabletocommonstock(definedastotalassetslessindebtednessandpreferredstock).Theexampleassumesthatduringthemostrecentfourfullcalendarquarterperiodendingonorpriortothedatethepayment setforthintheexampleistobe made,thesumof(a)theBDC’saggregatedistributionstostockholdersand(b)theBDC’schangeinnetassetsattributabletocommonstock(definedastotalassetslessindebtednessandpreferredstock)beforetakingintoaccountanyIncentiveFeesaccruedduringtheperiod, isatleast7.0%oftheBDC’snetassetsattributabletocommonstock(definedastotalassetslessindebtednessandpreferredstock)atthebeginningofsuchfourquarter period(asadjustedforthenetproceedsfromanycommonstockissuancesandthecostofanycommonstockrepurchasesduringsuchfourfullcalendarperiod).SeeAlternative4foranexampleofafailuretosatisfythisassumptionand Alternative5foranexampleofsubsequentsatisfactionofthisassumption. |   |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | (2) | Representsquarterlypercentageofthevalueofnetassetsattributabletocommonstockatthebeginningofthequarter,adjustedforthenetproceedsfromanycommonstockissuancesandthecostofanycommonstockrepurchasesduringthequarter. |   |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | (3) | Representsquarterlyportionofanannualbasemanagementfeeof1.75%ofthevalueoftotalassets. |
|--------|-----|--------------------------------------------------------------------------------------|

|   | (4) | Expressedasapercentageofthevalueofnetassetsattributabletocommonstockatthebeginningofthequarter,adjustedforthenetproceedsfromanycommonstockissuancesandthecostofanycommonstockrepurchasesduringtheperiod. |   |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

 

Alternative1

AdditionalAssumptions

 

 

----

|   | • | InvestmentIncome(includinginterest,dividends,fees,etc.)=1.25% |
|--------|---------|---------------------------------------------------------------|

|   | • | Pre-IncentiveFeeNetInvestmentIncome |
|--------|---------|-------------------------------------|

=(investmentincome-(managementfee+otherexpenses))

=(1.25%-(0.4375%+0.0625%))

=0.75%

Conclusion

Pre-IncentiveFeeNetInvestmentIncomedoesnotexceedtheHurdlerate,thereforethereisnoIncentiveFeebasedonincome.

 

Alternative2

AdditionalAssumptions

|   | • | InvestmentIncome(includinginterest,dividends,fees,etc.)=2.40% |
|--------|---------|---------------------------------------------------------------|

|   | • | Pre-IncentiveFeeNetInvestmentIncome |
|--------|---------|-------------------------------------|

=(investmentincome–(managementfee+otherexpenses))

=(2.40%-(0.4375%+0.0625%))

=1.90%

DeterminationofIncentiveFee

Pre-IncentiveFeeNetInvestmentIncomeforthequarterexceedstheHurdlerate,thereforethereisanIncentiveFeepayablewithrespecttonetincomeforthequarter.

|   | • | IncentiveFeeBasedonIncome |
|--------|---------|---------------------------|

=100%xthelesserof(2.1875%–1.75%)AND(Pre-IncentiveFeeNetInvestmentIncome–1.75%)+thegreaterof0%and 20%x(Pre-IncentiveFeeNetInvestmentIncome –2.1875%)

=100%x(1.90%–1.75%)+0%

=100%x0.15%

=0.15%

 

Alternative3

AdditionalAssumptions

|   | • | InvestmentIncome(includinginterest,dividends,fees,etc.)=3.50% |
|--------|---------|---------------------------------------------------------------|

|   | • | Pre-IncentiveFeeNetInvestmentIncome |
|--------|---------|-------------------------------------|

=(investmentincome–(managementfee+otherexpenses))

=(3.50%-(0.4375%+0.075%))

=3.00%

DeterminationofIncentiveFee

Pre-IncentiveFeeNetInvestmentIncomeforthequarterexceedstheHurdlerate,thereforethereisanIncentiveFeepayablewithrespecttonetincomeforthequarter.

|   | • | IncomeBasedIncentiveFee |
|--------|---------|-------------------------|

=100%xthelesserof(2.1875%–1.75%)AND(Pre-IncentiveFeeNetInvestmentIncome–1.75%)+thegreaterof0%AND20%x(Pre-IncentiveFeeNetInvestmentIncome–2.1875%)

=100%x(2.1875%–1.75%)+20%x(3.0%-2.1875%)

=0.4375%+(20%×0.1825%)

=0.4375%+0.1625%

 

A-2

 
 

----

=0.60%

 

Alternative4

AdditionalAssumptions

Duringmostrecentlycompletedquarter(Q4):

|   | • | InvestmentIncome=3.50% |
|--------|---------|------------------------|

|   | • | Pre-IncentiveFeeNetInvestmentIncome |
|--------|---------|-------------------------------------|

