Document:

Exhibit 4.2

 

THIRTEENTH SUPPLEMENTAL INDENTURE

 

between

 

SARATOGA INVESTMENT CORP.

 

and

 

U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

 

as Trustee

 

Dated as of December 13, 2022

 

THIS THIRTEENTH SUPPLEMENTAL
INDENTURE (this “Thirteenth Supplemental Indenture”), dated as of December 13, 2022, is between Saratoga Investment Corp.,
a Maryland corporation (the “Company”), and U.S. Bank Trust Company, National Association (as successor in interest to U.S.
Bank National Association), as trustee (the “Trustee”). All capitalized terms used herein shall have the meaning set forth
in the Base Indenture (as defined below).

 

RECITALS OF THE COMPANY

 

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

 

The Company desires to issue
and sell $52,500,000 aggregate principal amount (or up to $60,375,000 aggregate principal amount if the underwriters’ option to
purchase additional Securities is exercised in full) of the Company’s 8.125% Notes due 2027 (the “Notes”).

 

The Company previously entered
into the First Supplemental Indenture, dated as of May 10, 2013 (the “First Supplemental Indenture”), the Second Supplemental
Indenture, dated as of December 21, 2016 (the “Second Supplemental Indenture”), the Third Supplemental Indenture, dated as
of August 28, 2018 (the “Third Supplemental Indenture”), the Fourth Supplemental Indenture,
dated as of June 24, 2020 (the “Fourth Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of July 9, 2020
(the “Fifth Supplemental Indenture”), the Sixth Supplemental Indenture, dated as of December 29, 2020 (the “Sixth Supplemental
Indenture”), and the Seventh Supplemental Indenture, dated as of January 28, 2021 (the “Seventh Supplemental Indenture”),
the Eighth Supplemental Indenture, dated as of March 10, 2021 (the “Eighth Supplemental Indenture”), the Ninth Supplemental
Indenture, dated as of January 19, 2022 (the “Ninth Supplemental Indenture”), the Tenth Supplemental Indenture, dated
as of April 27, 2022 (the “Tenth Supplemental Indenture”), the Eleventh Supplemental Indenture, dated as of September 8, 2022
(the “Eleventh Supplemental Indenture”), and the Twelfth Supplemental Indenture, dated as of October 27, 2022 (the “Twelfth
Supplemental Indenture”), each of which amended and supplemented the Base Indenture. Neither the First Supplemental Indenture, the
Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture,
the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, the Eighth Supplemental Indenture,
the Ninth Supplemental Indenture, the Tenth Supplemental Indenture, the Eleventh Supplemental Indenture, nor the Twelfth Supplemental
Indenture is applicable to the Notes.

 

     

     

    

 

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

 

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

 

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

 

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

 

ARTICLE
I

TERMS OF THE NOTES

 

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

 

(a) The
Notes shall constitute a series of Senior Securities having the title “8.125% Notes due 2027.” The Notes shall bear a CUSIP
number of 80349A 877 and an ISIN number of US80349A8779.

 

(b) The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated
and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305, 306, 906,
1107 or 1305 of the Base Indenture, and except for any Securities that, pursuant to Section 303 of the Base Indenture, are deemed never
to have been authenticated and delivered under the Indenture) shall be $52,500,000 (or up to $60,375,000 aggregate principal amount if
the underwriters’ option to purchase additional Securities is exercised in full). Under a Board Resolution, Officers’ Certificate
pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes,
issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate, maturity
and other terms as the Notes; provided that, if such Additional Notes are not fungible with
the Notes (or any other tranche of Additional Notes) for U.S. federal income tax purposes, then such Additional Notes will have different
CUSIP and ISIN numbers from the Notes (and any such other tranche of Additional Notes). Any Additional Notes and the existing Notes
will constitute a single series under the Indenture and all references to the relevant Notes herein shall include the Additional Notes
unless the context otherwise requires.

 

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(c) The
entire outstanding principal of the Notes shall be payable on December 31, 2027, unless earlier redeemed or repurchased in accordance
with the provisions of this Thirteenth Supplemental Indenture.

