Document:

Exhibit
10.11

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

This
Amended and Restated Employment Agreement (“Agreement”) is made by and between Forge Global, Inc., a Delaware corporation
(the “Company”), and Jose Cobos (the “Executive”) and is effective September 9, 2021 (the “Effective Date”).
Except with respect to any documents related to previously granted equity awards or 2021 bonus awards, this Agreement supersedes in all
respects all prior agreements between the Executive and the Company regarding the subject matter herein, including without limitation
(i) that certain offer letter agreement by and between the Executive and the Company, dated on or around November 11, 2019 (the “Prior
Agreement”), and (ii) any other offer letter, employment agreement or severance agreement.

 

WHEREAS, the Company desires
to continue to employ the Executive and the Executive desires to continue to be employed by the Company on the new terms and conditions
contained herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:

 

1.                 
Term and Position. The Company hereby continues the Executive’s employment, and the Executive hereby accepts such
employment, on the terms set forth herein commencing as of the Effective Date and continuing until terminated in accordance with the provisions
of Section 6. The Executive’s title will be Chief Operating Officer, and the Executive will report to the Chief Executive Officer.
This is a full-time position. While the Executive renders services to the Company, he will not engage in any other employment, consulting
or other business activity (whether full-time or part-time) that would create a conflict of interest with the Company. By signing this
Agreement, the Executive confirms to the Company that the Executive has no contractual commitments or other legal obligations that would
prohibit the Executive from performing his duties for the Company.

 

2.                  Cash
Compensation. The Company will pay the Executive at the rate of $500,000.00 per year (the “Base Salary”), starting
on the first regular payroll date following the Effective Date. The Base Salary shall be payable in accordance with the
Company’s standard payroll schedule and subject to applicable deductions and withholdings. This salary will be subject to
periodic review and possible increase pursuant to the Company’s employee compensation policies in effect from time to time. If
necessary, the Company will also pay an amount sufficient to true up the Executive to the amount of salary the Executive would have
been paid had the Base Salary gone into effect on August 1, 2021 and thereafter been paid to the Executive on the Company’s
regular payroll schedule. In addition, the Executive will be eligible for incentive cash compensation pursuant to the
Company’s incentive compensation plans in effect from time to time. Effective August 1, 2021, and pro-rated for the remainder
of 2021, the Executive’s eligible on target incentive cash compensation will be 110% of his Base Salary (the “Annual
Target Bonus”), subject to achievement of an annual set of key objectives as determined by the Compensation Committee of the
Company’s Board of Directors (the “Compensation Committee”) and approved by the Company’s Board of Directors
(the “Board”). In addition to achieving the applicable targets, as determined by the Compensation Committee and approved
by the Board, to earn the Annual Target Bonus the Executive must be employed by the Company on the day such incentive compensation
is paid. The Company shall pay the Annual Target Bonus, if any, no later than March 15th of the calendar year following
the year to which the Annual Target Bonus relates. The Company has already provided the Executive with the key objectives that will
determine the Annual Target Bonus in 2021. The Company shall develop the key objectives that will be used to determine the Annual
Target Bonus for calendar year 2022 and any subsequent years no later than February 28th of the applicable year. The Company shall
communicate those objectives to the Executive in writing as soon as practicable thereafter. In addition, at the same time that the
pro-rated 2021 Annual Target Bonus is paid to the Executive, the Company shall also pay the Executive a bonus earned under the
Executive’s bonus plan in effect from January 1-July 31, 2021. The amount of that bonus shall also be pro-rated for the
portion of the calendar year that it was in effect. The Company confirms that the Executive fully achieved any individual
performance metrics that applied to the prior bonus plan. Achievement by the Executive of any Company performance metrics in the
prior bonus plan shall be determined based on Company performance for all of 2021 relative to the annual targets that were
previously communicated to the Executive. The Executive’s percentage achievement of such Company performance metrics shall be
the same for both the prior bonus and the 2021 Annual Target Bonus.

 

     

     

    

 

3.                 
Employee Benefits. As a regular employee of the Company, the Executive will be eligible to participate in a number of Company-sponsored
benefits, subject to the terms and conditions of such benefit plans. In addition, the Executive will be entitled to paid vacation in accordance
with the Company’s vacation policy, as in effect from time to time.

 

4.                 
Additional Compensation Awards.  It is anticipated that Motive Capital Corp., a special purpose acquisition company (“Motive”),
shall acquire the Company and become the successor of the Company (the “Combined Company”) and thereafter shall register certain
of its securities under the Securities Act of 1933, as amended, and list such securities on a national securities exchange in the United
States (the “SPAC Transaction”). As soon as practicable following the SPAC Transaction, and subject to review by an independent
compensation consultant, the Board and Motive, the Combined Company intends to establish an equity incentive pool equal to 3.5% of the
outstanding shares of the Combined Company as of immediately following such SPAC Transaction (the “Incentive Pool”). Awards
from the Incentive Pool shall be made as follows: 25% of the Incentive Pool will be paid in the form of cash bonuses (the “Transaction
Bonus Pool”) and 75% will be paid in restricted stock units (the “Equity Bonus Pool”). Your participation in the Incentive
Pool is set forth below.

