Document:

EX-10.1

 Exhibit 10.1 

TERRENO REALTY CORPORATION 

AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN 

1.    Purpose 
 This
Amended and Restated Long-Term Incentive Plan (the “Plan”) is intended to provide an incentive for superior work and to motivate executives and employees of Terreno Realty Corporation (the “Company”) toward even
higher achievement and business results, to tie their goals and interests to those of the Company and its stockholders and to enable the Company to attract and retain highly qualified executives and employees. The Plan is for the benefit of
Participants (as defined below). 
 2.    Definitions 

For purposes of this Plan: 

(a)    “Award” means a grant to a Participant hereunder. 

(b)    “Award Notice” means a notice or agreement provided to a Participant that sets forth the terms,
conditions and limitations of the Participant’s participation in this Plan, including, without limitation, the Participant’s Target Award. 

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

(d)    “Closing Index Value” means, with respect to each Performance Measurement Index, the Performance
Measurement Index Value as of the last day of any Performance Measurement Period. 
 (e)    “Closing Stock
Price” means the Stock Price as of the last day of any Performance Measurement Period. 

(f)    “Code” means Internal Revenue Code of 1986, as amended. 

(g)    “Committee” means the Compensation Committee of the Board. 

(h)    “Effective Date” means January 1, 2019. 

(i)    “FTSE NAREIT Equity Industrial Index” means the FTSE NAREIT Equity Industrial Index, or, in the
event such index is discontinued or its methodology significantly changed, a comparable index selected by the Committee in good faith. 

(j)    “Initial Index Value” means, with respect to each Performance Measurement Index, the Performance
Measurement Index Value as of the first day of any Performance Measurement Period. 
 (k)    “Initial Stock
Price” means the Stock Price as of the first day of any Performance Measurement Period. 

 (l)    “MSCI US REIT Index” means the MSCI US REIT
Index (RMS), or, in the event such index is discontinued or its methodology significantly changed, a comparable index selected by the Committee in good faith. 

(m)    “Participant” means an executive or employee of the Company selected by the Committee to
participate in the Plan. 
 (n)    “Performance Measurement Indexes” means the MSCI US REIT Index (RMS)
and the FTSE NAREIT Equity Industrial Index. 
 (o)    “Performance Measurement Index Value” for each
Performance Measurement Index means, with respect to any date, the average value of such Performance Measurement Index for the ten consecutive trading days immediately preceding such date. 

(p)    “Performance Measurement Period” means, a three calendar year period commencing on January 1,
2019 and each January 1 thereafter while this Plan is effective, and concluding on December 31 of the second calendar year thereafter. 

(q)    “Stock” means the Company’s common stock, par value $0.01 per share. 

(r)    “Stock Price” means, as of a particular date, the average closing price of one share of Stock for
the ten consecutive trading days ending on, and including, such date (or, if such date is not a trading day, the most recent trading day immediately preceding such date). 

(s)    “Target Award” means a Participant’s target award for each Performance Measurement Period
with respect to each Performance Measurement Index, as set forth in the Participant’s Award Notice. 

(t)    “Total Shareholder Return” means, with respect to a Performance Measurement Period, the compound,
annualized percentage return per share achieved by the Stock assuming contemporaneous reinvestment in the Stock of all dividends and other distributions (excluding dividends and distributions paid in the form of additional shares of Stock) at the
closing price of one share of Stock on the date such dividend or other distribution was paid, based on the Initial Stock Price and the Closing Stock Price for such Performance Measurement Period. 