 

(d) The
rate at which the Notes shall bear interest shall be 8.125% per annum. The date from which interest shall accrue on the Notes shall be
December 13, 2022, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates
for the Notes shall be February 28, May 31, August 31 and November 30 of each year, commencing February 28, 2023 (if an Interest Payment
Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day
and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including
December 13, 2022, to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from
and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name
the Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest,
which shall be February 15, May 15, August 15 and November 15 (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Payment of principal of (and premium, if any, on) and any such interest on the Notes will be made at the office
of the Trustee located at 60 Livingston Avenue, St. Paul, MN 55107, Attention: Saratoga Investment Corp. (8.125% Notes Due 2027) or at
such other address as designated by the Trustee, in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; provided,
further, however, that so long as the Notes are registered to Cede & Co., such payment will be made by wire transfer in accordance
with the procedures established by The Depository Trust Company and the Trustee. Interest on the Notes will be computed on the basis of
a 360-day year of twelve 30-day months.

 

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

 

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

 

(g) The
Notes shall be defeasible pursuant to Section 1402 or Section 1403 of the Base Indenture. Covenant defeasance contained in Section 1403
of the Base Indenture shall apply to the covenants contained in Sections 1006, 1008 and 1009 of the Indenture.

 

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

 

(i) The
Notes will be redeemable in whole or in part at any time or from time to time, at the option of the Company, on or after December 13,
2024, at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest payments otherwise
payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

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

 

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

 

(iv) If
the Company elects to redeem only a portion of the Notes, the Trustee or, with respect to the Global
Notes, the Depositary will determine the method for selecting the particular Notes to be redeemed, in accordance with Section 1103
of the Base Indenture and the Investment Company Act and the rules of any national securities exchange or quotation system on which the
Notes are listed, in each case to the extent applicable.

 

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

 

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

 

(j) The
Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess thereof.

 

(k) Holders
of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity.

 

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

 

ARTICLE
II

COVENANTS

Section 2.01 Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following
new Sections 1009, 1010 and 1011 thereto, each as set forth below:

 

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

 

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

 

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“Section 1010. Section 18(a)(1)(B)
of the Investment Company Act.

 

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

 

“Section 1011. Commission Reports
and Reports to Holders.

 

If, at any time,
the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with
the Commission, the Company agrees to furnish to the Holders of the Notes and the Trustee for the period of time during which the Notes
are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company (which fiscal year ends on February 28 (or February
29 during a leap year)), audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each
fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited interim consolidated financial statements
of the Company. All such financial statements shall be prepared, in all material respects, in accordance with GAAP.”

 

ARTICLE
III

MEETINGS
OF HOLDERS OF SECURITIES

 

Section 3.01 Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Section 1505 of the Base Indenture shall be amended by replacing clause
(c) thereof with the following:

 

“(c) At any meeting
of Holders, each Holder of a Security of such series or proxy shall be entitled to one vote for each $25.00 principal amount of the Outstanding
Securities of such series held or represented by such Holder; provided, however, that no vote shall be cast or counted at
any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.”

 

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ARTICLE
IV

MISCELLANEOUS

 

Section 4.01 This
Thirteenth Supplemental Indenture and the Notes shall be governed by and construed in accordance with the law of the State of New York,
without regard to principles of conflicts of laws. This Thirteenth Supplemental Indenture is subject to the provisions of the Trust Indenture
Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions.

 

Section 4.02 In
case any provision in this Thirteenth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 4.03 This
Thirteenth Supplemental Indenture may be executed in counterparts, each of which will be
an original, but such counterparts will together constitute but one and the same Thirteenth Supplemental
Indenture. The exchange of copies of this Thirteenth Supplemental Indenture and of signature
pages by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Thirteenth
Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile,
..pdf transmission, email or other electronic means shall be deemed to be their original signatures for all purposes. For the avoidance
of doubt, all notices, approvals, consents, requests and any communications hereunder or with respect to the Thirteenth Supplemental Indenture
must be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that is signed manually
or by way of a digital signature provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to Trustee
by the authorized representative), in English. The Company agrees to assume all risks arising out of the use of using digital signatures
and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions,
and the risk of interception and misuse by third parties.