 

(a)              
Transaction Bonus. Subject to (i) review by an independent compensation consultant, the Board and Motive, and (ii) the
Executive’s continued employment through the applicable payment date, the Executive shall receive a one-time payment of no less
than $2,625,000.00, representing the Executive’s portion of the Transaction Bonus Pool (the “Transaction Bonus”). For
the avoidance of doubt, the Executive agrees that if the SPAC Transaction is not fully completed or if the Executive’s employment
is terminated for any reason prior to the payment of the Transaction Bonus, then such Transaction Bonus shall be forfeited for no consideration,
subject to Section 7(c) of this Agreement. Furthermore, the Executive acknowledges that the terms of the Transaction Bonus are non-binding
and may be amended at the Company’s and/or Motive’s sole discretion prior to the completion of the SPAC Transaction (including,
without limitation, that an applicable portion of the Transaction Bonus may be used to offset any outstanding loan obligations Executive
may have with the Company); provided that such discretion shall
be exercised in good faith and consistent with business need. The Transaction Bonus shall be paid as soon as practicable following the
SPAC Transaction; provided that if any part of the Transaction Bonus will be used to offset any of the Executive’s outstanding
loan obligations, then a note cancellation agreement or similar document will be negotiated and become effective before the SPAC Transaction
occurs.

 

     

     

    

 

(b)               Retention
Equity Grant. It is anticipated that the Combined Company shall adopt an equity incentive plan in connection with the SPAC
Transaction (the “Public Plan”) and file a Form S-8 Registration Statement with the U.S. Securities and Exchange
Commission (the “SEC”) for such Public Plan. Provided that such SPAC Transaction is fully completed and subject to the
foregoing, including the effectiveness of such Form S-8 Registration Statement and Executive’s continued employment through
the applicable grant date, Executive shall be eligible to receive an equity grant of restricted stock units (commonly referred to as
RSUs) equal to at least $3,937,500.00, representing the Executive’s portion of the Equity Incentive Pool (the “Retention
Equity Grant”). Such Retention Equity Grant shall be subject to the terms of the underlying equity grant agreement and the
Public Plan, including, without limitation, that, subject to the Executive’s employment through the applicable vesting date,
such Retention Equity Grant shall vest as follows: 33.33% of the Retention Equity Grant upon the first anniversary of the SPAC
Transaction (the “First Tranche”); 33.33% of the Retention Equity Grant shall vest upon the second anniversary of the
SPAC Transaction (the “Second Tranche”); and 33.33% of the Retention Equity Grant shall vest upon the third anniversary
of the SPAC Transaction (the “Third Tranche”) (the “Time-Vesting Schedule”). Notwithstanding the foregoing,
the Retention Equity Grant shall become eligible to vest after the expiration of the six-month period following the consummation of
the SPAC Transaction (the “Lock-Up Period”) in accordance with the following performance-based vesting schedule: (i) the
First Tranche will immediately vest if the Combined Company’s stock price meets or exceeds a price of $12.50 for 20 trading
days within any 30 trading day period following the Lock-Up Period but prior to the vesting date of the First Tranche under the
Time-Vesting Schedule, in which case the Second Tranche and Third Tranche will have their time-vesting component accelerated by six
months; and (ii) the Second Tranche will immediately vest if the stock price meets or exceeds a closing price of $15.00 for 20
trading days within any 30 trading day period following the Lock-Up Period but prior to the vesting date of the Second Tranche under
the Time-Vesting Schedule, in which case the Third Tranche will have its time-vesting component accelerated by an additional six
months (collectively, the “Management Vesting Restrictions”); provided, further, that if the per share price achieved
through a “change of control” of the Combined Company (as defined in the Public Plan) meets or exceeds the stock price
triggers ($12.50 and $15.00 per share) previously set forth in this sentence, then the Executive’s vesting in the First
Tranche, the Second Tranche and/or the Third Tranche of the Retention Equity Grant shall accelerate and vest in the manner set forth
in sub-clauses (i) and (ii) of this sentence, as applicable. For the avoidance of doubt, the Executive agrees that the Retention
Equity Grant shall be forfeited for no consideration if the SPAC Transaction is not fully completed or if the Executive’s
employment is terminated for any reason prior to the payment of the Retention Equity Grant (subject to Section 7(c) of this
Agreement). Furthermore, the Executive acknowledges that the terms of the Retention Equity Grant are non-binding and may be amended
at the Company’s and/or Motive’s sole discretion prior to the
completion of the SPAC Transaction; provided that such discretion shall be exercised in good faith and consistent with business
need.

 

     

     

    

 

5.                 
Proprietary Information and Additional Covenants Agreement. Like all Company employees, the Executive has previously signed
the Company’s standard Proprietary Information and Additional Covenants Agreement (the “PICA”), a copy of which is attached
hereto as Exhibit A. The PICA shall continue in full force and effect following the Effective Date.

 

6.                 
Termination. The Executive’s employment hereunder may be terminated without any breach of this Agreement under the
following circumstances:

 

(a)              
Death. The Executive’s employment hereunder shall terminate upon the Executive’s death.

 

(b)              
Disability. The Company may terminate the Executive’s employment if the Executive is disabled and unable to perform
the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation
for a period of one hundred eighty (180) days (which need not be consecutive) in any twelve (12)-month period. If any question shall arise
as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s
then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall,
submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s
guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and
such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable
request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such
certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 6(b) shall be
construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave
Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

(c)              
Termination by Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause. For purposes
of this Agreement, “Cause” shall mean: (i) the Executive’s dishonest statements or acts with respect to the Company
or any affiliate of the Company, or any current or prospective customers, suppliers vendors or other third parties with which such entity
does business; (ii) the Executive’s conviction of (A) a felony or (B) any misdemeanor involving moral turpitude, deceit, dishonesty
or fraud; (iii) the Executive’s willful failure to perform his assigned duties and responsibilities, which failure continues, after
written notice given to the Executive by the Company; (iv) the Executive’s gross negligence, willful misconduct or insubordination
with respect to the Company or any affiliate of the Company; or (v) the Executive’s material violation of this agreement or any
provision of any agreement(s) between the Executive and the Company relating to noncompetition, nonsolicitation, nondisclosure and/or
assignment of inventions that is not cured within ten (10) days of written notice.

