Document:

Exhibit
10.1

 

CELSION CORPORATION

 

THIRD
AMENDMENT TO THE 2018 STOCK INCENTIVE PLAN

 

I.
INTRODUCTION

 

1.1
Purposes. The purposes of the Celsion Corporation 2018 Stock Incentive Plan (this “Plan”) are (i) to align
the interests of the Company’s stockholders and the recipients of awards under this Plan by increasing the proprietary interest
of such recipients in the Company’s growth and success, (ii) to advance the interests of the Company by attracting and retaining
Non-Employee Directors, officers, other employees, consultants, independent contractors and agents and (iii) to motivate such persons
to act in the long-term best interests of the Company and its stockholders.

 

1.2
Certain Definitions.

 

“Affiliate”
shall mean any entity other than a Subsidiary, if the Company and/or one or more Subsidiaries own directly or indirectly not less than
fifty percent (50%) of such entity.

 

“Agreement”
shall mean the written or electronic agreement evidencing an award hereunder between the Company and the recipient of such award.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Change
in Control” shall have the meaning set forth in Section 5.8(b).

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Committee”
shall mean the Compensation Committee of the Board, or a subcommittee thereof, or such other committee designated by the Board, in each
case, consisting of two or more members of the Board, each of whom is intended to be (i) a “Non-Employee Director” within
the meaning of Rule 16b-3 under the Exchange Act and (ii) “independent” within the meaning of the rules of the Nasdaq Capital
Market or, if the Common Stock is not listed on the Nasdaq Capital Market, within the meaning of the rules of the principal stock exchange
on which the Common Stock is then traded.

 

“Common
Stock” shall mean the common stock, par value $0.01 per share, of the Company, and all rights appurtenant thereto.

 

“Company”
shall mean Celsion Corporation, a corporation organized under the laws of the State of Delaware, or any successor thereto.

 

“Effective
Date” shall have the meaning set forth in Section 5.1.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

“Fair
Market Value” shall mean the closing transaction price of a share of Common Stock as reported on the Nasdaq Capital Market
on the date as of which such value is being determined or, if the Common Stock is not listed on the Nasdaq Capital Market, the closing
transaction price of a share of Common Stock on the principal national stock exchange on which the Common Stock is traded on the date
as of which such value is being determined or, if there shall be no reported transactions for such date, on the next preceding date for
which transactions were reported; provided, however, that if the Common Stock is not listed on a national stock exchange
or if Fair Market Value for any date cannot be so determined, Fair Market Value shall be determined by the Committee by whatever means
or method as the Committee, in the good faith exercise of its discretion, shall at such time deem appropriate and in compliance with
Section 409A of the Code.

 

    	 

     

    

 

“Free-Standing
SAR” shall mean an SAR which is not granted in tandem with, or by reference to, an option, which entitles the holder thereof
to receive, upon exercise, shares of Common Stock (which may be Restricted Stock) or, to the extent set forth in the applicable Agreement,
cash or a combination thereof, with an aggregate value equal to the excess of the Fair Market Value of one share of Common Stock on the
date of exercise over the base price of such SAR, multiplied by the number of such SARs which are exercised.

 

“Incentive
Stock Option” shall mean an option to purchase shares of Common Stock that meets the requirements of Section 422 of the Code,
or any successor provision, which is intended by the Committee to constitute an Incentive Stock Option.

 

“Incumbent
Board” shall have the meaning set forth in Section 5.8(b).

 

“Non-Employee
Director” shall mean any director of the Company who is not an officer or employee of the Company or any Affiliate or Subsidiary.

 

“Nonqualified
Stock Option” shall mean an option to purchase shares of Common Stock which is not an Incentive Stock Option.

 

“Other
Stock Award” shall mean an award granted pursuant to Section 3.4 of the Plan.

 

“Performance
Award” shall mean a right to receive an amount of cash, Common Stock, or a combination of both, contingent upon the attainment
of specified Performance Measures within a specified Performance Period.

 

“Performance
Measures” shall mean the criteria and objectives, established by the Committee, which shall be satisfied or met (i) as a condition
to the grant or exercisability of all or a portion of an option or SAR or (ii) during the applicable Restriction Period or Performance
Period as a condition to the vesting of the holder’s interest, in the case of a Restricted Stock Award, of the shares of Common
Stock subject to such award, or, in the case of a Restricted Stock Unit Award, Other Stock Award or Performance Award, to the holder’s
receipt of the shares of Common Stock subject to such award or of payment with respect to such award.

 

“Performance
Period” shall mean any period designated by the Committee during which (i) the Performance Measures applicable to an award
shall be measured and (ii) the conditions to vesting applicable to an award shall remain in effect.

 

“Prior
Plan” shall mean the Celsion Corporation 2007 Stock Incentive Plan and each other equity plan maintained by the Company under
which awards are outstanding as of the effective date of this Plan.

 

“Restricted
Stock” shall mean shares of Common Stock which are subject to a Restriction Period and which may, in addition thereto, be subject
to the attainment of specified Performance Measures within a specified Performance Period.

 

“Restricted
Stock Award” shall mean an award of Restricted Stock under this Plan.

 

“Restricted
Stock Unit” shall mean a right to receive one share of Common Stock or, in lieu thereof and to the extent set forth in the
applicable Agreement, the Fair Market Value of such share of Common Stock in cash, which shall be contingent upon the expiration of a
specified Restriction Period and which may, in addition thereto, be contingent upon the attainment of specified Performance Measures
within a specified Performance Period.

 

“Restricted
Stock Unit Award” shall mean an award of Restricted Stock Units under this Plan.

 

“Restriction
Period” shall mean any period designated by the Committee during which (i) the Common Stock subject to a Restricted Stock Award
may not be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered or disposed of, except as provided in this Plan
or the Agreement relating to such award, or (ii) the conditions to vesting applicable to a Restricted Stock Unit Award or Other Stock
Award shall remain in effect.

 

“SAR”
shall mean a stock appreciation right which may be a Free-Standing SAR or a Tandem SAR.

 

    	 

     

    

 

“Stock
Award” shall mean a Restricted Stock Award, Restricted Stock Unit Award or Other Stock Award.

 

“Subsidiary”
and “Subsidiaries” shall mean only a company or companies, whether now or hereafter existing, within the meaning of
the definition of “subsidiary company” provided in Section 424(f) of the Code, or any successor thereto of similar import.

 

“Substitute
Award” shall mean an award granted under this Plan upon the assumption of, or in substitution for, outstanding equity awards
previously granted by a company or other entity in connection with a corporate transaction, including a merger, combination, consolidation
or acquisition of property or stock; provided, however, that in no event shall the term “Substitute Award”
be construed to refer to an award made in connection with the cancellation and repricing of an option or SAR.

 

“Tandem
SAR” shall mean an SAR which is granted in tandem with, or by reference to, an option (including a Nonqualified Stock Option
granted prior to the date of grant of the SAR), which entitles the holder thereof to receive, upon exercise of such SAR and surrender
for cancellation of all or a portion of such option, shares of Common Stock (which may be Restricted Stock) or, to the extent set forth
in the applicable Agreement, cash or a combination thereof, with an aggregate value equal to the excess of the Fair Market Value of one
share of Common Stock on the date of exercise over the base price of such SAR, multiplied by the number of shares of Common Stock subject
to such option, or portion thereof, which is surrendered.

 

“Tax
Date” shall have the meaning set forth in Section 5.5.

 

“Ten
Percent Holder” shall have the meaning set forth in Section 2.1(a).

 

1.3
Administration. This Plan shall be administered by the Committee except to the extent the Board elects to administer the Plan,
in which case references herein to the “Committee” shall be deemed to include references to the “Board.” Any
one or a combination of the following awards may be made under this Plan to eligible persons: (i) options to purchase shares of Common
Stock in the form of Incentive Stock Options or Nonqualified Stock Options; (ii) SARs in the form of Tandem SARs or Free-Standing SARs;
(iii) Stock Awards in the form of Restricted Stock, Restricted Stock Units or Other Stock Awards; and (iv) Performance Awards. The Committee
shall, subject to the terms of this Plan, select eligible persons for participation in this Plan and determine the form, amount and timing
of each award to such persons and, if applicable, the number of shares of Common Stock subject to an award, the number of SARs, the number
of Restricted Stock Units, the dollar value subject to a Performance Award, the purchase price or base price associated with the award,
the time and conditions of exercise or settlement of the award and all other terms and conditions of the award, including, without limitation,
the form of the Agreement evidencing the award. The Committee may, in its sole discretion and for any reason at any time, take action
such that (i) any or all outstanding options and SARs shall become exercisable in part or in full, (ii) all or a portion of the Restriction
Period applicable to any outstanding awards shall lapse, (iii) all or a portion of the Performance Period applicable to any outstanding
awards shall lapse and (iv) the Performance Measures (if any) applicable to any outstanding awards shall be deemed to be satisfied at
the target, maximum or any other level. The Committee shall, subject to the terms of this Plan, interpret this Plan and the application
thereof, establish rules and regulations it deems necessary or desirable for the administration of this Plan and may impose, incidental
to the grant of an award, conditions with respect to the award, such as limiting competitive employment or other activities. All such
interpretations, rules, regulations and conditions shall be conclusive and binding on all parties.