 

Section 4.04 The
Base Indenture, as supplemented and amended by this Thirteenth Supplemental Indenture, is in all respects ratified and confirmed, and
the Base Indenture and this Thirteenth Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect
to the Notes. All provisions included in this Thirteenth Supplemental Indenture supersede any conflicting provisions included in the Base
Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented
by this Thirteenth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented
by this Thirteenth Supplemental Indenture.

 

Section 4.05 The
provisions of this Thirteenth Supplemental Indenture shall become effective as of the date hereof.

 

Section 4.06 Notwithstanding
anything else to the contrary herein, the terms and provisions of this Thirteenth Supplemental Indenture shall apply only to the Notes
and shall not apply to any other series of Securities under the Indenture and this Thirteenth Supplemental Indenture shall not and does
not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the Indenture,
whether now or hereafter issued and Outstanding.

 

Section 4.07 The
recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Thirteenth Supplemental Indenture,
the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Thirteenth
Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be
accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof. All
of the provisions contained in the Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee shall
be applicable in respect of this Thirteenth Supplemental Indenture as fully and with like force and effect as though fully set forth in
full herein.

 

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

 

 

	 	SARATOGA INVESTMENT CORP.
	 	 	 
	 	By:	/s/ Henri J. Steenkamp
	 	Name:  	Henri J. Steenkamp
	 	Title:	Chief Financial Officer, Chief Compliance Officer,

 Treasurer and Secretary

 

 

	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION (as successor in interest to U.S. Bank National Association), as Trustee
	 	 	 
	 	By:	/s/ Karen R. Beard
	 	Name: 	Karen R. Beard
	 	Title:	Vice President

  

[Signature page to Thirteenth Supplemental
Indenture]

 

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Exhibit A – Form of Global Note 

 

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

 

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

 

Saratoga Investment Corp.

 

	No.  	  $
	 	CUSIP No. 80349A 877
	 	ISIN No. US80349A8779

 

8.125% Notes due 2027

 

Saratoga Investment
Corp., a corporation duly organized and existing under the laws of Maryland (herein called the “Company”, which term
includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of          Dollars (U.S.
$     ) on December 31, 2027 and to pay interest thereon from December 13, 2022 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, quarterly on February 28, May 31, August 31 and November
30 in each year, commencing February 28, 2023 at the rate of 8.125% per annum, until the principal hereof is paid or made available
for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date
for such interest, which shall be February 15, May 15, August 15 and November 15 (whether or not a Business Day), as the case may
be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to
be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of
this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.
This Security may be issued as part of a series.

 

Payment of the principal of (and premium, if any,
on) and any such interest on this Security will be made at the office of the Trustee located at 60 Livingston Avenue, St. Paul, MN 55107,
Attention: Saratoga Investment Corp. 8.125% Notes Due 2027) or at such other address as designated by the Trustee, in such coin or currency
of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register; provided, further, however, that so long as this Security is registered to Cede
& Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository Trust Company and
the Trustee.

 

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

 

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

 

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

 

Dated:

 

	 	SARATOGA INVESTMENT CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Attest

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Global Note – Thirteenth Supplemental
Indenture]

 

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

 

Dated:

 

	 	U.S. BANK TRUST COMPANY, NATIONAL

 ASSOCIATION (as successor in interest to U.S. Bank National Association), as Trustee
	 	
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

[Global Note – Thirteenth Supplemental
Indenture]

 

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Saratoga Investment Corp.

