Document:

Document

Exhibit 10(c)

Form of Performance Share Award Agreement for grants on or after April 27, 2022

Brackets identify provisions that may vary depending on the particular grant, grant recipient, and/or other relevant factor.

WELLS FARGO & COMPANY 
2022 LONG-TERM INCENTIVE PLAN
PERFORMANCE SHARE AWARD AGREEMENT

Grant Date: [applicable date]

1.Award.  Wells Fargo & Company (the “Company”) has awarded you Performance Shares to provide an incentive for you to remain in the employment of the Company or an Affiliate and provide valuable services to the Company or an Affiliate.  The target number of Performance Shares (“Target Award Number”) awarded you is identified as the “Total Granted” on the acknowledgement screen for your grant on this website.  The Target Award Number is subject to upward and downward adjustments based on Company performance during the [performance period] (the “Performance Period”) as set forth on Exhibit A.  The “Final Award Number” is the number of Performance Shares awarded to you under this Award Agreement after adjusting the Target Award Number in accordance with Exhibit A.  This Award Agreement also grants Performance Shares with respect to dividend equivalents as provided in paragraph 5.  Each Performance Share entitles you to receive one share of Wells Fargo & Company common stock ("Common Stock") contingent upon earning such Performance Share based on the Company performance criteria set forth on Exhibit A, vesting as set forth in paragraph 2 and subject to the other terms and conditions set forth in the Company’s 2022 Long‐Term Incentive Plan, as may be amended from time to time (the “Plan”) and this Award Agreement, including but not limited to the Clawback Policy (defined below) and other terms of paragraph 3, Exhibits A and B hereto and the attached Wells Fargo Agreement Regarding Trade Secrets, Confidential Information, Non-Solicitation and Assignment of Inventions.
2.Vesting.  Except as otherwise provided in this Award Agreement, the Final Award Number of Performance Shares will vest on the Determination Date as set forth on Exhibit A (“Determination Date”), subject to the Clawback Policy and other terms of paragraph 3.  Shares of Common Stock will be issued to you or, in case of your death, your Beneficiary determined in accordance with the Plan.  You will have no rights as a stockholder of the Company with respect to any Performance Shares until settlement.  However, you may be entitled to dividend equivalents as set forth in paragraph 5.  Except as otherwise provided in the Plan or this Award Agreement, vested Performance Shares will be settled and distributed in shares of Common Stock on or after the Determination Date and no later than [applicable date] (the “Settlement Date”).  You acknowledge that your transactions in any shares of Common Stock you may acquire pursuant to this Award are subject to your compliance with the Company’s Personal Trading Policy, including with respect to certain blackout trading restrictions and preclearance requirements, to the extent applicable to you.
3.Clawback Policy.  The Award is fully conditioned on and subject to the Performance Conditions (as defined in the Clawback Policy) to vesting and the other clawback, forfeiture and cancellation provisions described in the Wells Fargo & Company Clawback and Forfeiture Policy attached hereto as Exhibit C, as it may be amended from time to time (the “Clawback Policy”).  The Award is also subject to any other applicable reduction, recoupment, “malus” or “clawback” policies, practices or provisions of the Company and its Affiliates, as in effect from time to time, and any applicable reduction, recoupment, malus or clawback requirements imposed under laws, rules and regulations.
4.Termination. 
(a)The definitions of the terms “Separation from Service”, “Disability”, “Change in Control”, [and] “Cause” [and “Retirement”] are set forth on Exhibit B to this Award Agreement, which definitions are incorporated by reference herein [and the definition of the term “Retirement” is set forth in paragraph 4(e)].
(b)If prior to [end of Performance Period] you (i) cease to be an Employee due to your death or (ii) die after the occurrence of an event described in paragraph 4(c), 4(d), or 4(e), and in the case of paragraph 4(e), you have satisfied the definition of [Retirement] [Retirement’s vesting conditions] through your date of death, then the Target Award Number of Performance Shares under this Award Agreement after giving effect to any Net Operating Loss adjustments determined in accordance with Exhibit A for any years in the Performance Period completed prior to the year in which you die (and any Performance Shares with respect to dividend equivalents as provided below) will immediately vest upon the date of your death and will be distributed to your Beneficiary in shares of Common Stock between the date of 
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your death and December 31 of the year following the year in which you die, notwithstanding the settlement provisions of paragraphs 4(c), 4(d) or 4(e), if applicable. 
If you cease to be an Employee due to your death on or after [end of Performance Period] and prior to the Determination Date, the Final Award Number of Performance Shares under this Award Agreement (and any Performance Shares with respect to dividend equivalents as provided below) will vest upon the Determination Date and will be distributed to your Beneficiary on the Settlement Date.  Notwithstanding the foregoing, if by the applicable last payment date set forth herein your Beneficiary has not presented evidence deemed satisfactory by the Company to allow transfer of the shares of Common Stock to the Beneficiary under applicable laws, the Company may treat all Performance Shares awarded hereby as forfeited, in which case the Company shall have no obligation to issue shares of Common Stock, benefits or anything else in lieu of such shares to your Beneficiary and shall have no liability therefor.
(c)If prior to the Determination Date you experience an involuntary Separation from Service due to (i) application of the Company’s Extended Absence Policy to you in connection with a Disability, (ii) your termination of employment by the Company or an Affiliate without Cause, resulting in your receipt of severance pay in addition to any severance pay that may be mandated by applicable law, or (iii) the Company or Affiliate that employs you entering into a corporate transaction with another company (the “purchaser”) and pursuant to the terms of the transaction you are continuing in employment with the purchaser after completion of the corporate transaction, then the Final Award Number of Performance Shares under this Award Agreement (and any Performance Shares with respect to dividend equivalents as provided below) will vest upon the Determination Date and will be distributed to you  in shares of Common Stock on the Settlement Date, subject to the Clawback Policy and the other terms of paragraph 3 above and the restrictions in paragraphs 8 and 9 below.

(d)If prior to the Determination Date, the Affiliate that employs you incurs a Change in Control and you continue employment with the surviving or purchasing corporation or other entity (or ultimate parent thereof), as the case may be, immediately after the Change in Control, then the Final Award Number of Performance Shares under this Award Agreement (and any Performance Shares with respect to dividend equivalents as provided below) will continue to vest upon the Determination Date and will be distributed to you in shares of Common Stock on the Settlement Date, subject to the Clawback Policy and the other terms of paragraph 3 above and the restrictions in paragraphs 8 and 9 below.

(e)If prior to the Determination Date you have a Separation from Service for a reason other than Cause and you satisfy the definition of Retirement on your Separation from Service date or following your Separation from Service date at the end of an approved leave of absence not to exceed six months, then [provided that you continue to satisfy such definition through the Settlement Date and that you complete any attestation to that effect as may be required by the Company,] the Final Award Number of Performance Shares under this Award Agreement (and any Performance Shares with respect to dividend equivalents as provided below) will continue to vest upon the Determination Date and will be distributed to you in shares of Common Stock on the Settlement Date subject to the Clawback Policy and the other terms of paragraph 3 above and the restrictions in paragraphs 8 and 9 below. [If at any point you no longer satisfy the definition of Retirement,] [and provided that beginning immediately after you cease to be an Employee and continuing until the Determination Date you satisfy each of the following conditions (“vesting conditions”) and that you complete any attestation to that effect as may be required by the Company: (i) you comply with the terms of the attached Wells Fargo Agreement Regarding Trade Secrets, Confidential Information, Non-Solicitation and Assignment of Inventions, which agreement is incorporated by reference herein, (ii) you do not express any derogatory or damaging statements about the Company or any Affiliate, the management or the board of directors of the Company or any Affiliate, the products, services or the business condition of the Company or any Affiliate in any public way or to anyone who could make those statements public, and (iii) to the fullest extent enforceable under the applicable state law, you do not perform services as an officer, director, employee, consultant or otherwise for any business which is in competition with any line of business of the Company or any Affiliate for which you had executive responsibilities while you were employed by the Company or any Affiliate (including predecessors thereof) and which does business in any location in the geographic footprint of the Company or any Affiliate in which you had executive responsibilities. For purposes of this Award, the term “Retirement” is defined as termination of employment after reaching (i) age 55 with five completed years of service or (ii) such more favorable treatment as may apply based on the practices of the Company in effect from time to time. If at any point you no longer satisfy the definition of Retirement’s vesting conditions] all unvested Performance Shares shall be immediately and irrevocably forfeited.

[Notwithstanding the foregoing, nothing contained in this Award Agreement prohibits or restricts you (or your attorney) from initiating communications directly with, or responding to any inquiry from, or providing testimony before, the Securities and Exchange Commission, the Financial Industry 
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Regulatory Authority, the National Labor Relations Board, the Equal Employment Opportunity Commission, or any self-regulatory organization or governmental authority charged with the enforcement of any laws.]
(f)If prior to the Determination Date you incur a termination of employment other than for a reason described in paragraph 4(b), 4(c), 4(d) or 4(e), any unvested Performance Shares awarded hereby (including any Performance Shares with respect to dividend equivalents as provided below) will immediately terminate without notice to you and will be forfeited. For avoidance of doubt, a termination of employment other than as described in paragraph 4(b), 4(c), 4(d) or 4(e) includes, without limitation, a voluntary termination that does not constitute a Retirement and an involuntary termination for Cause.   
5.Dividend Equivalents.  During the period beginning on the Grant Date and ending on the Settlement Date for the Performance Shares or the date the Performance Shares are forfeited, whichever occurs first, if the Company pays a dividend on the Common Stock, you will automatically receive, as of the payment date for such dividend, dividend equivalents in the form of additional Performance Shares based on the amount or number of shares that would have been paid on the Final Award Number of Performance Shares (or the NOL Adjusted Target Award Number of Performance Shares as applicable under paragraph 4(b)) had they been issued and outstanding shares of Common Stock as of the record date and, if a cash dividend, the closing price of the Common Stock on the New York Stock Exchange as of the dividend payment date.  You will also automatically receive dividend equivalents with respect to such additional Performance Shares, to be determined in the same manner.  Performance Shares granted with respect to dividend equivalents will be subject to the same vesting schedule and other terms and conditions as the underlying Performance Shares, including the Company’s right of recoupment or forfeiture, and will be distributed in shares of Common Stock when, and if, the underlying Performance Shares are settled and distributed.
6.Tax Withholding.  The Company will withhold from the number of shares of Common Stock otherwise issuable hereunder (including with respect to dividend equivalents) a number of shares necessary to satisfy any and all applicable federal, state, local and foreign tax withholding obligations and employment-related tax requirements (“Tax-Related Items”).  In addition, the Company (or your employer, if different) will withhold from your compensation any and all applicable Tax-Related Items in the event all or a portion of the Performance Shares are treated as taxable prior to or other than on the vesting date set forth in paragraph 2 above and the number of shares of Common Stock otherwise issuable (if any) is insufficient to satisfy such Tax-Related Items withholding obligations.  Finally, you shall pay to the Company (or your employer, if different) any amount of Tax-Related Items that the Company or your employer may be required to withhold or account for as a result of your participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to issue or deliver the shares of Common Stock if you fail to comply with your obligations in connection with the Tax-Related Items.  
7.Nontransferable.  Unless the Committee provides otherwise, (i) no rights under this Award will be assignable or transferable, and neither you nor your Beneficiary will have any power to anticipate, alienate, dispose of, pledge or encumber any rights under this Award, and (ii) the rights and the benefits of this Award may be exercised and received during your lifetime only by you or your legal representative.
8.Other Restrictions; Amendment.  The grant of the Award and issuance of Common Stock hereunder is subject to compliance by the Company, its Affiliates and you with all legal and regulatory requirements applicable thereto, including compliance with the requirements of 12 C.F.R. Part 359, orders issued under 12 U.S.C. § 1818(b) (together with any agreements related thereto, “orders”) and tax withholding obligations, and with all applicable regulations of any stock exchange on which the Common Stock may be listed at the time of issuance.  For the avoidance of doubt, regulatory approval under Part 359 or any orders to which the Company is a party may be required for the issuance of Common Stock hereunder in certain circumstances, and the Company cannot provide any assurance that it will be able to request such approval in accordance with the requirements of Part 359 or any applicable order or that any requested approval will be received.  Subject to paragraphs 12 and 13 below, the Committee or its delegate may, in its sole discretion and without your consent, reduce, delay vesting, modify, revoke, cancel, impose additional conditions and restrictions on or recover all or a portion of this Award if the Committee or its delegate deems it necessary or advisable to comply with, or to promote or facilitate compliance with, applicable laws, rules and regulations or as required under any procedures or policies implemented by the Company in furtherance of such legal or regulatory compliance.
9.Notice Period.  In order to ensure a smooth transition of business and relationships, you agree to provide the Company with 90 days’ advance written notice before resigning or Retiring from the Company or an Affiliate. To the fullest extent enforceable under applicable state law, this provision shall apply unless a longer notice period is applicable to you pursuant to a Company or Affiliate policy or an agreement between you and the Company or an Affiliate, in which case such longer notice period shall be required.  You hereby acknowledge and agree that during your applicable notice period, you will continue to be an employee of the Company or an Affiliate and will be required to assist in the transition of your responsibilities; provided, however, that the 
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Company may instruct you not to report to work during your notice period and may, in its sole discretion, restrict your access to Company systems, shorten the duration of your notice period, or waive your notice period.  During any applicable notice period (as shortened by the Company, if applicable), you will continue to receive your base salary.  Failure to comply with the notice period applicable to you will cause any unvested Performance Shares awarded hereby (including any Performance Shares granted with respect to dividend equivalents as provided above) to immediately terminate and be forfeited without notice to you.

10.Violation of Restrictive Covenants or Notice Period Obligations.   If you breach any of the terms of the attached Wells Fargo Agreement Regarding Trade Secrets, Confidential Information, Non-Solicitation and Assignment of Inventions and/or the notice period requirement in paragraph 9 above, all unvested Performance Shares shall be immediately and irrevocably forfeited.  For any Performance Shares that vested within one (1) year prior to the termination of your employment with the Company and/or any Affiliate or at any time after your termination, you may be required to repay or otherwise reimburse the Company an amount having a value equal to the aggregate fair market value (determined as of the date of vesting) of such vested shares.  This paragraph does not constitute the Company’s exclusive remedy for violation of the Wells Fargo Agreement Regarding Trade Secrets, Confidential Information, Non-Solicitation and Assignment of Inventions or your notice period obligations, and the Company and/or its Affiliates may seek any additional legal or equitable remedy, including injunctive relief, for any such violation.
  
11.Stock Ownership Policy.  If you are an Executive Officer of the Company or a member of its Operating Committee, as a condition to receiving this Award, you agree that you are subject to the Company’s stock ownership policy, as may be amended from time to time, and that as a result, you may be required to hold, including after your retirement, all or a portion of any shares of Common Stock issued to you pursuant to this Award in order to achieve compliance with such stock ownership policy. 
12.Additional Provisions.  This Award Agreement is subject to the provisions of the Plan.  Capitalized terms not defined in this Award Agreement or on Exhibit B hereto or by reference to another document are used as defined in the Plan.  If the Plan and this Award Agreement conflict, the provisions of the Plan will govern.  Interpretations of the Plan and this Award Agreement by the Committee are binding on you and the Company.
13.No Employment Agreement.  Neither the award to you of the Performance Shares nor the delivery to you of this Award Agreement or any other document relating to the Performance Shares will confer on you the right to continued employment with the Company or any Affiliate.  You understand that your employment with the Company or any Affiliate is “at will” and nothing in this document changes, alters or modifies your “at will” status or your obligation to comply with all policies, procedures and rules of the Company, as they may be adopted or amended from time to time.  
14.Section 409A.  This Award is intended to be exempt from or comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, and the applicable Treasury regulations or other binding guidance thereunder (“Section 409A”).  Accordingly, all provisions included in this Award Agreement, or incorporated by reference, will be interpreted and administered in accordance with that intent.  If any provision of the Plan or this Award Agreement would otherwise conflict with or frustrate this intent, that provision will be interpreted and deemed amended or limited so as to avoid the conflict; provided, however, that the Company makes no representation that the Award is exempt from or complies with Section 409A and makes no undertaking to preclude Section 409A from applying to the Award. The Company will have no liability to you or to any other party if the Award or payment of the Award that is intended to be exempt from or compliant with Section 409A is not so exempt or compliant or for any action taken by the Committee with respect thereto.
15.Six-month Delay.  Notwithstanding any provision of the Plan or this Award Agreement to the contrary, if, upon your Separation from Service for any reason, the Company determines that you are a “Specified Employee” for purposes of Section 409A and in accordance with guidelines established by the Company from time to time, your Performance Shares, if subject to settlement upon your Separation from Service and if required pursuant to Section 409A, will not settle before the date that is the first business day following the six-month anniversary of such Separation from Service, or, if earlier, upon your death.  
16.No Fractional Shares.  The number of Performance Shares to be distributed to you under this Award Agreement will be rounded down to the nearest whole share.  
17.Severability and Judicial Modification.  If any provision of this Award Agreement is held to be invalid or unenforceable under pertinent state law or otherwise or the Company elects not to enforce any such provision, the remaining provisions shall remain in full force and effect and the invalid or unenforceable provision shall be modified only to the extent necessary to render that provision valid and enforceable to the fullest extent permitted by law.  If the invalid or unenforceable provision cannot be, or is not, modified, that provision shall be severed from this Award Agreement and all other provisions shall remain valid and enforceable.
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18.Applicable Law.  This Award Agreement and the award of Performance Shares evidenced hereby will be governed by, and construed in accordance with the laws of the state of Delaware (without regard to its choice-of-law provisions), except to the extent Federal law would apply.
19.Imposition of Other Requirements.  The Company reserves the right to impose other requirements on your participation in the Plan, on the Award and on any shares of Common Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with applicable law or facilitate the administration of the Plan and provided the imposition of the term or condition will not result in adverse accounting expense to the Company, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
20.Electronic Delivery and Acceptance. The Company is electronically delivering documents related to current or future participation in the Plan and is requesting your consent to participate in the Plan by electronic means.  You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through the current plan administrator’s on-line system, or any other on-line system or electronic means that the Company may decide, in its sole discretion, to use in the future.
21.Entire Agreement.  The Plan is incorporated herein by reference. The Plan and this Award Agreement (including Exhibit A, Exhibit B and Exhibit C attached hereto) constitute the entire agreement of the parties with respect to the Award and supersede in their entirety all prior proposals, undertakings and agreements, written or oral, and all other communications between you and the Company with respect to the Award.

[insert requirement to acknowledge and accept grant terms]

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WELLS FARGO & COMPANY
2022 LONG-TERM INCENTIVE PLAN
PERFORMANCE SHARE AWARD AGREEMENT

Exhibit A to Performance Share Award Agreement

This Exhibit A sets forth the manner in which the Final Award Number will be determined.

Definitions

Capitalized terms used but not defined herein shall have the same meanings assigned to them in the Plan and the Award Agreement.  In addition, the following terms used in the text of this Exhibit A shall have the meanings set forth below:

“Average Return on Tangible Common Equity” or “Average ROTCE” means, for the Company and each of the other Financial Performance Group Companies, the sum of the company’s Return on Tangible Common Equity for each of the 12-month periods ending [applicable dates during the Performance Period], which sum is then divided by three, rounded to two decimals. 

“Financial Performance Group Companies” means, in addition to the Company, the companies listed below, provided that if, during the Performance Period, one or more of such companies shall merge, engage in a spin-off, or its existence or primary businesses shall terminate or cease due to receivership, bankruptcy, sale, or otherwise, then the Committee may eliminate such company as a Financial Performance Group Company or make such other equitable adjustments, such as adding an acquirer or a new company to the list of Financial Performance Group Companies, as it deems appropriate; provided, however, that for purposes of determining TSR and the TSR Percentile, (i) any company that is acquired by another company during the Performance Period shall be excluded from the Financial Performance Group Companies and (ii) any company that files for bankruptcy during the Performance Period shall continue to be treated as a Financial Performance Group Company but shall be placed at the bottom of the Financial Performance Group Companies for purposes of determining the TSR Percentile.

[Financial Performance Group Companies]

“Net Operating Loss” means for any year in the Performance Period, that the Company reports a net loss in the Company’s consolidated financial statements, and a net loss continues to exist after eliminating the effect of the following items, each determined based on generally accepted accounting principles: (i) losses resulting from discontinued operations; (ii) the cumulative effect of changes in generally accepted accounting principles; and (iii) any other unusual or infrequent loss which is separately identified and quantified.

“Return on Tangible Common Equity” or “ROTCE” means, for the Company and each of the other Financial Performance Group Companies, the net income of the company as reported in its consolidated financial statements on an annualized basis less dividends accrued on outstanding preferred stock, divided by the company’s average total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than mortgage servicing rights) and goodwill and other intangibles on nonmarketable equity securities, net of applicable deferred taxes, as may be adjusted by the Committee, in its discretion, for the effect of (i) losses resulting from discontinued operations, (ii)  the cumulative effect of significant changes in generally accepted accounting principles, and (iii) any other unusual or infrequently occurring  gain or loss which is separately identified and quantified.

“Relative ROTCE Percentile” means the percentile rank of the Company’s Average ROTCE relative to the Average ROTCE of the other Financial Performance Group Companies for the Performance Period. The Relative ROTCE Percentile will be determined by ranking the Average ROTCE of the Company and each of the other Financial Performance Group Companies from highest to lowest, with the company having the highest Average ROTCE being assigned a rank of 1.