3.    Administration 

(a)    The Plan shall be administered by the Committee. The Committee shall have the discretionary authority to make all
determinations (including, without limitation, the interpretation and construction of the Plan and the determination of relevant facts) regarding the entitlement to any Award hereunder and the amount of any Award to be paid under the Plan (including
the number of shares of Stock issuable to any Participant), provided such determinations are made in good faith and are consistent with the purpose and intent of the Plan. In particular, but without limitation and subject to the foregoing, the
Committee shall have the authority: 
 (i)    to select Participants under the Plan; 

  
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 (ii)    to determine each Target Award and any formula or criteria for
the determination of each Target Award for each Participant; 
 (iii)    to determine the terms and conditions, not
inconsistent with the terms of this Plan, which shall govern Award Notices and all other written instruments evidencing an Award hereunder, including the waiver or modification of any such conditions; 

(iv)    to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from
time to time deem advisable; and 
 (v)    to interpret the terms and provisions of the Plan and any Award granted under
the Plan (and any Award Notices or other agreements relating thereto) and to otherwise supervise the administration of the Plan. 

(b)    Notwithstanding anything herein to the contrary, the Committee may, in its discretion, make appropriate adjustments
to any Award, any Target Award, any Initial Stock Price, any Closing Stock Price, the target performance levels for any Performance Measurement Period or the Total Shareholder Return for any period in connection with or as a result of any of the
following events which occur or have occurred after the Effective Date: reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split or other similar change in the Company’s capital stock, if the
outstanding shares of Stock are increased or decreased or are exchanged for a different number or kind of shares or other securities of the Company, or additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed with respect to such shares of Stock or other securities. 

(c)    Subject to the terms hereof, all decisions made by the Committee pursuant to the Plan shall be final, conclusive
and binding on all persons, including the Company and the Participants. No member of the Board or the Committee, nor any officer or employee of the Company acting on behalf of the Board or the Committee shall be personally liable for any action,
determination or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or Committee and each and any officer or employee of the Company acting on their behalf shall, to the extent permitted by law, be
fully indemnified and protected by the Company in respect of any such action, determination or interpretation. 
 4.    Determination
and Payment of Awards 
 (a)    Each Participant’s Award Notice shall specify such Participant’s Target
Award with respect to each Performance Measurement Index. The Target Award will be expressed as a number of shares of Stock and may apply for all or a specified number of Performance Measurement Periods, each as determined in the sole discretion of
the Committee. 
 (b)    The number of shares of Stock of a Participant’s Award hereunder shall be determined based
on Total Shareholder Return for each Performance Measurement Period relative to the compound, annualized percentage return of each Performance Measurement Index for such period. The compound, annualized percentage return of each Performance
Measurement Index shall be established by comparing the Initial Index Value to the Closing Index Value. Unless otherwise specified in an Award Notice, (i) 50 percent of the Award shall be calculated with reference to Total Shareholder
Return relative to the compound, annualized 

  
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percentage return of the MSCI US REIT Index (RMS), and (ii) the remaining 50 percent of the Award shall be calculated with reference to Total Shareholder Return relative to the
compound, annualized percentage return of the FTSE NAREIT Equity Industrial Index. 
 (c)    The actual value of a
Participant’s Award hereunder shall be determined at the conclusion of a Performance Measurement Period, as follows: 

(i)    If Total Shareholder Return for the Performance Measurement Period is less than the compound,
annualized percentage return of a Performance Measurement Index for such period, Participants shall not receive an Award with respect to the Target Award calculated with reference to such Performance Measurement Index. 

(ii)    If Total Shareholder Return for the Performance Measurement Period equals or exceeds the compound,
annualized percentage return of a Performance Measurement Index for such period, Participants shall receive an Award equal to the Target Award for such Performance Measurement Index. 

(iii)    If Total Shareholder Return for the Performance Measurement Period exceeds the compound,
annualized percentage return of a Performance Measurement Index by 100 basis points or more, Participants shall receive an Award equal to 300 percent of the Target Award for such Performance Measurement Index. 

(iv)    If Total Shareholder Return for the Performance Measurement Period exceeds the compound,
annualized percentage return of a Performance Measurement Index for such period but the excess is less than 100 basis points, the size of Awards granted to Participants with respect to such Performance Measurement Index shall be determined by linear
interpolation. By way of illustration only, if the compound, annualized return excess performance is 50 basis points, Participants shall receive an Award equal to 200% of the Target Award. 