8.125% Notes due 2027

 

This Security is one of a duly authorized issue
of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of May 10, 2013 (herein called the “Base Indenture”, which term shall have the meaning assigned to
it in such instrument), between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National
Association), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture),
and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered, as supplemented by the Thirteenth Supplemental Indenture relating to the Securities, dated as of December
13, 2022, by and between the Company and the Trustee (herein called the “Thirteenth Supplemental Indenture”; the Thirteenth
Supplemental Indenture and together with the Base Indenture, collectively are herein called the “Indenture”). In the event
of any conflict between the Base Indenture and the Thirteenth Supplemental Indenture, the Thirteenth Supplemental Indenture shall govern
and control.

 

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

 

The Securities of this series are subject to redemption
in whole or in part at any time or from time to time, at the option of the Company, on or after December 13, 2024, at a redemption price
per security equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for
the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption.

 

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

 

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

 

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

 

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Unless the Company defaults in payment of the Redemption
Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.

 

Holders of Securities do not have the option to
have the Securities repaid prior to December 31, 2027.

 

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

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner
and with the effect provided in the Indenture.

 

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

 

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

 

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

 

    12

     

    

 

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

 

The Securities of this series are issuable only
in registered form without coupons in denominations of $25 and any integral multiples of $25 in excess thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 

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

 

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

 

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

 

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

 

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

 

 

13Exhibit 10.1

 

SEPARATION AGREEMENT AND RELEASE

 

This
Separation Agreement and Release (this “Agreement”) is entered into as of the date hereinafter set forth by and between
Accelerate Diagnostics, Inc. (hereinafter “Company” or “Accelerate”), and Ron Price (“Employee”),
referred to individually as a “Party” and collectively as the “Parties.”

 

Whereas,
Employee was hired by the Company on May 4, 2015, pursuant to an Offer Letter dated April 6, 2015 (“Offer Letter”),

 

Whereas,
Employee’s employment with the Company will end on January 6, 2023 (“Termination Date”), and

 

Whereas,
the Parties desire to end their employment relationship on an amicable basis and settle any claims or disputes between them.

 

Now,
Therefore, in consideration of the promises and the mutual covenants and understandings set forth hereafter, the Parties agree
as follows:

 

		1.	Employee acknowledges and agrees that Employee’s employment with the Company will terminate as of
the close of business on the Termination Date. As of the Termination Date, Employee agrees that Employee is no longer an employee
of the Company and no longer holds any positions or offices with the Company.

 

		2.	Regardless of whether Employee executes this Agreement, Employee will be entitled to (a) Employee’s
earned and unpaid base salary through the Termination Date; (b) reimbursement for any accrued (but unpaid) reimbursable expenses through
the Termination Date; and (c) the vested employee benefits, if any, to which Employee is entitled pursuant to the terms and conditions
of the Company’s broad-based benefit plan documents (the “Accrued Obligations”).

 

		3.	In consideration of, and subject to, the Employee’s execution, delivery, and non-revocation of this
Agreement and the Employee’s continued compliance with the covenants and promises described below, Employee will be entitled to
receive the additional compensation and benefits listed below:

 

		a.	A grant of 104,338 restricted share units. The grant will be awarded on/about December 9, 2022
and will release on/about December 19, 2022, provided that the grant shall be conditioned upon and not be made until this Agreement is
effective as set forth in Section 21 herein. The RSUs shall be subject to the terms and conditions of the Accelerate Diagnostics, Inc.
2022 Omnibus Equity Incentive Plan

 