“Total Stockholder Return” or "TSR" means, for the Company and each of the other Financial Performance Group Companies, (a)(i) the company’s average closing price of a share of common stock (as reported in such reliable source as determined by the Committee, in its sole discretion) over the [applicable period], ending on [applicable date] (“End Price”), minus (ii) the company’s average closing price of a share of common stock (as reported in such reliable source as determined by the Committee, in its sole discretion) over the [applicable period] occurring in [applicable period] (“Base Price”), plus the value of any dividends declared on such common stock in respect of an ex-dividend date occurring during the Performance Period, as adjusted assuming such dividends were reinvested in shares of common stock of the issuing company on such ex-dividend date (“Reinvested Dividends”), divided by (b) the Base Price, as illustrated by the formula below (in each case, with such adjustments as are appropriate, in the judgment of the Committee in its sole discretion, to equitably calculate Total Stockholder Return in light of any stock splits, reverse stock splits, stock dividends, and other extraordinary transactions or other changes in the capital structure of the company, as applicable):
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TSR  =  End Price - Base Price + Reinvested Dividends
Base Price

"TSR Percentile" means the percentile rank of the Company’s TSR relative to the TSR of the other Financial Performance Group Companies for the Performance Period. The Relative TSR Percentile will be determined by ranking the TSR of the Company and each of the other Financial Performance Group Companies from highest to lowest, with the company having the highest TSR being assigned a rank of 1.

Determination of Final Award Number

1.Final Award Number. 

The Final Award Number will be determined by (A) first, modifying (i) the Percentage of Target Award Number (rounded to the nearest whole percentage point and rounding up any half percentage point result) by (ii) the Relative TSR Modifier and (B) second, multiplying the result of (A) by the NOL Adjusted Target Award Number pursuant to the formula below: 

Final Award Number = (Percentage of Target Award Number ∓ Relative TSR Modifier) × NOL Adjusted Target Award Number 

The Percentage of Target Award Number, Relative TSR Modifier and NOL Adjusted Target Award Number shall be determined as set forth in paragraphs 2 - 4 below. 

2.Percentage of Target Award Number. 

The Percentage of Target Award Number shall be determined by the sum of the percentages achieved based on the Company’s Average ROTCE performance [applicable percentage] pursuant to subparagraph (a) below and the Company’s relative Average ROTCE performance [applicable percentage], as measured by its Relative ROTCE Percentile pursuant to subparagraph (b) below.  If the Average ROTCE performance in (a) or Relative ROTCE Percentile in (b) falls between, respectively, the levels indicated in table (a) or the percentiles indicated in table (b), the applicable Percentage of Target Award Number will in each case be determined on a straight-line basis (i.e., linearly interpolated) between the two nearest percentages indicated in the applicable table.

a.[applicable percentage] of the Percentage of Target Award Number shall be determined by the Average ROTCE achieved by the Company over the Performance Period, as set forth in table (a) below: 

						
	Average ROTCE
([applicable %] weighting)	Percentage of Target Award Number
	[applicable ROTCE %]
	[applicable %]

	[applicable ROTCE %]
	[applicable %]

	[applicable ROTCE %]
	[applicable %]

	[applicable ROTCE %]
	[applicable %]

	[applicable ROTCE %]
	[applicable %]

b.    [applicable percentage] of the Percentage of Target Award Number shall be determined by the Relative ROTCE Percentile achieved by the Company over the Performance Period, as set forth in table (b) below:

						
	Relative ROTCE Percentile
([applicable %] weighting)	Percentage of Target Award Number
	[applicable ROTCE %]
	[applicable %]

	[applicable ROTCE %]
	[applicable %]

	[applicable ROTCE %]
	[applicable %]

	[applicable ROTCE %]
	[applicable %]

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3.Relative TSR Modifier. 

The Percentage of Target Award Number is subject to a TSR modifier (upward or downward by [applicable percentage]) based on the Company’s TSR Percentile, as set forth in the table below, subject to the Overall Final Award Cap set forth in paragraph 5 below, and provided that the positive modifier will not be applied if the Company’s TSR is negative.
						
	TSR Percentile	Percentage TSR Modifier
	[applicable percentile]	[applicable percentage] increase

	[applicable percentile]	[applicable percentage]
	[applicable percentile]	[applicable percentage] decrease

4.Net Operating Loss Adjustments.

If the Company incurs a Net Operating Loss for any year in the Performance Period, the Target Award Number will be reduced by [applicable percentage] for each such year, effective upon certification by the Committee of a Net Operating Loss for such year.  The Target Award Number after giving effect to any such Net Operating Loss adjustment is referred to herein as the “NOL Adjusted Target Award Number.”  If the Company does not incur a Net Operating Loss in any year in the Performance Period, your NOL Adjusted Target Award Number will be the same as the Target Award Number.                    

5.Overall Final Award Cap. 

In no event shall the Final Award Number be greater than [applicable percentage] of the NOL Adjusted Target Award Number.

6. [Example].

Miscellaneous

Committee Determination. The Committee shall determine the Final Award Number of Performance Shares after the end of the Performance Period and not later than [applicable date].  The date the Committee makes such determination is referred to in this Award Agreement as the “Determination Date.”

The Committee may, in its discretion, make positive or negative adjustments to the number calculated in accordance with paragraph 2(a) of this Exhibit A, “Average ROTCE,” as it deems equitable and appropriate, to exclude the effect of, or give appropriate effect to, the following types of events or matters with respect to the Company occurring after the Grant Date: (i) economic and market factors (e.g., changes in interest rates, disruptions in capital markets) affecting the Company or its consolidated financial statements; (ii) changes in accounting standards, principles, practices or policies, including the interpretation or application thereof, or in tax or other laws, rules, or regulations; (iii) progress on risk and control work and regulatory commitments; (iv) expenses related to restructuring and remediation, and for investments related to the risk and control environment; or (v) other similar events, matters or changed circumstances.

The Committee shall make all determinations in calculating the Final Award Number of Performance Shares and the Committee’s determination shall be binding.

Dividend Equivalents.  As provided in paragraph 5 of the Award Agreement, you will be entitled to receive Performance Shares with respect to dividend equivalents on the Final Award Number (or the Target Award Number, as applicable, and as may be adjusted under paragraph 4(b) of the Award Agreement) to determine the total number of Performance Shares that will be distributed to you upon settlement.

[Exclusion. In determining the Company’s Average Return on Tangible Common Equity and Net Operating Loss for purposes of determining the Final Award Number of Performance Shares the impact of any penalties or other charges related to litigation, investigations or examinations arising out of retail sales practices of the Company or arising out of other material regulatory matters related to conduct of the Company, in each case during periods prior to your commencement of employment with the Company will be excluded.]

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WELLS FARGO & COMPANY
2022 LONG-TERM INCENTIVE PLAN
PERFORMANCE SHARE AWARD AGREEMENT

Exhibit B to Performance Share Award Agreement

Cause

“Cause” means (1) the continued failure by you to substantially perform your duties; (2) your conviction of a crime involving dishonesty or breach of trust, conviction of a felony, or commission of any act that makes you ineligible for coverage under the Company’s fidelity bond or otherwise makes you ineligible for continued employment; or (3) your violation of the Company’s policies, including but not limited to Wells Fargo’s Code of Ethics and Business Conduct (or the Code applicable to your line of business), Anti-Bribery and Corruption Policy, Information Security Policies, and Risk Management Accountability Policy.  For the avoidance of doubt, an event or conduct constituting Cause could take place before or after your termination of employment.
Change in Control
Notwithstanding the definition set forth in the Plan, for purposes of this Award, “Change in Control” means a change in the ownership or effective control of the Company or the Affiliate that employs you, or in the ownership of a substantial portion of the assets of the Company or the Affiliate that employs you within the meaning of Treasury Regulation Section 1.409A-3(i)(5) as determined by the Company.
Disability
You will be considered to have a “Disability” if you are (1) receiving income replacement benefits for a period of not less than three months under the Company’s or an Affiliate’s long-term disability plan as a result of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or (2) determined by the Social Security Administration to be eligible for social security disability benefits. 
[Financial Services Industry Business or Entity

“Financial Services Industry Business or Entity” means any business or entity that competes, or plans on competing, in or with any line of business of the Company, including but not limited to the below:
•Consumer banking, consumer lending, and/or commercial banking, including, but not limited to, auto finance, deposits, originating and servicing mortgages, servicing and issuing credit and debit cards, payment servicing or processing or merchant services, custody, trust, treasury and/or lending and processing services, digital banking, middle market banking, and investment services.
•Wealth services, brokerage services, asset/investment management services, alternative investments (such as real estate, hedge funds, private credit, private equity).
•Investment, financial, or economic advisory services, including but not limited to, investment banking services (such as advising on mergers or acquisitions, underwriting, dealing in, or making a market in securities).
•Insurance, providing and issuing annuities, and serving as an agent or broker for purposes of the same.

In addition, any company that provides the aforementioned services, products, or consulting in regard to such services, including banks, fintech, consulting, technology, and retail, may be considered a Financial Services Industry Business or Entity.  Government and non-profit organizations are not considered Financial Services Industry Businesses or Entities.] 

[Retirement

“Retirement” means:
a.termination of employment after reaching the earliest of (i) age 55 with five (5) completed years of service, [or] (ii) 80 points (with one point credited for each completed age year and one point credited for each completed year of service); and

b.provided that beginning immediately after you cease to be an Employee and continuing until the Determination Date you satisfy each of the following conditions: (i) you comply with the terms of the attached Wells Fargo Agreement Regarding Trade Secrets, Confidential Information, Non-Solicitation and Assignment of Inventions, which agreement is incorporated by reference herein, (ii) you do not express any derogatory or damaging statements about the Company or any Affiliate, the management or the board of directors of the Company or any Affiliate, the products, services or the business condition of the Company or any Affiliate in any public way or to anyone who could make 
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those statements public, and (iii) to the fullest extent enforceable under applicable state law, you do not perform services as an officer, director, employee, consultant or otherwise for any Financial Services Industry Business or Entity (see Financial Services Industry Business or Entity definition above). 

For purposes of this definition, you are credited with one year of service after completion of each full 12-month period of employment with the Company or an Affiliate as determined by the Company or Affiliate.
This definition’s restriction on performing services for a Financial Services Industry Business or Entity does not apply to employees who primarily reside in California or whose primary work location for the Company or an Affiliate, at the time of the termination of their employment, was California, Oklahoma, or North Dakota.
In addition, this definition’s restriction on performing services for a Financial Services Industry Business or Entity, and the corresponding attestation, are limited to the following time periods for individuals in the following states:
•If you primarily live or work in Massachusetts, for no longer than twelve (12) months from the termination of your employment.
•If you primarily live or work in Oregon, for no longer than twelve (12) months from the termination of your employment.
•If you primarily live or work in Washington, for no longer than eighteen (18) months from the termination of your employment. 
Notwithstanding the foregoing, nothing contained in this Award Agreement prohibits or restricts you (or your attorney) from initiating communications directly with, or responding to any inquiry from, or providing testimony before, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the National Labor Relations Board, the Equal Employment Opportunity Commission, or any self-regulatory organization or governmental authority charged with the enforcement of any laws.]

Separation from Service 
A “Separation from Service” occurs upon your death, retirement or other termination of employment or other event that qualifies as a “separation from service” under Internal Revenue Code Section 409A and the applicable regulations thereunder as in effect from time to time.  The Company shall determine in each case when a Separation from Service has occurred, which determination shall be made in a manner consistent with Treasury Regulation Section 1.409A-1(h).  The Company shall determine that a Separation from Service has occurred as of a certain date when the facts and circumstances indicate that the Company (or an Affiliate, if applicable) and you reasonably anticipate that, after that date, you will render no further services, or your level of bona fide services (either as an employee or independent contractor) will permanently decrease to a level that is 20% or less than the average level of your bona fide services (either as an employee or independent contractor) previously in effect for you over the immediately preceding 36-month period (or your entire period of service, if you have been providing services for less than 36 months).

The following presumptions shall also apply to all such determinations:
(1)    Transfers.  A Separation from Service has not occurred upon your transfer of employment from the Company to an Affiliate or vice versa, or from an Affiliate to another Affiliate.
(2)       Medical leave of absence.  Where you have a medical leave of absence due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months, and you have not returned to employment with the Company or an Affiliate, a Separation from Service has occurred on the earlier of:  (A) the first day on which you would not be considered “disabled” under any disability policy of the Company or Affiliate under which you are then receiving a benefit; or (B) the first day on which your medical leave of absence period exceeds 29 months.
(3)      Military leave of absence.  Where you have a military leave of absence, and you have not returned to employment with the Company or an Affiliate, a Separation from Service has occurred on the day next following the last day on which you are entitled to reemployment rights under USERRA.

(4)             Other leaves of absence.  In the event that you are on a bona fide leave of absence, not otherwise described in this definition, from which you have not returned to employment with the Company or an Affiliate, your Separation from Service has occurred on the first day on which your leave of absence period exceeds six months or, if earlier, upon your termination of employment (provided that such termination of employment constitutes a Separation from Service in accordance with the last sentence of the first paragraph of this definition).
(5)    Asset purchase transaction.  If, in connection with the sale or other disposition of substantial assets (such as a division or substantially all assets of a trade or business) of the Company or an Affiliate to an unrelated buyer, 
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you become an employee of the buyer or an affiliate of the buyer upon the closing of or in connection with such transaction, a Separation from Service has not occurred if the Company and the buyer have specified that such transaction will not, with respect to any individual affected by such transaction who becomes an employee of the buyer or an affiliate, be considered a “separation from service” under Treasury Regulation Section 1.409A-1(h), and such specification meets the requirements of Treasury Regulation Section 1.409A-1(h)(4).

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WELLS FARGO & COMPANY
2022 LONG-TERM INCENTIVE PLAN
PERFORMANCE SHARE AWARD AGREEMENT

Exhibit C to Performance Share Award Agreement

WELLS FARGO & COMPANY
Clawback and Forfeiture Policy

Effective as of January 1, 2021, this Clawback and Forfeiture Policy (the “Policy”) of Wells Fargo & Company (”Wells Fargo”), as adopted by Wells Fargo’s Board of Directors, is as follows.

1.Definitions. For purposes of this Policy the following terms shall have the meanings set forth below:

1.1“Affiliate” has the meaning set forth in the Wells Fargo & Company Long Term Incentive Compensation Plan.
1.2“Award” means any specific award of Incentive Compensation.
1.3“Board” means the Board of Directors of Wells Fargo.
1.4“Cause” means (1) the continued failure by the employee to substantially perform his/her duties; (2) conviction of a crime involving dishonesty or breach of trust, conviction of a felony, or commission of any act that makes the employee ineligible for coverage under the Company’s fidelity bond or otherwise makes the employee ineligible for continued employment; (3) the employee’s violation of the Company’s policies including but not limited to Wells Fargo’s Code of Ethics and Business Conduct (or the Code applicable to the employee’s line of business), Anti-Bribery and Corruption Policy, Information Security Policies, and Risk Management Accountability Policy; or (4) the employee’s breach of confidentiality or restrictive covenants entered into between the employee and the Company. For the avoidance of doubt, an event or conduct constituting Cause could arise, or be discovered by the Company, before or after the employee’s termination of employment.
1.5“Committee” means the Human Resources Committee of the Board or such other committee as designated by the Board.
1.6“Company” means Wells Fargo, a Delaware corporation, and its Affiliates.
1.7“Covered Employee(s) in Management” or “CEM(s)” means an employee who has been designated as a CEM by the Company based on his or her role, responsibilities, or activities, in each case under criteria established by the Company from time to time.
1.8“Executive Officer” means any executive officer as designated by the Board to be subject to Section 16 of the Securities Exchange Act of 1934, as amended.
1.9“Incentive Compensation” means all incentives, whether paid in cash or in equity that are awarded, granted, earned, vested or paid to an employee. 
1.10“Performance Conditions” has the meaning set forth in Section 2.2 of the Policy.
1.11“Performance Share” has the meaning set forth in the Wells Fargo & Company Long-Term Incentive Compensation Plan.

2.Authority to Claw back, Cancel, or Forfeit Incentive Compensation. The Committee shall be authorized to claw back, cancel, or forfeit Incentive Compensation from employees, including former employees of the Company, to the extent permitted by applicable law, in the following circumstances:

2.1Short-Term Cash-Based Incentive Compensation. The Committee may claw back of all or part of short-term cash-based Incentive Compensation (“cash incentive”)  previously paid to a CEM to the extent that:

a)The amount of the cash incentive was based upon the achievement of certain financial results that were subsequently reduced due to a financial restatement (public restatement) or was based upon one or more materially inaccurate performance metrics; or

b)The CEM engaged in willful misconduct or gross negligence that caused material financial or reputational harm to the Company.
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2.2Long-Term Incentive Compensation. The Committee may (1) claw back all or a portion of any previously vested or paid long-term Award; or (2) cause a performance adjustment, including the forfeiture or cancellation, of all or a portion of any unpaid or unvested long-term Award, if the Committee, or such other designee as referenced above, determines, in its discretion, that any one of the following “Performance Conditions” has occurred:

a)The employee engages in: (1) misconduct or commits an error that, in each case, causes material financial or reputational harm to the Company or to the employee’s business group; or (2) for purposes of a cancellation or forfeiture (but not for clawback), any conduct that constitutes Cause;

b)The amount of the Award was based upon the achievement of certain financial results that were subsequently reduced due to a financial restatement (public restatement) or was based upon one or more materially inaccurate performance metrics;

c)In connection with the employee’s job responsibilities, (1) failure through willful misconduct or gross negligence of the employee, including in a supervisory capacity, to identify, escalate, monitor, or manage, in a timely manner risks material to the Company or to the employee’s business group in accordance with Company policies and procedures (as applicable) or (2) the Company or the employee’s business group suffers a material failure of risk management; or

d)For purposes of unpaid or unvested Performance Share Awards only, failure of the employee, based on his or her role and responsibility, to achieve progress on resolving outstanding consent orders and/or other regulatory matters in accordance with commitments made by the Company. 

The Committee may consider any factors it determines necessary or appropriate in determining whether any of the aforementioned conditions apply and in determining whether a clawback or a performance adjustment, including forfeiture or cancellation, is appropriate and the amount thereof based on the particular facts and circumstances. All determinations by the Committee will be final and binding. 

In addition, the Company may dismiss the employee, authorize legal action, or take such other action to enforce the employee’s obligations to the Company as the Company may deem appropriate based on the particular facts and circumstances. The Company in determining the appropriate action, may but shall not be required to take into account penalties or punishments imposed by third parties, such as law enforcement agencies, regulators or other authorities. The Company’s power to determine the appropriate remedial action with respect to the employee is in addition to, and not in replacement of, remedies imposed by such third party entities.

3.Method of Clawback. The Committee, in its discretion, shall determine whether the Company shall effect a clawback (subject to applicable law) by (a)  seeking repayment from the employee, (b)  reducing  the amount that would otherwise be payable to the employee under any compensation, bonus, incentive, equity or other benefit plan, agreement, policy or arrangement maintained by the Company, (c) canceling any unpaid or unvested Incentive Compensation previously awarded to the employee, (d) withholding compensation including grants of compensatory or equity awards, that otherwise would have been paid or made in accordance with the Company’s compensation practices, commitments, or decisions, or (e) any combination of the foregoing.

4.Performance Year(s) Subject to Clawback or Forfeiture. The requirements of this Policy shall apply to (a) the most recent Incentive Compensation that has been vested and/or paid, so long as such payment(s) have taken place within five years from when the Committee approves a clawback; and (b) all unvested and/or unpaid Incentive Compensation.

5.Delegation of Authority. Any power of the Committee under this Policy may be exercised, except with respect to Executive Officers, by a duly authorized delegate of the Committee.

6.Interpretation. 

6.1The Committee has full authority to make determinations regarding the interpretation of the provisions of this Policy.
6.2This Policy is applicable to all Incentive Compensation awarded or granted beginning January 1, 2021.
6.3In the event of any conflict between the terms of this Policy and the terms of any Company plan, agreement, policy or arrangement under which Incentive Compensation has been granted or awarded, the terms of this Policy shall prevail.
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6.4In the event that any provision of this Policy or any part hereof is found invalid, the remainder of this Policy will be binding on the parties hereto and will be construed as if the invalid provision or part thereof had been deleted from this Policy.
6.5This Policy shall not apply to employees categorized as Identified Staff who are subject to the Malus and Clawback Policy for Identified Staff Team Members. “Identified Staff” means individuals who have been classified as identified staff for the purposes of the remuneration codes of the UK Financial Conduct Authority, the remuneration rules of the UK Prudential Regulation Authority, the Investment Firms Prudential Rules of the UK Financial Conduct Authority, the EU Capital Requirements Directive, the EU Alternative Investment Fund Managers Directive, the EU Undertakings for Collective Investment in Transferable Securities Directive, the EU Investment Firms Directive, or any associated directives, regulations and implementing legislation, rules or guidance, in each case as amended or replaced from time to time.
6.6To the extent Section 409A of the Internal Revenue Code is applicable to any Award, this Policy does not authorize any offset or substitution that would not comply with such Section.

7.Amendment or Termination. The Board or the Committee shall have the right to amend or cancel this Policy at any time if it determines in its sole discretion that such action would be in the best interests of the Company. Notwithstanding the authority of the Board or the Committee to amend this Policy, Wells Fargo’s Chief Human Resources Officer or the Head of Total Rewards, or such equivalent title, may amend the Policy to incorporate administrative revisions.

14

Wells Fargo Agreement Regarding Trade Secrets, 
Confidential Information, Non-Solicitation and Assignment of Inventions

I. Introduction 
In consideration for the Performance Share Award granted to me by Wells Fargo & Company on [applicable date], on the terms and conditions contained in the Performance Share Award Agreement (“Performance Share Award Agreement”), I acknowledge that the nature of my employment with and performance of services for Wells Fargo & Company and its affiliates (the “Company”) permits me to have access to certain of its trade secrets and confidential and proprietary information and that such information is, and shall always remain, the sole property of the Company. Any unauthorized disclosure or use of this information would be wrongful and would cause the Company irreparable harm. I also acknowledge that if in the course of my employment I develop Inventions (as defined herein), I agree that the property rights of such inventions belong to the Company and agree to assist, as may be necessary, with the assignment of these Inventions to the Company.  Therefore, I agree as follows: 
II.  Confidential Information 
During the course of my employment I will acquire knowledge of the Company’s Confidential Information.  The Company’s Confidential Information includes the following:

Trade Secrets:   “Trade Secrets” shall be defined under the Uniform Trade Secrets Act (the “UTSA”), as may be amended from time to time.  If the UTSA is not recognized by a state or jurisdiction that is interpreting this agreement, “Trade Secrets” is defined as information, including a formula, pattern, compilation, program, device, method, technique, or process, that: (1) derives independent economic value, actual or potential, from not being generally known to and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (2) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. 

