Document:

Exhibit 10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

This
Executive Employment Agreement (this “Agreement”), dated as of November 4, 2020 (the “Effective Date”),
is entered into by and between Logiq, Inc., a Delaware corporation (the “Company”), and Steven Hartman (the
“Employee”).

 

RECITALS

 

WHEREAS,
Company wishes to employ Employee as its Chief Product Officer;

 

WHEREAS,
Employee represents that Employee possesses the necessary skills to perform the duties of this position and that Employee has no
obligation to any other person or entity which would prevent, limit or interfere with Employee’s ability to do so; and

 

WHEREAS,
Employee and Company desire to enter into a formal Executive Employment Agreement to assure the harmonious performance of the affairs
of Company.

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

AGREEMENT

 

1.
Definitions. In addition to the capitalized terms defined elsewhere herein, the following definitions shall be in effect
under this Agreement:

 

(a)
“Affiliate” means, with respect to any entity, any person or entity, directly or indirectly controlling or controlled
by or under direct or indirect common control with such entity.

 

(b)
“Board” means the Board of Directors of the Company.

 

(c)
“Cause” means: (i) the Employee’s material breach of this Agreement and such breach is not cured by the
Employee within thirty (30) days after written notice from the Company; (ii) the Employee’s failure to perform Employee’s
material duties and obligations under this Agreement (other than during any period of Disability) and such failure is not cured
by the Employee within thirty (30) days after written notice from the Company; (iii) the Employee’s material malfeasance
or material misconduct in connection with the performance of Employee’s duties hereunder and such conduct is not cured by
the Employee within thirty (30) days after written notice from the Company; or (iv) the Employee’s conviction of, or pleading
guilty or nolo contendere to, a felony or the equivalent thereof, any other crime having as its predicate element fraud, dishonesty,
misappropriation, moral turpitude, or theft.

 

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(d)
“Change of Control” means the consummation of a transaction or a series of transactions that results in: (i)
any sale or other disposition of all or substantially all of the assets of the Company that occurs over a period of not more than
twelve (12) months; or (ii) any person, or more than one person acting as a group, acquiring ownership of stock of the Company,
that together with the stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value
or total voting power of the stock of such corporation. However, a Change of Control shall not include (x) any consolidation or
merger effected exclusively to change the domicile or name of the Company, or (y) any transaction or series of transactions principally
for bona fide equity financing purposes in which cash is received by the Company or any successor or indebtedness of the Company
is cancelled or converted or a combination thereof.

 

(e)
“Disability” means and shall be deemed to have occurred if, in the Board’s reasonable discretion, after
consultation with a physician selected by the Board, the Employee shall have been unable to perform the essential functions of
the Employee’s duties, even with reasonable accommodation if required by law, for a period of not less than one hundred twenty
(120) consecutive days, or one hundred eighty (180) total days, during any twelve (12) month period. The Employee shall cooperate
in submitting to medical examinations and providing medical records to the physician selected by the Board as reasonably requested
by the Board in making a determination of Disability hereunder.

 

2.
Employment. The Company agrees to employ the Employee, and the Employee agrees to be employed by the Company, for the period
set forth in Paragraph 3, in the position and with the duties and responsibilities set forth in Paragraph 4, and upon the other
terms and conditions set out in this Agreement.

 

3.
Term. The term of the Agreement shall commence on the Effective Date and, shall terminate at 12:00 a.m. midnight on the
day immediately preceding the twelve (12) month anniversary thereof, unless earlier terminated as provided herein (the “Initial
Term”). The Initial Term shall be automatically extended for successive six (6) month terms after the expiration of the
Initial Term, unless either the Company or the Employee provides the other party written notice no more than ninety (90) days and
no less than ten (10) days prior to the expiration of the Initial Term or any renewal term of such party’s desire not to
renew this Agreement (the Initial Term, as so extended, the “Employment Term”).

 

4.
Position and Duties.

 

(a)
During the Employment Term, the Employee shall serve as the Chief Product Officer of the Company. The Employee shall serve and
perform such other duties, functions, responsibilities, and authority as are from time to time delegated to the Employee by the
Board or Chief Executive Offer; provided, however, that such duties, functions, responsibilities, and authority are reasonable
and customary for a person serving in the same or similar capacity of an enterprise comparable to the Company.

 

(b)
During the Employment Term, the Employee shall devote sufficient business time, skill, attention and effort to all facets of the
business and affairs of the Company and will use Employee’s efforts to discharge fully, faithfully, and efficiently the duties
and responsibilities delegated and assigned to the Employee in or pursuant to this Agreement; provided, however, nothing herein
shall be construed as providing that Employee may not engage in outside business activities.

 

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(c)
The Company considers the protection of its confidential information, proprietary materials and goodwill to be extremely important.
Accordingly, the Employee will be required to sign the Company’s confidentiality, non-solicitation, non-compete and assignment
of inventions agreement attached as Exhibit 1 hereto (the “Confidentiality, Non-Solicitation Non-Compete and Assignment
of Inventions Agreement”), as a condition of Employee’s employment.

