Document:

EX-4.3

 Exhibit 4.3 

EXECUTION VERSION 
  

SECOND SUPPLEMENTAL INDENTURE 

between 
 FS KKR CAPITAL
CORP. 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 Dated as of
June 16, 2021 
  
  

 SECOND SUPPLEMENTAL INDENTURE 

THIS SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated as of June 16, 2021, is between FS KKR
Capital Corp., a Maryland corporation (“FSK”), and U.S. Bank National Association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS, on
February 14, 2020, FS KKR Capital Corp. II, a Maryland corporation (the “Company”) and the Trustee executed an indenture and the first supplemental indenture thereto (together, the “Indenture”) providing for
the issuance of $475,000,000 aggregate principal amount of 4.250% Notes due 2025 (the “Notes”); 
 WHEREAS, on the date
hereof, pursuant to that certain Agreement and Plan of Merger, dated as of November 23, 2020, by and among FSK, the Company, Rocky Merger Sub, Inc., a wholly owned subsidiary of FSK (“Merger Sub”) and FS/KKR Advisor, LLC, and
pursuant to the Maryland General Corporation Law, Merger Sub merged with and into the Company, with the Company as the surviving corporation, and immediately thereafter, the Company merged with and into FSK, with FSK as the surviving corporation
(such transactions, the “Mergers”); 
 WHEREAS, as a result of the Mergers, FSK is expressly assuming the obligations of
the Company for 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 every covenant and every condition of the Indenture on the part
of the Company to be performed or observed pursuant to Section 8.01 and 8.02 of the Indenture; 
 WHEREAS, pursuant to Sections 9.01
and 9.03 of the Indenture, the Trustee is authorized to execute and deliver this Second Supplemental Indenture. 
 NOW, THEREFORE, each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders: 
 1. Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
 2. Assumption
by the Company. FSK hereby assumes the obligations of the Company for 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 every
other obligation, covenant and every condition of the Indenture on the part of the Company to be performed or observed. FSK is hereby substituted for, and may exercise every right and power of, the Company under the Indenture with the same effect as
if FSK had been named as the Company in the Indenture. 
 3. Ratification of the Indenture; Second Supplemental Indenture Part of the
Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Second Supplemental Indenture shall form a
part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

  
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 4. Governing Law. This Second Supplemental Indenture shall be governed by and
construed in accordance with the law of the State of New York without regard to principles of conflicts of laws. 
 5. Counterparts.
This Second Supplemental Indenture may be executed in counterparts, each of which will be an original, but such counterparts will together constitute but one and the same Second Supplemental Indenture. The exchange of copies of this Second
Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Second 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. For the avoidance of doubt, all notices, approvals, consents, requests and any communications hereunder or
with respect to this Second Supplemental Indenture must be in writing (provided that any communication sent to the Trustee hereunder must be in the form of a document that is signed by hand, by facsimile, or by way of a digital signature provided by
DocuSign or Adobe (or such other digital signature provider as specified in writing to the Trustee by the authorized representative), in English). The Company agrees to assume all risks arising out of the use of digital signatures and electronic
methods to submit communications to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

6. Effect of Headings. The section headings in this Second Supplemental Indenture are for convenience only and shall not affect the
construction hereof. 
 7. The Trustee. The recitals contained herein shall be taken as the statements of the Company, and the
Trustee does not assume any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Second Supplemental Indenture, except that the Trustee represents that it is duly authorized to execute
and deliver this Second Supplemental Indenture and perform its obligations hereunder. All rights, protections, privileges, indemnities, immunities and benefits granted or afforded to the Trustee under the Indenture shall be deemed incorporated
herein by this reference and shall be deemed applicable to all actions taken, suffered or omitted by the Trustee in each of its capacities hereunder. 

8. Benefits Acknowledged. Nothing in this Second Supplemental Indenture, express or implied, shall give to any Person, other than the
parties hereto and the Holders any benefit or any legal or equitable right, remedy or claim under this Second Supplemental Indenture. 
 9.
Successors. All covenants and agreements in this Second Supplemental Indenture by FSK shall bind its successors and assigns, whether so expressed or not. 

10. Severability. In case any provision in this Second Supplemental Indenture 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. 
 [Remainder of page
intentionally left blank] 

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

			
	 FS KKR CAPITAL CORP.

