Document:

EX-10.4

 Exhibit 10.4 

CUSTODY AGREEMENT 
 by
and between 
 OAKTREE STRATEGIC INCOME II, INC. 

and 
 THE BANK OF NEW
YORK MELLON 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 SECTION 1 – CUSTODY ACCOUNTS; INSTRUCTIONS
	  	 	1	 
			
	 1.1
	 	Definitions	  	 	1	 
	 1.2
	 	Establishment of Account	  	 	3	 
	 1.3
	 	Representations and Warranties	  	 	4	 
	 1.4
	 	Distributions	  	 	6	 
	 1.5
	 	Authorized Instructions	  	 	6	 
	 1.6
	 	Authentication	  	 	6	 
	 1.7
	 	On-Line Systems	  	 	6	 
		
	 SECTION 2 – CUSTODY SERVICES
	  	 	6	 
			
	 2.1
	 	Holding Securities	  	 	6	 
	 2.2
	 	Depositories	  	 	8	 
	 2.3
	 	Agents	  	 	8	 
	 2.4
	 	Custodian Actions without Direction	  	 	8	 
	 2.5
	 	Custodian Actions with Direction	  	 	9	 
	 2.6
	 	Foreign Exchange Transactions	  	 	9	 
		
	 SECTION 3 – CORPORATE ACTIONS
	  	 	10	 
			
	 3.1
	 	Custodian Notification	  	 	10	 
	 3.2
	 	Direction	  	 	10	 
	 3.3
	 	Voting Rights	  	 	10	 
	 3.4
	 	Partial Redemptions, Payments, Etc.	  	 	10	 
		
	 SECTION 4 – SETTLEMENT OF TRADES
	  	 	11	 
			
	 4.1
	 	Payments	  	 	11	 
	 4.2
	 	Contractual Settlement and Income	  	 	11	 
	 4.3
	 	Trade Settlement	  	 	11	 
		
	 SECTION 5 – DEPOSITS AND ADVANCES
	  	 	11	 
			
	 5.1
	 	Deposits	  	 	11	 
	 5.2
	 	Sweep and Float	  	 	11	 
	 5.3
	 	Overdrafts and Indebtedness	  	 	12	 
	 5.4
	 	Securing Repayment	  	 	12	 
		
	 SECTION 6 – SALE OF SHARES
	  	 	12	 
		
	 SECTION 7 – TAXES, REPORTS, RECORDS AND OTHER MATTERS
	  	 	12	 
			
	 7.1
	 	Tax Obligations	  	 	12	 
	 7.2
	 	Pricing and Other Data	  	 	13	 
	 7.3
	 	Statements and Reports	  	 	13	 
	 7.4
	 	Review of Reports	  	 	13	 
	 7.5
	 	Books and Records	  	 	14	 
	 7.6
	 	Required Disclosure	  	 	14	 

  
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	 	 	 	  	PAGE	 
	 7.7
	 	Sanctions	  	 	14	 
	 7.8
	 	Duties of Custodian with Respect to Books of Account	  	 	15	 
	 7.9
	 	Opinion of Fund’s Independent Accountant	  	 	15	 
	 7.10
	 	Reports to Fund by Custodian’s Independent Public Accountants	  	 	15	 
		
	 SECTION 8 – PROVISIONS REGARDING THE CUSTODIAN
	  	 	15	 
			
	 8.1
	 	Standard of Care	  	 	15	 
	 8.2
	 	Limitation of Duties and Liability	  	 	15	 
	 8.3
	 	Losses	  	 	16	 
	 8.4
	 	Gains	  	 	16	 
	 8.5
	 	Centralized Functions	  	 	17	 
	 8.6
	 	Force Majeure	  	 	17	 
	 8.7
	 	Fees	  	 	17	 
	 8.8
	 	Indemnification	  	 	17	 
		
	 SECTION 9 – AMENDMENT; TERMINATION; ASSIGNMENT
	  	 	17	 
			
	 9.1
	 	Amendment	  	 	17	 
	 9.2
	 	Termination	  	 	17	 
	 9.3
	 	Successors and Assigns	  	 	18	 
		
	 SECTION 10 – ADDITIONAL PROVISIONS
	  	 	18	 
			
	 10.1
	 	Non-Custody Assets	  	 	18	 
	 10.2
	 	Appropriate Action	  	 	18	 
	 10.3
	 	Governing Law	  	 	18	 
	 10.4
	 	Representations	  	 	19	 
	 10.5
	 	USA PATRIOT Act	  	 	19	 
	 10.6
	 	Non-Fiduciary Status	  	 	19	 
	 10.7
	 	Notices	  	 	19	 
	 10.8
	 	Entire Agreement	  	 	19	 
	 10.9
	 	Necessary Parties	  	 	19	 
	 10.10
	 	Execution in Counterparts	  	 	19	 
	 10.11
	 	Captions	  	 	19	 
	 10.12
	 	Confidentiality	  	 	19	 
	 10.13
	 	Disaster Recovery and Business Continuity	  	 	20	 
	 10.14
	 	Data Privacy	  	 	20	 

  
 ii 

 CUSTODY AGREEMENT 

CUSTODY AGREEMENT, dated as of the latest date set forth on the signature page hereto, between OAKTREE STRATEGIC
INCOME II, INC., a corporation organized under the laws of Delaware (the “Fund”) and THE BANK OF NEW YORK MELLON, a bank organized under the laws of the state of New York (the “Custodian”). 

SECTION 1 – CUSTODY ACCOUNTS; INSTRUCTIONS 

1.1 Definitions. Whenever used in this Agreement, the following words
shall have the meanings set forth below: 
 “’40 Act” shall have the meaning set forth in
Section 1.3. 
 “Account” or “Accounts” shall have the meaning set forth in
Section 1.2. 
 “Authorized Instructions” shall have the meaning set forth in Section 1.5.

 “Authorized Person” shall mean any Person authorized by the Fund to give Oral Instructions or
Instructions with respect to one or more Accounts or with respect to foreign exchange, derivative investments or information and transactional web based services provided by the Custodian or a BNY Mellon Affiliate. Authorized Persons shall include
Persons authorized by an Authorized Person. Authorized Persons, their signatures and the extent of their authority shall be provided by a Certificate. The Custodian may conclusively rely on the authority of an Authorized Person until it receives
Written Instructions to the contrary. 
 “BNY Mellon Affiliate” shall mean any direct or indirect
subsidiary of The Bank of New York Mellon Corporation. 
 “BNY Mellon Group” shall have the meaning set
forth in Section 8.5. 
 “Book-Entry System” shall mean the United States Federal Reserve/Treasury book-entry system for receiving and delivering securities, its successors and nominees. 

“Business Day” shall mean any day on which the Custodian and relevant Depositories are open for business.

 “Centralized Functions” shall have the meaning set forth in Section 8.5. 

“Certificate” shall mean any notice, instruction or other instrument in writing, authorized or required by
this Agreement to be given to the Custodian, which is actually received by the Custodian by letter or facsimile transmission and signed on behalf of the Fund by two (2) Authorized Persons or persons reasonably believed by the Custodian to be
Authorized Persons. 
 “Country Risk Event” shall mean (a) issues relating to the financial
infrastructure of a country, (b) issues relating to a country’s prevailing custody and settlement practices, (c) nationalization, expropriation or other governmental actions, (d) issues relating to a country’s regulation of
the banking or securities industry, (e) currency controls, restrictions, devaluations, redenominations or fluctuations or (f) market conditions which affect the orderly execution of securities transactions or affect the value of
securities. 

 “Data Providers” shall mean pricing vendors, analytics
providers, brokers, dealers, investment managers, Authorized Persons, Subcustodians, Depositories and any other Person providing Market Data to the Custodian. 

“Data Terms Website” shall mean http://bnymellon.com/products/assetservicing/vendoragreement.pdf or any
successor website the address of which is provided by the Custodian to the Fund. 
 “Depository” shall
include (a) the Book-Entry System, (b) the Depository Trust Company, (c) any other clearing agency or securities depository registered with the Securities and Exchange Commission identified to the Fund from time to time and
(d) the respective successors and nominees of the foregoing. 
 “Economic Sanctions Compliance
Program” shall mean those programs, policies, procedures and measures designed to ensure compliance with, and prevent violations of, Sanctions. 

“Foreign Depository” shall mean (a) Euroclear, (b) Clearstream Banking, societe anonyme, (c) each
Eligible Securities Depository as defined in Rule 17f-7 under the ’40 Act identified to the Fund from time to time and (d) the respective successors and nominees of the foregoing. 

“Instructions” shall mean Written Instructions, S.W.I.F.T., on-line
communications or other method or system, each as specified by the Custodian as available for use in connection with the services hereunder. 

“Losses” shall mean, collectively, losses, costs, expenses, damages, liabilities and claims. 

“Market Data” shall mean pricing or other data related to Securities and other assets. Market Data includes
but is not limited to security identifiers, valuations, bond ratings, classification data and other data received from investment managers and others. 

“Non-Custody Assets” shall have the meaning set forth in
Section 10.1. 
 “Operational Losses” shall have the meaning set forth in Section 2.1. 

“Oral Instructions” shall mean instructions expressed in spoken words received by the Custodian from a person
reasonably believed by the Custodian to be an Authorized Person. 
 “Person” or “Persons”
shall mean any entity or individual. 
 “Replacement Subcustodian” shall have the meaning set forth in
Section 2.1. 
 “Required Care” shall have the meaning set forth in Section 2.1. 

“Sanctions” shall mean all economic sanctions, laws, rules, regulations, executive orders

  
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and requirements administered by any governmental authority of the U.S. (including the U.S. Office of Foreign Assets Control) and the European Union (including any national jurisdiction or member
state thereof), in addition to any other applicable authority with jurisdiction over the Fund. 

“Securities” shall include, without limitation, any common stock and other equity securities, depository
receipts, limited partnership and limited liability company interests, bonds, debentures and other debt securities, notes or other obligations, loans, participations in loans and similar obligations, and any instruments representing rights to
receive, purchase or subscribe for the same, or representing any other rights or interests therein (whether represented by a certificate or held in a Depository, a Foreign Depository or with a Subcustodian or on the books of the issuer) that are
acceptable to the Custodian. 
 “Shares” shall have the meaning set forth in Section 6.1. 

“Subcustodian” shall mean a bank or other financial institution (other than a Foreign Depository) located
outside the United States which is utilized by the Custodian or by a BNY Mellon Affiliate in connection with the purchase, sale or custody of Securities or cash hereunder and is identified to the Fund from time to time, and their respective
successors and assigns. 
 “Subsidiary” means any wholly-owned subsidiary of the Fund. 

“Subsidiary Securities” means, collectively, the (i) Securities acquired by a Subsidiary and delivered
to the Custodian from time to time during the term of, and pursuant to the terms of, this Agreement, and (ii) all dividends in kind (e.g., non-cash dividends from the investments described in clause (i).

 “Tax Obligations” shall mean taxes, withholding, certification and reporting requirements, claims for
exemptions or refund, interest, penalties, additions to tax and other related expenses. 
 “Written
Instructions” shall mean a Certificate, received by the Custodian by overnight delivery, postal services or facsimile transmission. 

1.2 Establishment of Account. 

(a) The Fund hereby (i) appoints the Custodian as the custodian of all Securities and cash at any time delivered to
the Custodian to be held under this Agreement, and (ii) on behalf of each Subsidiary, appoints the Custodian as the custodian of all Subsidiary Securities and cash at any time delivered to the Custodian to be held under this Agreement for the
benefit of such Subsidiary. The Custodian hereby accepts such appointment and agrees to establish and maintain, as directed by Instructions, one or more accounts for the Fund or the applicable Subsidiary, in which the Custodian will hold Securities
and cash as provided herein. Such accounts (each, an “Account,” and collectively, the “Accounts”) shall, as directed by Instructions, be in the name of the Fund or the applicable Subsidiary of the Fund. 