(v)    Notwithstanding the foregoing, if Total Shareholder Return for the Performance Measurement Period
is negative the value of each Participant’s Award, as determined pursuant to Section 4(c)(ii), (iii) and (iv), above, shall be reduced by 50 percent. 

(d)    The number of shares of Stock of Participant’s Awards shall be determined by the Committee as soon as
practicable following the conclusion of the relevant Performance Measurement Period. Following determination of such amounts, the Company shall issue to each Participant a number of shares of Stock equal to the number of shares of Stock of each
Participant’s Award. The shares of Stock shall be issued between January 1 and March 15 of the calendar year that follows the conclusion of the relevant Performance Measurement Period. 

5.    Termination of Employment 

Unless otherwise provided in any Award Notice or in an individual written agreement between the Company and the Participant, if at any time
prior to the end of a Performance Measurement Period a Participant’s employment or other service relationship with the Company terminates for any reason, such Participant shall forfeit the right to receive any payment or Award not paid
to the Participant as of the date of termination of employment or other service relationship. 

  
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 6.    Miscellaneous 

(a)    Amendment and Termination. The Company reserves the right to amend or terminate the Plan at any time in its
discretion without the consent of any Participants, but no such amendment shall adversely affect the rights of the Participants with regard to outstanding Awards. In the event the Plan is terminated, the Company shall determine the Awards payable to
Participants based on the Total Shareholder Return relative to the Performance Measurement Indexes for each Performance Measurement Period ending on the date of Plan termination. The Awards for each Performance Measurement Period shall be further
prorated to reflect the shortened Performance Measurement Period. 
 (b)    No Contract for Continuing Services.
This Plan shall not be construed as creating any contract for continued services between the Company or any of its subsidiaries and any Participant and nothing herein contained shall give any Participant the right to be retained as an employee or
consultant of the Company or any of its subsidiaries. 
 (c)    No Transfers. A Participant’s rights in an
interest under the Plan may not be assigned or transferred. 
 (d)    Unfunded Plan. The Plan shall be unfunded
and shall not create (or be construed to create) a trust or separate fund. Likewise, the Plan shall not establish any fiduciary relationship between the Company or any of subsidiaries or affiliates and any Participant. To the extent that any
Participant holds any rights by virtue of an award under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company or any of its subsidiaries. 

(e)    Governing Law. The Plan and each Award Letter awarded under the Plan shall be construed in accordance with
and governed the laws of the State of California, without regard to principles of conflict of laws of such state. 

(f)    Tax Withholding. Any issuance of shares of Stock, or payment of cash pursuant to Section 4(d) of the
Plan, to a Participant shall be subject to tax withholding. Each Participant shall, no later than the date as of which the value of an Award or of any Stock or other amounts received thereunder first becomes includable in the gross income of the
Participant for Federal income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld by the Company with respect
to such income. In connection with the issuance of shares of Stock in settlement of an Award, the tax withholding obligation may, at the election of the Participant, be satisfied in whole or in part through a net issuance of shares, and the Company
shall withhold from shares of Stock to be issued to the Participant a number of shares of Stock with an aggregate fair market value that would satisfy the withholding amount due. 

  
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 (g)    Construction. Wherever appropriate, the use of the
masculine gender shall be extended to include the feminine and/or neuter or vice versa; and the singular form of words shall be extended to include the plural; and the plural shall be restricted to mean the singular. 

(h)    Headings. The Section headings and Section numbers are included solely for ease of reference. If there is
any conflict between such headings or numbers and the text of this Plan, the text shall control. 
 (i)    Effect on
Other Plans. Nothing in this Plan shall be construed to limit the rights of Participants under the Company’s or its subsidiaries’ benefit plans, programs or policies. 

(j)    Effective Date. The Plan shall be effective as of the Effective Date. 