 

The
Committee may delegate some or all of its power and authority hereunder to the Board (or any members thereof) or, subject to applicable
law, to a subcommittee of the Board, a member of the Board, the Chief Executive Officer or other executive officer of the Company as
the Committee deems appropriate; provided, however, that the Committee may not delegate its power and authority to a member
of the Board, the Chief Executive Officer or other executive officer of the Company with regard to the selection for participation in
this Plan of an officer, director or other person subject to Section 16 of the Exchange Act or decisions concerning the timing, pricing
or amount of an award to such an officer, director or other person.

 

    	 

     

    

 

No
member of the Board or Committee, and neither the Chief Executive Officer nor any other executive officer to whom the Committee delegates
any of its power and authority hereunder, shall be liable for any act, omission, interpretation, construction or determination made in
connection with this Plan in good faith, and the members of the Board and the Committee and the Chief Executive Officer or other executive
officer shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including
attorneys’ fees) arising therefrom to the full extent permitted by law (except as otherwise may be provided in the Company’s
Certificate of Incorporation and/or By-laws) and under any directors’ and officers’ liability insurance that may be in effect
from time to time.

 

1.4
Eligibility. Participants in this Plan shall consist of such officers, other employees, Non-Employee Directors, consultants,
independent contractors, agents, and persons expected to become officers, other employees, Non-Employee Directors, consultants, independent
contractors and agents of the Company and its Affiliates and Subsidiaries as the Committee in its sole discretion may select from time
to time. The Committee’s selection of a person to participate in this Plan at any time shall not require the Committee to select
such person to participate in this Plan at any other time. Except as otherwise provided for in an Agreement, for purposes of this Plan,
references to employment by the Company shall also mean employment by an Affiliate or Subsidiary, and references to employment shall
include service as a Non-Employee Director, consultant, independent contractor or agent. The Committee shall determine, in its sole discretion,
the extent to which a participant shall be considered employed during an approved leave of absence.

 

1.5
Shares Available. Subject to adjustment as provided in Section 5.7 and to all other limits set forth in this Plan,
the number of shares of Common Stock available for all awards under this Plan, other than Substitute Awards, shall equal 14,198,424 which
is the sum of (i) 6,438,931 shares of Common Stock subject to outstanding awards and (ii) the 7,759,493 shares of Common Stock that remain
available for future grants under this Plan and the Celsion Corporation 2007 Stock Incentive Plan as of the Effective Date. All of the
shares available under the Plan may be issued under the Plan in connection with Incentive Stock Options. To the extent the Company grants
an award under the Plan, the number of shares of Common Stock that remain available for future grants under the Plan shall be reduced
by an amount equal to the number of shares subject to such award.

 

To
the extent that shares of Common Stock subject to an outstanding option, SAR, Stock Award or Performance Award granted under the Plan
or a similar type of award granted under the Prior Plan, other than Substitute Awards, are not issued or delivered by reason of (i) the
expiration, termination, cancellation or forfeiture of such award (excluding shares subject to an option cancelled upon settlement in
shares of a related Tandem SAR or shares subject to a Tandem SAR cancelled upon exercise of a related option) or (ii) the settlement
of such award in cash, then such shares of Common Stock shall again be available under this Plan; provided, however, that
shares of Common Stock subject to an award under this Plan or a Prior Plan shall not again be available for issuance under this Plan
if such shares are (x) shares that were subject to an option or stock-settled SAR and were not issued or delivered upon the net settlement
or net exercise of such option or SAR, (y) shares delivered to or withheld by the Company to pay the purchase price or the withholding
taxes related to an outstanding award or (z) shares repurchased by the Company on the open market with the proceeds of an option exercise.

 

The
number of shares of Common Stock available for awards under this Plan shall not be reduced by (i) the number of shares of Common Stock
subject to Substitute Awards or (ii) available shares under a stockholder approved plan of a company or other entity which was a party
to a corporate transaction with the Company (as appropriately adjusted to reflect such corporate transaction) which become subject to
awards granted under this Plan (subject to applicable stock exchange requirements).

 

Shares
of Common Stock to be delivered under this Plan shall be made available from authorized and unissued shares of Common Stock, or authorized
and issued shares of Common Stock reacquired and held as treasury shares or otherwise or a combination thereof.

 

    	 

     

    

 

II.
STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

 

2.1
Stock Options. The Committee may, in its discretion, grant options to purchase shares of Common Stock to such eligible persons
as may be selected by the Committee. Each option, or portion thereof, that is not an Incentive Stock Option, shall be a Nonqualified
Stock Option. To the extent that the aggregate Fair Market Value (determined as of the date of grant) of shares of Common Stock with
respect to which options designated as Incentive Stock Options are exercisable for the first time by a participant during any calendar
year (under this Plan or any other plan of the Company, or any parent or Subsidiary) exceeds the amount (currently $100,000) established
by the Code, such options shall constitute Nonqualified Stock Options.

 

Options
shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with
the terms of this Plan, as the Committee shall deem advisable:

 

(a)
Number of Shares and Purchase Price. The number of shares of Common Stock subject to an option and the purchase price per share
of Common Stock purchasable upon exercise of the option shall be determined by the Committee; provided, however, that the
purchase price per share of Common Stock purchasable upon exercise of an option shall not be less than 100% of the Fair Market Value
of a share of Common Stock on the date of grant of such option; provided further, that if an Incentive Stock Option shall be granted
to any person who, at the time such option is granted, owns capital stock possessing more than 10 percent of the total combined voting
power of all classes of capital stock of the Company (or of any parent or Subsidiary) (a “Ten Percent Holder”), the
purchase price per share of Common Stock shall not be less than the price (currently 110% of Fair Market Value) required by the Code
in order to constitute an Incentive Stock Option.

 

Notwithstanding
the foregoing, in the case of an option that is a Substitute Award, the purchase price per share of the shares subject to such option
may be less than 100% of the Fair Market Value per share on the date of grant, provided, that the excess of: (a) the aggregate Fair Market
Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate purchase
price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction
giving rise to the Substitute Award, such fair market value to be determined by the Committee) of the shares of the predecessor company
or other entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate purchase price of such
shares.

 

(b)
Option Period and Exercisability. The period during which an option may be exercised shall be determined by the Committee; provided,
however, that no option shall be exercised later than ten years after its date of grant; provided further, that if an Incentive
Stock Option shall be granted to a Ten Percent Holder, such option shall not be exercised later than five years after its date of grant.
The Committee may, in its discretion, establish Performance Measures which shall be satisfied or met as a condition to the grant of an
option or to the exercisability of all or a portion of an option. The Committee shall determine whether an option shall become exercisable
in cumulative or non-cumulative installments and in part or in full at any time. An exercisable option, or portion thereof, may be exercised
only with respect to whole shares of Common Stock.

 

(c)
Method of Exercise. An option may be exercised (i) by giving written notice to the Company specifying the number of whole shares
of Common Stock to be purchased and accompanying such notice with payment therefor in full (or arrangement made for such payment to the
Company’s satisfaction) either (A) in cash, (B) by delivery (either actual delivery or by attestation procedures established by
the Company) of shares of Common Stock having a Fair Market Value, determined as of the date of exercise, equal to the aggregate purchase
price payable by reason of such exercise, (C) authorizing the Company to withhold whole shares of Common Stock which would otherwise
be delivered having an aggregate Fair Market Value, determined as of the date of exercise, equal to the amount necessary to satisfy such
obligation, (D) in cash by a broker-dealer acceptable to the Company to whom the participant has submitted an irrevocable notice of exercise
or (E) a combination of (A), (B) and (C), in each case to the extent set forth in the Agreement relating to the option, (ii) if applicable,
by surrendering to the Company any Tandem SARs which are cancelled by reason of the exercise of the option and (iii) by executing such
documents as the Company may reasonably request. Any fraction of a share of Common Stock which would be required to pay such purchase
price shall be disregarded and the remaining amount due shall be paid in cash by the participant. No shares of Common Stock shall be
issued and no certificate representing Common Stock shall be delivered until the full purchase price therefor and any withholding taxes
thereon, as described in Section 5.5, have been paid (or arrangement made for such payment to the Company’s satisfaction).

 

2.2
Stock Appreciation Rights. The Committee may, in its discretion, grant SARs to such eligible persons as may be selected by
the Committee. The Agreement relating to an SAR shall specify whether the SAR is a Tandem SAR or a Free-Standing SAR.

 

    	 

     

    

 

SARs
shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with
the terms of this Plan, as the Committee shall deem advisable:

 

(a)
Number of SARs and Base Price. The number of SARs subject to an award shall be determined by the Committee. Any Tandem SAR related
to an Incentive Stock Option shall be granted at the same time that such Incentive Stock Option is granted. The base price of a Tandem
SAR shall be the purchase price per share of Common Stock of the related option. The base price of a Free-Standing SAR shall be determined
by the Committee; provided, however, that such base price shall not be less than 100% of the Fair Market Value of a share
of Common Stock on the date of grant of such SAR (or, if earlier, the date of grant of the option for which the SAR is exchanged or substituted).