Proprietary Information:  
•The names, address, and contact information of the Company’s customers and prospective customers, as well as any other personal or financial information relating to any customer or prospect, including, without limitation, account numbers, balances, portfolios, maturity and/or expiration or renewal dates, loans, policies, investment activities, purchasing practices, insurance, annuity policies and objectives;

•Any information concerning the Company’s operations, including without limitation, information related to its methods, services, pricing, costs, margins and mark ups, finances, practices, strategies, business plans, agreements, decision-making, systems, technology, policies, procedures, marketing, sales, techniques, agent information, and processes; and

•Any other proprietary and/or confidential information relating to the Company’s customers, products, services, sales, technologies, or business affairs.

Company Records: The records, documents, files and archives of the Company and include, but are not limited to, original, duplicated, computerized, memorized, handwritten or any other form of information, whether contained in materials provided to me by the Company, or by any institution acquired by the Company, or compiled by me in any form or manner including information in documents or electronic devices, such as software, flowcharts, graphs, spreadsheets, resource manuals, videotapes, calendars, day timers, planners, rolodexes, or telephone directories maintained in personal computers, laptop computers, personal digital assistants or any other device.

Personnel Records: Personal information about Company employees contained in the Company’s records and to which access is restricted and granted only for purposes of performing and evaluating job duties.

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Confidential Information:  “Confidential Information” includes (comprises) Trade Secrets, Proprietary Information, Company Records and Personnel Records.

I understand that my obligation to maintain the confidentiality of all Confidential Information continues at all times during and after my employment.  Confidential Information does not become any less confidential or proprietary to the Company because I may commit some of it to memory or because I may otherwise maintain this information outside of the Company’s offices. 

I agree that any Confidential Information of the Company is to be used by me solely and exclusively for the purpose of conducting business on behalf of the Company. I am expected to keep such Confidential Information confidential and not to divulge, use or disclose this information except for that purpose. If I resign or am terminated from my employment for any reason, I agree to immediately return to the Company all Company Records and Confidential Information, including information maintained by me in my office, outside of the office, in personal electronic devices, and in any format or storage system.

Notwithstanding the foregoing, I understand that nothing contained in this Agreement prohibits or restricts me (or my attorney) from initiating communications directly with, or responding to any inquiry from, or providing testimony before, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the National Labor Relations Board, the Equal Employment Opportunity Commission, or any self-regulatory organization or governmental authority charged with the enforcement of any laws.

III. Non-Solicitation of Company’s Employees and Customers
I agree that for the period beginning on my termination date with the Company through the greater of (i) the period beginning on my termination date through the Determination Date as defined in the Performance Share Award Agreement or (ii) the one-year period following my termination date (“the Non-Solicitation Period”), I will not do any of the following, either directly or indirectly or through associates, agents, or employees:  

a.    to the fullest extent enforceable under the applicable state law, solicit, recruit  or induce the solicitation or recruitment of any employee or consultant of the Company for the purpose of encouraging that employee or consultant to leave the Company’s employ or sever an agreement for services; or 

b.    to the fullest extent enforceable under the applicable state law, solicit, participate in or induce the solicitation of any of the Company’s clients, customers, or prospective customers with whom I had Material Contact and/or regarding whom I received Confidential Information, for the purpose of providing products or services (“Competitive Products/Services”).  “Material Contact” means interaction between me and the customer, client or prospective customer within one (1) year prior to my Separation of Service (as defined in the Performance Award Agreement) which takes place to manage, service or further the business relationship.

This limitation is not intended to limit the Company’s right to prevent misappropriation of its Confidential Information beyond the Non-Solicitation Period.    

IV.  Assignment of Inventions

I agree to disclose to the Company promptly in writing complete information regarding all Inventions that I make, conceive or first reduce to practice (alone or in conjunction with others) during my employment with the Company. For the purposes of this Assignment, the term “Invention” means any invention, discovery, design, formula, modification, improvement, new idea, business method, process, algorithm, software program, know how or trade secret, or other work or concept, whether recorded in a written document, electronically or not recorded at all and whether or not copyrightable or patentable. 

The categories of Inventions that are subject to this assignment are: (1) all Inventions that relate at the time of conception or reduction to practice of the Invention to the Company’s business, or actual or demonstrably anticipated research or development of the Company whether or not I made, conceived or first reduced the Inventions to practice during normal working hours; and (2) all Inventions involving the use of any time, material, information, or facility of the Company. 

I acknowledge and agree that all Inventions and all worldwide intellectual property rights therein are owned by the Company. All intellectual property rights in the Inventions shall vest in the Company on the date such Inventions are created, conceived, reduced to practice, actually or constructively, or reduced to a tangible medium of expression, whichever occurs first. Without limiting the foregoing, I agree that if any Inventions are copyrightable and fall within the definition of a “work made for hire” as defined in 17 U.S.C. §101 and §201(b), such Inventions will be considered “works made for hire” and all copyrights and copyright registrations related to such copyrightable Inventions will be 
16

the sole and exclusive property of the Company. If, and to the extent that, all intellectual property rights in any Inventions do not vest in the Company, I hereby irrevocably grant and assign, and agree to assign, to the Company without reservation, all of my worldwide ownership rights, title and interest in and to all Inventions and all present and future intellectual property rights in such Inventions, and irrevocably waive all moral rights in, and other intellectual property rights to, all Inventions.

By entering into this Assignment, I understand that I am not conveying any rights in Inventions I may have made, conceived or first reduced to practice before my employment with the Company (“Prior Inventions”). If I claim ownership in any Prior Inventions, I have identified and provided a non-confidential description of each such Prior Invention in the space provided below (and on additional pages as necessary):

			
	

I further agree, without charge and at the Company’s expense, to give the Company all assistance it reasonably requires to evidence, establish, maintain, perfect, protect, and use the rights to the Inventions I have assigned to it. In particular, but without limitation, I agree to sign all documents, supply all information, and provide all written or oral testimony that the Company may deem necessary or desirable to: (i) transfer or record the transfer of my entire right, title, and interest in the assigned Inventions; (ii) enable the Company to obtain patent protection for such Inventions anywhere in the world; and (iii) protect and enforce Company’s rights in the Inventions and the intellectual property rights therein. Notwithstanding the foregoing, I hereby irrevocably appoint Wells Fargo as attorney in fact (coupled with an interest) to execute any such documents.

V. Defend Trade Secrets Act Notice
I acknowledge and agree that nothing in this Agreement is intended to discourage or restrict me from reporting any theft of Trade Secrets pursuant to the Defend Trade Secrets Act of 2016 (the “DTSA”) or other applicable state or federal law.  The DTSA prohibits retaliation against an employee because of whistleblower activity in connection with the disclosure of Trade Secrets, so long as any such disclosure is made either (A) in confidence to an attorney or a federal, state, or local government official and solely to report or investigate a suspected violation of the law, or (B) under seal in a complaint or other document filed in a lawsuit or other proceeding. Nothing in this Agreement shall limit, curtail or diminish the Company’s statutory rights under the DTSA, any applicable state law regarding trade secrets or common law.

VI. Employment At Will
I understand that my employment with the Company is “at will” which means; (1) the Company and I both have the right to terminate my employment at any time, with or without advance notice and with or without cause and, (2) the Company has the right to change policies and terms and conditions of my employment at any time. I also understand that nothing in this Agreement changes, alters or modifies my “at will” status or my obligation to comply with all policies, procedures and rules of the Company, as they may be adopted or amended from time to time. My employment at will status may not be changed except in writing, signed by me and an officer of the Company at the level of executive vice president or higher, authorized by the senior Human Resource Manager for my business group. 

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VII. Injunctive Relief & Damages
Recognizing the irreparable nature of the injury that could be done by my violation of this Agreement and that money damages alone would be inadequate compensation to the Company, it is agreed that any violation of this Agreement by me should be the proper subject for immediate injunctive relief, specific performance and other equitable relief which shall be in addition to and not in lieu of any other remedies and damages to the Company may recover. 

VIII. Partial Invalidity 
If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, the remaining provisions of this Agreement shall remain in full force and effect and the invalid or unenforceable provision shall be modified only to the extent necessary to render that provision valid and enforceable to the fullest extent permitted by law.  If the invalid or unenforceable provision cannot be modified, that provision shall be severed from the Agreement and all other provisions shall remain valid and enforceable. 

IX. Choice of Law/Integration/Survival 
This Agreement and any dispute, controversy or claim which arises under or relates in any way to it shall be governed by the law of the state where the incident(s) giving rise to the dispute or claim arose. This Agreement supersedes any prior written or verbal agreements pertaining to the subject matter herein, and is intended to be a final expression of our Agreement with respect only to the terms contained herein. There may be no modification of this Agreement except in writing signed by me and an executive officer of the Company.  This Agreement shall survive my employment by the Company, inure to the benefit of successors and assigns of the Company, and is binding upon my heirs and legal representatives. 

Acknowledgement

I acknowledge that I have read, understand, and received a copy of this Agreement, and will abide by its terms.

															
					
	[Name of Executive]			Date	

      

18Exhibit 4.1 

 

BRIGHTWOOD
CAPITAL CORPORATION I

(A Maryland Corporation)

 

SUBSCRIPTION AGREEMENT

 

Article I.

 

Section 1.01          Subscription.

 

(a)            Subject
to the terms and conditions hereof, and in reliance upon the representations and warranties contained in this subscription agreement
(this “Subscription Agreement”), the undersigned (the “Investor”) irrevocably subscribes for and
agrees to purchase shares of common stock, par value $0.01 per share (“Shares”), of BRIGHTWOOD CAPITAL CORPORATION
I (the “Company”) on the terms and conditions described herein, in the Company’s disclosure package consisting
of the materials listed in Appendix F hereto (together with any appendices and supplements thereto, the “Disclosure Package”),
in the Company’s [Amended and Restated] Articles of Incorporation (the “Charter”), in the Company’s Bylaws
(the “Bylaws”), in the Investment Advisory and Management Agreement by and between the Company and BRIGHTWOOD CAPITAL
ADVISORS, LLC (the “Adviser”) (the “Investment Advisory Agreement”) and in the Administration
Agreement between the Company and BRIGHTWOOD CAPITAL ADVISORS, LLC (in such capacity, the “Administrator”)
(the “Administration Agreement” and together with the Charter, the Bylaws, the Investment Advisory Agreement and the
Disclosure Package, the “Operative Documents”). The Investor has received the Operative Documents. The Company expects
to enter into separate subscription agreements (the “Other Subscription Agreements”) with other investors (the “Other
Investors,” and together with the Investor, the “Investors”), providing for the sale of Shares to the Other
Investors. This Subscription Agreement and the Other Subscription Agreements are separate agreements, and the sales of Shares to the
undersigned and the Other Investors are to be separate sales.

 

(b)            The
Investor agrees to purchase Shares for an aggregate purchase price equal to the amount set forth on the signature page hereof (the
 “Capital Commitment”), payable at such times and in such amounts as required by the Company, under the terms and subject
to the conditions set forth herein. On each Drawdown Date (as defined below), the Investor agrees to purchase from the Company, and the
Company agrees to issue to the Investor, a number of Shares equal to the Drawdown Share Amount (as defined below) at an aggregate price
equal to the Drawdown Purchase Price (as defined below); provided, however, that in no circumstance will an Investor be required
to purchase Shares for an amount in excess of its Unused Capital Commitment (as defined below).

 

(c)            To
accommodate the legal, tax, regulatory or fiscal concerns of certain Other Investors, the Adviser may determine to allow certain Other
Investors (the “Fully Funded Other Investors”) to fully fund their Capital Commitment.

 

“Drawdown Purchase
Price” shall mean, for each Drawdown Date, an amount in U.S. dollars determined by multiplying (i) the aggregate amount
of Capital Commitments being drawn down by the Company from all Investors on that Drawdown Date, by (ii) a fraction, the numerator
of which is the Unused Capital Commitment of the Investor and the denominator of which is the aggregate Unused Capital Commitments of
all Investors that are not Defaulting Investors or Excluded Investors (as defined below).

 

     

     

    

 

“Drawdown Share Amount”
shall mean, for each Drawdown Date, a number of Shares determined by dividing (i) the Drawdown Purchase Price for that Drawdown Date
by (ii) the Per Share NAV (as defined below) as of the Drawdown Date, subject to adjustment to take into account a determination
of changes to the net asset value per share of common stock within 48 hours of the Drawdown Date to ensure compliance with Section 23(b) of
the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Adjustment Procedures”), with
the resulting quotient adjusted to the nearest whole number to avoid the issuance of fractional shares.

 

“Per Share NAV”
shall mean, for any date, the net asset value per share of common stock determined in accordance with the procedures set forth in the
Disclosure Package (as those procedures may be changed from time to time in a manner consistent with the limitations of the 1940 Act)
as of the last day of the Company’s fiscal quarter immediately preceding such date.

 

“Unused Capital Commitment”
shall mean, with respect to an Investor, the amount of such Investor’s Capital Commitment as of any date reduced by the aggregate
amount of contributions made by that Investor at all previous Drawdown Dates and any Catch-up Date pursuant to Section 1.01(b) and
Section 1.02(b), respectively.

 

Section 1.02          Closings.

 

(a)            The
closing of this subscription agreement will take place at [810 Seventh Avenue, 26th Floor, New York, New York 10019] on [___],
2022 (such date being the “Closing Date,” and the date upon which the first closing of any Subscription Agreement occurs
being referred to herein as the “Initial Closing Date”). The Investor agrees to provide any information reasonably
requested by the Company to verify the accuracy of the representations contained herein, including without limitation the investor suitability
questionnaire attached as Appendix A (the “Investor Profile Form”). Promptly after the Closing Date, the Company will
deliver to the Investor or its representative, if the Investor’s subscription has been accepted, a countersigned copy of this Subscription
Agreement and other documents and instruments necessary to reflect the Investor’s status as an investor in the Company, including
any documents and instruments to be delivered pursuant to this Subscription Agreement.

 

(b)            Subject
to Section 1.02(e) below, the Company may enter into Other Subscription Agreements with Other Investors after the Closing Date,
with any closing thereunder referred to as a “Subsequent Closing” and any Other Investor whose subscription has been
accepted at such Subsequent Closing referred to as a “Subsequent Investor.” Notwithstanding the provisions of Sections
1.01(b) and 2.01, on a date to be determined by the Company that occurs on or following the Subsequent Closing but no later than
the next succeeding Drawdown Date (the “Catch-up Date”), each Subsequent Investor shall be required to purchase from
the Company a number of Shares with an aggregate purchase price necessary to ensure that, upon payment of the aggregate purchase price
for such Shares by the Subsequent Investor on the Catch-up Date, such Subsequent Investor’s Invested Percentage (as defined below)
shall be equal to the Invested Percentage of all prior Investors (other than any Defaulting Investors, Excluded Investors or Fully Funded
Other Investors) (the “Catch-up Purchase Price”). Upon payment of the Catch-up Purchase Price by the Investor on the
Catch-up Date, the Company shall issue to each such Subsequent Investor a number of Shares determined by dividing (x) the Catch-up
Purchase Price by (y) the Per Share NAV as of the Catch-up Date, subject to adjustment in accordance with the Adjustment Procedures.
For the avoidance of doubt, in the event that the Catch-up Date and a Drawdown Date occur on the same calendar day, the Catch-up Date
(and the application of the provisions of this Section 1.02(b)) shall be deemed to have occurred immediately prior to the relevant
Drawdown Date.

 

    	 	2	 

     

    

 

“Invested Percentage”
means, with respect to an Investor, the quotient determined by dividing (i) the aggregate amount of contributions made by such Investor
pursuant to Section 1.01(b) and this Section 1.02(b) by (ii) such Investor’s Capital Commitment.

 

(c)            At
each Drawdown Date following any Subsequent Closing, all Investors, including Subsequent Investors, shall purchase Shares in accordance
with the provisions of Section 1.01(b); provided, however, that notwithstanding the foregoing, the definition of Drawdown
Share Amount and the provisions of Section 2.01(b), nothing in this Subscription Agreement shall prohibit the Company from issuing
Shares to Subsequent Investors at a per share price greater than the Per Share NAV as of the Drawdown Date, as adjusted pursuant to the
Adjustment Procedures.

 

(d)            Notwithstanding
the foregoing, the Company may permit the Investor to increase its Capital Commitment; provided however, that any such increases do not
cause the Investor’s Capital Commitment to exceed $700,000,000 or such other amount as may be mutually agreed to by the Company
and Investor. In the event that any Investor is permitted by the Company to make an additional capital commitment to purchase Shares on
a date after its initial subscription has been accepted, such Investor will be required to enter into a separate subscription agreement
with the Company and such other documents as may be requested by the Company, it being understood and agreed that such separate subscription
agreement will be considered to be an Other Subscription Agreement for the purposes of this Subscription Agreement.

 

(e)            Notwithstanding
anything to the contrary set forth in this Section 1.02, the Company shall not seek to raise additional Capital Commitments from
Subsequent Investors without the prior consent or approval of the holders of the majority of the Company’s then outstanding Shares.

 

Article II.

 

Section 2.01          Drawdowns.

 

(a)            Subject
to Section 2.01(e), purchases of Shares will take place on dates selected by the Company in its sole discretion (each, a “Drawdown
Date”) and shall be made in accordance with the provisions of Section 1.01(b); provided, however, that no Drawdown Date
shall occur until the Company’s Form 10 shall have become effective under the 1934 Act.

 

    	 	3	 

     

    

 

(b)            Prior
to each Drawdown Date, the Company shall deliver to the Investor a notice (each, a “Drawdown Notice”) setting forth
(i) the aggregate purchase price for Shares being purchased on the Drawdown Date; (ii) the applicable Drawdown Purchase Price;
(iii) the estimated Drawdown Share Amount; (iv) applicable Per Share NAV as of the applicable Drawdown Date, and (v) the
account to which the Drawdown Purchase Price should be wired. The Company shall deliver each Drawdown Notice to the Investor at least
10 Business Days prior to the Drawdown Date. On the Drawdown Date, if as a result of adjustments to the Per Share NAV in accordance with
the Adjustment Procedures, the estimated Drawdown Share Amount set forth in the Drawdown Notice is not the actual Drawdown Share Amount,
the Company will deliver to the Investor an additional notice setting forth the adjusted Per Share NAV and the actual Drawdown Share Amount.

 

For the purposes of this Subscription
Agreement, the term “Business Day” means any day, other than Saturday, Sunday or a federal holiday, and shall consist
of the time period from 12:01 a.m. through 12:00 midnight Eastern time.

 

(c)            On
each Drawdown Date, the Investor shall pay the Drawdown Purchase Price to the Company by bank wire transfer in immediately available funds
in U.S. dollars to the account specified in the Drawdown Notice.

 

(d)            The
Company has appointed a third party transfer agent, distribution paying agent and registrar for the Shares.

 

(e)            At
the end of the Investment Period (as defined below), any Unused Capital Commitment (other than any Defaulted Commitment) shall automatically
be reduced to zero, provided, however that Investors will remain obligated to fund Drawdowns to the extent necessary to pay amounts
due under Drawdown Notices that the Company may thereafter issue to: (a) fund the management fee and other Company liabilities and
expenses throughout the term of the Company (including to repay outstanding financings of the Company); (b) complete Company investments
that are in process or that have been committed to as of the end of the Investment Period; and (c) make follow-on investments in
an aggregate amount up to 10% of the gross assets of the Company. “Investment Period” shall mean the period beginning
on the date of the Initial Closing and continuing through the four year anniversary of the Initial Closing, subject to automatic extensions,
thereafter, each for an additional one year period, unless the holders of a majority of the company’s then outstanding Shares elect
to forego any such extension, upon not less than ninety (90) days prior written notice to the Adviser; provided, however, that
the holders of a majority of the Company’s then outstanding Shares may terminate the Investment Period at any time, upon not less
than ninety (90) days prior written notice to the Adviser. The Adviser may also terminate the Investment Period as of an earlier date
in its good faith discretion after consulting with the Investors about the reasons for the termination and making good faith efforts to
resolve the reason for the early termination if so requested by the holders of a majority of outstanding Shares.1

 

(f)            The
term of the Company (the “Term”) shall be perpetual.

 

 

 

    	 	4	 

     

    

 

(g)            Notwithstanding
anything to the contrary contained in this Subscription Agreement, the Company shall have the right (a “Limited Exclusion Right”)
to exclude any Investor (such Investor, an “Excluded Investor”) from purchasing Shares from the Company on any Drawdown
Date if, in the reasonable discretion of the Company, there is a substantial likelihood that such Investor’s purchase of Shares
at such time would result in a violation of, or noncompliance with, any law or regulation to which such Investor, the Company, the Adviser,
any Other Investor or a portfolio company would be subject. In the event that any Limited Exclusion Rights is exercised, the Company shall
be authorized to issue an additional Drawdown Notice to the non-Excused Investors to make up any applicable shortfall caused by such Limited
Exclusion Right. In no event shall the Investor be required to contribute capital pursuant to any Drawdown Notice in excess of the Investor’s
then current Unused Capital Commitment.