			
		
	By:	 	 /s/ Steven Lilly

		 	 Name: Steven Lilly

		 	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 Second Supplemental Indenture]EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDED AND RESTATED 

INVESTMENT ADVISORY 

AGREEMENT 
 BETWEEN

 FS KKR CAPITAL CORP. 

AND 
 FS/KKR ADVISOR, LLC

 This Amended and Restated Investment Advisory Agreement (this “Agreement”) made this 16th day of June, 2021, by and between FS KKR Capital Corp., a Maryland corporation (the “Company”), and FS/KKR ADVISOR, LLC, a Delaware limited liability company (the
“Adviser”). 
 WHEREAS, the Company is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the
“Investment Company Act”); 
 WHEREAS, the Adviser is registered as an investment adviser under the Investment
Advisers Act of 1940, as amended (the “Advisers Act”); 
 WHEREAS, the Company and the Adviser are party to that
certain Investment Advisory Agreement dated as of December 20, 2018 (the “Original Agreement”) pursuant to which the Company retained the Adviser to furnish investment advisory services (the “Investment
Advisory Services”) to the Company on the terms and conditions set forth therein; and 
 WHEREAS, the Company and Adviser
desire to amend and restate the Original Agreement in its entirety as set forth in this Agreement. 
 NOW, THEREFORE, in consideration of
the premises and for other good and valuable consideration, the parties hereby agree as follows: 
  

	1.	 Duties of the Adviser. 

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

(i) the investment objectives, policies and restrictions that are set forth in the Company’s filings with the Securities
and Exchange Commission (the “SEC”), as supplemented, amended or superseded from time to time; 

(ii) all other applicable federal and state laws, rules and regulations, and the Company’s articles of amendment and
restatement (as may be amended from time to time, the “Articles”) and bylaws (as may be amended from time to time); and 

  
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 (iii) such investment policies, directives and regulatory restrictions as
the Company may from time to time establish or issue and communicate to the Adviser in writing. 
 (b) Responsibilities of the
Adviser. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement: 

(i) determine the composition and allocation of the Company’s investment portfolio, the nature and timing of any changes
therein and the manner of implementing such changes; 
 (ii) identify, evaluate and negotiate the structure of the
investments made by the Company; 
 (iii) execute, monitor and service the Company’s investments; 

(iv) place orders with respect to, and arrange for, any investment by the Company; 

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

(vi) perform due diligence on prospective portfolio companies; and 

(vii) provide the Company with such other investment advisory, research and related services as the Company may, from time to
time, reasonably require for the investment of its funds. 
 (c) Power and Authority. To facilitate the Adviser’s performance of
these undertakings, but subject to the restrictions contained herein, the Company hereby delegates to the Adviser (which power and authority may be delegated by the Adviser to one or more Sub-Advisers (as
defined below)), and the Adviser hereby accepts, the power and authority to act on behalf of the Company to effectuate investment decisions for the Company, including the negotiation, execution and delivery of all documents relating to the
Company’s investments and the placing of orders for other purchase or sale transactions on behalf of the Company. In the event that the Company determines to acquire debt or other financing (or to refinance existing debt or other financing),
the Adviser shall seek to arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary or appropriate for the Adviser to make investments on behalf of the Company through one or more
special purpose vehicles, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicles and to make such investments through such special purpose vehicles in accordance with applicable law. The Company also
grants to the Adviser power and authority to engage in all activities and transactions (and anything incidental thereto) that the Adviser deems appropriate, necessary or advisable to carry out its duties pursuant to this Agreement, including the
authority to provide, on behalf of the Company, significant managerial assistance to the Company’s portfolio companies to the extent required by the Investment Company Act or otherwise deemed appropriate by the Adviser. 

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

(e) Sub-Advisers. The Adviser is hereby authorized to enter into one or more sub-advisory agreements (each, a “Sub-Advisory Agreement”) with other investment advisers or other service providers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder,
subject to the oversight of the Adviser and the Company. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Company’s investment
objectives, policies and restrictions, and work, along with the Adviser, in sourcing, structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Company, subject to
the oversight of the Adviser and the Company, with the scope of such services and oversight to be set forth in each Sub-Advisory Agreement. 

(i) The Adviser and not the Company shall be responsible for any compensation payable to any
Sub-Adviser; provided, however, that the Adviser shall have the right to direct the Company to pay directly any Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees and expenses otherwise payable to the Adviser under this Agreement. 

