GDSVF&H\5604837.7   INVESTMENT MANAGEMENT AGREEMENT      THIS INVESTMENT MANAGEMENT AGREEMENT (this “Agreement”) is made as of  May 13, 2021, between WTI FUND X, INC., a Maryland corporation (the “Fund”), and WESTECH  INVESTMENT ADVISORS LLC, a California limited liability company (“Westech Advisors”).  Westech Advisors is sometimes referred to herein as the “Manager”.    WHEREAS, the Fund is a newly organized, non-diversified closed-end management  investment company that has elected status as a business development company (“BDC”) under the  Investment Company Act of 1940 (“1940 Act”), whose sole shareholder is WTI Fund X, LLC, a  Delaware limited liability company (the “LLC”);    WHEREAS, the Manager is an investment adviser registered as such under the Investment  Advisers Act of 1940 (“Advisers Act”); and    WHEREAS, the Fund desires to retain the Manager to furnish certain investment advisory,  portfolio management and administrative services to the Fund, and the Manager is willing to furnish  such services.    NOW, THEREFORE, in consideration of the premises and mutual covenants herein  contained, it is agreed between the parties as follows:    1. Appointment.   The Fund hereby appoints Westech Advisors as Investment Manager  for the period and on the terms set forth in this Agreement. Westech Advisors accepts such  appointment and agrees to render the services herein set forth, for the compensation herein provided.    2. Investment Duties. Subject to the supervision of the Fund’s Board of Directors (the  “Board”), the Manager will provide a continuous investment program for the Fund and will  determine from time to time what securities and other investments will be purchased, retained or sold  by the Fund.   Subject to investment policies and guidelines established by the Board, the Manager  will identify, evaluate, structure and close the investments to be made by the Fund, provide portfolio  management and servicing of loans held in the Fund’s portfolio, and administer the Fund’s day-to-  day affairs.   The Manager will also arrange and recommend debt financing for the Fund, subject to  the provisions of the 1940 Act, provided that no such debt may be incurred without the prior approval  of the Board.    3. Administrative Duties. The Manager will administer the affairs of the Fund under the  supervision of the Board and subject to the following:    (a) The Manager will supervise all aspects of the operations of the Fund, including  oversight of transfer agency, custodial and accounting services; provided, however, that nothing  contained herein shall be deemed to relieve or deprive the Board of its responsibility for and control  of the conduct of the affairs of the Fund.    (b) The Manager will arrange, but not pay, for the periodic preparation, updating,  filing and dissemination (as required) of the Fund’s registration statement under the Securities  Exchange Act of 1934, proxy material, tax returns and required reports to the Fund’s shareholders
 2  GDSVF&H\5604837.7    and the Securities and Exchange Commission (“SEC”) and other appropriate federal or state  regulatory authorities.    (c) The Manager will oversee the computation of the net asset value and the net  income of the Fund in accordance with procedures adopted by the Board.    (d) The Manager will maintain or oversee the maintenance of all books and  records with respect to the Fund, and will furnish the Board with such periodic and special reports as  the Board reasonably may request.   In compliance with the requirements of Rule 31a-3 under the  1940 Act, the Manager hereby agrees that all records that it maintains for the Fund are the property of  the Fund, agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any records  that it maintains for the Fund and that are required to be maintained by Rule 31a-1 under the 1940  Act, and further agrees, upon request by the Fund, to surrender promptly to the Fund any records that  it maintains for the Fund.    (e) All cash, securities and other assets of the Fund will be maintained in the  custody of one or more banks in accordance with the provisions of Section 17(f) of the 1940 Act and  the rules thereunder; the authority of the Manager to instruct the Fund’s custodian(s) to deliver and  receive such cash, securities and other assets on behalf of the Fund will be governed by a custodian  agreement between the Fund and each such custodian, and by resolution of the Board.    (f) The Manager will arrange for the Fund, at the Fund’s expense, to obtain (i)  annual audited financial statements and cause such financial statements to be distributed to the  Fund’s shareholders within 120 days of the end of the Fund’s fiscal year, and (ii) audited financial  statements upon the Fund’s liquidation, and cause such financial statements to be distributed to the  Fund’s shareholders promptly after the completion of such audit. All such financial statements shall  be prepared in accordance with generally accepted accounting principles and audited by an  independent public accountant that is registered with, and subject to regular inspection as of the  commencement of the professional engagement period, and as of each calendar year-end, by, the  Public Company Accounting Oversight Board in accordance with its rules.    