 

Notwithstanding
the foregoing, in the case of an SAR that is a Substitute Award, the base price per share of the shares subject to such SAR may be less
than 100% of the Fair Market Value per share on the date of grant, provided, that the excess of: (a) the aggregate Fair Market Value
(as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate base price thereof
does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise
to the Substitute Award, such fair market value to be determined by the Committee) of the shares of the predecessor company or other
entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate base price of such shares.

 

(b)
Exercise Period and Exercisability. The period for the exercise of an SAR shall be determined by the Committee; provided,
however, that (i) no Tandem SAR shall be exercised later than the expiration, cancellation, forfeiture or other termination of
the related option and (ii) no Free-Standing SAR shall be exercised later than ten years after its date of grant. The Committee may,
in its discretion, establish Performance Measures which shall be satisfied or met as a condition to the grant of an SAR or to the exercisability
of all or a portion of an SAR. The Committee shall determine whether an SAR may be exercised in cumulative or non-cumulative installments
and in part or in full at any time. An exercisable SAR, or portion thereof, may be exercised, in the case of a Tandem SAR, only with
respect to whole shares of Common Stock and, in the case of a Free-Standing SAR, only with respect to a whole number of SARs. If an SAR
is exercised for shares of Restricted Stock, a certificate or certificates representing such Restricted Stock shall be issued in accordance
with Section 3.2(c), or such shares shall be transferred to the holder in book entry form with restrictions on the shares duly
noted, and the holder of such Restricted Stock shall have such rights of a stockholder of the Company as determined pursuant to Section
3.2(d). Prior to the exercise of a stock-settled SAR, the holder of such SAR shall have no rights as a stockholder of the Company
with respect to the shares of Common Stock subject to such SAR.

 

(c)
Method of Exercise. A Tandem SAR may be exercised (i) by giving written notice to the Company specifying the number of whole SARs
which are being exercised, (ii) by surrendering to the Company any options which are cancelled by reason of the exercise of the Tandem
SAR and (iii) by executing such documents as the Company may reasonably request. A Free-Standing SAR may be exercised (A) by giving written
notice to the Company specifying the whole number of SARs which are being exercised and (B) by executing such documents as the Company
may reasonably request. No shares of Common Stock shall be issued and no certificate representing Common Stock shall be delivered until
any withholding taxes thereon, as described in Section 5.5, have been paid (or arrangement made for such payment to the Company’s
satisfaction).

 

2.3
Termination of Employment or Service. All of the terms relating to the exercise, cancellation or other disposition of an option
or SAR (i) upon a termination of employment with or service to the Company of the holder of such option or SAR, as the case may be, whether
by reason of disability, retirement, death or any other reason, or (ii) during a paid or unpaid leave of absence, shall be determined
by the Committee and set forth in the applicable award Agreement.

 

2.4
No Repricing. The Committee shall not, without the approval of the stockholders of the Company, (i) reduce the purchase price
or base price of any previously granted option or SAR, (ii) cancel any previously granted option or SAR in exchange for another option
or SAR with a lower purchase price or base price or (iii) cancel any previously granted option or SAR in exchange for cash or another
award if the purchase price of such option or the base price of such SAR exceeds the Fair Market Value of a share of Common Stock on
the date of such cancellation, in each case, other than in connection with a Change in Control or the adjustment provisions set forth
in Section 5.7.

 

    	 

     

    

 

2.5
No Dividend Equivalents. Notwithstanding anything in an Agreement to the contrary, the holder of an option or SAR shall not
be entitled to receive dividend equivalents with respect to the number of shares of Common Stock subject to such option or SAR.

 

III.
STOCK AWARDS

 

3.1
Stock Awards. The Committee may, in its discretion, grant Stock Awards to such eligible persons as may be selected by the
Committee. The Agreement relating to a Stock Award shall specify whether the Stock Award is a Restricted Stock Award, a Restricted Stock
Unit Award or, in the case of an Other Stock Award, the type of award being granted.

 

3.2
Terms of Restricted Stock Awards. Restricted Stock Awards shall be subject to the following terms and conditions and shall
contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable.

 

(a)
Number of Shares and Other Terms. The number of shares of Common Stock subject to a Restricted Stock Award and the Restriction
Period, Performance Period (if any) and Performance Measures (if any) applicable to a Restricted Stock Award shall be determined by the
Committee.

 

(b)
Vesting and Forfeiture. The Agreement relating to a Restricted Stock Award shall provide, in the manner determined by the Committee,
in its discretion, and subject to the provisions of this Plan, for the vesting of the shares of Common Stock subject to such award (i)
if the holder of such award remains continuously in the employment of the Company during the specified Restriction Period and (ii) if
specified Performance Measures (if any) are satisfied or met during a specified Performance Period, and for the forfeiture of the shares
of Common Stock subject to such award (x) if the holder of such award does not remain continuously in the employment of the Company during
the specified Restriction Period or (y) if specified Performance Measures (if any) are not satisfied or met during a specified Performance
Period.

 

(c)
Stock Issuance. During the Restriction Period, the shares of Restricted Stock shall be held by a custodian in book entry form
with restrictions on such shares duly noted or, alternatively, a certificate or certificates representing a Restricted Stock Award shall
be registered in the holder’s name and may bear a legend, in addition to any legend which may be required pursuant to Section
5.6, indicating that the ownership of the shares of Common Stock represented by such certificate is subject to the restrictions,
terms and conditions of this Plan and the Agreement relating to the Restricted Stock Award. All such certificates shall be deposited
with the Company, together with stock powers or other instruments of assignment (including a power of attorney), each endorsed in blank
with a guarantee of signature if deemed necessary or appropriate, which would permit transfer to the Company of all or a portion of the
shares of Common Stock subject to the Restricted Stock Award in the event such award is forfeited in whole or in part. Upon termination
of any applicable Restriction Period (and the satisfaction or attainment of applicable Performance Measures), subject to the Company’s
right to require payment of any taxes in accordance with Section 5.5, the restrictions shall be removed from the requisite number
of any shares of Common Stock that are held in book entry form, and all certificates evidencing ownership of the requisite number of
shares of Common Stock shall be delivered to the holder of such award.

 

(d)
Rights with Respect to Restricted Stock Awards. Unless otherwise set forth in the Agreement relating to a Restricted Stock Award,
and subject to the terms and conditions of a Restricted Stock Award, the holder of such award shall have all rights as a stockholder
of the Company, including, but not limited to, voting rights, the right to receive dividends and the right to participate in any capital
adjustment applicable to all holders of Common Stock; provided, however, that a distribution or dividend with respect to
shares of Common Stock, including a regular cash dividend, shall be deposited with the Company and shall be subject to the same restrictions
as the shares of Common Stock with respect to which such distribution or dividend was made.

 

3.3
Terms of Restricted Stock Unit Awards. Restricted Stock Unit Awards shall be subject to the following terms and conditions
and shall contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable.

 

    	 

     

    

 

(a)
Number of Shares and Other Terms. The number of shares of Common Stock subject to a Restricted Stock Unit Award, including the
number of shares that are earned upon the attainment of any specified Performance Measures, and the Restriction Period, Performance Period
(if any) and Performance Measures (if any) applicable to a Restricted Stock Unit Award shall be determined by the Committee.

 

(b)
Vesting and Forfeiture. The Agreement relating to a Restricted Stock Unit Award shall provide, in the manner determined by the
Committee, in its discretion, and subject to the provisions of this Plan, for the vesting of such Restricted Stock Unit Award (i) if
the holder of such award remains continuously in the employment of the Company during the specified Restriction Period and (ii) if specified
Performance Measures (if any) are satisfied or met during a specified Performance Period, and for the forfeiture of the shares of Common
Stock subject to such award (x) if the holder of such award does not remain continuously in the employment of the Company during the
specified Restriction Period or (y) if specified Performance Measures (if any) are not satisfied or met during a specified Performance
Period.

 

(c)
Settlement of Vested Restricted Stock Unit Awards. The Agreement relating to a Restricted Stock Unit Award shall specify (i) whether
such award may be settled in shares of Common Stock or cash or a combination thereof and (ii) whether the holder thereof shall be entitled
to receive, on a deferred basis, dividend equivalents, and, if determined by the Committee, interest on, or the deemed reinvestment of,
any deferred dividend equivalents, with respect to the number of shares of Common Stock subject to such award. Any dividend equivalents
with respect to Restricted Stock Units that are subject to vesting conditions shall be subject to the same restrictions as such Restricted
Stock Units. Prior to the settlement of a Restricted Stock Unit Award, the holder of such award shall have no rights as a stockholder
of the Company with respect to the shares of Common Stock subject to such award.

 

3.4
Other Stock Awards. Subject to the limitations set forth in the Plan, the Committee is authorized to grant other awards that
may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, shares of Common
Stock, including without limitation shares of Common Stock granted as a bonus and not subject to any vesting conditions, dividend equivalents,
deferred stock units, stock purchase rights and shares of Common Stock issued in lieu of obligations of the Company to pay cash under
any compensatory plan or arrangement, subject to such terms as shall be determined by the Committee. The Committee shall determine the
terms and conditions of such awards, which may include the right to elective deferral thereof, subject to such terms and conditions as
the Committee may specify in its discretion.