		4.	In consideration of the Separation Pay and the other benefits described in Section 3, above, and other
covenants set forth herein, including the confidentiality covenants set forth herein, and with full understanding of the rights afforded
him at law, Employee, in his individual and marital capacity, and on behalf of his descendants, dependents, heirs, executors, administrators,
assigns, successors, agents, and attorneys, past, present and future, and each of them, in their respective and individual capacities,
hereby covenants not to sue Company and fully releases and discharges Company, and its officers, directors, partners, shareholders, affiliates,
subsidiaries, divisions, joint venturers, assigns, successors, agents, employees, attorneys, and insurers, past, present and future, and
each of them, in their representative and individual and marital capacities (hereinafter collectively referred to as “Released Parties")
from any and all claims, against Released Parties for disability discrimination in violation of the Americans with Disabilities Act of
1990 ("ADA")(42 U.S.C. §§ 12101), any violation of the Civil Rights Act of 1964 (42 U.S.C. §§ 2000e, et.
seq.)("Title VII"), the Equal Pay Act of 1963 (29 U.S.C. § 2006(d)), any claims under 42 U.S.C. Section 1981, claims under
the Employee Retirement Income Security Act ("ERISA"), any claims under the Age Discrimination in Employment Act of 1967 ("ADEA"),
the Older Workers Benefit Protection Act ("OWBPA"), the Family and Medical Leave Act (29 U.S.C. § 2601, et. seq.)("FMLA"),
the Arizona Employment Protection Act, the Arizona Civil Rights Act, and any other claims under any state law, statute or ordinance, including
state equal opportunities for employment laws and fair employment and housing laws, any claims arising under the Fair Labor Standards
Act (29 U.S.C. § 201, et. seq.) (“FLSA”), the Arizona Wage Act, and any similar state statute, any wage, hour, tip or
bonus claims arising under any federal, state or local law, any claim for retaliation, and any claims of whatever kind or nature in law,
equity or otherwise, whether known or unknown, whether matured or unmatured, which Employee has, may now have, or at any time heretofore
had or hereafter has against Released Parties, arising out of or in any way connected with Employee’s employment relationship with
Company, Employee’s resignation or termination from employment, or based on any other transactions, occurrences, acts, or omissions
or any loss, damage or injury whatever, known or unknown, matured or unmatured, resulting from any act or omission by or on the part of
Company or the Released Parties, or any of them, committed or omitted prior to the date of this Agreement. This release excludes any claim
which cannot be released by private agreement and does not purport to waive rights or claims that may arise after the date this Agreement
is executed. Nothing in this Agreement shall be construed as prohibiting Employee from making a claim with, cooperating with, or participating
in any manner in any investigation of a charge or complaint by any local, state, or federal agency regarding matters that are within the
jurisdiction of such agency, or from making any disclosures that are protected under the whistleblower provisions of local, state or federal
law or regulation. However, Employee acknowledges that by signing this Agreement Employee waives any claim or right to receive damages
or compensation on the basis of any such charge, complaint or investigation.

 

     

     

    

 

		5.	In the event of any breach by Employee of any covenant in this Agreement, Company shall be under no further
obligation to provide the Separation Pay or other benefits described in Section 3, above, and in addition to such other remedies available
to Company at law, Employee shall, upon demand, tender to Company all amounts paid pursuant to this Agreement except for the Accrued Obligations.

 

		6.	This Agreement and compliance with this Agreement shall not be construed as an admission by Company of
any liability whatsoever, or as an admission by Company of any violation of the rights of Employee or of any other person, violation of
any order and/or law to or any person, or violation of any order, law, statute, duty, of breach of any contract or any act of discrimination
whatsoever against Employee or any other person; and Company specifically disclaims any liability to or discrimination against Employee
or any other person, or any alleged violation of any right of Employee or any person, or of any order, law, statute, duty or breach of
any contract, or of any wage order or law on the part of Company and the Released Parties.

 

		7.	Employee covenants and agrees that he will not, at any time, release, disclose, or utilize for any purpose,
or for the benefit of any person, entity, or business, confidential and/or proprietary information of Company, including, but not limited
to information concerning Company’s customers, employees, business, and other matters of concern to Company. The term “confidential
and/or proprietary information” includes, but is not limited to, the Company’s customer lists, customer information and preferences,
employee data, employee and payroll information, business plans, marketing plans, pricing formulas or methods, cost calculations or estimations,
profit margins, contracts with customers, agents, employees, and clients, any other contract, trade secrets, source codes, technical data,
know-how, techniques, formulas, specifications, inventions, methods, manufacturing and other processes, procedures, developments, improvements,
research and development information, and any such other information which may have been designated or maintained as confidential from
time to time by the Company. The Parties agree that Employee’s agreement herein concerning confidential and proprietary information
and the maintenance of the confidentiality of this information are material terms of this Agreement and a primary consideration for the
Separation Pay described in this Agreement. It is understood and agreed that the Separation Pay and other benefits described in Section
3 is based in part on the value to Company of this covenant, and both Parties acknowledge the harm to Company or Company clients that
would occur if this covenant is breached. Notwithstanding the foregoing, nothing in this Agreement shall prevent Employee from the disclosure
of a trade secret (as defined under applicable law) that: (a) is made (1) in confidence to a local, state or federal government official,
either directly or indirectly, or to an attorney, and (2) solely for the purpose of reporting or investigating a suspected violation of
law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. The Company
provides this notice in compliance with the Defend Trade Secrets Act of 2016.

