Document:

Exhibit 10.3

      

     

      

    
      
        	Execution Version

         

        

      

      The Toro Company

       

      
        

      Second Amendment

      Dated as of June 30, 2022

       

      to

       

      Note Purchase Agreement

      Dated as of April 30, 2019

       

      
        

      

      

      Re: $100,000,000 3.81% Senior Notes, Series A, due June 15, 2029

            $100,000,000 3.91% Senior Notes, Series B, due June 15, 2031

      
         

        

        	

              

      

      
        
          

      

      
      Second Amendment to Note Purchase Agreement

       

      This Second Amendment dated as of June 30, 2022 (the or this “Second Amendment”)
          to the Note Purchase Agreement dated April 30, 2019 is between The Toro Company, a Delaware corporation (the “Company”) and each of the institutions which is a signatory to this Second Amendment
          (collectively, the “Noteholders”).

       

      Recitals:

       

      A.          The Company and each of the Noteholders have heretofore entered into the Note Purchase Agreement dated April 30, 2019 (the “Note Purchase Agreement”).  The Company has heretofore issued (i) $100,000,000 aggregate principal amount of its
        3.81% Senior Notes, Series A, due June 15, 2029 (the “Series A Notes”) and (ii) $100,000,000 aggregate principal amount of its 3.91% Senior Notes, Series B, due
        June 15, 2031 (the “Series B Notes”; collectively with the Series B Notes, the “Notes”) pursuant to the Note Purchase Agreement.  The Noteholders are the holders of
        at least 51% of the outstanding principal amount of the Notes.

       

      B.          The Company and the Noteholders now desire to amend the Note Purchase Agreement in the respects, but only in the respects, hereinafter
        set forth.

       

      C.          Capitalized terms used herein shall have the respective meanings ascribed thereto in the Note Purchase Agreement unless herein defined
        or the context shall otherwise require.

       

      D.          All requirements of law have been fully complied with and all other acts and things necessary to make this Second Amendment a valid,
        legal and binding instrument according to its terms for the purposes herein expressed have been done or performed.

       

      Now, therefore, upon the full and complete satisfaction of the conditions precedent to the effectiveness of this Second Amendment set forth in Section 3.1 hereof, and in consideration of good
          and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company and the Noteholders do hereby agree as follows:

       

      Section 1.          Amendments.

       

      Section 1.1.          Section 10.7 of the Note Purchase Agreement shall be and is hereby deleted in its entirety and replaced with “[Reserved]”.

       

      Section 1.2.          Section 10.8 of the Note Purchase Agreement shall be and is hereby amended amended in its entirety and replaced with the following:

       

        

      
        1

        
          

      

      
       “Section 10.7.          Maximum Leverage Ratio.  The Company (on a consolidated basis) shall not, as of the end of any fiscal quarter, permit its consolidated ratio of (a) total Indebtedness as of such date net of Pending Transaction
        Debt (if any) as of such date, to (b) the sum of Consolidated EBIT plus depreciation and amortization expense (the “Leverage Ratio”) for the period of four prior fiscal quarters ending on such date to be
        more than 3.50 to 1.00; provided, however, after the occurrence of any Acquisition (or series of related transactions for the purpose of or resulting in such Acquisition) with aggregate consideration in
        excess of $75,000,000, at the option of the Company, for each of the four consecutive fiscal quarters ending after such option exercise (a “Covenant Holiday”), the Leverage Ratio as of the last day of such
        fiscal quarter shall not exceed 4.00 to 1.00 and, in which event, the Company shall be obligated to pay the Incremental Leverage Fee provided for in Section 1.2; provided further, however, the Company may
        opt to use a maximum of three Covenant Holidays during the term of this Agreement and the Leverage Ratio may not exceed 3.50 to 1.00 for at least one fiscal quarter in between each Covenant Holiday.”

       

      Section 1.3.          The following shall be added as a new Section 10.12 of the Note Purchase Agreement:

       

      “Section 10.12.          Most Favored Lender Status.  (a) If at any time a Material Credit Facility contains an interest coverage or fixed charged covenant (regardless of whether such provision is labeled or
        otherwise characterized as a covenant, a definition or a default) by the Company that is more favorable to the lenders under such Material Credit Facility than the covenants, definitions and/or defaults contained in this Agreement (any such
        provision (including any necessary definition), a “More Favorable Covenant”), then the Company shall provide a Most Favored Lender Notice in respect of such More Favorable Covenant.  Unless waived in writing
        by the Required Holders within 15 days after each holder’s receipt of such notice, such More Favorable Covenant shall be deemed automatically incorporated by reference into Section 10 of this Agreement, mutatis mutandis, as if set forth in full
        herein, effective as of the date when such More Favorable Covenant shall have become effective under such Material Credit Facility.