  
 6Exhibit 10.44

 

EXECUTION VERSION

 

SIXTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT

 

SIXTH AMENDMENT TO CREDIT AND SECURITY AGREEMENT (this “Sixth Amendment”) dated December 7, 2018, by and among MVC CAPITAL, INC., a corporation formed under the laws of the State of Delaware (the “Borrower”), MVC FINANCIAL SERVICES, INC., a corporation formed under the laws of the State of Delaware, MVC CAYMAN, an exempted company incorporated under the laws of the Cayman Islands, MVC GP II, LLC, a limited liability company formed under the laws of the State of Delaware, and MVC PARTNERS LLC, a limited liability company formed under the laws of the State of Delaware, (collectively, the “Guarantors”, and each a “Guarantor”), the financial institutions or entities from time to time parties to the Loan Agreement (as such term is defined herein) (collectively, the “Lenders”, and each a “Lender”), and SANTANDER BANK, N.A., as agent (the “Agent”), and WINTRUST BANK, as syndication agent (“Wintrust”).

 

BACKGROUND

 

WHEREAS, Borrower, Lenders and Agent are parties to a Credit and Security Agreement dated as of December 9, 2015 (as same has been and may be further modified, amended, supplemented and/or restated from time to time, the “Credit Agreement”). Capitalized terms used herein shall have the meanings given to them in the Credit Agreement unless otherwise specified.

 

WHEREAS, Borrower has requested that the Agent and the Lenders amend the Credit Agreement as described in this Sixth Amendment.

 

WHEREAS, Agent and Lenders are willing to amend certain terms and conditions of the Credit Agreement and grant the requested waivers as set forth herein.

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows:

 

1.             Amendments to Credit Agreement.  As of the date hereof, the Credit Agreement is amended as follows:

 

(1)           Definitions.  Section 1.1 of the Credit Agreement is amended by the deletion or the amendment and restatement of the following definitions, as applicable, to read in their entirety as follows:

 

(a)       the definition of Borrowing Base is hereby deleted and amended and restated in its entirety to read as follows:

 

“Borrowing Base” means, at any time of calculation, an amount equal to:

 

(a)           Sixty-five percent (65%) multiplied by the lower of (i) the outstanding principal balance or (ii) the Fair Market Value, of all Eligible Senior Debt Investments; plus

 

 

(b)           Fifty percent (50%) multiplied by the lower of (i) the outstanding principal balance or (ii) the Fair Market Value, of all Eligible Subordinate Debt Investments; minus

 

(c)           the face amount of all issued and outstanding Letters of Credit; minus

 

(d)           Reserves; minus

 

(e)           the Availability Block minus

 

(f)            the Special Availability Block.

 

(b)       the definition of Liquidity is hereby deleted and amended and restated in its entirety to read as follows:

 

““Liquidity” means, at any time, the sum of (a) Excess Availability at such time plus (b) the aggregate amount of Pledged Cash at such time plus (c) the Special Availability Block at such time minus (c) the Required Pledged Cash Amount at such time.”

 

(c)       the definition of Maturity Date is hereby deleted and amended and restated in its entirety to read as follows:

 

““Maturity Date” means March 9, 2019.”

 

(2)           Section 1.1 of the Credit Agreement is amended by addition of the following definitions which shall be inserted in the appropriate alphabetical order, to read in their entirety as follows:

 

““Extension Date” means December 9, 2018.”

 

““Sixth Amendment Closing Date” means December 7, 2018.”

 

““Special Availability Block” means:

 

(a)           commencing on the Sixth Amendment Closing Date and ending on the date that is forty-five (45) days after the Extension Date, Five Million Dollars ($5,000,000);

 

(b)           commencing on the forty-sixth (46th) day after the Extension Date and through and including the seventy-fifth (75th) day after the Extension Date, Ten Million Dollars ($10,000,000); and

 

(c)           commencing on the seventy-sixth (76th) day after the Extension Date and at all times thereafter the Special Availability Block shall equal the amount necessary to reduce the Borrowing Base to an amount equal to the sum of (i) Five Million Dollars ($5,000,000) plus (ii) the face amount of all issued and outstanding Letters of Credit.