4. Further Duties. In all matters relating to the performance of this Agreement, the  Manager will act in conformity with the Articles of Incorporation and Amended and Restated Bylaws  of the Fund and with the instructions and directions of the Board and will comply with the  requirements of the 1940 Act, the rules thereunder, and all other applicable federal and state laws and  regulations.    5. Services Not Exclusive.    (a) The services furnished by the Manager hereunder are not to be deemed  exclusive and the Manager, except as otherwise expressly provided in this Section 5, shall be free to  furnish similar services to others so long as its services under this Agreement are not impaired  thereby. Except as otherwise expressly provided in this Section 5, nothing in this Agreement shall  limit or restrict the right of any director, officer or employee of the Manager, who may also be a  director, officer or employee of the Fund, to engage in any other business or to devote his or her time  and attention in part to the management or other aspects of any other business, whether of a similar or  dissimilar nature.
 3  GDSVF&H\5604837.7    (b) Until the earlier of (i) the termination of the Investment Period (as defined  below) and (ii) such time as the LLC has called capital and either the LLC and/or the Fund has  invested at least 75% of the total amounts subscribed for by the investors in the LLC, except as  provided below, neither the Manager, WTI Fund X GP, LLC (in its role as the managing member of  the LLC, the “Managing Member”) nor any “Controlled Person” of the Manager or the Managing  Member will, without the consent of the LLC, call down capital from any pooled investment vehicle  other than Venture Lending & Leasing IV, LLC, Venture Lending & Leasing V, LLC, Venture  Lending & Leasing VI, LLC, Venture Lending & Leasing VII, Inc., Venture Lending & Leasing VII,  LLC, Venture Lending & Leasing VIII, Inc., Venture Lending & Leasing VIII, LLC, Venture  Lending & Leasing IX, Inc., and Venture Lending & Leasing IX, LLC (such entities, collectively, the  “Prior Debt Fund Entities”), the LLC or the Fund, or act as investment adviser or manager to any  client, if the investment program of such pooled investment vehicle or client includes, as a primary or  major component, the provision of asset-backed debt financing to domestic venture capital-backed  companies. In the event that the LLC elects irrevocably to release the members of the LLC from any  uncalled portion of their subscription obligations, then solely for purposes of determining when the  75% investment threshold described above has occurred, the “total amounts subscribed for” shall be  deemed reduced to reflect such release. The foregoing restriction shall not be deemed to prohibit the  Manager, the Managing Member or any Controlled Person thereof from acting as investment adviser  or manager with respect to any of the Prior Debt Fund Entities; provided, however, that, until the  75% investment threshold described above has occurred, such party shall not, without the consent of  the LLC, accept from the Prior Debt Fund Entities any additional investment funds (other than  amounts required for follow-on investments to existing investments) beyond the funds invested or  committed to the Prior Debt Fund Entities (for this purpose treating commitments to Venture Lending  & Leasing IX, LLC as also being commitments to Venture Lending & Leasing IX, Inc.) as of May  13, 2021. A “Controlled Person” of the Manager or the Managing Member, as used in this  paragraph, means any entity (i) 50% or more of whose voting securities are beneficially owned by the  Manager or the Managing Member, as applicable, or (ii) 50% or more of whose voting securities are  controlled in the aggregate by Ronald W. Swenson, Salvador O. Gutierrez, Maurice C. Werdegar,  David R. Wanek or Jay L. Cohan. “Investment Period” as used in this paragraph means the period  commencing on the date of the first investment by the Fund (or, if earlier, the LLC) and ending on  the last day of the calendar quarter during which the fifth anniversary of such date occurs;  provided, however, that the Managing Member shall be permitted to extend such period by up to  two (2) additional calendar quarters in its sole and absolute discretion.    