       

       (b)          Any More Favorable Covenant incorporated into this Agreement (herein referred to as an “Incorporated Covenant”) pursuant to this Section 10.12 (i) shall be deemed automatically amended herein to reflect any subsequent amendments made to such More Favorable Covenant under the applicable Material Credit Facility; provided that, if a Default or an Event of Default then exists and the amendment of such More Favorable Covenant would make such covenant less restrictive on the Company, such Incorporated Covenant shall only be
        deemed automatically amended at such time, if it should occur, when such Default or Event of Default no longer exists and (ii) shall be deemed automatically deleted from this Agreement at such time as such More Favorable Covenant is deleted or
        otherwise removed from the applicable Material Credit Facility or such applicable Material Credit Facility ceases to be a Material Credit Facility or shall be terminated; provided that, if a Default or an Event of Default then exists, such
        Incorporated Covenant shall only be deemed automatically deleted from this Agreement at such time, if it should occur, when such Default or Event of Default no longer exists; provided further, however, that
        if any fee or other consideration shall be given to the lenders under such Material Credit Facility for such amendment or deletion, the equivalent of such fee or other consideration shall be given, pro rata, to the holders of the Notes. 
        Notwithstanding the foregoing, the covenants or defaults (and related definitions as used therein) contained in this Agreement as in effect on the date of this Agreement (and as amended other than by operation of Section 10.12(a)) shall not be
        loosened or relaxed by operation of the terms of this Section 10.12(b) and only such other Incorporated Covenants shall be so loosened or relaxed pursuant to the terms hereof.

       

      

      
        -2-

        
          

      

       (c)          “Most Favored Lender Notice” means, in respect of any More Favorable
        Covenant, a written notice to each of the holders of the Notes delivered promptly, and in any event within twenty (20) Business Days after the inclusion of such More Favorable Covenant in any Material Credit Facility (including by way of amendment
        or other modification of any existing provision thereof) from a Responsible Officer referring to the provisions of this Section 10.12 and setting forth a reasonably detailed description of such More Favorable Covenant (including any defined terms
        used therein) and related explanatory calculations, as applicable.”

       

      Section 1.4.          Clause (iii) of the definition of “Consolidated EBIT” shall be and is hereby amended to read as follows:

       

      “(iii) one‐time, non‐recurring cash fees and expenses, not to exceed $50,000,000 in the aggregate, (x) related to restructurings, or (y) related to
        cost savings, restructuring, severance, integration, or consolidation related to an Acquisition, and to include without limitation advisory, legal, financing, and consulting fees related to an Acquisition, incurred in anticipation of, in connection
        with or as a result of such Acquisition.”

       

      Section 1.5.           The definition of “Material Credit Facility” shall be and is hereby amended to read as follows:

       

      “‘Material Credit Facility’ means, as to the Company and its Subsidiaries, 

       

      (a)    the Amended and Restated Credit Agreement dated as of October 5, 2021 among the Company, Toro Luxembourg, certain other
        Subsidiaries, as borrowers, Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer, Wells Fargo Bank, National Association, as syndication agent, BMO Harris Bank, N.A., HSBC Bank USA, National Association, and U.S. Bank
        National Association, as co-documentation agents and the other lenders party thereto, (the “Existing Revolving Credit Agreement”);

       

      (b)     the Term Loan Credit Agreement dated as of March 19, 2019 among the Company, as borrower, Bank of America, N.A., as
        Administrative Agent and each lender from time to time party thereto (the “Existing Term Credit Agreement”);

       

           (c)    the Note Purchase Agreement dated as of June 30, 2022 among the Company and the Institutional Investors from time to time party thereto
        (the “2022 Note Purchase Agreement”), pursuant to which the Company issued its $100,000,000 Senior Notes due June 30, 2032, for so long as any such notes remain outstanding; and

       

      

      
        -3-

        
          