(b) The Custodian may from time to time establish on its books and records such segregated
sub-accounts within each Account as the Fund and the Custodian may agree upon 

  
 3 

 
(each a “Special Account”), and the Custodian shall reflect therein such assets as the Fund or the applicable Subsidiary may specify in Instructions, including Subsidiary Securities and
cash to be held in a Special Account in the name of a Subsidiary. 
 (c) The Custodian may from time to time establish
pursuant to a written agreement with and for the benefit of a broker, dealer, future commission merchant or other third party identified in Instructions such accounts on such terms and conditions as the Fund and the Custodian shall agree, and the
Custodian shall transfer to such account such Securities and cash as the Fund may specify in Instructions. 
 (d) With
respect to each Subsidiary identified to the Custodian by the Fund, there shall be established at the Custodian an account or accounts to which the Custodian shall deposit and hold any Subsidiary Securities and cash pursuant to this Agreement when
so instructed by the Fund pursuant to Instructions. 
 (e) To the maximum extent possible, the provisions of this Agreement
regarding Securities and cash of the Fund and the Accounts shall be applicable to any Subsidiary Securities and cash of the Subsidiaries. The parties hereto agree that the Fund shall notify the Custodian in writing as to the establishment of any
Subsidiary as to which the Custodian is to serve as custodian pursuant to the terms of this Agreement; and identify in writing any accounts the Custodian shall be required to establish for such Subsidiary as herein provided. 

1.3 Representations and Warranties. Custodian hereby represents that:

 (a) Custodian is duly organized and existing under the laws of the State of New York, with full power to carry on its
businesses as now conducted, and to enter into this Agreement and to perform its obligations hereunder; and 
 (b) this
Agreement has been duly authorized, executed and delivered by Custodian, constitutes a valid and legally binding obligation of Custodian enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding
on Custodian prohibits Custodian’s execution or performance of this Agreement. 
 The Fund hereby represents and warrants, which
representations and warranties shall be continuing and shall be deemed to be reaffirmed upon each giving of Oral Instructions or Instructions by the Fund, that: 

(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its
business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 
 (b) This Agreement has
been duly authorized, executed and delivered by the Fund, will be duly ratified by a resolution of its board in connection with its initial board meeting (and after such board meeting will be deemed to have been approved by its board), and
constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, and there is no statute, regulation, rule, order or judgment binding on it, and no provision of its charter or
by-laws, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property, which would prohibit its execution or performance of this Agreement; 

  
 4 

 (c) It is conducting its business in substantial compliance with all
applicable laws and requirements, both state and federal, and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; 

(d) It will not use the services provided by the Custodian hereunder in any manner that is, or will result in, a material
violation of any law, rule or regulation applicable to the Fund; 
 (e) Its board or, if the board has appointed a foreign
custody manager, as defined in Rule 17f-5 under the Investment Company Act of 1940, as amended (the “‘40 Act”), its foreign custody manager, has determined that use of each Subcustodian
(including any Replacement Subcustodian) which the Custodian is authorized to utilize in accordance with this Agreement satisfies the applicable requirements of the ‘40 Act and Rule 17f-5 thereunder; 

(f) Assuming the Custodian has complied with its obligations as a “primary custodian” under Rule 17f-7 under the ’40 Act, the Fund or its investment adviser has determined that the custody arrangements of each Foreign Depository provide reasonable safeguards against the custody risks associated with
maintaining assets with such Foreign Depository within the meaning of Rule 17f-7 under the ‘40 Act; 

(g) It is fully informed of the protections and risks associated with various methods of transmitting Instructions and Oral
Instructions to the Custodian, shall safeguard and treat with extreme care any user and authorization codes, passwords and/or authentication keys, understands that there may be more secure methods of transmitting or delivering the same than the
methods selected by it, agrees that the security procedures (if any) to be followed in connection therewith provide a commercially reasonable degree of protection in light of its particular needs and circumstances and acknowledges and agrees that
Instructions need not be reviewed by the Custodian, may conclusively be presumed by the Custodian without inquiry to have been given by person(s) duly authorized and may be acted upon as given; 

(h) It shall manage its borrowings, including, without limitation, any advance or overdraft (including any day-light overdraft) in the Accounts, so that the aggregate of its total borrowings for the Fund does not exceed the amount the Fund is permitted to borrow under the ‘40 Act; 

(i) Its transmission or giving of, and the Custodian complying with, Instructions or Oral Instructions pursuant to this
Agreement shall at all times comply with the ‘40 Act; 
 (j) It shall impose and maintain restrictions on the
destinations to which cash may be disbursed by Instructions to ensure that each disbursement is for a proper purpose; and 

(k) It has the right to make the pledge and grant the security interest and security entitlement to the Custodian contained in
Section 5 hereof, free of any right of redemption or prior claim of any other person or entity, such pledge and such grants shall have a first priority subject to no setoffs, counterclaims or other liens or grants prior to or on a parity
therewith, and it shall take such additional steps as the Custodian may reasonably require to assure such priority. 

  
 5 

 1.4 Distributions.
The Custodian shall make distributions or transfers out of an Account pursuant to Instructions. In making payments to service providers pursuant to Instructions, the Fund acknowledges that the Custodian is acting in an administrative or in a
ministerial capacity, and not as the payor, for tax information reporting and withholding purposes. 
 
1.5 Authorized Instructions. The Custodian shall be entitled to rely upon any Oral Instructions or Instructions actually received by the Custodian and reasonably believed by the Custodian to be from an Authorized
Person (“Authorized Instructions”). Notwithstanding any other provision included in this Agreement, Written Instructions relating to the disbursement of cash of the Fund other than in connection with the purchase, sale or settlement of
Securities, shall be in the form of a Certificate. The Fund agrees that an Authorized Person shall forward to the Custodian Instructions confirming Oral Instructions by the close of business of the same day that such Oral Instructions are given to
the Custodian. The Fund agrees that the fact Instructions confirming Oral Instructions are not received or that contrary Instructions are received by the Custodian shall in no way affect the validity or enforceability of transactions authorized by
such Oral Instructions and effected by the Custodian. 
 1.6
Authentication. If the Custodian receives Instructions that appear on their face to have been transmitted by an Authorized Person via (i) facsimile or other electronic method that is not secure or (ii) secure
electronic transmission containing applicable authorization codes, passwords or authentication keys, the Fund understands and agrees that the Custodian cannot determine the identity of the actual sender of such Instructions and that the Custodian
shall be entitled to conclusively presume that such Instructions have been sent by an Authorized Person. The Fund shall be responsible for ensuring that only Authorized Persons transmit Instructions to the Custodian and that all Authorized Persons
safeguard and treat with extreme care applicable user and authorization codes, passwords and authentication keys. 
 
1.7 On-Line Systems. If an Authorized Person elects to transmit Instructions through an on-line communication system offered by the
Custodian, the use thereof shall be subject to any terms and conditions contained in a separate written agreement. If the Fund or an Authorized Person elects, with the Custodian’s prior consent, to transmit Instructions through an on-line communications service owned or operated by a third party, the Fund agrees that the Custodian shall not be responsible or liable for the reliability or availability of any such service. 

SECTION 2 – CUSTODY SERVICES 

2.1 Holding Securities. 

(a) Subject to the terms hereof, the Fund hereby authorizes the Custodian to hold any Securities in registered form in the
name of the Custodian or one of its nominees or, where applicable, in the name of the Fund. Securities held for the Fund hereunder shall be segregated on the Custodian’s books and records from the Custodian’s own property. The Custodian
shall be entitled to utilize, subject to subsection (d) of this Section 2.1, Subcustodians, Depositories, and subject to subsection (e) of this Section 2.1, Foreign Depositories in connection with its performance hereunder.
Securities and cash held through a Subcustodian shall be held subject to the terms and conditions of the Custodian’s or a BNY Mellon Affiliate’s agreements with such 

  
 6 

 
Subcustodian. Securities and cash deposited by the Custodian in a Depository or Foreign Depository will be held subject to the rules, terms and conditions of such entity. Subcustodians may be
authorized to hold Securities in Depositories or Foreign Depositories in which such Subcustodian participates. Unless otherwise required by local law or practice or a particular subcustodian agreement, Securities deposited with Subcustodians,
Depositories or Foreign Depositories will be held in a commingled account in the name of the Custodian or a BNY Mellon Affiliate for the Funds. The Custodian shall identify on its books and records the Securities and cash belonging to the Fund,
whether held directly or indirectly through Subcustodians, Depositories or Foreign Depositories. The Custodian shall, directly or indirectly through Subcustodians, Depositories or Foreign Depositories, endeavor, to the extent feasible, to hold
Securities in the country or other jurisdiction in which the principal trading market for such Securities is located, where such Securities are to be presented for cancellation and/or payment and/or registration or where such Securities are
acquired. The Custodian at any time may cease utilizing any Subcustodian and/or may replace a Subcustodian with a different Subcustodian (a “Replacement Subcustodian”). In the event the Custodian selects a Replacement Subcustodian, the
Custodian shall not utilize such Replacement Subcustodian until after the Fund’s board or foreign custody manager has determined that utilization of such Replacement Subcustodian satisfies the requirements of the ‘40 Act and Rule 17f-5 thereunder. 
 (b) The Custodian shall exercise reasonable care in the selection or
retention, monitoring and continued use of a Subcustodian in light of prevailing rules, terms, practices and procedures in the relevant market (“Required Care”). The Custodian shall be liable for repayment to the Fund of cash credited to
an Account and cash credited to the Fund’s or the Custodian’s cash account at a Subcustodian that the Custodian is not able to recover from the Subcustodian (other than as a result of a Country Risk Event). With respect to any Losses
incurred by the Fund as a result of an act or the failure to act by any Subcustodian (“Operational Losses”), the Custodian shall be liable for: (i) Operational Losses with respect to Securities or cash held by the Custodian with or
through a BNY Mellon Affiliate to the extent the Custodian would be liable under this Agreement if the applicable act or failure to act was that of the Custodian; and (ii) Operational Losses with respect to Securities or cash held by the
Custodian with or through a Subcustodian (other than a BNY Mellon Affiliate) to the extent that such Operational Losses were directly caused by failure on the part of the Custodian to exercise Required Care or the Custodian’s own fraud, bad
faith, or willful misconduct in the performance of its obligations; provided that in no event shall the Custodian have any liability for Operational Losses arising out of or relating to a Country Risk Event. For the avoidance of doubt, any such
exercise of Required Care and any such limitation on liability described immediately above, remains subject to the Custodian’s standard of care and related provisions as more fully set forth at Section 8. With respect to all other
Operational Losses not covered by clauses (i) and (ii) (including the proviso) above, the Custodian shall take appropriate action to recover such Operational Losses from the applicable Subcustodian and the Custodian’s sole liability shall
be limited to amounts recovered from such Subcustodian (exclusive of costs and expenses incurred by the Custodian). 
 (c)
Unless the Custodian has received Instructions to the contrary, the Custodian shall hold Securities indirectly through a Subcustodian only if (i) the Securities are not subject to any right, charge, security interest, lien or claim of any kind
in favor of such Subcustodian or its creditors or operators, including a receiver or trustee in bankruptcy or similar authority, except 

  
 7 

 
for a claim of payment for the safe custody or administration of Securities on behalf of the Fund by such Subcustodian and (ii) beneficial ownership of the Securities is freely transferable
without the payment of money or value other than for safe custody or administration. 
 (d) With respect to each Depository,
the Custodian (i) shall exercise due care in accordance with reasonable commercial standards in discharging its duties as a securities intermediary to obtain and thereafter maintain Securities or financial assets deposited or held in such
Depository and (ii) will provide, promptly upon request by the Fund, such reports as are available concerning the internal accounting controls and financial strength of the Custodian. 

(e) With respect to each Foreign Depository, the Custodian shall exercise reasonable care, prudence and diligence (i) to
provide the Fund with an analysis of the custody risks associated with maintaining assets with the Foreign Depository and (ii) to monitor such custody risks on a continuing basis and promptly notify the Fund of any material change in such
risks. The Fund acknowledges and agrees that such analysis and monitoring shall be made on the basis of, and limited by, information gathered from Subcustodians or through publicly available information otherwise obtained by the Custodian, and shall
not include any evaluation of Country Risk Events. 
 2.2
Depositories. The Custodian shall have no liability whatsoever for the action or inaction of a Depository or a Foreign Depository or for any Losses resulting from the maintenance of assets with a Depository or a Foreign
Depository, except to the extent that such Losses are caused by the bad faith, fraud, or willful misconduct of the Custodian. Notwithstanding the foregoing sentence, the Custodian shall be liable for repayment to the Fund of cash credited to the
Fund’s, the Custodian’s or a Subcustodian’s account at a Depository or a Foreign Depository that the Custodian is not able to recover from the Depository or Foreign Depository (other than as a result of a Country Risk Event). 