 

5. Compensation
and Related Matters.

 

(a)
Base Salary. The Company shall pay the Employee a base salary at the annual rate of not less than Two Hundred Twenty Thousand
Dollars (USD $220,000), provided, however, such base salary shall be earned monthly and payable “on a salary basis”
under applicable federal law (“Base Salary”). During the Employment Term, the Base Salary will be reviewed annually
and is subject to adjustment at the discretion of the Board, but in no event may the Company pay the Employee a Base Salary less
than that set forth above during the Employment Term. Payment of all compensation to the Employee hereunder shall be made in accordance
with the terms of this Agreement and applicable Company policies in effect from time to time, including normal payroll practices,
and shall be subject to all applicable withholdings and taxes.

 

(b)
Bonus. The Employee shall be entitled to receive bonus (the “Bonus”) and incentive compensation, described
in Section 5(c) below (the “Incentive Compensation”) of up to $88,000 per annum based on the performance metrics
of the Company. Payment of the Bonus is conditioned on compliance with applicable law, and shall be payable to the Employee in
equal quarterly installments (i) only if the Employee has not breached the terms of this Agreement, and (ii) only if the Employee
continues to be employed by the Company on the date of determination of the Bonus as well as on the date of payment thereof.

 

(c)
Incentive Compensation. Subject to (i) approval of the Board, and (ii) upon the Company adopting an equity incentive plan
(the “Plan”), Employee shall receive equity compensation, which shall be granted pursuant to the terms of the
Plan when such Plan is adopted by the Company.

 

The Bonus
and Incentive Compensation terms shall be mutually agreed upon within 10 days of the execution of their agreement, subject to the
approval of the Company’s Board, and may be subject to adjustment with at least 30 days’ notice no more than annually.

 

(d)
Employee Benefits and Perquisites. During the Employment Term, the Employee will be entitled to: (i) participate in the
Company’s long-term disability, and health plans (“Employee Benefits”); (ii) the perquisites and other
fringe benefits that are from time to time made available by the Company generally to its employees; and (iii) such perquisites
and fringe benefits that are from time to time made available by the Company to the Employee in particular, subject to any applicable
terms and conditions of any specific perquisite or other fringe benefit; provided, however, that nothing contained herein shall
be deemed to require the Company to adopt, maintain or provide any particular plan, program, arrangement, policy, perquisite or
fringe benefit. The Employee shall be required to comply with the conditions attendant to coverage by such plans and shall comply
with and be entitled to benefits only in accordance with the terms and conditions of such plans as they may be amended from time
to time. The Employee agrees to cooperate and participate in any medical or physical examinations as may be required in connection
with the applications for such life and/or disability insurance policies.

 

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(e)
Expenses. The Employee shall be entitled to receive reimbursement for all reasonable and necessary business expenses incurred
by the Employee in performing Employee’s duties and responsibilities under this Agreement, consistent with the Company’s
policies or practices as may from time to time be in effect for reimbursement of expenses incurred by other Company senior executives.
All expenses shall be reimbursed within fifteen (15) days after Employee submits an expense report and any required documentation.

 

(f)
Vacations and Personal Leave. Employee shall be entitled to twenty (20) paid time off days for each twelve (12) consecutive
calendar monthly period during the Employment Term, to be taken in accordance with the vacation accrual schedule, if any, and carried
over only to the extent set forth or otherwise permitted in the Company’s personnel policies or employee handbook. The Employee
shall also be eligible for sick pay, and other paid and unpaid time off in accordance with the policies and practices of the Company
as may from time to time be in effect for its employees.

 

(g)
Indemnification. The Company shall indemnify the Employee, to the maximum extent permitted by applicable law, against all
costs, charges and expenses incurred or sustained by Employee in connection with any action, suit or proceeding to which Employee
may be made a party by reason of being an officer, director, employee, contractor or agent of the Company or of any subsidiary
or affiliate of the Company or any other corporation for which Employee serves as an officer, director, or employee at the Company’s
request.

 

6.
Termination of Employment.

 

(a)
Death. This Agreement shall terminate automatically upon the Employee’s death.

 

(b)
Disability. The Company may terminate this Agreement at any time upon the Board’s determination of the Employee’s
Disability; provided, however, that such termination must occur while the Disability is in existence and before the Employee returns
to work at the Company on a full time basis.

 

(c)
Termination by the Company for Cause. The Company may immediately terminate this Agreement for Cause after the Board’s
determination that Cause exists.

 

(d)
Termination by the Employee (Resignation). The Employee may terminate this Agreement for any reason, upon at least ten (10)
days advance prior written notice to the Company.

 

(e)
Termination by the Company Without Cause. The Company may terminate this Agreement without Cause upon ten (10) days’
advance prior written notice to Employee; provided, however, notwithstanding the foregoing, the Company may elect to terminate
this Agreement immediately and provide the Employee an immediate payment equal to one (1) month of the Employee’s Base Salary
and other employment benefits during the notice period.

