Document:

Exhibit 10.32

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT ("Agreement") is made as of
this 18th day of January, 2022 (the “Effective Date”) by and between Triccar Inc., a Nevada corporation, having
an office at 220 Travis Street, Suite 501, Shreveport, LA 71101 (hereinafter referred to as “Employer” or “Company”)
and Channing F. Chen, an individual, with an address at 25 Arundel Rd, Burlingame, CA 94010 (hereinafter referred to as “Employee”),
each of Employer, Company and Employee may be referred to herein individually as a “Party” and collectively as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, Employer desires
to employ Employee as Chief Financial Officer of Employer; and

 

WHEREAS, Employee is willing
to be employed as the Chief Financial Officer of Employer in the manner provided for herein, and to perform the duties of the Chief Financial
Officer of Employer upon the terms and conditions herein set forth;

 

NOW, THEREFORE, in consideration
of the promises and mutual covenants herein set forth it is agreed as follows:

 

1.       Employment
of Chief Financial Officer of Employer. Employer hereby employs Employee as the Chief Financial Officer of Employer.

 

2.       Term.

 

a.       Subject
to Section 9 and Section 10 below, the term of this Agreement shall be for a period of thirty-six (36) months commencing on the Effective
Date (the “Term”). The Term of this Agreement shall be automatically extended for additional one (1) year periods, unless
either party notifies the other in writing at least ninety (90) days prior to the expiration of the then existing Term of its intention
not to extend the Term. During the Term, Employee shall devote all of his business time and efforts to Employer and its subsidiaries and
affiliates.

 

3.       Duties.
The Employee shall have operational and managerial responsibility presently granted by Employer and shall perform those functions generally
performed by persons of such title and position. Employee’s supervisor may change, add or subtract duties and responsibilities of
Employee from time to time as needed. Employee shall report directly to the Chief Executive Officer of Employer unless another supervisor
is appointed by the Company.

 

4.       Compensation.

 

a.             (i)
Employee shall be paid a base pay of Two Hundred Thousand Dollars and No/100 ($200,000.00) annually (“Base Compensation”).
Employee shall be paid bi-weekly and in accordance with the policies of the Employer during the term of this Agreement, but not less than
twice a month. The Employee’s salary may be increased from time to time by the Board, or the compensation committee of the Board,
if any, in accordance with normal business practices of the Company. Company will increase base pay to Two Hundred Fifty Thousand Dollars
and No/100 ($250,000.00) on an annualized basis upon close of corporate funding in excess of Ten Million Dollars and No/100 ($10,000,000.00)
within the first 12 months of the Effective Date. The Base Compensation will be increased by 7.00% annually subject to satisfactory performance
under the individual performance rating in Exhibit A.

 

(ii) Employee is eligible for an
annual performance bonus, if any, which Employee shall earn in the event that Employer attains certain performance milestones to be mutually
determined by the Employee and the Board, or the compensation committee of the Board, if any (each, a “Bonus”), provided that
the performance milestones and applicable percentage of the Bonus earned by Employee relating thereto for the first year of Term are set
forth on Exhibit A attached hereto. For each year of the Term thereafter, the Employee and the Board, or the compensation committee
of the Board, if any will memorialize, within thirty (30) days of the beginning of the fiscal year of the Company, the agreed upon performance
milestones and potential Bonus in a written document. The Board, or the compensation committee of the Board, if any shall, in its reasonable
discretion, authorize Employer

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to pay all of such annual Bonuses earned promptly
after its determination that the performance milestones have been met, provided that each annual Bonus, if any, shall be paid by the Company
to Employee within sixty (60) days of the end of the prior fiscal year of the Company. Employee shall also be entitled to option grants
for the common stock of the Company pursuant to the TCCR 2021 Equity Incentive Plan and the initial option grant shall be for one million
(1,000,000) shares of such common stock with monthly vesting commencing on the Effective Date. The Board, or the compensation committee
of the Board, if any may from time to time approve additional bonus plans, option or common stock grants or awards for Employee, in each
case as the Board, or the compensation committee of the Board, if any deems appropriate in its sole discretion.

 

b.       Employer
shall include Employee in its health insurance program, which shall include payment of premiums in accordance with the Company’s
current policies.

 

c.       Employee shall have the right
to participate in any other employee benefit plans established by Employer and maintained generally for other executives, including but
not limited to any matching 401(k) plan.

 

d.       Employee shall be entitled
to 4 weeks of paid vacation per year. The Parties agree that the vacation is a ‘use it or lose it’ policy, as it does not
carry over to other years and cannot be cashed in in lieu of use.

 

5.        Expenses.
Employee shall be reimbursed for all of his actual out-of-pocket expenses incurred in the performance of his duties hereunder, provided
such expenses are reasonably acceptable to Employer, which approval shall not be unreasonably withheld by Employer, for business related
travel and entertainment expenses. Employee shall submit to Employer detailed receipts, according to IRS guidelines, with respect thereto.
Employer shall also reimburse Employee for Employee’s monthly cell phone costs, all to be used for business purposes related to
Employer.

 

6.        Secrecy.
At no time shall Employee disclose to anyone any confidential or secret information (not already constituting information available to
the public) concerning (a) internal affairs or proprietary business operations of Employer, or (b) any trade secrets, new product developments,
patents, programs or programming, especially unique processes or methods.

 

7.        Withholding
Taxes. All payments and benefits to Employee under the Agreement shall be subject to and reduced by any federal, state and / or
local taxes or other amounts required to be withheld under any applicable law.

