Exhibit 10.1


 





 


Form of


 


Subscription
Agent Agreement


 


Between


 


Aberdeen Income Credit
Strategies Fund


 


And


 


Computershare Trust Company,
N.A.


 


And


 


Computershare Inc.


 



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This SUBSCRIPTION
AGENT AGREEMENT (this “Agreement”), dated as of May 17, 2021 (the “Effective Date”), is by
and between Aberdeen Income Credit Strategies Fund, a Delaware statutory trust ("Company"), and Computershare Trust
Company, N.A., a federally chartered trust company (“Trust Company”), and Computershare Inc., a Delaware corporation
(“Computershare”, and together with Trust Company, “Agent”).


 


1.       Appointment.


 


1.1       Company
is making an offer (the “Subscription Offer”) to issue to holders of record of its outstanding shares of common shares,
par value $0.001 per share (the “Common Stock”), at the close of business on May 20, 2021 (the “Record Date”),
the right to subscribe for and purchase (each, a “Right”, and collectively, the “Rights”) shares
of common shares (the “Additional Common Stock”) at a purchase price based on a formula equal to 92% of the average
of the last reported sales price of Common Stock on the NYSE on the date on which the Subscription Offer expires, as such date may be
extended from time to time, and each of the four (4) preceding trading days (the “Subscription Price”), payable as
described on the Subscription Form (as defined below) sent to eligible shareholders, upon the terms and conditions set forth herein.
The term “Subscribed” shall mean submitted for purchase from Company by a stockholder in accordance with the terms
of the Subscription Offer, and the term “Subscription(s)” shall mean any such submission. Company hereby appoints
Agent to act as subscription agent in connection with the Subscription Offer and Agent hereby accepts such appointment in accordance
with and subject to the terms and conditions of this Agreement.


 


1.2       The
Subscription Offer will expire at 5:00 p.m., Eastern Time, on June 16, 2021 (the “Expiration Time”), unless Company
shall have extended the period of time for which the Subscription Offer is open, in which event the term “Expiration Time”
shall mean the latest time and date at which the Subscription Offer, as so extended by Company from time to time, shall expire.


 


1.3       Company
has a shelf registration statement and supplement relating to the Additional Common Stock with the Securities and Exchange Commission
under the Securities Act of 1933, as amended (the “1933 Act”), and such registration statement was declared effective
on May 27, 2021, as supplemented on May 20, 2021. The terms of the Additional Common Stock are more fully described in the prospectus
forming a part of the registration statement as it was declared effective. All terms used and not defined herein shall have the same
meaning(s) as in the prospectus.


 


1.4       Promptly
after the Record Date, Company will furnish Agent with, or will instruct Agent, in its capacity as transfer agent for Company, to prepare,
a certified list in a format acceptable to Agent of holders of record of the Common Stock at the Record Date, including each such holder’s
name, address, taxpayer identification number (“TIN”), share amount with applicable tax lot detail, any certificate
detail and information regarding any applicable account stops or blocks (the “Record Stockholders List”).


 


1.5       No
later than the earlier of (i) forty-five (45) days after the Record Date or (ii) January 15 of the year following the year in which the
Record Date occurs, Company shall deliver to Agent written direction on the adjustment of cost basis for covered securities that arise
from or are affected by the Subscription Offer in accordance with current Internal Revenue Service regulations (see the Tax Instruction/Cost
Basis Information Letter attached hereto as Exhibit B for additional information)


 






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2.       Subscription of
Rights.


 


2.1       The
Rights entitle the holders to subscribe, upon payment of the Subscription Price, for shares of the Additional Common Stock at the
rate of one (1) Additional Common Stock for three (3)Right (the “Basic Subscription Privilege”). No fractional
Rights will be issued, but the Subscription Offer includes a step-up privilege entitling the holder of fewer than three (3) Rights
to subscribe for and pay the Subscription Price for one full share of the Common Stock.


 


2.2       If
subscribing shareholders who exercise their Rights in full are entitled to exercise an oversubscription right, then Company shall provide
Agent with instructions regarding the allocation to such shareholders of the Additional Common Stock after the initial allocation thereof.


 


2.3       Except
as otherwise indicated to Agent by Company in writing, all of the Common Stock delivered hereunder upon the exercise of the Rights will
be delivered free of restrictive legends. Company shall, if applicable, inform Agent as soon as possible in advance as to whether any
Additional Common Stock issued hereunder is to be issued with restrictive legend(s) and, if so, Company shall provide the appropriate
legend(s) and a list identifying the affected shareholders, certificate numbers (if applicable) and share amounts for such affected shareholders.


 


3.       Duties
of Subscription Agent.


 


3.1       Agent
shall issue the Rights in accordance with this Agreement in the names of the holders of the Common Stock of record on the Record Date,
keep such records as are necessary for the purpose of recording such issuance(s), and furnish a copy of such records to Company.


 


3.2       Promptly
after Agent receives the Record Stockholders List, Agent shall:


 


		(a)	mail or cause to be
                                            mailed, by first class mail, to each holder of the Common Stock of record on the Record Date
                                            whose address of record is within the United States of America and Canada, (i) a subscription
                                            form with respect to the Rights to which such stockholder is entitled under the Subscription
                                            Offer (the “Subscription Form”), a form of which is attached hereto as
                                            Exhibit A, (ii) a copy of the prospectus and (iii) a return envelope addressed to Agent.



 


		(b)	At the direction of
                                            Company, mail or cause to be mailed, to each holder of the Common Stock of record on the
                                            Record Date whose address of record is outside the United States of America and Canada, or
                                            is an A.P.O. or a F.P.O. address, a copy of the prospectus. Agent shall refrain from mailing
                                            the Subscription Form to any holder of the Common Stock of record on the Record Date whose
                                            address of record is outside the United States of America and Canada, or is an A.P.O. or
                                            a F.P.O. address, and hold such Subscription Form for the account of such stockholder subject
                                            to such stockholder making satisfactory arrangements with Agent for the exercise or other
                                            disposition of the Rights described therein, and effect the exercise, sale or delivery of
                                            such Rights in accordance with the terms of this Agreement if notice of such arrangements
                                            is received at or before 11:00 a.m., Eastern Time, on June [9], 2021 five (5) business days
                                            prior to the Expiration Time. In the event that a request to exercise the Rights is received
                                            from such a holder, Agent will consult with Company for instructions as to the number of
                                            shares of the Additional Common Stock, if any, Agent is authorized to issue.



 


		(c)	Upon request by Company,
                                            Agent shall mail or deliver a copy of the prospectus (i) to each assignee or transferee of
                                            the Rights upon receiving appropriate documentation satisfactory to Agent to register the
                                            assignment or transfer thereof and (ii) with shares of the Additional Common Stock when such
                                            are issued to persons other than the registered holder of the Rights.