 

3.5
Termination of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the termination
of the Restriction Period or Performance Period relating to a Stock Award, or any forfeiture and cancellation of such award (i) upon
a termination of employment with or service to the Company of the holder of such award, whether by reason of disability, retirement,
death or any other reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee and set forth in the
applicable award Agreement.

 

IV.
PERFORMANCE AWARDS

 

4.1
Performance Awards. The Committee may, in its discretion, grant Performance Awards to such eligible persons as may be selected
by the Committee.

 

4.2
Terms of Performance Awards. Performance Awards shall be subject to the following terms and conditions and shall contain such
additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable.

 

(a)
Value of Performance Awards and Performance Measures. The method of determining the value of the Performance Award and the Performance
Measures and Performance Period applicable to a Performance Award shall be determined by the Committee.

 

(b)
Vesting and Forfeiture. The Agreement relating to a Performance Award shall provide, in the manner determined by the Committee,
in its discretion, and subject to the provisions of this Plan, for the vesting of such Performance Award if the specified Performance
Measures are satisfied or met during the specified Performance Period and for the forfeiture of such award if the specified Performance
Measures are not satisfied or met during the specified Performance Period.

 

    	 

     

    

 

(c)
Settlement of Vested Performance Awards. The Agreement relating to a Performance Award shall specify whether such award may be
settled in shares of Common Stock (including shares of Restricted Stock) or cash or a combination thereof. If a Performance Award is
settled in shares of Restricted Stock, such shares of Restricted Stock shall be issued to the holder in book entry form or a certificate
or certificates representing such Restricted Stock shall be issued in accordance with Section 3.2(c) and the holder of such Restricted
Stock shall have such rights as a stockholder of the Company as determined pursuant to Section 3.2(d). Any dividends or dividend
equivalents with respect to a Performance Award shall be subject to the same restrictions as such Performance Award. Prior to the settlement
of a Performance Award in shares of Common Stock, including Restricted Stock, the holder of such award shall have no rights as a stockholder
of the Company.

 

4.3
Termination of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the termination
of the Performance Period relating to a Performance Award, or any forfeiture and cancellation of such award (i) upon a termination of
employment with or service to the Company of the holder of such award, whether by reason of disability, retirement, death or any other
reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee and set forth in the applicable award
Agreement.

 

V.
GENERAL

 

5.1
Effective Date and Term of Plan. This Plan shall be submitted to the stockholders of the Company for approval at the Company’s
2018 annual meeting of stockholders and, if approved by the affirmative vote of a majority of the shares of Common Stock present in person
or represented by proxy at such annual meeting of stockholders, shall become effective as of the date on which the Plan was approved
by stockholders (the “Effective Date”). This Plan shall terminate as of the first annual meeting of the Company’s
stockholders to occur on or after the tenth anniversary of its Effective Date, unless terminated earlier by the Board. Termination of
this Plan shall not affect the terms or conditions of any award granted prior to termination.

 

Awards
hereunder may be made at any time prior to the termination of this Plan, provided that no Incentive Stock Option may be granted later
than ten years after the date on which the Plan was approved by the Board. In the event that this Plan is not approved by the stockholders
of the Company, this Plan and any awards hereunder shall be void and of no force or effect.

 

5.2
Amendments. The Board may amend this Plan as it shall deem advisable; provided, however, that no amendment to
the Plan shall be effective without the approval of the Company’s stockholders if (i) stockholder approval is required by applicable
law, rule or regulation, including any rule of the Nasdaq Capital Market or any other stock exchange on which the Common Stock is then
traded, or (ii) such amendment seeks to modify Section 2.4 hereof; provided further, that no amendment may materially impair
the rights of a holder of an outstanding award without the consent of such holder.

 

5.3
Agreement. Each award under this Plan shall be evidenced by an Agreement setting forth the terms and conditions applicable
to such award. No award shall be valid until an Agreement is executed by the Company and, to the extent required by the Company, executed
or electronically accepted by the recipient of such award. Upon such execution or acceptance and delivery of the Agreement to the Company
within the time period specified by the Company, such award shall be effective as of the effective date set forth in the Agreement.

 

5.4
Non-Transferability. No award shall be transferable other than by will, the laws of descent and distribution or pursuant to
beneficiary designation procedures approved by the Company or, to the extent expressly permitted in the Agreement relating to such award,
to the holder’s family members, a trust or entity established by the holder for estate planning purposes, a charitable organization
designated by the holder or pursuant to a domestic relations order, in each case, without consideration. Except to the extent permitted
by the foregoing sentence or the Agreement relating to an award, each award may be exercised or settled during the holder’s lifetime
only by the holder or the holder’s legal representative or similar person. Except as permitted by the second preceding sentence,
no award may be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law
or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate,
encumber or otherwise dispose of any award, such award and all rights thereunder shall immediately become null and void.

 

    	 

     

    

 

5.5
Tax Withholding. The Company shall have the right to require, prior to the issuance or delivery of any shares of Common Stock
or the payment of any cash pursuant to an award made hereunder, payment by the holder of such award of any federal, state, local or other
taxes which may be required to be withheld or paid in connection with such award. An Agreement may provide that (i) the Company shall
withhold whole shares of Common Stock which would otherwise be delivered to a holder, having an aggregate Fair Market Value determined
as of the date the obligation to withhold or pay taxes arises in connection with an award (the “Tax Date”), or withhold
an amount of cash which would otherwise be payable to a holder, in the amount necessary to satisfy any such obligation or (ii) the holder
may satisfy any such obligation by any of the following means (or by other means that the Committee deems appropriate): (A) a cash payment
or delivery of cash equivalents to the Company; (B) delivery (either actual delivery or by attestation procedures established by the
Company) to the Company of previously owned whole shares of Common Stock having an aggregate Fair Market Value, determined as of the
Tax Date, equal to the amount necessary to satisfy any such obligation; (C) authorizing the Company to withhold whole shares of Common
Stock which would otherwise be delivered having an aggregate Fair Market Value, determined as of the Tax Date, or withhold an amount
of cash which would otherwise be payable to a holder, in either case equal to the amount necessary to satisfy any such obligation; (D)
in the case of the exercise of an option, a cash payment by a broker-dealer acceptable to the Company to whom the participant has submitted
an irrevocable notice of exercise or (E) any combination of (A), (B) and (C), in each case to the extent set forth in the Agreement relating
to the award. Shares of Common Stock to be delivered or withheld may not have an aggregate Fair Market Value in excess of the amount
determined by applying the minimum statutory withholding rate (or, if permitted by the Company, such other rate as will not cause adverse
accounting consequences under the accounting rules then in effect, and is permitted under applicable IRS withholding rules). Any fraction
of a share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall
be paid in cash by the holder.

 

5.6
Restrictions on Shares. Each award made hereunder shall be subject to the requirement that if at any time the Company determines
that the listing, registration or qualification of the shares of Common Stock subject to such award upon any securities exchange or under
any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition
of, or in connection with, the delivery of shares thereunder, such shares shall not be delivered unless such listing, registration, qualification,
consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company
may require that certificates evidencing shares of Common Stock delivered pursuant to any award made hereunder bear a legend indicating
that the sale, transfer or other disposition thereof by the holder is prohibited except in compliance with the Securities Act of 1933,
as amended, and the rules and regulations thereunder.

 

5.7
Adjustment. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting
Standards Codification Topic 718, Compensation—Stock Compensation or any successor or replacement accounting standard) that causes
the per share value of shares of Common Stock to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization
through an extraordinary cash dividend, the number and class of securities available under this Plan, the terms of each outstanding option
and SAR (including the number and class of securities subject to each outstanding option or SAR and the purchase price or base price
per share), the terms of each outstanding Stock Award (including the number and class of securities subject thereto), the terms of each
outstanding Performance Award (including the number and class of securities subject thereto, if applicable) shall be appropriately adjusted
by the Committee, such adjustments to be made in the case of outstanding options and SARs in accordance with Section 409A of the Code.
In the event of any other change in corporate capitalization, including a merger, consolidation, reorganization, or partial or complete
liquidation of the Company, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate
and equitable by the Committee to prevent dilution or enlargement of rights of participants. In either case, the decision of the Committee
regarding any such adjustment shall be final, binding and conclusive.