 

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(f)
Termination or Assignment upon a Change of Control. This Agreement shall terminate automatically upon a Change of Control
provided that the Employee enters into a new employment agreement with the acquiring entity as a part of the Change of Control
with equal or greater terms than provided herein. If no new employment agreement is entered into with such acquiring entity, then
the Company’s obligations under this Agreement shall be assigned to and assumed by such acquiring entity as provided in Paragraph
12 herein.

 

(g)
Notice of Termination. Any termination of the Employee’s employment by the Company or the Employee (other than a termination
pursuant to Paragraph 6(a)) shall be communicated by a Notice of Termination. A “Notice of Termination” is a
written notice delivered in the manner set forth in Paragraph 10 hereof that must (i) indicate the specific termination provision
in this Agreement relied upon, and (ii) specify the Employment Termination Date.

 

(h)
Employment Termination Date. The Employment Termination Date shall be as follows: (i) if the Employee’s employment is
terminated by Employee’s death, the date of Employee’s death; (ii) if the Employee’s employment is terminated
pursuant to any other provision of this Agreement, the date specified in the Notice of Termination (the “Employment Termination
Date”).

 

(i)
Transition Period. Upon termination of this Agreement, and for a period of thirty (30) days thereafter (the “Transition
Period”), the Employee agrees to make Employee available to assist the Company with transition projects assigned to Employee
by the Board. The Employee will be paid at an agreed upon hourly rate commensurate with the industry standard rate of pay for any
work performed by the Employee for the Company during the Transition Period.

 

7.
Compensation Upon Termination of Employment.

 

(a)
Death. Upon termination of this Agreement because of the Employee’s death: (i) the Company shall pay the Employee’s
estate the accrued and unpaid portion of the Employee’s Base Salary and any Bonuses earned for services provided through
the Employment Termination Date (the “Compensation Payment”); (ii) the Company shall pay the Employee’s
estate any reimbursement for business travel and other expenses to which the Employee is entitled hereunder (the “Reimbursement”);
and (iii) any unvested portion of any options, stock, RSUs, or other securities of the Company or any of its Affiliates granted
to Employee which are subject to vesting (“Unvested Securities”), shall immediately be issued (in the case of
stock grants) and become exercisable (in the case of stock options, warrants or other convertible securities), regardless of the
vesting or termination provisions of such Unvested Securities. For purposes of clarity, to the extent the vesting or other provisions
of any Unvested Securities conflict with the terms of this Paragraph 7(a), the terms of this Paragraph 7(a) shall govern.

 

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(b)
Disability. Upon termination of this Agreement by the Company due to Disability pursuant to Paragraph 6(b): (i) the Company
shall pay the Employee the Compensation Payment; (ii) the Company shall pay the Employee the Reimbursement; and (iii) any Unvested
Securities shall immediately be issued (in the case of stock grants) and become exercisable (in the case of stock options, warrants
or other convertible securities). For purposes of clarity, to the extent the vesting or other provisions of any Unvested Securities
conflict with the terms of this Paragraph 7(b), the terms of this Paragraph 7(b) shall govern.

 

(c)
Termination for Cause. Upon termination of this Agreement by the Company for Cause pursuant to Paragraph 6(c), the Company
shall pay the Employee: (i) the Compensation Payment; and (ii) the Reimbursement.

 

(d)
Termination by the Employee (Resignation). Upon Termination of this Agreement by the Employee pursuant to Paragraph 6(d),
the Company shall pay the Employee: (i) the Compensation Payment; and (ii) the Reimbursement.

 

(e)
Termination by the Company Without Cause. Upon termination of this Agreement by the Company without Cause pursuant to Paragraph
6(e), except in connection with a termination in connection with a Change of Control: (i) the Company shall pay the Employee the
Compensation Payment; (ii) the Company shall pay the Employee the Reimbursement; (iii) any Unvested Securities shall immediately
be issued (in the case of stock grants) and become exercisable or convertible (in the case of stock options, warrants or other
convertible securities); (iv) the Company shall pay the Employee, as severance, a sum equal to six (6) months Base Salary, as adjusted
pursuant to Paragraph 5(a) (the “Severance”); and (v) the Company shall continue to provide Employee with Employee
Benefits for six (6) months, or reimburse Employee for the expense of obtaining equivalent benefits. The Severance shall be payable
in equal payments over 6 months following the effective date of the termination, and shall be subject to all applicable withholdings
and taxes. For purposes of clarity, to the extent the vesting or other provisions of any Unvested Securities conflict with the
terms of this Paragraph 7(e), the terms of this Paragraph 7(e) shall govern.

 

(f)
Termination upon a Change of Control. Upon termination of this Agreement pursuant to Paragraph 6(f) or within 12 months
after a Change of Control as provided in Paragraph 6(f): (i) the Company shall pay the Employee the Compensation Payment; (ii)
the Company shall pay the Employee the Reimbursement; (iii) any Unvested Securities shall immediately be issued (in the case of
stock grants) and become exercisable or convertible (in the case of stock options, warrants or other convertible securities), (iv)
and the Company shall pay the Employee the Severance. For purposes of clarity, to the extent the vesting or other provisions of
any Unvested Securities conflict with the terms of this Paragraph 7(f), the terms of this Paragraph 7(f) shall govern.