 

8.        Non-Competition
and Nonsolicitation Agreement. During the term of the Executive's employment with the Company and for a period of six (6) months
following the termination of Employee’s employment hereunder by the Company pursuant to Section 9(a)(i) or by Employee pursuant
to Section 9(b)(ii), the Employee shall not (i) directly or indirectly solicit any other employee of the Company to terminate his or her
employment with the Company or, for a period of three (3) months, (ii) directly or indirectly (as an owner, employee or consultant of
a company or other legal entity), engage in, sell or otherwise provide services or products within the United States of America that are
substantially similar to the primary services or products provided by Employer or its subsidiaries. 

 

9.        Termination.

 

a.       Termination by Employer:
(i) Employer may terminate this Agreement upon written notice for Cause. For purposes hereof, "Cause" shall mean (A) Employee's
misconduct as could reasonably be expected to have a material adverse effect on the business and affairs of Employer, (B) the Employee’s
violation of either the Company’s Code of Ethics as then in effect, or any lawful Employer imposed employee guidelines known to
Employee, as determined by the Management Committee, or any similar committee, in its sole discretion from time to time, (C) the Employee's
disregard of lawful instructions of Employer’s Management Committee, or similar committee, consistent with Employee's position relating
to the business of Employer or neglect of duties or failure to act, which, in each case, could reasonably be expected to have a material
adverse effect on the business and affairs of Employer or Employer’s parent company, (D) if Employee should be unable or incapable
of performing the essential functions of his job position for a period of thirty (30) consecutive days in any twelve (12) month period,
or one

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hundred twenty (120) days during any twelve (12) month
period, whether or not such days are consecutive (as used herein, “unable or incapable of performing essential job functions”
shall mean the inability of Employee, on account of a mental, physical, or other condition, to perform his essential job functions as
determined by at least two of three medical physicians or by agreement of the Company and Employee or his designee (if the determination
is to be made by medical physicians, the Employee or his designee shall appoint one such physician, the Company shall appoint one, and
the two so appointed shall appoint the third medical physician)) (E) engaging by the Employee in conduct that constitutes activity in
violation of the Noncompetition Agreement with Employer or Employer’s parent company or subsidiaries; (F) the conviction of Employee
for the commission of a felony; and/or (G) the habitual abuse of controlled substances. Except with respect to (B), (C) and (D) above,
notwithstanding anything to the contrary in this Section 9(a)(i), Employer may not terminate Employee's employment under this Agreement
for Cause unless Employee shall have first received notice from his or her supervisor advising Employee of the specific acts or omissions
alleged to constitute Cause, and such acts or omissions continue after Employee shall have had a reasonable opportunity (at least 10 days
from the date Employee receives the notice from their supervisor) to correct the acts or omissions so complained of.

 

(ii)       This
agreement automatically shall terminate upon the death of Employee, except that Employee's estate shall be entitled to receive any amounts
that Employee would have been entitled to receive under Section 9(a)(iii) below if his employment had terminated pursuant to Section 9(a)(i)
above.

 

(iii) In the event that Employee’s
employment is terminated pursuant to Section 9(a)(i) above, Employee shall be entitled to receive: (a) any owned or accrued past due Base
Compensation, (b) unreimbursed business expenses, and (c) accrued/unused vacation time, if any, all of (a) – (c) shall be measured
through the termination date in accordance with Section 9(a)(i) above. In addition to the immediately preceding sentence, if the Employee’s
employment is terminated pursuant to Section 9(a)(i)(D) or 9(a)(ii) above, Employee and Employee’s dependents, as applicable, shall
be entitled at Employee’s expense to the same level of health (i.e. medical, vision and dental) coverage and benefits as in effect
for Employee on the day immediately preceding the day of termination of employment; provided, however that (A) Employee constitutes a
qualified beneficiary, as defined in Section 4980B(g)(1) of the Internal Revenue Code of 1986, as amended; and (B) Employee elects continuation
coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), within the time period
prescribed pursuant to COBRA, and the Company shall continue to provide Employee with such health coverage until the earlier of (i) the
date Employee is no longer eligible to receive continuation coverage pursuant to COBRA, or (ii) twelve (12) months from the termination
date. Additionally, Employee shall have ninety (90) days to exercise all vested options, which thereafter shall immediately expire.

 

b.       Termination
by Employee: 

 

(i) Employee shall
have the right to terminate his employment under this Agreement upon 30 days' notice to Employer given within 90 days following the occurrence
of any of the following events (A) through (D):

 

(A)       Employer
acts to change the geographic location of the performance of Employee’s duties from the Burlingame, California area.

 

(B)       A
Material Reduction (as hereinafter defined) in Employee's rate of Base Compensation, or Employee's other benefits. "Material Reduction"
shall mean a cumulative twenty percent (20%) differential or more;

 

(C)       A
failure by Employer to obtain the assumption of this Agreement by any successor;

 

(D)       A
material breach of this Agreement by Employer, which is not cured within thirty (30) days of written notice of such breach by Employer;

 

(ii) Anything herein to the contrary
notwithstanding, Employee may terminate this Agreement for any reason or no reason upon thirty (30) days written notice to Employer.

 

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(iii) If Employee shall terminate
this Agreement under Section 9(b)(i), Employee shall be entitled to receive: (a) Six (6) months salary at Employee’s then current
yearly salary rate, (the “Severance Payment”), (b) reimbursement by Employer of 100% of the C.O.B.R.A. premiums for
six (6) months after such termination, (c) payment of all unpaid earned Base Compensation as of the date of termination, (d) payment of
all unreimbursed business expenses incurred through the date of termination, (e) payment for all unused vacation time accrued through
the date of termination, (f) payment of a pro rata portion of Employee’s annual bonus as of the date of termination for the termination
year, if any, (g) accelerated vesting of all stock options and the right to exercise all vested options within 90 days of the date of
termination, all of which shall expire thereafter. Other than the payments described in (a)-(g) of this section 9(b)(iii), Employer shall
have no further obligation to compensate Employee pursuant to Section 4 above.