 


		(d)	Agent shall accept
                                            Subscriptions upon the due exercise of the Rights (including payment of the Subscription
                                            Price) on or prior to the Expiration Time in accordance with the Subscription Form.



 






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		(e)	Agent shall accept
                                            Subscriptions, without further authorization or direction from Company, without procuring
                                            supporting legal papers or other proof of authority to sign (including, without limitation,
                                            proof of appointment of a fiduciary or other person acting in a representative capacity),
                                            and without signatures of co-fiduciaries, co-representatives or any other person:



 


		(i)	If the Right is registered
                                            in the name of a fiduciary and the Subscription Form is executed by such fiduciary, provided,
                                            that the Additional Common Stock is to be issued in the name of such fiduciary;



 


		(ii)	If the Right is registered
                                            in the name of joint tenants and the Subscription Form is executed by one of the joint tenants,
                                            provided, that the Additional Common Stock is to be issued in the names of such joint tenants;
                                            or



 


		(iii)	If the Right is
                                            registered in the name of a corporation and the Subscription Form is executed by a person
                                            in a manner which appears or purports to be done in the capacity of an officer or agent thereof,
                                            provided, that the Additional Common Stock is to be issued in the name of such corporation.



 


		(f)	Each document received by Agent relating
                                            to its duties hereunder shall be dated and time stamped when received at the applicable address(es)
                                            as outlined in the offering documents.



 


		(g)	Agent shall, absent specific and mutually
                                            agreed upon instructions between Agent and Company, follow its normal and customary procedures
                                            with respect to the acceptance or rejection of all Subscriptions received after the Expiration
                                            Time. Subscriptions not authorized to be accepted pursuant to this Section 3 and Subscriptions
                                            otherwise failing to comply with the terms and conditions of the Subscription Form will be
                                            rejected and returned to the applicable shareholder.



 


		(h)	Company shall provide an opinion of counsel
                                            prior to the Expiration Time to set up a reserve of the Additional Common Stock. The opinion
                                            shall state that all of the Additional Common Stock, or the transactions in which they are
                                            being issued, as applicable, are:



 


		(i)	Registered, or subject to a valid exemption
                                            from registration, under the 1933 Act, and all appropriate state securities law filings have
                                            been made with respect to the Additional Common Stock, or alternatively, that the shares
                                            of the Additional Common Stock are “covered securities” under Section 18 of the
                                            1933 Act; and



 


		(ii)	Validly issued, fully paid and non-assessable.



 


4.       Acceptance of Subscriptions.



 


4.1       Following
Agent’s first receipt of Subscriptions, on each business day, or more frequently if reasonably requested as to major tally figures,
forward a report by email to [Colleen Murray] (the “Company Representative”) as to the following information, based
upon a preliminary review (and at all times subject to a final determination by Company) as of the close of business on the preceding
business day or the most recent practicable time prior to such request, as the case may be: (i) the total number of shares of the Additional
Common Stock Subscribed for; (ii) the total number of the Rights sold; (iii) the total number of the Rights partially Subscribed for;
(iv) the amount of funds received; and (v) the cumulative totals in categories (i) through (iv), above.


 


4.2       As
promptly as possible following the Expiration Time, advise the Company Representative by email of (i) the number of shares of the Additional
Common Stock Subscribed for and (ii) the number of shares of the Additional Common Stock unsubscribed for.


 






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5.       DEPOSIT
OF FUNDS.


 


5.1       Upon
acceptance of a Subscription, all funds received by Computershare pursuant to this Agreement that are to be distributed or applied by
Computershare the performance of the services hereunder (the “Funds”) shall be held by Computershare as agent for
the Company and be deposited in one or more bank accounts to be maintained by Computershare in its name as agent for Company. Computershare
may hold or invest the Funds through such accounts in: (i) bank accounts, short term certificates of deposit, bank repurchase agreements,
and disbursement accounts with commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade
by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each
as reported by Bloomberg Finance L.P.), (ii) cash management sweeps to AAA fixed NAV money market funds that comply with Rule 2a-7 of
the Investment Company Act of 1940, (iii) funds backed by obligations of, or guaranteed by, the United States of America, municipal securities,
or (iv) debt or commercial paper obligations rated A-1 or P-1 or better by S&P Global Inc. (“S&P”) or Moody's
Investors Service, Inc. (“Moody’s”), respectively.


 


5.2       Computershare
shall have no responsibility or liability for any diminution of the Funds that may result from any deposit or investment made by Computershare
in accordance with this Section 3, including any losses resulting from a default by any bank, financial institution or other third party. 
Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits ro investments. 
Computershare shall not be obligated to pay such interest, dividends or earnings to Company, any holder or any other party.


 


5.3       Computershare
is acting as Agent hereunder and is not a debtor of Company in respect of the Funds.


 


6.       Completion of Subscription
Offer.


 


6.1       Upon
completion of the Subscription Offer, Agent shall request the transfer agent for the Common Stock to issue the appropriate number of
shares of the Additional Common Stock as required in order to effectuate the Subscriptions.


 


6.2       The
Rights shall be issued in registered, book-entry form only. Agent shall keep books and records of the registration, transfer and exchange
of the Rights (the “Rights Register”).


 


6.3       All
of the Rights issued upon any registration of transfer or exchange of the Rights shall be the valid obligations of Company, evidencing
the same obligations and entitled to the same benefits under this Agreement as the Rights surrendered for such registration of transfer
or exchange; provided, that until such transfer or exchange is registered in the Rights Register, Company and Agent may treat the registered
holder thereof as the owner for all purposes.


 


6.4       For
so long as this Agreement shall be in effect, Company will reserve for issuance and keep available free from preemptive rights a sufficient
number of shares of the Additional Common Stock to permit the exercise in full of all of the Rights issued pursuant to the Subscription
Offer.


 


6.5       Company
shall take any and all action, including, without limitation, obtaining the authorization, consent, lack of objection, registration or
approval of any governmental authority, or the taking of any other action under the laws of the United States of America or any political
subdivision thereof, to insure that all of the shares of the Additional Common Stock issuable upon the exercise of the Rights (subject
to payment of the Subscription Price) will be duly and validly issued and fully paid and non-assessable shares of the Common Stock, free
from all preemptive rights and taxes, liens, charges and security interests created by or imposed upon Company with respect thereto.


 


6.6       Company
shall, from time to time, take all action necessary or appropriate to obtain and keep effective all registrations, permits, consents
and approvals of the Securities and Exchange Commission and any other governmental agency or authority and make such filings under federal
and state laws, which may be necessary or appropriate in connection with the issuance, sale, transfer and delivery of the Rights or the
Additional Common Stock issued upon the exercise of the Rights.