 

    	 

     

    

 

5.8
Change in Control.

 

(a)
Subject to the terms of the applicable award Agreements, in the event of a “Change in Control,” the Board, as constituted
prior to the Change in Control, may, in its discretion:

 

	 	(1)	require
    that (i) some or all outstanding options and SARs shall become exercisable in full or in part, either immediately or upon a subsequent
    termination of employment, (ii) the Restriction Period applicable to some or all outstanding Stock Awards shall lapse in full or
    in part, either immediately or upon a subsequent termination of employment, (iii) the Performance Period applicable to some or all
    outstanding awards shall lapse in full or in part, and (iv) the Performance Measures applicable to some or all outstanding awards
    shall be deemed to be satisfied at the target, maximum or any other level;
	 	 	 
	 	(2)	require
    that shares of capital stock of the corporation resulting from or succeeding to the business of the Company pursuant to such Change
    in Control, or a parent corporation thereof, be substituted for some or all of the shares of Common Stock subject to an outstanding
    award, with an appropriate and equitable adjustment to such award as determined by the Board in accordance with Section 5.7;
    and/or
	 	 	 
	 	(3)	require
    outstanding awards, in whole or in part, to be surrendered to the Company by the holder, and to be immediately cancelled by the Company,
    and to provide for the holder to receive (i) a cash payment in an amount equal to (A) in the case of an option or an SAR, the aggregate
    number of shares of Common Stock then subject to the portion of such option or SAR surrendered, whether or not vested or exercisable,
    multiplied by the excess, if any, of the Fair Market Value of a share of Common Stock as of the date of the Change in Control, over
    the purchase price or base price per share of Common Stock subject to such option or SAR, (B) in the case of a Stock Award or a Performance
    Award denominated in shares of Common Stock, the number of shares of Common Stock then subject to the portion of such award surrendered
    to the extent the Performance Measures applicable to such award have been satisfied or are deemed satisfied pursuant to Section
    5.8(a)(i), whether or not vested, multiplied by the Fair Market Value of a share of Common Stock as of the date of the Change
    in Control, and (C) in the case of a Performance Award denominated in cash, the value of the Performance Award then subject to the
    portion of such award surrendered to the extent the Performance Measures applicable to such award have been satisfied or are deemed
    satisfied pursuant to Section 5.8(a)(i); (ii) shares of capital stock of the corporation resulting from or succeeding to the
    business of the Company pursuant to such Change in Control, or a parent corporation thereof, having a fair market value not less
    than the amount determined under clause (i) above; or (iii) a combination of the payment of cash pursuant to clause (i) above and
    the issuance of shares pursuant to clause (ii) above.

 

    	 

     

    

 

(b)
For purposes of this Plan, a “Change in Control” shall mean:

 

	 	(1)	The
    consummation of an amalgamation, merger or consolidation of the Company with or into another entity or any other corporate reorganization
    of the Company, if more than fifty percent (50%) of the combined voting power of the continuing or surviving entity’s securities
    outstanding immediately after such amalgamation, merger, consolidation or other reorganization (or, if applicable, more than fifty
    percent (50%) of the combined voting power of the ultimate parent company that directly or indirectly has beneficial ownership of
    the securities of such continuing or surviving entity) is not owned directly or indirectly by persons who were holders of the Company’s
    then-outstanding voting securities immediately prior to such amalgamation, merger, consolidation or other reorganization;
	 	 	 
	 	(2)	The
    sale, transfer or other disposition of all or substantially all of the Company’s assets to an entity that is not a parent,
    a Subsidiary or an Affiliate of the Company;
	 	 	 
	 	(3)	Any
    transaction as a result of which any person becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
    Act), directly or indirectly, of securities of the Company representing at least fifty percent (50%) of the total voting power represented
    by the Company’s then-outstanding voting securities. For purposes of this subsection, the term “person” shall have
    the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude: (i) any parent, Subsidiary or Affiliate
    of the Company; (ii) any employee benefit plan (or related trust) sponsored or maintained by the Company, a parent, or any Subsidiary
    or Affiliate; and (iii) any underwriter temporarily holding securities pursuant to an offering of such securities;
	 	 	 
	 	(4)	A
    change in the composition of the Board over a period of twenty four (24) consecutive months or less as a result of which individuals
    who, at the beginning of such period, constitute the Board (the “Incumbent Board”) cease for any reason to constitute
    at least a majority of the Board; provided, however, that any individual subsequently becoming a director whose election,
    or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then
    comprising the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named
    as a nominee for director, without written objection to such nomination) shall be considered as though such individual were a member
    of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result
    of either an actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board; or
	 	 	 
	 	(5)	The
    stockholders of the Company approve a complete liquidation or dissolution of the Company;

 

provided,
that with respect to any nonqualified deferred compensation that becomes payable on account of the Change in Control, the transaction
or event described in clause (1), (2), (3) or (4) also constitutes a “change in control event,” as defined in Treasury Regulation
§1.409A-3(i)(5) if required in order for the payment not to violate Section 409A of the Code.

 

5.9
Deferrals. The Committee may determine that the delivery of shares of Common Stock or the payment of cash, or a combination
thereof, upon the settlement of all or a portion of any award made hereunder shall be deferred, or the Committee may, in its sole discretion,
approve deferral elections made by holders of awards. Deferrals shall be for such periods and upon such terms as the Committee may determine
in its sole discretion, subject to the requirements of Section 409A of the Code.

 

    	 

     

    

 

5.10
No Right of Participation, Employment or Service. Unless otherwise set forth in an employment agreement, no person shall have
any right to participate in this Plan. Neither this Plan nor any award made hereunder shall confer upon any person any right to continued
employment by or service with the Company, any Subsidiary or any Affiliate or affect in any manner the right of the Company, any Subsidiary
or any Affiliate to terminate the employment or service of any person at any time without liability hereunder.

 

5.11
Non-Uniform Determinations. The Committee’s determinations under the Plan (including without limitation determinations
of the persons to receive awards, the form, amount and time of such awards, the terms and provisions of such awards and the Agreements
evidencing awards) need not be uniform and may be made by it selectively among persons who receive, or are eligible to receive, awards
under the Plan, whether or not such persons are similarly situated.

 

5.12
Rights as Stockholder. No person shall have any right as a stockholder of the Company with respect to any shares of Common
Stock or other equity security of the Company which is subject to an award hereunder unless and until such person becomes a stockholder
of record with respect to such shares of Common Stock or equity security.

 

5.13
Designation of Beneficiary. To the extent permitted by the Company, a holder of an award may file with the Company a written
designation of one or more persons as such holder’s beneficiary or beneficiaries (both primary and contingent) in the event of
the holder’s death or incapacity. To the extent an outstanding option or SAR granted hereunder is exercisable, such beneficiary
or beneficiaries shall be entitled to exercise such option or SAR pursuant to procedures prescribed by the Company. Each beneficiary
designation shall become effective only when filed in writing with the Company during the holder’s lifetime on a form prescribed
by the Company. The spouse of a married holder domiciled in a community property jurisdiction shall join in any designation of a beneficiary
other than such spouse. The filing with the Company of a new beneficiary designation shall cancel all previously filed beneficiary designations.
If a holder fails to designate a beneficiary, or if all designated beneficiaries of a holder predecease the holder, then each outstanding
award held by such holder, to the extent vested or exercisable, shall be payable to or may be exercised by such holder’s executor,
administrator, legal representative or similar person.

 

5.14
Awards Subject to Clawback. The awards granted under this Plan and any cash payment or shares of Common Stock delivered pursuant
to such an award are subject to forfeiture, recovery by the Company or other action pursuant to the applicable award Agreement or any
clawback or recoupment policy which the Company may adopt from time to time, including without limitation any such policy which the Company
may be required to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder,
or as otherwise required by law.

 

5.15
Governing Law. This Plan, each award hereunder and the related Agreement, and all determinations made and actions taken pursuant
thereto, to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the laws of the State
of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws.

 

5.16
Foreign Employees. Without amending this Plan, the Committee may grant awards to eligible persons who are foreign nationals
and/or reside outside of the United States on such terms and conditions different from those specified in this Plan as may in the judgment
of the Committee be necessary or desirable to foster and promote achievement of the purposes of this Plan and, in furtherance of such
purposes the Committee may make such modifications, amendments, procedures, subplans and the like as may be necessary or advisable to
comply with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries or Affiliates operates or
has employees.

 

5.17
Severability and Reformation. If any provision of the Plan or any award is, becomes or is deemed to be invalid, illegal or
unenforceable in any jurisdiction or as to any person or award, or would disqualify the Plan or any award under any law deemed applicable
by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed
or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the award, such provision
shall be stricken as to such jurisdiction, person or award and the remainder of the Plan and any such award shall remain in full force
and effect.

 

    	 

     

    

 

5.18
Unfunded Status of Awards; No Trust of Fund Created. The Plan is intended to constitute an “unfunded” plan. Neither
the Plan nor any award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between
the Company or any Subsidiary or Affiliate and a participant or any other person. To the extent that any person acquires a right to receive
payments from the Company or any Subsidiary or Affiliate pursuant to an award, such right shall be no greater than the right of any general
unsecured creditors of the Company or such Subsidiary or Affiliate.

 

5.19
No Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any parent, Subsidiary
or Affiliate from adopting or continuing in effect other compensation arrangements (whether such arrangements be generally applicable
or applicable only in specific cases).