 

(iv) If Employee shall terminate
this Agreement pursuant to Section 9(b)(ii), Employee shall only be entitled to receive the compensation set forth in 9(b)(iii)(c), (d),
(f) and (g) above and Employer shall have no further obligation to compensate Employee pursuant to Section 4 above.

 

10.        Consequences of Breach by Employer; Employment Termination.

 

a. If the Employer shall terminate
Employee's employment under this Agreement in any way that is a breach of this Agreement by Employer, the following shall apply:

 

(i)       Employee
shall be entitled to receive the compensation set forth in Section 9(b)(iii) above and Employer shall have no further obligation to compensate
Employee pursuant to Section(s) 4 or 9 above.

 

b.       In
the event of termination of Employee's employment pursuant to Section 9(b)(ii) of this Agreement, the Noncompetition Agreement and Non-Solicitation
provisions of Section 8 shall remain in full force and effect for six (6) months after such termination.

 

11.       Remedies.

 

Employer recognizes that because
of Employee's special talents, in the event of termination by Employer hereunder (except under Section 9(a)(i) or (iii)) or in the event
of termination by Employee hereunder, before the end of the agreed Term, the Employer acknowledges and agrees that the provisions of this
Agreement regarding further payments of base salary, bonuses and the exercisability of rights constitute fair and reasonable provisions
for the consequences of such termination, do not constitute a penalty, and such payments and benefits shall not be limited or reduced
by amounts Employee might earn or be able to earn from any other employment or ventures during the remainder of the agreed term of this
Agreement.

 

12.        Excise Tax.In
the event that any payment or benefit received or to be received by Employee in connection with a termination of his employment with Employer
would constitute a "parachute payment" within the meaning of Code Section 280G or any similar or successor provision to 280G
and/or would be subject to any excise tax imposed by Code Section 4999 or any similar or successor provision then Employer shall assume
all liability for the payment of any such tax and Employer shall immediately reimburse Employee on a "grossed-up" basis for
any income taxes attributable to Employee by reason of such Employer payment and reimbursements.

 

13.       Attorneys'
Fees and Costs. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing
party shall be entitled to reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which he may
be entitled.

 

14.       Entire
Agreement; Survival. This Agreement contains the entire agreement between the parties with respect to the transactions contemplated
herein and supersedes, effective as of the date hereof any prior agreement or understanding between Employer and Employee with respect
to Employee's employment by Employer. The unenforceability of any provision of this Agreement shall not affect the enforceability of any
other provision. This Agreement may not be amended except by an agreement in writing signed by the Employee and the Employer, or any waiver,
change, discharge or modification as sought. Waiver of or failure to exercise any rights provided by this Agreement and in any respect
shall not be deemed a waiver of any further or future rights.

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The provisions of Sections 4,
7, 8, 9(a)(ii), 9(a)(iii), 9(b)(iii), 10, 11, 12, 13, 14, 16, 17 and 18 shall survive the termination of this Agreement.

 

15.       Assignment.
This Agreement shall not be assigned to other parties without the written consent of Employer and Employee, which may be withheld
for any reason.

 

16.      Governing
Law. This Agreement and all the amendments hereof, and waivers and consents with respect thereto shall be governed by the laws
of the State of Texas, without regard to the conflicts of laws principles thereof.

 

17.       Notices.
All notices, responses, demands or other communications under this Agreement shall be in writing and shall be deemed to have been given
when

 

a.       delivered
by hand;

 

b.       sent
by telex or telefax, (with receipt confirmed), provided that a copy is mailed by registered or certified mail, return receipt requested;
or

 

c.        received
by the addressee as sent by express delivery service (receipt requested)

 

in each case to the appropriate addresses, telex numbers
and telefax numbers indicated below or to such other address as such party may designate for itself by notice to the other parties; provided
that any change of address furnished by Employee to Employer for purposes of updating Employer’s payroll records shall be deemed
to constitute notice of address change under this Agreement unless otherwise specifically requested in writing by Employee:

 

(i) if to the Employer:

 

Todd Michaels, CEO

3212 South Eagle Brook Lane

Eagle, Idaho 83616

Email: todd@correlateinc.com

Telephone: 916-337-6207

 

 

(ii) if to the Employee:

Channing Chen

25 Arundel Rd, Burlingame, CA
94010

Email: velochan@gmail.com

Telephone: 650.704.9309

 

18.       Severability
of Agreement. Should any part of this Agreement for any reason be declared invalid by a court of competent jurisdiction, such
decision shall not affect the validity of any remaining portion, which remaining provisions shall remain in full force and effect as if
this Agreement had been executed with the invalid portion thereof eliminated, and it is hereby declared the intention of the parties that
they would have executed the remaining portions of this Agreement without including any such part, parts or portions which may, for any
reason, be hereafter declared invalid.