 

(g)
No Effect on Other Benefits. The payments provided for in Paragraphs 7(a) through 7(f) do not limit the entitlement of the
Employee or the Employee’s estate or beneficiaries to any amounts payable pursuant to the terms of any applicable disability
insurance plan, policy, or similar arrangement that is maintained by the Company for the Employee’s benefit or to any death
or other vested benefits to which the Employee may be entitled under any life insurance, stock ownership, stock options, or other
benefit plan or policy that is maintained by the Company for the Employee’s benefit.

 

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(h)
No Mitigation. The Employee will not be required to mitigate the amount of any payment provided for in this Agreement by
seeking other employment or otherwise, nor will the amount of any payment provided for under this Agreement be reduced by any profits,
income, earnings, or other benefits received by the Employee from any source other than the Company or its successor.

 

8.
Survival. The expiration or termination of this Agreement will not impair the rights or obligations of any party hereto
that accrues hereunder prior to such expiration or termination, including, but not limited to, the Company’s obligations
under Paragraphs 5(g) and 7.

 

9.
Withholding Taxes. The Company shall withhold from any payments to be made to the Employee pursuant to this Agreement such
amounts (including social security contributions and federal income taxes) as shall be required by federal, state, and local withholding
tax laws.

 

10.
Notices. All notices, requests, demands, and other communications required or permitted to be given or made by either party
shall be in writing and shall be deemed to have been duly given or made (a) when delivered personally, or (b) when deposited and
sent via overnight courier, to the party for which intended at the following addresses (or at such other addresses as shall be
specified by the parties by like notice, except that notices of change of address shall be effective only upon receipt):

 

If to the
Company, at:

 

Logiq, Inc.

Attn: Tom Furukawa

_______________

_______________

E-mail: _______________

 

If
to the Employee, at: the Employee’s then-current home address on file with the Company.

 

Notice
so given shall, in the case of overnight courier, be deemed to be given and received on the date of actual delivery and, in the
case of personal delivery, on the date of delivery.

 

11.
Binding Effect: No Assignment by the Employee: No Third-Party Benefit. This Agreement shall be binding upon and inure to
the benefit of the parties and their respective heirs, legal representatives, successors, and assigns. The Employee shall not have
any right to pledge, hypothecate, anticipate, or in any way create a lien upon any payments or other benefits provided under this
Agreement; and no benefits payable under this Agreement shall be assignable in anticipation of payment either by voluntary or involuntary
acts, or by operation of law, except by will or pursuant to the laws of descent and distribution. Nothing in this Agreement, express
or implied, is intended to or shall confer upon any person other than the parties, and their respective heirs, legal representatives,
successors, and permitted assigns, any rights, benefits, or remedies of any nature whatsoever under or by reason of this Agreement.

 

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12.
Assumption by Successor. Subject to Paragraph 6(f), the Company shall require any successor or assignee (whether direct
or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business and/or assets of the
Company, by agreement in writing in form and substance reasonably satisfactory to the Employee, expressly, absolutely, and unconditionally
to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform
it if no such succession or assignment had taken place. As used in this Paragraph, “Company” shall include any
successor or assignee (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all
the business and/or assets of the Company that executes and delivers the agreement provided for in this Paragraph or that otherwise
becomes obligated under this Agreement by operation of law.

 

13.
Arbitration. The parties agree that any controversy or claim arising out of or relating to this Agreement, or the breach
thereof, shall be resolved exclusively by confidential, final and binding arbitration administered by the American Arbitration
Association (“AAA”) under its Commercial Arbitration Rules. All disputes shall be resolved by one (1) arbitrator.
The arbitrator will have the authority to award the same remedies, damages, and costs that a court could award, and will have the
additional authority to award specific performance and/or injunctive or other relief in order to enforce or prevent any violations
of the provisions hereof (without requiring the posting of a bond or other security). The arbitrator shall issue a reasoned award
explaining the decision, the reasons for the decision, and any damages or other relief awarded. The arbitrator’s decision
will be final and binding. The judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction
thereof. This provision and any decision and award hereunder can be enforced under the Federal Arbitration Act.

 

14.
Governing Law and Venue. This Agreement shall be governed by, construed and enforced in accordance with the laws of the
State of California, without regard to conflict of laws rules or principles which might refer the governance or construction of
this Agreement to the laws of another jurisdiction. Any action or arbitration in regard to this Agreement or arising out of its
terms and conditions shall be instituted and litigated only in Orange County, California.

 

15.
Entire Agreement. This Agreement, and the Exhibits, schedules, and documents attached and referred to herein, contains the
entire agreement among the parties concerning the subject matter hereof and supersedes all prior agreements and understandings,
written and oral, between the parties with respect to the subject matter of this Agreement, except that all confidentiality, assignment,
and non-disclosure provisions and agreements between the Employee and the Company are still in force and non-superseded.