 

     

     

    

 

(d)              
 Termination Without Cause. The Company may terminate the Executive’s employment hereunder at any time without Cause.
Any termination by the Company of the Executive’s employment under this Agreement which does not constitute a termination for Cause
and does not result from the Executive’s death or disability under Section 6(a) or (b) shall be deemed a termination without Cause.

 

(e)              
Termination by the Executive. The Executive may terminate his employment hereunder at any time for any reason with or without
Good Reason. For purposes of this Agreement, “Good Reason” shall mean: (i) a material diminution in the Executive’s
base salary, (ii) a material diminution in Executive’s title, authority, duties or responsibilities, or (iii) a change of more than
35 miles in the geographic location where Executive provides services to the Company, provided, however, that in the event of the occurrence
of a Good Reason condition listed above, Executive must provide notice to the Company within ninety (90) days of the initial occurrence
of such condition and allow the Company thirty (30) days in which to cure such condition. Additionally, in the event the Company fails
to cure the condition within the cure period provided, Executive must terminate employment with the Company within ten (10) business days
of the end of the cure period.

 

(f)               
Notice of Termination. Except for termination in the event of the Executive’s death, any termination of the Executive’s
employment by the Company or any such termination by the Executive shall be communicated by written Notice of Termination to the other
party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon.

 

(g)              
Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated
by the Executive’s death, the date of his death; (ii) if the Executive’s employment is terminated on account of disability
under Section 6(b) or by the Company for Cause, the date on which a Notice of Termination is given; (iii) if the Executive’s employment
is terminated by the Company without Cause, the date on which a Notice of Termination is given or the date otherwise specified by the
Company in the Notice of Termination; (iv) if the Executive’s employment is terminated by the Executive, thirty (30) days after
the date on which a Notice of Termination is given or, if applicable due to a Good Reason event, the actual date of termination following
the applicable cure period. Notwithstanding the foregoing, in the event that the Executive gives a Notice of Termination to the Company,
the Company may unilaterally accelerate the Date of Termination and such acceleration shall not result in a termination by the Company
for purposes of this Agreement.

 

7.                 
Compensation Upon Termination.

 

(a)              
Compensation Generally. If the Executive’s employment with the Company is terminated for any reason, the Company shall
pay or provide to the Executive (or to his authorized representative or estate) (i) any Base Salary earned through the Date of Termination,
unpaid expense reimbursements and unused paid time off that accrued through the Date of Termination on or before the time required by
law; and (ii) any vested benefits the Executive may have under any employee benefit plan of the Company through the Date of Termination,
which vested benefits shall be paid and/or provided in accordance with the terms of such employee benefit plans (collectively, the “Accrued
Benefit”). 

 

     

     

    

 

(b)              
 Termination by the Company without Cause or by the Executive for Good Reason. If the Executive’s employment is terminated
by the Company without Cause or by the Executive for Good Reason, then the Company shall pay the Executive the Accrued Benefit. In addition,
the Executive will receive (i) a lump sum payment equal to the sum of twelve (12) months of the Executive’s then current Base Salary,
any then-unpaid bonus from a prior calendar year, and a pro rata target bonus for the year of termination at target level, (ii) the Company
will pay the COBRA premiums for Executive and his eligible dependents for a period of twelve (12) months following termination, and (iii)
accelerated vesting with respect to the time-vesting requirements of 20% of any then unvested equity that had been granted prior to the
date of termination (including, if applicable, the Retention Equity Grant) (the “Severance”); provided that the Executive
has signed a general release of claims in substantially the form attached as Exhibit B hereto
(the “Release”), the Release has become effective, and the Executive has not breached any of his post-employment contractual
obligations to the Company. The Severance payment shall be made within 60 days of the Executive’s termination date, provided the
Release is effective at such time; provided, further, that if the period during which the Release could become effective and irrevocable
spans two calendar years, the Severance shall not be paid prior to the first payroll date in the second calendar year. In addition, in
the event such termination occurs within six (6) months prior to or twelve (12) months following a Sale Event (as defined in the Public
Plan) then the Executive will be eligible to receive (i) a lump sum payment equal to the sum of eighteen (18) months of the Executive’s
then current Base Salary, any then-unpaid bonus from a prior calendar year, and a pro rata target bonus for the year of termination at
target level, (ii) 100% of all unvested equity that had been granted prior to the date of termination (including, if applicable, the Retention
Equity Grant) shall become fully vested and (iii) the Company will pay the COBRA premiums for Executive and his eligible dependents for
a period of eighteen (18) months following termination (the “Enhanced Severance”); provided that the Executive has signed
the Release, the Release has become effective, and the Executive has not breached any of his post-employment contractual obligations to
the Company. The Enhanced Severance payment shall be made within 60 days of the Executive’s termination date, provided the Release
is effective at such time; provided, further, that if the period during which the Release could become effective and irrevocable spans
two calendar years, the Enhanced Severance shall not be paid prior to the first payroll date in the second calendar year. For the avoidance
of doubt, the consummation of the SPAC Transaction shall not constitute a Sale Event. 