2.3 Agents. The Custodian may appoint agents, including BNY
Mellon Affiliates, on such terms and conditions as it reasonably deems appropriate to perform its services hereunder. Except as otherwise provided herein, no such appointment shall discharge the Custodian from its obligations hereunder. 

2.4 Custodian Actions without Direction. With respect to Securities
held hereunder, the Custodian shall: 
 (a) Receive all eligible income and other payments due to the Accounts and, to the
extent that Custodian is in possession of actual knowledge of the same in its capacity as Custodian, advise the Fund as promptly as practicable of all amounts due to the Fund but not paid; 

(b) Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions; 

(c) Facilitate access by the Fund or its designee to ballots or online systems to assist in the voting of proxies received by
the Custodian in its capacity as custodian for eligible positions of Securities held in the Accounts (excluding bankruptcy matters); 

  
 8 

 (d) Forward promptly to the Fund or its designee all relevant information
(or summaries of information) that the Custodian receives in its capacity as custodian from Depositories or Subcustodians concerning Securities in the Accounts (excluding bankruptcy matters); 

(e) Forward promptly to the Fund or its designee an initial notice of bankruptcy cases relating to Securities held in the
Accounts and a notice of any required action related to such bankruptcy cases as may be received by the Custodian in its capacity as custodian. No further action or notification related to the bankruptcy case shall be required; 

(f) Endorse for collection checks, drafts or other negotiable instruments; and 

(g) Execute and deliver, solely in its custodial capacity, certificates, documents or instruments incidental to the
Custodian’s performance under this Agreement. 
 2.5 Custodian Actions with
Direction. The Custodian shall take the following actions in the administration of the Accounts only pursuant to Authorized Instructions: 

(a) Settle purchases and sales of Securities and process other transactions, including free receipts and deliveries to a
broker, dealer, future commission merchant or other third party specified in Instructions; 
 (b) Take actions necessary to
settle transactions in connection with futures or options contracts, short-selling programs, foreign exchange or foreign exchange contracts, swaps and other derivative investments; 

(c) Deliver Securities and/or cash in an Account if an Authorized Person advises the Custodian that the Fund has entered into
a separate securities lending agreement, provided that the Fund executes such agreements as the Custodian may require in connection with such arrangements. 

(d) Deliver Securities and/or cash as security in connection with any borrowing by the Fund requiring a pledge of assets by
the Fund, provided that the Fund executes such agreements as the Custodian may require in connection with such arrangements; and 

(e) Deliver Securities upon the sale or other delivery of such investments (including, without limitation, to one or more
(a) Subcustodians or (b) additional custodians appointed by the Fund, and communicated to the Custodian from time to time by Authorized Instructions, for the purpose of engaging in repurchase agreement transactions and prior to receipt of
payment therefor, as set forth in written Authorized Instructions, provided that such Authorized Instructions shall set forth (i) the Securities of the Fund to be delivered, and (ii) the Person or Persons to whom delivery of such
Securities shall be made, including such delivery instructions as Custodian may reasonably require. 
 
2.6 Foreign Exchange Transactions. 
 (a) For the purpose of settling Securities and foreign exchange
transactions, the Fund shall provide the Custodian with sufficient immediately available funds for all transactions by 

  
 9 

 
such time and date as conditions in the relevant market dictate. As used herein, “sufficient immediately available funds” shall mean either (i) sufficient cash denominated in
United States dollars to purchase the necessary foreign currency or (ii) sufficient applicable foreign currency, to settle the transaction. The Custodian shall provide the Fund with immediately available funds each day which result from the
actual settlement of all sale transactions, based upon advices received by the Custodian from Subcustodians, Depositories and Foreign Depositories. Such funds shall be in United States dollars or such other currency as the Fund may specify to the
Custodian. 
 (b) Any foreign exchange transaction effected by the Custodian in connection with this Agreement may be
entered with the Custodian or a BNY Mellon Affiliate acting as a principal or otherwise through customary channels. The Fund may issue standing Instructions with respect to foreign exchange transactions, but the Custodian may establish rules or
limitations concerning any foreign exchange facility made available to the Fund, which should be provided, or otherwise made available, in writing to the Fund in advance of implementation. 

SECTION 3 – CORPORATE ACTIONS 

3.1 Custodian Notification. The Custodian shall notify the Fund or
its designee of rights or discretionary corporate actions as promptly as practicable under the circumstances, provided that the Custodian in its capacity as custodian has actually received notice of such right or discretionary corporate action,
including, in the case of Securities held by a Subcustodian or Depositary, from the relevant Subcustodian or Depository. Without actual receipt of such notice by the Custodian in its capacity as custodian the Custodian shall have no liability for
failing to so notify the Fund absent fraud, bad faith, or willful misconduct of the Custodian. 
 
3.2 Direction. Whenever there are voluntary rights that may be exercised or alternate courses of action that may be taken by reason of the Fund’s ownership of Securities, the Fund or its designee shall be
responsible for making any decisions relating thereto and for directing the Custodian to act. In order for the Custodian to act, it must receive Instructions using the Custodian generated form or clearly marked as instructions for the decision at
the Custodian’s offices addressed as the Custodian may from time to time request, by such time as the Custodian shall reasonably request of the Fund or its designee. If the Custodian does not receive such Instructions by such deadline, the
Custodian shall not be liable for failure to take any action relating to or to exercise any rights conferred by such Securities. 

3.3 Voting Rights. All voting rights with respect to Securities,
however registered, shall be exercised by the Fund or its designee. The Custodian will make available to the Fund proxy voting services upon the request of, and for the jurisdictions selected by, the Fund in accordance with terms and conditions to
be mutually agreed upon by the Custodian and the Fund. 
 3.4 Partial
Redemptions, Payments, Etc. The Custodian shall promptly advise the Fund or its designee upon its notification in its capacity as custodian of a partial redemption, partial payment or other action with respect to a
Security affecting fewer than all such Securities held within an Account. If the Custodian or any Subcustodian, Depository or Foreign Depository holds any Securities affected by one of the events described, the Custodian,

  
 10 

 
Subcustodian, Depository or Foreign Depository may select the Securities to participate in such partial redemption, partial payment or other action in any
non-discriminatory manner that it customarily uses to make such selection. 
 
SECTION 4 – SETTLEMENT OF TRADES 
 4.1 Payments.
Promptly after each purchase or sale of Securities by the Fund, an Authorized Person shall deliver to the Custodian Instructions specifying all information necessary for the Custodian to settle such purchase or sale. For the purpose of settling
purchases of Securities, the Fund shall provide the Custodian with sufficient immediately available funds for all such transactions by such time and date as conditions in the relevant market dictate. 

4.2 Contractual Settlement and Income. The Custodian may, as a
matter of bookkeeping convenience, credit an Account with the proceeds from the sale, redemption or other disposition of Securities or interest, dividends or other distributions payable on Securities prior to its actual receipt of final payment
therefor. All such credits shall be conditional until the Custodian’s actual receipt of final payment and may be reversed by the Custodian to the extent that final payment is not received. Payment with respect to a transaction will not be
“final” until the Custodian shall have received immediately available funds that under applicable local law, rule and practice are irreversible and not subject to any security interest, levy or other encumbrance, and that are specifically
applicable to such transaction. 
 4.3 Trade Settlement.
Transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. The Fund understands that when the Custodian is instructed to deliver Securities against payment, delivery of such Securities and
receipt of payment therefor may not be completed simultaneously. The Fund assumes full responsibility for all risks involved in connection with the Custodian’s delivery of Securities pursuant to Authorized Instructions in accordance with local
market practice, except to the extent Custodian is acting in bad faith, or engaging in willful misconduct or fraud, or does not follow current market practice. 

SECTION 5 – DEPOSITS AND ADVANCES 

5.1 Deposits. The Custodian may hold cash in Accounts or may arrange
to have cash held by a BNY Mellon Affiliate or Subcustodian, or with a Depository or Foreign Depository. Where cash is on deposit with the Custodian, a Subcustodian or a BNY Mellon Affiliate, it will be subject to the terms of this Agreement and
such deposit terms and conditions as may be issued by the Custodian or a BNY Mellon Affiliate or Subcustodian, to the extent applicable, from time to time, including rates of interest and deposit account access. 

5.2 Sweep and Float. Cash may be swept as directed by the
Fund or its investment adviser to investment vehicles offered by the Custodian or to other investment vehicles. Cash may be uninvested when it is received or reconciled to an Account after the deadline to be swept into a target vehicle, or when held
for short periods of time related to transaction settlements. The Fund acknowledges that, as part of the Custodian’s compensation, the Custodian will earn interest on cash balances held by the Custodian, including disbursement balances and
balances arising from purchase and sale transactions, as provided in the Custodian’s indirect compensation disclosures. 

  
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 5.3 Overdrafts and
Indebtedness. The Custodian may, in its sole discretion, advance funds in any currency hereunder. If an overdraft occurs in an Account (including, without limitation, overdrafts incurred in connection with the settlement of securities
transactions, funds transfers or foreign exchange transactions) or if the Fund is for any other reason indebted to the Custodian, the Fund agrees to repay the Custodian promptly on demand or upon becoming aware of the amount of the advance,
overdraft or indebtedness, plus accrued interest at a rate then charged by the Custodian to its institutional custody clients in the relevant currency. 

5.4 Securing Repayment. If the Custodian, its affiliates,
subsidiaries or agents, determine, in its or their sole discretion, to advance cash or securities for any purpose (including but not limited to securities settlements, foreign exchange contracts and assumed settlement), or in the event that the
Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee’s own fraud, bad faith,
or willful misconduct, or if the Fund fails to compensate the Custodian pursuant to Section 8 hereof, any cash at any time held for the account of the Fund shall be security therefor and should the Fund fail to repay the Custodian promptly, the
Custodian shall be entitled to utilize available cash to the extent necessary to obtain reimbursement and is hereby granted a right of set-off with respect to such cash. 

SECTION 6 – SALE OF SHARES 

Whenever the Fund shall sell any shares of common or preferred stock issued by the Fund (“Shares”), or issue any
debt or other securities in connection with a borrowing, it shall deliver to the Custodian Instructions specifying the amount of cash and/or securities to be received by the Custodian for the sale of such Shares or other securities and specifically
allocated to an Account. Upon receipt of such cash and/or securities, the Custodian shall credit such cash and/or securities to an Account in the name of the Fund. 

SECTION 7 – TAXES, REPORTS, RECORDS AND OTHER MATTERS 

7.1 Tax Obligations. The Fund shall be liable for all taxes,
assessments, duties and other governmental charges, including interest and penalties, with respect to any cash and Securities held on behalf of the Fund and any transaction related thereto. To the extent that the Custodian has received relevant and
necessary information with respect to an Account, the Custodian shall perform the following services with respect to Tax Obligations: 

  
 12 

 (a) The Custodian shall, upon receipt of sufficient information, file claims
for exemptions or refunds with respect to withheld foreign (non-United States) taxes in instances in which such claims are appropriate; 

(b) The Custodian shall withhold appropriate amounts, as required by United States tax laws, with respect to amounts received
on behalf of nonresident aliens upon receipt of Instructions; and 
 (c) The Custodian shall provide to the Fund such
information received by the Custodian (in its capacity as custodian) that could, in the Custodian’s reasonable belief, assist the Fund or its designee in the submission of any reports or returns with respect to Tax Obligations. An Authorized
Person shall inform the Custodian in writing as to which party or parties shall receive information from the Custodian. 

7.2 Pricing and Other Data. In providing Market Data related to the
Accounts in connection with this Agreement, the Custodian is authorized to use Data Providers. The Custodian may follow Authorized Instructions in providing pricing or other Market Data, even if such instructions direct the Custodian to override its
usual procedures and Market Data sources. The Custodian shall be entitled to rely without inquiry on all Market Data (and all Authorized Instructions related to Market Data) provided to it, and the Custodian shall not be liable for any Losses
incurred as a result of errors or omissions with respect to any Market Data utilized by the Custodian or the Fund hereunder. The Fund acknowledges that certain pricing or valuation information may be based on calculated amounts rather than actual
market transactions and may not reflect actual market values, and that the variance between such calculated amounts and actual market values may be material. The Custodian shall not be required to inquire into the pricing of any Securities or other
assets even though the Custodian may receive different prices for the same Securities or assets. Market Data may be the intellectual property of the Data Providers, which may impose additional terms and conditions upon the Fund’s use of the
Market Data. The additional terms and conditions can be found in the Data Terms Website. The Fund agrees to those terms as they are posted in the Data Terms Website from time to time. Certain Data Providers may not permit the Fund’s directed
price to be used. Performance measurement and analytic services may use different data sources than those used by the Custodian to provide Market Data for an Account, with the result that different prices and other Market Data may apply. 