 

16.
Modification: Waiver. No amendment, modification or waiver of this Agreement shall be effective unless it is in writing
and signed by the Employee and by a duly authorized representative of the Company (other than the Employee). Each party acknowledges
and agrees that no breach of this Agreement by the other party or failure to enforce or insist on its or Employee’s rights
under this Agreement shall constitute a waiver or abandonment of any such rights or defenses to enforcement of such rights.

 

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17.
Severability. If any provision of this Agreement shall be determined by a court or arbitrator to be invalid or unenforceable,
the remaining provisions of this Agreement shall not be affected thereby, shall remain in full force and effect, and shall be enforceable
to the fullest extent permitted by applicable law.

 

18.
Counterparts. This Agreement may be executed by the parties in any number of counterparts, each of which shall be deemed
an original, but all of which shall constitute one and the same agreement. Counterparts delivered by electronic mail or facsimile
shall be effective.

 

[Signatures
on following page.]

 

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IN
WITNESS WHEREOF, the Company and the Employee have executed this Agreement effective as of the Effective Date.

 

	 	COMPANY:
	 	 
	 	LOGIQ, INC.,
	 	a Delaware corporation
	 	 
	Dated: __________________________________	By:	 
	 	 	Tom Furukawa, CEO

 

	 	EMPLOYEE:
	 	 
	Dated:  __________________________________	 
	 	Steven Hartman
	 	 
	 	ADDRESS: 	 
	 	 	 

 

[Signature Page to Employment Agreement]Exhibit
10.1

 

INVESTMENT
ADVISORY AGREEMENT

 

This Investment Advisory
Agreement (this “Agreement”) is made as of [●], 2020, by and between Steele Creek Capital Corporation,
a Maryland corporation (the “Company”), and Steele Creek Investment Management LLC, a Delaware limited liability
company (the “Adviser”).

 

WHEREAS, the Company
is a closed-end management investment company that intends to elect to be regulated as a business development company (“BDC”)
under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the “1940 Act”);

 

WHEREAS, the Adviser
is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated
thereunder, the “Advisers Act”);

 

WHEREAS, the Company
desires to retain the Adviser to provide investment advisory services to the Company on the terms and conditions hereinafter set
forth; and

 

WHEREAS, the Adviser
is willing to provide investment advisory services to the Company on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Company and the Adviser hereby agree as follows:

 

Section 1. Duties
of the Adviser.

 

(a) Retention
of Adviser. The Company hereby appoints the Adviser to act as the investment adviser to the Company and to manage the investment
and reinvestment of the assets of the Company, subject to the supervision of the Board of Directors of the Company (the “Board
of Directors”), for the period and upon the terms herein set forth and in accordance with:

 

(i) the
investment objective, policies and restrictions that are set forth in the Company’s Registration Statement on Form 10 or
Form N-2 filed with the U.S. Securities and Exchange Commission (the “SEC”), as supplemented, amended or superseded
from time to time, including in the periodic reports filed by the Company under the Securities Exchange Act of 1934, as amended
(together with the rules promulgated thereunder, the “Exchange Act”);

 

(ii) the
1940 Act, the Advisers Act, and all other applicable federal and state laws;

 

(iii) the
Company’s articles of incorporation and bylaws, as amended from time to time; and

 

(iv) such
investment policies, directives, and restrictions as the Company may from time to time establish or issue and communicate to the
Adviser in writing.

 

    	 	 	 

     

    

 

(b) Responsibilities
of Adviser. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions
of this Agreement:

 

(i) determine
the composition and allocation of the Company’s investment portfolio, the nature and timing of any changes therein and the
manner of implementing such changes;

 

(ii) identify,
evaluate and negotiate the structure of the investments made by the Company;

 

(iii) perform
due diligence on prospective portfolio companies;

 

(iv) execute,
close, service and monitor the Company’s investments;

 

(v) determine
the securities and other assets that the Company shall purchase, retain or sell;

 

(vi) arrange
financings and borrowing facilities for the Company; and

 

(vii) provide
the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably
require for the investment of its funds.

 

(c) Power
and Authority. To facilitate the Adviser’s performance of these undertakings, but subject to the restrictions contained
herein, the Company hereby delegates to the Adviser, and the Adviser hereby accepts, the power and authority to act on behalf of
the Company to effectuate investment decisions for the Company, including the negotiation, execution and delivery of all documents
relating to the Company’s investments and the placing of orders for other purchase or sale transactions on behalf of the
Company. In the event that the Company determines to acquire debt or other financing (or to refinance existing debt or other financing),
the Adviser shall use commercially reasonable efforts to arrange for such financing on the Company’s behalf, subject to the
oversight and approval of the Board of Directors. If it is necessary for the Adviser to make investments or obtain financing on
behalf of the Company through a special purpose vehicle, the Adviser shall have the authority to create, or arrange for the creation
of, such special purpose vehicle and to make investments or obtain financing through such special purpose vehicle in accordance
with applicable law. The Company also grants to the Adviser the power and authority to engage in all activities and transactions
(and anything incidental thereto) that the Adviser deems, in its sole discretion, appropriate, necessary or advisable to carry
out its duties pursuant to this Agreement.