(ii) Any Sub-Advisory Agreement entered into by the Adviser shall be in accordance with
the requirements of the Investment Company Act, including, without limitation, the requirements relating to the Board and Company stockholder approval thereunder, and other applicable federal and state law. 

(iii) Any Sub-Adviser shall be subject to the same fiduciary duties imposed on the
Adviser pursuant to this Agreement, the Investment Company Act and the Advisers Act, as well as other applicable federal and state law. 

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

(g) Record Retention. Subject to review by, and the overall control of, the Board, the Adviser shall keep and preserve for the period
required by the Investment Company Act or the Advisers Act, as applicable, any books and records relevant to the provision of the Investment Advisory Services to the Company and shall specifically maintain all books and records with respect to the
Company’s portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request or as may be required under applicable federal and state law, and shall make such records available for
inspection by the Board and its authorized agents, at any time and from time to time during normal business hours. The Adviser agrees that all records that it maintains for the Company are the property of the Company and shall surrender promptly to
the Company any such records upon the Company’s request and upon termination of this Agreement pursuant to Section 9, provided that the Adviser may retain a copy of such records. The Adviser shall have the right to
retain copies, or originals where required by Rule 204-2 promulgated under the Advisers Act, of such records to the extent required by applicable law. 

  
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	2.	 Expenses Payable by the Adviser. 

All personnel of the Adviser, when and to the extent engaged in providing the Investment Advisory Services herein, and the compensation and
routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser or its affiliates and not by the Company. 
  

	3.	 Compensation of the Adviser. 

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser herein, a base management
fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”) as hereinafter set forth. Any of the fees payable to the Adviser under this Agreement for any partial month or calendar
quarter shall be appropriately prorated. The Adviser may agree to temporarily or permanently waive, in whole or in part, the Base Management Fee and/or the Incentive Fee. Prior to the payment of any fee to the Adviser, the Company shall obtain
written instructions from the Adviser with respect to any waiver or deferral of any portion of such fees. Any portion of a deferred fee payable to the Adviser and not paid over to the Adviser with respect to any month, calendar quarter or year shall
be deferred without interest and may be paid over in any such other month prior to the termination of this Agreement, as the Adviser may determine upon written notice to the Company. 

(a) Base Management Fee. The Base Management Fee shall be calculated at an annual rate of 1.50% of the Company’s average weekly
gross assets. The Base Management Fee shall be payable quarterly in arrears, and shall be calculated based on the average weekly value of the Company’s gross assets during the most recently completed calendar quarter. All or any part of the
Base Management Fee not taken as to any quarter shall be deferred without interest and may be taken in such other quarter as the Adviser shall determine. For purposes of computing the Base Management Fee, cash and cash equivalents shall be excluded
from gross assets. 
 (b) Incentive Fee. The Incentive Fee shall consist of two parts, as follows: 

(i) The first part of the Incentive Fee, referred to as the “Subordinated Incentive Fee on Income,” shall be
calculated and payable quarterly in arrears based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter. The payment of the Subordinated
Incentive Fee on Income shall be subject to a quarterly hurdle rate expressed as a rate of return on the value of the Company’s net assets at the end of the most recently completed calendar quarter, of 1.75% (7.0% annualized) (the
“Hurdle Rate”), subject to a “catch up” feature (as described below). 
 For this purpose,
“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance,
such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including
the Base Management Fee, expenses reimbursed to the Adviser under 

  
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that certain Administration Agreement, dated as of April 9, 2018, as the same may be amended from time to time, whereby the Adviser provides administrative services necessary for the
operation of the Company, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the
case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued
income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or
depreciation. 
 The calculation of the Subordinated Incentive Fee on Income for each quarter is as follows: 

(A) No Subordinated Incentive Fee on Income shall be payable to the Adviser in any calendar quarter in which the Company’s
Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate; 
 (B) 100%
of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than or equal to 2.12% in any calendar quarter (8.48% annualized) shall be payable to the
Adviser. This portion of the Company’s Subordinated Incentive Fee on Income is referred to as the “catch up” and is intended to provide the Adviser with an incentive fee of 17.5% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 2.12% (8.48% annualized) on net assets in any calendar quarter;
and 
 (C) For any quarter in which the Company’s Pre-Incentive Fee Net
Investment Income exceeds 2.12% (8.48% annualized) on net assets, the Subordinated Incentive Fee on Income shall equal 17.5% of the amount of the Company’s Pre-Incentive Fee Net Investment Income, as the
Hurdle Rate and catch-up will have been achieved. 
 (ii) The second part of the
Incentive Fee, referred to as the “Incentive Fee on Capital Gains,” shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement). This fee shall equal 20.0% of the
Company’s incentive fee capital gains, which shall equal the realized capital gains of Corporate Capital Trust, Inc. (as predecessor-by-merger to the Company)
(“CCT”), FS KKR Capital Corp. II (“FSKR”) (as predecessor-by-merger to the Company) and the Company (without duplication)
on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation (without duplication) on a cumulative basis, less the aggregate amount of any
capital gain incentive fees previously paid by CCT, FSKR and the Company. 
  

