Document:

Collared Accelerated Share Repurchase Transaction

 Exhibit 10.3 
 Reference Number:
 ̈                                Account
Number:  ̈ 
 Wells Fargo Securities, LLC (“Agent”) 

solely as agent of Wells Fargo Bank, NA 
 375 Park Avenue 
 New York, NY 10152 

August 19, 2011 
 Collared Accelerated Share Repurchase Transaction 
 NetApp, Inc. 

495 East Java Drive 
 Sunnyvale, California 94089

  
  
 Dear Sir/Madam: 
 The purpose of this letter agreement (this “Confirmation”) is to
confirm the terms and conditions of the Transaction entered into between Wells Fargo Bank, National Association (“Wells Fargo” or “Seller”) and NetApp, Inc., a Delaware corporation, (the “Issuer”) on the Trade Date
specified below (the “Transaction”). This confirmation, together with the related Trade Notification (defined below), constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. 

The additional terms of any particular Transaction shall be set forth in a Trade Notification in the form of Schedule II hereto (a “Trade
Notification”), which shall reference the Confirmation and supplement, form a part of, and be subject to such Confirmation. The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (as published by the
International Swaps and Derivatives Association, Inc. (“ISDA”)) (the “Equity Definitions”) are incorporated into this Confirmation. If, in relation to any Transaction to which this Confirmation and a Trade Notification relate,
there is any inconsistency between the Agreement, this Confirmation, any Trade Notification and the Equity Definitions, the following will prevail for purposes of such Transaction in the order of precedence indicated: (i) such Trade
Notification, (ii) this Confirmation; (iii) the Agreement; and (iv) the Equity Definitions. Any reference to a currency shall have the meaning contained in Annex A to the 1998 ISDA FX and Currency Option Definitions, as published by
ISDA. 
 1. This Confirmation evidences a complete and binding agreement between Seller and Issuer as to the terms of the Transaction to which
this Confirmation relates. This Confirmation shall be subject to an agreement (the “Agreement”) in the form of the 2002 ISDA Master Agreement (the “ISDA Form”) as if Seller and Issuer had executed an agreement in such form
without any Schedule. For the avoidance of doubt, the Transaction shall be the only transaction under the Agreement. If there exists any ISDA Master Agreement between Seller and the Issuer or any confirmation or other agreement between Seller and
the Issuer pursuant to which an ISDA Master Agreement is deemed to exist between Seller and the Issuer, then notwithstanding anything to the contrary in such ISDA Master Agreement, such confirmation or agreement or any other agreement to which
Seller and the Issuer are parties, the Transactions shall not be considered Transactions under, or otherwise governed by, such existing or deemed ISDA Master Agreement. 

  
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 2.  The terms of the
particular Transaction to which this Confirmation and any related Trade Notification relates are as follows: 
 GENERAL TERMS:

  

			
	 Trade Date:
	  	August 19, 2011
		
	 Buyer:
	  	Issuer
		
	 Seller:
	  	Wells Fargo
		
	 Shares:
	  	Common Stock of Issuer (Ticker: NTAP)
		
	 Number of Shares:
	  	The number of Shares delivered in accordance with Physical Settlement below.
		
	 Forward Price:
	  	A price per Share (as determined by the Calculation Agent) equal to the Mean of the 10b-18 VWAPs; provided, however, that if the Forward Price would otherwise be:
(A) greater than the Forward Cap Price, the Forward Price shall equal the Forward Cap Price (as specified in Schedule I), or (B) less than the Forward Floor Price, the Forward Price shall equal the Forward Floor Price (as specified in Schedule
I).
		
	 10b-18 VWAP:
	  	For each Observation Date that is a Trading Day during the Calculation Period or the Initial Hedge Period, a price per share equal to the price shown on the screen entitled
“NTAP <Equity> AQR SEC” or any successor page as reported by Bloomberg L.P.
		
	 Mean of 10b-18 VWAPs:
	  	The arithmetic mean of the 10b-18 VWAP on each Observation Date that is a Trading Day during the Calculation Period.
		
	 Calculation Period:
	  	The period from and including the first Observation Date that is a Trading Day that occurs after the Initial Hedge Completion Date to but excluding the relevant Valuation Date;
provided, however, that if the Valuation Date is the Scheduled Valuation Date, then the Valuation Date shall be included in the Calculation Period.
		
	 Trading Day:
	  	Any Exchange Business Day that is not a Disrupted Day (as defined below).
		
	 Initial Hedge Period:
	  	As set forth in the Trade Notification, the period from and including the first Observation Date that is a Trading Day that occurs after the Trade Date to and including the
Initial Hedge Completion Date.
		
	 Initial Hedge Completion Date:
	  	As set forth in the related Trade Notification, to be the Observation Date on which Seller completes its initial hedge, as determined by Seller in its good faith and commercially
reasonable discretion and communicated to the Buyer by 6:00p.m. EST on such date, but in no event later than the Initial Hedge End Date.

  
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	 Initial Hedge End Date:
	  	Four Trading Days after the beginning of the Initial Hedge Period, subject to postponement as provided under Market Disruption Event below.
		
	 Initial Hedge Period Reference Price:
	  	As set forth in the related Trade Notification, to be an amount in USD equal to the arithmetic mean (not a weighted average) of the 10b-18 VWAP on each Observation Date that is a
Trading Day from, and including, the first Observation Date that is a Trading Day immediately following the Trade Date to, and including, the Initial Hedge Completion Date.
		
	 Initial Shares:
	  	A number of Shares equal to (i) the Prepayment Amount (as defined below) divided by (ii) the Forward Cap Price.
		
	 Initial Share Delivery Date:
	  	One Exchange Business Day following the Initial Hedge Completion Date. On the Initial Share Delivery Date, Seller shall deliver a number of shares equal to the Initial Shares to
Buyer in accordance with Section 9.4 of the Equity Definitions, with the Initial Share Delivery Date deemed to be a “Settlement Date” for purposes of such Section 9.4.
		
	 Prepayment:
	  	Applicable
		
	 Prepayment Amount:
	  	As specified in Schedule I; Seller and Issuer hereby agree that, notwithstanding anything to the contrary herein or in the Agreement, in the event that (a) an Early Termination
Date (whether as a result of an Event of Default or a Termination Event) occurs or is designated with respect to any Transaction and, as a result, Issuer owes to Seller an amount calculated under Section 6(d) and 6(e) of the Agreement (calculated as
if the Transactions being terminated on such Early Termination Date were the sole Transactions under the Agreement) or (b) Issuer owes to Seller, pursuant to Sections 12.2, 12.3, 12.6, 12.7, or 12.9 of the Equity Definitions, an amount calculated
under Section 12.8 of the Equity Definitions, such amount shall be deemed to be zero.
		
	 Prepayment Date:
	  	One Exchange Business Day following the Trade Date. On the Prepayment Date, Buyer shall pay to Seller the Prepayment Amount.
		
	 Exchange:
	  	NASDAQ GS
		
	 Related Exchange:
	  	The primary U.S. exchange on which options or futures on the relevant Shares are traded.
		