The Manager acts as the investment adviser to WTI Equity Opportunity Fund I, L.P. (the  “Equity Fund” and together with the Prior Debt Fund Entities, collectively, the “Prior Funds”) and  as managing member of the general partner of the Equity Fund. For the avoidance of doubt, nothing  in this Agreement shall prevent the Manager, the Managing Member and/or any Controlled Person of  the Manager or Managing Member from at any time forming, calling down capital from and/or acting  as the investment adviser or manager to the Equity Fund or any successor thereto.    6. Expenses.    (a) The Fund will pay all expenses (including, without limitation, accounting,  legal, printing, clerical, filing and other expenses) incurred by the Fund, the Manager or its affiliates  on behalf of the Fund in connection with the organization of the Fund and the initial offering of its  shares. In addition, except as otherwise expressly provided for in Section 6(b), during the term of
 4  GDSVF&H\5604837.7    this Agreement, the Fund will bear all of its expenses incurred in its operations including, but not  limited to, the following: (i) brokerage, third party legal, third party accounting and commission fees  and expenses and other transaction costs related to the acquisitions, dispositions and/or restructurings  (including collection and/or workout costs and expenses) of investments (including investments that  are not consummated), any hedging transactions with respect thereto and the creation and perfection  of security interests with respect thereto; (ii) federal, state and local taxes and fees, including transfer  taxes and filing fees, incurred by or levied upon the Fund; (iii) interest charges and other fees and  expenses incurred in connection with borrowings (including without limitation costs and expenses  incurred in connection with negotiating with one or more lenders to the Fund (including prospective  lenders) to structure a loan syndicate and to satisfy any conditions imposed by lenders to the Fund);  (iv) SEC fees and expenses, as well as expenses of compliance by the Fund and its directors with  SEC rules, regulations, examinations, and filing requirements, and any fees and expenses of other  federal or state securities or other regulatory authorities (such as obtaining a surety bond); (v)  expenses of preparing, printing and distributing Fund reports and notices; (vi) costs of proxy  solicitation; (vii) costs of meetings of shareholders and the Board; (viii) charges and expenses of the  Fund’s custodian, transfer and dividend disbursing agents; (ix) any fees and expenses incurred to  conduct background checks on the management personnel of prospective Fund investments; (x)  compensation and expenses of the Fund’s disinterested directors (which at present include a $30,000  annual fee for each disinterested director, an additional $10,000 annual fee for the chair of the Fund’s  Audit Committee, and a fee of $1,000 per meeting attended in person, which amounts may be revised  as determined by the Fund’s Nominating and Corporate Governance Committee), and expenses of  directors in attending Board meetings, expenses of directors and officers liability insurance, and  payments under indemnification agreements; (xi) expenses of administrators, custodians, third party  counsel and third party auditors; (xii) costs of any certificates representing the shares of stock of the  Fund, if any; (xiii) costs of stationery and supplies; (xiv) the costs of membership by the Fund in any  trade organizations; (xv) expenses associated with the preparation of tax returns, and financial  statements and obtaining accounting and tax advice; (xvi) all costs and expenses associated with  litigation involving the Fund and the amount of any judgment or settlement in connection therewith;  (xvii) third party costs and expenses incurred in connection with valuing the Fund’s investments,  including valuation software and the retention of any valuation expert; and (xviii) other extraordinary  or non-recurring expenses (such as litigation expenses or indemnification expenses).    (b) The expenses to be borne by the Manager in connection with its duties to the  Fund hereunder are limited to the following: (i) all costs and fees incident to the selection and  investigation of prospective Fund investments, such as travel expenses and professional fees (but  excluding broker, legal and accounting fees and other costs incident to the closing, documentation, or  consummation of such transactions, and further excluding any fees and expenses incurred to conduct  background checks on the management personnel of prospective Fund investments); (ii) the cost of  adequate office space for the Fund and all necessary office equipment and services, including  telephone service, heat, utilities and similar items; (iii) the cost of providing the Fund with such  corporate, administrative and clerical personnel (including officers and directors of the Fund who are  interested persons of the Manager and are acting in their respective capacities as officers and  directors) as the Board reasonably deems necessary or advisable to perform the services required to  be performed by the Manager under this Agreement; and (iv) costs and expenses associated with the  Manager’s registration or compliance with, or examination by the SEC with respect to, the Advisers  Act (other than charges and expenses of the Fund’s custodian, transfer and dividend disbursing agents