	4.	 Covenants of the Adviser. 

The Adviser is registered as an investment adviser under the Advisers Act and covenants that it will maintain such registration. The Adviser
agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments. 

  
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	5.	 Brokerage Commissions. 

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national
securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the
Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and
skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular
transaction or its overall responsibilities with respect to the Company’s portfolio, and is consistent with the Adviser’s duty to seek the best execution on behalf of the Company. 

 

	6.	 Other Activities of the Adviser. 

The services provided by the Adviser to the Company are not exclusive, and the Adviser may engage in any other business or render similar or
different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the
Company, so long as its services to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, member (including its members and the owners of its members), officer or
employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including
fees for serving as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable law). The Adviser assumes no responsibility under this Agreement other than to render the services
called for hereunder. It is understood that directors, officers, employees and stockholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, stockholders, members, managers
or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as stockholders or otherwise. 

 

	7.	 Responsibility of Dual Directors, Officers and/or Employees. 

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

  
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	8.	 Indemnification. 

The Adviser and any Sub-Adviser (and their officers, managers, partners, members (and their members,
including the owners of their members), agents, employees, controlling persons (as defined in the Investment Company Act) and any other person or entity affiliated with, or acting on behalf of, the Adviser or
Sub-Adviser) (each, an “Indemnified Party” and, collectively, the “Indemnified Parties”), shall not be liable to the Company for any action taken or omitted to
be taken by any such Indemnified Party in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the
Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Company shall indemnify, defend and
protect the Indemnified Parties (each of whom shall be deemed a third party beneficiary hereof) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably
paid in settlement) (“Losses”) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the
Company or its security holders) arising out of or otherwise based upon the performance of any of the Indemnified Parties’ duties or obligations under this Agreement, any Sub-Advisory Agreement, or
otherwise as an investment adviser of the Company, to the extent such Losses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent with the Articles, the laws of the State of Maryland, the
Investment Company Act or other applicable law. Notwithstanding the preceding sentence of this Section 8 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or
entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any Losses to the Company or its stockholders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the
Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder). In addition, notwithstanding any of the foregoing to the contrary, the provisions of this Section 8 shall not be construed so
as to provide for the indemnification of any Indemnified Party for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only
to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of this Section 8 to the fullest extent permitted by law. 

 

	9.	 Duration and Termination of Agreement. 

(a) Term. This Agreement shall remain in effect for two (2) years commencing on the date hereof, and thereafter shall continue
automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company and
(ii) the vote of a majority of the Company’s directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such
party, in accordance with the requirements of the Investment Company Act. 
 (b) Termination. This Agreement may be terminated at any
time, without the payment of any penalty, upon sixty (60) days’ written notice (i) by the Company to the Adviser, (x) upon 

  
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vote of a majority of the outstanding voting securities of the Company (within the meaning of Section 2(a)(42) of the Investment Company Act), or (y) by the vote of the Board, or
(ii) by the Adviser to the Company. This Agreement shall automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act). Further,
notwithstanding the termination or nonrenewal of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed to it under Section 3 through the date of termination or nonrenewal, the provisions of
Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof. 

(c) Payments to and Duties of Adviser Upon Termination. 

(i) After the termination of this Agreement, the Adviser shall not be entitled to compensation or reimbursement for further
services provided hereunder, except that it shall be entitled to receive from the Company within thirty (30) days after the effective date of such termination all unpaid reimbursements and all earned but unpaid fees payable to the Adviser prior
to termination of this Agreement. 
 (ii) The Adviser shall promptly upon termination: 

(A) Deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all
money held by it, covering the period following the date of the last accounting furnished to the Board; 
 (B) Deliver to the
Board all assets and documents of the Company then in custody of the Adviser; and 
 (C) Cooperate with the Company to
provide an orderly management transition. 
  