	 Market Disruption Event:
	  	The definition of “Market Disruption Event” in Section 6.3(a) of the Equity Definitions is hereby amended by

  
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		  	 replacing the words “at any time during the one-hour period that ends at the relevant Valuation Time” in the third line
thereof with the words “at any time on any Observation Date during the Calculation Period or Initial Hedge Period or” after the word “material”

		
		  	Notwithstanding anything to the contrary in the Equity Definitions, if any Observation Date in the Calculation Period or the Initial Hedge Period is a Disrupted Day, the
Calculation Agent shall have the option in its reasonable discretion either (i) to determine the weighting of each Rule 10b-18 eligible transaction in the Shares on the relevant Disrupted Day using its commercially reasonable judgment for purposes
of calculating the Forward Price, as applicable, (ii) to elect to extend the Calculation Period or the Initial Hedge Period by a number of Observation Dates equal to the number of Disrupted Days during the Calculation Period or the Initial Hedge
Period; provided that the Calculation Period shall not be extended to a date later than the Final Share Delivery Date or (iii) to suspend the Calculation Period or the Initial Hedge Period, as appropriate, until the circumstances giving rise
to such suspension have ceased; provided that the Calculation Period shall not be extended to a date later than the Final Share Delivery Date, in any case, by delivering notice in writing to Issuer of (x) the circumstances giving rise to such
Disrupted Day and (y) any such weighting, extension or suspension as soon as reasonably practicable after the occurrence of such Disrupted Day and, with respect to a Disrupted Day arising with respect to any Requirements (as defined in Section 10),
shall subsequently notify Issuer on the day Seller believes that the circumstances giving rise to such Disrupted Day have changed. For the avoidance of doubt, if Calculation Agent elects the option described in clause (i) above, then such Disrupted
Day shall be deemed to be a Trading Day for purposes of calculating the Forward Price or the Initial Hedge Period Reference Price, as the case may be.
		
	 VALUATION:
	  	
		
	 Valuation Time:
	  	The Scheduled Closing Time on the relevant Exchange.
		
	 Valuation Date:
	  	The earlier of (i) the Scheduled Valuation Date (as specified in Schedule I) and (ii) any date after the First Acceleration Date (as specified in Schedule I) specified by Seller
to Issuer by 9:00pm EST on such date as a Valuation Date, in each case, subject to extension in accordance with “Market Disruption Event” above or Section 9 or Section 10 below; provided, however, that in no event shall the
Scheduled Valuation Date be extended to a date later than the Final Share Delivery Date; provided further, that if a Valuation Date occurs pursuant

  
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		  	to clause (ii) above, then (A) the Calculation Period for this Transaction shall be deemed to end as of the Trading Day immediately preceding the relevant Valuation Date and (B)
Seller shall specify a Valuation Date with respect to the entire Transaction (such Valuation Date for the full Prepayment Amount, the “Acceleration Date”).
		
		  	On a Valuation Date, Calculation Agent shall calculate the Settlement Amount.
		
	 Final Share Delivery Date:
	  	As specified in Schedule I; provided that such date shall be extended by one Trading Day for each Trading Day during a Regulation M Event.
		
	 SETTLEMENT TERMS:
	  	
		
	 Physical Settlement:
	  	Applicable.
		
		  	On the Settlement Date, Seller shall deliver to Buyer a number of Shares equal to (a) (i) the Prepayment Amount divided by (ii) the Forward Price as determined on the Valuation
Date, minus (b) the Initial Shares, rounded to the nearest whole number of Shares (such number of Shares, the “Settlement Amount”); provided that the number of Shares to be delivered under Physical Settlement shall not be less than the
Minimum Shares and not greater than the Maximum Shares.
		
	 Settlement Currency:
	  	USD
		
	 Settlement Date:
	  	Three Exchange Business Days after the Valuation Date, or if such date is not a Clearance System Business Day or if there is a Settlement Disruption Event on such day, the
immediately succeeding Clearance System Business Day on which there is no Settlement Disruption Event.
		
	 Minimum Shares:
	  	To be determined as specified in Schedule I, the final number for which shall be specified to the Issuer in the Trade Notification.
		
	 Maximum Shares:
	  	To be determined as specified in Schedule I, the final number for which shall be specified to the Issuer in the Trade Notification.
		
	 SHARE ADJUSTMENTS:
	  	
		
	 Potential Adjustment Event:
	  	 Notwithstanding anything to the contrary in Section 11.2(e) of the Equity Definitions, an Extraordinary Dividend shall not constitute
a Potential Adjustment Event. The parties agree that any open market Share repurchases by the Issuer at prevailing prices, repurchases of Shares by the Issuer pursuant to the Issuer’s stock repurchase plans or Compensatory Plans (as defined
below) or accelerated share repurchases, including any

  
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		  	 Transactions, forward contracts or similar transactions on customary terms (including, without limitation, any discount to average
VWAP prices), shall not be considered Potential Adjustment Events.

		
	 Extraordinary Dividend:
	  	Any dividend or distribution on the Shares with an ex-dividend date occurring during the period from and including the Trade Date to and including the Valuation Date (other than
any dividend or distribution of the type described in Section 11.2(e)(i) or Section 11.2(e)(ii)(A) or (B) of the Equity Definitions) (a “Dividend”) that is either (i) a non-regularly scheduled Dividend or (ii) the amount or value of which
(as determined by the Calculation Agent) exceeds the Ordinary Dividend Amount.
		
	 Ordinary Dividend Amount:
	  	For any calendar quarter, USD $0.00
		
	 Method of Adjustment:
	  	Calculation Agent Adjustment; provided that if Seller suspends trading in the Shares for all or any portion of a Trading Day within the Calculation Period, the suspension
shall be treated as a Potential Adjustment Event subject to Calculation Agent Adjustment. In the case of a suspension pursuant to Section 10, the Calculation Agent shall make such adjustments prior to the period of suspension, if it is practical to
do so. Otherwise, and in all cases of a suspension as contemplated under “Market Disruption Event” above, the Calculation Agent shall, in a reasonable fashion, make such adjustments promptly following the period of
suspension.
		
	 EXTRAORDINARY EVENTS:
	  	
		
	 Consequences of Merger Events:
	  	
		
	 Share-for-Share:
	  	Modified Calculation Agent Adjustment
		
	 Share-for-Other:
	  	Cancellation and Payment on that portion of the Other Consideration that consists of cash; Modified Calculation Agent Adjustment on the remainder of the Other
Consideration
		
	 Share-for-Combined:
	  	Modified Calculation Agent Adjustment
		
	 Tender Offer:
	  	Applicable; provided that 12.1(d) of the Equity Definitions shall be amended by replacing the “10%” in the third line thereof with
“20%.”
		
	 Consequences of Tender Offers:
	  	
		
	 Share-for-Share:
	  	Modified Calculation Agent Adjustment
		
	 Share-for-Other:
	  	Modified Calculation Agent Adjustment

  
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	 Share-for-Combined:
	  	Modified Calculation Agent Adjustment
	
	For purposes of this Transaction, the definition of Merger Date in Section 12.1(c) shall be amended to read, “Merger Date shall mean the Announcement
Date.” For purposes of this Transaction, the definition of Tender Offer Date in Section 12.1(e) shall be amended to read, “Tender Offer Date shall mean the Announcement Date.” For purposes of the Transaction, the definition of
Announcement Date in Section 12.1(l) shall be amended by replacing the words “that leads” with the words “that, if consummated, would lead” in both clause (i) and clause (ii) thereof.
		