 

(c)              
Subject to the execution of the Release and such release having become effective, then if the Executive’s employment is terminated
by the Company without Cause prior to the consummation of the SPAC Transaction, the Executive shall also receive (i) any unpaid portion
of the Transaction Bonus and (ii) 20% of the Retention Equity Grant on a fully-vested basis, in each case, at the same time that employees
of the Company who are similarly-situated to the Executive receive Transaction Bonuses and retention equity grants from the Incentive
Pool (but in no event earlier than the business day following the consummation of the SPAC Transaction); provided, that if the period
during which the Release could become effective and irrevocable spans two calendar years, such payments shall not be paid prior to the
first payroll date in the second calendar year. 

 

8.                  Employment
Relationship. Employment with the Company is for no specific period of time. The Executive’s employment with the Company
will be “at will,” meaning that either the Executive or the Company may terminate the Executive’s employment at
any time and for any reason, with or without cause. Any contrary representations that may have been made to the Executive are
superseded by this Agreement. This is the full and complete agreement between the Executive and the Company on this term. Although
the Executive’s job duties, title, reporting relationship, compensation and benefits, as well as the Company’s personnel
policies and procedures, may change from time to time, the “at will” nature of the Executive’s employment may only
be changed in an express written agreement signed by a duly authorized officer of the Company (other than the Executive).

 

     

     

    

 

9.                 
Tax Matters.

 

(a)              
Withholding. All forms of compensation referred to in
this Agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. 

 

(b)              
Tax Advice. The Executive agrees that the Company does
not have a duty to design its compensation policies in a manner that minimizes the Executive’s tax liabilities, and the Executive
will not make any claim against the Company or its Board of Directors related to tax liabilities arising from the Executive’s compensation.

 

 

10.              Section
409A. To the fullest extent applicable, amounts and other benefits under this Agreement are intended to be exempt from the
definition of “nonqualified deferred compensation” under Section 409A of the Internal Revenue Code of 1986, as amended,
and the regulations thereunder (“Section 409A”) in accordance with one or more of the exemptions available under the
final Treasury Regulations promulgated under Section 409A and, to the extent that any such amount or benefit is or becomes
subject to Section 409A due to a failure to qualify for an exemption from the definition of nonqualified deferred compensation
in accordance with such final Treasury regulations, this Agreement is intended to comply with the applicable requirements of
Section 409A with respect to such amounts or benefits. Furthermore, a termination of employment will be determined consistent
with the rules relating to a “separation from service” as defined in Section 409A. Notwithstanding anything else
provided herein, to the extent any payments provided under this offer letter in connection with the Executive’s termination of
employment constitute deferred compensation subject to Section 409A, and the Executive is deemed at the time of such termination of
employment to be a “specified employee” under Section 409A, then such payment shall not be made or commence until the
earlier of (i) the expiration of the 6-month period measured from the Executive’s separation from service from the Company or
(ii) the date of the Executive’s death following such a separation from service; provided, however, that such deferral shall
only be effected to the extent required to avoid adverse tax treatment to the Executive including, without limitation, the
additional tax for which the Executive would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral.
Payments pursuant to this Agreement are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the
Treasury Regulations. Except as otherwise expressly provided herein, to the extent any expense reimbursement or the provision of any
in-kind benefit under this Agreement is determined to be subject to Section 409A of the Code, the amount of any such expenses
eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for
reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses), in
no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which the Executive
incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to
liquidation or exchange for another benefit.

 

     

     

    

 

11.             
Interpretation, Amendment and Enforcement. This Agreement and the exhibits attached hereto constitute the complete agreement
between the Executive and the Company, contain all of the terms of the Executive’s employment with the Company and supersede any
prior agreements, representations or understandings (whether written, oral or implied) between the Executive and the Company (including
without limitation (i) the Prior Agreement, and (ii) any other offer letter, employment agreement or severance agreement but excluding
any documents related to previously granted equity awards or 2021 bonus awards). This Agreement may not be amended or modified, except
by an express written agreement signed by both the Executive and a duly authorized officer of the Company. The terms of this Agreement
and the resolution of any disputes as to the meaning, effect, performance or validity of this letter agreement or arising out of, related
to, or in any way connected with, this Agreement, the Executive’s employment with the Company or any other relationship between
the Executive and the Company (the “Disputes”) will be governed by California law, excluding laws relating to conflicts or
choice of law. The Executive and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in
San Francisco County, California, in connection with any Dispute or any claim related to any Dispute.

 

12.             
Code Section 280G. Notwithstanding any other provision of this Agreement or any other plan, arrangement or agreement to
the contrary, if any of the payments or benefits provided or to be provided by the Company or its affiliates to the Executive or for the
Executive’s benefit pursuant to the terms of this Agreement or otherwise (“Covered Payments”) constitute parachute
payments (“Parachute Payments”) within the meaning of Section 280G of the Code and would, but for this Section be subject
to the excise tax imposed under Section 4999 of the Code (or any successor provision thereto) or any similar tax imposed by state or local
law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then the Covered Payments
shall be payable either (a) in full or (b) reduced to the minimum extent necessary to ensure that no portion of the Covered Payments is
subject to the Excise Tax, whichever of the foregoing (a) or (b) results in the Executive’s receipt on an after-tax basis of the
greatest amount of benefits after taking into account the applicable federal, state, local and foreign income, employment and excise taxes
(including the Excise Tax). If a reduction in payments or benefits is necessary, reduction shall occur in the following order: (i) cash
payments; (ii) equity-based payments and acceleration; and (iii) other non-cash forms of benefits. Within any such category of payments
and benefits (that is, (i), (ii) or (iii)), a reduction shall occur first with respect to amounts that are not “deferred compensation”
within the meaning of Section 409A and then with respect to amounts that are. To the extent any such payment is to be made over time (e.g.,
in installments, etc.), then the payments shall be reduced in reverse chronological order.