 






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7.       Procedure
for Discrepancies. Agent shall follow its regular procedures to attempt to reconcile any discrepancies between the number of
shares of Additional Common Stock that any Subscription Form may indicate are to be issued to a stockholder upon the exercise of the
Rights and the number that the Record Stockholders List indicates may be issued to such stockholder. In any instance where Agent cannot
reconcile such discrepancies by following such procedures, Agent will consult with Company for instructions as to the number of shares
of Additional Common Stock, if any, Agent is authorized to issue. In the absence of such instructions, Agent is authorized not to issue
any shares of Additional Common Stock to such stockholder and will return to the subscribing stockholder (at Agent’s option by
either first class mail under a blanket surety bond or insurance protecting Agent and Company from losses or liabilities arising out
of the non-receipt or non-delivery of the Subscription Form or by registered mail insured separately for the value of the applicable
Rights) to such stockholder’s address as set forth in the Subscription Form, any Subscription Form delivered to Agent, any other
documents delivered therewith and a letter explaining the reason for the return of such documents.


 


8.       Procedure
for Deficient Items.


 


8.1       Agent
shall examine the Subscription Form(s) received by it as agent to ascertain whether they appear to have been completed and executed in
accordance with the Subscription Offer. In the event that Agent determines that any Subscription Form does not appear to have been properly
completed or executed, or to be in proper form, or any other deficiency in connection with the Subscription Form appears to exist, Agent
shall follow, where possible, its regular procedures to attempt to cause such irregularity to be corrected. Agent is not authorized to
waive any deficiency in connection with the Subscription, unless Company provides written authorization to waive such deficiency.


 


8.2       If
a Subscription Form specifies that shares of the Additional Common Stock are to be issued to a person other than the person in whose
name a surrendered Right is registered, Agent will not issue such shares until such Subscription Form has been properly endorsed with
the signature guaranteed in a manner acceptable to Agent (or otherwise put in proper form for transfer).


 


8.3       If
any such deficiency is neither corrected nor waived, Agent will return to the subscribing stockholder (at Agent’s option by either
first class mail under a blanket surety bond or insurance protecting Agent and Company from losses or liabilities arising out of the
non-receipt or non-delivery of the Subscription Form or by registered mail insured separately for the value of the applicable Rights)
to such stockholder’s address as set forth in the Subscription Form, any Subscription Form delivered to Agent, any other documents
delivered therewith and a letter explaining the reason for the return of such documents.


 


9.       
Tax Reporting.


 


9.1       Agent
shall prepare and file with the appropriate governmental agency and mail to each stockholder, as applicable, all appropriate tax information
forms, including, but not limited to, Forms 1099-B, covering payments or any other distributions made by Agent pursuant to this Agreement
during each calendar year, or any portion thereof, during which Agent performs services hereunder, as described in the attached Exhibit
B. Any cost basis or tax adjustments required after the Effective Time will incur additional fees.


 


9.2       With
respect to any surrendering stockholder whose TIN has not been certified as correct, Agent shall deduct and withhold the appropriate
backup withholding tax from any payment made to such stockholder pursuant to the Internal Revenue Code.


 


9.3       Should
any issue arise regarding federal income tax reporting or withholding, Agent shall take such reasonable action as Company may reasonably
request in writing. Such action may be subject to additional fees.


 






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10.       Authorizations
and Protections.


 


As agent for Company hereunder, Agent:


 


10.1       Shall
have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to in writing by Agent
and Company;


 


10.2       Shall
have no obligation to deliver the Additional Common Stock unless Company shall have provided a sufficient number of shares of the Additional
Common Stock to satisfy the exercise of the Rights by holders as set forth hereunder;


 


10.3       Shall
be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value, or genuineness of any
certificates, if applicable, or the Rights represented thereby surrendered hereunder or the Additional Common Stock issued in exchange
therefor, and will not be required to or be responsible for and will make no representations as to, the validity, sufficiency, value
or genuineness of the Subscription Offer;


 


10.4       Shall
not be obligated to take any legal action hereunder; if, however, Agent determines to take any legal action hereunder, and where the
taking of such action might, in Agent’s judgment, subject or expose it to any expense or liability, Agent shall not be required
to act unless it shall have been furnished with an indemnity satisfactory to it;


 


10.5       May
rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument, opinion, notice, letter,
telegram, telex, facsimile transmission or other document or security delivered to Agent and believed by Agent to be genuine and to have
been signed by the proper party or parties;


 


10.6       Shall
not be liable or responsible for any recital or statement contained in the Subscription Offer or any other documents relating thereto;


 


10.7        Shall
not be liable or responsible for any failure of the Company or any other party to comply with any of its covenants and obligations relating
to the Subscription Offer, including without limitation obligations under applicable securities laws;


 


10.8       Shall
not be liable to any holder of the Rights for any Additional Common Stock or dividends thereon or, if applicable, and any related unclaimed
property that has been delivered to a public official pursuant to applicable abandoned property law;


 


10.9       May,
from time to time, rely on instructions provided by Company concerning the services provided hereunder. Further, Agent may apply to any
officer or other authorized person of Company for instruction, and may consult with legal counsel for Agent or Company with respect to
any matter arising in connection with the services provided hereunder. Agent and its agents and subcontractors shall not be liable and
shall be indemnified by Company under Section 11.2 of this Agreement for any action taken or omitted by Agent in reliance upon any Company
instructions or upon the advice or opinion of such counsel. Agent shall not be held to have notice of any change of authority of any
person, until receipt of written notice thereof from Company;


 






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10.10       May
rely on and be fully authorized and protected in acting or failing to act upon (a) 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; or (b) any law, act, regulation or any interpretation
of the same even though such law, act, or regulation may thereafter have been altered, changed, amended or repealed;


 


10.11       Either
in connection with, or independent of the instruction term in Section 10.9, above, Agent may consult counsel satisfactory to Agent (including
internal counsel), and the advice of such counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by Agent hereunder in good faith and in reliance upon the advice of such counsel;


 


10.12       May
perform any of its duties hereunder either directly or by or through agents or attorneys and Agent shall not be liable or responsible
for any misconduct or negligence on the part of any agent or attorney appointed with reasonable care hereunder; and


 


10.13       Is not authorized,
and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person.


 


11.       Representations,
Warranties and Covenants.


 


11.1       Agent.
Agent represents and warrants to Company that:


 


		(a)	Governance. Trust Company is a
                                            federally chartered trust company duly organized, validly existing, and in good standing
                                            under the laws of the United States and Computershare is a corporation duly organized, validly
                                            existing, and in good standing under the laws of the State of Delaware and each has full
                                            power, authority and legal right to execute, deliver and perform this Agreement; and



 


		(b)	Compliance with Laws. The execution,
                                            delivery and performance of this Agreement by Agent has been duly authorized by all necessary
                                            action, constitutes the legal, valid and binding obligation of Agent enforceable against
                                            Agent in accordance with its terms, will not require the consent of any third party that
                                            has not been given, and will not violate, conflict with or result in the breach of any material
                                            term, condition or provision of (A) any existing law, ordinance, or governmental rule or
                                            regulation to which Agent is subject, (B) any judgment, order, writ, injunction, decree or
                                            award of any court, arbitrator or governmental or regulatory official, body or authority
                                            applicable to Agent, (C) Agent’s incorporation documents or by-laws, or (D) any material
                                            agreement to which Agent is a party.