 

2

 

Notwithstanding anything herein to the contrary, the Special Availability Block shall not reduce the Borrowing Base when calculating Excess Availability for purposes of Subsections (f) and (g) of Schedule 8.1 of this Credit Agreement.”

 

(3)           Section 2.3 of the Credit Agreement is hereby deleted.

 

(4)           Section 12.10(a) of the Credit Agreement is hereby amended by the insertion of the words “Special Availability Block,” between “Availability Block” and “Borrowing Base” therein.

 

(5)           Schedule 8.1 of the Credit Agreement is hereby amended by the deletion of Subsection 8.1(d) (iii).

 

1.3          No Other Changes. Except as explicitly amended by this Sixth Amendment, all of the terms and conditions of the Credit Agreement shall remain in full force and effect and shall apply to all Revolving Loans and Letters of Credit thereunder.

 

2.             Conditions.

 

(1)           Conditions Precedent. This Sixth Amendment shall be effective when the Agent shall have received an executed copy hereof and each of the following documents (collectively, the “Sixth Amendment Documents”):

 

(a)       this Sixth Amendment duly executed;

 

(b)       the Acknowledgment and Agreement of Guarantors set forth at the end of this Sixth Amendment, duly executed by the Guarantor; and

 

(c)       payment of an amendment fee to the Agent for the benefit of the Lenders in an amount equal to Two Hundred Thousand Dollars ($200,000) which fee shall be fully earned, irrevocable, due and payable on the Sixth Amendment Closing Date.

 

(2)           Conditions Subsequent.   Following the date of the Sixth Amendment Closing Date, the Borrower agrees:

 

(a)       If the Lenders have not received payment in full of the Obligations on or before the sixth (60th) day after the Extension Date, the Borrower shall pay to the Agent for the benefit of the Lenders an additional amendment fee in an amount equal to One Hundred Fifty Thousand Dollars ($150,000), which fee shall be fully earned, irrevocable, due and payable on the sixty-first (61st) day after the Extension Date.

 

(b)       If the Borrower has paid the fee in subsection (a) hereinabove and the Lenders have not received payment in full of the Obligations on or before the seventy-fifth (75th) day after the Extension Date, the Borrower shall pay to the Agent for the benefit of the Lenders a second additional amendment fee in an amount equal to Two Hundred Thousand Dollars ($200,000) which fee shall be fully earned, irrevocable, due and payable on the seventy-sixth (76th) day after the Extension Date.

 

3.             Representations and Warranties. Borrower hereby represents and warrants to

 

3

 

Agent and Lenders as follows:

 

(a)       Borrower has all requisite power and authority to execute this Sixth Amendment and to perform all of its obligations hereunder, and the Sixth Amendment has been duly executed and delivered by Borrower and constitute the legal, valid and binding obligation of Borrower, enforceable in accordance with their terms, subject to applicable Federal and state bankruptcy and insolvency laws affecting generally the rights of creditors.

 

(b)       The execution, delivery and performance by Borrower of this Sixth Amendment have been duly authorized by all necessary corporate action and do not (i) require any authorization, consent or approval by any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) violate any provision of any law, rule or regulation or of any order, writ, injunction or decree presently in effect, having applicability to Borrower, or the certificate of incorporation or bylaws of Borrower, or (iii) result in a breach of or constitute a default under any indenture or loan or Credit Agreement or any other agreement, lease or instrument to which Borrower is a party or by which it or its properties may be bound or affected.

 

(c)           All of the representations and warranties contained in the Credit Agreement are correct in all material respects on and as of the date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date.

 

4.             References. All references in the Credit Agreement to the “Agreement” shall be deemed to refer to the Credit Agreement as amended hereby; and any and all references in the Loan Documents to the Credit Agreement shall be deemed to refer to the Credit Agreement as amended hereby.