 

19.       Arbitration.

 

a.       If
any dispute between the Company and Employee arises out of or is related to this Agreement, Employee’s employment, or Employee’s
separation from employment with Company for any reason, and the parties to this Agreement cannot resolve the dispute, the Company and
Employee shall submit the dispute to final and binding arbitration.  The arbitration shall be conducted in accordance with the JAMS
Mediation, Arbitration and ADR Services (“JAMS”) Rules for the Resolution of Employment Disputes (“Rules”).  If
the parties cannot agree to an arbitrator, an arbitrator will be selected through the JAMS’ standard procedures and Rules.  Company
and Employee shall share the costs of arbitration, unless the arbitrator rules otherwise.  Company and Employee agree that

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the arbitration shall be held in Denver, Colorado.   Arbitration
of the parties’ disputes is mandatory, and in lieu of any and all civil causes of action or lawsuits either party may have against
the other arising out of or related to this Agreement, Employee’s employment, or Employee’s separation from employment with
Company, with the exception that Company alone may seek a temporary restraining order and temporary injunctive relief in a court to enforce
the protective covenants as provided in Section 8(d).  Employee acknowledges that by agreeing to this provision, he knowingly
and voluntarily waives any right he may have to a jury trial based on any claims he has, had, or may have against the Company, including
any right to a jury trial under any local, municipal, state or federal law including, without limitation, claims under Title VII of the
Civil Rights Act of 1964, 42 U.S.C. Section 1981, the Americans With Disabilities Act of 1990, the Age Discrimination In Employment Act
of 1967, the Family Medical Leave Act, the Sarbanes-Oxley Act, the Older Workers Benefit Protection Act, the Texas Commission on Human
Rights Act, claims of harassment, discrimination or wrongful termination, and any other statutory or common law claims.

 

b.       Before
the arbitration hearing is conducted, the arbitrator shall have the authority to consider and grant a motion to dismiss and motion for
summary judgment by applying the standards governing these motions under Federal Rules of Civil Procedure 12 and 56.  The arbitrator
shall issue a written decision and award, which shall explain the basis of the decision.  The decision and award shall be exclusive,
final, and binding on both Employee and the Company, and all heirs, executors, administrators, successors, and assigns.  

 

c.       Both
Employee and the Company understand that, by agreeing to arbitration, they are agreeing to substitute one legitimate dispute resolution
forum (arbitration) for another (litigation), and thereby are waiving the right to have disputes resolved in court.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the undersigned have executed
this agreement as of the day and year first above written.

 

 

Employee

 

 

Signature: /s/ Channing Chen

 

Printed Name: Channing Chen

 

 

EMPLOYER:

Correlate Inc. 

 

 

By: /s/ Todd Michaels

 

Name: Todd Michaels

Title: CEO

 

 

 

 

 

 

[SIGNATURE PAGE TO EMPLOYMENT AGREEMENT DATED JANUARY
18th, 2021]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A

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Bonus and Bonus Milestones

 

Target Bonus: 60% of Annual Salary

% of Target Bonus Related to Business Performance:
75%

% of Target Bonus Related to Individual Performance:
25%

 

2022 Business Goal: $2,000,000 in TPO Projects with Notice to Proceed to
Construct (Contracted, Funded, and Permitted). Assumes NTP sale of projects in 2022 to 3rd party buyer(s) with 30% of the gross
developer margin of project(s) to be credited towards the $2,000,000 goal.

 

If the Company achieves certain business
performance results, and the employee achieves certain individual goals, the employee will receive the target bonus.

 

Company business performance results
will be measured based on the Company’s Annual Goals, as approved by the Compensation Committee or Board.

 

If the actual results of the Company
business performance for the year exceed or fall short of the targets, then the target bonus will be adjusted up or down, depending upon
the level of business and individual achievement. The specific adjustments and an example of how the bonus is calculated are described
below.

The business performance goals will be determined
by the Compensation Committee for the C.E.O., normally in the first quarter of each Plan Year. The assessment of individual performance
goals will be accomplished through the employee’s annual performance rating. The business and individual performance goals are intended
to be reasonable “stretch” goals.

 

As described above, the bonus consists
of two components: the bonus attributable to business performance, and the bonus attributable to individual performance. The impact of
actual results as compared to business and individual goals on any bonus to be paid is described below.

I. Business Goals: 

If the Company achieves a specified goal,
then 100% of the bonus related to that business goal will be awarded. If actual results deviate from established business goals, then
the bonus payout amounts will be determined as follows:

Results above the goal:
If the Company performance exceeds the established business goals by a certain percentage (e.g., actual Company revenues exceed an established
goal by ten percent), then the payout of that portion of the annual target bonus related to that business goal will be increased by that
percentage amount above the goal, up to a maximum of a 100% increase over the bonus associated that goal. Thus, if actual Company performance
on a particular goal exceeds the goal by 10%, then the target bonus associated with that goal will be increased by 10%, see below.

 

	Results	Percentage Payout
	101%	101%
	to	To
	200%	200%

 

Results below the
goal: If the actual business performance falls short of an established goal by a certain percentage (e.g., actual Company revenues
are 10% less than the revenue goal), then the bonus associated

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with that business goal will be decreased by that percentage of the shortfall,
with no bonus being payable for a goal if the goal is missed by more than 25%. The scale for results below the target is given below:

 

	Results	Percentage Payout
	100%	100%
	90%	90%
	80%	80%
	74%	0%

 

II. Individual Performance

The evaluation of the individual
performance is the responsibility of the CFO’s Board using the Company’s performance evaluation system. The payout of the
bonus related to individual performance will be based on the employee’s individual appraisal rating given pursuant to the performance
evaluation, as follows:

 

	
    Appraisal Rating
	 	 	 	
    Percentage Payout of

    Bonus Related to

    Individual

    Performance
	 
	4.85 – 5.0	 	(Outstanding)	 	150	%
	4.70 – 4.84	 	( “ )	 	145	%
	4.55 – 4.69	 	(Exceeds Job Requirements)	 	140	%
	4.40 – 4.54	 	( “ )	 	135	%
	4.25 – 4.39	 	( “ )	 	130	%
	4.10 – 4.24	 	( “ )	 	125	%
	3.95 – 4.09	 	( “ )	 	120	%
	3.80 – 3.94	 	( “ )	 	115	%
	3.65 – 3.79	 	(Meets Job Requirements)	 	110	%
	3.50 – 3.64	 	( “ )	 	105	%
	3.35 – 3.49	 	( “ )	 	100	%
	3.20 – 3.34	 	( “ )	 	95	%
	3.05 – 3.19	 	( “ )	 	90	%
	2.90 – 3.04	 	( “ )	 	85	%
	2.75 – 2.89	 	( “ )	 	80	%
	2.74 ò	 	(Needs Improvement/Unsatisfactory)	 	0	%

 

When Will the Bonus Be Paid:

Bonuses will normally be paid under the
Plan between February 15 and March 31 of the year following each Plan Year.