 5  GDSVF&H\5604837.7    or any other costs or expenses associated with the acquiring, holding or disposing of the Fund’s  assets, whether required by the Advisers Act (or similar state laws) or otherwise).    (c) The payment or assumption by the Manager of any expense of the Fund that  the Manager is not required by this Agreement to pay or assume shall not obligate the Manager to  pay or assume the same or any similar expense of the Fund on any subsequent occasion.    7. Management Fee.    (a) For the services provided and the expenses assumed pursuant to this  Agreement, commencing as of the date on which capital contributions are due in connection with the  first capital call issued by the LLC to the members of the LLC, the Fund or its successor trustees will  pay to the Manager, whether before or after dissolution of the Fund, a management fee (the  “Management Fee”), computed and paid quarterly as follows:    (i) the aggregate annual amount of Management Fees for each annual  period (which shall be comprised of four (4) whole fiscal quarters and which, in the case of the first  annual period, shall commence on the first day of the first fiscal quarter commencing on or following  the Initial Contribution Date) shall be equal to the product of the Annual Percentage (as defined  below) with respect to such annual period (as set forth below) and the Member Committed Equity  Capital (as defined below) (regardless of when or if such committed capital is called or released);    (ii) the “Annual Percentage” with respect to each annual period shall be as  follows:    Annual Period Annual Percentage  First 1.575%  Second 1.600%  Third 1.575%  Fourth 1.500%  Fifth 1.250%  Sixth 0.900%  Seventh 0.600%  Eighth 0.350%  Ninth 0.150%    (iii) There shall be no Management Fee payable by the Fund with respect to  any fiscal quarter commencing following the nine-year anniversary of the Initial Contribution Date;    (iv) The “Member Committed Equity Capital” shall be the aggregate  amount of subscription obligations for the purchase of interests in the LLC (including any amounts of  such obligations that have been satisfied). For purposes of calculating the Management Fee, any
 6  GDSVF&H\5604837.7    capital committed to the LLC at a closing subsequent to the first closing (regardless of when or if  such committed capital is called or released) shall be deemed to have been committed to the LLC as  of the first closing.    (b) The amount of Management Fees for the period beginning on the Initial  Contribution Date and ending on the last day of the fiscal quarter during which the Initial  Contribution Date occurs shall accrue at the same rate as applies for the first annual period, and shall  be payable on the last day of such fiscal quarter. In general, the amount of Management Fees payable  with respect to any annual period shall be payable in equal quarterly installments, in arrears,  provided, however, that the management fee for any partial period shall be pro-rated based on the  ratio that the number of days in such partial period bears to the actual number of days in the  applicable annual period.    (c) In the event of the liquidation of the Fund, the Management Fee which is  payable by the Fund as set forth above with respect to the fiscal quarter during which such liquidation  occurs and for each subsequent fiscal quarter shall be payable by the LLC (except as provided  otherwise pursuant to the terms of the LLC’s Amended and Restated Operating Agreement, entered  into as of May 13, 2021, as amended from time to time).    (d) If (i) the Manager, (ii) an officer, director or employee of the Manager, (iii) a  company controlling, controlled by or under common control with the Manager, or (iv) an officer,  director or employee of any such company receives any compensation from a company whose  securities are held in the Fund’s portfolio in connection with the provision to that company of  significant managerial assistance, the compensation due to the Manager hereunder shall be reduced  by the amount of such fee. If such amounts have not been fully offset at the time of termination of  this Agreement, the Manager shall pay such excess amounts to the Fund upon termination. In the  event that any such compensation is received from a company whose securities are also held by one  or more Prior Funds, then, for purposes of reducing the amount of compensation due to the Manager  from the Fund, the amount of the compensation received from such company shall be allocated  between the Fund and such Prior Funds pro rata in accordance with the relative investment made by  each of them in such company.    