	 Composition of Combined Consideration:
	  	Applicable
		
	 Nationalization, Insolvency or Delisting:
	  	 Cancellation and Payment (Calculation Agent Determination)

		
	 Additional Disruption Events:
	  	
		
	 Change in Law:
	  	Applicable; provided that Section 12.9(a)(ii) of the Equity Definitions is hereby amended by (i) replacing the phrase “the interpretation” in the third line
thereof with the phrase “, or public announcement of, the formal or informal interpretation” and (ii) by immediately following the word “Transaction” in clause (X) thereof, adding the phrase “in the manner contemplated by
the Hedging Party on the Trade Date”; provided further that the parties agree that, for the avoidance of doubt, for purposes of Section 12.9(a)(ii) of the Equity Definitions, “any applicable law or regulation” shall
include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any rules and regulations promulgated thereunder and any similar law or regulation (such rules and regulations referred to herein as “Dodd-Frank”) without
regard to Section 739 of Dodd-Frank or any similar legal certainty provision in any legislation enacted, or rule or regulation promulgated and the consequences specified in Section 12.9(b)(i) of the Equity Definitions shall apply to any Change in
Law arising from any such act, rule or regulation.
		
		  	
		
	 Failure to Deliver:
	  	Applicable
		
	 Insolvency Filing:
	  	Applicable
		
	 Hedging Disruption:
	  	Applicable
		
	 Increased Cost of Hedging:
	  	Not Applicable
		
	 Loss of Stock Borrow:
	  	Applicable
	 Maximum Stock Loan Rate:
	  	200 bps
		
	 Increased Cost of Stock Borrow:
	  	Applicable
	 Initial Stock Loan Rate:
	  	50 bps

  
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	 Determining Party:
	  	For all Extraordinary Events other than Change in Law arising out of Dodd-Frank, Seller; with respect to a Change in Law arising out of Dodd-Frank, either the Issuer or Seller
may be the Determining Party; provided that, upon receipt of written request from Issuer, Determining Party if Seller shall promptly (but in no event later than within seven Scheduled Trading Days from the receipt of such request) provide the
other party with a written explanation describing in reasonable detail any determination made by it (including any quotations, market data or information from internal sources used in making such determinations, but without disclosing the
Seller’s proprietary models).
		
	 Hedging Party:
	  	For all Additional Disruption Events, Seller
		
	 Non-Reliance:
	  	Applicable
		
	 AGREEMENTS AND ACKNOWLEDGMENTS:
	  	
		
	 Regarding Hedging Activities:
	  	Applicable
		
	 Additional Acknowledgments:
	  	Applicable
		
	 3.  Calculation Agent:
	  	Seller; provided that upon receipt of written request from Issuer, Calculation Agent shall promptly (but in no event later than within seven Scheduled Trading Days from
the receipt of such request) provide Issuer with a written explanation describing in reasonable detail any determination made by it (including any quotations, market data or information from internal sources used in making such calculations,
adjustments or determinations, but without disclosing Seller’s proprietary models). All determinations made by the Calculation Agent shall be made in good faith and in a commercially reasonable manner.
		
	 4.  Account Details:
	  	 Wells Fargo Payment Instructions:
 Wells Fargo Bank, N.A.
 For A/C: WFB Equity Derivatives

Internal A/C # 01020300064228
 ABA:
121-000-248

 5.        (a) Nationalization, Insolvency or Delisting. The words “the
Transaction will be cancelled,” in the first line of Section 12.6(c)(ii) are replaced with the words “Seller will have the right to cancel this Transaction,” 

  (b) Additional Termination Event. The declaration of any Extraordinary Dividend by Issuer during the period from and
including the Trade Date to but excluding the final Valuation Date shall constitute an Additional Termination Event with this Transaction as the only “Affected Transaction” and Issuer as the sole “Affected Party”. 

  
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 (c) For the avoidance
of doubt, this Transaction shall be deemed to be a “Share Forward Transaction” for purposes of the Equity Definitions; provided, however, that in Section 9.2(a)(iii) of the Equity Definitions the words “the Excess
Dividend Amount, if any, and” shall be deleted. 
 6.  Certain Payments and Deliveries by Seller. Notwithstanding anything to the
contrary herein, or in the Equity Definitions, if at any time (i) an Early Termination Date occurs and Seller would be required to make a payment pursuant to Sections 6(d) and 6(e) of the Agreement, (ii) a Tender Offer occurs and Seller
would be required to make a payment pursuant to Sections 12.3 and 12.7 of the Equity Definitions, (iii) a Merger Event occurs and Seller would be required to make a payment pursuant to Sections 12.2 and 12.7 of the Equity Definitions
(iv) an Additional Disruption Event occurs and Seller would be required to make a payment pursuant to Sections 12.8 and 12.9 of the Equity Definitions or (v) a Nationalization, Insolvency or Delisting occurs and Seller would be required to
make a payment pursuant to Sections 12.6 and 12.7 of the Equity Definitions, then Issuer shall have the option to require Seller to make such payment in cash or to settle such payment amount in Shares (or, in the case of a Merger Event, a number of
units, each comprising the number or amount of the securities or property that a hypothetical holder of one Share would receive in such Merger Event (each such unit, an “Alternative Delivery Unit” and, the securities or property comprising
such unit, “Alternative Delivery Property”)) (any such payment described in Sections 6(i), (ii), (iii), (iv) or (v) above, an “Seller Payment Amount”). If Issuer elects for Seller to settle an Seller Payment Amount in
Shares or Alternative Delivery Property, then on the date such Seller Payment Amount is due, a Settlement Balance shall be established with an initial balance equal to the Seller Payment Amount. On such date, Seller shall commence purchasing Shares
or Alternative Delivery Property for delivery to Issuer. At the end of each Trading Day on which Seller purchases Shares or Alternative Delivery Property pursuant to this Section 6, Seller shall reduce the Settlement Balance by the amount,
determined in a good faith and commercially reasonable manner, paid by Seller to purchase the Shares or Alternative Delivery Property purchased on such Trading Day. Seller shall deliver any Shares or Alternative Delivery Property purchased on a
Trading Day to Issuer on the third Exchange Business Day following the relevant Trading Day. Seller shall continue purchasing Shares or Alternative Delivery Property until the Settlement Balance has been reduced to zero. 

7.  Reserved. 

8.  Reserved. 
 9.  Special
Provisions for Merger Events. Notwithstanding anything to the contrary herein or in the Equity Definitions, to the extent that an Announcement Date for a potential Merger Transaction occurs during the term of this Transaction and such Announcement
Date does not cause this Transaction to terminate in whole under the provisions of “Extraordinary Event” in paragraph 2 above: 
 (a) As soon as practicable following the public announcement of such potential Merger Transaction, Issuer shall provide Seller with written notice of such announcement; 

(b) Promptly after request from Seller, Issuer shall provide Seller with written notice specifying (i) Issuer’s average daily
Rule 10b-18 Purchases (as defined in Rule 10b-18) during the three full calendar months immediately preceding the Announcement Date that were not effected through Seller or its affiliates and (ii) the number of Shares purchased pursuant to the
block purchase proviso in Rule 10b-18(b)(4) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) for the three full calendar months preceding the Announcement Date. Such written notice shall be deemed to be a
certification by Issuer to Seller that such information is true and correct in all material respects. Issuer understands that Seller will use this information in calculating the trading volume for purposes of Rule 10b-18; and 

(c) Seller in its reasonable discretion may extend the Calculation Period to account for any reduction in the number of Shares that could
be purchased on each day during the Calculation Period in compliance with Rule 10b-18 following the Announcement Date. 