=(investmentincome–(managementfee+otherexpenses))

=(3.50%-(0.4375%+0.0625%))

=3.00%

Duringfourquarterperiodendingwithmostrecentlycompletedquarter:

|   | • | Q1Pre-IncentiveFeeNetInvestmentIncome=1.00% |
|--------|---------|---------------------------------------------|

|   | • | Q2Pre-IncentiveFeeNetInvestmentIncome=1.00% |
|--------|---------|---------------------------------------------|

|   | • | Q3Pre-IncentiveFeeNetInvestmentIncome=1.50% |
|--------|---------|---------------------------------------------|

|   | • | AllPre-IncentiveFeeNetInvestmentIncomeisdistributedduringtheperiod. |
|--------|---------|---------------------------------------------------------------------|

|   | • | Afteraccountingforthedistributionofthenetinvestmentincomeduringtheperiod,thereisnochangeintheBDC’snetassetsduringtheperiod. |   |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------|--------|

DeterminationofIncentiveFee

Duringmostrecentlycompletedquarter:

Pre-IncentiveFeeNetInvestmentIncomeforthequarterexceedstheHurdlerate,thereforethereisanIncentiveFeebasedonincomepayableforthequarter.

|   | • | IncentiveFeeBasedonIncome |
|--------|---------|---------------------------|

=100%xthelesserof(2.1875%–1.75%)AND(Pre-IncentiveFeeNetInvestmentIncome–1.75%)+thegreaterof0%AND20%x(Pre-IncentiveFeeNetInvestmentIncome–2.1875%)

=100%x(2.1875%–1.75%)+20%x(3.00%–2.1875%)

=0.4375%+0.1625%

=0.60%

Duringfourquarterperiodendingwithmostrecentlycompletedquarter:

|   | • | AnnualizedRateofReturn(5) |
|--------|---------|---------------------------|

=(Q1Pre-IncentiveFeeNetInvestmentIncome+Q2Pre-IncentiveFeeNetInvestmentIncome+Q3Pre-IncentiveFeeNetInvestmentIncome+Q4Pre-IncentiveFeeNetInvestmentIncome)+(BDC’schangeinnetassetsattributabletocommonstock)

=(1.00%+1.00%+1.50%+3.00%)+(0)

=6.50%

 

|   | (5) | AnnualizedRateofReturnismeasuredbeforeanycalculationofIncentiveFeesforincomeorcapitalgains. |   |
|--------|-----|---------------------------------------------------------------------------------------------|--------|

Conclusion

AlthoughanIncentiveFeeispayableforsuchquarter,becausetheAnnualizedRateofReturnoverthefourquarterperiodislessthan7.00%,thepaymentisdeferreduntilthefirstquarterforwhichtheAnnualizedRateofReturnoverthefourquarterperiodincludingsuchsubsequentquarterequalsorexceeds7.00%.

 

A-3

 
 

----

Alternative5

AdditionalAssumptions

Duringmostrecentlycompletedquarter(Q4):

|   | • | InvestmentIncome=4.00% |
|--------|---------|------------------------|

|   | • | Pre-IncentiveFeeNetInvestmentIncome |
|--------|---------|-------------------------------------|

=(investmentincome–(managementfee+otherexpenses)

=(4.00%-(0.4375%+0.0625%))

=3.50%

Duringfourquarterperiodendingwithmostrecentlycompletedquarter:

|   | • | Q1Pre-IncentiveFeeNetInvestmentIncome=1.00% |
|--------|---------|---------------------------------------------|

|   | • | Q2Pre-IncentiveFeeNetInvestmentIncome=1.50% |
|--------|---------|---------------------------------------------|

|   | • | Q3Pre-IncentiveFeeNetInvestmentIncome=3.00% |
|--------|---------|---------------------------------------------|

|   | • | AllPre-IncentiveFeeNetInvestmentIncomeisdistributedduringtheperiod. |
|--------|---------|---------------------------------------------------------------------|

|   | • | Afteraccountingforthedistributionofthe Pre-IncentiveFeeNetInvestmentIncomeduringtheperiod,thereisnochangeintheBDC’snetassetsattributabletocommonstockduringtheperiod. |   |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | • | DeferredincomebasedIncentiveFeeduringtheperiod=0.60% |
|--------|---------|------------------------------------------------------|

DeterminationofIncentiveFee

Duringmostrecentlycompletedquarter:

Pre-IncentiveFeeNetInvestmentIncomeforthequarterexceedstheHurdlerate,thereforethereisanIncentiveFeebasedonincomepayableforthequarter.

|   | • | IncentiveFeeBasedonIncome |
|--------|---------|---------------------------|