8. Limitation of Liability of Manager. The Manager shall not be liable for any error of  judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to  which this Agreement relates except a loss resulting from willful misfeasance, bad faith or gross  negligence on its part in the performance of its duties or from its reckless disregard of its obligations  and duties under this Agreement. Any person, even though also an officer, director, employee or  agent of the Manager, who may be or become an officer, director, employee or agent of the Fund  shall be deemed, when rendering services to the Fund or acting with respect to any business of the  Fund, to be rendering such service to, or acting solely on behalf of, the Fund and not as an officer,  director, employee or agent or one under the control or direction of the Manager even though paid by  it.    9. Duration and Termination.    (a) This Agreement shall become effective upon the date hereabove written  provided that this Agreement shall not take effect unless it has first been approved (i) by a vote of a
 7  GDSVF&H\5604837.7    majority of those directors of the Fund who are not parties to this Agreement or interested persons of  any such party, cast in person at a meeting called for the purpose of voting on such approval, and (ii)  by vote of a majority of the Fund’s outstanding voting securities.    (b) Unless sooner terminated as provided herein, this Agreement shall continue in  effect for two years from the above written date. Thereafter, if not terminated, this Agreement shall  continue automatically for successive periods of twelve months each, provided that such continuance  is specifically approved at least annually (i) by a vote of a majority of those directors of the Fund who  are not parties to this Agreement or interested persons of any such party, cast in person at a meeting  called for the purpose of voting on such approval, and (ii) by the Board or by vote of a majority of the  outstanding voting securities of the Fund.    (c) Notwithstanding the foregoing, this Agreement may be terminated: (i) by vote  of the Board or by a vote of a majority of the outstanding voting securities of the Fund at any time,  without the payment of any penalty, on sixty days’ written notice to the Manager or (ii) by the  Manager at any time, without the payment of any penalty, on sixty days’ written notice to the Fund.  This Agreement will automatically terminate in the event of its assignment.    10. Amendment of this Agreement. No provision of this Agreement may be changed,  waived, discharged or terminated orally, but only by an instrument in writing signed by the party  against which enforcement of the change, waiver, discharge or termination is sought, and no  amendment of this Agreement shall be effective until approved by vote of a majority of the Fund’s  outstanding voting securities.    11. Governing Law.   This Agreement shall be construed in accordance with the laws of  the State of Maryland, without giving effect to the conflicts of laws principles thereof, and in  accordance with the 1940 Act.   To the extent that the applicable laws of the State of Maryland  conflict with the applicable provisions of the 1940 Act, the latter shall control.    12. Miscellaneous. The captions in this Agreement are included for convenience of  reference only and in no way define or delimit any of the provisions hereof or otherwise affect their  construction or effect. If any provision of this Agreement shall be held or made invalid by a court  decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.  This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their  respective successors. As used in this Agreement, the terms “majority of the outstanding voting  securities”, “interested person”, “assignment”, “broker”, “investment adviser”, “security” and  “significant managerial assistance” shall have the same meaning as such terms have in the 1940  Act, subject to such exemption as may be granted by the SEC by any rule, regulation or order.  Where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is  relaxed by a rule, regulation or order of the SEC, whether of special or general application, such  provision shall be deemed to incorporate the effect of such rule, regulation or order.
 8  GDSVF&H\5604837.7            IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by  their officers designated as of the day and year first above written.    WTI FUND X, INC. WESTECH INVESTMENT ADVISORS LLC      By:  /s/ Judy Bornstein  By:  /s/ Maurice Werdegar     Name:  Title:  Judy Bornstein    Chief Financial Officer    Name:  Title:  Maurice Werdegar  Chief Executive Officer