 

 

Example of How the Bonus is Calculated

CFO is earning a base salary of $250,000
and is employed for the full Plan Year. The CFO has an annual

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target bonus of 60% of base salary ($150,000).
The actual results for the goal were 4% below the goal. The CEO achieves an individual performance appraisal of “3.3”. The
employee’s bonus would be calculated as follows:

 

	 	 	 	 	 	 	 	 	 
	
    Performance Factor
	 	
    A

    Percentage of

    Bonus Relating to

    Performance

    Factor
	 	
    B

    Result as a

    Percentage

    of Goal
	 	
    C

    Percentage

    Payout
	 	
    AxC

    Weighted Result

	Business Goal	 	75%	 	96%	 	96%

(1 to 1 ratio)	 	72%

(96% x 75%)
	Individual Performance	 	25%	 	95%	 	95%	 	23.75%

(25% x 95%)
	Total	 	100%	 	N/A	 	N/A	 	95.75%
	Bonus Calculation	 	Base Salary x Weighted Result x Annual Target

Bonus = Bonus to be paid

$250,000 x 95.75% x 60% = $143,625

 

Payment of bonuses awarded under
this Plan shall be made no later than March 15 of the year following the Plan Year in which the services relating to such bonus award
were rendered. The resolution of any questions with respect to payments and entitlements pursuant to the provisions of this Plan shall
be determined by the Compensation Committee, in its sole discretion, and all such determinations shall be final and conclusive.

 

 

III. Additional Bonus

 

Employee will also be eligible to
receive the following:

i.        
Corporate Capital secured: 0.75% of gross capital raised (equity or debt)
directly originated or 0.25% of gross capital raised if not directly originated (i.e. third party capital advisors involved) and

ii.        Project Capital secured: 0.75% of gross project capital (tax equity, sponsor equity, project debt) raised if any.

 

This Additional Bonus shall not exceed $100,000.00 annually unless Project
Finance business goal exceeds 100% of goal in which case the Additional Bonus will be uncapped.Exhibit 10.1

    

     

      

     

      

    

      AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT

      

      

      AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT, dated as of January 21, 2022 (the “Effective Date”), by and between TCG BDC II, Inc.,
        a Maryland corporation (the “Company”), and Carlyle Global Credit Investment Management L.L.C., a Delaware limited liability company (the “Adviser”).

      

      

      WHEREAS, the Company is a closed-end management investment fund 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”); and

      

      

      WHEREAS, the Adviser is an investment adviser that is registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”);
        and

      

      

      WHEREAS, the Adviser and the Company are party to that certain investment advisory agreement, dated as of June 26, 2017, pursuant to which the Adviser agreed to furnish investment advisory services
        to the Company (as amended, the “Original Agreement”); and

      

      

      WHEREAS, the Company and the 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 receipt and adequacy of which are hereby acknowledged, the parties hereby agree that, effective
        as of the Effective Date, this Agreement shall supersede the Original Agreement (and the Original Agreement shall be deemed of no further force and effect whatsoever):

      

      

      
        
          	
                  1.

                	
                  Duties of the Adviser.

                

        

      

       

      

      (a)    The Adviser shall act as the investment adviser to the Company 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, (i) in accordance with the investment objective, policies and restrictions that are set forth from time to
        time in the Company’s filings made with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including its registration statement on Form 10, and the Investment Company Act, and in the Company’s reports to its stockholders; (ii) in accordance with all other applicable federal and state laws,
        rules and regulations, and the Company’s articles of amendment and restatement and by-laws, as each shall be amended from time to time; and (iii) in accordance with the Investment Company Act and the applicable rules and regulations thereunder.
        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 of the portfolio of the Company, the nature and timing of the changes therein and
        the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Company; (iii) monitor the Company’s investments; (iv) determine the securities and other assets that the Company will
        purchase, retain, or sell; (v) perform due diligence on prospective portfolio companies; (vi) assist the Board with its valuation of the Company’s assets, including, if so designated by the Board, performing fair value determinations of the
        Company’s assets as the Board’s valuation designee; (vii) direct investment professionals of the Adviser to provide managerial assistance to portfolio companies of the Company as requested by the Company, from time to time and (viii) 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. Subject to the supervision of the Board, the Adviser shall have the power and
        authority on behalf of the Company to effectuate its investment decisions for the Company, including the 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 incur debt financing, the Adviser will arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser
        to make investments on behalf of the Company through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle
        (in accordance with the Investment Company Act).

       

        

      
        
          

      

      
      (b)    The Adviser hereby agrees during the term hereof to act as investment adviser to the Company and to render the services described herein for the compensation provided herein.

      

      

      (c)    This Agreement is intended to create, and creates, a contractual relationship for services to be rendered by the Adviser acting in the ordinary course of its business and is not intended to
        create, and does not create, a partnership, joint venture or any like relationship among the parties hereto (or any other parties). 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.