7.3 Statements and Reports. The Custodian shall make available to
the Fund a monthly report of all transfers to or from the Accounts and a statement of all holdings in the Accounts as of the last Business Day of each month. The Fund may elect to receive certain information electronically through the Internet to an
email address specified by it for such purpose. The Fund acknowledges that there are risks inherent in receiving information via the Internet, including but not limited to the possibility of virus contamination and disruptions in service and the
fact that such communication method is not secure. By electing to receive information via the Internet, the Fund acknowledges that it is assuming the risks of such communication method. 

7.4 Review of Reports. If, within ninety (90) days after the
Custodian makes available to the Fund a statement with respect to the Accounts, the Fund has not given the 

  
 13 

 
Custodian written notice of any exception or objection thereto, the statement shall be deemed to have been approved, and in such case, the Custodian shall not be liable for any claims concerning
such statement. 
 7.5 Books and Records. The books and records
pertaining to the Fund which are in possession of the Custodian shall be the property of the Fund. Such books and records shall be prepared and maintained as required by the ‘40 Act and the rules thereunder. The Fund, or its authorized
representatives, shall have access to such books and records during the Custodian’s normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by the Custodian to the Fund or its
authorized representative. Upon the reasonable request of the Fund, the Custodian shall provide in hard copy or on computer disc any records included in any such delivery which are maintained by the Custodian on a computer disc, or are similarly
maintained. 
 7.6 Required Disclosure. With respect to Securities
issued in the United States, the Shareholder Communications Act of 1985 (the “Act”) requires the Custodian to disclose to issuers, upon their request, the name, address and securities position of the Custodian’s clients who are
“beneficial owners” (as defined in the Act) of the issuer’s Securities, unless the beneficial owner objects to such disclosure. The Act defines a “beneficial owner” as any person who has or shares the power to vote a
security (pursuant to an agreement or otherwise) or who directs the voting of a security. The Fund represents that it is the beneficial owner of the Securities. As beneficial owner it has designated below whether it objects to the disclosure of its
name, address and securities position to any United States issuer that requests such information pursuant to the Act for the specific purpose of direct communications between such issuer and the Fund. 

With respect to Securities issued outside the United States, the Custodian shall disclose information required by law,
regulation, rules of a stock exchange or organizational documents of an issuer. The Custodian is also authorized to supply any information regarding the Accounts that is required or requested by governmental or regulatory authorities or by any law,
regulation or rules now or hereafter in effect. To the extent it is not otherwise prohibited and if the facts and circumstances do not otherwise make it impossible or impracticable, the Custodian shall notify the Fund in writing prior to the
disclosure or supplying of such information. The Fund agrees to supply the Custodian with any required information if it is not otherwise reasonably available to the Custodian. 

Pursuant to this Section 7.6, as Beneficial Owner: 

☒ The Fund OBJECTS to disclosure 

☐ The Fund DOES NOT OBJECT to disclosure 

IF NO BOX IS CHECKED, THE CUSTODIAN SHALL RELEASE SUCH INFORMATION UNTIL IT RECEIVES A CONTRARY INSTRUCTION FROM THE FUND. 

7.7 Sanctions. 

(a) Throughout the term of this Agreement, the Fund (i) shall maintain, and comply with, an Economic Sanctions Compliance
Program which includes measures to accomplish 

  
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effective and timely scanning of all relevant data with respect to its clients and with respect to incoming or outgoing assets or transactions; (ii) shall ensure that neither the Fund nor
any of its directors, officers, or employees is an individual or entity that is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions, or (B) located, organized or resident in a country or territory
that is, or whose government is, the target of Sanctions; and (iii) shall not, directly or indirectly, use the Accounts in any manner that would result in a violation of Sanctions. 

(b) The Fund will promptly provide to the Custodian such information as the Custodian reasonably requests in connection with
the matters referenced in this Section 7.7, including information regarding the Accounts, the assets held or to be held in the Accounts, the source thereof, and the identity of any individual or entity having or claiming an interest therein.
The Custodian may decline to act or provide services in respect of any Account, and take such other actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section 7.7. If the
Custodian declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by applicable law or official request, the Custodian will inform the Fund as soon as reasonably practicable. 

7.8 Duties of Custodian with Respect to Books of Account. The Custodian
shall cooperate with and supply necessary information to the entity or entities appointed by the Fund’s board to keep the books of account of the Fund. 

7.9 Opinion of Fund’s Independent
Accountant. The Custodian shall take such action, as the Fund may from time to time reasonably request, to assist the Fund in obtaining from year-to-year,
favorable opinions from the Fund’s independent registered public accounting firm with respect to its activities hereunder in connection with the Fund’s preparation of the Fund’s Form 10, Form
N-2, Annual Report on Form 10-K, and with respect to any other public reporting requirements applicable to the Fund. 

7.10 Reports to Fund by Custodian’s Independent
Public Accountants. The Custodian shall provide to the Fund, at such times as the Fund may reasonably require, reports by independent public accountants on the accounting system and internal accounting control and procedures for safeguarding
securities, futures contracts and options on futures contracts, including Securities deposited and/or maintained in a securities system, relating to the services provided by the Custodian under this Agreement. Such reports shall be of sufficient
scope, and in sufficient detail, as may reasonably be required by the Fund to provide reasonable assurance that any material inadequacies would be disclosed by such examination and, if there are not such inadequacies, the report shall so state. 

SECTION 8 – PROVISIONS REGARDING THE CUSTODIAN 

8.1 Standard of Care. In performing its duties under this Agreement,
the Custodian shall exercise the standard of care and diligence that a professional custodian would observe in these affairs. 

8.2 Limitation of Duties and Liability. Notwithstanding anything
contained elsewhere in this Agreement, the Custodian’s liability hereunder is limited as follows: 

  
 15 

 (a) The duties of the Custodian shall only be those specifically undertaken
pursuant to this Agreement and shall be subject to such other limits on liability as are set out herein; 
 (b) The
Custodian shall not be liable for any Losses that are not a direct result of the Custodian’s negligence, fraud, bad faith, recklessness or willful misconduct; 

(c) The Custodian shall not be responsible for the title, validity or genuineness of any Securities (provided such Securities
appear on their face to be genuine) or evidence of title thereto received by it or delivered by it pursuant to this Agreement or for Securities held hereunder being freely transferable or deliverable without encumbrance in any relevant market; 

(d) The Custodian shall not be responsible for the failure to receive payment of, or the late payment of, income or other
payments due to an Account; 
 (e) The Custodian shall have no duty to take any action to collect any amount payable on
Securities in default or if payment is refused after due demand and presentment; 
 (f) With respect to questions of law and
regulatory matters, the Custodian may obtain the advice of nationally recognized counsel for the subject matter in question and shall be fully protected with respect to anything done or omitted by it in good faith in conformity with such advice;

 (g) The Custodian shall have no duty or responsibility to inquire into, make recommendations, supervise or determine the
suitability of any transactions affecting any Account and shall have no liability with respect to the Fund’s or an Authorized Person’s decision to invest in Securities or to hold cash in any currency; 

(h) The Custodian shall have no responsibility if the rules or procedures imposed by Depositories or Foreign Depositories,
exchange controls, asset freezes or other laws, rules, regulations or orders at any time prohibit or impose burdens or costs on the transfer of Securities or cash to, by or for the account of the Fund; and 

(i) The Custodian shall have no liability for any Losses arising from the insolvency of any Person, including but not limited
to a Subcustodian, Depository, Foreign Depository, broker, bank or counterparty to the settlement of a transaction or a foreign exchange transaction, except as provided in Section 2.1(b) and Section 2.2. 

8.3 Losses. Under no circumstances shall either party to this
Agreement be liable to the other party or any third party for indirect, consequential or special damages, or lost profits or loss of business, arising in connection with this Agreement, even if such party has been advised of the possibility of such
damages. 
 8.4 Gains. Where an error or omission has occurred
under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances and, provided that the Fund is put in the same or equivalent position as it would have been in if the error or omission had not
occurred, any favorable consequences of the Custodian’s remedial action shall be solely for the account of the Custodian, without any duty to report to the Fund any loss assumed or benefit received by it as a result of taking such action. 

  
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 8.5 Centralized
Functions. The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the “BNY Mellon Group”). The BNY
Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the
“Centralized Functions”) in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Fund consents to the disclosure of and authorizes the Custodian to
disclose information regarding the Fund and the Accounts (“Customer-Related Data”) to the BNY Mellon Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and
(ii) the Custodian may store the names and business contact information of the Fund’s employees and representatives on the systems or in the records of the BNY Mellon Group or its service providers. Custodian hereby accepts responsibility
for the acts and omissions of the BNY Mellon Group and its third party service providers with respect to any unauthorized use of Customer-Related Data, as if such acts or omissions were the Custodian’s. The BNY Mellon Group may aggregate
Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this Agreement to the contrary the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group
shall not distribute the aggregated data in a format that identifies Customer-Related Data with the Fund. The Fund confirms that it is authorized to consent to the foregoing. 

8.6 Force Majeure. Notwithstanding anything in this Agreement to the
contrary, the Custodian shall not be responsible or liable for any failure to perform under this Agreement or for any Losses to any Account resulting from any event beyond the reasonable control of the Custodian. 

8.7 Fees. The Fund shall pay to the Custodian the fees and charges
as may be specifically agreed upon from time to time. The Fund shall also reimburse the Custodian for out-of-pocket expenses that are a normal incident of the services
provided hereunder. 
 8.8 Indemnification. The Fund shall
indemnify and hold harmless the Custodian from and against all Losses, including reasonable counsel fees and expenses in third party suits and in a successful defense of claims asserted by the Fund, relating to or arising out of the performance of
the Custodian’s obligations under this Agreement, except to the extent resulting from the Custodian’s negligence, fraud, bad faith, recklessness or willful misconduct. This provision shall survive the termination of this Agreement. 

SECTION 9 – AMENDMENT; TERMINATION; ASSIGNMENT 

9.1 Amendment. This Agreement may be amended only by written
agreement between the Fund and the Custodian. 
 9.2 Termination.
Either party may terminate this Agreement by giving to the other party a notice in writing specifying the date of such termination, which shall be not less than ninety (90) days after the date of such notice. Upon termination hereof, the Fund
shall pay to the Custodian such compensation as may be due to the Custodian, and shall likewise reimburse the Custodian for other amounts payable or reimbursable to the Custodian hereunder. The Custodian

  
 17 

 
shall follow such reasonable Instructions concerning the transfer of custody of records, Securities and other items as the Fund shall give; provided that (a) the Custodian shall have no
liability for shipping and insurance costs associated therewith and (b) full payment shall have been made to the Custodian of its compensation, costs, expenses and other amounts to which it is entitled hereunder. If any Securities or cash
remain in any Account after termination, the Custodian may deliver to the Fund such Securities and cash. Provisions authorizing the disclosure of information shall survive termination of this Agreement. Except as otherwise provided herein, all
obligations of the parties to each other hereunder shall cease upon termination of this Agreement. 
 
9.3 Successors and Assigns. Neither the Fund nor the Custodian may assign this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld. Any entity that shall by
merger, consolidation, purchase or otherwise succeed to substantially all the institutional custody business of the Custodian shall, upon such succession and without any appointment or other action by the Fund, be and become successor custodian
hereunder. The Custodian agrees to provide notice of such successor custodian to the Fund. This Agreement shall be binding upon, and inure to the benefit of, the Fund and the Custodian and their respective successors and permitted assigns. 

SECTION 10 – ADDITIONAL PROVISIONS 

10.1 Non-Custody Assets. As
an accommodation to the Fund, the Custodian may provide consolidated recordkeeping services pursuant to which the Custodian reflects on statements securities and other assets not held by, or under the control of, the Custodian (“Non-Custody Assets”). Non-Custody Assets shall be designated on the Custodian’s books as “shares not held” or by other similar characterization. The
Fund acknowledges and agrees that it shall have no security entitlement against the Custodian with respect to Non-Custody Assets, that the Custodian shall rely, without independent verification, on information
provided by the Fund, its designee or the entity having custody regarding Non-Custody Assets (including but not limited to positions and market valuations), and that the Custodian shall have no responsibility
whatsoever with respect to Non-Custody Assets or the accuracy of any information maintained on the Custodian’s books or set forth on account statements concerning
Non-Custody Assets. 
 10.2 Appropriate
Action. The Custodian is hereby authorized and empowered, in its sole discretion, to take any action with respect to an Account that it deems necessary or appropriate in carrying out the purposes of this Agreement. 