  
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 “Merger
Transaction” means any merger, acquisition or similar transaction involving a recapitalization of Issuer as contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act. 
 10.  Seller Adjustments. In the event that Seller reasonably determines that it is appropriate with regard to any legal, regulatory or self-regulatory requirements or related policies and
procedures (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Seller, and including, without limitation, Rule 10b-18, Rule 10b-5, Regulation 13D-G and Regulation 14E,
“Requirements”), for Seller to refrain from purchasing Shares or to purchase fewer than the number of Shares Seller would otherwise purchase on any Trading Day during the duration of this Transaction, then Seller may, in its reasonable
discretion, elect that the Initial Hedge Period or the Calculation Period, as the case may be, be suspended and, if appropriate, extended with regard to any Requirements; provided that in no event shall the Initial Hedge Period or Calculation
Period be extended to a date later than the Final Share Delivery Date. Seller shall notify the Issuer upon the exercise of Seller’s rights pursuant to this Section 10 and shall subsequently notify the Issuer on the day Seller believes that
the circumstances giving rise to such exercise have changed. If the Initial Hedge Period or the Calculation Period is suspended pursuant to this Section 10, at the end of such suspension Seller shall determine the number of Trading Days
remaining in the Calculation Period, as appropriate, and the terms of this Transaction shall be adjusted as set forth above under “Method of Adjustment.” 
  

	11.  Covenants.	

 (a)    The
Buyer covenants and agrees: 
 (i) that during the term of this Agreement, neither it nor any of its “affiliated
purchasers” (as such term is defined in Rule 10b-18 under the Exchange Act (“Rule 10b-18”) shall directly or indirectly (which shall be deemed to include the writing or purchase of any cash-settled derivative instrument) purchase
Shares (or any security convertible into or exchangeable for Shares) without the prior written approval of Seller or take any other action that would cause the purchase by Seller of any Shares in connection with this Agreement not to comply with
Rule 10b-18 under the Exchange Act (assuming for the purposes of this paragraph that such Rule were otherwise applicable to such purchases), except through Seller or except in the event that after the Initial Hedge Completion Date, the price of the
Shares is less than the Forward Floor Price, the Issuer may purchase Shares in an amount to be agreed with Seller in the open market on such Exchange Business Day through Seller and Issuer’s agent pursuant to customary open market agency
repurchase documentation reasonably acceptable to both parties; 
 (ii) that it shall report the Transaction to the extent
required under the Exchange Act and the rules and regulations thereunder; 
 (iii) that as of the Trade Date, the Issuer is in
compliance with its reporting obligations under the Exchange Act; 
 (iv) that it is not relying, and has not relied, upon
Seller or any of its representatives or advisors with respect to the legal, accounting, tax or other implications of this Agreement and that it has conducted its own analyses of the legal, accounting, tax and other implications of this Agreement,
and that Seller and its affiliates may from time to time effect transactions for their own account or the account of customers and hold positions in securities or options on securities of the Buyer and that Seller and its affiliates may continue to
conduct such transactions during the term of this Agreement; and 
 (v) that the Shares are not, and Issuer will not cause the
Shares to be, subject to a “restricted period” (as defined in Regulation M promulgated under the Exchange Act) at any time during the Regulation M Period (as defined below) unless Issuer has provided written notice to Seller of such
restricted period not later than the Scheduled Trading Day immediately preceding the first day of such “restricted period” (such event, a “Regulation M Event”); Issuer acknowledges that any such notice may cause an adjustment
event to occur pursuant to Section 10; accordingly, Issuer acknowledges that its delivery of such notice must comply with the 

  
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 standards set forth in
Section 20; provided, however, that Issuer may only declare up to 3 Regulation M Events during the Regulation M Period. “Regulation M Period” means, the period commencing on the first day of the Initial Hedge Period and ending on the
earliest of (i) the Scheduled Valuation Date, (ii) the third Exchange Business Day immediately following the last day of the Calculation Period, or such earlier day as elected by Seller and notified to Issuer (or, if later, the First
Acceleration Date), and (iii) in the event Section 6 applies to a Transaction, and Issuer elects to require Seller to deliver Shares or Alternative Delivery Property pursuant to such Section 6, the date reasonably determined by the
Calculation Agent and notified to Issuer; 
 provided that this Section 11(a) shall not (i) limit the Buyer’s ability,
pursuant to its employee incentive plan or dividend reinvestment program, to re-acquire Shares in connection with the related equity transactions, (ii) limit Buyer’s ability to withhold shares to cover tax liabilities associated with such
equity transactions or (iii) limit Buyer’s ability to grant stock and options to “affiliated purchasers” (as defined in Rule 10b-18) or the ability of such affiliated purchasers to acquire such stock or options, in connection
with the Buyer’s compensation policies for directors, officers and employees or any agreements with respect to the compensation of directors, officers or employees of any entities that are acquisition targets of Issuer, and in connection with
any such purchase Buyer will be deemed to represent to Seller that such purchase does not constitute a “Rule 10b-18 Purchase” (as defined in Rule 10b-18) (any such incentive or compensatory plan, program or policy of Issuer, a
“Compensatory Plan”). 
 (b) During the Initial Hedge Period, Seller will use commercially reasonable efforts to
purchase Shares to establish its initial hedge position in compliance with the limitations set forth in clauses (b)(2), (b)(3), (b)(4) and (c) of Rule 10b-18 under the Exchange Act, as if such rule could be applied to such purchases.

  

	12.  Representations,	Warranties and Acknowledgments. 

 (a) The Buyer
hereby represents and warrants to Seller that: 
 (i) as of the date hereof, the Buyer (A) is not in possession of any
material, non-public information with respect to the Buyer or any of its securities, and is entering into this Agreement in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b5-1 of the Exchange Act and
(B) agrees not to alter or deviate from the terms of this Agreement or enter into or alter a corresponding or hedging transaction or position with respect to the Shares (including, without limitation, with respect to any securities convertible
or exchangeable into the Shares) during the term of this Agreement; 
 (ii) the transactions contemplated by this Confirmation
have been authorized under Buyer’s publicly announced program to repurchase Shares; 
 (iii) the Buyer is not entering into
this Agreement to facilitate a distribution of the Shares (or any security convertible into or exchangeable for Shares) or in connection with a future issuance of securities except pursuant to the Buyer’s employee benefit plans and dividend
reinvestment plan or other publicly disclosed transaction; 
 (iv) the Buyer is not entering into this Agreement to create
actual or apparent trading activity in the Shares (or any security convertible into or exchangeable for Shares) or to manipulate the price of the Shares (or any security convertible into or exchangeable for Shares); and 