 

5.20
No Restriction of Corporate Action. Nothing contained in the Plan shall be construed to limit or impair the power of the Company
or any parent, Subsidiary or Affiliate to make adjustments, reclassifications, reorganizations, or changes in its capital or business
structure, or to amalgamate, merge or consolidate, liquidate, sell or transfer all or any part of its business or assets or to take other
actions which it deems to be necessary or appropriate. No employee, beneficiary or other person shall have any claim against the Company
or any parent, Subsidiary or Affiliate as a result of such action.Exhibit 4.1

 

FOURTEENTH SUPPLEMENTAL INDENTURE

 

between

 

ARES CAPITAL CORPORATION

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

Dated as of June 10, 2021

 

 

FOURTEENTH SUPPLEMENTAL INDENTURE

 

THIS FOURTEENTH SUPPLEMENTAL INDENTURE (this “Fourteenth
Supplemental Indenture”), dated as of June 10, 2021, is between Ares Capital Corporation, a Maryland corporation (the “Company”),
and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms used herein shall have the meaning set
forth in the Base Indenture (as defined below) unless otherwise defined herein.

 

RECITALS OF THE COMPANY

 

The Company and the Trustee executed and delivered
an Indenture, dated as of October 21, 2010 (the “Base Indenture” and, as supplemented by this Fourteenth Supplemental
Indenture, together, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s
unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided
in the Indenture.

 

The Company desires to issue and sell $850,000,000
aggregate principal amount of the Company’s 2.875% Notes due 2028 (the “Notes”).

 

Sections 9.01(v) and 9.01(vii) of the
Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company, when
authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture when there is no Security Outstanding
of any series created prior to the execution of a supplemental indenture that is entitled to the benefit of such provision and (ii) establish
the form or terms of Securities of any series as permitted by Section 2.01 and Section 3.01 of the Base Indenture.

 

The Company desires to establish the form and terms
of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of the Holders of the
Notes (except as may be provided in a future supplemental indenture to the Indenture (“Future Supplemental Indenture”)).

 

The Company has duly authorized the execution and
delivery of this Fourteenth Supplemental Indenture to provide for the issuance of the Notes and all acts and things necessary to make
this Fourteenth Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of the
Company, in accordance with its terms, have been done and performed.

 

    

     

    

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises and the
purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Notes,
as follows:

 

ARTICLE I

TERMS OF THE NOTES

 

Section 1.01.         Terms
of the Notes. The following terms relating to the Notes are hereby established:

 

(a)         The
Notes shall constitute a series of Securities having the title “2.875% Notes due 2028” and shall be designated as Senior Securities
under the Indenture. The Notes shall bear a CUSIP number of 04010L BB8 and an ISIN number of US04010LBB80.

 

(b)          The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated
and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.05, 3.06,
9.06 or 11.07 of the Base Indenture) shall be $850,000,000. Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions
or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in
any such case “Additional Notes”) having the same ranking and the same interest rate, maturity, CUSIP number and other terms
as the Notes; provided that such Additional Notes must be part of the same issue as the Notes for U.S. federal income tax purposes.
Any Additional Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes
herein shall include the Additional Notes unless the context otherwise requires.

 

(c)          The
entire Outstanding principal amount of the Notes shall be payable on June 15, 2028, unless earlier redeemed or repurchased in accordance
with the provisions of this Fourteenth Supplemental Indenture.

 

(d)          The
rate at which the Notes shall bear interest shall be 2.875% per annum (the “Applicable Interest Rate”). The date from which
interest shall accrue on the Notes shall be June 10, 2021, or the most recent Interest Payment Date to which interest has been paid
or provided for; the Interest Payment Dates for the Notes shall be June 15 and December 15 of each year, commencing December 15,
2021 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the
next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period
will be the period from and including June 10, 2021 (or the most recent Interest Payment Date to which interest has been paid or
provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and
including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest
so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note
(or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall
be June 1 and December 1 (whether
or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Payment of principal of (and premium, if
any) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option
of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear
in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.

 

    2

     

    

 

(e)          The
Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit A to this Fourteenth Supplemental Indenture.
Each Global Note shall represent the Outstanding Notes as shall be specified therein and each shall provide that it shall represent the
aggregate amount of Outstanding Notes from time to time endorsed thereon and that the aggregate amount of Outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global
Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes represented thereby shall be made by the Trustee
or the Security Registrar, in accordance with Sections 2.03 and 3.05 of the Base Indenture.

 

(f)           The
depositary for such Global Notes shall be the Depositary. The Security Registrar with respect to the Global Notes shall be the Trustee.

 

(g)          The
Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance contained in
Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.06, 10.08 and 10.09 of the Indenture.

 

(h)          The
Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows:

 

(i)           The
Notes will be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, at a Redemption Price
equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to the Redemption Date:

 

		(a)	100% of the principal amount of the Notes to be redeemed, or

 

		(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest
to the Redemption Date) on the Notes to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) using the applicable Treasury Rate plus 25 basis points; provided, however, that if the Company
redeems any Notes on or after April 15, 2028, the Redemption Price for the Notes will be equal to 100% of the principal amount of
the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 

For purposes of calculating the Redemption Price
in connection with the redemption of the Notes, on any Redemption Date, the following terms have the meanings set forth below:

 

“Treasury Rate” means, with respect
to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue (computed
as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Redemption Price and the Treasury
Rate will be determined by the Company.

 

“Comparable Treasury Issue” means the
United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of the
Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financing practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of the Notes being redeemed.

 

    3

     

    

 

“Comparable Treasury Price” means (1) the
average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference
Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations.

 

“Quotation Agent” means a Reference
Treasury Dealer selected by the Company.

 

“Reference Treasury Dealer” means each
of (1) BofA Securities, Inc., (2) J.P. Morgan Securities LLC, (3) a primary U.S. government securities dealer selected
by SMBC Nikko Securities America, Inc., and (4) Wells Fargo Securities, LLC, or their respective affiliates which are primary
U.S. government securities dealers and their respective successors; provided, however, that if any of the foregoing or their
affiliates shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”),
the Company shall select another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing
to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such Redemption
Date.

 

All determinations made by any Reference Treasury
Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be final and binding absent manifest error.

 

(ii)           Notice
of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery,
to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the
Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04
of the Base Indenture.

 

(iii)          Any
exercise of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act, to the extent applicable.

 

(iv)          If
the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected in accordance with the
applicable procedures of the Trustee and, so long as the Notes are registered to the Depositary or its nominee, the Depositary; provided,
however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000.

 

(v)           Unless
the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes
called for redemption hereunder.

 

(i)            The
Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture.

 

(j)            The
Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

    4

     

    

 

(k)           Holders
of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity other than in accordance with Article XIII
of the Indenture.

 

ARTICLE II

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 2.01.         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the
following defined terms to Section 1.01 in appropriate alphabetical sequence, as follows:

 

“Below Investment Grade Rating Event”
means the Notes are downgraded below Investment Grade by all three Rating Agencies on any date from the date of the public notice of an
arrangement that results in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change
of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade
by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular
reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a
Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies
making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee
in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising
as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred
at the time of the Below Investment Grade Rating Event).

 

“Change of Control” means the
occurrence of any of the following:

 

(1) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially
all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as
those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; provided that, for
the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall
not be deemed to be any such sale, lease, transfer, conveyance or disposition;

 

(2) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those
terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the "beneficial owner"
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting
Stock of the Company, measured by voting power rather than number of shares; or

 

(3) the approval by the Company’s stockholders
of any plan or proposal relating to the liquidation or dissolution of the Company.

 

“Change of Control Repurchase Event”
means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 

“Controlled Subsidiary” means
any Subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by the Company and its direct or indirect
Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction of the management
or policies, whether through the ownership of voting equity interests, by agreement or otherwise.

 

    5

     

    

 

“Depositary” means, with respect
to each Note in global form, The Depository Trust Company, until a successor shall have been appointed and becomes such person, and thereafter,
Depositary shall mean or include such successor.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and any statute successor thereto, in each case as amended from time to time and the rules and
regulations of the Commission promulgated thereunder.

 

“Fitch” means Fitch, Inc.,
also known as Fitch Ratings, or any successor thereto.

 

“GAAP” means generally accepted
accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the statements
and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved
by a significant segment of the accounting profession in the United States, which are in effect from time to time.

 

“Investment Company Act” means
the Investment Company Act of 1940, as amended, and the rules, regulations and interpretations promulgated thereunder, to the extent applicable,
and any statute successor thereto.

 

"Investment Grade" means a rating
of BBB– or better by Fitch (or its equivalent under any successor rating categories of Fitch), Baa3 or better by Moody's (or its
equivalent under any successor rating categories of Moody's) and BBB– or better by S&P (or its equivalent under any successor
rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s
control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency).

 

“Moody’s” means Moody’s
Investor Services, Inc., or any successor thereof.

 

“Permitted Holders” means (i) the
Company, (ii) one or more of the Company’s Controlled Subsidiaries and (iii) Ares Capital Management LLC or any Affiliate
of Ares Capital Management LLC that is organized under the laws of a jurisdiction located in the United States of America and in the business
of managing or advising clients.

 

“Rating Agency” means (1) each
of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases to rate the Notes or fails to make
a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical
rating organization” as defined in Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for
Fitch, Moody’s and/or S&P, as the case may be.

 

“S&P” means Standard &
Poor's Ratings Services, a division of McGraw-Hill, Inc., or any successor thereto.