 

    2

     

    

 

		8.	Employee shall not for a period of one (1) year after the Termination Date, hire, solicit, employ or engage,
directly or indirectly, any employee of Company for any purpose, nor make known to any person or entity the identity of a Company employee
for the purpose of soliciting, employing or engaging him or her. Employee further shall not for a period of one (1) year after the Termination
Date, on the Employee’s own behalf or in the service or on behalf of others, solicit, divert or appropriate or attempt to solicit,
divert or appropriate, directly or by assisting others, any business from any of the Company’s customers, including actively sought
prospective customers, with whom the Employee has or had material contact during the last twelve (12) months of the Employee’s employment

 

		9.	Employee agrees to assist Company in every proper way in obtaining and maintaining patents, copyrights
and other legal protections for Company’s inventions and intellectual property conceived by or otherwise involving Employee during
the term of his employment at Company, and to execute such documents as Company may reasonably request for use in obtaining and maintaining
such protection. Employee further agrees to reasonably assist and cooperate with Company and Company’s attorneys, in the prosecution
or defense of any litigation in which Company is or may become a party to in the future. Company agrees to reimburse Employee for all
costs and expenses reasonably incurred by him in providing such assistance.

 

		10.	Employee agrees that the fact of and terms of this Agreement are and must be kept strictly confidential.
At his option, Employee may disclose only the financial terms of this Agreement to his accountant or tax preparer, if any, and he may
disclose the fact of and terms of this Agreement to his attorney or if he legally is required to do so by subpoena or other legal process.

 

		11.	Upon the request of Company, Employee shall immediately tender to or make available to Company all original
and copies of all Company information and property in his possession and control, including but not limited to, Company records, documents
or other information, along with all copies thereof and all computer storage media containing any such records, documents, or other information,
pagers, cellular telephones, personal computer equipment and software, Company credit cards, and any other materials, equipment or documents,
including all copies thereof, belonging to Company. Employee acknowledges that the benefits described in Section 3, above, are contingent
upon Employee’s return of all property of the Company and that Employee shall not retain any copies of Company property or confidential
and/or proprietary information of Company.

 

		12.	Employee agrees and covenants that Company has no obligation to rehire or reinstate him.

 

		13.	Employee agrees not to disparage, either orally or in writing, Company or any Released Parties, and Company
agrees to direct its senior executives not to disparage Employee, either orally or in writing. In addition, Employee shall update Employee’s
profile on social media websites (such as LinkedIn) to reflect that Employee is no longer an employee of Company.

 

	Initial  
	14.	Employee represents and acknowledges that he is under no obligation to enter into this Agreement, that
he was given this agreement on December 8, 2022 and that he has been provided with at least twenty-one (21) days to consider whether
he should sign this Agreement and that he signed this Agreement freely and voluntarily. If changes have been made to this Agreement after
it was first given to Employee, the 21-day time period will not start again, even if the changes are material. If Employee signs this
Agreement before the 21 days are over, he waives his right to have at least 21 days to consider it. In the event that Employee signs this
Agreement, he may still revoke it at any time within seven (7) days after signing (the “Revocation Period”). In order to revoke
this Agreement, Employee must notify the Company in writing of his decision to revoke the Agreement no later than 12:01 a.m. of the 8th
day following the signing date. If Employee
revokes this Agreement, then Company shall have no obligation to make any payments or to provide any benefits under this Agreement, except
for Company's obligation to pay wages for actual days worked. This Agreement shall become effective immediately upon the expiration of
the Revocation Period (the “Effective Date”).