 

Section 2.02          Pledging.
Without limiting the generality of the foregoing, the Investor specifically agrees and consents that the Company may, at any time, and
without further notice to or consent from the Investor (except to the extent otherwise provided in this Subscription Agreement), grant
security over (and, in connection therewith), Transfer (as defined in Section 4.01(c)(1) its right to draw down capital from
the Investor pursuant to Section 2.01, and the Company’s right to receive the Drawdown Share Purchase Price (and any related
rights of the Company), to lenders or other creditors of the Company, in connection with any indebtedness, guarantee or surety of the
Company; provided that, for the avoidance of doubt, any such grantee’s right to draw down capital shall be subject to the
limitations on the Company’s right to draw down capital pursuant to Section 2.01. In connection with any such secured financing
(a “Subscription Facility”), the Investor specifically agrees, for the benefit of the Company and such lenders, to the following:

 

    	 	5	 

     

    

 

(a)            The
Company may incur indebtedness for Company purposes, including without limitation pursuant to a Subscription Facility, and secure such
Subscription Facility by (i) the Unused Capital Commitments, (ii) the Company’s rights to issue Drawdown Notices and receive
payment therefor, (iii) the Company’s right to exercise remedies against the Investors and the Other Investors for failure
to pay for such Shares as required by the Drawdown Notices, (iv) the deposit account into which the payments for such Shares will
be wired, and (v) any related collateral and proceeds thereof, (b) the Investor acknowledges and agrees that the lender (or
agent for the lenders) under a Subscription Facility is relying on each Investor’s Unused Capital Commitment as its primary source
of repayment and may issue future Drawdown Notices and may exercise all remedies of the Company with respect thereto as part of such lenders’
(or such lenders’ agents’) remedies under the Subscription Facility, (c) in the event of a failure by any Investor to
pay for such Shares, each of the Company and such lender (or agent for such lender) is entitled to pursue any and all remedies available
to it under this Subscription Agreement, including issuing additional Drawdown Notices to non-Defaulting Investors in order to make up
any deficiency caused by the default of the Investor, whose ownership in the Company would be diluted as a result, (d) the Investor
agrees that its obligation to fund Drawdown Notices pursuant to Section 2.01 is irrevocable, and shall be without setoff, counterclaim
or defense of any kind, including any defense pursuant to Section 365 of the U.S. Bankruptcy Code (other than any defenses provided
hereunder), (e) the Investor has received full and adequate consideration on the date hereof for its Shares that are to be paid and
issued in subsequent installments, and any defense of non-consideration or similar defenses for its subscription are hereby waived by
the Investor, whether in bankruptcy, insolvency, receivership or similar proceedings or otherwise, including any failure or inability
of the Company to issue Shares or for any such Shares to have positive value on the date of a Drawdown Notice, (f) the Company may
use the proceeds of any Share issuance for repaying outstanding loans under the Subscription Facility, (g) the Investor agrees that
the Company may reveal the Investor’s identity, this Subscription Agreement and any side letter or similar arrangement with the
Investor on a confidential basis to the lenders (or agents for the lenders) under a Subscription Facility, if so required under the terms
of such Subscription Facility, (h) upon the reasonable request of the Company, the Investor will, as soon as reasonably practicable,
provide the Company with copies of its publicly available financial statements to enable the Company to comply with underwriting requests
from any lender (or agent for such lender) under a Subscription Facility and take such further action as may be reasonably requested by
the Company to consummate the financing contemplated in this Section 2.02, (i) any claim the Investor may have against the Company
or another Investor in the Company shall be subordinate to any claim a lender (or agent for such lender) under the Subscription Facility
may have against the Company or such Investor, (j) from time to time upon request, the Investor will provide to any lender under
a Subscription Facility a certificate setting forth such Investor’s then Unused Capital Commitment, (k) it acknowledges and
confirms that the terms of the applicable Subscription Facility and each other agreement executed in connection therewith can be modified
(including, without limitation, increases, decreases or renewals of credit extended, or the release of any guarantee or security) without
further notice to such Investor and without its consent; provided, however, that in no event shall any such modification of any
such document alter an Investor’s rights or obligations hereunder without such Investor’s written consent, (l) each Investor
acknowledges that the making and performance of its obligations hereunder constitute private and commercial acts rather than governmental
or public acts, and that neither it nor any of its properties or revenues has any right of immunity from suit, court jurisdiction, execution
of a judgment or from any other legal process with respect to its obligations hereunder, and to the extent that it may hereafter be entitled
to claim any such immunity, or to the extent that there may be attributed to it such an immunity (whether or not claimed), unless otherwise
agreed in writing by the Company, it hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity, (m) upon
the withdrawal or transfer of the Investor’s interest in the Company in accordance with the terms hereof, such Investor acknowledges
that it may be required at the time of such withdrawal or transfer to fund a Drawdown Notice to repay amounts outstanding under the Subscription
Facility equal to its share thereof; provided that such Investor shall not be required to fund a Drawdown Notice in excess of its
Unused Capital Commitment, and (n) that the lenders (or agents for the lenders) under a Subscription Facility are third party beneficiaries
of this Subscription Agreement who may rely on the Investor’s agreements in this Section 2.02 in providing a Subscription Facility
to the Company.

 

Section 2.03          Distributions.

 

(a)            The
Company represents and warrants that it shall not make any distributions consisting of securities that are not Marketable Securities except
in connection with liquidation distributions in accordance with Maryland General Corporation Law. “Marketable Securities”
means securities which are traded or quoted on the New York Stock Exchange, American Stock Exchange or the Nasdaq Global Market or on
a comparable securities market or exchange now or in the future.

 

(b)            The
Company shall provide at least five (5) Business Days’ notice prior to the payment date of any distribution to the Investor.
Distributions shall consist of cash or cash equivalents, except that the Company may make distributions of assets in kind to the Investor
with the prior consent of the Investor.

 

    	 	6	 

     

    

 

(c)            During
the Investment Period, any amounts received by the Company as a return of capital (as opposed to a return on capital) with respect to
an investment may be retained by the Company, without reducing the Investor’s Unused Capital Commitments, for the purpose of making
investments and/or for such other permissible purposes as set out in the Disclosure Package.

 

Article III.

 

Section 3.01          Remedies
Upon Investor Default. In the event that an Investor fails to pay all or any portion of the Drawdown Purchase Price due from such Investor
on any Drawdown Date (such amount, together with the full amount of such Investor’s remaining Capital Commitment, a “Defaulted
Commitment”) and such default remains uncured for a period of 10 Business Days, the Company shall be permitted to declare such Investor
to be in default of its obligations under this Subscription Agreement (any such Investor, a “Defaulting Investor”) and shall
be permitted to pursue one or any combination of the following remedies:

 

(a)             The
Company may prohibit the Defaulting Investor from purchasing additional Shares on any future Drawdown Date;

 

(b)            The
Company may offer up to 25% of the Defaulting Investor’s Shares (the “Offered Shares”) first, to the Other Investors
(other than any defaulting Other Investors) and if such Other Investors do not purchase all of such Offered Shares, to third parties for
purchase at a price equal to the lesser of the then net asset value of such Shares or the highest price reasonably obtainable by the Company,
subject to such other terms as the Company in its discretion shall determine, which offer(s) shall be binding upon the Defaulting
Investor if the purchasing Other Investors or third parties agree to assume the related Capital Commitment with respect to such Shares
of the Defaulting Investor, including any portion then due and unpaid, and the Company pursuant to its authority under Section 5.01
may execute on behalf of the Defaulting Investor any documents necessary to effect the Transfer (as defined herein) of the Defaulting
Investor’s Shares pursuant to this Section 3.01(b); provided, however, that notwithstanding anything to the contrary
contained in this Subscription Agreement, no Shares shall be transferred to any Other Investor pursuant to this Section 3.01(b) in
the event that such Transfer (as defined in herein) would (x) violate the Securities Act of 1933, as amended (the “1933
Act”), the 1940 Act or any state (or other jurisdiction) securities or “Blue Sky” laws applicable to the Company
or such Transfer (as defined in Section 4.01(c)(1), or (y) constitute a non-exempt “prohibited transaction” under
Section 406 of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975
of the U.S. Internal Revenue Code of 1986, as amended (the “Code”)(it being understood that this proviso shall operate
only to the extent useful to avoid the occurrence of the consequences contemplated herein);

 

(c)            The
Company may pursue any other remedies against the Defaulting Investor available to the Company, subject to applicable law. The Investor
agrees that this Section 3.01 is solely for the benefit of the Company and shall be interpreted by the Company against a Defaulting
Investor in the discretion of the Company. The Investor further agrees that the Investor cannot and shall not seek to enforce this Section 3.01
against the Company or any shareholder in the Company; and

 

(d)           The
Company shall be authorized to issue additional Drawdown Notices to non-Defaulting Investors to make up for any short-fall caused by a
Defaulting Investor’s failure to fund any Drawdown Notice, provided that no Investor shall be obligated to fund more than
its then Unused Capital Commitment.

 

    	 	7	 

     

    

 

Article IV.

 

Section 4.01          Investor
Representations, Warranties and Covenants. The Investor hereby acknowledges, represents and warrants to, and agrees with, the Company
as follows:

 

(a)           This
Subscription Agreement has been duly authorized, executed and delivered by the Investor and, upon due authorization, execution and delivery
by the Company, will constitute the valid and legally binding agreement of the Investor enforceable in accordance with its terms against
the Investor, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium
or other laws of general application relating to or affecting the enforcement of creditors’ rights and remedies, as from time to
time in effect.

 

(b)           The
Investor is acquiring the Shares for the Investor’s own account as principal for investment and not with a view to the distribution
or sale thereof.

 

(c)

 

(1)          The
Investor understands that the offering and sale of the Shares are intended to be exempt from registration under the 1933 Act, applicable
U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption from registration provided
in Section 4(2) of the 1933 Act, exemptions under applicable U.S. state securities laws and exemptions under the laws of any
non-U.S. jurisdictions, and it agrees that any Shares acquired by the Investor may not be sold, offered for sale, exchanged, transferred,
assigned, pledged, hypothecated or otherwise disposed of (each, a “Transfer”) in any manner that would require the
Company to register the Shares under the 1933 Act, under any U.S. state securities laws or under the laws of any non-U.S. jurisdictions.

 

(2)          The
Investor understands that the Company requires each investor in the Company to be an “accredited investor” as defined in Rule 501(a) of
Regulation D of the 1933 Act (“Accredited Investor”) and the Investor represents and warrants that it is an Accredited
Investor.

 

(3)          The
Investor understands that the offering and sale of the Shares in non-U.S. jurisdictions may be subject to additional restrictions and
limitations, and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations and
other legal requirements applicable to the Investor including, without limitation, the legal requirements of jurisdictions in which the
Investor is resident and in which such acquisition is being consummated. Furthermore, the Investor understands that all offerings and
sales made outside the United States will be made pursuant to Regulation S under the 1933 Act.

 

(d)           The
Investor: (i) is not registered as an investment company under the 1940 Act; (ii) has not elected to be regulated as a business
development company under the 1940 Act; and (iii) either (A) is not relying on the exception from the definition of “investment
company” under the 1940 Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is permitted to acquire
and hold more than 3% of the outstanding voting securities of a business development company regulated under the 1940 Act.

 

    	 	8	 

     

    

 

(e)

 

(1)          The
Investor may not Transfer any of its Shares or its Capital Commitment unless (i) the Adviser provides its prior written consent,
which, with respect to a Plan (as defined in Section 4.02(a) hereof), will not be withheld unreasonably in the case of a change
of the Plan’s fiduciaries or trustees, (ii) the Transfer is made in accordance with applicable securities laws and (iii) the
Transfer is otherwise in compliance with the transfer restrictions set forth in Appendix B. No Transfer will be effectuated except by
registration of the Transfer on the Company books. Each transferee must agree to be bound by these restrictions and the terms of the Operative
Documents and all other obligations as a shareholder in the Company.

 

(2)          The
Investor is aware and understands that there are other substantial restrictions on the transferability of Shares or Capital Commitment
under this Subscription Agreement, the Operative Documents and under applicable law including, but not limited to, the fact that (a) there
is no established market for the Shares and it is possible that no public market for the Shares will develop; (b) the Shares are
not currently, and Investors have no rights to require that the Shares be, registered under the 1933 Act or the securities laws of the
various states of the United States or any non-U.S. jurisdiction and therefore cannot be transferred unless subsequently registered or
unless an exemption from such registration is available; and (c) the Investor may have to hold the Shares herein subscribed for and
bear the economic risk of this investment indefinitely, and it may not be possible for the Investor to liquidate its investment in the
Company. The Investor acknowledges that it has no need for liquidity in this investment, has the ability to bear the economic risk of
this investment, has the ability to retain its Shares for an indefinite period and at the present time and in the foreseeable future can
afford a complete loss of this investment.

 

(3)          Notwithstanding
any other provision of this Subscription Agreement, the Investor covenants that it will not Transfer all or any part of the Shares or
its Capital Commitment (or purport to do so) if such Transfer would cause (A) the Company or the Adviser to be in violation of the
U.S. Bank Secrecy Act, as amended, the U.S. Money Laundering Control Act of 1986, as amended, the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”), as amended,
or any similar U.S. federal, state or non-U.S. law or regulation (collectively, “Anti-Money Laundering Laws”); or (B) the
Shares to be held by a country, territory, entity or individual currently subject to any U.S. sanctions administered by the Office of
Foreign Assets Control of the U.S. Treasury Department (“OFAC”) or any entity or individual that resides or has a place
of business in, or is organized under the laws of, a country or territory that is subject to any sanctions administered by OFAC.

 

(4)          The
Investor represents that (i) it is an “employee welfare benefit plan” within the meaning of Section 3(3) of
ERISA and (ii) (a) the bank from which the Investor’s payment is being wired (the “Wiring Bank”) is located
in an Approved FATF Country and (b) the Investor is a customer of the Wiring Bank.

 

    	 	9	 

     

    

 

(5)          The
Company and the Adviser acknowledge and agree that, based upon the Investor’s representation that the Investor is an employee welfare
benefit plan, the Investor shall not (i) be deemed to make any representations in the Subscription Agreement in respect of any Investor’s
plan participants or beneficiaries (collectively, “Participants”) or the members of the Committee of the UAW Retiree Medical
Benefits Trust (the “Committee”) or (ii) required or requested to provide any information pursuant to the Subscription
Agreement to the Company or the Adviser with respect to the Participants or Committee members, except that the Investor agrees to use
its good faith and reasonable efforts, consistent with its own legal obligations and internal policies, to provide information with respect
to such Participants and Committee members to the Company, the Adviser or their respective affiliates if so required by law or regulation.
The Investor further represents that it does not have actual knowledge that (i) the monies used to fund the Investor’s investment
in the Company have been or will be derived from or related to any illegal activities, and including but not limited to, money laundering
activities, and (ii) the proceeds from the Investor’s investment in the Company will be used to finance any illegal activities.

 

(f)

 

(1)          If
the Investor is not a natural person, (x) the Investor was not formed or recapitalized for the specific purpose of acquiring any
Shares in the Company, (y) the Investor has the power and authority to enter into this Subscription Agreement and each other document
required to be executed and delivered by the Investor in connection with this subscription for Shares, and to perform its obligations
hereunder and thereunder and consummate the transactions contemplated hereby and thereby and (z) the person signing this Subscription
Agreement on behalf of the Investor has been duly authorized to execute and deliver this Subscription Agreement and each other document
required to be executed and delivered by the Investor in connection with this subscription for Shares.

 

(2)          If
the Investor is a natural person, the Investor has all requisite legal capacity to acquire and hold the Shares and to execute, deliver
and comply with the terms of each of the documents required to be executed and delivered by the Investor in connection with this subscription
for Shares.

 

(3)          The
execution, delivery and performance of this Subscription Agreement by the Investor do not and will not result in a breach of any of the
terms, conditions or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other
evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which the Investor is
a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant
to any of the foregoing, violate the organizational documents of the Investor, or violate in any material respect any statute, regulation,
law, order, writ, injunction or decree to which the Investor is subject.

 

(4)          The
Investor has obtained all authorizations, consents, approvals and clearances of all courts, governmental agencies and authorities and
such other persons, if any, required to permit the Investor to enter into this Subscription Agreement and to consummate the transactions
contemplated hereby and thereby.

 

    	 	10	 

     

    

 

(g)           The
Investor understands, and gives full authorization, approval and consent to, the remedies described in Section 3.01.

 

(h)           The
Investor agrees to deliver to the Company such other information as to certain matters under the 1933 Act, the 1940 Act and the U.S. Investment
Advisers Act of 1940, as amended (the “Advisers Act”) as the Company may reasonably request (including, but not limited
to, the Investor Profile Form) in order to ensure compliance with such Acts and the availability of any exemption thereunder.

 

(i)            The
Investor acknowledges and agrees that, pursuant to the Charter and the Investment Advisory Agreement, the Company and/or the Adviser have
the power and discretion to make all investment decisions in accordance with the terms of the Charter and the Investment Advisory Agreement.
Accordingly, the Investor acknowledges that neither the Company, the Adviser nor any affiliate thereof has rendered or will render any
individual investment advice or securities valuation advice to the Investor (as opposed to the Company), and that the Investor is neither
subscribing for nor acquiring any Shares in reliance upon, or with the expectation of, any such individual advice to the Investor.

 

(j)            The
Investor has reviewed the Operative Documents, as each may be amended and/or restated through the closing date of the Investor’s
subscription for Shares, and has read and understands the risks of, and other considerations relating to, a purchase of Shares and the
Company’s investment objectives, policies and strategies, including, but not limited to, the information contained in the Disclosure
Package. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the
merits and risks of the prospective investment in the Shares. The Investor has evaluated the risks of investing in the Company, understands
there are substantial risks of loss incidental to the purchase of Shares, and has determined that the Shares are a suitable investment
for the Investor. The Investor has no need for liquidity in the investment, can afford a complete loss of the investment in the Shares
and can afford to hold the investment for an indefinite period of time.

 

(k)           The
Investor was offered the Shares through private negotiations, not through any general solicitation or general advertising and in the state
listed in the Investor’s permanent address set forth in the Investor Profile Form. Other than as set forth herein and in the Operative
Documents, the Investor is not relying upon any information (including, without limitation, any advertisement, article, notice or other
communication published in any newspaper, magazine, website or similar media or broadcast over television or radio, and any seminars or
meetings whose attendees have been invited by any general solicitation or advertising) provided by the Company, the Adviser, any affiliate
of the foregoing or any agent of them, written or otherwise, in determining to invest in the Company and the Investor understands that
the Disclosure Package and the information contained therein is not intended to convey tax or legal advice. The Investor has consulted
to the extent deemed appropriate by the Investor with the Investor’s own advisers as to the financial, tax, legal, accounting, regulatory
and other matters concerning an investment in Shares and on that basis understands the financial, tax, legal, accounting, regulatory and
other consequences of an investment in Shares, and believes that an investment in the Shares is suitable and appropriate for the Investor.

 

    	 	11	 

     

    

 

(l)            The
Investor has been given the opportunity to ask questions of, and receive answers from, the Adviser, the Company and their respective personnel
relating to the Company, concerning the terms and conditions of the purchase of Shares and other matters pertaining to this investment,
and has had access to such financial and other information concerning the Company as it has considered necessary to verify the accuracy
of any information provided and to make a decision to invest in the Company, and has availed itself of this opportunity to the full extent
desired.

 

(m)          No
representations or warranties have been made to the Investor with respect to this investment, the Adviser or the Company other than the
representations of the Company set forth herein and in the Operative Documents and the Investor has not relied upon any representation
or warranty not provided herein or in the Operative Documents in making this subscription.

 

(n)           Representations
for Non-U.S. Persons:

 

(1)          If
the Investor is not a “United States Person,” as defined in Appendix C hereto, the Investor has heretofore notified the Company
in writing of such status.

 

(2)          The
Investor will notify the Company immediately if the Investor becomes a United States Person.

 

(3)          The
Investor represents and warrants that the Investor is acquiring the Shares for its own account for investment purposes only and is not
subscribing on behalf of or funding its commitment with funds obtained from a United States Person.

 

(4)          Except
for offers and sales to discretionary or similar accounts held for the benefit or account of a non-U.S. Person by a U.S. dealer or other
professional fiduciary, all offers to sell and offers to buy the Interest were made to or by the Investor while the Investor was outside
the United States and at the time the Investor’s order to buy the Shares originated (and at the time this Subscription Agreement
was executed by the Investor) the Investor was outside the United States.

 

(o)

 

(1)          Neither
the Investor, nor any of its affiliates or beneficial owners (which for this purpose does not include the Investor’s Plan participants
or beneficiaries), (A) appears on the Specially Designated Nationals and Blocked Persons List of OFAC, nor are they otherwise a party
with which any entity is prohibited to deal under the laws of the United States, or (B) is a person identified as a terrorist organization
on any other relevant lists maintained by governmental authorities. The Investor further represents and warrants that the monies used
to fund the investment in the Shares are not derived from, invested for the benefit of, or related in any way to, the governments of,
or persons within, any country (1) under a U.S. embargo enforced by OFAC, (2) that has been designated as a “non-cooperative
country or territory” by the Financial Action Task Force on Money Laundering or (3) that has been designated by the U.S. Secretary
of the Treasury as a “primary money laundering concern.” The Investor further represents and warrants that the Investor: (I) has
conducted thorough due diligence with respect to all of its beneficial owners, (II) has established the identities of all beneficial
owners and the source of each of the beneficial owner’s funds and (III) will retain evidence of any such identities, any such
source of funds and any such due diligence. Pursuant to anti-money laundering laws and regulations, the Company may be required to collect
documentation verifying the Investor’s identity and the source of funds used to acquire Shares before, and from time to time after,
acceptance by the Company of this Subscription Agreement. Investor further represents and warrants that the Investor does not know or
have any reason to suspect that (x) the monies used to fund the Investor’s investment in the Shares have been or will be derived
from or related to any illegal activities, including, but not limited to, money laundering activities, and (y) the proceeds from
the Investor investment in the Shares will be used to finance any illegal activities.

 

    	 	12	 

     

    

 

(2)         The
Investor will provide to the Company at any time such information as the Company determines to be necessary or appropriate (A) to
comply with the anti-money laundering laws, rules and regulations of any applicable jurisdiction and (B) to respond to requests
for information concerning the identity of Investor from any governmental authority, self-regulatory organization or financial institution
in connection with its anti-money laundering compliance procedures, or to update such information.