 

(d) Acceptance
of Appointment. The Adviser hereby accepts such appointment and agrees during the term hereof to render the services described
herein for the compensation provided herein, subject to the limitations contained herein.

 

    	 	- 2 -	 

     

    

 

(e) Sub-Advisers.
Subject to the requirements of the 1940 Act, the Adviser is hereby authorized, but not required, to enter into one or more sub-advisory
agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the
services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may
retain a Sub-Adviser to recommend specific securities or other investments based upon the Company’s investment objective
and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition, retention
or disposition of such investments and monitoring investments on behalf of the Company, subject in all cases to the oversight of
the Adviser and the Company. The Adviser, and not the Company, shall be responsible for any compensation payable to any Sub-Adviser.
Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the 1940 Act, the Advisers
Act and other applicable federal and state law.

 

(f) Independent
Contractor Status. The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, except
as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise
be deemed an agent of the Company.

 

(g) Record
Retention. Subject to review by and the overall control of the Board of Directors, the Adviser shall maintain and keep all
books, accounts and other records of the Adviser that relate to activities performed by the Adviser hereunder as required under
the 1940 Act and the Advisers Act, shall specifically maintain all books and records with respect to the Company’s portfolio
transactions, and shall render to the Board of Directors such periodic and special reports as the Board of Directors may reasonably
request. The Adviser agrees that all records that it maintains and keeps for the Company shall at all times remain the property
of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered to the Company upon
the termination of this Agreement or otherwise on written request by the Company, provided that the Adviser may retain copies of
such records.

 

Section 2. Expenses
Payable by the Company.

 

(a) Adviser
Personnel. All investment personnel of the Adviser, when and to the extent engaged in providing investment advisory services,
and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for
by the Adviser and not by the Company.

 

(b) Company’s
Costs. Subject to the limitations on expense reimbursement of the Adviser as set forth in Sections 2(a) and (c), the Company,
either directly or through reimbursement to the Adviser, shall bear all costs and expenses of its investment operations and its
investment transactions, including costs and expenses relating to:

 

		(i)	initial organization costs incurred prior to the commencement of the Company’s operations;

 

		(ii)	operating costs incurred prior to the commencement of the Company’s operations;

 

		(iii)	costs of calculating the Company’s net asset value, including the cost and expenses of any
independent valuation firm;

 

		(iv)	distribution and shareholder servicing fees payable to the Company’s dealer manager and financial
intermediaries;

 

    	 	- 3 -	 

     

    

 

		(v)	fees and expenses payable to third parties, including consultants or other advisors, relating to
making investments, including the Adviser’s or its affiliates’ travel expenses, research costs and out-of-pocket fees
and expenses associated with performing due diligence and reviews of prospective investments;

 

		(vi)	the Company’s allocable share of costs associated with technology-related expenses, including
any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors or
affiliates of the Adviser that is used for the Company, technology service providers and related software/hardware utilized in
connection with the Company’s investment and operational activities;

 

		(vii)	interest expense and other costs associated with the Company’s indebtedness;

 

		(viii)	transfer agent and custodial fees;

 

		(ix)	out-of-pocket fees and expenses associated with marketing efforts;

 

		(x)	federal and state registration fees and any stock exchange listing fees;

 

		(xi)	U.S. federal, state and local taxes;

 

		(xii)	the fees and expenses of each member of the Board of Directors who is not an “interested
person” the Company and the Adviser (such members of the Board of Directors are collectively referred to herein as the “Independent
Directors”);

 

		(xiii)	brokerage commissions and markups;

 

		(xiv)	fidelity bond, directors’ and officers’ liability insurance and other insurance premiums;

 

		(xv)	direct costs, such as printing, mailing, long distance telephone and staff;

 

		(xvi)	fees and expenses associated with independent audits and outside legal costs;

 

		(xvii)	costs associated with the Company’s reporting and compliance obligations under the Exchange
Act, the 1940 Act and other applicable U.S. federal and state securities laws; and

 

		(xviii)	all other expenses incurred by the Adviser in its capacity as the administrator or the Company
in connection with administering the Company’s business, including payments under the administration agreement (the “Administration
Agreement”) that will be based upon the Company’s allocable portion (subject to the review and approval of the
Board) of overhead, including rent and the allocable portion of the cost of the Corporation’s chief compliance officer and
chief financial officer and their respective staffs.

 

    	 	- 4 -	 

     

    

 

To the extent that
expenses borne by the Company are paid by the Adviser, or its affiliates, the Company will reimburse the Adviser for such expenses.

 

(c) Portfolio
Company’s Compensation. In certain circumstances the Adviser or any of its respective affiliates may receive compensation
from a portfolio company, in connection with the Company’s investment in such portfolio company. Any compensation received
by the Adviser or any of its affiliates attributable to the Company’s investment in any portfolio company, in excess of any
of the limitations in or exemptions granted from the 1940 Act, any interpretation thereof by the staff of the SEC, or the conditions
set forth in any exemptive relief granted to the Adviser or the Company by the SEC, shall be delivered promptly to the Company
and the Company will retain such excess compensation for the benefit of its shareholders.

 

Section 3. Compensation
of the Adviser.