 


11.2       
Company. Company represents and warrants to Agent that:


 


		(a)	Governance. It is a statutory
                                            trust duly organized, validly existing and in good standing under the laws of the State of
                                            Delaware, and it has full power, authority and legal right to enter into and perform this
                                            Agreement;



 


		(b)	Compliance with Laws. The execution,
                                            delivery and performance of this Agreement by Company has been duly authorized by all necessary
                                            action, constitutes the legal, valid and binding obligation of Company enforceable against
                                            Company in accordance with its terms, will not require the consent of any third party that
                                            has not been given, and will not violate, conflict with or result in the breach of any material
                                            term, condition or provision of (A) any existing law, ordinance, or governmental rule or
                                            regulation to which Company is subject, (B) any judgment, order, writ, injunction, decree
                                            or award of any court, arbitrator or governmental or regulatory official, body or authority
                                            applicable to Company, (C) Company’s agerement and declaration of trust or by-laws,
                                            as may be amended from time to time, (D) any material agreement to which Company is a party,
                                            or (E) any applicable stock exchange rules;



 


		(c)	Securities Laws. A registration
                                            statement and supplements under the 1933 Act and the Securities Exchange Act of 1934 (the
                                            “1934 Act”) has been filed and is currently effective, or will be effective
                                            prior to the sale of any Additional Common Stock, and will remain so effective, and all appropriate
                                            state securities law filings have been made with respect to all of the Additional Common
                                            Stock being offered for sale, except for any shares of Additional Common Stock which are
                                            offered in a transaction or series of transactions which are exempt from the registration
                                            requirements of the 1933 Act, 1934 Act and state securities laws; Company will immediately
                                            notify Agent of any information to the contrary; and



 


		(d)	Shares. The Additional Common
                                            Stock issued and outstanding on the date hereof have been duly authorized, validly issued
                                            and are fully paid and are non-assessable; and any Additional Common Stock to be issued hereafter,
                                            when issued, shall have been duly authorized, validly issued and fully paid and will be non-assessable.



 






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12.       Indemnification
and Limitation of Liability.


 


12.1       
Liability. Agent shall only be liable for any loss or damage determined by a court of competent jurisdiction to be a result of
Agent’s gross negligence or willful misconduct; provided that any liability of Agent will be limited in the aggregate to the amounts
paid hereunder by Company to Agent as fees and charges, but not including reimbursable expenses.


 


12.2       Indemnity.
Company shall indemnify and hold Agent harmless from and against, and Agent shall not be responsible for, any and all losses, claims,
damages, costs, charges, penalties and related interest, counsel fees and expenses, payments, expenses and liability (collectively, “Losses”)
arising out of or attributable to Agent’s duties under this Agreement or this appointment, including the reasonable costs and expenses
of defending itself against any Loss or enforcing this Agreement, except for any liability of Agent as set forth in Section 11.1, above.


 


12       Damages.
Notwithstanding anything in this Agreement to the contrary, neither party shall be liable to the other for any incidental, indirect,
special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by
a breach of any provision of this Agreement even if apprised of the possibility of such damages.


 


14.       Confidentiality.


 


14.1       Definition. 
 “Confidential Information” shall mean any and all technical or business information relating to a party, including,
without limitation, financial, marketing and product development information, shareholder data (including any non-public information
of such Stockholder), proprietary information, and the terms and conditions (but not the existence) of this Agreement, that is disclosed
or otherwise becomes known to the other party or its affiliates, agents or representatives before or during the term of this Agreement. 
Confidential Information constitutes trade secrets and is of great value to the owner (or its affiliates).  Confidential Information
shall not include any information that is: (a) already known to the other party or its affiliates at the time of the disclosure; (b)
publicly known at the time of the disclosure or becomes publicly known through no wrongful act or failure of the other party; (c) subsequently
disclosed to the other party or its affiliates on a non-confidential basis by a third party not having a confidential relationship with
the owner and which rightfully acquired such information; or (d) independently developed by one party without access to Confidential
Information of the other.


 


14.2       
Use and Disclosure. All Confidential Information of a party will be held in confidence by the other party with at least the same
degree of care as such party protects its own confidential or proprietary information of like kind and import, but not less than a reasonable
degree of care. Neither party will disclose in any manner Confidential Information of the other party in any form to any person or entity
without the other party's prior consent. However, each party may disclose relevant aspects of the other party's Confidential Information
to its officers, affiliates, agents, subcontractors and employees to the extent reasonably necessary to perform its duties and obligations
under this Agreement and such disclosure is not prohibited by applicable law. Without limiting the foregoing, each party will implement
physical and other security measures and controls designed to protect (a) the security and confidentiality of Confidential Information;
(b) against any threats or hazards to the security and integrity of Confidential Information; and (c) against any unauthorized
access to or use of Confidential Information. To the extent that a party delegates any duties and responsibilities under this Agreement
to an agent or other subcontractor, the party ensures that such agent and subcontractor are contractually bound to confidentiality terms
consistent with the terms of this Section 13.


 


14.3       
Required or Permitted Disclosure. In the event that any requests or demands are made for the disclosure of Confidential Information,
other than requests to Agent for Shareholder records pursuant to standard subpoenas from state or federal government authorities (e.g.,
divorce and criminal actions), the party receiving such request will promptly notify the other party to secure instructions from an authorized
officer of such party as to such request and to enable the other party the opportunity to obtain a protective order or other confidential
treatment, unless such notification is otherwise prohibited by law or court order. Each party expressly reserves the right, however,
to disclose Confidential Information to any person whenever it is advised by counsel that it may be held liable for the failure to disclose
such Confidential Information or if required by law or court order.


 


14.4       
Unauthorized Disclosure. As may be required by law and without limiting any party's rights in respect of a breach of this Section
13, each party will promptly:


 


		(a)	Notify
                                            the other party in writing of any unauthorized possession, use or disclosure of the other
                                            party's Confidential Information by any person or entity that may become known to such party;
	 	 	 
		(b)	Furnish
                                            to the other party full details of the unauthorized possession, use or disclosure; and
	 	 	 
		(c)	Use
                                            commercially reasonable efforts to prevent a recurrence of any such unauthorized possession,
                                            use or disclosure of Confidential Information.



 


14.5        Costs. Each
party will bear the costs it incurs as a result of compliance with this Section 13.


 



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15.       Compensation
and Expenses.


 


15.1       Company
shall pay to Agent compensation in accordance with the fee schedule attached as Exhibit C hereto, together with reimbursement for reasonable
fees and disbursements of counsel, regardless of whether any Rights are surrendered to Agent, for Agent’s services hereunder.