      

      (d)     any other agreement(s) (other than the Receivables Purchase Facility), including any renewals, extensions, amendments,
        supplements, restatements, replacements or refinancings of the Existing Revolving Credit Agreement and/or the Existing Term Credit Agreement, creating or evidencing indebtedness for borrowed money entered into by the Company or any Subsidiary, or
        in respect of which the Company or any Subsidiary is an obligor or otherwise provides a guarantee or other credit support (“Credit Facility”), in a principal amount outstanding or available for borrowing
        equal to or greater than $50,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such other currency); and if no Credit Facility or
        Credit Facilities equal or exceed such amounts, then the largest Credit Facility shall be deemed to be a Material Credit Facility.”

       

      Section 1.6.        The following shall be added as new definitions in alphabetical order to Schedule A of the Note Purchase Agreement:

       

      “‘Pending Transaction Debt’ means as of any date of determination, the lesser of:

       

      (1)          the aggregate amount of cash proceeds received and held by or on behalf of the Company or its Subsidiaries in
        connection with any offering, issuance or other incurrence of Indebtedness (“Specified Indebtedness”) in connection with a Pending Transaction; and 

       

      (2)          the lowest maximum amount (for the avoidance of doubt, not to be less than $0) that may be deducted as of such date
        when calculating “Indebtedness” (or other corresponding definition) for purposes of determining compliance with any leverage ratio financial covenant (or other corresponding provision) in any Material Credit Facility.  

       

      provided that the Company may only deduct the aggregate amount of cash proceeds received and held by or on behalf of the Company or its Subsidiaries in connection with Specified Indebtedness for purposes of clause (1) above in
          connection with not more than three Pending Transactions; and

       

      provided, further, that if the Company shall not have delivered to the holders of the Notes evidence of an investment grade rating from at least two accredited nationally recognized rating
          agencies (other than Egan Jones) on a pro forma basis for a Pending Transaction prior to incurring such Specified Indebtedness, the aggregate amount of cash proceeds received and held by or on behalf of
          the Company or its Subsidiaries in connection with such Specified Indebtedness for purposes of clause (1) shall be deemed to be $0; and

       

      provided, further, that if a Pending Acquisition Transaction is not consummated by the date that is 270 days after the offering, issuance or other incurrence of such Specified Indebtedness (the “Pending Acquisition Transaction Effective Date”), then from and after the Pending Acquisition Transaction Effective Date (or such later date as the Required Holders may agree), the aggregate amount of cash
          proceeds received and held by or on behalf of the Company or its Subsidiaries in connection with such Specified Indebtedness for purposes of clause (1) shall be deemed to be $0; and

       

        

      
        -4-

        
          

      

      provided, further, that if a Pending Refinancing Transaction is not consummated by the date that is 60 days after the offering, issuance or other incurrence of such Specified Indebtedness (the “Pending Refinancing Transaction Effective Date”), then from and after the Pending Refinancing Transaction Effective Date (or such later date as the Required Holders may agree), the aggregate amount of cash
          proceeds received and held by or on behalf of the Company or its Subsidiaries in connection with such Specified Indebtedness for purposes of clause (1) shall be deemed to be $0; and

       

      provided, further, that upon and after the consummation of a Pending Transaction, the aggregate amount of any cash proceeds received and still held by or on behalf of the Company or its
          Subsidiaries in connection with such Specified Indebtedness for purposes of clause (1) above shall be deemed to be $0.

       

      “Pending Acquisition Transaction” means any pending acquisition or investment not prohibited under this Agreement having a transaction value (as determined by the Company in good faith) in excess of $75,000,000.

       

      “Pending Refinancing Transaction” means any refinancing, prepayment, repayment, redemption, repurchase, settlement, discharge or defeasance of debt securities (whether issued in a
            registered transaction, 144A offering or other private placement) or term loan facilities.

       

      “Pending Refinancing Transaction Effective
          Date” has the meaning set forth in the definition of “Pending Transaction Debt”.

       

      “Pending Transaction” means a Pending Acquisition Transaction or a Pending Refinancing Transaction.”

       

      Section 2.            Representations and Warranties of the Company.