 

(3)          To
comply with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Investor to the Company
and all payments and distributions to the Investor from the Company will only be made in the Investor’s name and to and from a bank
account of a bank based or incorporated in or formed under the laws of the United States or that is regulated in and either based or incorporated
in or formed under the laws of the United States and that is not a “foreign shell bank” within the meaning of the U.S. Bank
Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the regulations promulgated thereunder by the U.S. Department of the
Treasury, as such regulations may be amended from time to time.

 

(4)          The
representations and warranties set forth in this Section 4.01(o) shall be deemed repeated and reaffirmed by the Investor to
the Company as of each date that the Investor is required to make a capital contribution to, or receives a distribution from, the Company.
If at any time during the term of the Company, the representations and warranties set forth in this Section 4.01(o) cease to
be true, the Investor shall promptly so notify the Company in writing.

 

(5)          The
Investor understands and agrees that the Company may not accept any amounts from a prospective Investor if such prospective Investor cannot
make the representations set forth in this Section 4.01(o).

 

(p)           In
the event that the Investor is, receives deposits from, makes payments to or conducts transactions relating to, a non-U.S. banking institution
(a “Non-U.S. Bank”) in connection with the Investor’s investment in Shares, such Non-U.S. Bank: (i) has
a fixed address, other than an electronic address or a post office box, in a country in which it is authorized to conduct banking activities,
(ii) employs one or more individuals on a full-time basis, (iii) maintains operating records related to its banking activities,
(iv) is subject to inspection by the banking authority that licensed it to conduct banking activities and (v) does not provide
banking services to any other Non-U.S. Bank that does not have a physical presence in any country and that is not a registered affiliate.

 

    	 	13	 

     

    

 

(q)           The
Investor agrees and acknowledges that, among other remedial measures, (A) in order to comply with governmental regulations, if the
Company determines in its sole discretion that such action is in the best interests of the Company, the Company may “freeze the
account” of the Investor, either by prohibiting additional investments by the Investor, segregating assets of the Investor and/or
suspending other rights the Investor may have under the Operative Documents and (B) the Company may be required to report such action
or confidential information relating to the Investor (including without limitation, disclosing the Investor’s identity) to regulatory
authorities.

 

(r)            None
of the information concerning the Investor nor any statement, certification, representation or warranty made by the Investor in this Subscription
Agreement or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor Profile
Form) and any forms W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP) contains any untrue statement of a material fact or omits
to state a material fact necessary in order to make the statements contained therein or herein not misleading.

 

(s)            The
Investor agrees that the foregoing certifications, representations, warranties, covenants and agreements shall survive the acceptance
of this subscription, the first Drawdown Date and the dissolution of the Company, without limitation as to time. Without limiting the
foregoing, the Investor agrees to give the Company prompt written notice in the event that any statement, certification, representation
or warranty of the Investor contained in this Article IV or any information provided by the Investor herein or in any document required
to be provided under this Subscription Agreement (including, without limitation, the Investor Profile Form and any forms W-9 or W-8
(W-8BEN, W-8BEN-E, W-8IMY and W-8EXP)) ceases to be true at any time following the date hereof.

 

(t)            The
Investor agrees to provide such information and execute and deliver such documents as the Company or the Adviser may reasonably request
to verify the accuracy of the Investor’s representations and warranties herein or to comply with any law or regulation to which
the Company, the Adviser or a portfolio company may be subject.

 

(u)           The
Investor understands that the Company intends to file elections to be treated as (i) a business development company under the 1940
Act and (ii) a regulated investment company within the meaning of Section 851 of the Code, for U.S. federal income tax purposes;
pursuant to those elections, the Investor will be required to furnish certain information to the Company as required under Treasury Regulations
 § 1.852-6(a) and other regulations. If the Investor is unable or refuses to provide such information directly to the Company,
the Investor understands that it will be required to include additional information on its income tax return as provided in Treasury Regulation
 § 1.852-7. The Company has filed a registration statement on Form 10 (the “Form 10”) for the common
stock with the U.S. Securities and Exchange Commission (the “SEC”) under the Securities Exchange Act of 1934, as amended
(the “1934 Act”). The Form 10 is not the offering document pursuant to which the Company is conducting this offering
and may not include all information regarding the Company contained in the Disclosure Package or other Operative Documents; accordingly, Investors
should rely exclusively on information contained in the Operative Documents, in making their investment decisions.

 

    	 	14	 

     

    

 

(v)           The
Investor acknowledges that, in order to comply with the provisions of the U.S. Foreign Account Tax Compliance Act (“FATCA”)
and avoid the imposition of U.S. federal withholding tax, the Company may, from time to time, require further information and/or documentation
from the Investor and, if and to the extent required under FATCA, the Investor’s direct and indirect beneficial owners (if any)
(which for this purpose does not include the Investor’s plan participants or beneficiaries), relating to or establishing any such
owner’s identity, residence (or jurisdiction of formation), income tax status, and other required information and may provide or
disclose such information and documentation to the U.S. Internal Revenue Service. The Investor agrees that it shall provide such information
and documentation concerning itself and its beneficial owners, if any, as and when requested by the Company sufficient for the Company
to comply with its obligations under FATCA. The Investor acknowledges that, if the Investor does not provide the requested information
and documentation, the Company may, at its sole option and in addition to all other remedies available at law or in equity, prohibit additional
investments, decline or delay any redemption requests by the Investor and/or deduct from such Investor’s account and retain amounts
sufficient to indemnify and hold harmless the Company from any and all withholding taxes, interest, penalties and other losses or liabilities
suffered by the Company on account of the Investor’s not providing all requested information and documentation in a timely manner,
and to ensure that such withholding taxes, interest, penalties and other losses or liabilities are economically borne by the Investor.
The Investor shall have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for any form
of damages or liability as a result of any of the aforementioned actions in the absence of willful misconduct and/or negligence.

 

Section 4.02          ERISA
Matters.

 

(a)            If
the Investor is a “plan” as defined in Section 3(3) of ERISA that is subject to the provisions of Title I of ERISA,
and/or a “plan” that is subject to the prohibited transaction provisions of Section 4975 of the Code, or an entity whose
assets are treated as “plan assets” under Section 3(42) of ERISA and any regulations promulgated thereunder (each, a
 “Plan”), the person executing this Subscription Agreement on behalf of the Plan (the “Fiduciary”)
represents and warrants that:

 

(1)           such
person is a “fiduciary” of such Plan and trust and/or custodial account within the meaning of Section 3(21) of ERISA,
and/or Section 4975(e)(3) of the Code and such person is authorized to execute the Subscription Agreement;

 

(2)           unless
otherwise indicated in writing to the Company, the Plan is not a participant-directed defined contribution plan;

 

(3)           the
Fiduciary has considered a number of factors with respect to the Plan’s investment in the Shares and has determined that, in view
of such considerations, the purchase of Shares is consistent with the Fiduciary’s responsibilities under ERISA. Such factors include,
but are not limited to:

 

(i)            the
role such investment or investment course of action plays in that portion of the Plan’s portfolio that the Fiduciary manages;

 

    	 	15	 

     

    

 

(ii)           whether
the investment or investment course of action is reasonably designed as part of that portion of the portfolio managed by the Fiduciary
to further the purposes of the Plan, taking into account both the risk of loss and the opportunity for gain that could result therefrom;

 

(iii)          the
composition of that portion of the portfolio that the Fiduciary manages with regard to diversification;

 

(iv)          the
liquidity and current rate of return of that portion of the portfolio managed by the Fiduciary relative to the anticipated cash flow requirements
of the Plan;

 

(v)           the
projected return of that portion of the portfolio managed by the Fiduciary relative to the funding objectives of the Plan; and

 

(vi)          the
risks associated with an investment in the Company and the fact that the Investor has only limited withdrawal rights.

 

(4)            the
investment in the Company and the appointment of the Adviser as an “investment manager” within the meaning of Section 3(38)
of ERISA have been duly authorized under, and conform in all respects to, the documents governing the Plan and the Fiduciary;

 

(5)            the
Fiduciary is: (a) responsible for the decision to invest in the Company; (b) independent of the Adviser and the Company; and
(c) qualified to make such investment decision;

 

(6)            if
the investing Plan is an ERISA Plan, then, in the event that, and during any period when, the assets of the Company are treated as “plan
assets” of such investing ERISA Plan, the investment in the Company constitutes the appointment by the Fiduciary, in accordance
with the written instruments governing the investing ERISA Plan, of the Adviser (who hereby acknowledges its status as a fiduciary under
Section 3(21) of ERISA) as an “investment manager” as defined in Section 3(38) of ERISA, with respect to the assets
of such ERISA Plan that are invested in the Company;

 

(7)           (a) none
of the Adviser, any of its employees or affiliates: (i) manages any part of the Investor’s investment portfolio on a discretionary
basis; (ii) regularly gives investment advice with respect to the assets of the Investor; (iii) has an agreement or understanding,
written or unwritten, with the Investor under which the latter receives information, recommendations or advice concerning investments
that are used as a primary basis for the Investor’s investment decisions; or (iv) has an agreement or understanding, written
or unwritten, with the Investor under which the latter receives individualized investment advice concerning the Investor’s assets;
OR

 

(b) (i) the Fiduciary,
who is independent of the Adviser has studied the Disclosure Package and has made an independent decision to purchase Shares solely on
the basis of the information contained in the Disclosure Package and without reliance on any other information or statements as to the
appropriateness of this investment for the Investor; and (ii) the Investor represents and warrants that neither the Adviser nor any
of its employees or affiliates: (A) has exercised any investment discretion or control with respect to the Investor’s purchase
of Shares; (B) has authority, responsibility to give, or has given individualized investment advice with respect to the Investor’s
purchase of the Shares; or (C) is the employer maintaining or contributing to such Plan; and

 

    	 	16	 

     

    

 

(8)            no
Plan investment guidelines, restrictions or proxy voting policies otherwise applicable to the assets of the Investor shall apply to the
assets invested in the Company except as the Investor and the Adviser may agree from time to time.

 

(b)            The
Fiduciary agrees, at the request of the Company, to furnish the Company with a true and complete list of all fiduciaries with authority
to select and retain the Shares as an investment for the Investor and such fiduciaries’ “affiliates”. For purposes of
this item, an “affiliate” of a person includes (i) any person directly or indirectly, through one or more intermediaries,
controlling, controlled by, or under common control with the person; (ii) any corporation, partnership, trust or unincorporated enterprise
of which such person is an officer, director, 10% or more partner, or highly compensated employee as defined in Section 4975(e)(2)(H) of
the Code (but only if the employer of such employee is the plan sponsor); and (iii) any director of the person, any highly compensated
employee (as defined in Section 4975(e)(2)(H) of the Code) of the person, or any employee of the person who has direct or indirect
authority, responsibility, or control regarding the custody, management or disposition of the plan assets involved in the transaction.

 

(c)            The
Fiduciary agrees, at the request of the Company, to furnish the Company with such information as the Company may reasonably require to
establish that the purchase of the Shares by an ERISA Plan and the transactions to be entered into by the Company do not violate any provision
of ERISA or the Code, including those provisions relating to “prohibited transactions” by “parties in interest”
or “disqualified persons” as defined therein.

 

(d)            The
Fiduciary agrees to notify the Adviser promptly in writing should the Fiduciary become aware of any change in the information set forth
in or required to be provided by Section 4.02(a).

 

(e)            If
applicable, the Investor has identified its status as a Benefit Plan Investor (as defined below) to the Company in Section IV of
the Investor Profile Form. If the Investor has identified to the Company in Section IV of the Investor Profile Form that it
is not currently a Benefit Plan Investor, but becomes a Benefit Plan Investor, the Investor shall forthwith disclose to the Adviser promptly
in writing such fact and also the percentage of the Investor’s equity interests held by Benefit Plan Investors. For these purposes,
a “Benefit Plan Investor”, as defined under Section 3(42) of ERISA and any regulations promulgated thereunder, includes
(a) an “employee benefit plan” that is subject to the provisions of Title I of ERISA; (b) a “plan” that
is not subject to the provisions of Title I of ERISA, but that is subject to the prohibited transaction provisions of Section 4975
of the Code, such as individual retirement accounts and certain retirement plans for self-employed individuals; and (c) a pooled
investment fund whose assets are treated as “plan assets” under Section 3(42) of ERISA and any regulations promulgated
thereunder because “employee benefit plans” or “plans” hold 25% or more of any class of equity interest in such
pooled investment fund. The Investor agrees to notify the Adviser promptly in writing if there is any change in the percentage of the
Investor’s assets that are treated as “plan assets” for the purpose of Section 3(42) of ERISA and any regulations
promulgated thereunder as set forth in Section IV of the Investor Profile Form.

 

    	 	17	 

     

    

 

(f)            If
the Investor is an insurance company and is investing the assets of its general account (or the assets of a wholly owned subsidiary of
its general account) in the Company, it has identified in Section IV of the Investor Profile Form whether the assets underlying
the general account constitute “plan assets” within the meaning of Section 401(c) of ERISA. The Investor agrees
to promptly notify the Adviser in writing if there is a change in the percentage of the general account’s assets that constitute
 “plan assets” within the meaning of Section 401(c) of ERISA and shall disclose such new percentage ownership.

 

(g)           The
Adviser represents that, after giving effect to the Investors’ investment, the assets of the Company will not be treated as “plan
assets” for purposes of ERISA.

 

(h)           The
Adviser agrees to provide the Investor with, as applicable (1) an initial opinion of law that the Company should qualify as a “venture
capital operating company” (“VCOC”) and an annual VCOC certification that has been created after consultation with the
Company’s ERISA counsel and that provides the Investor with sufficient detail to evaluate the plan asset status of the Company,
or (2) an initial and annual certificate that participation in the Company by Benefit Plan Investors is not “significant”
within the meaning of ERISA’s plan asset regulation.

 

(i)            The
Adviser will immediately inform the Investor if there is a substantial likelihood that the assets of the Company will be treated as “plan
assets” for purposes of ERISA.

 

(j)            The
Adviser agrees that, during any period in which the assets of the Company are treated as “plan assets” for purposes of ERISA,
the Adviser shall use its commercially reasonable efforts to ensure that the Adviser (i) is registered as an investment adviser under
the Investment Advisers Act and (ii) is a “qualified professional asset manager” within the meaning of Part VI of
Prohibited Transaction Class Exemption 84-14 (a “QPAM”). The Adviser further agrees that during any period in which the
assets of the Company are treated as “plan assets” for purposes of ERISA (y) the Adviser is a fiduciary under ERISA and
shall satisfy the requirements to be an “investment manager” (as that term is defined in Section 3(38) of ERISA) with
respect to the Investor; and (z) the Adviser shall comply with the fiduciary requirements of Part 4 of Title I of ERISA in the
management of the Company, including, but not limited to, the indicia of ownership obligations set forth in Section 404(b) of
ERISA and the prohibited transaction provisions contained in Section 406 of ERISA.

 

(k)           The
Adviser confirms that (i) the Investor shall not be obligated in connection with any borrowing by the Company, to (A) provide,
execute or deliver any guaranty, warranty or indemnity, (B) deliver financial information to the Adviser or any lender which is not
generally available to the public, or (C) execute or deliver any document, agreement, instrument or certificate which is inconsistent
with the Investor’s rights and obligations under the Subscription Agreement, the Operative Documents, or applicable law, including
ERISA; and (ii) the Investor shall not be obligated to provide for the benefit of any lender under any borrowing by the Company any
opinions or certificates of counsel.

 

    	 	18	 

     

    

 

(l)            The
Adviser agrees that notwithstanding anything in the Operative Documents to the contrary, in the event that the assets of the Company are
treated as “plan assets” for purposes of ERISA, the Company shall not provide exculpation to any person nor shall it indemnify
any person to the extent such exculpation or indemnification would be prohibited by ERISA.

 

(m)           Upon
request, the Adviser shall provide the Investor with information concerning the Company reasonably necessary to satisfy the Investor’s
annual reporting requirements under ERISA. The Adviser agrees that the Investor, as a Benefit Plan Investor, may, without further notice
to the Adviser, disclose confidential information about the Company, including but not limited to confidential information, to the extent
legally necessary to satisfy the Investor’s annual Form 5500 reporting requirements under ERISA.

 

(n)           The
Adviser will not provide the Investor with less detailed or less comprehensive information about the Company or investments than is provided
to other Benefit Plan Investors.

 

(o)            In
the event that the Adviser exercises its rights to require the Investor to withdraw or transfer its interest in the Company in order to
avoid the assets of the Company being treated as “plan assets” for purposes of ERISA, the Adviser agrees that it shall, to
the extent applicable and practicable, act equally with respect to each similarly situated Benefit Plan Investor, pro rata according to
each of their interest in the Company.

 

Section 4.03         Investor
Awareness. The Investor acknowledges that the Investor is aware and understands that:

 

(a)            No
federal or state agency, and no agency of any non-U.S. jurisdiction, has passed upon the Shares or made any finding or determination as
to the fairness of this investment. The entirety of the Disclosure Package has not been filed with the SEC, any self-regulatory agency
or with any securities administrator under state securities laws or the laws of any non-U.S. jurisdiction.

 

(b)           There
are substantial risks incident to the purchase of Shares, including, but not limited to, those summarized in the Disclosure Package.

 

(c)            As
described more fully in Appendix B, the Investor may not Transfer all or any fraction of its Shares or Capital Commitment without the
prior written consent of the Company. There are other substantial restrictions on the transferability of Shares or Capital Commitment
under the Charter, the Investment Advisory Agreement and under applicable law including, but not limited to, the fact that (i) there
is no established market for the Shares and it is possible that no public market for the Shares will develop; (ii) the Shares are
not currently, and Investors have no rights to require that the Shares be, registered under the 1933 Act or the securities laws of the
various states or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently registered or unless an exemption
from such registration is available; and (iii) the Investor may have to hold the Shares herein subscribed for and bear the economic
risk of this investment indefinitely, and it may not be possible for the Investor to liquidate its investment in the Company.

 

    	 	19	 

     

    

 

(d)           With
respect to the tax and other legal consequences of an investment in the Shares, the Investor is relying solely upon the advice of its
own tax and legal advisors and not upon the general discussion of such matters set forth in the Disclosure Package.

 

(e)           The
Company may request such additional information as it may deem necessary to evaluate the eligibility of the Investor to acquire Shares
and may request from time to time such information as it may deem necessary to determine the eligibility of the Investor to hold Shares
or to enable the Company to determine the compliance of the Company or the Adviser with applicable regulatory requirements or the Company’s
tax status, and the Investor agrees to promptly provide such information as may reasonably be requested.

 

(f)            All
the agreements, representations and warranties made by the Investor in this Subscription Agreement (including all of its attachments)
shall survive the execution and delivery hereof. The Investor shall immediately notify the Company upon discovering that any of the representations,
warranties or covenants made herein was false when made or if, as a result of changes in circumstances, any of the representations, warranties
or covenants made herein become false.

 

(g)           Dechert
LLP (“Dechert”) acts as U.S. counsel to the Company, the Adviser and their Affiliates. In connection with this offering of
Shares and subsequent advice to such persons, Dechert will not represent the Investor or any other investors in the Company in the absence
of a clear and explicit written agreement to such effect between such counsel and the Investor. In the absence of such an agreement, such
counsel owes no duties to the Investor or any other investor in the Company (whether or not such counsel has in the past represented,
or is currently representing, such Investor or any other investor with respect to other matters). No independent counsel has been retained
to represent investors in the Company.

 

Section 4.04          Company
Representations. Each of the Company and the Adviser, as applicable, represents to the Investor as follows:

 

(a)            The
Company is empowered, authorized and qualified to enter into this Agreement, the Investment Advisory Agreement and the Administration
Agreement, and the person signing this Agreement, the Investment Advisory Agreement and the Administration Agreement on behalf of the
Company has been duly authorized by the Company to do so.

 

(b)            The
execution and delivery of this Agreement, the Investment Advisory Agreement and the Administration Agreement by the Company and the performance
of its duties and obligations hereunder and thereunder do not and will not result in a breach of any of the terms, conditions or provisions
of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or
any lease or other agreement, or any license, permit, franchise or certificate, to which the Company is a party or by which it is bound
or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing, violate
the organizational documents of the Company, or violate in any material respect any statute, regulation, law, order, writ, injunction
or decree to which the Company is subject.

 

    	 	20	 

     

    

 

(c)            The
Company is not in default (nor has any event occurred which with notice, lapse of time, or both, would constitute a default) in the performance
of any obligation, agreement or condition contained in this Agreement, the Investment Advisory Agreement and the Administration Agreement,
any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness or any lease or other agreement or understanding,
or any license, permit, franchise or certificate, to which it is a party or by which it is bound or to which its properties are subject,
nor is it in violation of any statute, regulation, law, order, writ, injunction, judgment or decree to which it is subject, which default
or violation would materially adversely affect the business or financial condition of the Company or impair the Company’s ability
to carry out its obligations under this Agreement or the Investment Advisory Agreement.

 

(d)            There
is no litigation, investigation or other proceeding pending or, to the knowledge of the Company, threatened against the Company that,
if adversely determined, would materially adversely affect the business or financial condition of the Company or the ability of the Company
to perform its obligations under this Agreement, the Investment Advisory Agreement and the Administration Agreement.

 

(e)            None
of the information concerning the Company or the Adviser, nor any statement, certification, representation or warranty made by the Company
or the Adviser in this Subscription Agreement, contains any untrue statement of material fact or omits to state a material fact necessary
in order to make the statements contained herein not misleading.

 

(f)            The
Shares to be issued and sold by the Company to the Investor hereunder have been duly authorized and, when issued and delivered to the
Investor against payment therefore as provided in this Agreement, will be validly issued, fully paid and non-assessable.