 


15.2       Company
shall be charged for certain expenses advanced or incurred by Agent in connection with Agent’s performance of its duties hereunder.
Such charges include, but are not limited to, stationery and supplies, such as checks, envelopes and paper stock, as well as any disbursements
for telephone and document creation and delivery. While Agent endeavors to maintain such charges (both internal and external) at competitive
rates, these charges may not reflect actual out-of-pocket costs, and may include handling charges to cover internal processing and use
of Agent’s billing systems.


 


15.3       If
any out-of-proof condition caused by Company or any of its prior agents arises during any terms of this agreement, Company will, promptly
upon Agent’s request, provide Agent with funds or shares sufficient to resolve the out-of-proof condition.


 


15.4       All
amounts owed to Agent hereunder are due within thirty (30) days of the invoice date. Delinquent payments are subject to a late payment
charge of one and one half percent (1.5%) per month commencing forty-five (45) days from the invoice date. Company agrees to reimburse
Agent for any attorney’s fees and any other costs associated with collecting delinquent payments.


 


15.5       Company
is responsible for all taxes, levies, duties, and assessments levied on services purchased under this Agreement (collectively, “Transaction
Taxes”).  Computershare is responsible for collecting and remitting Transaction Taxes in all jurisdictions in which Computershare
is registered to collect such Transaction Taxes.  Computershare shall invoice Company for such Transaction Taxes that Computershare
is obligated to collect upon the furnishing of services provided hereunder.  Company shall pay such Transaction Taxes according
to the terms in Section 15.1, above.  Computershare shall timely remit to the appropriate governmental authorities all such Transaction
Taxes that Computershare collects from Company.  To the extent that Company provides Computershare with valid exemption certificates,
direct pay permits, or other documentation that exempts Computershare from collecting Transaction Taxes from Company, invoices issued
for services hereunder provided after Computershare’s receipt of such certificates, permits, or other documentation will not reflect
exempted Transaction Taxes.  Computershare is solely responsible for the payment of all personal property taxes, franchise taxes,
corporate excise or privilege taxes, property or license taxes, taxes relating to Computershare’s personnel, and taxes based on
Computershare’s net income or gross revenues relating to services provided hereunder.


 


16.       Termination.
Either party may terminate this Agreement upon thirty (30) days’ prior written notice to the other party. Unless so terminated,
this Agreement shall continue in effect until ninety (90) days following the Expiration Time. In the event of such early termination,
Company will appoint a successor agent and inform Agent of the name and address of any successor agent so appointed, provided, that no
failure by Company to appoint such a successor agent shall affect the termination of this Agreement or the discharge of Agent as agent
hereunder. Upon any such termination, Agent shall be relieved and discharged of any further responsibilities with respect to its duties
hereunder. Upon payment of all outstanding fees and expenses hereunder, Agent shall promptly forward to Company or its designee any Subscription
Forms or other documents relating to the Subscription Offer that Agent may receive after its appointment has so terminated.


 


17.       Assignment.
Neither this Agreement nor any rights or obligations hereunder may be assigned by Company or Agent without the written consent of
the other; provided, however, that Agent may, without further consent of Company, assign any of its rights and obligations hereunder
to any affiliated agent registered under Rule 17Ac2-1 promulgated under the 1934 Act.


 


18.       Subcontractors
and Unaffiliated Third Parties.


 


18.1       Subcontractors.
Agent may, without further consent of Company, subcontract with (a) any affiliates, or (b) unaffiliated subcontractors for such services
as may be required from time to time (e.g., lost shareholder searches, escheatment, telephone and mailing services); provided, however,
that Agent shall be as fully responsible to Company for the acts and omissions of any subcontractor as it is for its own acts and omissions.


 






    Page 10


     


    

 



 


18.2       Unaffiliated
Third Parties. Nothing herein shall impose any duty upon Agent in connection with or make Agent liable for the actions or omissions
to act of unaffiliated third parties (other than subcontractors referenced in Section 18.1, above) such as, by way of example and not
limitation, airborne services, delivery services, the U.S. mails, and telecommunication companies, provided, if Agent selected such company,
Agent exercised due care in selecting the same.


 


19.        Miscellaneous.


 


19.1       Notices. All
notices, demands and other communications given pursuant to the terms and provisions hereof shall be in writing, shall be deemed effective
on the date of receipt, and may be sent by overnight delivery services, or by certified or registered mail, return receipt requested
to:


 


	If to Company:	with an additional copy to:
	 	 
	Aberdeen Income Credit Strategies Fund

    c/o Aberdeen Standard Investments Inc.

    1900 Market Street, Suite 200

    Philadelphia, PA 19103

    Attn: Product Governance
	[additional notice Name E-mail and
    Address]


 


Invoice for fees and services (if different than above):


Aberdeen Income Credit Strategies Fund


[Address]


[E-mail address]


Attn:


 


	If to Agent:	with an additional copy to:
	 	 
	Computershare Inc.

    480 Washington Blvd., 29th Floor

    Jersey City, NJ 07310

    Attn: Corp Actions Relationship Manager
	Computershare Inc.

    150 Royall Street

    Canton, MA 02021

    Attn: Legal Department



 


Or


 


Computershare Inc.


150 Royall Street


Canton, MA 02021


Attn: Corp Actions Relationship
Manager


 


19.2       No
Expenditure of Funds. No provision of this Agreement shall require 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 of its rights if it shall believe in good faith that repayment
of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.


 


19.3       Publicity.
Neither party hereto shall issue a news release, public announcement, advertisement, or other form of publicity concerning the existence
of this Agreement or the services to be provided hereunder without obtaining the prior written approval of the other party, which may
be withheld in the other party’s sole discretion; provided, that Agent may use Company’s name in its customer lists or otherwise
as required by law or regulation.


 






    Page 11


     


    

 





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


 


19.5       Amendments.
This Agreement may be amended or modified by a written amendment executed by the parties hereto and, to the extent required, authorized
by a resolution of the Board of Directors of Company.


 


19.6       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 and shall be interpreted to give effect to the intent
of the parties manifested thereby.


 


19.7       Governing
Law; Jurisdiction. This Agreement shall be governed by the laws of the State of New York, without regard to principles of conflicts
of law. The parties hereto irrevocably (a) submit to the non-exclusive jurisdiction of any New York State court sitting in New York City
or the United States District Court for the Southern District of New York in any action or proceeding arising out of or relating to this
Agreement, (b) waive, to the fullest extent they may effectively do so, any defense based on inconvenient forum, improper venue or lack
of jurisdiction to the maintenance of any such action or proceeding, and (c) waive all right to trial by jury in any action, proceeding
or counterclaim arising out of this Agreement or the transactions contemplated hereby. Agent shall not be required hereunder to comply
with the laws or regulations of any country other than the United States of America or any political subdivision thereof. Agent may consult
with foreign counsel, at Company’s expense, to resolve any foreign law issues that may arise as a result of Company or any other
party being subject to the laws or regulations of any foreign jurisdiction.