 

The Company agrees
to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management
fee (“Base Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth.
Any of the fees payable to the Adviser under this Agreement for any partial calendar quarter shall be appropriately prorated based
on the actual number of days elapsed during such partial quarter as a fraction of the number of days in the relevant calendar year.
The Corporation shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise
direct. To the extent permitted by applicable law, the Adviser may elect, or adopt a deferred compensation plan pursuant to which
it may elect to defer all or a portion of its fees hereunder for a specified period of time.

 

(a) Base
Management Fee. The Base Management Fee is calculated at an annual rate of 1.0% of the average of the weighted average (based
on the number of shares outstanding each day in the quarter) of the Company’s gross assets (including assets funded with
borrowings) at the end of each of the two most recently completed calendar quarters. For the Company’s first quarter, the
Base Management Fee is calculated based on the weighted average of the Company’s gross assets as of such quarter-end. The
Base Management Fee for any partial quarter will be pro-rated based on the number of days actually elapsed in that quarter relative
to the total number of days in such quarter.

 

(b) Incentive
Fee. The Incentive Fee shall consist of two parts—an incentive fee based on income and an incentive fee based on capital
gains, as follows:

 

(i) The
part of the Incentive Fee based on income (“Income Fee”) will be calculated and payable quarterly in arrears
commencing with the first calendar quarter following the Company’s election to be regulated as a BDC, and equals 15% of the
pre-incentive fee net investment income in excess of a 1.5% quarterly (6% annually) (“Hurdle Rate”).

 

    	 	- 5 -	 

     

    

 

Pre-incentive fee net
investment income means interest income, dividend income and any other income (including any other fees, such as commitment, origination,
structuring, diligence, managerial and consulting fees or other fees the Company receives from portfolio companies) that the Company
accrues, minus the Company’s operating expenses for the quarter (including the Base Management Fee, expenses payable under
the Administration Agreement the Company has entered into with the Administrator, and any interest expense and dividends paid on
any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based
incentive fee accrued under GAAP). Pre-incentive fee net investment income also includes, in the case of investments with a deferred
interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued
income that the Company has not yet received in cash. The Investment Advisor is not under any obligation to reimburse the Company
for any part of the Income Fee it received that was based on accrued interest that the Company never actually received.

 

(ii) The
second part of the Incentive Fee (“Capital Gains Fee”) will be determined and payable in arrears in cash as
of the end of each calendar year (or upon termination of this Agreement as set forth below), and will equal 15% of the Company’s
realized capital gains on a cumulative basis from the Company’s election to be regulated as a BDC through the end of the
calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the
aggregate amount of any previously paid Capital Gains Fees.

 

In determining the
Capital Gains Fee, the Company will calculate the cumulative aggregate realized capital gains and cumulative aggregate realized
capital losses since inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable,
with respect to each of the investments in its portfolio. For this purpose, cumulative aggregate realized capital gains, if any,
equals the sum of the differences between the net sales price of each investment, when sold, and the original cost of such investment
since the Company’s inception. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net
sales price of each investment, when sold, is less than the original cost of such investment since the Company’s inception.
Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment
as of the applicable calculation date and the original cost of such investment. At the end of the applicable year, the amount of
capital gains that serves as the basis for the Company’s calculation of the capital gains incentive fee equals the cumulative
aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation,
with respect to its portfolio of investments.

 

Section 4. Covenant
of the Adviser.

 

The Adviser covenants
that it is or will be registered as an investment adviser under the Advisers Act on the effective date of this Agreement, and shall
maintain such registration until the expiration or termination of this Agreement. The Adviser agrees that its activities shall
at all times comply in all material respects with all applicable federal and state laws governing its operations and investments.

 

    	 	- 6 -	 

     

    

 

Section 5. Brokerage
Commissions.

 

The Adviser is hereby
authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities
exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission
another member of such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines
in good faith, taking into account factors, including without limitation, price (including the applicable brokerage commission
or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and
skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage
and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its
overall responsibilities with respect to the Company’s portfolio, and is consistent with the Adviser’s duty to seek
the best execution on behalf of the Company.

 

Section 6. Proxy
Voting. 

 

The Adviser shall be
responsible for voting any proxies solicited by an issuer of securities held by the Company in the best interest of the Company
and in accordance with the Adviser’s proxy voting policies and procedures, as any such proxy voting policies and procedures
may be amended from time to time. The Company has been provided with a copy of the Adviser’s proxy voting policies and procedures
and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken
on behalf of the Company.

 

Section 7. Other
Activities of the Adviser.

 

The services of the
Adviser to the Company are not, and shall not be exclusive, and the Adviser may engage in any other business or render similar
or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment-based
accounts or commingled pools of capital, however structured, having investment objectives similar to or different from those of
the Company, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer, director, shareholder
(and their shareholders or members, including the owners of their shareholders or members), officer or employee of the Adviser
to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar
or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director
of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable law). The
Adviser assumes no responsibility under this Agreement other than to render the services set forth herein. So long as this Agreement
or any extension, renewal or amendment hereof remains in effect, the Adviser shall be the only investment adviser for the Company,
subject to the Adviser’s right to enter into sub-advisory agreements. It is understood that directors, officers, employees
and stockholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees,
partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders,
members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as stockholders or
otherwise.