(v) the Buyer is as of the date hereof, and after giving effect to the transactions contemplated hereby will be, Solvent. As used in this
paragraph, the term “Solvent” means, with respect to a particular date, that on such date (A) the present fair market value (or present fair saleable value) of the assets of the Buyer is not less than the total amount required to pay
the liabilities of the Buyer on its total existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (B) the Buyer is able to realize upon its assets and pay its debts and other liabilities,
contingent obligations and commitments as they mature and become due in the normal course of business, (C) assuming consummation of the transactions as contemplated 

  
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 by this Agreement, the Buyer is not
incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature, (D) the Buyer is not engaged in any business or transaction, and does not propose to engage in any business or transaction, for which its property
would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which the Buyer is engaged and (E) the Buyer is not a defendant in any civil action that could reasonably be expected to
result in a judgment that Buyer is or would become unable to satisfy. 
 (b) Seller and the Buyer each hereby acknowledges that any transactions
by Seller in the Shares will be undertaken by Seller, as the case may be, as principal for its own account. All of the actions to be taken by Seller in connection with this Agreement, shall be taken by Seller independently and without any advance or
subsequent consultation with the Buyer. 
  

	13.  Acknowledgements	of Buyer Regarding Hedging and Market Activity. Buyer acknowledges that: 

 

	 	(a)	during the period from (and including) the Trade Date to (and including) the Settlement Date, Seller and its affiliates may buy or sell Shares or other securities or
buy or sell options or futures contracts or enter into swaps or other derivative securities in order to adjust its hedge position with respect to the transactions contemplated by this Transaction;

 

	 	(b)	Seller and its affiliates also may be active in the market for the Shares other than in connection with hedging activities in relation to the transactions contemplated
by this Transaction;

  

	 	(c)	Seller shall make its own determination as to whether, when and in what manner any hedging or market activities in the Issuer’s securities shall be conducted and
shall do so in a manner that it deems appropriate to hedge its price and market risk with respect to 10b-18 VWAP; and 

  

	 	(d)	any market activities of Seller and its affiliates with respect to the Shares may affect the market price and volatility of the Shares, as well as the 10b-18 VWAP, each
in a manner that may be adverse to Buyer. 

 14.  In the event that Seller becomes involved in any capacity in any
action, proceeding or investigation brought by or against any person in connection with any matter referred to in this Agreement, to the extent that such action, proceeding or investigation results from the breach by the Buyer of any of its
representations, warranties or covenants hereunder, the Buyer will reimburse Seller for its reasonable legal and other expenses (including the cost of any investigation and preparation) incurred in connection therewith. The Buyer also will indemnify
and hold Seller harmless against any losses, claims, damages or liabilities to which it may become subject in connection with any matter referred to in this Agreement, to the extent any such loss, claim, damage or liability results from the breach
by the Buyer of any of its representations, warranties or covenants hereunder, except to the extent that any such loss, claim, damage or liability results from the gross negligence or bad faith of Seller in effecting the transactions which are the
subject of this Agreement; provided, however, that if it is determined by a court of competent jurisdiction in a final judgment that Seller is not entitled to be indemnified hereunder in connection with such matter, then Seller
shall reimburse the Buyer for any expenses paid pursuant to the first sentence of this Section 14. If for any reason the foregoing indemnification is unavailable to Seller or insufficient to hold it harmless, then the Buyer shall contribute to
the amount paid or payable by Seller as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the Buyer on one hand and Seller on the other hand with respect to such loss, claim,
damage, or liability and any other relevant equitable considerations. The reimbursement, indemnity and contribution obligations of the Buyer under this Section 14 shall be in addition to any liability which the Buyer may otherwise have, shall
extend upon the same terms and conditions to any affiliate of Seller and the partners, directors, officers, agents, employees and controlling persons (if any), as the case may be, of Seller and any such affiliate and shall be binding upon and inure
to the benefit of any successors, assigns, heirs and personal representatives of the Buyer, Seller, any such affiliate and any such person. The Buyer also agrees that neither Seller nor any of such affiliates, partners, directors, officers, agents,
employees or controlling persons shall have any liability to the 

  
 Page 13

  
 Buyer for or in connection with any
matter referred to in this Agreement except to the extent that any losses, claims, damages, liabilities or expenses incurred by the Buyer result from the gross negligence or bad faith of Seller in effecting the transactions that are the subject of
this Agreement. The foregoing provisions shall survive any termination or completion of this Agreement. For the purposes of this Section 14, the term “Seller” shall include Seller and its affiliates. The foregoing reimbursement,
indemnity and contribution obligations of the Buyer shall be paid promptly in cash. 
 15.  The parties hereto agree and
acknowledge that Seller is a “financial participant” within the meaning of Section 101(22A) of Title 11 of the United States Code (the “Bankruptcy Code”). The parties hereto further agree and acknowledge that the Transaction
is (i) a “securities contract” as such term is defined in Section 741(7) of the Bankruptcy Code, in which case each payment and delivery made pursuant to the Transaction is a “termination value,” “payment
amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code and a “settlement payment,” within the meaning of Section 546 of the Bankruptcy Code and a “transfer,” as
such term is defined in Section 101(54) of the Bankruptcy Code and (ii) a “swap agreement,” as such term is defined in Section 101(53B) of the Bankruptcy Code, with respect to which each payment and delivery hereunder or in
connection herewith is a “termination value,” “payment amount” or “other transfer obligation” within the meaning of Section 362 of the Bankruptcy Code, and a “transfer,” as such term is defined in
Section 101(54) of the Bankruptcy Code, and that Seller is entitled to the protections afforded by, among other sections, Sections 362(b)(6), 362(b)(17), 362(o), 546(e), 546(g), 548(d)(2), 555, 560 and 561 of 546(g) and 560 of the Bankruptcy
Code. 
 16.  Seller and Issuer hereby agree and acknowledge that Seller has authorized the Issuer and each of its employees,
representatives and other agents to disclose this Transaction, including the tax treatment and tax structure thereof and all materials relating thereto, to any and all persons, and there are no express or implied agreements, arrangements or
understandings to the contrary, and authorizes the Issuer to use any information that the Issuer receives or has received with respect to this Transaction in any manner. 

 

	17.  Treatment	in Bankruptcy; No Setoff; No Collateral. 

 (a)
In the event the Buyer becomes the subject of proceedings (“Bankruptcy Proceedings”) under the U.S. Bankruptcy Code or any other applicable bankruptcy or insolvency statute from time to time in effect, any rights or claims of Seller
hereunder in respect of this transaction shall rank for all purposes no higher than, but on a parity with, the rights or claims of holders of Shares, and Seller hereby agrees that its rights and claims hereunder shall be subordinated to those of all
parties with claims or rights against the Buyer (other than common stockholders) to the extent necessary to assure such ranking. Without limiting the generality of the foregoing, after the commencement of Bankruptcy Proceedings, the claims of Seller
hereunder shall for all purposes have rights equivalent to the rights of a holder of a percentage of the Shares equal to the aggregate amount of such claims (the “Claim Amount”) taken as a percentage of the sum of (i) the Claim Amount
and (ii) the aggregate fair market value of all outstanding Shares on the record date for distributions made to the holders of such Shares in the related Bankruptcy Proceedings. Notwithstanding any right it might otherwise have to assert a
higher priority claim in any such Bankruptcy Proceedings, Seller shall be entitled to receive a distribution solely to the extent and only in the form that a holder of such percentage of the Shares would be entitled to receive in such Bankruptcy
Proceedings, and, from and after the commencement of such Bankruptcy Proceedings, Seller expressly waives (i) any other rights or distributions to which it might otherwise be entitled in such Bankruptcy Proceedings in respect of its rights and
claims hereunder and (ii) any rights of setoff it might otherwise be entitled to assert in respect of such rights and claims. Section 6(f) of the Agreement is hereby deleted. 