       

      

      Section 2.1.          To induce the Noteholders to execute and deliver this Second Amendment (which representations shall survive the execution and delivery of this Second Amendment), the Company represents and warrants to the Noteholders
          that:

       

      (a)        this Second Amendment has been duly authorized, executed and delivered by the Company and this Second Amendment
        constitutes the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or
        other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

       

      

      
        -5-

        
          

      

      (b)     the Note Purchase Agreement, as amended by this Second Amendment, constitutes the legal, valid and binding obligation of
        the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of
        creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

       

      (c)      the execution, delivery and performance by the Company of this Second Amendment (i) has been duly authorized by all
        requisite corporate action and, if required, shareholder action, (ii) does not require the consent or approval of any governmental or regulatory body or agency and (iii) will not (A) violate (1) any provision of law, statute, rule or regulation or
        the Company’s certificate of incorporation or bylaws, (2) any order of any court or any rule, regulation or order of any other agency or government binding upon the Company or (3) any provision of any indenture, mortgage, deed of trust, loan,
        purchase or credit agreement, lease, shareholders agreement or any other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or
        affected, except as would not be Material, or (B) result in a breach or constitute (alone or with due notice or lapse of time or both) a default under any indenture, agreement or other instrument referred to in clause (iii)(A)(3) of this Section 2.1(c);

       

      (d)       as of the date hereof and after giving effect to this Second Amendment, no Default or Event of Default has occurred
        which is continuing; 

       

      (e)      neither the Company nor any of its Affiliates has paid or agreed to pay any fees or other consideration, or given any
        additional security or collateral, or shortened the maturity or average life of any Indebtedness or permanently reduced any borrowing capacity, in each case, in favor of or for the benefit of any creditor of the Company, any Subsidiary or any
        Affiliate, in connection with the changes contemplated by or similar in nature to the changes in this Second Amendment; and

       

      (f)     no Subsidiaries or Affiliates of the Company are guarantors or are otherwise liable for or in respect of any Indebtedness
        under any Material Credit Facility or the Notes.

       

      Section 3.          Conditions to Effectiveness of This Second Amendment.

       

      Section 3.1.    This Second Amendment shall not become effective until, and shall become effective when, each and every one of the following conditions shall have been satisfied:

       

      (a)     executed counterparts of this Second Amendment, duly executed by the Company and the holders of at least 51% of the
        outstanding principal of the Notes, shall have been delivered to the Noteholders;

       

      (b)     the representations and warranties of the Company set forth in Section 2 hereof
        are true and correct on and with respect to the date hereof; and

       

      

      
        -6-

        
          

      

      (c)       the Company agrees to pay upon demand, the reasonable fees and expenses of Chapman and Cutler LLP, counsel to the
        Noteholders, in connection with the negotiation, preparation, approval, execution and delivery of this Second Amendment.

       

      Upon receipt of all of the foregoing, this Second Amendment shall become effective.

       

      Section 4.          Miscellaneous.

       

      Section 4.1.       This Second Amendment shall be construed in connection with and as part of the Note Purchase Agreement, and except as modified and expressly amended by this Second Amendment, all terms, conditions and covenants contained
          in the Note Purchase Agreement and the Notes are hereby ratified and shall be and remain in full force and effect.

       

      Section 4.2.     Any and all notices, requests, certificates and other instruments executed and delivered after the execution and delivery of this Second Amendment may refer to the Note Purchase Agreement without making specific reference
          to this Second Amendment but nevertheless all such references shall include this Second Amendment unless the context otherwise requires.

       

      Section 4.3.     The descriptive headings of the various Sections or parts of this Second Amendment are for convenience only and shall not affect the meaning or construction of any of the provisions hereof.

       

      Section 4.4.       This Second Amendment shall be governed by and construed in accordance with New York law.

       

      Section 4.5.     The execution hereof by you shall constitute a contract between us for the uses and purposes hereinabove set forth, and this Second Amendment may be executed in any number of counterparts, each executed counterpart
          constituting an original, but all together only one agreement. A facsimile or electronic transmission of a party’s signature page to this Second Amendment shall be effective as delivery of a manually executed
            counterpart thereof and shall be admissible into evidence for all purposes.

      

      

      [Signature Pages Follow]

      

      

      
        -7-

        
          

      

      In WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed and delivered by their proper and duly authorized
        officers as of the date first written above. 