 

[Remainder of Page Left Intentionally
Blank]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement effective on the date and year first above written.

 

	 	FORGE GLOBAL, INC.
	 	 	 
	 	By:	/s/ Kelly Rodriquez
	 	Name:	Kelly Rodriquez
	 	Title:	CEO
	 	 	 
	 	 	 
	 	/s/ Jose Cobos
	 	 
	 	JOSE COBOSExhibit 4.2

 

NINTH SUPPLEMENTAL INDENTURE

 

between

 

SARATOGA INVESTMENT CORP.

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

Dated as of January 19, 2022

 

THIS NINTH SUPPLEMENTAL INDENTURE
(this “Ninth Supplemental Indenture”), dated as of January 19, 2022, is between Saratoga Investment Corp., a Maryland corporation
(the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms used herein
shall have the meaning set forth in the Base Indenture (as defined below).

 

RECITALS OF THE
COMPANY

 

The Company and the Trustee
executed and delivered an Indenture, dated as of May 10, 2013 (the “Base Indenture” and, as supplemented by this Ninth Supplemental
Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured
debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in
the Indenture.

 

The Company desires to issue
and sell $75,000,000 aggregate principal amount of the Company’s 4.35% Notes due 2027 (the “Notes”).

 

The Company previously entered
into the First Supplemental Indenture, dated as of May 10, 2013 (the “First Supplemental Indenture”), the Second Supplemental
Indenture, dated as of December 21, 2016 (the “Second Supplemental Indenture”), the Third Supplemental Indenture, dated as
of August 28, 2018 (the “Third Supplemental Indenture”), the Fourth Supplemental Indenture, dated as of June 24, 2020 (the
“Fourth Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of July 9, 2020 (the “Fifth Supplemental
Indenture”), the Sixth Supplemental Indenture, dated as of December 29, 2020 (the “Sixth Supplemental Indenture”), and
the Seventh Supplemental Indenture, dated as of January 28, 2021 (the “Seventh Supplemental Indenture”), the Eighth Supplemental
Indenture, dated as of March 10, 2021 (the “Eighth Supplemental Indenture”), each of which amended and supplemented the Base
Indenture. Neither the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental
Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, nor the Eighth Supplemental
Indenture is applicable to the Notes.

 

     

     

    

 

Sections 901(4) and 901(6)
of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company,
when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental to the Base Indenture in form reasonably satisfactory to the Trustee to (i) change or eliminate any of the provisions of
the Indenture when there is no Security Outstanding of any series created prior to the execution of the supplemental indenture that is
entitled to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 201
and Section 301 of the Base Indenture.

 

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

 

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

 

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

 

ARTICLE
I

TERMS OF THE NOTES

 

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

 

(a) The
Notes shall constitute a series of Senior Securities having the title “4.35% Notes due 2027.” The Notes shall bear a CUSIP
number of 80349A AF6 and an ISIN number of US80349AAF66, as may be supplemented or replaced from time to time.

 

(b) The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated
and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906,
1107 or 1305 of the Base Indenture, and except for any Securities that, pursuant to Section 303 of the Base Indenture, are deemed never
to have been authenticated and delivered under the Indenture) shall be $75,000,000. Under a Board Resolution, Officers’ Certificate
pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes,
issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate, maturity
and other terms as the Notes; provided that, if such Additional Notes are not fungible with the Notes (or any other tranche of
Additional Notes) for U.S. federal income tax purposes, then such Additional Notes will have different CUSIP and ISIN numbers from the
Notes (and any such other tranche of Additional Notes). Any Additional Notes and the existing Notes will constitute a single series under
the Indenture and all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise requires.

 

    	 	2	 

     

    

 

(c) The
entire outstanding principal of the Notes shall be payable on February 28, 2027 unless earlier redeemed or repurchased in accordance with
the provisions of this Ninth Supplemental Indenture.

 

(d) The
rate at which the Notes shall bear interest shall be 4.35% per annum. The date from which interest shall accrue on the Notes shall be
January 19, 2022, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates
for the Notes shall be February 28 and August 28 of each year, commencing August 28, 2022 (if an Interest Payment Date falls on a day
that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest
will accrue as a result of such delayed payment); the initial interest period will be the period from and including January 19, 2022,
to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and including an Interest
Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be February 15
and August 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal of
(and premium, if any, on) and any such interest on the Notes will be made at the office of the Trustee located at 60 Livingston Avenue,
St. Paul, MN 55107, Attention: Saratoga Investment Corp. (4.35% Notes Due 2027) and at such other address as designated by the Trustee,
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, if the holder of the Notes requests the Company to do so, the Company will pay any amount that becomes
due on the Notes by wire transfer of immediately available funds to an account at a bank in New York, New York (upon not less than 15
Business Days’ notice prior to the time of payment); provided, further, however, that so long as the Notes
are registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository
Trust Company and the Trustee. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.