(b) Notwithstanding any provision of this Agreement or any other agreement between the parties to the contrary, neither the obligations
of the Buyer nor the obligations of Seller hereunder are secured by any collateral, security interest, pledge or lien. 

  
 Page 14

  
 18.  Reserved. 

19.  Account Details: 
  

					
	       Account for Payments to Seller:

 
       Account for Payments to Issuer:
	 	 To be provided separately by Seller

 
 To be provided by Issuer
	 	

 20.  10b5-1 Plan.  Issuer and Seller each represent, warrant and covenant that: 

(a)    The Issuer is entering into this Confirmation and each Transaction hereunder in good faith and not as part of
a plan or scheme to evade the prohibitions of Rule 10b5-1 under the Exchange Act (“Rule 10b5-1”) or any other antifraud or anti-manipulation provisions of the federal or applicable state securities laws and, with respect to Issuer, that it
has not entered into or altered and will not enter into or alter any corresponding or hedging transaction or position with respect to the Shares. The Issuer acknowledges that it is the intent of the parties that each Transaction entered into under
this Confirmation comply with the requirements of paragraphs (c)(1)(i)(A) and (B) of Rule 10b5-1 and each Transaction entered into under this Confirmation shall be interpreted to comply with the requirements of Rule 10b5-1(c). 

(b)    Issuer will not seek to control or influence Seller’s decision to make any “purchases or sales”
(within the meaning of Rule 10b5-1(c)(1)(i)(B)(3)) under any Transaction entered into under this Confirmation, including, without limitation, Seller’s decision to enter into any hedging transactions. Issuer represents and warrants that it has
consulted with its own advisors as to the legal aspects of its adoption and implementation of this Confirmation and each Trade Notification under Rule 10b5-1. 
 (c)    Each of Seller and Issuer acknowledges and agrees that any amendment, modification, waiver or termination of this Confirmation or Trade Notification must be effected in
accordance with the requirements for the amendment or termination of a “plan” as defined in Rule 10b5-1(c). Without limiting the generality of the foregoing, any such amendment, modification, waiver or termination shall be made in good
faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5, and no such amendment, modification or waiver shall be made at any time at which Issuer or any officer, director, manager or similar person of Issuer is aware of any
material non-public information regarding Issuer or the Shares. 
 21.  Governing law: The laws of the State of New York. 

EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS CONFIRMATION OR ANY TRANSACTION CONTEMPLATED HEREBY. 
 22.  Terms relating to the Agent. 

(a) The Agent is registered as a broker-dealer with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA),
is acting hereunder for and on behalf of Wells Fargo solely in its capacity as agent for Wells Fargo pursuant to instructions from Wells Fargo, and is not and will not be acting as the Issuer’s agent, broker, advisor or fiduciary in any respect
under or in connection with the Transaction. 
 (b) In addition to acting as Wells Fargo’s agent in executing this Transaction, the Agent
is authorized from time to time to give written payment and/or delivery instructions to the Issuer directing it to make its payments and/or deliveries under this Transaction to an account of the Agent for remittance to Wells Fargo (or its designee),
and for that purpose any such payment or delivery by the Issuer to the Agent shall be treated as a payment or delivery to Wells Fargo. 

  
 Page 15

  
 (c) Except as otherwise provided
herein, any and all notices, demands, or communications of any kind transmitted in writing by either Wells Fargo or the Issuer under or in connection with this Transaction will be transmitted exclusively by such party to the other party through the
Agent at the following address: 
 Wells Fargo Securities, LLC 

201 South College Street, 6th Floor 
 Charlotte, NC 28288-0601 
 Facsimile No.: (704) 383-8425 

Telephone No.: (704) 715-8086 
 Attention: Equity Derivatives 
 (d) The Agent shall have no responsibility or liability to Wells
Fargo or the Issuer for or arising from (i) any failure by either Wells Fargo or the Issuer to perform any of their respective obligations under or in connection with this Transaction, (ii) the collection or enforcement of any such
obligations, or (iii) the exercise of any of the rights and remedies of either Wells Fargo or the Issuer under or in connection with this Transaction. Each of Wells Fargo and the Issuer agrees to proceed solely against the other to collect or
enforce any such obligations, and the Agent shall have no liability in respect of this Transaction except for its gross negligence or willful misconduct in performing its duties as the agent of Wells Fargo. 

(e) Upon written request, the Agent will furnish to Wells Fargo and the Issuer the date and time of the execution of this Transaction and a statement as
to the source and amount of any remuneration received or to be received by the Agent in connection with this Transaction. 

  
 Page 16

  
   

 
 Please confirm that the foregoing correctly sets
forth the terms of our agreement by executing this Confirmation and returning it to Wells Fargo by facsimile at 212-214-5913 (Attention: Derivatives Structuring Group). 
 Confirmed as of the date first written above: 

									
			
	 WELLS FARGO SECURITIES, LLC,
 acting solely in its capacity as Agent
 of Wells Fargo Bank, National Association
	 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION
 By: Wells Fargo Securities, LLC,
 acting solely in its capacity as its Agent

					
	 By:
	 	/s/ Cathleen Burke	 		 	 By:
	 	/s/ Cathleen Burke
	Name:  Cathleen Burke	 		 	Name:  Cathleen Burke
	Title:    Managing Director	 		 	Title:    Managing Director

									
			
	NetApp, Inc.	 		 	
					
	 By:
	 	/s/ Steven J. Gomo	 		 		 	
	Name:  Steven J. Gomo	 		 		 	
	Title:    CFO	 		 		 	

  
 Page 17

  
 Schedule I 

This Schedule I, dated August 19, 2011 may be amended and/or superseded from time to time by mutual agreement of both parties. For the purposes of
this Transaction, the following terms shall have the following values/meanings: 
  

	1.	The Forward Cap Price equals 105.4% of the Initial Hedge Period Reference Price. 

 

	2.	The Forward Floor Price equals 90% of the Initial Hedge Period Reference Price. 

 

	3.	The Minimum Shares equals the Prepayment Amount divided by the Forward Cap Price, as set forth in the related Trade Notification. 

 

	4.	The Maximum Shares equals the Prepayment Amount divided by the Forward Floor Price, as set forth in the related Trade Notification. 

 

	5.	The Prepayment Amount equals USD 400,000,000. 

  

	6.	 The Scheduled Valuation Date shall mean the 60th Observation Date following the Initial Hedge Completion Date. 

 

	7.	The Final Share Delivery Date shall be December 30, 2011. 

  

	8.	 The First Acceleration Date shall mean the 20th Observation Date following the Initial Hedge Completion Date; provided that under any circumstances where the
Calculation Period is extended, the First Acceleration Date shall be postponed by an equal number of Observation Dates. 