 

“Significant Subsidiary” means
any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X under
the Exchange Act, as such regulation is in effect on the date of this Indenture (but excluding any Subsidiary which is (a) a non-recourse
or limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with the Company
for purposes of GAAP).

 

    6

     

    

 

“Voting Stock” as applied to
stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such
Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than shares,
interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

 

Section 2.02.         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by amending the
definition of “Subsidiary” in Section 1.01 to add the following sentence at the end of such definition:

 

“In addition, for purposes of this definition,
 “Subsidiary” shall exclude any investments held by the Company in the ordinary course of business which are not, under GAAP,
consolidated on the financial statements of the Company and its Subsidiaries.”

 

Section 2.03.         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by amending the
definition of “Company Request” and “Company Order” in Section 1.01 as follows:

 

“Company Request” and “Company
Order” mean, respectively, a written request or order signed in the name of the Company by the Chairman (or a Co-Chairman, if
applicable), the Chief Executive Officer, the President (or a Co-President, if applicable) or a Vice President, and by the Chief Financial
Officer, the Chief Operating Officer, if any, the Treasurer, the Secretary or an Assistant Secretary, of the Company, and delivered to
the Trustee.

 

Section 2.04.         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by amending the
definition of “Officers’ Certificate” in Section 1.01 as follows:

 

“Officers’ Certificate”
means a certificate signed by the Chairman (or a Co-Chairman, if applicable), the Chief Executive Officer, the President (or a Co-President,
if applicable) or any Vice President and by the Chief Financial Officer, the Chief Operating Officer, if any, the Treasurer, the Secretary
or an Assistant Secretary of the Company, and delivered to the Trustee.

 

Section 2.05.         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the
following language in Section 1.01 as clause (h):

 

“(h) any reference to “execute”,
 “executed”, “sign”, “signed”, “signature” or any other like term hereunder shall include
execution by electronic signature (including, without limitation, any .pdf file, .jpeg file, or any other electronic or image file, or
any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce Act (“E-SIGN”)
or the New York Electronic Signatures and Records Act (“ESRA”), which includes any electronic signature provided using
Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available
at no undue burden or expense to the Trustee), except to the extent the Custodian requests otherwise. Any such electronic signatures shall
be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall be deemed to have been
duly and validly delivered for all purposes hereunder.”

 

    7

     

    

 

ARTICLE III

SECURITIES FORMS

 

Section 3.01.         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article Two of the Base Indenture shall be amended by adding the
following new Section 2.04 thereto, as set forth below:

 

“Section 2.04.        Certificated
Notes. Notwithstanding anything to the contrary in the Indenture, Notes in physical, certificated form will be issued and delivered to
each person that the Depositary identifies as a beneficial owner of the related Notes only if:

 

(a)           the
Depositary notifies the Company at any time that it is unwilling or unable to continue as depositary for the Notes in global form and
a successor depositary is not appointed within 90 days;

 

(b)           the
Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days;
or

 

(c)           an
Event of Default with respect to the Notes has occurred and is continuing and such beneficial owner requests that its Notes be issued
in physical, certificated form.”

 

ARTICLE IV

REMEDIES

 

Section 4.01.         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by replacing
clause (ii) thereof with the following:

 

“(ii)         default
in the payment of the principal of (or premium, if any on) any Note when it becomes due and payable at its Maturity, including upon any
Redemption Date or required repurchase date; or”

 

Section 4.02.          Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by replacing
(iv) thereof with the following:

 

		“(iv)	the Company’s failure for 60 consecutive days after written notice from the Trustee or the Holders
of at least 25% in principal amount of the Notes then Outstanding has been received to comply with any of the Company’s other agreements
contained in the Notes or this Indenture;”

 

    8

     

    

 

Section 4.03.         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by adding the
following language as clause (ix):

 

		“(ix):	default by the Company or any of its Significant Subsidiaries, with respect to any mortgage, agreement
or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed
in excess of $100 million in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists
or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting
a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon
declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded,
stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to the Company by the Trustee or
to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.”

 

Section 4.04.          Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Section 5.02 of the Base Indenture shall be amended by replacing
the first paragraph of Section 5.02 with the following:

 

“If an Event of Default with respect
to the Notes occurs and is continuing, then and in every such case (other than an Event of Default specified in Section 5.01(v) or
5.01(vi)), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal of all
the Outstanding Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders),
and upon any such declaration such principal shall become immediately due and payable; provided that 100% of the principal of,
and accrued and unpaid interest on, the Notes will automatically become due and payable in the case of an Event of Default specified in
Section 5.01(v) or 5.01(vi) hereof.

 

Section 4.05.          Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Section 5.12 of the Base Indenture shall be amended by replacing
clause (iii) thereof with the following:

 

“the Trustee need not take any
action that it determines in good faith may involve it in personal liability or be unjustly prejudicial to the Holders of Notes not consenting.”

 

ARTICLE V

COVENANTS

 

Section 5.01.          Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the
following new Sections 10.08, and 10.09 thereto, each as set forth below:

 

“Section 10.08 Section 18(a)(1)(A) of
the Investment Company Act.

 

The Company hereby agrees that for the period of
time during which Notes are Outstanding, the Company will not violate, whether or not it is subject to, Section 18(a)(1)(A) as
modified by Section 61(a)of the Investment Company Act or any successor provisions thereto of the Investment Company Act, as such
obligation may be amended or superseded but giving effect to any exemptive relief granted to the Company by the Commission.”

 

    9

     

    

 

“Section 10.09 Commission Reports
and Reports to Holders.

 

If, at any time, the Company is not subject to
the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the Commission, the Company
agrees to furnish to the Holders of Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within
90 days after the end of the each fiscal year of the Company, audited annual consolidated financial statements of the Company and (ii) within
45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited interim
consolidated financial statements of the Company. All such financial statements shall be prepared, in all material respects, in accordance
with GAAP, as applicable.”

 

ARTICLE VI

SUCCESSOR COMPANIES

 

Except as may be provided in a Future Supplemental
Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter
issued and Outstanding, Article Eight of the Base Indenture shall be amended by replacing Section 8.01 with the following:

 

“Section 8.01 Merger, Consolidation
or Sale of Assets.

 

The Company shall not merge or consolidate with
or into any other Person (other than a merger of a wholly owned Subsidiary of the Company into the Company) or sell, transfer, lease,
convey or otherwise dispose of all or substantially all of its property (provided that, for the avoidance of doubt, a pledge of
assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale,
transfer, lease, conveyance or disposition) in one transaction or series of related transactions unless:

 

(a)           the
Company shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company) formed
by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation or limited
liability company organized and existing under the laws of the United States of America or any state or territory thereof;

 

(b)           the
Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the Trustee,
executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any,
and interest on, all the Notes Outstanding, and the due and punctual performance and observance of all the covenants and conditions of
this Indenture to be performed by the Company;

 

(c)            immediately
before and immediately after giving effect to such transaction or series of related transactions, no Default or Event of Default shall
have occurred and be continuing; and

 

(d)           the
Company shall deliver, or cause to be delivered, to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating
that such transaction and the supplemental indenture, if any, in respect thereto comply with this Section 8.01 and that all conditions
precedent in this Indenture relating to such transaction have been complied with.

 

For the purposes of this Section 8.01, the
sale, transfer, lease, conveyance or other disposition of all the property of one or more Subsidiaries of the Company, which property,
if held by the Company instead of such Subsidiaries, would constitute all or substantially all the property of the Company on a consolidated
basis, shall be deemed to be the transfer of all or substantially all the property of the Company.”

 

    10

     

    

 

ARTICLE VII

OFFER TO REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT

 

Except as may be provided in a Future Supplemental
Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter
issued and Outstanding, Article Thirteen of the Base Indenture shall be amended by replacing Sections 13.01 to 13.05 with the following:

 

“Section 13.01       Change
of Control.

 

If a Change of Control Repurchase Event occurs,
unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make an offer to each Holder of the Notes
to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof) of that Holder’s
Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest
on the Notes repurchased to the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s
option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will mail a notice to
each Holder describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering
to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days
from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that
the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in
the notice. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result
of a Change of Control Repurchase Event.

 

To the extent that the provisions of any securities
laws or regulations conflict with this Section 13.01, the Company shall comply with the applicable securities laws and regulations
and shall not be deemed to have breached its obligations under this Section 13.01 by virtue of such conflict.

 

On the Change of Control Repurchase Event payment
date, subject to extension if necessary to comply with the provisions of the Investment Company Act, the Company shall, to the extent
lawful:

 

(1)          accept
for payment all Notes or portions of Notes properly tendered pursuant to its offer;

 

(2)          deposit
with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered;
and

 

(3)          deliver
or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate
principal amount of Notes being purchased by the Company.

 

The Paying Agent will promptly remit to each Holder
of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred
by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided
that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

    11

     

    

 

 

If any Repayment Date upon a Change of Control
Repurchase Event falls on a day that is not a Business Day, then the required payment will be made on the next succeeding Business Day
and no additional interest will accrue as a result of such delayed payment.