 

(e) The
Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s
certificate of authentication thereon shall be substantially in the form of Exhibit A to this Ninth Supplemental Indenture. Each Global
Note shall represent the aggregate amount of the outstanding Notes as shall be specified therein and each shall provide that it shall
represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement
of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made
by the Trustee or the Security Registrar, in accordance with Sections 203 and 305 of the Base Indenture.

 

    	 	3	 

     

    

 

(f) The
depositary for such Global Notes (the “Depositary”) shall be The Depository Trust Company, New York, New York. The Security
Registrar with respect to the Global Notes shall be the Trustee.

 

(g) The
Notes shall be defeasible pursuant to Section 1402 or Section 1403 of the Base Indenture. Covenant defeasance contained in Section 1403
of the Base Indenture shall apply to the covenants contained in Sections 1008, 1009 and 1010 of the Indenture. For the avoidance of doubt,
Article Four of the Base Indenture also applies to the Notes.

 

(h) The
Notes shall be redeemable pursuant to Section 1101 of the Base Indenture and as follows:

 

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

 

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

 

		(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Notes to be redeemed, discounted to the Redemption Date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points;

 

provided, however,
that if the Company redeems any Notes on or after November 28, 2026, the Redemption Price for the Notes will be equal to 100% of the principal
amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 

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

 

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

 

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

 

    	 	4	 

     

    

 

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

 

“Reference
Treasury Dealer” means each of any four primary U.S. government securities dealers selected by the Company.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third business
day preceding such Redemption Date. All determinations made by any Reference Treasury Dealer, including the Quotation Agent, with respect
to determining the Redemption Price will be final and binding absent manifest error.

 

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

 

(ii) Notice
of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery,
to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the
Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section
1104 of the Base Indenture.

 

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

 

(iv) If
the Company elects to redeem only a portion of the Notes, the Trustee or, with respect to the Global Notes, the Depositary will determine
the method for selecting the particular Notes to be redeemed, in accordance with Section 1103 of the Indenture and the Investment Company
Act and the rules of any national securities exchange or quotation system on which the Notes are listed, in each case to the extent applicable;
provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less
than $2,000.

 

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

 

(i) The
Notes shall not be subject to any sinking fund pursuant to Section 1201 of the Base Indenture.

 

    	 	5	 

     

    

 

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

 

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

 

(l) The
Notes are hereby designated as “Senior Securities” under the Indenture.

 

ARTICLE
II

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 2.01. Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following
defined terms to Section 101 in appropriate alphabetical sequence, as follows:

 

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

 

“‘Change of
Control’ means the occurrence of any of the following:

 

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

 

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

 

    	 	6	 

     

    

 

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

 

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

 

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

 

“‘Egan-Jones’
means Egan-Jones Ratings Company or any successor thereto.”

 

“‘Exchange
Act’ means the Securities Exchange Act of 1934, as amended, and any statute successor thereto.”

 

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

 

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

 

“‘Investment
Grade’ means a rating of BBB- or better by Egan-Jones (or its equivalent under any successor rating categories of Egan-Jones)
(or, if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade
credit rating from any Rating Agency selected by the Company as a replacement Rating Agency).”

 

“‘Permitted
Holders’ means (i) the Company and (ii) one or more of the Company’s Controlled Subsidiaries.

 

“‘Rating Agency’
means:

 

(1) Egan-Jones; and

 

(2) if Egan-Jones ceases to
rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” as defined in Section (3)(a)(62) of the Exchange Act selected by the Company as
a replacement agency for Egan-Jones.”

 

    	 	7	 

     

    

 

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

 

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

 

Section 2.02. Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by amending
the definition of “Subsidiary” in Section 101 to add the following sentence at the end of such definition:

 

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

 

Section 2.03. Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 104 of the Base Indenture shall be amended by
replacing clause (d) with the following:

 

“(d)
If the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice, consent,
waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination
of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall
have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant
to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally
in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of
record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction,
notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided
that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective
pursuant to the provisions of this Indenture not later than eleven months after the record date.”

 

    	 	8	 

     

    

 

ARTICLE
III

REMEDIES

 

Section 3.01. Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 501 of the Base Indenture shall be amended by adding
the following clause (9) thereto:

 

“(9) default
by the Company or any of its Significant Subsidiaries with respect to any mortgage, agreement or other instrument under which there may
be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $50 million in the aggregate
of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting
in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of
any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, unless,
in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar
days after written notice of such failure is given to the Company by the Trustee or to the Company and the Trustee by the holders of at
least 25% in aggregate principal amount of the Notes then Outstanding.”

 

Section 3.02. Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Section 502 of the Base Indenture shall be amended by replacing the first
paragraph thereof with the following:

 

“If an Event
of Default (other than an Event of Default under Section 501(5) or Section 501(6)) with respect to the Notes at the time Outstanding occurs
and is continuing, then and in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding
Notes may (and the Trustee shall at the written request of such Holders) declare the principal of all the Notes to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal
or specified portion thereof shall become immediately due and payable, but does not entitle any Holder to any redemption payout or redemption
premium. If an Event of Default under Section 501(5) or Section 501(6) occurs, the entire principal amount of all the Notes will automatically
become due and immediately payable.”

 

    	 	9	 

     

    

 

ARTICLE
IV

COVEnANTS

 

Section 4.01. Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following
new Sections 1008, 1009 and 1010 thereto, each as set forth below:

 

“Section 1008. Section
18(a)(1)(A) of the Investment Company Act.