 

(g)            Notwithstanding
any provision in the Operative Documents to the contrary, the Adviser agrees that the assets of the Company shall not be used to purchase
insurance to insure any party indemnified by the Company pursuant to the terms of the Operative Documents, against liability for any breach
or alleged breach of such party’s responsibilities to the Company that would not otherwise be subject to indemnification by the
Company.

 

(h)            The
Adviser agrees that so long as no litigation has commenced between an Investor and the Company or the Adviser, the Company will provide
an Investor with information requested by the Investor to facilitate such Investor’s ongoing operational due diligence including
periodic review of portfolio companies and the internal controls and procedures utilized by the Company, upon reasonable notice and provided
such information is customarily kept by the Adviser. Notwithstanding the foregoing, (a) an Investor shall have no right to obtain
any information relating to any other investor or the Company’s proposed investment activities; (b) information that may be
subject to confidentiality agreement(s) with third parties which may preclude the Company and/or the Adviser’s ability to provide
such information to an Investor and (c) the Company may keep confidential from an Investor, for such periods as the Adviser deems
reasonable, any information that the Adviser reasonably believes to be in the nature of trade secrets or other information (such as, for
example, the identity of a Company’s portfolio positions) the disclosure of which the Adviser in good faith believes is not in the
Company’s best interests or could damage the Company or its business.

 

    	 	21	 

     

    

 

(i)            The
Company shall not commence any investment activities until the Company’s Form 10 shall have become effective under the 1934
Act.

 

Article V.

 

Section 5.01          Power
of Attorney.

 

(a)           The
Investor, by its execution hereof, hereby irrevocably makes, constitutes and appoints the Company as its true and lawful agent and attorney-in-fact,
with full power of substitution and full power and authority in its name, place and stead, to make, execute, sign, acknowledge, swear
to, record and file:

 

(1)            any
and all filings required to be made by the Investor under the 1934 Act with respect to any of the Company’s securities which may
be deemed to be beneficially owned by the Investor under the 1934 Act;

 

(2)            all
certificates and other instruments deemed necessary by the Company in order for the Company to enter into any borrowing or pledging arrangement;

 

(3)            all
certificates and other instruments deemed necessary by the Company to comply with the provisions of this Subscription Agreement and applicable
law or to permit the Company to become or to continue as a business development corporation; and

 

(4)            all
other instruments or papers not inconsistent with the terms of this Subscription Agreement which may be required by law to be filed on
behalf of the Company.

 

(b)           With
respect to the Investor and the Company, the foregoing power of attorney:

 

(1)           is
coupled with an interest and shall be irrevocable;

 

(2)           may
be exercised by the Company either by signing separately as attorney-in-fact for the Investor or, after listing all of the Investors executing
an instrument, by a single signature of the Company acting as attorney-in-fact for all of them;

 

(3)           shall
survive the assignment by the Investor of the whole or any fraction of its Shares;

 

(4)           shall
terminate concurrently with the termination of the Capital Commitment, in accordance with Section 2.01(e); and

 

(5)           may
not be used by the Company in any manner that is inconsistent with the terms of this Subscription Agreement and any other written agreement
between the Company and the Investor.

 

(6)           the
foregoing power of attorney is and shall be limited to the purposes set forth in this Section 5.01. The Adviser confirms that the
power of attorney rights granted to the Company are intended to be ministerial in scope and are not intended to be a general grant of
power to independently exercise discretionary judgment on behalf of the Investor. The Adviser further agrees that any exercise of any
 “power of attorney” by the Company which contravenes any federal, state, or local law or any policy to which the Investor
is or may become subject is not authorized by the Investor and no such exercise shall be deemed valid.

 

    	 	22	 

     

    

 

Article VI.

 

Section 6.01         Initial
Public Offering. The Company shall not undertake an initial public offering of the Shares or a listing of the Shares on a national securities
exchange, including any transactions in anticipation or furtherance thereof, without the prior consent or approval of a majority of the
Company’s then outstanding Shares.

 

Section 6.02           Indemnity.

 

(a)            The
Investor understands that the information provided herein (including the Investor Profile Form) shall be relied upon by the Company for
the purpose of determining the eligibility of the Investor to purchase Shares. To the fullest extent permitted under applicable law, the
Investor agrees to indemnify and hold harmless the Company, the Adviser, the Administrator, and their affiliates and each partner, member,
officer, director, employee and agent thereof, from and against any loss, damage or liability due to or arising out of a material breach
of any representation, warranty or agreement of the Investor contained in this Subscription Agreement (including the Investor Profile
Form) or in any other document provided by the Investor to the Company or in any agreement executed by the Investor in connection with
the Investor’s investment in Shares. The obligation of the Investor to indemnify each Indemnified Party pursuant to this Section 6.02(a) shall
not exceed the amount of the Investors aggregate Capital Commitment.

 

(b)            To
the fullest extent permitted under applicable law, the Company agrees to indemnify and hold harmless the Investor its affiliates and each
partner, member, officer, director, employee and agent thereof, from and against any loss, damage or liability due to or arising out of
a breach of any representation, warranty or agreement of the Company contained in this Subscription Agreement or in any other document
provided by the Company to the Investor or in any agreement executed by the Company in connection with the Investor’s investment
in Shares.

 

Section 6.03          Acceptance
or Rejection.

 

(a)            At
any time prior to the Closing Date, notwithstanding the Investor’s prior receipt of a notice of acceptance of the Investor’s
subscription, the Company shall have the right to accept an amount equal to or less than the subscribed amount, or reject this subscription,
for any reason whatsoever.

 

(b)            In
the event of rejection of this subscription, the Company promptly thereupon shall return to the Investor the copies of this Subscription
Agreement and any other documents submitted herewith (but the Company shall have the right to retain a photocopy for its records), and
this Subscription Agreement shall have no further force or effect thereafter.

 

Section 6.04          Modification.
Neither this Subscription Agreement nor any provisions hereof shall be modified, changed, discharged, waived or terminated except by an
instrument in writing signed by the party against whom any modification, change, discharge, waiver or termination is sought.

 

    	 	23	 

     

    

 

Section 6.05          Notices.
All notices, consents, requests, demands, offers, reports, and other communications required or permitted to be given pursuant to this
Subscription Agreement shall be in writing and shall be given, made or delivered (and shall be deemed to have been duly given, made or
delivered upon receipt) by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing the same in a sealed envelope,
registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery, addressed,
if to the Company, to:

 

Brightwood
Capital Corporation I

Attn: Darilyn Olidge, Esq.

810 Seventh Avenue, 26th Floor

New York, NY 10019

 

and, if to the Investor, to the address set forth
in the Investor Profile Form. The Company or the Investor may change its address by giving notice to the other in the manner described
herein.

 

Section 6.06          Counterparts.
This Subscription Agreement may be executed in multiple counterpart copies, each of which will be considered an original and all of which
constitute one and the same instrument binding on all the parties, notwithstanding that all parties are not signatories to the same counterpart.

 

Section 6.07          Successors.
Except as otherwise provided herein, this Subscription Agreement and all of the terms and provisions hereof will be binding upon and inure
to the benefit of the parties and their respective heirs, executors, administrators, successors, trustees and legal representatives. If
the Investor is more than one person, the obligation of the Investor shall be joint and several and the agreements, representations, warranties,
and acknowledgments herein contained will be deemed to be made by and be binding upon each such person and such person’s heirs,
executors, administrators, successors, trustees and legal representatives.

 

Section 6.08          Assignability.
This Subscription Agreement is not transferable or assignable by the Investor. Any purported assignment of this Subscription Agreement
will be null and void.

 

Section 6.09          Entire
Agreement; No Third Party Beneficiaries. This Subscription Agreement constitutes the entire agreement of the parties hereto with respect
to the subject matter hereof, supersedes any prior agreement or understanding among them with respect to such subject matter, and is not
intended to confer upon any person other than the parties hereto and any lender under a Subscription Facility any rights or remedies hereunder.
The foregoing limitation, however, shall not prohibit any Other Investor from enforcing Section 3.01(b) against any defaulting
Investor.

 

    	 	24	 

     

    

 

Section 6.10          APPLICABLE
LAW. NOTWITHSTANDING THE PLACE WHERE THIS SUBSCRIPTION AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE
TO CONTRACTS FORMED AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES THEREOF
TO THE EXTENT SUCH PRINCIPLES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION, AND APPLICABLE FEDERAL LAW, INCLUDING
ERISA. TO THE EXTENT THAT THERE IS A CONFLICT BETWEEN THE LAWS OF THE STATE OF NEW YORK AND SUCH APPLICABLE FEDERAL LAW, THE APPLICABLE
PROVISIONS OF FEDERAL LAW SHALL CONTROL.

 

Section 6.11          Jurisdiction;
Venue. To the fullest extent permitted by law, the sole and exclusive forum for any action, suit or proceeding with respect to this Subscription
Agreement shall be a federal or state court located in the state of Michigan, provided that to the extent the appropriate court
located in the state of Michigan determines that it does not have jurisdiction over such action, then the sole and exclusive forum shall
be any federal or state court located in the state of Michigan, and each party hereto, to the fullest extent permitted by law, hereby
irrevocably waives any objection that it may have, whether now or in the future, to the laying of venue in, or to the jurisdiction of,
any and each of such courts for the purposes of any such action, suit or proceeding and further waives any claim that any such action,
suit or proceeding has been brought in an inconvenient forum, and each party hereto hereby submits to such jurisdiction and consents to
process being served in any such action, suit or proceeding, without limitation, by United States mail addressed to the party at the parties
address specified herein or in the Investor Profile Form. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, TO THE
FULLEST EXTENT PERMITTED BY LAW.

 

Section 6.12          Confidentiality.

 

(a)            The
Investor acknowledges that the Disclosure Package, the Subscription Documents and the other Operative Documents and other information
relating to the Company has been submitted to the Investor on a confidential basis for use solely in connection with the Investor’s
consideration of the purchase of Shares. The Investor also acknowledges that it may receive or have access to confidential proprietary
information concerning the Company, including, without limitation, portfolio positions, valuations, information regarding potential investments,
financial information, trade secrets and the like which is proprietary in nature and non-public. The Investor agrees that, without the
prior written consent of the Company (which consent will not be unreasonably withheld by the Company), the Investor shall not (a) reproduce
the Disclosure Package (including any of the contents thereof) or any other information relating to the Company, in whole or in part,
or (b) disclose the Disclosure Package or any other information relating to the Company to any person who is not an officer or employee
of the Investor who is involved in its investments, or partner (general or limited) or affiliate of the Investor (it being understood
and agreed that if the Investor is a pooled investment fund, it shall only be permitted to disclose the Disclosure Package or other information
related to the Company to its limited partners if the Investor has required its limited partners to enter into confidentiality undertakings
no less onerous than the provisions of this Section 6.12), except to the extent (1) such information is in the public domain
(other than as a result of any action or omission of Investor or any person to whom the Investor has disclosed such information), (2) such
information is required by applicable law or regulation to be disclosed or (3) it is necessary to disclose such information to the
Investor’s professional advisors (including the Investor’s auditors and counsel), so long as such professional advisors are
advised of the confidentiality obligations contained herein. The Investor further agrees to return the Disclosure Package and any other
information relating to the Company if no purchase of Shares is made. The Investor acknowledges and agrees that monetary damages would
not be sufficient remedy for any breach of this section by it, and that in addition to any other remedies available to the Company in
respect of any such breach, the Company shall be entitled to seek specific performance and injunctive or other equitable relief as a remedy
for any such breach. Notwithstanding anything to the contrary herein, the Investor (and each employee, representative or other agent of
the Investor) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Company;
and any of the Company’s transactions and all materials of any kind (including, without limitation, opinions and other tax analyses)
that are provided to the Investor relating to such tax treatment and tax structure, it being understood and agreed for this purpose that
(x) the name of, or any other identifying information regarding, (i) the Company or any existing or future investor (or any
affiliate thereof) in the Company, or (ii) any investment or transaction entered into by the Company or (y) any performance
information relating to the Company or its investments do not constitute “tax treatment” or “tax structure”.

 

    	 	25	 

     

    

 

(b)           The
Adviser agrees, except (i) as may be required by law, applicable regulation or order of a court or other regulatory authority, (ii) to
the extent reasonably calculated to advance or protect the interests of the Company, or (iii) with the written consent of the Investor,
none of the Company or the Adviser shall disclose, and shall use their best efforts to cause their employees, agents, representatives
and affiliates not to disclose, the participation in the Company by the Investor. None of the Company or the Adviser shall use, and shall
use their best efforts to cause their employees, agents, representatives and affiliates not to use, the name of the Investor in any promotion
or advertising.

 

Section 6.13          Necessary
Acts, Further Assurances. The parties shall at their own cost and expense execute and deliver such further documents and instruments and
shall take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes of this Subscription
Agreement or to show the ability to carry out the intent and purposes of this Subscription Agreement.

 

Section 6.14          No
Joint Liability Among Company and Adviser. The Company shall not be liable for the fulfillment of any obligation or the accuracy of any
representation of the Adviser under or in connection with this Subscription Agreement, and the Adviser shall not be liable for the fulfillment
of any obligation or the accuracy of any representation of the Company under or in connection with this Subscription Agreement. There
shall be no joint and several liability of the Company and the Adviser for any obligation under or in connection with this Subscription
Agreement.

 

    	 	26	 

     

    

 

Section 6.15          Electronic
Delivery of Communications. The Investor hereby acknowledges and agrees that the Company and/or the Adviser may, but is not required to,
deliver and make reports, statements and other communications, including, without limitation, the Operative Documents, the Subscription
Documents, Form 1099s and other tax related information and documentation (“Account Communications”), available to the
Investor in electronic form, such as e-mail or by posting on a web site. It is the Investor’s affirmative obligation to notify the
Company in writing if the Investor’s e-mail address(es) listed in the Investor Profile Form change(s). The Investor may revoke
or restrict its consent to electronic delivery of Account Communications at any time by notifying the Company, in writing, of the Investor’s
intention to do so, and will thereafter receive such Account Communications in paper form.

 

Section 6.16          Survival.
The representations, warranties, acknowledgments and covenants in Sections 4.03 and 4.04 and in the Investor Profile Form and the
provisions of Sections 6.02, 6.10, 6.11, 6.12, 6.13, 6.14, 6.15 and 6.16 shall, in the event this subscription is accepted, survive such
acceptance and the formation and dissolution of the Company.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	27	 

     

    

 

*         *        *

 

The undersigned
hereby represents and warrants that:

 

		1.	the undersigned has carefully read and is familiar with this Subscription Agreement and the Operative
Documents;

 

		2.	the information contained herein (including the appendices attached hereto) is complete and accurate and
may be relied upon; and

 

		3.	the undersigned agrees that the execution of this signature page constitutes the execution and receipt
of this Subscription Agreement.

 

IN WITNESS WHEREOF, the Investor,
intending to be legally bound, has executed this Subscription Agreement as of the date first written above.

 

AGGREGATE PURCHASE PRICE OF SHARES SUBSCRIBED
FOR: $__________________

 

	 	[TRUSTEE FOR THE BENEFIT OF INVESTOR]
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	[Committee
    of the UAW Retiree Medical Benefits Trust]
	 	 
	 	Solely for purposes of Section 4.02
	 	 
	 	By:	 
	 	Name: 	[●]
	 	Title: 	Chief Investment Officer

 

Agreed and accepted as of the date first set forth above:

 

Brightwood Capital Corporation
I

 

     

     

    

 
	By:	 	 
	Name:	 
	Title:	 

 

     

     

    

 

 

Appendix A: Investor
Profile Form

 

ALL INVESTORS MUST COMPLETE THIS FORM.

 

	

    Name of Investor (Please Print or Type)
	 	

    Social Security Number/Tax I.D. Number

	 	 	 
	$

    Amount of Capital Commitment

     

    Is
    the Investor acting as Nominee?           Yes  ̈No  ̈

     

    If Yes, please provide name of underlying Beneficial Owner:______________________________________

 

Type of Investor (For All Investors Other
Than A Trust)

 

(If the Investor is acting as a Nominee for a Beneficial
Owner, please check the item that best describes the Beneficial Owner)

 

Please
check:

 

	 ̈  Individual	 ̈  Public
    Endowment	 ̈  Non-profit
	 ̈  Fund
    of Funds	 ̈  Private
    Endowment	 ̈  Non-profit
    Pension Plan
	 ̈  Family
    Office	 ̈  Corporation	 ̈  Government
	 ̈  Bank	 ̈  ERISA
    Plan	 ̈  Governmental
    Pension Plan
	 ̈  Sovereign
    Wealth	 ̈  Foundation	 ̈  Insurance
    Company

 

Type of Investor (For Investors
That Are A Trust)

 

(If the Investor is acting as a
Nominee for a Beneficial Owner, and either the Nominee or the Beneficial Owner is a Trust, please check the item that best describes
the Trust)

 

Please
check:

 

	 ̈  Complex
    Trust	 ̈  Grantor
    Trust	 ̈  Simple
    Trust

 

    	 	A-1	 

     

    

 

Please indicate if the following contact information is
for _____ Nominee or ____Beneficial Owner

  

Full Mailing Address (Exactly as it should appear on
labels):

 

 ̈  Mr.      ̈ 
Mrs.      ̈  Ms.      ̈ 
Miss      ̈  Dr.      ̈ 
Other _______

 

	 
	 
	 
	 
	 	 	 
	Telephone number	 	Fax
number

 

Residence (if an individual) or Principal Place
of Business (if an entity) Address (No P.O. Boxes Please, if any):

	 
	 
	 
	 
	 
	Telephone number	 	Fax
number

 

Attention:

	  

 

E-Mail Address:

	  

 

    	 	A-2	 

     

    

 

If you would like any correspondence
sent to a different address or e-mail than listed on page A-2, please provide the relevant information below:

 

	Contact
    Name	Contact
    Address /

 Telephone Number	Contact
    E-mail

Address	Correspondence
    

Type (e.g.,

Accounting

Information, Legal

Notices, Tax

Information, etc.)	Primary
    

Contact (Y/N)?
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 	A-3	 

     

    

 

AUTHORIZATION OF REPRESENTATIVE(S)/AGENT(S):

 

Set forth below are the names of persons
authorized by the Investor to give and receive instructions between the Company and the Investor, together with their respective signatures.
Such persons are the only persons so authorized until further notice to the Company signed by one or more of such persons.

 

(Please attach
additional pages if needed) 

 

	Name	Signature	Email
    Address
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

Address of Authorized Representative/Agent (No
P.O. Boxes Please, if any):

	 
	 
	 
	 
	 
	Telephone number	 	Fax
number

 

    	 	A-4	 

     

    

 

BANK
WIRE INSTRUCTIONS

 

Please list the bank account information that
is being used to wire the funds for your investment, and sign below. The remitter should state in the remittance advice the full legal
name(s) of subscriber(s), for ease of identification. All subscription money must originate from an account held in the full legal
name of the subscriber(s). NO 3RD PARTY PAYMENTS SHALL BE PERMITTED.

 

For Subscriber’s personal account:

 

	Intermediary
    US Bank Name:	 
	Intermediary
    US Bank ABA and/or Swift Code:	 
	Beneficiary
    Bank Name:	 
	Beneficiary
    Bank Street Address	 
	City,
    State, Zip Code:	 
	Swift
    Code:	 
	Account
    Name:	 
	Account
    Number:	 
	Reference
    (if required):	 

 

For Subscriber’s account with a custodian/administrator:

 

	Intermediary
    US Bank Name:	 
	Intermediary
    US Bank ABA and/or Swift Code:	 
	Beneficiary
    Bank Name:	 
	Beneficiary
    Bank Street Address	 
	City,
    State, Zip Code:	 
	ABA
    or Swift No.:	 
	Custodian/Administrator
    Account Name:	 
	Custodian/Administrator
    Account Number:	 
	For
    Further Credit Name (Subscribers Name):	 
	For
    Further Credit Account No. (Subscribers No):	 
	Reference
    (if required):	 

 

METHOD OF DELIVERY OF Account
Communications

 

Account Communications may be delivered via the
e-mail address provided on page A-2. Should this means of transmission be unacceptable with respect to Account Communications required
to be delivered in writing by law, such Account Communications will be delivered via facsimile or physical delivery if the following
box is checked:

 

 ̈     E-mail
transmission is declined, please send Account Communications via facsimile or physical delivery (e.g., first class mail,
overnight or express courier service or similar delivery method).

 

    	 	A-5	 

     

    

  

PLEASE COMPLETE ALL APPROPRIATE ITEMS.

 

		I.	INVESTOR
                                            INFORMATION – (FOR U.S. PERSONS ONLY)

 

		(A)	The
                                            Investor hereby represents and warrants that:

 

(Please initial
one and complete blanks)

 

	              

    Initial
	1.	If the Investor is an employee benefit plan,
    an endowment, a foundation, a corporation, a partnership, a limited liability company, a trust or other legal entity, it:

     

    is organized under the laws of:                                                                       

     

    has its principal place of business in:                                                     ;
and

     

    was formed as of:                                                    

	 	 	 
	              Initial
	2.	If
the Investor is an individual or beneficial ownership of the Investor is held by an individual (for example, through an Individual Retirement
Account, Keogh Plan or other self-directed defined contribution plan), such individual is of legal age and is a resident of: 

	 	 	 

 

		(B)	The
                                            Investor _______ (is) _______(is not) (please initial one) a government entity.*

 

		(C)	If
                                            the Investor is acting as trustee, custodian or nominee for a beneficial owner that is a
                                            government entity, please provide the name of the government entity:

_______________________________________________________

 

		(D)	If
                                            the Investor is an entity substantially owned by a government entity (e.g., a single
                                            investor vehicle) and the investment decisions of such entity are made or directed by such
                                            government entity, please provide the name of the government entity:

_______________________________________________________

 

Please note that, if the Investor enters the name of a government
entity in this Item I(D), the Company will treat the Investor as if it were the government entity for purposes of Rule 206(4)-5
(the “Pay to Play Rule”) promulgated under the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

 

 

*             For
these purposes, the term “government entity” means any U.S. state (including any U.S. state, the District of Columbia, Puerto
Rico, the U.S. Virgin Islands or any other possession of the United States) or political subdivision of a state, including:

(i)            any agency, authority,
or instrumentality of the state or political subdivision;

(ii)           a pool of assets sponsored
or established by the state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited
to a “defined benefit plan”, as defined in section 414(j) of the Internal Revenue Code, or a state general fund;

(iii)          a plan or program of
a government entity; and

(iv)          officers, agents, or employees of the state or political subdivision or any agency, authority or instrumentality thereof, acting in
their official capacity. (Note that any such officers, agents, or employees will not be considered a government entity if they are
making an investment in the Company not in their official capacity.)