 

The Company will not be required to make an offer
to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in respect of the Notes in the manner,
at the time and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes
properly tendered and not withdrawn under its offer.”

 

ARTICLE VIII

MISCELLANEOUS

 

Section 8.01.        This
Fourteenth Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York,
without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction. This Fourteenth Supplemental
Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent
applicable, be governed by such provisions. If any provision of the Indenture limits, qualifies or conflicts with the duties imposed by
Section 318(c) of the Trust Indenture Act, the imposed duties will control.

 

Section 8.02.         In
case any provision in this Fourteenth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 8.03.         This
Fourteenth Supplemental Indenture may be executed in any number of counterparts, each of which will be an original, but such counterparts
will together constitute but one and the same Fourteenth Supplemental Indenture. The exchange of copies of this Fourteenth Supplemental
Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution
and delivery of this Fourteenth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf
transmission, email or other electronic means shall be deemed to be their original signatures for all purposes. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Indenture or any
document to be signed in connection with this Fourteenth Supplemental Indenture shall be deemed to include electronic signatures (including,
without limitation, any .pdf file, .jpeg file or any other electronic or image file, or any other “electronic signature” as
defined under E-SIGN or ESRA, including Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified
by the Company and reasonably available at no undue burden or expense to the Trustee), deliveries or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery
thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions
contemplated hereunder by electronic means.

 

Section 8.04.        The
Base Indenture, as supplemented and amended by this Fourteenth Supplemental Indenture, is in all respects ratified and confirmed, and
the Base Indenture and this Fourteenth Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect
to the Notes. All provisions included in this Fourteenth Supplemental Indenture supersede any conflicting provisions included in the Base
Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Indenture, as supplemented
by this Fourteenth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Indenture, as supplemented
by this Fourteenth Supplemental Indenture.

 

    12 

     

    

 

Section 8.05.        The
provisions of this Fourteenth Supplemental Indenture shall become effective as of the date hereof.

 

Section 8.06.         Notwithstanding
anything else to the contrary herein, the terms and provisions of this Fourteenth Supplemental Indenture shall apply only to the Notes
and shall not apply to any other series of Securities under the Indenture and this Fourteenth Supplemental Indenture shall not and does
not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding.

 

Section 8.07.        The
recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Fourteenth Supplemental Indenture,
the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Fourteenth
Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be
accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof.

 

    13 

     

    

 

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

 

	 	ARES CAPITAL CORPORATION
	 	 
	 	 
	 	By: 	/s/ Penni F. Roll
	 	Name: 	Penni F. Roll
	 	Title: 	Chief Financial Officer
	 	 
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	By:  	/s/ Karen R. Beard
	 	Name: 	Karen R. Beard
	 	Title: 	Vice President

 

[Signature Page to Fourteenth Supplemental Indenture]

 

     

     

    

 

Exhibit A – Form of Global
Note

 

This Security is a Global Note within the meaning
of the Indenture hereinafter referred to and is registered in the name of The Depository Trust Company or a nominee thereof. This Security
may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered,
in the name of any Person other than The Depository Trust Company or a nominee thereof, except in the limited circumstances described
in the Indenture.

 

Unless this certificate is presented by an authorized
representative of The Depository Trust Company to the issuer or its agent for registration of transfer, exchange or payment and such certificate
issued in exchange for this certificate is registered in the name of Cede & Co., or such other name as requested by an authorized
representative of The Depository Trust Company, any transfer, pledge or other use hereof for value or otherwise by or to any person is
wrongful, as the registered owner hereof, Cede & Co., has an interest herein.

 

Ares Capital Corporation

 

	No. ___	$____________
	 	CUSIP No. 04010L BB8
	 	 
	 	ISIN No. US04010LBB80

 

2.875% Notes due 2028

 

Ares Capital Corporation, a corporation duly organized
and existing under the laws of Maryland (herein called the “Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ________________ (U.S. $____________) on June 15, 2028, and to pay interest thereon from June 10, 2021, or from the most
recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 15 and December 15
in each year, commencing December 15, 2021, at the rate of 2.875% per annum, until the principal hereof is paid or made available
for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such
interest, which shall be June 1 and December 1 (whether or not a Business Day),
as the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security
is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. This Security
may be issued as part of a series.

 

Payment of the principal of (and premium, if any)
and any such interest on this Security will be made at the Corporate Trust Office of the Trustee in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register.

 

     

     

    

 

Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth
at this place.

 

Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

 

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IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

 

	Dated: ___________	 
	 	 
	 	 
	 	ARES CAPITAL CORPORATION
	 	 
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

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This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

 

	Dated: ____________	 
	 	 
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 
	 	 
	 	By:	
	 	 	Authorized Signatory

 

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Ares Capital Corporation

2.875% Notes due 2028

 

This Security is one of a duly authorized issue
of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture,
dated as of October 21, 2010 (herein called the “Base Indenture”, which term shall have the meaning assigned to it in
such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term
includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by the Fourteenth Supplemental Indenture,
relating to the Securities, dated as of June 10, 2021, by and between the Company and the Trustee (herein called the “Fourteenth
Supplemental Indenture”; and the Fourteenth Supplemental Indenture and the Base Indenture together are herein called the “Indenture”).
In the event of any conflict between the Base Indenture and the Fourteenth Supplemental Indenture, the Fourteenth Supplemental Indenture
shall govern and control.

 

This Security is one of the series designated on
the face hereof, initially limited in aggregate principal amount to $____________. Under a Board Resolution, Officers’ Certificate
pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities,
issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking and the same
interest rate, maturity, CUSIP number and other terms as the Securities, provided that such Additional Securities must be part
of the same issue as the Securities for U.S. federal income tax purposes. Any Additional Securities and the existing Securities will constitute
a single series under the Indenture and all references to the relevant Securities herein shall include the Additional Securities unless
the context otherwise requires. The aggregate amount of Outstanding Securities represented hereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges and redemptions.

 

The Securities of this series are subject to redemption
in whole or in part at any time or from time to time, at the option of the Company, at a Redemption Price equal to the greater of the
following amounts, plus, in each case, accrued and unpaid interest to the Redemption Date:

 

		(a)	100% of the principal amount of the Securities to be redeemed, or

 

		(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 25 basis points; provided,
however, that if the Company redeems any Securities on or after April 15, 2028, the Redemption Price for the Securities will
be equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding
the Redemption Date.

 

For purposes of calculating the Redemption Price
in connection with the redemption of the Securities, on any Redemption Date, the following terms have the meanings set forth below:

 

“Treasury Rate” means, with respect
to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue (computed
as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Redemption Price and the Treasury
Rate will be determined by the Company.

 

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“Comparable Treasury Issue” means the
United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the remaining term of the
Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financing practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of the Securities being redeemed.

 

“Comparable Treasury Price” means (1) the
average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference
Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations.

 

“Quotation Agent” means a Reference
Treasury Dealer selected by the Company.

 

“Reference Treasury Dealer” means
each of (1) BofA Securities, Inc., (2) J.P. Morgan Securities LLC, (3) a primary U.S. government securities
dealer selected by SMBC Nikko Securities America, Inc. and (4) Wells Fargo Securities, LLC, or their affiliates which are
primary U.S. government securities dealers and their respective successors; provided, however, that if any of the
foregoing or their affiliates shall cease to be a primary U.S. government securities dealer in the United States (a “Primary
Treasury Dealer”), the Company shall select another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing
to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day preceding such Redemption
Date.

 

All determinations made by any Reference Treasury
Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be final and binding absent manifest error.

 

Notice of redemption shall be given in writing
and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Securities to be
redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address appearing
in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.

 

Any exercise of the Company’s option to redeem
the Securities will be done in compliance with the Investment Company Act, to the extent applicable.

 

If the Company elects to redeem only a portion
of the Securities, the particular Securities to be redeemed will be selected in accordance with the applicable procedures of the Trustee
and, so long as the Securities are registered to the Depositary or its nominee, the Depositary. In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name
of the Holder hereof upon the cancellation hereof; provided, however, that no such partial redemption shall reduce the portion
of the principal amount of a Security not redeemed to less than $2,000.

 

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Unless the Company defaults in payment of the Redemption
Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.

 

Holders will have the right to require the Company
to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set forth in the Indenture.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to this Security,
in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing (other than Events of Default related to certain events of bankruptcy, insolvency or reorganization
as set forth in the Indenture), the principal of the Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture. In the case of certain events of bankruptcy, insolvency or reorganization described in the Indenture,
100% of the principal of and accrued and unpaid interest on the Securities will automatically become due and payable.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of
the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration
of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

As provided in and subject to the provisions of
the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written
notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred
in compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities
of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding,
for sixty (60) days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the
respective due dates expressed herein.

 

No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed.

 

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As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on
this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and
the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities
of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

 

The Securities of this series are issuable only
in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

No service charge shall be made for any such registration
of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

 

Prior to due presentment of this Security for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

 

All terms used in this Security which are defined
in the Indenture shall have the meanings assigned to them in the Indenture.

 

To the extent any provision of this Security conflicts
with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

The Indenture and this Security shall be governed
by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws.

 

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