 

The Company hereby agrees
that for the period of time during which the Notes are Outstanding, the Company will not violate Section 18(a)(1)(A) as modified by Section
61(a)(2) of the Investment Company Act or any successor provisions thereto, whether or not the Company continues to be subject to such
provisions of the Investment Company Act, but giving effect, in either case, to any exemptive relief granted to the Company by the Commission.”

 

“Section 1009. Section
18(a)(1)(B) of the Investment Company Act.

 

The Company hereby agrees
that for the period of time during which Notes are Outstanding, the Company will not declare any dividend (except a dividend payable in
the Company’s stock), or declare any other distribution, upon a class of the Company’s capital stock, or purchase any such
capital stock, unless, in every such case, at the time of the declaration of any such dividend or distribution, or at the time of any
such purchase, the Company has an asset coverage (as defined in the Investment Company Act) of at least the threshold specified in Section
18(a)(1)(B) as modified by such provisions of Section 61(a) of the Investment Company Act as may be applicable to the Company from time
to time or any successor provisions thereto, as such obligation may be amended or superseded, after deducting the amount of such dividend,
distribution or purchase price, as the case may be, and in each case giving effect to (i) any exemptive relief granted to the Company
by the Commission, and (ii) any no-action relief granted by the Commission to another business development company (or to the Company
if it determines to seek such similar no-action or other relief) permitting the business development company to declare any cash dividend
or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by such provisions of Section 61(a) of the
Investment Company Act as may be applicable to the Company from time to time, as such obligation may be amended or superseded, in order
to maintain such business development company’s status as a regulated investment company under Subchapter M of the Code.”

 

“Section 1010. Commission
Reports and Reports to Holders.

 

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

 

    	 	10	 

     

    
 

ARTICLE
V

REDEMPTION OF SECURITIES

 

Section 5.01. Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Section 1103 of the Base Indenture shall be amended by replacing the first
paragraph thereof with the following:

 

“If less than
all the Securities of any series issued on the same day with the same terms are to be redeemed, the particular Securities to be redeemed
shall be selected by the Trustee, or by the Depositary in the case of global Securities, in compliance with the requirements of DTC, from
the Outstanding Securities of such series issued on such date with the same terms not previously called for redemption, in compliance
with the requirements of the principal national securities exchange on which the Securities are listed (if the Securities are listed on
any national securities exchange), or if the Securities are not held through DTC or listed on any national securities exchange, or DTC
prescribed no method of selection, by such method as the Trustee shall deem fair and appropriate and subject to and otherwise in accordance
with the procedures of the applicable Depositary; provided that such method complies with the rules of any national securities
exchange or quotation system on which the Securities are listed (which rules shall be certificated to the Trustee by the Company or such
national securities exchange at the Trustee’s request), and may provide for the selection for redemption of portions (equal to the
minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities
of such series of a denomination larger than the minimum authorized denomination for Securities of that series; provided, however,
that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized
denomination for Securities of such series.”

 

ARTICLE
VI

REPAYMENT AT THE OPTION OF HOLDERS

 

Section 6.01. Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article Thirteen of the Base Indenture shall be amended by replacing
Sections 1301 to 1305 with the following:

 

“Section 1301.   
Change of Control Repurchase Event.

 

If a Change of Control
Repurchase Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make an offer
to each Holder of Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal amount)
of that Holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any
accrued and unpaid interest on the Notes repurchased to, but excluding, the date of repurchase. Within 30 days following any Change
of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the
Change of Control, the Company shall mail a notice to each Holder describing the transaction or transactions that constitute or may constitute
the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date shall
be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior
to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase
Event occurring on or prior to the payment date specified in the notice. The Company shall comply with the requirements of Rule 14e-1
promulgated under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are
applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the
provisions of any securities laws or regulations conflict with this Section 1301, the Company shall comply with the applicable securities
laws and regulations and shall not be deemed to have breached its obligations under this Section 1301 by virtue of such conflict.

 

    	 	11	 

     

    

 

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

  

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.01. This
Ninth Supplemental Indenture and the Notes 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. This Ninth Supplemental Indenture is subject to the provisions of the Trust Indenture Act that
are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions.

 

    	 	12	 

     

    

 

Section 7.02. In
case any provision in this Ninth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 7.03. This
Ninth 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 Ninth Supplemental Indenture. The exchange of copies of this Ninth Supplemental Indenture and of signature pages
by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Ninth 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 Ninth Supplemental Indenture must be in writing (provided that any communication
sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign
or Adobe (or such other digital signature provider as specified in writing to Trustee by the authorized representative), in English. 
The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications
to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse
by third parties.

 

Section 7.04. The
Base Indenture, as supplemented and amended by this Ninth Supplemental Indenture, is in all respects ratified and confirmed, and the Base
Indenture and this Ninth Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the
Notes. All provisions included in this Ninth Supplemental Indenture supersede any conflicting provisions included in the Base Indenture
with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented
by this Ninth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented
by this Ninth Supplemental Indenture.

 

Section 7.05. The
provisions of this Ninth Supplemental Indenture shall become effective as of the date hereof.

 

Section 7.06. Notwithstanding
anything else to the contrary herein, the terms and provisions of this Ninth Supplemental Indenture shall apply only to the Notes and
shall not apply to any other series of Securities under the Indenture and this Ninth Supplemental Indenture shall not and does not otherwise
affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the Indenture, whether now
or hereafter issued and Outstanding.