      

      

      (d)    The Adviser shall keep and preserve for the period required by the Investment Company Act any books and records relevant to the provision of its investment advisory services to the Company
        and shall specifically maintain all books and records in accordance with Section 31(a) of the Investment Company Act and the rules thereunder 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. The Adviser agrees that all records that it maintains for the Company are the property of the Company and will surrender promptly to the Company any such records upon the Company’s request,
        provided that the Adviser may retain a copy of such records.

      

      

      (e)    Subject to the prior approval by the Board and the stockholders of the Company to the extent required under the Investment Company Act, the Adviser is hereby authorized to enter into one or
        more sub-advisory agreements with other investment advisers (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. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Company’s investment objective and policies, and work, along with the Adviser, in
        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. The Company shall be responsible for
        any compensation payable to any Sub-Adviser. Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act and other applicable federal and state law.

       

        

      
        2

        
          

      

      
        
          	
                  2.

                	
                  Company’s Responsibilities and Expenses Payable by the Company.

                

        

      

       

      

      All investment professionals of the Adviser, and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and
        routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Company. The Company will bear all expenses of its operations and transactions, including (without limitation except
        as noted) those relating to: the costs associated with any offerings of the Company’s common stock and other securities; calculating individual asset values and the Company’s net asset value (including the cost and expenses of any independent
        valuation firms); expenses, including travel expenses, incurred by the Adviser, or members of its investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, expenses of enforcing the
        Company’s rights; the management fee and any incentive fees payable under this Agreement; certain costs and expenses relating to distributions paid on the Company’s shares; administration fees payable under the administration agreement (as amended
        from time to time, the “Administration Agreement”) between the Company and Carlyle Global Credit Administration L.L.C. (the “Administrator”) and sub-administration agreements, including related expenses; debt service and other costs of borrowings or other financing arrangements; the allocated costs incurred by the
        Adviser in providing managerial assistance to those portfolio companies that request it; amounts payable to third parties relating to, or associated with, making or holding investments; the costs associated with subscriptions to data service,
        research-related subscriptions and expenses and quotation equipment and services used in making or holding investments; transfer agent and custodial fees; costs of hedging; commissions and other compensation payable to brokers or dealers; federal
        and state registration fees; any U.S. federal, state and local taxes, including any excise taxes; independent director fees and expenses; costs of preparing financial statements and maintaining books and records, costs of preparing tax returns,
        costs of Sarbanes-Oxley Act of 2002, as amended (“Sarbanes-Oxley”), compliance and attestation and costs of filing reports or other documents with the SEC (or other regulatory bodies), and
        other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation or review of the foregoing; the costs of any reports, proxy statements or other notices to the
        Company’s stockholders (including printing and mailing costs), the costs of any stockholders’ meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters; the costs of specialty
        and custom software for monitoring risk, compliance and overall portfolio, including any development costs; the Company’s fidelity bond; directors and officers/errors and omissions liability insurance, and any other insurance premiums;
        indemnification payments; direct fees and expenses associated with independent audits, agency, consulting and legal costs; and all other expenses incurred by either the Administrator or the Company in connection with administering its business,
        including payments under the Administration Agreement for administrative services that will be equal to an amount that reimburses the Administrator for its costs and expenses and the Company’s allocable portion of overhead incurred by the
        Administrator in performing its obligations under the Administration Agreement, including compensation paid to or compensatory distributions received by its officers (including its Chief Financial Officer and Chief Compliance Officer) and any of
        their respective staff who provide services to the Company, operations staff who provide services to the Company, and any internal audit staff, to the extent internal audit performs a role in the Company’s Sarbanes-Oxley internal control
        assessment.

       

        

      
        3

        
          

      

      
        
          	
                  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 hereunder, a management fee (“Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth.  The Company shall make any payments due hereunder to the Adviser or to the Adviser’s
        designee as the Adviser may otherwise direct.

       

      

      (a)    The Management Fee shall be calculated at an annual rate of 1.00% of the sum of (x) the value of the Company’s Net Assets (as defined below) as of
        the end of the immediately preceding calendar quarter plus (y) the aggregate amount of capital drawn from stockholders (or reinvested in the Company pursuant to the Company’s dividend reinvestment plan) during the current calendar quarter minus (z)
        the aggregate amount of distributions (including issuer share repurchases in connection with issuer tender offers or otherwise) made by the Company during the current calendar quarter (but, with respect to distributions, only to the extent such
        distributions were not declared and accounted for on the books and records of the Company in a previous quarter). The Management Fee shall be payable quarterly in arrears and shall be appropriately pro-rated for
          any partial month or quarter.

      

      

      (b)    The Incentive Fee shall consist of two parts, as follows:

       

      

      (i)          The first part of the Incentive Fee will be calculated and payable quarterly in arrears based on the Pre-Incentive Fee net investment income (as defined below) for
        the preceding calendar quarter.

       

      

      (A)        For any full calendar quarter prior to the first full calendar quarter commencing on or after the Effective Date, the Company will pay the Adviser an Incentive Fee
        with respect to the Company’s Pre-Incentive Fee net investment income in such calendar quarter as follows:

      

      

      (I)          with the exception of the Capital Gains Fee (as defined and discussed below), no Incentive Fee in any calendar quarter in which the Company’s Pre-Incentive Fee net
        investment income does not exceed the Hurdle Rate (as defined below);

      

      

      (II)        100% of the Company’s Pre-Incentive Fee net investment income with respect to that portion of such Pre-Incentive Fee net investment income, if any, that exceeds the
        Hurdle Rate but is less than 2.0625% in any calendar quarter (8.25% annualized); and

      

      

      (III)       15% of the amount of the Company’s Pre-Incentive Fee net investment income, if any, that exceeds 2.0625% in any calendar quarter (8.25% annualized).