      

      

      	 	
              The Toro Company

            
	 	 	 
	 	
              By 

            	
              /s/ Julie A. Kerekes

              

            
	 	 	
              Name: Julie A. Kerekes

            
	 	 	
              Title: Treasurer and Senior Managing Director,
                          Global Tax and Investor Relations

                

              

            
	 	 	 
	 	
              By 

            	
              /s/ Renee J. Peterson 

              

            
	 	 	
              Name: Renee J. Peterson

            
	 	 	
              Title: Vice President and Chief Financial Officer 

              

            

      

      

      
        
          	
                   [Second Amendment to Note Purchase Agreement]

                

        

        
          

      

      Accepted as of the date first written above

       

      

      	 	
              Massachusetts Mutual Life Insurance Company

            
	 	
              By:  Barings LLC as Investment Adviser

            
	 	 

      	 	
              By

            	
              /s/ James Moore 

              

            

      	 	
              Name: James Moore 

            
	 	
              Title: Managing Director

            
	 	
              We acknowledge that we hold $7,800,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $11,100,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            
	 	 
	 	
              C.M. Life Insurance Company

            
	 	
              By:  Barings LLC as Investment Adviser

            
	 	 

      	 	
              By

            	/s/ James Moore 

      	 	
              Name: James Moore

            
	 	
              Title: Managing Director

            
	 	
              We acknowledge that we hold $500,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $400,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            
	 	 
	 	
              YF Life Insurance International Limited

            
	 	
              By:  Barings LLC as Investment Adviser

            
	 	 

      	 	
              By

            	/s/ James Moore 

      	 	
              Name: James Moore

            
	 	
              Title: Managing Director 

              

            
	 	
              We acknowledge that we hold $2,500,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $1,500,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            

      

      

      
        
          

      

      Accepted as of the date first written above

      

      

      	 	
              The Lincoln National Life Insurance Company

            
	 	
              By:  Barings LLC as Investment Adviser

            
	 	 

      	 	
              By

            	/s/ James Moore 

      	 	
              Name: James Moore

            
	 	
              Title: Managing Director

            
	 	
              We acknowledge that we hold $12,000,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $13,000,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            

      

      

      
        
          	 [Second Amendment to Note Purchase Agreement]

        

        
          

      

      Accepted as of the date first written above
      

      

      	 	
              New York Life Insurance Company

            
	 	 

      	 	
              By

            	/s/ Aron Davidowitz

      	 	
              Name: Aron Davidowitz

            
	 	
              Title: Vice President

            
	 	
              We acknowledge that we hold $6,100,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $5,800,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            
	 	 
	 	
              New York Life Insurance and Annuity Corporation

            
	 	 
	 	
              By:  NYL Investors LLC, its Investment Manager

            
	 	 

      	 	
              By

            	/s/ Aron Davidowitz

      	 	
              Name: Aron Davidowitz

            
	 	
              Title: Managing Director

            
	 	
              We acknowledge that we hold $12,200,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $12,900,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            
	 	 
	 	
              New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI 30C)

            
	 	 
	 	
              By:  NYL Investors LLC, its Investment Manager

            
	 	 

      	 	
              By

            	/s/ Aron Davidowitz

      	 	
              Name: Aron Davidowitz

            
	 	
              Title: Managing Director

            
	 	
              We acknowledge that we hold $600,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $700,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            

      

      

      
        
          	 [Second Amendment to Note Purchase Agreement]

        

        
          

      

      Accepted as of the date first written above

      

      

      	 	
              New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI 3-2)

            
	 	 
	 	
              By:  NYL Investors LLC, its Investment Manager

            
	 	 

      	 	
              By

            	/s/ Aron Davidowitz

      	 	
              Name: Aron Davidowitz

            
	 	
              Title: Managing Director

            
	 	
              We acknowledge that we hold $200,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $200,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            
	 	 
	 	
              New York Life Insurance and Annuity Corporation Institutionally Owned Life Insurance Separate Account (BOLI3)

            
	 	 
	 	
              By:  NYL Investors LLC, its Investment Manager

            
	 	 

      	 	
              By

            	/s/ Aron Davidowitz

      	 	
              Name: Aron Davidowitz

            
	 	
              Title: Managing Director

            
	 	
              We acknowledge that we hold $200,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $200,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            

      

      

      
        
          	 [Second Amendment to Note Purchase Agreement]

        

        
          

      