 

Section 7.07. The
recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Ninth Supplemental Indenture, the
Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Ninth Supplemental
Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable
for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof. All of the provisions contained
in the Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of
this Ninth Supplemental Indenture as fully and with like force and effect as though fully set forth in full herein.

 

    	 	13	 

     

    

 

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

 

	 	SARATOGA INVESTMENT CORP.
	 	 	 
	 	By:	/s/ Henri J. Steenkamp
	 	Name:	Henri J. Steenkamp
	 	Title:	Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/ Karen R. Beard
	 	Name: 	Karen R. Beard
	 	Title:	Vice President

 

[Saratoga - Ninth Supplemental Indenture (Instit.
Notes – Jan. 2022)]

 

     

     

    

 

Exhibit A – Form of Global Note

 

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

 

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

 

Saratoga Investment Corp.

 

	No.	$
	 	CUSIP No. 80349A AF6  
	 	ISIN No. US80349AAF66

 

4.35% Notes due 2027

 

Saratoga Investment Corp.,
a corporation duly organized and existing under the laws of Maryland (herein called the “Company,” which term includes any
successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of                                  (U.S. $                    ) on February 28, 2027, and to pay interest thereon from January 19, 2022 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually on February 28 and August 28 in each year, commencing
August 28, 2022, at the rate of 4.35% per annum, until the principal hereof is paid or made available for payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be February 15 and
August 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment,
and notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or
be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities
of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.
This Security may be issued as part of a series.

 

Payment of the principal of
(and premium, if any, on) and any such interest on this Security will be made at the office of the Trustee located at 60 Livingston Avenue,
St. Paul, MN 55107, Attention: Saratoga Investment Corp. (4.35% Notes Due 2027) and at such other address as designated by the Trustee,
in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts;
provided, however, if the holder of the Notes requests the Company to do so, the Company will pay any amount that becomes due on
the Notes by wire transfer of immediately available funds to an account at a bank in New York, New York (upon not less than 15 Business
Days’ notice prior to the time of payment); provided, further, however, that so long as this Security is registered to Cede
& Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository Trust Company and
the Trustee.

 

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

 

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

 

    	 	Exhibit A – 1	 

     

    
 

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

 

Dated:

 

	 	SARATOGA INVESTMENT CORP.
	 	 	 
	 	By:	  
	 	Name: 	 
	 	Title: 	 

 

	Attest	 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 	Exhibit A – 2	 

     

    

 

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

 

Dated:

 

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

 

    	 	Exhibit A – 3	 

     

    

 

Saratoga Investment Corp.

4.35% Notes due 2027

 

This Security is one of a
duly authorized issue of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one
or more series under an Indenture, dated as of May 10, 2013 (herein called the “Base Indenture”, which term shall have the
meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”,
which term includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the
Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by the Ninth Supplemental
Indenture relating to the Securities, dated January 19, 2022, by and between the Company and the Trustee (herein called the “Ninth
Supplemental Indenture”; the Ninth Supplemental Indenture and together with the Base Indenture, collectively are herein called the
“Indenture”). In the event of any conflict between the Base Indenture and the Ninth Supplemental Indenture, the Ninth Supplemental
Indenture shall govern and control.

 

This Security is one of the
series designated on the face hereof, which series is initially limited in aggregate principal amount to $                        . Under a Board Resolution,
Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent
of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having
the same ranking and the same interest rate, maturity and other terms as the Securities; provided that, if such Additional Securities
are not fungible with the Securities (or any other tranche of Additional Securities for U.S. federal income tax purposes), then such Additional
Securities will have different CUSIP and ISIN numbers from the Securities (and any such other tranche of Additional Securities). Any Additional
Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities
herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented
hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.

 

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

 

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

 

		(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points;

 

    1 

     

    

 

provided, however, that if the
Company redeems any Securities on or after November 28, 2026, the Redemption Price for the Securities will be equal to 100% of the principal
amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 

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

 

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

 

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

 

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

 

“Reference Treasury
Dealer” means each of any four primary U.S. government securities dealers selected by the Company.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third business
day preceding such Redemption Date. All determinations made by any Reference Treasury Dealer, including the Quotation Agent, with respect
to determining the Redemption Price will be final and binding absent manifest error.

 

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

 

Notice of redemption shall
be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of
the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s
address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 1104 of the Base
Indenture.

 

    2 

     

    

 

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

 

If the Company elects to redeem
only a portion of the Securities, the Trustee or, with respect to global Securities, the Depositary will determine the method for selecting
the particular Securities to be redeemed, in accordance with Section 1.01 of the Ninth Supplemental Indenture and Section 1103 of the
Indenture. In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for
the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.

 

Unless the Company defaults
in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.
Holders will have the right to require the Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase
Event as set forth in the Indenture.

 

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

 

If an Event of Default with
respect to Securities of this series shall occur and be continuing (other than Events of Default under Section 501(5) or Section 501(6)
of the Indenture), the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided
in the Indenture. If an Event of Default under Section 501(5) or Section 501(6) of the Indenture occurs the entire principal amount of
the Securities of this series will automatically become due and immediately payable.

 

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

 

    3 

     

    

 

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

 

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

 

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

 

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

 

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

 

Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee shall treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the
Company, the Trustee or any agent thereof shall be affected by notice to the contrary.

 

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

 

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

 

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

 

    4

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