      

      

      (B)          For any full calendar quarter commencing on or after the Effective Date, the Company will pay the Adviser an Incentive Fee with respect to the Company’s
        Pre-Incentive Fee net investment income in each calendar quarter as follows:

       

      

      
        4

        
          

      

      (I)        with the exception of the Capital Gains Fee, no Incentive Fee in any calendar quarter in which the Company’s Pre-Incentive Fee net investment income does not exceed
        the Hurdle Rate;

      

      

      (II)        100% of the Company’s Pre-Incentive Fee net investment income with respect to that portion of such Pre-Incentive Fee net investment income, if any, that exceeds the
        Hurdle Rate but is less than 1.43% in any calendar quarter (5.72% annualized); and

      

      

      (III)       12.5% of the amount of the Company’s Pre-Incentive Fee net investment income, if any, that exceeds 1.43% in any calendar quarter (5.72% annualized).

      

      

      These calculations will be appropriately prorated for any period of less than three months and appropriately adjusted for any share issuances or repurchases during the current
        quarter.

      

      

      (C)    For purposes of this Agreement:

      

      

      (I)        “Pre-Incentive Fee net investment income” means consolidated 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 by
        the Company during the calendar quarter, minus the Company’s consolidated operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit
        facilities or outstanding debt 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 debt instruments with pay-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.

      

      

      (II)        Pre-Incentive Fee net investment income, expressed as a rate of return on the average Hurdle Calculation Value (as defined below) as of the beginning and the end of
        the immediately preceding calendar quarter, will be compared to a “Hurdle Rate” of 1.25% per quarter (5% annualized); provided, however, that the Hurdle Rate shall be 1.75% per quarter for
        any calendar quarter prior to the first full calendar quarter commencing on or after the Effective Date.

      

      

      (III)      “Hurdle Calculation Value” means, on any given day, the sum of (x) the value of the Company’s Net Assets
        (as defined below) as of the end of the calendar quarter immediately preceding such day plus (y) the aggregate amount of capital drawn from stockholders (or reinvested in the Company pursuant to the Company’s dividend reinvestment plan) from the
        beginning of the current quarter to such day minus (z) the aggregate amount of distributions (including issuer share repurchases in connection with issuer tender offers or otherwise) made by the Company from the beginning of the current quarter to
        such day (but, with respect to distributions, only to the extent such distributions were not declared and accounted for on the books and records of the Company in a previous quarter).

       

      

      
        5

        
          

      

      (IV)     “Net Assets,” as used solely for purposes of calculating the Management Fee and the Incentive Fee under this
        Agreement, means the Company’s Gross Assets (as defined below) less consolidated indebtedness, determined in accordance with generally accepted accounting principles in the United States.

      

      

      (V)      “Gross Assets,” as used solely for purposes of calculating the Management Fee and Incentive Fee under this
        Agreement, shall (i) be determined on a consolidated basis in accordance with generally accepted accounting principles in the United States, (ii) include assets acquired through the incurrence of debt or borrowing arrangements, and (iii) exclude
        cash and any temporary investments in cash-equivalents, including U.S. government securities and other high-quality investment grade debt investments that mature in 12 months or less from the date of investment.

      

      

      (ii)    The second part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears as of
        the end of each calendar year (or upon termination of this Agreement as set forth below).

      

      

      (A)          The Capital Gains Fee is calculated at the end of each applicable year by subtracting (I) the sum of the Company’s cumulative aggregate realized capital losses (as
        defined below) and aggregate unrealized capital depreciation (as defined below) from (II) the Company’s cumulative aggregate realized capital gains (as defined below), in each case calculated from inception.  If such amount is positive at the end
        of such year, then the Capital Gains Fee for such year is equal to 12.5% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years.  If the Capital Gains Fee as calculated in the first sentence of this paragraph is
        negative, or the Company’s cumulative total return does not exceed a 7% annual return on weighted average cumulative capital called less cumulative distributions categorized as Returned Capital (as defined below), then there is no Capital Gains Fee
        for such year.  If this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for purposes of calculating and paying a Capital Gains Fee.

      

      

      (B)          For purposes of this Section 3(b)(ii):

      

      

      (I)          The “cumulative aggregate realized capital gains” are calculated as the sum of the differences, if
        positive, between (a) the sales price of each investment in the Company’s portfolio when sold, net of any selling commissions or other selling expenses (the “net sales price”) and (b) the
        accreted or amortized cost basis of such investment when sold.

       

      

      
        6

        
          

      

      (II)        The “cumulative aggregate realized capital losses” are calculated as the sum of the amounts by which (a)
        the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment when sold.

      

      

      (III)       The “aggregate unrealized capital depreciation” is calculated as the sum of the differences, if negative,
        between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gains Fee calculation date and (b) the accreted or amortized cost basis of such investment as of the applicable Capital Gains Fee calculation date.

      

      

      (IV) The term “Returned Capital” means (i) any portion of distributions made by
          the Company to a stockholder which represents (A) proceeds realized from the sale or repayment of any investment, as opposed to investment income (but not in excess of the cost of any such investment), or (B) a return of such stockholder’s
          capital contributions to the Company, as determined by the Board, and/or (ii) any amount drawn down by the Company from unused capital commitments from stockholders (as such amount of unused capital commitments may be increased by Returned
          Capital received by such investor) to pay the Management Fee, the Incentive Fee or Company expenses.

       

        

      
        
          	
                  4.

                	
                  Covenants of the Adviser.

                

        

      

       

      

      The Adviser covenants that it will remain registered as an investment adviser under the Advisers Act so long as it is the investment adviser to the Company and the Company maintains its election to
        be regulated as a BDC under the Investment Company Act or otherwise is an investment company registered under the Investment Company Act. 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.