 


19.8       Force
Majeure. Agent will not be liable for any delay or failure in performance when such delay or failure arises from circumstances beyond
its reasonable control, including without limitation acts of God, acts of government in its sovereign or contractual capacity, acts of
public enemy or terrorists, acts of civil or military authority, war, riots, civil strife, terrorism, blockades, sabotage, rationing,
embargoes, epidemics, pandemics, outbreaks of infectious diseases or any other public health crises, earthquakes, fire, flood, other
natural disaster, quarantine or any other employee restrictions, power shortages or failures, utility or communication failure or delays,
labor disputes, strikes, or shortages, supply shortages, equipment failures, or software malfunctions.


 


19.9       Third
Party Beneficiaries. The provisions of this Agreement are intended to benefit only Agent, Company and their respective permitted
successors and assigns. No rights shall be granted to any other person by virtue of this Agreement, and there are no third party beneficiaries
hereof.


 


19.10     Survival.
All provisions regarding indemnification, warranty, liability and limits thereon, compensation and expenses and confidentiality and protection
of proprietary rights and trade secrets shall survive the termination or expiration of this Agreement.


 


19.11     Priorities.
In the event of any conflict, discrepancy, or ambiguity between the terms and conditions contained in (a) this Agreement, (b) any exhibits,
schedules or attachments hereto, and (c) the Subscription Offer, the terms and conditions contained in this Agreement shall take precedence.


 


19.12     Merger
of Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with
respect to the subject matter hereof, whether oral or written.


 


19.13     No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event
any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all parties
hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision
of this Agreement.


 






    Page 12


     


    

 


19.14     Descriptive
Headings. Descriptive headings contained in this Agreement are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof.


 


19.15     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 executed
and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature.


 


[The remainder of this
page has been intentionally left blank. Signature page follows.]


 






    Page 13


     


    

 





IN WITNESS WHEREOF, the parties hereto have executed this Agreement
by their duly authorized officers as of the Effective Date hereof.


 


	Aberdeen
    Income Credit Strategies Fund	 
	 	 
	By:	 	 
	Name:	Lucia Sitar	 
	Title: 	Vice President	 




 


	COMPUTERSHARE INC. and	 
	COMPUTERSHARE TRUST COMPANY,
    N.A.	 
	For both entities	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 




 


	Exhibit A	 	Form of Subscription Form
	 	 	 
	Exhibit B	 	Tax Instruction and Cost Basis Information Letter
	 	 	 
	Exhibit C	 	Schedule of Fees






 






    Page 14


     


    

 


EXHIBIT A


 


FORM OF SUBSCRIPTION FORM


 






    Page 15


     


    

 


Exhibit B


Section 1


Standard Tax Reporting Instructions 


 


Pursuant to the Emergency Economic Stabilization
Act of 2008, financial intermediaries such as Computershare must report cost basis for certain types of securities acquired after January
1, 2011 to both security holders and the IRS. In preparation for the year-end tax reporting to be performed by Computershare under our
service agreement for the corporate actions event described in Section 2 of this agreement, please (a) complete the below Year End Tax
Reporting Package and (b) provide us with the pertinent issuer statement (i.e., hard copy or website link requested in Section 4 below)
as required of issuers under Internal Revenue Code Section 6045B and the underlying Treasury regulations.


 


In the event that you have not yet produced
the issuer statement, kindly provide us with the requisite information at your earliest convenience when completed. You may find it helpful
to refer to the below link on the IRS website for some background information regarding the issuer’s obligation to produce the
issuer statement. 


 


https://www.irs.gov/forms-pubs/form-8937-report-of-organizational-actions-affecting-basis-of-securities


 


Please review, complete, execute and return
the Year End Tax Reporting Package or the Form 8937, attached documents via e-mail. By requesting cost basis information, Computershare
has fulfilled its regulatory obligation. Failure to provide correct basis information may result in a liability to you as an issuer,
but if we can provide additional details, please feel free to call upon us. 


 


Additional information may be required based on the completion
of the information provided below. 


 


PLEASE NOTE: If IRC sections 302/304 apply
to this Corporate Actions event, please reach out to the Corporate Actions Relationship Manager listed on Wire Instruction Exhibit of
this Agreement to provide further details.


 






    Page 16


     


    

 





Year End Tax Reporting Package


 


Computershare cannot provide tax advice for purposes of completing
this worksheet. Please consult your tax counsel to determine your respective tax reporting requirements.


 


Shareholder accounts without certified TIN, or
certification of foreign status on our system of record will be subject to backup withholding tax at the applicable rate in accordance
with IRS rules and regulations regarding 1099 tax reporting. The applicable backup withholding tax deducted from their payment will be
remitted to the Internal Revenue Service (IRS). Holders will need to claim any refund of over withholding directly from the IRS and not
Computershare. Please note residents or holders that are uncertified, and reside in the state of CA will be withheld an additional
7% which will be remitted to the state of CA.


 


Important: Computershare uses Constructive
Receipt (refer to below definition) reporting for its standard tax reporting default. Deviations from our Standard Default Tax Terms,
late submissions and subsequent corrections after the event is over will be subject to additional fees, by appraisal. If Computershare
does not receive the completed tax letter by the expiration of the offer /effective date of the distribution or exchange, Computershare
will use our Standard Default Tax Terms.


 


Computershare will perform form suppression
on de minimis reporting for the following: on 1099-B tax forms less than $20 in proceeds and fractional share issuance if no withholding;
1099-DIV tax forms less than $10 in dividend income if no withholding.


 


Computershare will not be liable for any
IRS penalties resulting from any client changes to this tax letter or client delay in any final tax instructions that will alter our
initial tax reporting instructions. Should any withholding be remitted late to the IRS as a result of any changes to your initial tax
reporting instructions. Company and/or Purchaser will be responsible for obligations related to penalties and interest as noted under
the Section of the Agreement titled “Indemnification and Limitation of Liability.”


 


Definitions:


 


Constructive Receipt: Constructive Receipt
means that any corporate action exchange proceeds would be reported to the IRS in the year the merger is effective, whether or not the
shareholder has presented the requisite and valid documentation in such year.


 


Standard Default Tax Terms: The share
consideration (if any) is considered a non-taxable event with no Fair Market Value Reporting (FMV) on shares. Principal and CIL are reported
on form 1099B as constructive receipt. In the event of an exchange, dividends declared after the effective date, will accrue on the shares
issuable to un-exchanged holders and tax reported “as if” paid currently.


 






    Page 17


     


    

 





Section 2 – Client Information


 


	Client Name:	 



 


	Tax ID/EIN:	 



 


	Issue Description/Type:	 



 


	CUSIP Number(s):	 



 


Will you require Computershare to perform tax reporting services for
this transaction?


 


      ̈
Yes                         ̈
No***


 


***If you mark the above box “No”,
an explanation of either how the consideration will be tax reported, or why tax reporting is not applicable (i.e. K1, W-2, etc.), is
required. Please provide this explanation in Section 5 where it indicates “If you answered “No” in Section 2.