10.3 Governing Law. This Agreement
shall be construed in accordance with and governed by the substantive laws of the state of New York without regard to its conflicts of law provisions. The parties consent to the jurisdiction of a state or federal court situated in New York City, New
York in connection with any dispute hereunder. The Fund irrevocably waives any objection it may now or hereafter have to venue in such court and any claim that a proceeding brought in such court has been brought in an inconvenient forum. The parties
hereby expressly waive, to the full extent permitted by applicable law, any right to trial by jury with respect to any judicial proceeding arising from or related to this Agreement. The parties agree that the establishment and maintenance of the
Accounts, and all interests, duties and obligations with respect thereto, shall be governed by the laws of the state of New York. 

  
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 10.4
Representations. Each party represents and warrants to the other party that it has full authority to enter into this Agreement upon the terms and conditions hereof and that the individual executing this Agreement on its behalf
has the requisite authority to bind such party to this Agreement, and that the Agreement constitutes a binding obligation of such party enforceable in accordance with its terms. 

10.5 USA PATRIOT Act. The Fund hereby acknowledges that the
Custodian is subject to federal laws, including the Customer Identification Program (“CIP”) requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which the Custodian must obtain, verify and record information
that allows the Custodian to identify the Fund. Accordingly, prior to opening an Account hereunder, the Custodian will ask the Fund to provide certain information including, but not limited to, the Fund’s name, physical address, tax
identification number and other information that will help the Custodian to identify and verify the Fund’s identity, such as organizational documents, certificate of good standing, license to do business or other pertinent identifying
information. The Fund agrees that the Custodian cannot open an Account hereunder unless and until the Custodian verifies the Fund’s identity in accordance with the Custodian’s CIP. 

10.6 Non-Fiduciary Status.
The Fund hereby acknowledges and agrees that the Custodian is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its
services hereunder. 
 10.7 Notices. Notices shall be in writing
and shall be addressed to the Custodian or the Fund at the address set forth on the signature page or such other address as either party may designate in writing to the other party. All notices shall be effective upon receipt. 

10.8 Entire Agreement. This Agreement and any related fee agreement
constitute the entire agreement with respect to the matters dealt with herein, and supersede all previous agreements, whether oral or written, and documents with respect to such matters. 

10.9 Necessary Parties. All of the understandings, agreements,
representations and warranties contained herein are solely for the benefit of the Fund and the Custodian, and there are no other parties who are intended to be benefited by this Agreement. 

10.10
Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and said counterparts when
taken together shall constitute but one and the same instrument and may be sufficiently evidenced by one set of counterparts. 

10.11 Captions. The captions of this Agreement are included for
convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. 

10.12 Confidentiality. Except to the extent expressly provided to
the contrary in Section 8.5 hereof, each party shall keep confidential any information relating to the other party’s business (“Confidential Information”). Confidential Information shall include (a) any data or information
that is competitively sensitive material, and not generally known to the 

  
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public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates,
business plans, and internal performance results relating to the past, present or future business activities of a Fund or the Custodian and their respective subsidiaries and affiliated companies; (b) any scientific or technical information,
design, process, procedure, formula, or improvement that is commercially valuable and secret in the sense that its confidentiality affords a Fund or the Custodian a competitive advantage over its competitors; (c) all confidential or proprietary
concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know how, and trade secrets, whether or not patentable or copyrightable; and (d) anything designated as
confidential. Notwithstanding the foregoing, information shall not be Confidential Information and shall not be subject to such confidentiality obligations if it: (a) is already known to the receiving party at the time it is obtained;
(b) is or becomes publicly known or available through no wrongful act of the receiving party; (c) is rightfully received from a third party who, to the best of the receiving party’s knowledge, is not under a duty of confidentiality;
(d) is released by the protected party to a third party without restriction; (e) is requested or required to be disclosed by the receiving party pursuant to a court order, subpoena, governmental or regulatory authority request or law;
(f) is relevant to the defense of any claim or cause of action asserted against the receiving party; (g) is Fund information provided by the Custodian in connection with an independent third party compliance or other review; provided,
however, that such third party is subject to a confidentiality obligation at least as restrictive as that contained in this Agreement; (h) is released in connection with the provision of services under this Agreement; or (i) has been or is
independently developed or obtained by the receiving party. The provisions of this Section 10.12 shall survive termination of this Agreement for a period of one (1) year after such termination. 

10.13 Disaster Recovery and Business Continuity. The Custodian shall take
reasonable steps to minimize service interruptions in the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Custodian’s control. The Custodian shall enter
into and shall maintain in effect at all times during the term of this Agreement with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files
and data with respect to the Fund and (ii) emergency use of electronic data processing equipment as necessary to provide services under this Agreement. Upon reasonable request, the Custodian shall discuss with the Fund and any business
continuity/disaster recovery plan of the Custodian and/or provide a high-level presentation summarizing such plan. 
 
10.14 Data Privacy. The Custodian will implement and maintain a written information security program that contains appropriate security measures designed to safeguard the personal information of the Fund’s
stockholders, employees, directors and/or officers that the Custodian receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, “personal information” shall
mean (i) an individual’s name (first initial and last name or first name and last name), address or telephone number plus (a) social security number, (b) driver’s license number, (c) state identification card number,
(d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person’s account or (ii) any combination of the foregoing that would allow a
person to log onto or access an individual’s account. Notwithstanding the 

  
 20 

 
foregoing “personal information” shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully
made available to the general public. 
 [Remainder of page intentionally left blank] 

  
 21 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the latest date set forth below. 
  

															
	Authorized Signer of:	 		 		  	Authorized Officer of:
				
	 OAKTREE STRATEGIC

INCOME II, INC.
	 		 		  	 THE BANK OF NEW YORK

MELLON

						
	 By:
	 	 /s/ Mary Gallegly
	 		 		  	 By:
	  	 /s/ Jason Calla

		 	 Name:
	 	 Mary Gallegly
	 		 		  		  	 Name:
	  	 Jason Calla

		 	 Title:
	 	 Secretary
	 		 		  		  	 Title:
	  	 Vice President

		 	 Date:
	 	 July 26, 2018
	 		 		  		  	 Date:
	  	 July 31, 2018

				
	Address for Notice:	 		 		  	Address for Notice:
				
	 Oaktree Strategic Income II, Inc.

c/o Oaktree Capital Management, L.P.
	 		 		  	 The Bank of New York Mellon

c/o BNY Mellon Asset Servicing

	 333 S. Grand Avenue, 28th Floor
	 		 		  	  

	 Los Angeles, CA 90071
	 		 		  	  

						
	 Attention:
	 	  
	 		 		  	 Attention:
	  	  

  
 22ingr_Ex10_17

		
			Exhibit 10.17
		

		
			 
		

		
			Ingredion Incorporated
		

		
			Amended and Restated Executive Severance Agreement
		

		
			 
		

		
			 
		

		
			Amended and Restated Agreement, made this _th day of June 2018, by and between Ingredion Incorporated, a Delaware corporation (the “Company”), and                         (the Executive”), amending and restating the agreement between the parties dated ________ __, 2___ to be and read in its entirety  as follows.
		

		
			 
		

		
			WHEREAS, the Executive is a key employee of the Company or a subsidiary of the Company as defined in Section 1.1(b) hereof (“Subsidiary”), and 
		

		
			 
		

		
			WHEREAS, the Board of Directors of the Company (the “Board”) considers the maintenance of a sound management to be essential to protecting and enhancing the best interests of the Company and its stockholders and recognizes that the possibility of a change in control raises uncertainty and questions among key employees and may result in the departure or distraction of such key employees to the detriment of the Company and its stockholders; and
		

		
			 
		

		
			WHEREAS, the Board wishes to assure that it will have the continued dedication of the Executive and the availability of the Executive’s advice and counsel notwithstanding the possibility, threat or occurrence of a bid to take over control of the Company, and to induce the Executive to remain in the employ of the Company or a Subsidiary; and 
		

		
			 
		

		
			WHEREAS, the Executive is willing to continue to serve the Company and its Subsidiaries taking into account the provisions of this Agreement;
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the foregoing, and the respective covenants and agreements of the parties herein contained, the parties agree as follows:
		

		
			 
		

		
			

		 

		

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			Article 1. Change in Control.
		

		
			1.1Benefits shall be provided under Article 3 hereof only in the event there shall have occurred a “Change in Control”, as such term is defined below, and the Executive’s employment by the Company and its Subsidiaries shall thereafter have terminated in accordance with Article 2 below within the period beginning on the date of the “Change in Control” and ending on the second anniversary of the date of the “Change in Control” (the “Protection Period”). If any Protection Period terminates without the Executive’s employment having terminated, any subsequent “Change in Control” shall give rise to a new Protection Period. No benefits shall be paid under Article 3 of this Agreement if the Executive’s employment terminates outside of a Protection Period.
		

		
			(a) “Change in Control” shall mean:
		

		
			(1)  The acquisition by any individual, entity or group (a “Person”), including any “person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act, of 20% or more of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Common Stock”) or (ii) the combined voting power of the then outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); excluding, however, the following: (A) any acquisition directly from the Company (excluding any acquisition resulting from the exercise of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged was acquired directly from the Company), (B) any acquisition by the Company, (C) any acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (3) of this Section 1.1(a); provided further, that for purposes of clause (B), if any Person (other than the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company) shall become the beneficial owner of 20% or more of the Outstanding Common Stock or 20% or more of the Outstanding Voting Securities by reason of an acquisition by the Company, and such Person shall, after such acquisition by the Company, become the beneficial owner of any additional shares of the Outstanding Common Stock or any additional Outstanding Voting Securities and such beneficial ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control;
		

		
			 
		

		
			(2) Individuals who, as of the beginning of any consecutive two-year period constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board; provided that any individual who subsequently becomes a director of the Company and whose election, or nomination for election by the Company’s stockholders, was approved by the vote of at least a majority of the directors then comprising the Incumbent Board shall be deemed a member of the Incumbent Board; and provided further, that any individual who was initially elected as a director of the Company as a result of an actual or threatened solicitation by a Person other than the Board for the purpose of opposing a solicitation by any other 

		 

		

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Person with respect to the election or removal of directors, or any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall not be deemed a member of the Incumbent Board;
		

		
			(3) The consummation of a reorganization, merger or consolidation of the Company or sale or other disposition of all or substantially all of the assets of the Company (a “Corporate Transaction”); excluding, however, a Corporate Transaction pursuant to which (i) all or substantially all of the individuals or entities who are the beneficial owners, respectively, of the Outstanding Common Stock and the Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock, and the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or indirectly) in substantially the same proportions relative to each other as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Common Stock and the Outstanding Voting Securities, as the case may be, (ii)  no Person (other than: the Company; any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; the corporation resulting from such Corporate Transaction; and any Person which beneficially owned, immediately prior to such Corporate Transaction, directly or indirectly, 15% or more of the Outstanding Common Stock or the Outstanding Voting Securities, as the case may be) will beneficially own, directly or indirectly, 25% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors and (iii) individuals who were members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or
		

		
			(4)The consummation of a plan of complete liquidation or dissolution of the Company.
		

		
			(b)For purposes of this Agreement, the term “Subsidiary” shall mean any corporation in which the Company possesses directly or indirectly fifty percent (50%) or more of the total combined voting power of all classes of stock.
		

		
			(c)Upon a Change in Control, any restricted stock, stock options or other equity awards granted to the Executive pursuant to the Ingredion Incorporated Stock Incentive Plan (the “Incentive Plan”) that are not vested shall vest in accordance with the terms of such plans and related agreements. The Executive’s beneficiary with respect to such benefits shall be the same person or persons as determined under the respective plan.    
		

		
			(d)Immediately prior to a Change in Control, the Company shall deliver to the Ingredion Incorporated Executive Benefit Trust, or a comparable “rabbi trust”, to be held for the benefit of the Executive thereunder, cash or marketable securities with a fair market value equal to the anticipated payments and benefits to be provided to the Executive hereunder, 

		 

		

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as determined by the Company in good faith, subject to approval by the Executive, which approval shall not unreasonably be withheld.
		