 

    3

     

    

 

		15.	Employee represents and hereby avows that he possesses the sole rights and interests in any claims against
Company and Released Parties, if any, and that he has not assigned his rights or interests in his claims to any person and/or entity.

 

		16.	This Agreement constitutes the entire agreement of the Parties concerning the subject matter and supersedes
and replaces all prior negotiations and all agreements proposed and otherwise, whether written or oral, concerning the subject matter
hereof, and there are no other agreements between them. The terms of this Agreement are contractual and are not merely recitals. This
Agreement may not be modified or changed unless done so in writing and signed by both Parties.

 

		17.	Company and Employee represent and acknowledge that they have carefully read and fully understand all
of the provisions of this Agreement which sets forth the entire agreement between the Parties and that they have not relied upon any representations
or statement, written or oral, not set forth in this document. Company and Employee represent and acknowledge that they have had such
time as each deemed necessary to review, consider and deliberate as to the terms of this Agreement.

 

		18.	The laws of the State of Arizona will govern the interpretation and application of all of the provisions
of this Agreement.

 

		19.	Should any provision of this Agreement be declared or be determined by a court of competent jurisdiction
to be illegal or invalid, the validity of the remaining parts, terms, or provisions shall not be affected thereby and said illegal or
invalid part, term, or provision shall be deemed to not be a part of this Agreement.

 

		20.	All notices to Company by Employee under this Agreement shall
be in writing and sent to:

 

Human Resources

Accelerate Diagnostics, Inc.

3950 S. Country Club Road, Suite 470

Tucson, Arizona 85714

 

All notices to Employee by Company
under this Agreement shall be in writing and sent to:

 

10615 North
Pistachio Avenue

Oro Valley,
Arizona 85737

 

Company may, however, make any payments
to Employee in the manner and at the address in which he has been receiving regular wages prior to the date of his termination unless
specifically directed to do otherwise in writing.

 

Notices may be sent by registered or
certified mail, return receipt requested, or by facsimile or by hand-delivery. Notices shall be deemed received when given if by facsimile
or hand-delivery. Notices shall be deemed received two (2) days after deposit in the United States mail, by certified or registered mail,
return receipt requested, if mailed. Electronic signatures shall be accepted as originals. This Agreement may be executed in one or more
counterparts, each of which shall be considered a duplicate original and all of which taken together shall constitute one and the same
Agreement.

 

    4

     

    

 

		21.	This Agreement will take effect immediately upon the signatures
of both Employee and Company and expiration of the 21-day consideration period mentioned above and shall be binding upon and inure to
the benefit of the heirs, successors, personal representatives and assigns for the Parties hereto.

 

		22.	The amounts due, if any, pursuant to this Agreement shall be subject to reduction in order to comply with
applicable federal, state and local tax withholding requirements and will be reflected on Employee’s Form W-2 for the year in which
such amounts are paid. Employee hereby acknowledges that Company, nor any of its directors, officers, agents, or employees have provided
Employee with any tax-related advice with respect to the matters covered by this Agreement. Employee understands and acknowledges that
Employee is solely responsible for obtaining Employee’s own tax advice with respect to the matters covered by this Agreement.

 

We have read the foregoing
Agreement and we accept and agree to the provisions it contains and hereby execute it voluntarily with a full understanding of its consequences.

 

	Ron
    Price	 	Accelerate Diagnostics,
    Inc.
	 	 	 
	/s/ Ron Price	 	By:	/s/ Jack
    Phillips
	Employee (Individually
    and on behalf of the	 	 
	marital
    community of Ron Price)	 	 
	 	 	Its:	CEO
	 	 	 
	 	 	 
	Date:	12/8/2022	 	Date:	12/8/2022

 

    5

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