 

    	 	A-6	 

     

    

 

		(E)	If
                                            the Investor is (i) a government entity, (ii) acting as trustee, custodian or nominee
                                            for a beneficial owner that is a government entity, or (iii) an entity described in
                                            Item I(D), the Investor hereby certifies that:

 

	 

    Initial
	other
    than the Pay to Play Rule, no “pay to play” or other similar compliance obligations would be imposed on the Company,
    the Adviser or their affiliates in connection with the Investor’s subscription.

 

If the Investor cannot make such certification,
indicate in the space below all other “pay to play” laws, rules or guidelines, or lobbyist disclosure laws or rules,
the Company, the Adviser or their affiliates, employees or third-party placement agents would be subject to in connection with the Investor’s
subscription:

_______________________________________________________

 

		(F)	The
                                            Investor _______ (is) _______(is not) (please initial one) registered as an
                                            investment company under the Company Act (a “Registered Fund”).

 

		(G)	The
                                            Investor _______ (is) _______(is not) (please initial one) an affiliated person*
                                            of a Registered Fund. If the Investor is an affiliated person of a Registered Fund,
                                            please provide the name of the Registered Fund: __________________________________________________.

 

		(H)	The Investor represents and warrants that it is a Permitted
U.S. Person* because it is either:

(Please initial one or leave
blank, as applicable)

 

	
              

Initial
	1.	a U.S. Person that is exempt from payment
    of U.S. federal income tax.

     

    If the Investor initialed Item 1, please
    indicate below the basis on which the Investor is exempt from U.S. federal income taxation:

                                                                                                                                                   

     

    OR

	 	 	 
	              Initial
	2.	a
    pass-through entity for U.S. federal tax purposes substantially all of the ownership interests in which are held by U.S. Persons
    that are exempt from payment of U.S. federal income tax.

 

 

*         For
purposes of this item, the term “affiliated person” of another person means:

(i)        any person directly or
indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of such other person;

(ii)       any person 5% or more
of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by such other person;

(iii)      any person directly
or indirectly controlling, controlled by, or under common control with, such other person;

(iv)     any officer, director,
partner, copartner, or employee of such other person;

(v)      if such other person
is an investment company, any investment adviser thereof or any member of an advisory board thereof; and

(vi)     if such other person
is an unincorporated investment company not having a board of directors, the depositor thereof.

For this purpose, “control” means the power to
exercise a controlling influence over the management or policies of a company, whether by stock ownership, contract or otherwise, unless
such power is solely the result of an official position with such company. Any person who owns beneficially, either directly or through
one or more controlled companies, more than 25% of the voting securities of a company is presumed to control the company. Entities that
may be deemed to be under “common control” are those that (a) are directly or indirectly controlled by the same person
or (b) have substantially the same officers and directors or managers or the same investment adviser.

*         The
term “Permitted U.S. Person” means a Tax-Exempt U.S. Person or a pass-through entity for U.S. federal tax purposes substantially
all of the ownership interests in which are held by Tax-Exempt U.S. Persons. The term “U.S. Person” means a person described
in one or more of the following paragraphs:

(i)       With respect to any person,
any individual or entity that would be a U.S. person under Regulation S promulgated under the Securities Act.

(ii)      With respect to individuals,
any U.S. citizen or “resident alien” within the meaning of U.S. income tax laws as in effect from time to time. Currently,
the term “resident alien” is defined under U.S. income tax laws to generally include any individual who (A) holds an
Alien Registration Card (a “green card”) issued by the U.S. Immigration and Naturalization Service or (B) meets a “substantial
presence” test. The “substantial presence” test is generally met with respect to any current calendar year if (A) the
individual was present in the U.S. on at least 31 days during such year and (B) the sum of the number of days on which such
individual was present in the U.S. during the current year, 1/3 of the number of such days during the first preceding
year, and 1/6 of the number of such days during the second preceding year, equals or exceeds 183 days.

(iii)     With respect to persons
other than individuals: (A) a corporation or partnership created or organized in the United States or under the laws of the United States
or any state; (B) a trust where (a) a U.S. court is able to exercise primary supervision over the administration of the trust and
(b) one or more U.S. Persons have the authority to control all substantial decisions of the trust; and (C) an estate which is subject
to U.S. tax on its worldwide income from all sources.

 

    	 	A-7	 

     

    

 

		II.	INVESTOR
                                            INFORMATION – (FOR NON- U.S. PERSONS ONLY)

  

		(A)	The
                                            Investor represents and warrants that:

                                            (Please initial one and complete blanks)

 

		_______

Initial	1.	If an individual, the Investor is of legal age and is a:

 

	 	citizen of:	                      
	 	 
	 	resident of:	 
	 	 	 
	 	OR	 

 

		_______

Initial	2.	If a corporation, partnership, trust or other legal entity, the Investor:

 

	 	is organized under the laws of: 	 

 

	 	has its principal place of business in: 	 

 

	 	and was formed as of: 	 

 

	(B)	The Investor has received the Disclosure Package outside the
United States in the following country:
	 	 
	 	 	 

 

	(C)	The
                                            Investor has signed the Subscription Agreement outside of the United States in the following
                                            country:
	 	 
	 	 	 

 

		(D)	If
                                            the Investor is an entity that has U.S. owners, please complete the following:

 

1.            Is
the Investor an entity organized principally for passive investment, such as a pool, investment company or other similar entity (other
than a pension plan for the employees, officers or principals of an entity organized and with its principal place of business outside
the United States)?

 

(please
check one) Yes  ̈          No  ̈

 

2.            If
yes, do units of participation in the entity that are held by U.S. Persons who are not “qualified eligible persons” as defined
in CFTC Rule 4.7 represent in the aggregate 10% or more of the beneficial interest in the entity, or was such entity formed principally
for the purpose of facilitating investment by U.S. Persons in a pool with respect to which the operator is exempt from certain requirements
of Part 4 of the regulations of the CFTC by virtue of its participants being non-U.S. Persons?

 

(please
check one) Yes  ̈         No  ̈

 

If the Investor checked “yes”
to paragraph (C)(2) above, the Investor must be able to represent and warrant to one of the following: (please initial one)

 

	 

    
	             

    Initial	 	(i) the
    Investor has total assets in excess of $5,000,000 and was not formed for the specific purpose of acquiring the securities offered;
    or

 

    	 	A-8	 

     

    

 

	 

    
	             

    Initial	 	(i) each
    of the Investor’s equity owners is an accredited investor for any of the following reasons:

 

		(a)	the equity owner of the Investor has an
                                            individual net worth*, or joint net worth with his or her spouse, in excess of
                                            $1,000,000;

 

		(b)	the equity owner of the Investor has individual
                                            income** (exclusive of any income attributable to his or her spouse) of more than
                                            $200,000 in each of the past two years, or joint income with his or her spouse of more than
                                            $300,000 in each of those years, and reasonably expects to reach the same income level in
                                            the current year;** or

 

		(c)	the equity owner of the Investor is an
                                            entity with total assets in excess of $5,000,000 and was not formed for the specific purpose
                                            of acquiring the securities offered.

 

		(E)	If
                                            the Investor* is an individual resident in, or an entity with a registered office
                                            in, the European Economic Area (the “EEA”), the Investor must initial one Item
                                            in this Section II(E).

 

RETAIL INVESTOR NOTICE: In relation
to offers in the EEA, the Interests are only available to persons capable of being categorized as “professional investors”
(within the meaning of AIFMD). No person categorized as (i) a “retail client” (as defined in point (11) of Article 4(1) of
EU Directive 2014/65/EU on Markets in Financial Instruments (“MiFID II”)) or (ii) a “customer” (within the
meaning of Directive 2002/92/EC on Insurance Mediation), where such customer does not qualify as a “professional client”
(as defined in point (10) of Article 4(1) of MiFID II), may subscribe for the Interests.

 

(please initial one)

 

 

	*	For purposes of this Subscription Agreement, the term “net worth” means the excess of total assets at fair market value, including home furnishings and automobiles, over total liabilities; provided that, (i) the primary residence of the equity owner of the Investor shall not be included as an asset, (ii) indebtedness that is secured by the primary residence of the equity owner of the Investor, up to the estimated fair market value of the primary residence at the time of the sale of the Interests, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of the Interests exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability), and (iii) indebtedness that is secured by the primary residence of the equity owner of the Investor in excess of the estimated fair market value of the primary residence at the time of the sale of the Interests shall be included as a liability.

	**	For purposes of this Subscription Agreement, the term “individual income” means adjusted gross income, as reported for federal income tax purposes, less any income attributable to a spouse or to property owned by a spouse, increased by the following amounts (but not including any amounts attributable to a spouse or to property owned by a spouse): (i) the amount of any tax-exempt interest income under Section 103 of the Code, received; (ii) the amount of losses claimed as a limited partner in a limited partnership as reported on Schedule E of Form 1040; (iii) any deduction claimed for depletion under Section 611 et seq. of the Internal Revenue Code; (iv) amounts contributed to an Individual Retirement Account (as defined in the Internal Revenue Code) or Keogh retirement plan; (v) alimony paid; and (vi) any elective contributions to a cash or deferred arrangement under Section 401(k) of the Internal Revenue Code. 

		*	For purposes of this Section, “Investor” means the
person that makes the investment decision to invest in the Shares, including, but not limited to, a beneficial owner making such decision
on its own behalf and a discretionary investment manager or other agent making such decision on behalf of such beneficial owner.

 

    	 	A-9	 

     

    

 

	 	            Initial
	1.	The undersigned represents and warrants that
    the Investor is a “professional investor” (within the meaning of AIFMD) because it is any of the following:

     

    (a)   an
    entity that is required to be authorized or regulated to operate in the financial markets as: (i) a credit institution; (ii) an
    investment firm; (iii) any other authorized or regulated financial institution; (iv) an insurance company; (v) a collective
    investment scheme or the management company of such a scheme; (vi) a pension fund or the management company of a pension fund;
    (vii) a commodity or commodity derivatives dealer; (viii) a local firm; or (ix) any other institutional investor;

     

    (b)   a
    large undertaking meeting two of the following three size requirements: (i) balance sheet total of €20,000,000; (ii) net
    turnover of €40,000,000; and/or (iii) own funds of €2,000,000;

     

    (c)   a
    national or regional government, a public body that manages public debt at a national or regional level, a central bank, an international
    or supranational institution (such as the World Bank, the International Monetary Fund, the European Central Bank or the European
    Investment Bank) and other similar international organization; or

     

    (d)   another
    type of institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitization
    of assets or other financing transactions.

	 	 	 	 
	 	            Initial
	2.	The undersigned cannot initial Item 1 above
    but wishes to be treated as a “professional investor” (within the meaning of AIFMD) by the Adviser in respect of the
    Investor’s investment in the Company.

     

    If the undersigned initialed this Item, please
    initial one of the following:

	 	 	 	 
	 	 	 	            

                                            Initial
	(a)	The
    undersigned represents and warrants that the Investor is a private individual or other investor not capable of meeting the tests
    in Item 1 above but capable of being categorized as a “professional client” (within the meaning of MiFID II) because
    it satisfies at least two of the following three criteria:  (i) the Investor has made significant investments in private
    funds at an average frequency of ten per quarter over the previous four calendar quarters; (ii) the Investor’s financial
    instrument portfolio, defined as including cash deposits and financial instruments, exceeds €500,000 or its equivalent in another
    currency at the time of subscription; and/or (iii) the Investor works or has worked in the financial sector for at least one
    year in a professional position that requires knowledge of investment in private funds.
	 	 	 	 	 	 
	 	 	 	            

                                            Initial
	(b)	The
    undersigned represents and warrants that the Investor is a UK public sector body, local public authority (including local authority
    pension scheme) or municipality that meets the following criteria:  (i) the Investor’s financial instrument
    portfolio, defined as including cash deposits and financial instruments, exceeds £10,000,000 or its equivalent in another currency
    at the time of subscription; and (ii) at least one of the following tests is met:  (A) the Investor has made
    significant investments in private funds at an average frequency of ten per quarter over the previous four calendar quarters; (B) the
    person authorized to carry out transactions on behalf of the Investor works or has worked in the financial sector for at least one
    year in a professional position that requires knowledge of investment in private funds; or (C) the Investor is an “administering
    authority” of the Local Government Pension Scheme within the meaning of the version of Schedule 3 of The Local Government Pension
    Scheme Regulations 2014 or (in relation to Scotland) within the meaning of the version of Schedule 3 of The Local Government Pension
    Scheme (Scotland) Regulations 2014 and is acting in that capacity.

 

    	 	A-10	 

     

    

 

		III.	INVESTOR
                                            INFORMATION – (FOR ALL INVESTORS)

 

	(A)	Was the Investor referred to the Company by a placement agent?        
Yes  ̈     No
 ̈
	 	 
	 	If yes, please provide name of placement agent:_______________________________________

 

	(B)	Does the Investor have one or more ultimate beneficiaries who
(a) are entitled to 10% or more of the proceeds from this investment or (b) hold 10% or more of the control rights of the Investor?          
Yes  ̈ No  ̈
	 	 
	 	Is
the Investor or any of the ultimate beneficiaries publicly traded?         Yes
 ̈     No  ̈
	 	 
	 	Is the Investor or any of
                                        the ultimate beneficiaries a regulated entity?         Yes  ̈     No  ̈
	 	 
	 	If the response to any of the above
questions under this Item III(B) is “yes,” please complete Exhibit A of this Appendix A.

 

	(C)	The
                                            Investor _______ (is) _______ (is not) (please initial one) (i) a “bank
                                            holding company” (as defined in Section 2(a) of the U.S. Bank Holding Company
                                            Act of 1956, as amended (the “BHCA”)), (ii) an entity that is subject to
                                            the BHCA pursuant to the U.S. International Banking Act of 1978, as amended, or (iii) an
                                            “affiliate” (as defined in Section 2(k) of the BHCA) of either of the
                                            foregoing. The Company may request information regarding the bank holding company status
                                            of the Investor or any affiliate of the Investor.

 

		(D)	The
                                            Investor _______ (is) _______ (is not) (please initial one) a “banking
                                            entity” (as defined in Regulation VV of the Board of Governors of the U.S. Federal
                                            Reserve System (the “Volcker Rule”)).

 

		(E)	The
                                            Investor _______ (is) _______ (is not) (please initial one) a “covered
                                            fund” (as defined in the Volcker Rule).

 

If the Investor is a “covered
fund”, please complete each of the following:

 

		1.	The
                                            Investor _______ (is) _______ (is not) (please initial one) a “covered
                                            fund” (i) for which a “banking entity” serves as “sponsor”,
                                            investment manager, investment adviser, commodity trading adviser, or (ii) that was
                                            otherwise “organized and offered” by a “banking entity” (each as
                                            defined in the Volcker Rule).

 

		2.	The
                                            Investor _______ (is) _______ (is not) (please initial one) “controlled”
                                            (as defined in the Volcker Rule) by a second “covered fund” described
                                            in clause (i) or (ii) of Item L(1) above.

 

    	 	A-11	 

     

    

  

		IV.	ERISA
                                            INFORMATION

 

		(A)	The
                                            Investor _______ (is) _______(is not) (please initial one) a “Benefit
                                            Plan Investor” as defined in Section 4.02(e) of this Subscription Agreement.

 

		(B)	If
                                            the Investor is a pooled investment fund, the Investor hereby certifies to either 1 or 2
                                            below:

 

(Please initial
one)

 

	 	            

                                            Initial
	1.	Less
    than 25% of the value of each class of equity interests in the Investor (excluding from this computation interests held by (i) any
    individual or entity (other than a Benefit Plan Investor) having discretionary authority or control over the assets of the Investor,
    (ii) any individual or entity (other than a Benefit Plan Investor) who provides investment advice for a fee (direct or indirect)
    with respect to the assets of the Investor and (iii) any affiliate of such individuals or entities (other than a Benefit Plan
    Investor)) is held by Benefit Plan Investors.
	 	 	 	 
	 	            

                                            Initial
	2.	Twenty-five percent or more of the value
    of any class of equity interests in the Investor (excluding from this computation interests held by (i) any individual or entity
    (other than a Benefit Plan Investor) having discretionary authority or control over the assets of the Investor, (ii) any individual
    or entity (other than a Benefit Plan Investor) who provides investment advice for a fee (direct or indirect) with respect to the
    assets of the Investor and (iii) any affiliate of such individuals or entities (other than a Benefit Plan Investor)) is held
    by Benefit Plan Investors;

     

    and

     

    ____% of the equity interest in the Investor
    is held by Benefit Plan Investors.

 

		(C)	If
                                            the Investor is an insurance company, the Investor hereby certifies to either 1 or 2 below:

 

(Please initial
one)

 

	 	            

    Initial
	1.	The
    Investor is an insurance company investing the assets of its general account (or the assets of a wholly owned subsidiary of its general
    account) in the Company but none of the underlying assets of the Investor’s general account constitutes “plan assets”
    within the meaning of Section 401(c) of ERISA.
	 	 	 	 
	 	            

    Initial
	2.	The Investor is an insurance company investing
    the assets of its general account (or the assets of a wholly owned subsidiary of its general account) in the Company and a portion
    of the underlying assets of the Investor’s general account constitutes “plan assets” within the meaning of Section 401(c) of
    ERISA; and

     

    ____% of its general account assets constitute
    “plan assets” within the meaning of Section 401(c) of ERISA.

 

    	 	A-12	 

     

    

 

		V.	ACCREDITED
                                            INVESTOR STATUS

  

The Investor certifies that the Investor is an
 “accredited investor” as defined in Regulation D promulgated under the Securities Act because:

 

(Please initial as appropriate)

 

		(A)	Individuals

 

	            

                                            Initial
	1.	The
    Investor has an individual net worth,* or joint net worth with his or her spouse, in excess of $1,000,000; or
	 	 	 
	            

                                   Initial
	2.
    	The
    Investor had individual income** (exclusive of any income attributable to his or her spouse) of more than $200,000 in
    each of the past two years, or joint income with his or her spouse of more than $300,000 in each of those years, and reasonably expects
    to reach the same income level in the current year.

 

		(B)	Corporations, Foundations,
                                            Endowments, Partnerships or Limited Liability Companies

 

	            

                                            Initial
	1.	The
    Investor has total assets in excess of $5,000,000 and was not formed for the specific purpose of acquiring the Interests offered;
    or
	 	 	 
	            

                                            Initial
	2.	Each
    of the Investor’s equity owners is an accredited investor as described in this Section III.  The Adviser,
    in its sole discretion, may request information regarding the basis on which such equity owners are accredited investors.

 

		(C)	Employee
                                            Benefit Plans

 

	            

                                            Initial
	1.	The Investor is
    an employee benefit plan within the meaning of ERISA, and the decision to invest in the Company was made by a plan fiduciary (as
    defined in Section 3(21) of ERISA), which is either a bank, savings and loan association, insurance company or registered
    investment adviser.  The name of such plan fiduciary                                                    is
    :                                                                                        ;
    or

 

 

*
       For purposes of this Subscription Agreement, the term
 “net worth” means the excess of total assets at fair market value, including home furnishings and automobiles, over total
liabilities; provided that, (i) the Investor’s primary residence shall not be included as an asset, (ii) indebtedness that
is secured by the Investor’s primary residence, up to the estimated fair market value of the primary residence at the time of the
sale of the Interests, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of
sale of the Interests exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary
residence, the amount of such excess shall be included as a liability), and (iii) indebtedness that is secured by the Investor’s
primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of the Interests shall
be included as a liability.

**      For
purposes of this Subscription Agreement, the term “individual income” means adjusted gross income, as reported for federal
income tax purposes, less any income attributable to a spouse or to property owned by a spouse, increased by the following amounts (but
not including any amounts attributable to a spouse or to property owned by a spouse): (i) the amount of any tax-exempt interest income
under Section 103 of the Internal Revenue Code, received; (ii) the amount of losses claimed as a limited partner in a limited partnership
as reported on Schedule E of Form 1040; (iii) any deduction claimed for depletion under Section 611 et seq. of the Internal Revenue
Code; (iv) amounts contributed to an Individual Retirement Account (as defined in the Internal Revenue Code) or Keogh retirement plan;
(v) alimony paid; and (vi) any elective contributions to a cash or deferred arrangement under Section 401(k) of the Internal Revenue
Code.

 

    	 	A-13	 

     

    

 

	 	 	 
	             

                                            Initial
	2.	The
    Investor is an employee benefit plan within the meaning of ERISA and has total assets in excess of $5,000,000; or
	 	 	 
	            

                                            Initial
	3.	The
    Investor is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state
    or its political subdivisions for the benefit of its employees, and has total assets in excess of $5,000,000.

  

		(D)	Individual Retirement Accounts,
                                            Keogh Plans and Other Self-Directed Defined Contribution Plans

 

	            

                                            Initial
	 	The
    Investor is an individual retirement account, Keogh Plan or other self-directed defined contribution plan in which a participant
    may exercise control over the investment of assets credited to his or her account and the investing participant is an accredited
    investor because such participant has an individual net worth, or joint net worth with his or her spouse, in excess of $1,000,000
    or has had an individual income of more than $200,000 in each of the past two years, or joint income with his or her spouse of more
    than $300,000 in each of those years, and reasonably expects to reach the same income level in the current year.  The
    Adviser, in its sole discretion, may request information regarding the basis on which such participants are accredited investors.