=100%xthelesserof(2.1875%–1.75%)AND(Pre-IncentiveFeeNetInvestmentIncome–1.75%)+thegreaterof0%AND20%x(Pre-IncentiveFeeNetInvestmentIncome–2.1875%)

=100%x(2.1875%–1.75%)+20%x(3.50%–2.1875%)

=0.4375%+0.2625%

=0.70%

Duringfourquarterperiodendingwithmostrecentlycompletedquarter:

|   | • | AnnualizedRateofReturn(5) |
|--------|---------|---------------------------|

=(Q1Pre-IncentiveFeeNetInvestmentIncome+Q2Pre-IncentiveFeeNetInvestmentIncome+Q3Pre-IncentiveFeeNetInvestmentIncome+Q4Pre-IncentiveFeeNetInvestmentIncome)+(BDC’schangeinnetassetsattributabletocommonstock)

=(1.00%+1.50%+3.00%+3.50%)+(0)

=9.00%

 

|   | (5) | AnnualizedrateofreturnismeasuredbeforeanycalculationofIncentiveFeesforincomeorcapitalgains. |   |
|--------|-----|---------------------------------------------------------------------------------------------|--------|

Conclusion

BoththecurrentquarterincomebasedIncentiveFeeof0.70%andtheearlierdeferredincome basedIncentiveFeeof0.60%arepaid.

 

A-4

 
 

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Example1—IncentiveFeeBasedonCapitalGains

 

Formula

TheformulaforthecapitalgainsportionoftheIncentive FeeforeachJuly1throughJune 30“AnnualPeriod”canbeexpressedasfollows:

IncentiveFeewithrespecttocapitalgains=20%x(netrealizedcapitalgainstotheextentinexcessofgrossunrealizedcapitaldepreciation)

 

Alternative1

Assumptions

|   | • | Year1:$20.0millioninvestmentmadeinCompanyA(“InvestmentA”),and$30.0millioninvestmentmadeinCompanyB(“InvestmentB”) |   |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | • | Year2:InvestmentAissoldfor$50.0millionandfair valueofInvestmentBdeterminedtobe |
|--------|---------|--------------------------------------------------------------------------------|

$32.0million

|   | • | Year3:fairvalueofInvestmentBdeterminedtobe$25.0million |
|--------|---------|--------------------------------------------------------|

|   | • | Year4:InvestmentBsoldfor$31.0million |
|--------|---------|--------------------------------------|

DeterminationofIncentiveFee

 

ThecapitalgainsportionoftheIncentiveFee,ifany,would be:

|   | • | Year1:None(Nosalestransactions) |
|--------|---------|---------------------------------|

|   | • | Year2:$6.0million(20%multipliedby$30.0millionrealizedcapitalgainsonsaleofInvestmentA) |   |
|--------|---------|---------------------------------------------------------------------------------------|--------|

|   | • | Year3:None |
|--------|---------|------------|

|   | • | Year4:$1.2million(20%multipliedby$6.0 millionrealizedcapitalgainsonsaleofInvestmentB) |   |
|--------|---------|---------------------------------------------------------------------------------------|--------|

Alternative2

Assumptions

|   | • | Year1:$20.0millioninvestmentmadeinCompanyA(“InvestmentA”),$30.0millioninvestmentmadeinCompanyB(“InvestmentB”)and$25.0millioninvestmentmadeinCompanyC(“InvestmentC”) |   |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | • | Year2:InvestmentAsoldfor$50.0million, fairvalueofInvestmentBdeterminedtobe$25.0millionandfairvalueofInvestmentCdeterminedtobe$25.0million |   |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | • | Year3:fairvalueofInvestmentBdeterminedtobe$27.0millionandInvestmentCsoldfor |
|--------|---------|-----------------------------------------------------------------------------|

$30.0million

|   | • | Year4:fairvalueofInvestmentBdeterminedtobe$35.0million |
|--------|---------|--------------------------------------------------------|

|   | • | Year5:InvestmentBsoldfor$20.0million |
|--------|---------|--------------------------------------|

 

DeterminationofIncentiveFee

ThecapitalgainsportionoftheIncentiveFee,ifany,would be:

|   | • | Year1:None(Nosalestransactions) |
|--------|---------|---------------------------------|

|   | • | Year2:$5.0million(20%multipliedby$25.0million($30.0millionrealizedcapitalgainsonInvestmentAless$5.0millionunrealizedcapitaldepreciationonInvestmentB)) |   |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   | • | Year3:$1.0million(20%multipliedby$5.0 millionrealizedcapitalgainsonInvestmentC) |
|--------|---------|---------------------------------------------------------------------------------|

|   | • | Year4:None(Nosalestransactions) |
|--------|---------|---------------------------------|

|   | • | Year5:None |
|--------|---------|------------|