		
			Article 2. Termination Following Change in Control.
		

		
			2.1The Executive shall be entitled to the benefits provided in Article 3 hereof upon any termination of his/her employment with the Company and its Subsidiaries within a Protection Period, except a termination of employment because of his/her death, because of a “Disability,” by the Company for “Cause,” or by the Executive other than for “Good Reason.”
		

		
			(a)Disability. The Executive’s employment shall be deemed to have terminated because of a “Disability” on the date on which the Executive becomes eligible to receive long-term disability benefits under the Company’s Master Welfare and Cafeteria Plan (the “Cafeteria Plan”), or a similar long-term disability plan of a Subsidiary, or a successor to the Cafeteria Plan or to any such similar plan which is applicable to the Executive. If the Executive is not covered for long-term disability benefits by the Cafeteria Plan or a similar or successor long-term disability plan, the Executive shall be deemed to have terminated because of a “Disability” on the date on which he would have become eligible to receive long-term disability benefits if he were covered for long-term disability benefits by the Cafeteria Plan.
		

		
			(b)Cause. Termination of the Executive’s employment by the Company or a Subsidiary for “Cause” shall mean termination by reason of (A) the Executive’s willful engagement in conduct which involves dishonesty or moral turpitude which either (1) results in substantial personal enrichment of the Executive at the expense of the Company or any of its Subsidiaries, or (2) is demonstrably and materially injurious to the financial condition or reputation of the Company or any of its Subsidiaries, (B) the Executive’s willful violation of the provisions of the confidentiality or non-competition agreement entered into between the Company or any of its Subsidiaries and the Executive or (C) the commission by the Executive of a felony. An act or omission shall be deemed “willful” only if done, or omitted to be done, in bad faith and without reasonable belief that it was in the best interest of the Company and its Subsidiaries. Notwithstanding the foregoing, the Executive shall not be deemed to have been terminated for Cause unless and until there shall have been delivered to the Executive a written notice of termination from the Compensation Committee of the Board or any successor thereto (the “Committee”) after reasonable notice to the Executive and an opportunity for the Executive, together with his/her counsel, to be heard before the Committee, finding that, in the good faith opinion of such Committee, the Executive was guilty of conduct set forth above in clause (A) or (B) of the first sentence of this subsection (b) and specifying the particulars in detail.
		

		
			(c)Without Cause. The Company or a Subsidiary may terminate the employment of the Executive without Cause during a Protection Period only by giving the Executive written notice of termination to that effect. In that event, the Executive’s employment shall terminate on the last day of the month in which such notice is given (or such later date as may be specified in such notice).
		

		
			(d)Good Reason. Termination of employment by the Executive for “Good Reason” shall mean termination within a Protection Period:
		

		
			

		 

		

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			(i) If there has occurred a material reduction by the Company or a Subsidiary in the Executive’s base salary in effect immediately before the beginning of the Protection Period or as increased from time to time thereafter;
		

		
			(ii) If the Company or a Subsidiary, without the Executive’s written consent, has required the Executive to be relocated anywhere in excess of thirty-five (35) miles from his/her office location immediately before the beginning of the Protection Period, except for required travel on the business of the Company or a Subsidiary to an extent substantially consistent with the Executive’s business travel obligations immediately before the beginning of the Protection Period; 
		

		
			(iii) If there has occurred a failure by the Company or a Subsidiary to maintain plans providing benefits substantially the same as those provided by any benefit or compensation plan, retirement or pension plan, stock option plan, life insurance plan, health and accident plan or disability plan in which the Executive is participating immediately before the beginning of the Protection Period, or if the Company or a Subsidiary has taken any action which would adversely affect the Executive’s participation in or materially reduce the Executive’s benefits under any of such plans or deprive the Executive of any material fringe benefit enjoyed by the Executive immediately before the beginning of the Protection Period, or if the Company or a Subsidiary has failed to provide the Executive with the number of paid vacation days to which he would be entitled in accordance with the applicable vacation policy of the Company or Subsidiary as in effect immediately before the beginning of the Protection Period;
		

		
			(iv) If the Company or a Subsidiary has reduced in any manner which the Executive reasonably considers important the Executive’s title, job authorities or responsibilities immediately before the beginning of the Protection Period;
		

		
			(v) If the Company has failed to obtain the assumption of the obligations contained in this Agreement by any successor as contemplated in Section 9.2 hereof; or
		

		
			(vi)     If there occurs any purported termination of the Executive’s employment by the Company or a Subsidiary which is not effected pursuant to a written notice of termination as described in subsection (ii) or (iii) above; and for purposes of this Agreement, no such purported termination shall be effective.
		

		
			The Executive shall exercise his/her right to terminate his/her employment for Good Reason by giving the Company a written notice of termination specifying in reasonable detail the circumstances constituting such Good Reason. However, the Company shall have thirty (30) days to “cure” such that the circumstances constituting such Good Reason are eliminated. The Executive’s employment shall terminate at the end of such thirty (30)-day period only if the Company has failed to cure such circumstances constituting the Good Reason.
		

		
			A termination of employment by the Executive within a Protection Period shall be for Good Reason if one of the occurrences specified in this subsection (d) shall have occurred (and subject to the cure provision of the immediately preceding paragraph), 

		 

		

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notwithstanding that the Executive may have other reasons for terminating employment, including employment by another employer which the Executive desires to accept.
		

		
			(e)Transfers; Sale of Subsidiary. A transfer of employment from the Company to a Subsidiary, from a Subsidiary to the Company, or between Subsidiaries (including in each case without limitation a transfer due to merger or other consolidation) shall not be considered a termination of employment for purposes of this Agreement. If the Company’s ownership of a corporation is reduced so as to cause such corporation to cease to be a “Subsidiary” as defined in Section 1.1(b) of this Agreement and the Executive continues in employment with such corporation, the Executive shall not be considered to have terminated employment for purposes of this Agreement and the Executive shall have no right to any benefits pursuant to Article 3 unless (a) a Change in Control occurred prior to such reduction in ownership and (b) the Executive’s employment terminates within the Protection Period beginning on the date of such Change in Control under circumstances that would have entitled the Executive to benefits if such corporation were still a Subsidiary.
		

		
			Article 3. Benefits Upon Termination Within Protection Period.
		

		
			3.1If, within a Protection Period, the Executive’s employment by the Company or a Subsidiary shall terminate other than because of his/her death, because of a Disability, by the Company for Cause, or by the Executive other than for Good Reason, if, no later than sixty (60) days after the date the Executive’s employment by the Company or a Subsidiary shall terminate,  the Executive signs a general release in a form acceptable to the Company that releases the Company from any and all claims that the Executive may have, and the Executive affirmatively agrees not to violate the provisions of Article 6 (a “General Release”), and such General Release is not revoked by the Executive and becomes effective, the Executive shall be entitled to the benefits provided for below:
		

		
			(a)The Company or a Subsidiary shall pay to the Executive through the date of the Executive’s termination of employment base salary at the rate then in effect, together with salary in lieu of vacation accrued and unused to the date on which Executive’s employment terminates, and all other benefits due to Executive through the date of Executive’s termination of employment, in accordance with the standard payroll and other practices of the Company or Subsidiary. 
		

		
			(b)The Company or Subsidiary shall also pay to the Executive the amount equal to the target annual bonus established for the Executive under the Company’s Annual Incentive Plan or a similar bonus plan of a Subsidiary (or a successor to any such bonus plan) for the fiscal year in which the Executive’s termination of employment occurs, reduced pro rata for that portion of the fiscal year not completed as of the date of the Executive’s termination of employment.  
		

		
			(c)The Company or a Subsidiary shall pay the Executive as a severance payment an amount equal to three (3) times the sum of (A) his/her highest base salary in effect during any period of twelve (12) consecutive months within the thirty-six (36) months immediately preceding his/her date of termination of employment; and (B) the target annual bonus established for the Executive under the Company’s Annual Incentive Plan or a similar bonus plan of a Subsidiary (or a successor to any such bonus plan) for the fiscal year in 

		 

		

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which the Executive’s termination of employment occurs. However, if the Executive is at least sixty-two (62) years of age as of the date of his/her termination of employment, the Committee shall have the discretion to alternatively provide the Executive a severance payment prorated for the number of full months until the Executive attains age sixty-five (65).
		

		
			(d)Subject to (i) and (ii) below, the Company or a Subsidiary shall provide, at the exact same cost as to the Executive, and at the same coverage level, as in effect as of the Executive’s date of termination of employment, a continuation of the Executive’s (and, where applicable, the Executive’s eligible dependents’) welfare benefit coverage, including health insurance, dental insurance, group term life insurance and long-term disability, if provided to the Executive by the Executive’s employer,  insurance (but excluding any flexible spending accounts) for thirty-six (36) months from his/her date of termination of employment (the “Benefit Period”).  However, if the Executive is at least sixty-two (62) years of age as of the date of his/her termination of employment, the Committee shall have the discretion to alternatively provide the Executive’s (and the Executive’s eligible dependents’) health insurance coverage as described under this subsection (d) for the number of full months until the Executive attains age sixty-five (65). The Executive’s applicable COBRA or any legally required health insurance benefit continuation period applicable to the Executive shall begin at the end of this thirty-six (36) or lesser month benefit continuation period.  If the Company is not able to provide under its welfare benefit plans for employees all or any portion of the welfare benefit coverage required to be provided to the Executive pursuant to this Section 3.1(d), the Company shall provide such coverage through alternative insurance coverage, at the exact same cost as to the Executive, and at the same level of benefits to the Executive, as in effect as of the date of the Executive’s termination of employment. 
		

		
			(i) If the Executive becomes covered under the health insurance, dental insurance, group term life insurance or long-term disability insurance coverage of a subsequent employer which does not contain any exclusion or limitation with respect to any preexisting condition of the Executive or the Executive’s eligible dependents, the Company’s obligation to provide health insurance, dental insurance, group term life insurance or long-term disability insurance coverage pursuant to this Section 3.1(d), whichever is applicable, shall be discontinued prior to the end of the thirty-six (36) or lesser month continuation period. For purposes of enforcing this offset provision, the Executive shall have a duty to inform the Company as to the terms and conditions of any subsequent employment and the corresponding benefits earned from such employment. The Executive shall provide, or cause to provide, to the Company in writing correct, complete, and timely information concerning the same.
		

		
			(ii) If, as of the Executive’s date of termination of employment, the provision to the Executive of the health insurance, dental insurance, group term life insurance or long-term disability insurance coverage described in this Section 3.1(d) would either: (1) violate the terms of the Company’s health insurance, dental insurance, group term life insurance or long-term disability insurance plan (or any other related insurance policies), (2) violate any of the requirements of applicable law relating to the health insurance, dental insurance, group term life insurance or long-term disability insurance coverage, or (3) cause the Executive to be subject to the excise tax under IRC 409A, or any comparable tax under applicable law, then the 

		 

		

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Company, in its sole discretion, may elect to pay the Executive, in lieu of the health insurance, dental insurance, group term life insurance or long-term disability insurance coverage, described under this Section 3.1(d), whichever is applicable, cash payments equal to the total monthly premiums (or in the case of a self-funded health insurance plan, the cost of continuation coverage) that would have been paid by the Company for the Executive under the health insurance, dental insurance, group term life insurance or long-term disability insurance plan from the date of termination through the thirty-six (36) or lesser months following such date. 
		

		
			In the event that any health insurance, dental insurance, group term life insurance or long-term disability insurance coverage provided under this Section 3.1(d) is subject to federal, state, or local income or employment taxes (other than any such taxes which were applicable to the same extent to the Executive’s insurance coverage prior to the Executive’s termination of employment) or IRC Section 409A excise tax,  or any comparable tax under applicable law, or in the event that cash payments are made in lieu of all or a part of such insurance coverage, the Company shall provide the Executive with an additional payment in the amount necessary such that after payment by the Executive of all such taxes (calculated after assuming the Executive pays such taxes for the year in which the payment or benefit occurs at the highest marginal tax rate applicable), including any taxes imposed on the additional payments, the Executive effectively received coverage on a tax-free basis (other than any such taxes which were applicable to the same extent to the Executive’s insurance coverage prior to the Executive’s termination of employment) or retains a cash amount equal to the cash payments in lieu of insurance coverage provided pursuant to this Section 3.1(d), reduced by any such taxes which are applicable to the Executive’s insurance coverage same extent as prior to the Executive’s termination of employment.
		