	10.	 Proxy Voting. 

The Adviser will exercise voting rights on any assets held in the portfolio securities of portfolio companies. The Adviser is obligated to
furnish to the Company, in a timely manner, a record of all proxies voted in such form and format that complies with applicable federal statutes and regulations. 
  

	11.	 Notices. 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its
principal office. 
  

	12.	 Amendments. 

This Agreement may be amended by mutual consent but the consent of the Company must be obtained in conformity with the requirements of the
Investment Company Act. 

  
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	13.	 Entire Agreement; Governing Law. 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Company is
regulated as a BDC under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of New York, or any
of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. 
  

	14.	 Severability.  

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

 

	15.	 Counterparts. 

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

	16.	 Third Party Beneficiaries. 

Except for any Sub-Adviser (with respect to Section 8) and any Indemnified
Party, such Sub-Adviser and the Indemnified Parties each being an intended beneficiary of this Agreement, this Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing
herein express or implied shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder. 
  

	17.	 Survival. 

The provisions of Sections 8, 9(b), 9(c), 13, 16 and this Section 17 shall survive
termination of this Agreement. 
  

	18.	 Insurance. 

Subject to the requirements of Rule 17d-1(d)(7) under the Investment Company Act, the Company shall
acquire and maintain a directors and officers liability insurance policy or similar insurance policy, which may name the Adviser and any Sub-Adviser each as an additional insured party (each an
“Additional Insured Party” and collectively the “Additional Insured Parties”). Such insurance policy shall include reasonable coverage from a reputable insurer. The Company shall make all premium
payments required to maintain such policy in full force and effect; provided, however, each Additional Insured Party, if any, shall pay to the Company, in advance of the due date of such premium, its allocated share of the premium.
Irrespective of whether the Adviser and any Sub-Adviser is a named Additional Insured Party on such policy, the Company shall provide the Adviser and any Sub-Adviser
with written notice upon receipt of any notice of: 

  
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(a) any default under such policy; (b) any pending or threatened termination, cancellation or non-renewal of such policy or (c) any coverage
limitation or reduction with respect to such policy. The foregoing provisions of this Section 18 notwithstanding, the Company shall not be required to acquire or maintain any insurance policy to the extent that the same is
not available upon commercially reasonable pricing terms or at all, as determined in good faith by the required majority (as defined in Section 57(o) of the Investment Company Act) of the Board. 

 

	19.	 Brand Usage 

The Adviser conducts its investment advisory business under, and owns all rights to, the trademark “FS/KKR Advisor” and the
“FS/KKR Advisor” design (collectively, the “Brand”). In connection with the Company’s (a) public filings; (b) requests for information from state and federal regulators; (c) offering materials
and advertising materials; and (d) investor communications, the Company may state in such materials that investment advisory services are being provided by the Adviser to the Company under the terms of this Agreement. The Adviser hereby grants
a non-exclusive, non-transferable, non-sublicensable and royalty-free license (the “License”) to the Company for the use of the Brand solely as
permitted in the foregoing sentence. Prior to using the Brand in any manner, the Company shall submit all proposed uses to the Adviser for prior written approval solely to the extent the Company’s use of the Brand or any combination or
derivation thereof has materially changed from the Company’s use of the Brand previously approved by the Adviser. The Adviser reserves the right to terminate the License immediately upon written notice for any reason, including if the usage is
not in compliance with its standards and policies. Notwithstanding the foregoing, the term of the License granted under this Section 19 shall be for the term of this Agreement only, including renewals and extensions, and
the right to use the Brand as provided herein shall terminate immediately upon the termination of this Agreement. The Company agrees that the Adviser is the sole owner of the Brand, and any and all goodwill in the Brand arising from the
Company’s use shall inure solely to the benefit of the Adviser. Without limiting the foregoing, the License shall have no effect on the Company’s ownership rights of the works within which the Brand shall be used. 

[Remainder of page left intentionally blank] 

  
 10 

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

					
	 FS KKR CAPITAL CORP.

		
	By:	 	/s/ Stephen Sypherd
		 	Name: Stephen Sypherd
		 	Title: General Counsel and Secretary
	
	 FS/KKR ADVISOR, LLC

		
	By:	 	/s/ Stephen Sypherd
		 	Name: Stephen Sypherd
		 	Title: General Counsel and Secretary

  
 [Signature Page to
Amended and Restated Investment Advisory Agreement]

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