  

	9.	Observation Dates: Each Scheduled Trading Day after the Trade Date. 

  
 Page 18

  
 AGREED AND ACKNOWLEDGED (as of the
date listed above) 

									
			
	 WELLS FARGO SECURITIES, LLC,
 acting solely in its capacity as Agent
 of Wells Fargo Bank, National Association
	 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION
 By: Wells Fargo Securities, LLC,
 acting solely in its capacity as its Agent

					
	 By:
	 	/s/ Cathleen Burke	 		 	 By:
	 	/s/ Cathleen Burke
	Name:  Cathleen Burke	 		 	Name:  Cathleen Burke
	Title:    Managing Director	 		 	Title:    Managing Director

							
			
	NetApp, Inc.	 		 	
				
	/s/ Steven J. Gomo	 		 		 	
	Name:  Steven J. Gomo	 		 		 	
	Title:    CFO	 		 		 	

  
 Page 19

 Schedule II 
 TRADE NOTIFICATION 
  

							
	To:	 	 NetApp, Inc.
 495 East Java
Drive
 Sunnyvale, California 94089
	  	 	  	 
				
	From:	 	 Wells Fargo Securities, LLC (“Agent”)
 solely as agent of Wells Fargo Bank, National Association
	  		  	
				
	Subject:	 	Collared Accelerated Share Repurchase Transaction	  		  	
				
	Ref. No:	 	[Insert Reference No.]	  		  	
				
	Date:	 	[Insert Date]	  		  	

  
  

The purpose of this Trade Notification is to notify you of certain terms in the Transaction entered into between Wells Fargo Bank,
National Association (“Seller”) and NetApp, Inc. (“Issuer”) (together, the “Contracting Parties”) bearing the trade reference number set forth above. 

This Trade Notification supplements, forms part of, and is subject to the Confirmation dated as of August 19, 2011 (the
“Confirmation”) between the Contracting Parties, as amended and supplemented from time to time. 

					
			
	 Initial Hedge Completion Date:
	  	[        ]	  	
			
	 Initial Hedge Period Reference Price:
	  	USD [        ]	  	
			
	 Minimum Shares:
	  	[        ]	  	
			
	 Maximum Shares:
	  	[        ]	  	

 Yours sincerely, 

									
			
	 WELLS FARGO SECURITIES, LLC,
 acting solely in its capacity as Agent
 of Wells Fargo Bank, National Association
	 		 	 WELLS FARGO BANK, NATIONAL ASSOCIATION
 By: Wells Fargo Securities, LLC,
 acting solely in its capacity as its Agent

					
	 By:
	 	 	 		 	 By:
	 	 
	 Name:
	 		 	 Name:

	 Title:
	 		 	 Title:Amendment No. 3 to the Amended and Restated Loan and Servicing Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 AMENDMENT NO. 3 TO THE AMENDED AND RESTATED

 LOAN AND SERVICING AGREEMENT 
 This AMENDMENT NO. 3 TO THE AMENDED AND RESTATED LOAN AND SERVICING AGREEMENT (this “Amendment”), is dated as of November 30, 2011, among Fifth Street Funding, LLC, as the borrower
(in such capacity, the “Borrower”), Fifth Street Finance Corp., as the transferor (in such capacity, the “Transferor”) and as the servicer (in such capacity, the “Servicer”), Wells Fargo Securities,
LLC, as the administrative agent (in such capacity, the “Administrative Agent”), Wells Fargo Bank, N.A. (as successor by merger to Wachovia Bank, National Association), as lender (in such capacity, the “Lender”) and
as lender agent (in such capacity, the “Lender Agent”), Wells Fargo Bank, N.A., as the collateral agent (in such capacity, the “Collateral Agent”), account bank (in such capacity, the “Account
Bank”) and collateral custodian (in such capacity, the “Collateral Custodian”). Capitalized terms used but not defined herein have the meanings provided in the Loan and Servicing Agreement (as defined below). 

R E C I T A L S 

WHEREAS, the above-named parties have entered into the Amended and Restated Loan and Servicing Agreement, dated as of
November 5, 2010 (such agreement as further amended, modified, supplemented, waived or restated from time to time, the “Loan and Servicing Agreement”), and, pursuant to and in accordance with Section 11.01 thereof, the
parties hereto desire to amend the Loan and Servicing Agreement in certain respects, as provided herein. 
 NOW,
THEREFORE, based upon the above Recitals, the mutual premises and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally
bound, hereby agree as follows: 
 SECTION 1. AMENDMENT. 

(a) Section 1.01 of the Loan and Servicing Agreement is hereby amended to insert the following definitions in the appropriate
alphabetical order: 
 ““SBA” means the United States Small Business Administration or any
Governmental Authority succeeding to any or all of the functions thereof.” 
 ““SBIC
Guarantee” means the Transferor’s Liability Contract dated June 22, 2009 executed by the Servicer in favor of the SBA or any substantially similar agreement (or upon the SBA’s then applicable form) with respect to any SBIC
Subsidiary.” 
 ““SBIC Subsidiary” means each of (i) Fifth Street Mezzanine
Partners IV, L.P., (ii) FSMP IV GP, LLC, (iii) Fifth Street Mezzanine Partners V, L.P., (iv) FSMP V GP, LLC, and (v) any other Subsidiary of the Servicer (or such Subsidiary’s general partner or manager entity) that is a
“small business investment company” licensed by the SBA (or that has applied for such a license and is actively pursuing the granting thereof by appropriate proceedings promptly instituted and diligently conducted) under the Small Business
Investment Act of 1958, as amended.” 

 ““Senior Security” means senior securities (as such
term is defined and determined pursuant to the 1940 Act and any orders of the SEC issued to the Borrower thereunder).” 

(b) The definition of “Adjusted Borrowing Value” set forth in Section 1.01 of the Loan and Servicing Agreement is hereby
amended to replace the number “$20,000,000” with the number “$15,000,000”. 
 (c) The definition of
“Applicable Spread” set forth in Section 1.01 of the Loan and Servicing Agreement is hereby amended to replace the percentage “3.00%” with the percentage “2.75%” and to replace the percentage “4.50%” with
the percentage “4.25%”. 
 (d) The definition of “Asset Coverage Ratio” set forth in Section 1.01 of
the Loan and Servicing Agreement is hereby amended and restated in its entirety as follows: 

““Asset Coverage Ratio” means, on a consolidated basis without duplication, in accordance with GAAP,
for Borrower and its Subsidiaries, the ratio which the value of total assets, less all liabilities and Indebtedness not represented by Senior Securities, bears to the aggregate amount of Senior Securities representing Indebtedness of the Borrower
and its Subsidiaries (all as determined pursuant to the 1940 Act and any orders of the SEC issued to the Borrower thereunder); provided that the calculation of the Asset Coverage Ratio shall be made in accordance with the Order dated
December 14, 2010, issued by the Securities and Exchange Commission under Section 6(c) of the 1940 Act in the matter of Fifth Street Finance Corp., et al., only so long as (i) such Order is in effect, and (ii) no obligations have
become due and owing pursuant to the terms of the SBIC Guarantee.” 
 (e) The definition of “Minimum Equity
Amount” set forth in Section 1.01 of the Loan and Servicing Agreement is hereby amended to replace the number “$100,000,000” with the number “$75,000,000”. 