 


Section 3 – Standard 1099 Reporting


 


3.A – Principal payment / cash in
lieu of fractional shares


 


If 3.A is not applicable, please check here and move to 3.B      ̈


 


Computershare to report principal payment on Form 1099-B.


 


Yes, on Form 1099-B  ̈  Yes,
on a form other than Form 1099-B. Please complete Section 3.C  ̈


 


Computershare to report cash in lieu payment for fractional shares
made to holders.


 


Yes, on Form 1099-B  ̈  Yes,
on a form other than Form 1099-B. Please complete Section 3.C  ̈


 


3.B – Dividend Reporting (including
accrued dividends for unexchanged accounts) 


 


If 3.B is not applicable, please check here and move to Section 3.C
 ̈


 


Dividends that have been paid in conjunction
with Corporate Actions payments, deemed or accrued, such payment will be reported as Constructive Receipt on Form 1099-DIV or 1042-S.


 


Computershare to report dividends on Forms 1099-DIV / 1042-S.


 


Yes, Form 1099-DIV/1042-SB  ̈  Yes,
on a form other than Form 1099-DIV/1042=S.  ̈   Please explain


 


Did the Company and or Purchaser distribute qualified dividends (100%
ordinary & 100% qualified) for this tax year on the Newco shares?


 


Yes     ̈      *No
     ̈


 






    Page 18


     


    

 





*If no, please provide us with your worksheet
to ensure all reportable income or reclassification income, paid by Computershare as agent, is reported correctly. Please note that up
to five decimal points can be utilized in the reallocation process. If you choose to use less than five decimal points this could result
in rounding issues. Due to time constraints inherent with tax season, we will not be able to re-run tax forms due to rounding issues.
Please provide us with your worksheet reflecting all distributions for this applicable tax year.


 


3.C – Additional reporting


 


If 3.C is not applicable, please check here and move to Section 4
 ̈


 


Does any of the following reporting need to be
performed by Computershare for cash paid (i.e., principal, cash in lieu) if not to be tax reported on Form 1099-B?


 


1099-INT    ̈   1099-OID    ̈   1099-MISC    ̈   1099-DIV    ̈   1042-S


 


If you selected 1099-INT, 1099-OID or 1099-MISC
above, please complete the below. Specify which box on the Form should be used for reportable amounts:


 


	Reporting Box for 1099-INT:	



 


	Reporting Box for 1099-OID:	



 


	Reporting Box for 1099-MISC:	



 


If you selected 1099-DIV and/or 1042-S above, please complete the
below.


 


Reporting for merger consideration (other than accrued and unpaid
dividends as outlined below), on Form 1099-DIV and/or 1042-S is as follows:


 


	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 



 






    Page 19


     


    

 


Section 4 – Cost Basis 


 


Please provide a copy of the completed Issuer
Statement (IRS Form 8937) or link to where the Tax & Cost Basis information can be found. If you are unable to provide the link or
information pertaining to the Issuer Statement or such IRS filing requirement does not apply, you must answer the questions below.


 


What are the Cost Basis implications due to this
Corporate Action? Please include the details of any calculation that needs to be applied to existing cost basis, or provide an explanation
if the IRS filing requirement for Form 8937 does not apply to this event.


 


	 	 
	 	 
	 	 
	 	 



 


Section 5 – Additional Information


 


Did any of the following corporate changes occur during the same year
in which this corporate action took place?


 


	a) Name Change?	Yes    ̈	No   ̈
	b) Tax Id Number Change?	Yes    ̈	No   ̈
	c) CUSIP Number Change?	Yes    ̈	No   ̈
	d) Cash Liquidating Distribution	Yes    ̈	No   ̈
	e) Non-Cash Liquidating Distribution	Yes    ̈	No   ̈
	f) Sale of Rights payment	Yes    ̈	No   ̈



 


Is any additional tax reporting required, other than what has been
stated in Section 3 above (specify below)?


 





	 	 
	 	 
	 	 
	 	 


 


If you answered “No” in Section 2 above indicating that
you do not require Computershare to perform tax reporting, please explain below.


 





	 	 
	 	 
	 	 
	 	 


 






    Page 20


     


    

 



 


Section 6 – Additional Information continued


 


	Is any additional tax withholding required other than what has been
    stated in Section 3 above (specify below)?
	 	 
	 	 
	 	 




 


Section 7


 


Fair Market Value (FMV) Tax Reporting Instructions



 


Pursuant to the Emergency Economic Stabilization
Act of 2008, financial intermediaries such as Computershare must report cost basis for certain types of securities acquired after January
1, 2011 to both security holders and the IRS. In preparation for the year-end tax reporting to be performed by Computershare under our
service agreement for the corporate actions event described in Section 1 of this agreement, please (a) complete the below Tax and Cost
Basis package and (b) provide us with the pertinent issuer statement (i.e., hard copy or website link requested in Section 8 below) as
required of issuers under Internal Revenue Code Section 6045B and the underlying Treasury regulations.


 


In the event that you have not yet produced
the issuer statement, kindly provide us with the requisite information at your earliest convenience when completed. You may find it helpful
to refer to the below link on the IRS website for some background information regarding the issuer’s obligation to produce the
issuer statement. 


 


https://www.irs.gov/forms-pubs/form-8937-report-of-organizational-actions-affecting-basis-of-securities


 


Please review, complete, execute and return
the below Tax Letter and either the Cost Basis word document or the Form 8937, attached documents via e-mail. By requesting cost basis
information, Computershare has fulfilled its regulatory obligation. Failure to provide correct basis information may result in a liability
to you as an issuer, but if we can provide additional details, please feel free to call upon us. 


 


Additional information may be required based on the completion
of the information provided below. 


 


PLEASE NOTE: If 302/304 Tax Reporting
is requirements please reach out to the Corporate Actions Relationship Manager listed on the Wire Instruction Exhibit of this Agreement


 






    Page 21


     


    

 


Year End Tax Reporting Package


 


Computershare cannot provide tax advice for purposes
of completing this worksheet. Please consult your tax counsel to determine your respective tax reporting requirements.


 


Shareholder accounts without certified TIN, or
foreign status on our system of record will be subject to backup withholding tax at the applicable rate in accordance with IRS rules
and regulations regarding 1099 tax reporting. The applicable backup withholding tax deducted from their payment will be remitted to the
Internal Revenue Service (IRS). Holders will need to claim any refund of over withholding directly from the IRS and not Computershare.
Please note residents or holders that are uncertified, and reside in the state of CA will be withheld an additional 7% which will
be remitted to the state of CA.


 


Important: Computershare uses Constructive
Receipt reporting for its standard tax reporting default. Deviations from our Standard Default Tax Terms, late submissions and subsequent
corrections after the event is over will be subject to additional fees, by appraisal. If Computershare does not receive the completed
tax letter by the expiration of the offer /effective date of the distribution or exchange, Computershare will use our Standard Default
Tax Terms.