		
			(e)The Company shall also (i) credit to the Executive’s Cash Balance Plan Make-Up Account in the Company’s Supplemental Executive Retirement Plan or any successor plan (the “SERP”) an amount equal to the value of any benefits forfeited under the Company’s Pension Plan or any successor plan and (ii) credit to the Executive’s Savings Plan Make-Up Account in the SERP an amount equal to the value of any benefits forfeited under the Company’s Retirement Savings Plan for Salaried Employees or any successor plan.
		

		
			(f)The Company shall provide the Executive with three (3) additional years of service credits under the Company’s Pension Plan and under the Executive’s Cash Balance Plan Make-Up Account in the SERP or any successor plans.  However, if the Executive is at least sixty-two (62) years of age as of the date of his/her termination of employment, the Company shall provide the Executive with a pro rata portion of three (3) additional years of service credits, based on the number of full months until the Executive attains age sixty-five (65).  All additional years of service credits (including credits under the Company’s Pension Plan and under the Executive’s Cash Balance Plan Make-Up Account in the SERP) will be calculated consistently with the provisions in the plans, will be based on target total cash compensation as of the date employment terminates (base salary plus target annual bonus), and will be credited to the Executive’s Cash Balance Plan Make-Up Account in the SERP.  Any distribution from the SERP with respect to such additional credits shall comply with Section 5.1.
		

		
			

		 

		

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			(g)The Company shall credit to the Executive’s Savings Plan Make-Up Account in the SERP an amount equal to three (3) times the sum of (i) the employer matching contributions, basic contributions, and profit sharing contributions made to the Executive’s accounts under the Company’s Retirement Savings Plan for Salaried Employees and (ii) the employer matching contributions, basic contributions and profit sharing contributions credited to the Executive’s Savings Plan Make-Up Account in the SERP or any successor plans, in each case for the most recent plan year that ended before the date of the Change in Control or, if higher, for the most recent plan year that ended after the date of the Change in Control (in either case, annualized to the extent that such plan year consisted of less than twelve (12) months and/or the Executive was not eligible to participate in the Company’s Retirement Savings Plan or Savings Plan Make-Up Account in the SERP, as applicable, for the full plan year).  However, if the Executive is at least sixty-two (62) years of age as of the date of his/her termination of employment, the Company shall provide the Executive with a pro rata portion of three (3) times the sum of such employer matching contributions and profit sharing contributions, based on the number of full months until the Executive attains age sixty-five (65).  Any distribution from the SERP with respect to such additional credits shall comply with Section 5.1.
		

		
			(h)The Executive’s Cash Balance Plan Make-Up Account and Savings Plan Make-Up Account in the SERP shall be fully vested on the date of the Executive’s termination of employment.
		

		
			(i)The Executive shall receive the cash value of his/her current retiree healthcare spending account (“RHCSA”) and related dependent healthcare spending account. The Executive shall be immediately vested in his/her RHCSA and related dependent healthcare spending account on the date of the Executive’s termination of employment and the account balances will be paid out in accordance with the terms of the Company’s Master Retiree Welfare Plan or any successor plan. To the extent the Executive’s RHCSA and related dependent healthcare spending account may not be immediately vested and paid out under the Company’s Master Retiree Welfare Plan or any successor plan, such amounts shall be paid out of the general assets of the Company.  In addition, notwithstanding anything to the contrary in the Company’s Master Retiree Welfare Plan or any successor plan, the Executive shall be immediately eligible to participate in the benefits available to Retirees thereunder, and the Executive and the Executive’s spouse shall remain eligible for their lifetimes, to participate, on an after-tax basis in the event that the Executive’s RHCSA or dependent healthcare spending account, whichever is applicable, has a zero balance, to participate the benefits provided to Retiree’s under the Company’s Master Retiree Welfare Plan or any successor plan as of the date of the Executive’s termination of employment.  If the Company is not able to provide under its Master Retiree Welfare Plans or any successor plan all or any portion of the welfare benefit coverage required to be provided to the Executive and the Executive’s spouse pursuant to this Section 3.1(i), the Company shall provide such coverage through alternative insurance coverage. 
		

		
			(j)The Company shall provide the Executive with executive-level outplacement services for a period of one (1) year from the date of the Executive's termination of employment. Such outplacement services shall be provided through an outplacement firm that is mutually agreed upon by the parties.
		

		
			

		 

		

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			(k)The Company shall (i) pay the Executive a lump sum cash amount equivalent to the same level of personal allowances (such as club dues and automobile expenses) for the period of three (3) months, as the Executive received immediately prior to his/her termination of employment, and (ii) continue to pay the lease payments on the vehicle provided to the Executive by the Company for a period of three (3) months or, if less, the remainder of the lease period in effect as of the Executive’s date of termination of employment.  The Executive shall be entitled to the continued use of such vehicle during such period and to purchase the vehicle at the end of such period on the terms provided in the applicable lease agreement.
		

		
			(l)  All other rights and benefits that the Executive is vested in, pursuant to other plans and programs of the Company. 
		

		
			The Executive shall be entitled to all payments and benefits provided for by or pursuant to this Section 3.1 whether or not he seeks or obtains other employment, except as otherwise specifically provided in this Section 3.1.
		

		
			Notwithstanding any other provision of this Agreement, if any payment or benefit the Executive would receive pursuant to a Change in Control or otherwise (whether paid, payable or provided pursuant to the terms of this Agreement or otherwise) (each a “Payment” and collectively the “Payments”) could constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), then the Payments shall be either (i) reduced such that the maximum amount of the Payments shall be One Dollar ($1.00) less than the amount that would cause the Payments to be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), or (ii) delivered in full pursuant to the terms of this Agreement.  The determination of whether clause (i) or (ii) of the preceding sentence shall be given effect shall be made by the Company on the basis of which of such clauses results in the receipt by the Executive of the greater Net After-Tax Receipt (as defined below) of the aggregate Payments.  The term “Net After-Tax Receipt” shall mean the present value (as determined in accordance with Section 280G of the Code) of the Payments net of all applicable federal, state and local income, employment and other applicable taxes and the Excise Tax.  If clause (ii) above is given effect and the Payments are reduced, such reduction shall be accomplished by first reducing or eliminating the portion of the Payments that are payable in cash and then by reducing or eliminating the non-cash portion of the Payments, in each case in reverse order beginning with payments and benefits which are to be paid or provided the furthest in time from the date of the determination described below and in each case in accordance with Section 409A of the Code.  Unless the Company and the Executive otherwise agree in writing, any determination required under this paragraph shall be made by the independent public accounting firm serving as the Company’s auditing firm (the “Third Party”), and all such determinations shall be conclusive, final and binding on the parties hereto.  The Company and the Executive shall furnish to the Third Party such information and documents as the Third Party may reasonably request in order to make a determination under this paragraph.  The Company shall bear all fees and costs of the Third Party with respect to all determinations under or contemplated by this paragraph.
		

		
			Article 4. Benefits Upon Termination Outside of Protection Period.
		

		
			4.1If, outside of a Protection Period, the Executive’s employment by the Company or a Subsidiary shall be terminated by the Company without Cause, if no later than 60 (sixty) days after the date of the Executive’s employment, the Executive signs a General Release, and such General 

		 

		

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Release is not revoked by the Executive and becomes effective, the Executive shall be entitled to the benefits provided for below: 
		

		
			(a)The Company or a Subsidiary shall pay to the Executive through the date of the Executive’s termination of employment base salary at the rate then in effect, together with salary in lieu of vacation accrued and unused to the date on which Executive’s employment terminates, and all other benefits due to Executive through the date of Executive’s termination of employment, in accordance with the standard payroll and other practices of the Company or Subsidiary. 
		

		
			(b)The Company or Subsidiary shall also pay to the Executive as a severance payment an amount equal to one (1) times his/her base salary in effect on the date of his/her date of termination of employment.
		

		
			Article 5. Benefits Payment Schedule.
		

		
			5.1 Payment Schedule. Payments due to the Executive pursuant to Article 3 or Article 4 shall be paid as follows:
		

		
			(a)If the Executive is not a “Specified Employee” (as that term is defined and determined under Section 409A of the Code) or if the Executive is a Specified Employee,  then only with respect to payments provided in Section 3.1 or 4.1 that are not deferred compensation subject to Section 409A of the Code, payments shall be made or commence as soon as administratively practicable, but in no event later than March 15 of the calendar year after the calendar year of the Executive’s date of Separation from Service (as defined under Section 409A of the Code) and, with respect to payments that are deferred compensation subject to Section 409A of the Code, no later than ninety (90) days after the date of the Executive’s Separation from Service; provided, however, that, in the case of a payment that is deferred compensation, if the ninety (90) day  period following the Executive’s Separation from Service during which the payment is to be made or commence overlaps the end of a calendar year, such payment shall be made in the second calendar year; and
		

		
			(b)If the Executive is a Specified Employee, for payments that are deferred compensation subject to Section 409A of the Code,  payments shall be made or commence on the first day of the seventh month following the Executive’s date of Separation from Service.
		

		
			All amounts and benefits payable hereunder shall be reduced by any and all required or authorized withholding and deductions.
		

		
			Notwithstanding the above, the Company’s obligation to pay severance amounts due to the Executive pursuant to Article 3 or Article 4, to the extent not already paid, shall cease immediately and such payments will be forfeited, if the Executive violates any condition described in Sections 6.1, 6.2, 6.3 or 6.4, after his/her termination of employment. To the extent already paid, should the Executive violate any condition described in Sections 6.1, 6.2, 6.3 or 6.4, after his/her termination of employment, the severance amounts provided hereunder shall be repaid in their entirety by the Executive to the Company, and all rights to such payments shall be forfeited. 
		

		
			

		 

		

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			Article 6. Restrictive Covenants.
		

		
			6.1 Confidentiality.  The Company has advised the Executive and the Executive acknowledges that it is the policy of the Company to maintain as secret and confidential all Protected Information (as defined below), and that Protected Information has been and will be developed at substantial cost and effort to the Company. The Executive shall not at any time, directly or indirectly, divulge, furnish or make accessible to any person, firm, corporation, association, or other entity (otherwise than as may be required in the regular course of Executive’s employment), nor use in any manner, either during the Executive’s employment period or after the termination, for any reason, any Protected Information, or cause any such information of the Company or its Subsidiaries to enter the public domain. For purposes of this Agreement, “Protected Information” means trade secrets, confidential and proprietary business information of the Company or its Subsidiaries, and any other information of the Company, including but not limited to, software, records, manuals, books, forms, documents, notes, letters, reports, data, tables, compositions, articles, devices, apparatus, customer lists (including potential customers), sources of supply, processes, plans, materials, pricing information, internal memoranda, marketing plans, internal policies, and products and services which may be developed from time to time by the Company, its Subsidiaries and its agents or employees, including the Executive; provided, however that information that is in the public domain (other than as a result of a breach of this Agreement), approved for release by the Company or lawfully obtained from third parties who are not bound by a confidentiality agreement with the Company, is not Protected Information.
		

		
			Executive understands that, notwithstanding anything to the contrary in this Agreement, nothing contained in this Agreement limits his/her ability to report possible violations of law or regulation to, file a charge or complaint or otherwise communicate with, or participate in any investigation or proceeding of, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission, including by providing documents or other information, without notice to the Company.
		

		
			6.2 Nonsolicitation. During the term of this Agreement and for a period after the Executive’s date of termination of employment equal to (i) thirty-six (36) months if the Executive’s employment by the Company or a Subsidiary is terminated within a Protection Period or (ii) twelve (12) months if the Executive’s employment by the Company or a Subsidiary is terminated outside of a Protection Period, the Executive shall not, directly or indirectly, other than on behalf of the Company or its Subsidiaries:
		

		
			(A) Induce or assist in the inducement of any individual away from the Company’s or any of its Subsidiaries’ employ or from the faithful discharge of such individual’s contractual and fiduciary obligations to serve the Company’s or any of its Subsidiaries’ interests with undivided loyalty; or
		

		
			(B) Induce or assist in the inducement of any individual or entity that provides services to the Company or any of its Subsidiaries to reduce any such services provided to, or to terminate their relationship with the Company or any of its Subsidiaries.  
		