       

      

      
        
          	
                  5.

                	
                  Excess 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 constitutes the best net results for the Company.

       

      

      
        7

        
          

      

      
        
          	
                  6.

                	
                  Limitations on the Employment of the Adviser.

                

        

      

       

      

      The services of 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, 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). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for the Company, subject to the Adviser’s ability to enter into sub-advisory agreements
        consistent with the requirements of this Agreement. 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, officer or employee of the Adviser or the Administrator 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, officer and/or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner, officer or employee of the Adviser or the
        Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.

       

      

      
        
          	
                  8.

                	
                  Limitation of Liability of the Adviser; Indemnification.

                

        

      

       

      

      (a)    The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation,
        its sole member and the Administrator) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser 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 Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the
        Adviser, including without limitation, its sole member and the Administrator, each of whom shall be deemed a third-party beneficiary hereof) (each, individually, an “Indemnified Party” and
        collectively, the “Indemnified Parties”) and hold each of them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts
        reasonably paid in settlement) incurred by any of them 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 in good faith of any of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Company. The Company’s indemnification of the Indemnified Parties
        shall, to the extent not in conflict with such insurance policy, be secondary to any and all payment to which any Indemnified Party is entitled from any relevant insurance policy issued to or for the benefit of the Company and its affiliates or any
        Indemnified Party. The Company’s indemnification of the Indemnified Parties shall also be secondary to any payment pursuant to any other indemnification obligation of any other relevant entity or person, including under any insurance policy issued
        to or for the benefit of such other entity or person, in all cases, to the extent not in conflict with the applicable other indemnification or insurance contract. In the event of payment by the Company under this Agreement and pursuant to its
        indemnification obligations, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of any Indemnified Party, including the rights of the Indemnified Parties under any insurance policies.

       

      

      
        8

        
          

      

      (b)    For any claims indemnified by the Company under Section 8(a) above, to the fullest extent permitted by law, the Company shall promptly pay expenses (including legal fees and expenses)
        incurred by any Indemnified Party in appearing at, participating in or defending any action, suit, claim, demand or proceeding in advance of the final disposition of such action, suit, claim, demand or proceeding, including appeals, within 30 days
        after receipt by the Company of a statement or statements from the Indemnified Party requesting such advance or advances from time to time.  Each Indemnified Parties hereby undertakes to repay any amounts advanced on its behalf (without interest)
        to the extent that it is ultimately determined that the Indemnified Party is not entitled under this Agreement to be indemnified by the Company.  Such undertaking shall be unsecured and accepted without reference to the financial ability of the
        Indemnified Parties to make repayment and without regard to the Indemnified Parties’ ultimate entitlement to indemnification under the other provisions of this Agreement. No other form of undertaking shall be required of the Indemnified Parties
        other than the execution of this Agreement.

      

      

      (c)    Notwithstanding the above provisions of Section 8 of this Agreement, 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 liability to the Company or its security holders 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 (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).

       

      

      
        
          	
                  9.

                	
                  Effectiveness, Duration and Termination of Agreement.

                

        

        

      

      (a)    This Agreement shall become effective as of the Effective Date. 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, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as set forth in this Section 9, the Adviser shall be entitled to any amounts owed under Section 3
        through the date of termination or expiration and Section 8 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

       

      

      
        9

        
          

      

      (b)    This Agreement shall continue in effect for two years from the Effective Date and thereafter shall continue automatically for successive annual periods, provided that such continuance is
        specifically approved at least annually by the vote of the Board and by 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.

      

      

      (c)    This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company,
        by the vote of the Board or by the Adviser.

      

      

      (d)    This Agreement will 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).

       

      

      
        
          	
                  10.

                	
                  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.

       

      

      
        
          	
                  11.

                	
                  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.

       

      

      
        
          	
                  12.

                	
                  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. This Agreement shall be
        governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof, and in accordance with the applicable provisions of the Investment Company Act. To the extent the
        applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. To the fullest extent permitted by the Investment Company Act and the Advisers Act, as
        amended, the sole and exclusive forum for any action, suit or proceeding with respect to this Agreement shall be a federal or state court located in the State of Delaware, and each party hereto, to the fullest extent permitted by law, hereby
        irrevocably waives any objection that it may have, whether now or in the future, to the laying of venue in, or to the jurisdiction of, any and each of such courts for the purposes of any such action, suit or proceeding and further waives any claim
        that any such action, suit or proceeding has been brought in an inconvenient forum, and each party hereto hereby submits to such jurisdiction and consents to process being served in any such action, suit or proceeding, without limitation, by United
        States mail addressed to the party at its principal office.

      

      

      [Remainder of page intentionally blank]

       

      

      
        10

        
          

      

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the Effective Date.

      

      

      	
              TCG BDC II, INC.

            	

            
	

            	

            	

            
	
              By:

            	
              /s/ Linda Pace

            	

            	

            

      	
              Name:

            	
              Linda Pace

            	

            
	
              Title:

            	
              Chief Executive Officer and President

            	

            
	

            	

            	

            
	
              CARLYLE GLOBAL CREDIT INVESTMENT MANAGEMENT L.L.C.

            
	 	

            	

            

      	
              By:

            	
              /s/ Joshua Lefkowitz

            	

            	

            

      	
              Name:

            	
              Joshua Lefkowitz

            	

            
	
              Title:

            	
              Global Credit Chief Legal Officer

            	

            

      

      

      

      

      
        
          
            [Signature Page to TCG BDC II, Inc. Amended and Restated Investment Advisory Agreement]

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