 


Fair Market Value Reporting (FMV) is subject to additional fees,
by appraisal.


 


Computershare will perform form suppression
on de minimis reporting for the following: on 1099-B tax forms less than $20 in proceeds and fractional share issuance if no withholding;
1099-DIV tax forms less than $10 in dividend income if no withholding.


 


Computershare will not be liable for any
IRS penalties resulting from any client changes to this tax letter or client delay in any final tax instructions that will alter our
initial tax reporting instructions. Should any withholding be remitted late to the IRS as a result of any changes to your initial tax
reporting instructions. Company will be responsible for obligations related to penalties and interest as noted under the Section of the
Agreement titled “Indemnification and Limitation of Liability.”


 


Definitions:


 


Constructive Receipt: Constructive Receipt
means that any corporate action exchange proceeds would be reported to the IRS in the year the merger is finalized, regardless of whether
the shareholder has already processed the exchange or not.


 


Standard Default Tax Terms: The share
distribution is considered a non-taxable event with no Fair Market Value Reporting (FMV) on shares. Principal and CIL are reported on
form 1099B as constructive receipt. In the event of an exchange, dividends declared after the effective date, will accrue on the shares
issuable to un-exchanged holders.


 


Fair Market Value (FMV) tax reporting: Refers
to an exchange where the share consideration) is treated as fully taxable and reportable on Form 1099-B at the per share valuation provided
by client.


 






    Page 22


     


    

 


Section 8 – Client Information


 


	Client Name:	 
	 
	*Tax ID/EIN:	 




 


*If FMV reporting is required, the Issuer (Acquirer)
will be deemed the payor and you must provide your EIN for reporting purposes. In addition, Client must provide Computershare with completed
IRS Form 2678 in order for Computershare to remit any backup withholding tax to the IRS on client’s behalf.


 


	Issue Description/Type:	 




 


	 	 



 





	CUSIP Number(s):	 



 


	 	 



 


Will you require Computershare to perform FMV tax reporting services
for this transaction?


         ̈ Yes                            ̈ No***


 


***If you mark the above box “No”
the value of all newly issued shares will NOT be tax reported to the holders and any cost basis and acquisition date of the surrendered
target company shares will be carried over to the new shares. Please refer to Section 3.


 






    Page 23


     


    

 


Section 9 


 


Fair Market Value reporting


 


We ask that you read each question below
carefully and respond to each question


accordingly as this questionnaire requires
a great deal of attention.


 


 


Taxable Event Information


 


Please check one of the boxes below regarding the following
statement.


 


This event requires Fair Market Value (FMV)
reporting on Form 1099-B as the share consideration received in this transaction is a taxable event to former target holders and as such
the basis of the new shares received will be the FMV rate and become covered shares (i.e., date of acquisition is the effective date).


 


True    ̈                                *False    ̈


 


*If the above statement is “False”, please provide
an explanation as to why:


	 	 
	 	 
	 	 
	 	 
	 	 






 


If the FMV share consideration is nontaxable, and not tax reportable,
please confirm by checking a box below:


 


*True    ̈                                **False    ̈


 


*If you selected “True”, please
explain briefly why the FMV share consideration is


nontaxable, and whether the “cash”
(if any) is tax reportable on Form 1099-B:





	 	 
	 	 
	 	 
	 	 
	 	 
	 	 



 






    Page 24


     


    

 


**If you selected “False” from the above, is the
FMV of the share consideration treated as taxable and reportable on a 1099-B?


 


Yes    ̈                                *No    ̈


 


	*If you selected “No”, please advise on the IRS Form
    & box number in which it should be reported:
	 	 




 


Gross Proceeds Information


 


If the transaction with a shareholder should
be reported on a 1099-B, and the full amount of the consideration is treated as taxable, is the FMV of the stock consideration, as well
as the cash (if any), reportable on Form 1099-B in Box 1d as “Proceeds”? 


 


Yes    ̈                                *No    ̈


 


*If you selected “No”, please advise
on the rationale as to why the cash and/or stock is not considered as “ proceeds” for 1099-B reporting purposes:





	 	 
	 	 
	 	 
	 	 



 


If Form 1099-B reporting is required, should Box 7 on the Form
1099-B (“Check if loss is not allowed based on amount in 1d”) be checked?


 


Yes    ̈                                *No    ̈


 






    Page 25


     


    

 


Backup Withholding Information


 


If you selected “Yes” and indicated
that FMV of the share consideration is a taxable exchange and reportable on a 1099-B as “Proceeds”,- please advise on the
following questions:


 


		·	Is
                                            the share consideration subject to backup withholding? (Uncertified accounts would be entitled
                                            to a lowered share amount upon exchange due to withholding of shares to satisfy remittance
                                            to the IRS.)



 


Yes    ̈                                *No    ̈


 


*If you selected “No”, please provide the basis for selecting
 “No” so that Tax can review this further.





	 	 
	 	 
	 	 



 


If you selected “Yes” and indicated
that shares are subject to backup withholding, please confirm the following statement by selecting “Issuer/Acquirer Agrees”:


 


Computershare is hereby authorized by the
Issuer/Acquirer to sell the appropriate number of shares from each shareholder’s share entitlement to cover applicable tax withholding
obligations. The withholding obligation arises on the date the reportable consideration is paid.  The shares sold to fund any backup
withholding will be based on the amount of withholding required. The current share price may not be exactly the FMV price and may result
in a shortage or overage that will either need to be returned to the company or covered by the company.


 


Issuer/Acquirer Agrees                                                                   ̈


 


If you would prefer that Computershare does not
fund the backup withholding obligation by selling the shares, the Issuer/Acquirer can fund the amount of backup withholding required
to remit to the IRS in lieu of selling shares. Should you wish to proceed with this alternative, please select the box below:


 


Yes, we will fund the entire balance due in one single wire to Computershare
for the backup withholding obligation ̈


 


If you checked the box above, to fund the backup
withholding on FMV reporting, the funds you provided will be included in a “gross -up” calculation (to
increase a net amount to include deductions, such as taxes, that would be incurred by the receiver) reported
on a 1099-B as additional proceeds to the holder.


 






    Page 26


     


    

 


Fair Market Value (FMV)


 


Please provide the value per share associated with the FMV reporting
of the share consideration:


	 	 






 


Form 8937


 


Please provide a copy of the Issuer Statement
(IRS Form 8937) or link to where the Tax & Cost Basis information can be found. If you are unable to provide the link or information
pertaining to the Issuer Statement, you must answer the questions below.


 


What are the Tax & Cost Basis implications
due to this Corporate Action? Please include the details of any calculation that needs to be applied to determine the per share basis
of the share consideration received by the target’s holders.





	 	 
	 	 
	 	 
	 	 
	 	 



 






    Page 27