(f) Section 2.07(f) of the Loan and Servicing Agreement is hereby amended and restated in its entirety as follows: 

“(f) Limitations on Sales and Substitutions. 

(i) The Outstanding Balance of all Loan Assets (other than Warranty Loan Assets) subject to clauses (ii),
(iv) or (vi) of the definition of “Value Adjustment Event” which were included in any Lien Release Dividends or substituted by the Borrower pursuant to Section 2.07(a), in each case during any 12-month
period (or such lesser number of months as shall have elapsed as of the date of the proposed Lien Release Dividend Date or the date of the proposed substitution, as applicable) does not exceed 10% of the highest aggregate Outstanding Balance of any
month during such 12-month period (or such lesser number of months as shall have elapsed as of such date). 

(ii) The Outstanding Balance of all Loan Assets (other than Warranty Loan Assets and Loan Assets that were subject to
clauses (ii), (iv) or (vi) of the definition of “Value Adjustment Event” and were included in any Lien Release Dividends or 

  
 - 2 -

 
substituted pursuant to Section 2.07(a)) sold pursuant to Section 2.07(b) or substituted pursuant to Section 2.07(a) during any 12-month period (or such lesser
number of months as shall have elapsed as of the date of the proposed sale or substitution) does not exceed 10% of the highest aggregate Outstanding Balance of any month during such 12-month period (or such lesser number of months as shall have
elapsed as of such date).” 
 SECTION 2. AGREEMENT IN FULL FORCE AND EFFECT AS AMENDED. 

Except as specifically amended hereby, all provisions of the Loan and Servicing Agreement shall remain in full force and effect. After
this Amendment becomes effective, all references to the Loan and Servicing Agreement, and corresponding references thereto or therein such as “hereof”, “herein”, or words of similar effect referring to the Loan and Servicing
Agreement shall be deemed to mean the Loan and Servicing Agreement as amended hereby. This Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of the Loan and Servicing Agreement other than as expressly
set forth herein. 
 SECTION 3. REPRESENTATIONS. 

Each of the Borrower, the Servicer, and the Transferor, severally for itself only, represents and warrants as of the date of this
Amendment as follows: 
 (i) it is duly incorporated or organized, validly existing and in good standing under
the laws of its jurisdiction of incorporation or organization; 
 (ii) the execution, delivery and performance by
it of this Amendment and the Loan and Servicing Agreement as amended hereby are within its powers, have been duly authorized, and do not contravene (A) its charter, by-laws, or other organizational documents, or (B) any Applicable Law;

 (iii) no consent, license, permit, approval or authorization of, or registration, filing or declaration with
any governmental authority, is required in connection with the execution, delivery, performance, validity or enforceability of this Amendment and the Loan and Servicing Agreement as amended hereby by or against it; 

(iv) this Amendment has been duly executed and delivered by it; 

(v) each of this Amendment and the Loan and Servicing Agreement as amended hereby constitutes its legal, valid and binding
obligation enforceable against it in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or
by general principles of equity; and 
 (vi) there is no Unmatured Event of Default, Event of Default, or
Servicer Termination Event. 

  
 - 3 -

 SECTION 4. CONDITIONS TO EFFECTIVENESS. 

The effectiveness of this Amendment is conditioned upon: (i) payment of the invoiced outstanding fees and disbursements of the
Lenders; (ii) payment of the outstanding fees and disbursements of Dechert LLP, as counsel to the Administrative Agent and the Lenders; (iii) delivery of executed signature pages by all parties hereto to the Administrative Agent;
(iv) pursuant to and in accordance with Section 2.07(g) of the Loan and Servicing Agreement, the Administrative Agent has received a Notice and Request for Consent and has given its consent to a Lien Release Dividend of the Loan Assets set
forth on Exhibit A; and (v) pursuant to and in accordance with Section 3.04 of the Loan and Servicing Agreement, the Borrower shall have pledged the additional Eligible Loan Assets set forth on Exhibit B. 

SECTION 5. MISCELLANEOUS. 
 (a) This Amendment may be executed in any number of counterparts (including by facsimile), and by the different parties hereto on the same or separate counterparts, each of which shall be deemed to be an
original instrument but all of which together shall constitute one and the same agreement. 
 (b) The descriptive headings of
the various sections of this Amendment are inserted for convenience of reference only and shall not be deemed to affect the meaning or construction of any of the provisions hereof. 

(c) This Amendment may not be amended or otherwise modified except as provided in the Loan and Servicing Agreement. 

(d) The failure or unenforceability of any provision hereof shall not affect the other provisions of this Amendment. 

(e) Whenever the context and construction so require, all words used in the singular number herein shall be deemed to have been used in
the plural number, and vice versa, and the masculine gender shall include the feminine and neuter and the neuter shall include the masculine and feminine. 
 (f) This Amendment and the Loan and Servicing Agreement represent the final agreement among the parties with respect to the matters set forth therein and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements among the parties. There are no unwritten oral agreements among the parties with respect to such matters. 
 (g) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE LOAN AND
SERVICING AGREEMENT AND SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS OF THE LOAN AND SERVICING AGREEMENT. 
 [Remainder of Page Intentionally Left Blank] 

  
 - 4 -

 IN WITNESS WHEREOF, the parties have caused this Amendment No. 3 to be executed
by their respective officers thereunto duly authorized, as of the date first above written. 
  

					
	FIFTH STREET FUNDING, LLC, as the Borrower
		
	By:	 	 /s/ Bernard D. Berman

		 	Name:	 	Bernard D. Berman
		 	Title:	 	President

 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 

  
 Fifth Street
Funding, LLC 
 Amendment No. 3 to A&R LSA 

 
					
	 FIFTH STREET FINANCE CORP., as the
 Servicer and Transferor

		
	By:	 	 /s/ Bernard D. Berman

		 	Name:	 	Bernard D. Berman
		 	Title:	 	President

 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 

  
 Fifth Street
Funding, LLC 
 Amendment No. 3 to A&R LSA 

 
					
	WELLS FARGO SECURITIES, LLC,
	as the Administrative Agent
		
	By:	 	 /s/ Matt Jensen, CFA

		 	Name:	 	Matt Jensen, CFA
		 	Title:	 	Vice President

 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 

  
 Fifth Street
Funding, LLC 
 Amendment No. 3 to A&R LSA 

 
					
	WELLS FARGO BANK, N.A., (as successor by merger to Wachovia Bank, National Association), as the Lender and Lender Agent
		
	By:	 	 /s/ Kevin Sunday

		 	Name:	 	Kevin Sunday
		 	Title:	 	Director

 [SIGNATURES CONTINUED ON FOLLOWING PAGE] 

  
 Fifth Street
Funding, LLC 
 Amendment No. 3 to A&R LSA 

 
					
	WELLS FARGO BANK, N.A., as the Collateral Agent, Account Bank and Collateral Custodian
		
	By:	 	 /s/ Michael Roth

		 	Name:	 	Michael Roth
		 	Title:	 	V.P.

  
 Fifth Street
Funding, LLC 
 Amendment No. 3 to A&R LSA

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