 

    	 	- 7 -	 

     

    

 

Section 8. Responsibility
of Dual Directors, Officers and/or Employees.

 

If any person who is
a manager, partner, officer or employee of the Adviser is or becomes a director, officer, and/or employee of the Company and acts
as such in any business of the Company, then such manager, partner, officer, and/or employee of the Adviser shall be deemed to
be acting in such capacity solely for the Company, and not as a manager, partner, officer, or employee of the Adviser or under
the control or direction of the Adviser, even if paid by the Adviser.

 

Section 9. Limitation
of Liability of the Adviser; Indemnification.

 

The Adviser (and its
managers, partners, officers, employees, agents, controlling persons, members and any other person or entity affiliated with the
Adviser) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance
of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company, except to the extent
specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined
by judicial proceedings) with respect to the receipt of compensation for services, and the Company shall indemnify, defend and
protect the Adviser (and its managers, partners, officers, employees, agents, controlling persons, members and any other person
or entity affiliated with the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified
Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable
attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending,
threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the
Company or its security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or
obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence of
this Section 9 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against
or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its
security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties
and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or
guidance by the Securities and Exchange Commission or its staff thereunder). Notwithstanding anything contrary in this Agreement,
for so long as the Company is subject to the 1940 Act, the Company shall not advance an Indemnified Party any expenses to the extent
such advancement would violate the 1940 Act.

 

Section 10. Effectiveness,
Duration and Termination of Agreement.

 

(a) Term
and Effectiveness. This Agreement shall become effective as of the first date written
above. Once effective, this Agreement shall remain in effect for two years, and thereafter shall continue automatically
for successive one-year periods; provided that such continuance is specifically approved at least annually by: (i) the vote of
the Board of Directors, or by the vote of a majority of the outstanding voting securities of the Company and (ii) the vote of a
majority of the Independent Directors, in accordance with the requirements of the 1940 Act.

 

    	 	- 8 -	 

     

    

 

(b) Termination.
This Agreement may be terminated at any time, without the payment of any penalty, (i) by the Company upon 60 days’ prior
written notice to the Adviser: (A) upon the vote of a “majority of the outstanding voting securities” of the Company
(as defined in Section 2(a)(42) of the 1940 Act) or (B) by the vote of the Independent Directors; or (ii) by the Adviser
upon not less than 60 days’ prior written notice to the Company. This Agreement shall automatically terminate in the event
of its “assignment” (as such term is defined for purposes of construing Section 15(a)(4) of the 1940 Act). The
provisions of Sections 9 and 10 shall remain in full force and effect, and the Adviser shall remain entitled to the benefits
thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement
as aforesaid, the Adviser shall be entitled to any amounts owed to it under Section 3 through the date of termination or expiration
and Sections 9 and 10 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent
applicable.

 

Section 11. Notices.

 

Any notice under this
Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at the address listed
below or at such other address for a party as shall be specified in a notice given in accordance with this Section.

 

Section 12. Amendments.

 

This Agreement may
be amended by mutual written consent of the parties; provided that the consent of the Company is required to be obtained in conformity
with the requirements of the 1940 Act.

 

Section 13. Severability.

 

If any provision of
this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to
be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability
shall not affect the remainder hereof.

 

Section 14. Counterparts.

 

This Agreement may
be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one
and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

 

Section 15. Governing
Law.

 

Notwithstanding the
place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the
laws of the State of Maryland. For so long as the Company is regulated as a BDC under the 1940 Act, this Agreement shall also be
construed in accordance with the applicable provisions of the 1940 Act and the Advisers Act. In such case, to the extent the applicable
laws of the State of Maryland or any of the provisions herein conflict with the provisions of the 1940 Act or the Advisers Act,
the 1940 Act and the Advisers Act shall control.

 

    	 	- 9 -	 

     

    

 

Section 16. Third
Party Beneficiaries.

 

Except for any Sub-Adviser
and any Indemnified Party, such Sub-Adviser and the Indemnified Parties each being an intended beneficiary of this Agreement, this
Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing herein express or implied shall
give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder.

 

Section 17. Entire
Agreement.

 

This Agreement contains
the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject
matter hereof.

 

(signature page follows)

 

    	 	- 10 -	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed on the date above written.

 

	 	STEELE CREEK CAPITAL CORPORATION
	 	112 West 34th Street
	 	New York, NY 10001
	 	 	 
	 	By:	 
	 	Name: 	Marie Bober
	 	Title:	Chief Compliance Officer
	 	 	 
	 	STEELE CREEK INVESTMENT MANAGEMENT LLC
	 	112 West 34th Street
	 	New York, NY 10001
	 	 	 
	 	By:	 
	 	Name:	Glenn Duffy 
	 	Title:	Chief  Investment Officer

 

[Signature Page to Investment Advisory
Agreement]

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