		
			 
		

		
			6.3 Noncompetition.    The Executive expressly acknowledges that the Company and its Subsidiaries market and sell products globally, and given the Executive’s substantial experience and expertise in the industry including his/her significant exposure, access to, and participation in the development of the Company’s and its Subsidiaries’ strategy, marketing, intellectual property and confidential and proprietary information, his/her business affiliation 

		 

		

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with any individual or entity that sells or develops products similar to, or that may serve as a substitute for, the Company’s or any of its Subsidiaries’ products, would cause substantial and irreparable harm to the Company’s, and/or its Subsidiaries’ business.  Accordingly, the Executive agrees that during his/her employment with the Company or any of its Subsidiaries, and for a period after the termination of his/her employment with the Company and its Subsidiaries equal to (i) thirty-six (36) months if the Executive’s employment by the Company or a Subsidiary is terminated within a Protection Period or (ii) twelve (12) months if the Executive’s employment by the Company or a Subsidiary is terminated outside of a Protection Period, the Executive shall not, directly or indirectly, other than on behalf of the Company or its Subsidiaries, participate or become involved as an owner, partner, member, director, officer, employee, or consultant, or otherwise enter into any business relationship, with any individual or entity anywhere in the world that develops, produces, manufactures, sells, or distributes starch, corn, rice, potato, stevia, strawberry and other agricultural raw materials, oils, sweeteners, starches, concentrates, essences or other products produced by the Company or any of its Subsidiaries or that could be used as a substitute for such products including, but not limited to, Tapioca, Manioc, Yucca or Potato starches; Dextrose, Stevia-based or other high intensity sweeteners, Glucose, Polyols, HFCS, High Meltose syrup, texturants, and Maltodextrin sweeteners; Prebiotics; Omega-3; seed development, emulsifiers, encapsulants, non-synthetic green products, Plant derived calcium and minerals; Inulin fibers, Resins used in adhesives and fragrances, Corn oil, Gluten protein, Caramel Color, fruit  concentrates, fruit purees, fruit essences or formulated fruit products, vegetable concentrates, vegetable purees, vegetable essences or formulated vegetable products, hydrocolloid products, systems and blends, and specifically including but not limited to the following entities that manufacture such or similar products:  ADM, Cargill, Bunge, Roquette, and Tate & Lyle.
		

		
			6.4 Ownership. The Executive agrees that all inventions, copyrightable material, business and/or technical information, marketing plans, customer lists, and trade secrets which arise out of the performance of this Agreement are the property of the Company. The Executive has been notified by the Company, and understands, that the foregoing provisions of Section 6.4 do not apply to an invention for which no equipment, supplies, facilities or trade secret information of the Company or any of its affiliates was used and which was developed entirely on his/her own time, unless:  (a) the invention relates (i) to the business of the Company or any of its affiliates or (ii) to the Company’s or any of its affiliates’ actual or demonstrably anticipated research and development, or (b) the invention results from any work performed by him/her for the Company or any of its affiliates.
		

		
			6.5 Injunctive Relief.    The Executive acknowledges and agrees that the covenants contained in this Article 6 are reasonable in scope and duration, and are necessary to protect the Company’s, and its Subsidiaries’ legitimate business interests.  Without limiting the rights of the Company and/or its Subsidiaries to pursue any other legal and/or equitable remedies available to them for any breach by the Executive of the covenants contained in this Article 6, the Executive acknowledges that a breach of those covenants would cause a loss to the Company and/or its Subsidiaries for which it could not reasonably or adequately be compensated by damages in an action at law, that remedies other than injunctive relief could not fully compensate the Company and/or its Subsidiaries for a breach of those covenants and that, accordingly, the Company and/or its Subsidiaries shall be entitled to seek injunctive relief to prevent any breach or continuing breaches of the Executive’s covenants as set forth in this Article 6.  It is the intention of the parties that if, in any action before any court empowered to enforce such covenants, any term, restriction, covenant, or promise is found to be 

		 

		

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unenforceable, then such term, restriction, covenant, or promise shall be deemed modified to the extent necessary to make it enforceable by such court. 
		

		
			Article 7. No Other Severance Benefits; Right to Other Plan Benefits.
		

		
			The Executive hereby covenants and agrees that all the amounts he may be entitled to in the event of termination of the Executive’s employment under circumstances entitling the Executive to benefits hereunder, shall be offset by any and all other amounts due to him/her from the Company or any Subsidiary for dismissal without cause, including, without limitation, any severance payments due in accordance with any applicable statute or statutes. Thus, any amounts that are paid to the Executive as a consequence of the change in control of the Company are not cumulative with other severance payments due to the Executive and shall be reduced by any local termination payments that may be due to him/her from the Company or any Subsidiary.  The Executive shall not be entitled to any other severance benefits except those provided by or pursuant to this Agreement, and the Executive hereby waives any claim against the Company or any of its Subsidiaries or affiliates for any additional severance benefits to which he might otherwise be entitled, including under any plan, program, policy or arrangement maintained by the Company or any of its Subsidiaries or affiliates.  Except as provided in this article, nothing in this Agreement shall be construed as limiting in any way any rights or benefits that the Executive may have pursuant to the terms of any other plan, program, policy or arrangement maintained by the Company or any of its Subsidiaries or affiliates.
		

		
			Article 8. Entire Agreement
		

		
			This Agreement contains the entire agreement between the parties with respect to the subject matter contained herein and supersedes all prior or contemporaneous negotiations, understandings or agreements between the parties or between the Executive and the Company or any of its Subsidiaries, whether written or oral, with respect to such subject matter, provided that (a) notwithstanding any other language in this Agreement, this Agreement does not supersede or preclude the enforceability of any restrictive covenant provision contained in any prior or contemporaneous agreement entered into by the Executive with the Company or any of its affiliates, and (b) no prior or contemporaneous restrictive covenant obligation you have to the Company or any of its affiliates supersedes or precludes the enforceability of any provision contained in this Agreement.
		

		
			Article 9. Termination and Amendment; Successors; Binding Agreement.
		

		
			9.1This Agreement shall terminate on the close of business on the date preceding the one-year anniversary of the date of this Agreement; provided, however, that commencing on the annual anniversary of the date of this Agreement and each anniversary of the date of this Agreement thereafter, the term of this Agreement shall automatically be extended for one additional year unless at least six (6) months prior to such anniversary date, the Company or the Executive shall have given notice to the other party, in accordance with Article 10, that this Agreement shall not be extended. This Agreement may be amended only by an instrument in writing signed by the Company and the Executive consistent with Article 10 hereof. Subject to Section 5.1, the Company expressly acknowledges that, during the term of this Agreement, the Executive shall have a binding and irrevocable right to the benefits set forth hereunder in the event of his/her termination of employment during a Protection Period to the extent provided in Section 2.1. Any purported amendment or termination of this Agreement by the Company, other than pursuant to the terms of this Section 9.1, shall be ineffective, and the Executive shall not lose any right hereunder by failing to contest such a purported amendment or termination.
		

		
			

		 

		

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			9.2The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company or to any subsidiary that employs the Executive, to expressly assume and agree to honor this Agreement in the same manner and to the same extent that the Company would be required to so honor it if no such succession had taken place. Failure of the Company to obtain such agreement prior to the effectiveness of any such succession shall be a violation of this Agreement and shall entitle the Executive to benefits from the Company or such successor in the same amount and on the same terms as the Executive would be entitled hereunder if he terminated his/her employment for Good Reason, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the date of termination of employment. As used in this Section 9.2, “Company” shall mean the Company hereinbefore defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this Section 9.2 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. The Company shall promptly notify the Executive of any succession by purchase, merger, consolidation or otherwise to all or substantially all the business and/or assets of the Company and shall state whether or not the successor has executed the agreement required by this Section 9.2 and, if so, shall make a copy of such agreement available to the Executive.
		

		
			9.3This Agreement and all rights of the Executive hereunder shall inure to the benefit of, and shall be enforceable by, the Executive and the Executive’s legal representatives. If the Executive should die while any amounts remain payable to him/her hereunder, all such amounts shall be paid to his/her designated beneficiary or, if there be no such beneficiary, to his/her estate.
		

		
			9.4The Company expressly acknowledges and agrees that the Executive shall have a contractual right to the benefits provided hereunder, and the Company expressly waives any ability, if possible, to deny liability for any breach of its contractual commitment hereunder upon the grounds of lack of consideration, accord and satisfaction or any other defense. If any dispute arises after a Change in Control as to whether the Executive is entitled to benefits under this Agreement, there shall be a presumption that the Executive is entitled to such benefits and the burden of proving otherwise shall be on the Company.
		

		
			9.5Subject to Section 5.1, the Company’s obligation to provide the benefits set forth in this Agreement shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, or other right which the Company or any Subsidiary may have against the Executive or anyone else, except as expressly set forth in this Agreement. All amounts payable by the Company hereunder shall be paid without notice or demand. Subject to Section 5.1 each and every payment made hereunder by the Company or any Subsidiary shall be final, and neither the Company nor any Subsidiary will seek to recover all or any portion of such payment from the Executive or from whomsoever may be entitled thereto, for any reason whatsoever.
		

		
			9.6As used in this Agreement, “Company” shall mean the Company hereinbefore defined and any successor which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.
		

		
			

		 

		

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			Article 10. Notice.
		

		
			All notices of termination and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or mailed by United States registered mail, return receipt requested, addressed as follows:
		

		
			If to the Executive:
		

		
			 
		

		
			___________________
		

		
			___________________
		

		
			___________________

		

		
			If to the Company:
		

		
			 
		

		
			Ingredion Incorporated
		

		
			5 Westbrook Corporate Center
		

		
			Westchester, IL 60154
		

		
			Attention:  Senior Vice President and Chief Human Resources Officer
		

		
			 
		

		
			or to such other address as either party may have furnished to the other in writing in accordance herewith.
		

		
			Article 11. Miscellaneous. 
		

		
			No provision of this Agreement may be waived or modified unless such waiver or modification is in writing and signed by the Executive and the Company’s Chief Human Resources Officer or such other officer as may be designated by the Board. No waiver by either party of any breach by the other party of, or compliance with, any provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions at the same or any prior or subsequent time. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Illinois, without regard to its principles of conflict of laws, and by applicable laws of the United States.  Nothing in this Agreement changes the at-will status of the Executive’s employment (except with respect to such notice requirements expressly set forth in Section 2.1(c) and (d) hereof).
		

		
			Article 12. Validity. 
		

		
			The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision, which shall remain in full force and effect.
		

		
			Article 13. Legal Expenses; Dispute Resolution; Arbitration; Pre-Judgment Interest.
		

		
			13.1The Company shall promptly pay all legal fees and related expenses incurred by the Executive in seeking to obtain or enforce any right or benefit under this Agreement (including all fees and expenses, if any, incurred in seeking advice in connection therewith).
		

		
			13.2If any dispute or controversy arises under or in connection with this Agreement, including without limitation any claim under any Federal, state or local law, rule, decision or order relating to employment or the fact or manner of its termination, the Company and the Executive shall attempt to resolve such dispute or controversy through good faith negotiations.
		

		
			

		 

		

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			13.3If such parties fail to resolve such dispute or controversy within ninety days, such dispute or controversy shall, if the Executive so elects, be settled by arbitration, conducted before a panel of three arbitrators in Chicago, Illinois in accordance with the applicable rules and procedures of the Center for Public Resources then in effect. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction. Such arbitration shall be final and binding on the parties. Costs of any arbitration, including, without limitation, reasonable attorneys’ fees of both parties, shall be borne by the Company.
		

		
			13.4If such parties fail to resolve such dispute or controversy within ninety days and the Executive does not elect arbitration, legal proceedings may be instituted, in which event the Company shall be required to pay the Executive’s legal fees and related expenses to the extent set forth in Section 13.1 above.
		

		
			13.5Pending the resolution of any arbitration or court proceeding, the Company shall continue payment of all amounts due the Executive under this Agreement and all benefits to which the Executive is entitled, including medical and life insurance benefits, other than those specifically at issue in the arbitration or court proceeding and excluding long term disability benefits.
		

		
			13.6If the Executive is awarded amounts pursuant to arbitration or court proceeding, the Company shall also pay pre-judgment interest on such amounts calculated at the Prime Rate (as defined below) in effect on the date of such payment. For purposes of this Agreement, the term “Prime Rate” shall mean the prime rate as published in the Wall Street Journal Midwest edition showing such rate in effect as of the first business day of each calendar quarter.
		

		
			* * * * *
		

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

		
			
		

		
			    ___________________
		

		
			Executive 
		

		
			Ingredion Incorporated
		

		
			By:  __________________
		

		
			Company Representative Position
		

		
			
		

		 

		

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