 

		(E)	Section 501(c)(3) Organizations

 

	            

                                            Initial
	 	The
    Investor is an organization described in Section 501(c)(3) of the Internal Revenue Code, was not formed for the specific
    purpose of acquiring the Interests offered and has total assets in excess of $5,000,000.

 

		(F)	Trusts

 

	            

                                            Initial
	1.	The
    Investor has total assets in excess of $5,000,000, was not formed for the specific purpose of acquiring the Interests offered and
    its purchase is directed by a sophisticated person.  As used in the foregoing sentence, a “sophisticated person”
    is one who has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks
    of the prospective investment; or
	 	 	 
	             

                                            Initial
	2.	The
    trustee or a co-trustee of the Investor is:  (a) a bank as defined in Section 3(a)(2) of the Securities
    Act, a savings and loan association, or other institution as defined in Section 3(a)(5)(A) of the Securities Act; (b) acting
    in a fiduciary capacity; and (c) subscribing for the purchase of the Interests on behalf of the Investor or directing the Investor
    to purchase the Interests; or
	 	 	 
	            

                                            Initial
	3.	The
    Investor is a revocable trust that may be amended or revoked at any time by the grantors thereof and all of the grantors are accredited
    investors as described herein.  The Adviser, in its sole discretion, may request information regarding the basis on
    which such grantors are accredited investors.

 

    	 	A-14	 

     

    

 

		(G)	Banks, Savings and Loans and
                                            Similar Institutions

 

	            

                                            Initial
	 	The
    Investor is a bank as defined in Section 3(a)(2) of the Securities Act or a savings and loan association, or other institution
    as defined in Section 3(a)(5)(A) of the Securities Act acting in its individual capacity.

 

		(H)	Insurance Companies

 

	            

                                            Initial
	 	The
    Investor is an insurance company as defined in Section 2(13) of the Securities Act.

 

    	 	A-15	 

     

    

 

Exhibit A

 

BENEFICIAL OWNERSHIP INFORMATION

 

Instructions:
Please complete and return this Exhibit A and provide the name of every person who is directly or indirectly through
intermediaries, the beneficial owner of 10% or more of any voting or non-voting class of equity interests of the Investor (or if an LP
or LLC, holds 10% or more of the Investor). If there is insufficient space in the chart, please include additional sheets of paper
with the relevant information.

 

	Full
    Legal Name	If
    the Investor or Any of the 10%

 Beneficial Owners Is Publicly 

Traded, Please Identify the 

Exchange for the Public Trading.	If
    the Investor or Any of

 the 10% Beneficial

 Owners Is a Regulated

 Entity, Please Identity 

Regulator and

 Jurisdiction. 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	A-16	 

     

    

 

Appendix B: Transfer Restrictions

 

No
Transfer of the Investor’s Capital Commitment or all or any fraction of the Investor’s Shares may be made without (i) registration
of the Transfer on the Company books and (ii) the prior written consent of the Adviser which, with respect to a Plan, will not be
withheld unreasonably in the case of a change of the Plan’s fiduciaries or trustees. In any event, the consent of the Adviser may
be withheld (x) if the creditworthiness of the proposed transferee, as determined by the Adviser in its sole discretion, is not
sufficient to satisfy all obligations under the Subscription Agreement, (y) if the Company’s operations would likely
be materially and adversely affected by the Transfer, or if such Transfer would raise legal, regulatory or competitive concerns for either
the Company or the parties involved or (z) unless, in the opinion of counsel (who may be counsel for the Company or the Investor)
satisfactory in form and substance to the Company:

 

		•	such
                                            Transfer would not violate the Securities Act or any state (or other jurisdiction) securities
                                            or “Blue Sky” laws applicable to the Company or the Shares to be Transferred;
                                            and

 

		•	such
                                            Transfer would not give rise to a “prohibited transaction” under Section 406
                                            of ERISA or the Code or the regulations promulgated thereunder.

 

The Investor agrees that it will pay all reasonable
expenses, including attorneys’ fees, incurred by the Company in connection with any Transfer of all or any fraction of its Shares,
prior to the consummation of such Transfer.

 

Any person that acquires all or any fraction
of the Shares of the Investor in a Transfer permitted under this Appendix B shall be obligated to pay to the Company the appropriate
portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in interest.
The Investor agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the Company, it will remain
liable for its Capital Commitment and for all payments of any Drawdown Purchase Price required to be made by it (without taking into
account the Transfer of all or a fraction of such Shares) prior to the time, if any, when the purchaser, assignee or transferee of such
Shares, or fraction thereof, becomes a holder of such Shares.

 

The Company shall not recognize for any purpose
any purported Transfer of all or any fraction of the Shares and shall be entitled to treat the transferor of Shares as the absolute owner
thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the Company shall
have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such Transfer, in form
satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser, assignee or transferee,
and such notice (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms and provisions of this
Subscription Agreement and its agreement to be bound thereby, and (ii) represents that such Transfer was made in accordance with
this Subscription Agreement, the provisions of the Disclosure Package and all applicable laws and regulations applicable to the transferee
and the transferor.

 

    	 	B-1	 

     

    

 

Appendix C: United States Person

 

The term “United States Person” means
a person described in one or more of the following paragraphs:

 

		1.	With respect to any person, any individual
                                            or entity that would be a United States Person under Regulation S promulgated under the 1933
                                            Act. The Regulation S definition is set forth below.

 

		2.	With respect to individuals, any U.S. citizen
                                            or “resident alien” within the meaning of US income tax laws as in effect from
                                            time to time. Currently, the term “resident alien” is defined under U.S. income
                                            tax laws to generally include any individual who (i) holds an Alien Registration Card
                                            (a “green card”) issued by the U.S. Immigration and Naturalization Service or
                                            (ii) meets a “substantial presence” test. The “substantial presence”
                                            test is generally met with respect to any current calendar year if (a) the individual
                                            was present in the U.S. on at least 31 days during such year and (b) the sum of the
                                            number of days on which such individual was present in the U.S. during the current year,
                                            1/3 of the number of such days during the first preceding year, and 1/6 of the number of
                                            such days during the second preceding year, equals or exceeds 183 days.

 

		3.	With respect to persons other than individuals:

 

		a.	a corporation or partnership created or organized
                                            in the United States or under the laws of any political subdivision thereof;

 

		b.	a trust where (a) a U.S. court is able
                                            to exercise primary supervision over the administration of the trust and (b) one or
                                            more United States Persons have the authority to control all substantial decisions of the
                                            trust; and

 

		c.	an estate which is subject to U.S. tax on
                                            its worldwide income from all sources.

 

Set forth below is the definition of “United
States Person” contained in Regulation S under the 1933 Act.

 

		1.	“United States Person” means:

 

		a.	Any natural person resident in the United
                                            States;

 

		b.	Any partnership or corporation organized
                                            or incorporated under the laws of the United States;

 

		c.	Any estate of which any executor or administrator
                                            is a United States Person;

 

		d.	Any trust of which any trustee is a United
                                            States Person;

 

    	 	C-1	 

     

    

 

		e.	Any agency or branch of a non-United States
                                            entity located in the United States;

  

		f.	Any non-discretionary account or similar
                                            account (other than an estate or trust) held by a dealer or other fiduciary for the benefit
                                            of a United States Person;

 

		g.	Any discretionary account or similar account
                                            (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated,
                                            or (if an individual) resident in the United States; and

 

		h.	Any partnership or corporation if: (A) organized
                                            or incorporated under the laws of any jurisdiction other than the United States; and (B) formed
                                            by a United States Person principally for the purpose of investing in securities not registered
                                            under the Securities Act unless it is organized or incorporated, and owned, by “accredited
                                            investors” (as defined in Rule 501(a) under the Securities Act) who are not
                                            natural persons, estates or trusts.

 

		2.	The following are not “United States
                                            Persons”

 

		a.	any discretionary account or similar account
                                            (other than an estate or trust) held for the benefit or account of a non-United States Person
                                            by a dealer or other professional fiduciary organized, incorporated, or (if an individual)
                                            resident in the United States shall not be deemed to be a “United States Person”;

 

		b.	any estate of which any professional fiduciary
                                            acting as executor or administrator is a United States Person shall not be deemed to be a
                                            “United States Person” if: (i) an executor or administrator of the estate
                                            who is not a United States Person has sole or shared investment discretion with respect to
                                            the assets of the estate; and (ii) the estate is governed by laws other than those of
                                            the United States;

 

		c.	any trust of which any professional fiduciary
                                            acting as trustee is a United States Person shall not be deemed to be a “United States
                                            Person” if a trustee who is not a United States Person has sole or shared investment
                                            discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor
                                            if the trust is revocable) is a United States Person;

 

		d.	an employee benefit plan established and
                                            administered in accordance with (i) the laws of a country other than the United States
                                            and (ii) the customary practices and documentation of such country, shall not be deemed
                                            to be a “United States Person”; and

 

		e.	any agency or branch of a United States Person
                                            located outside the United States shall not be deemed a “United States Person”
                                            if: the agency or branch (i) operates for valid business reasons, (ii) is engaged
                                            in the business of insurance or banking, and (iii) is subject to substantive insurance
                                            or banking regulation, respectively, in the jurisdiction where located.

 

    	 	C-2	 

     

    

 

		f.	none of the International Monetary Fund,
                                            the International Bank for Reconstruction and Development, the Inter-American Development
                                            Bank, the Asian Development Bank, the African Development Bank, the United Nations, or their
                                            agencies, affiliates and pension plans, or any other similar international organization,
                                            or its agencies, affiliates and pension plans, shall be deemed to be a “United States
                                            Person”.

 

    	 	C-3	 

     

    

 

Appendix D: Additional
Commitment Form

 

Brightwood Capital Corporation
I

810 Seventh Avenue, 26th Floor

New York, NY 10019

Telephone: 646-957-9525

E-mail:
[●]

 

Dear Sir/Madam:

 

The
undersigned wishes to make an additional capital commitment to Brightwood Capital Corporation I (the “Company”).
The amount to be committed (“Additional Capital Commitment”) is: $_____________________.

 

The undersigned acknowledges and agrees: (i) that
the undersigned is making the Additional Capital Commitment on the terms and conditions contained in the subscription agreement, dated
___________ ___, 20___, previously executed by the undersigned and accepted by the Company, as the same may be updated or modified from
time to time (the “Subscription Agreement”); (ii) that the representations, warranties and covenants of the undersigned
contained in the Subscription Agreement are true and correct in all material respects as of the date set forth below; (iii) that
the information provided on the Investor Profile Form in the Subscription Agreement is correct as of the date set forth below; and
(iv) that the background information provided to the Company is true and correct in all material respects as of the date set forth
below.

 

THE UNDERSIGNED
AGREES TO NOTIFY THE COMPANY

PROMPTLY IN WRITING SHOULD THERE BE ANY CHANGE

IN ANY OF THE FOREGOING INFORMATION.

 

Dated:                        ,
20__

 

	INDIVIDUALS	 	ENTITIES
	 

     

    Signature
	 	 

     

    Print Name
    of Entity

	 	 	 
	 

    
	 	By:
	                   

	Print Name	 	 	Authorized Signatory
	 	 	 
	 

    Additional
    Investor Signature
	 	 

    Print Name
    and Title

	 

     

    Print Name
	 	 

 

 

 

FOR
INTERNAL USE ONLY

To be completed by BRIGHTWOOD CAPITAL CORPORATION I

 

ADDITIONAL CAPITAL COMMITMENT ACCEPTED

AS TO $___________________________

By: BRIGHTWOOD CAPITAL CORPORATION I 

By:_______________________________

Date: _____________________, 20____

 

    	 	D-1	 

     

    

 

Appendix E: Privacy

 

    	 	E-1	 

     

    

 

Disclosure Opt Out

 

If you prefer that we not disclose nonpublic
personal information about you to nonaffiliated third parties, you may opt out of those disclosures (other than disclosures permitted
by law or the agreements governing your investment in our private funds); that is, you may direct us not to make those disclosures (other
than disclosures permitted by law or the agreements governing your investment in our private funds). To opt out of disclosures to nonaffiliated
third parties, you may return the Opt Out Form included in the next page to us.

 

    	 	E-2	 

     

    

 

OPT OUT FORM

 

To be completed and returned in the event that
you (i) are an individual investor (i.e. natural person) and (ii) desire that we not make disclosures to nonaffiliated
parties discussed in the above Privacy Notice (other than disclosures permitted by law or the agreements governing your investment in
our private funds).

 

	Name of Individual Investor:	 
	 	 
	 	 
	 	 
	Name of Fund:	 
	 	 
	 	 
	 	 
	Signature:	 
	 	 
	 	 
	 	 
	Date:	 
	 	 
	 	 

 

Return to:

 

Brightwood
Capital Corporation I

810 Seventh Avenue, 26th Floor

New York, NY 10019

Attn: Darilyn Olidge, Esq.

 

    	 	E-3	 

     

    

 

Addendum for
EEA Investors

EU Regulation 2016/679 on the protection
of natural persons

with regard to the processing of personal
data and on the free movement of such data

(“General
Data Protection Regulation”)

 

This Privacy Notice is addressed to individuals
in the EEA with whom we interact in relation to an investment in Brightwood Capital Corporation I (the “Company”)
and is provided pursuant to the General Data Protection Regulation. Brightwood Capital Corporation I will endeavour to ensure that Personal
Data that you provide to us is handled in accordance with our obligations under U.S. law and in accordance with the General Data Protection
Regulation as described in this notice.

 

		1.	In this Notice, the following terms have
                                            the following meaning:

 

	 	“data
    controller” 	means
    the Company entity that decides how and why personal data is processed;
	 	“EEA”	means
    the member states of the European Economic Area;
	 	“personal
    data” 	means
    information from which it is possible to identify a natural person (an individual), or information from which any individual is identifiable;
	 	“processing”
    	means
    anything that is done with personal data, whether or not by automated means, such as collection, recording, organisation, structuring,
    storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available,
    alignment or combination, restriction, erasure or destruction. 
	 	“processor”
    	means
    the person or entity that processes personal data on behalf of a data controller. 
	 	“sensitive
    personal data”	means
personal data about an individual’s race or ethnicity, political opinions, religious or philosophical beliefs, trade union membership,
physical or mental health, sexual life, or any other information that may be deemed to be sensitive under applicable law.

 

		2.	We will only use personal data that you
                                            provide to us, or which is otherwise obtained by us in connection with an investment in the
                                            Company, as set out in this Privacy Notice.

 

		3.	We may receive personal data about you
                                            from the following sources:

 

		a.	when you provide it to us (e.g.,
                                            where you contact us via email or telephone, or by any other means);

 

		b.	when you subscribe to one of our funds
                                            and complete a subscription agreement or other fund documents;

 

		c.	when it is in the public domain, or obtained
                                            from searches of public registries, such as court registries or lists maintained by governmental
                                            authorities; and

 

		d.	from third parties who provide it to
                                            us, e.g., where we conduct credit reference verification, anti-money laundering checks,
                                            or where we receive your details from financial intermediaries or placement agents fund-raising
                                            on our behalf.

 

    	 	E-4	 

     

    

 

		4.	The categories of personal data that
                                            we may process are as follows:

 

		e.	name(s); date of birth; identification,
                                            such as passport; social security number; national ID or insurance number, tax identification
                                            number; copy of passport; nationality; signatures;

 

		f.	address; telephone number; email address;
                                            and

 

		g.	business activities; financial expertise
                                            including educational qualifications and investment experience; value of financial portfolio;
                                            ability to bear losses; nature of past or current employment within or outside the financial
                                            sector.

 

		5.	We may organise the personal data we
                                            collect and combine it with other personal data that you provide or that we collect from
                                            other sources.

 

		6.	We do not seek to collect or otherwise
                                            process sensitive personal data, except where we are required to comply with a legal obligation,
                                            such as, e.g., where we are required to gather information about a politically exposed
                                            person or their family members and that information constitutes sensitive personal data.

 

		7.	We only process information about criminal
                                            offences to the extent required by applicable law.

 

		8.	The purposes for which we process personal
                                            data and the legal bases for doing so are as follows:

 

	 	Purpose	Legal
    Basis
	a)	KYC - confirming your identity and screening
    against government, supranational bodies or sanctions lists or performing other on-boarding due diligence

     
	•      The
processing is necessary for compliance with a legal obligation;

    •      If
    the information constitutes sensitive personal data, we have obtained your prior consent

     

	b)	To perform our contract, including managing
    the assets of the fund, providing periodic and annual reporting, responding to your queries, keeping you apprised of co-investment
    opportunities, and any other matters of legitimate interest to investors including other investment opportunities

     
	•      To
perform our contract with you

    •      We
also have a legitimate business interest in carrying out processing for some of these purposes where we consider that, on balance, our
legitimate interests are not overridden by your interests, fundamental rights or freedoms

	c)	Legal
    compliance - detecting, investigating and preventing breaches and criminal offences, in accordance with applicable law.

     
	•      The
processing is necessary for compliance with a legal obligation; or

    •      We
have a legitimate interest in carrying out the processing

     

	d)	Legal
    proceedings.	•      We
have a legitimate interest in carrying out the processing for the purpose of establishing, exercising or defending our legal rights

     

	e)	Improving
    our products and services,	•      We
have a legitimate interest in carrying out the processing for the purpose of improving our products or services where we consider that,
on balance, our legitimate interests are not overridden by your interests, fundamental rights or freedoms

 

    	 	E-5	 

     

    

 

 

		9.	Where it is necessary for the performance
                                            of our contract with you, or for our internal business processes, we may share personal data
                                            with any Net Lease Fund in which you are invested, any other funds in which you invest or
                                            apply to invest in and/or the administrator(s) of such funds. In addition, we may disclose
                                            your personal data to:

 

		a.	credit reference agencies;

 

		b.	anti-fraud services;

 

		c.	governmental, tax and regulatory, or
                                            similar authorities;

 

		d.	accountants, auditors, financial and
                                            tax advisers, lawyers and other outside professional advisers to the Company;

 

		e.	third party processors (such as email
                                            and electronic communications retention vendors or fund administrators), located in Canada,
                                            Europe and the U.S.A., as applicable;

 

		f.	any relevant party, enforcement agency
                                            or court, to the extent necessary for the establishment, exercise or defense of legal rights;

 

		g.	for the prevention, investigation or
                                            prosecution of criminal offences;

 

		h.	in connection with AML/KYC requirements;
                                            and

 

		i.	any relevant third party acquirer(s),
                                            in the event that we sell or transfer all or any relevant portion of a Net Lease Fund in
                                            which you are an investor.

 

		10.	Where
                                            it is necessary for the performance of our contract with you and you choose not to provide
                                            personal data to us or do not want the Company to process this data, it may prevent the Company
                                            from allowing you to invest in a Net Lease Fund and may adversely affect the Company’s
                                            ability otherwise to manage its business relationship with you.

 

		11.	Where we engage a third-party processor,
                                            the processor will be subject to contractual obligations to: (i) process in accordance
                                            with our prior written instructions; and (ii) use measures to protect the confidentiality
                                            and security of the personal data.

 

		12.	The
                                            Company is based in the U.S.A. The personal data you provide to us will be transferred to
                                            and stored on our servers in the U.S.A. We take reasonable steps to protect your personal
                                            data from unauthorised access and against unlawful processing, accidental loss, destruction
                                            and damage. Where we receive your personal data directly in the U.S.A. we are not responsible
                                            for its transfer outside the EEA. Personal data may be shared with fund administrators
                                            (for certain Company products) and other service providers (e.g., for email and electronic
                                            communications retention) that are located outside of the United States. Otherwise, we do
                                            not intend to transfer your personal data to other countries outside the U.S.A. Where any
                                            transfer takes place under a written contract, you have the right to request a copy of that
                                            contract and may do so by contacting the Company (see the contact details below).

 

    	 	E-6	 

     

    

 

		13.	We take reasonable steps designed to
                                            ensure that your personal data are accurate and, where necessary, kept up to date. You have
                                            the right to ask to see the data we hold about you and to ask us to: (a) make any changes
                                            to ensure that any personal data is accurate and up to date; (b) erase or stop processing
                                            any personal data we hold where there is no longer a legal ground for us to process it; and,
                                            (c) transfer such data to a third party (however we do not foresee the applicability
                                            of this right in the context of your investment in a Fund). To exercise one or more of these
                                            rights, or to ask a question about these rights, please contact the Company at the address
                                            below.

 

		14.	You have the right to ask us not to
                                            process your personal data for marketing purposes. You can exercise this right by checking
                                            a box on any communication in which we seek to gather any personal data from you for such
                                            purposes; alternatively, you can exercise the right at any time by contacting us at the address
                                            below or returning the Disclosure Opt Out form included with this Privacy Notice.

 

		15.	The criteria for determining the duration
                                            for which we will retain your personal data are as follows:

 

		a.	in a form that permits identification
                                            only for as long as necessary in connection with the lawful purpose for which it is held;

 

		b.	for the period under applicable law during
                                            which any person could bring a legal claim against the Company in relation to a matter in
                                            which your personal data may be relevant; and

 

		c.	if a legal claims were to be brought,
                                            for such additional periods as are necessary in connection with that claim.

 

		16.	Once these periods have expired, we
                                            will permanently delete or destroy the relevant personal data.

 

To Contact the Company:

 

If you would like to contact the Company about any of the information
in this Notice, or if you want to make a complaint please contact:

 

Brightwood
Capital Corporation I

810 Seventh Avenue, 26th Floor

New York, NY 10019

Attn: Darilyn Olidge, Esq.

 

You can also obtain further information on data privacy and/or make
a complaint by contacting your local data protection authority in your member state.

[               ]

 

    	 	E-7	 

     

    

 

Appendix F: Disclosure
Package

 

		1.	Registration Statement on Form 10, originally filed with the Securities
                                            and Exchange Commission on [       ], as amended, as of the date of this Subscription Agreement.

 

    	 	F-1

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