**TERMS      OF ADVISOR TO THE BOARD AGREEMENT**

| *Parties*:                         |   | Blackhawk                  Capital Group BDC, Inc., (the “Company”) and Robert S. Tull, Jr.                  (“Advisor”), with a residence at 16 Firebush Road, Levittown, PA                  19056.                                                                                                                                                                                                                                                                                                                                                                                                            |
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| *Effective                  Date:* |   | Closing                  of transactions (“Closing”) pursuant to Company’s Regulation E offering                  for $5 million (“Offering”).                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| *Term:*                            |   | Three                  years (“Term”). After Term, Advisor to the Board Agreement shall be                  subject to one-year extension if agreed to in writing by parties.                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| *Duties*:                          |   | Duties                  include, serving as Advisor to the Board of the Company. Duties                  will                  consist of the following: advising the Board on investment decisions                  and                  strategies, coordinating investment diversification in the strategies                  and                  analyzing investment opportunities with the Company’s fund manager, and                  having an advisory position on the Company’s Investment Commitment                  Committee. Advisor shall report to the Chairman of the Board of                  Company. |
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| *Compensation*:                    |   | To                  be determined by the Board following the Effective Date and to                  be covered                  on the Company’s Director’s and Officers and Errors and Omissions                  insurance policies.                                                                                                                                                                                                                                                                                                                                                                                       |
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| *Bonus:*                           |   | Bonus                  based upon attainment of performance goals established by Board                  of                  Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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| *Expenses:*                        |   | Advisor                  will be reimbursed for all reasonable out-of-pocket business-related                  expenses including meals, lodging and travel costs. The Board of                  Directors                  will adopt a resolution outlining the Company’s expense policy, which will                  then govern.                                                                                                                                                                                                                                                                                               |
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| *Vacation:*                        |   | Four                  (4) weeks paid vacation per year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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| *Benefits:*                        |   | Participation                  in medical plan and eligible to participate in any other Company                  benefit                  plans.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
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| *Release/Released:*                |   | Advisor                  to the Board may be Released from their duties as                  follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

| (a)   | By                Company: |
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| (i)   | Upon                thirty (30) days’ prior written notice to the Advisor if the Advisor is                Disabled; “Disabled” means Advisor to the Board shall be unable to perform                substantially all of his duties due to accident, disability, or physical                or mental illness and a medical doctor certifies that Advisor is                Disabled;                or |
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| (ii)   | Immediately                upon written notice to the Advisor for “just cause.” “Just cause” means                conviction of a felony, an act of dishonesty or willful misconduct                or                gross negligence. |
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| (b)   | By                Company without just cause and for no reason immediately upon notice                to                the Advisor; or |
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| (c)   | Released                automatically upon the death of the                Advisor. |
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*Release      Compensation*

| A.   | Upon                Release of the Advisor or elimination of the Advisor’s Duites pursuant to                Paragraph (a)(i) or (c) above, Advisor shall receive any earned and                unpaid                Compensation due up to the date of Release, plus all benefits earned                to                the date of Release. |
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| B.   | In                the event Advisor is Released without cause during the Term, Advisor                is                entitled to the following: |
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| (i)   | If                Advisor is Released by Company without cause during the Term, he                shall                receive three months of Compensation or another amount as determined                by                the Board upon the effective date, provided that if he is Released                and                there is less than three months left in the Term, he shall receive                Compensation for the number of months remaining in the Term; no bonus                shall be paid upon Release; and |
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| (ii)   | In                the event that the Advisor resigns during the six (6) month period                following the Closing                and has not been Released by Company without cause, or                the Advisor resigns during the remainder of the Term and has not                been                Released by the Board without cause, he shall not be entitled to                receive                the Release Compensation described above in (i). |
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| C.   | Upon                Release of the Advisor or elimination of the Advisor’s Duties for just                cause, pursuant to Paragraph (a)(ii) above, Advisor shall only receive                any                earned and unpaid Compensation due up to the date of Release, plus                all                benefits earned to the date of                Release. |
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| **BLACKHAWK                CAPITAL GROUP BDC, INC.** |                                                                                                                                       |   |   |
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|                                                 |                                                                                                                                       |   |   |   |
| By:                                             | /s/              Craig A.              Zabala                                                                                              |   |   | September                12, 2006 |
|                                                      | Name: Dr.                Craig A. ZabalaTitle:   Chairman                of the Board President                and CEO |   |   | Date |
|                                                 |                                                                                                                                       |   |   |   |
|                                                 | /s/ Robert              S. Tull,              Jr.                                                                                          |   |   | September 12, 2006 |
|                                                 | Robert              S. Tull, Jr.                                                                                                           |   |   | Date |
|                                                 |                                                                                                                                            |   |   |  |

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