 

5.             No Waiver.  The execution of this Sixth Amendment and of any documents related hereto shall not be deemed to be a waiver of any Default or Event of Default under the Credit Agreement or breach, default or event of default under any Loan Documents or other document held by Agent or Lenders, whether or not known to Agent or Lenders and whether or not existing on the date of this Sixth Amendment.

 

6.             Release.  Borrower and Guarantors by signing the Acknowledgment and Agreement of Guarantors set forth below, each hereby absolutely and unconditionally releases and forever discharges the Agent, Lenders and L/C Issuers, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which Borrower or Guarantors has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Sixth Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown.

 

4

 

7.             Costs and Expenses. Borrower hereby reaffirms its agreement under the Credit Agreement to pay or reimburse Agent, Lenders and L/C Issuer on demand for all reasonable costs and expenses incurred by Agent, Lenders and L/C Issuer in connection with the Loan Documents, including without limitation all reasonable fees and disbursements of legal counsel. Without limiting the generality of the foregoing, Borrower specifically agrees to pay all reasonable fees and disbursements of counsel to Agent, Lenders and L/C Issuer for the services performed by such counsel in connection with the preparation of this Sixth Amendment and the documents and instruments incidental hereto.  Borrower hereby agrees that Agent may, at any time or from time to time in its sole discretion and without further authorization by Borrower, make an Advance to Borrower under the Credit Agreement, or apply the proceeds of any Advance, for the purpose of paying any such fees, disbursements, costs and expenses.

 

8.           Miscellaneous. This Sixth Amendment and the Acknowledgment and Agreement of Guarantors may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Sixth Amendment by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Sixth Amendment.

 

[SIGNATURE PAGE FOLLOWS]

 

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Sixth Amendment to be duly executed as of the date first written above.

 

	
 
    	
MVC CAPITAL, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael T. Tokarz
    
	
 
    	
Name:
    	
MICHAEL T. TOKARZ
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SANTANDER BANK, N.A.,
    
	
 
    	
as Agent and as a Lender
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Pierre A. Desbiens
    
	
 
    	
Name:
    	
PIERRE A. DESBIENS
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jeffrey G. Millman
    
	
 
    	
Name:
    	
JEFFREY G. MILLMAN
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WINTRUST   BANK, as Lender
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ John Paul Hillis
    
	
 
    	
Name:
    	
JOHN PAUL HILLIS
    
	
 
    	
Title:
    	
SVP
    

 

 

ACKNOWLEDGMENT AND AGREEMENT OF GUARANTORS

 

The undersigned, each a Guarantor of the Indebtedness of MVC Capital, Inc. (the “Borrower”) to Santander Bank, N.A. ( “Agent”) for itself, as a lender, and as agent for the other lenders (the “Lenders”) signatory to that certain Credit and Security Agreement dated as of December 9, 2015 by and among the Borrower, the Lenders, and the Agent, pursuant to the Guaranty Agreement dated as of December 9, 2015 (the “Guaranty”), hereby (i) acknowledges receipt of the foregoing amendment; (ii) consents to the terms and execution thereof; (iii) reaffirms its obligations to Agent, Lenders or L/C Issuer pursuant to the terms of the Guaranty; and (iv) acknowledges that the Agent and Lenders may amend, restate, extend, renew or otherwise modify the Credit Agreement and any indebtedness or agreement of the Borrower, or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of the undersigned and without impairing the liability of the undersigned under the Guaranty for all of the Borrower’s present and future indebtedness to the Agent and Lenders.

 

	
 
    	
MVC   FINANCIAL SERVICES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael T. Tokarz
    
	
 
    	
Name:
    	
MICHAEL   T. TOKARZ
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MVC   CAYMAN
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael T. Tokarz
    
	
 
    	
Name:
    	
MICHAEL   T. TOKARZ
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MVC   GP II, LLC
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ James Pinto
    
	
 
    	
Name:
    	
JAMES   PINTO
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
MVC   PARTNERS LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael T. Tokarz
    
	
 
    	
Name:
    	
MICHAEL   T. TOKARZ
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
Date:  December 7,   2018

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