      Accepted as of the date first written above

      

      

      THE BANK OF NEW YORK MELLON, A BANKING CORPORATION ORGANIZED UNDER THE LAWS OF NEW YORK, NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS TRUSTEE UNDER
        THAT CERTAIN TRUST AGREEMENT DATED AS OF JULY 1ST, 2015 BETWEEN NEW YORK LIFE INSURANCE COMPANY, AS GRANTOR, JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), AS BENEFICIARY, JOHN HANCOCK LIFE INSURANCE COMPANY OF NEW YORK, AS BENEFICIARY, AND THE BANK
        OF NEW YORK MELLON, AS TRUSTEE

      

      

      	 	
              By:

            	
              New York Life Insurance Company, its attorney-in-fact

            
	 	 	 

      	 	
              By

            	/s/ Aron Davidowitz

      	 	 	
              Name: Aron Davidowitz

            
	 	 	
              Title: Corporate Vice President 

              

            
	 	
              We acknowledge that we hold $1,700,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $1,800,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            
	 	 
	 	
              CompSource Mutual Insurance Company

            
	 	 
	 	
              By:  NYL Investors LLC, its Investment Manager

            
	 	 

      	 	
              By

            	/s/ Aron Davidowitz

      	 	 	
              Name: Aron Davidowitz

            
	 	 	
              Title: Managing Director

            
	 	
              We acknowledge that we hold $400,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            

      
        
          	 [Second Amendment to Note Purchase Agreement]

        

        
          

      

      Accepted as of the date first written above

      

      

      	 	
              The Prudential Insurance Company of America

            
	 	 

      	 	
              By

            	/s/ Anna Sabiston

      	 	
              Vice President  

            
	 	
              We acknowledge that we hold $11,500,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $3,970,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            
	 	 
	 	
              The Gibraltar Life Insurance Co., Ltd.

            
	 	 
	 	
              By: Prudential Investment Management Japan Co., Ltd. (as Investment Manager)

            
	 	 
	 	
              By: PGIM, Inc. (as Sub-Adviser)

            
	 	 

      	 	
              By

            	/s/ Anna Sabiston

      	 	
              Vice President  

            
	 	
              We acknowledge that we hold $9,500,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $10,500,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            
	 	 
	 	
              Pensionskasse des Bundes Publica

            
	 	 
	 	
              By: Pricoa Capital Group Limited (as Investment Manager)

            
	 	 

      	 	
              By

            	/s/

            

      	 	
              Director  

            
	 	
              We acknowledge that we hold $7,530,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            

      

      

      
        
          	 [Second Amendment to Note Purchase Agreement]

        

        
          

      

      Accepted as of the date first written above

       

      

      	 	
              State Farm Life Insurance Company

            
	 	 

      	 	
              By

            	/s/ Jeffrey Attwood 

      	 	
              Name: Jeffrey Attwood 

            
	 	
              Title: Investment Professional 

              

            
	 	 

      	 	
              By

            	
              /s/ Michelle K. Marsh

              

            

      	 	
              Name: Michelle K. Marsh

            
	 	
              Title: Investment Professional

            
	 	
              We acknowledge that we hold $26,000,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $13,000,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            

      

      

      
        
          	 [Second Amendment to Note Purchase Agreement]

        

        
          

      

      Accepted as of the date first written above

       

      

      	 	
              United of Omaha Life Insurance Company

            
	 	 

      	 	
              By

            	
              /s/ Justin P. Kavan

              

            

      	 	
              Name: Justin P. Kavan

            
	 	
              Title: Head of Private Placements

            
	 	
              We acknowledge that we hold $5,000,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	 
	 	
              Mutual of Omaha Insurance Company

            
	 	 

      	 	
              By

            	/s/ Justin P. Kavan

      	 	
              Name: Justin P. Kavan

            
	 	
              Title: Head of Private Placements

            
	 	
              We acknowledge that we hold $6,000,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            
	 	 
	 	
              Companion Life Insurance Company

            
	 	 

      	 	
              By

            	/s/ Justin P. Kavan

      	 	
              Name: Justin P. Kavan

            
	 	
              Title: Head of Private Placements 

              

            
	 	
              We acknowledge that we hold $4,000,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            

      

      

      
        
          	 [Second Amendment to Note Purchase Agreement]

        

        
          

      

      

      

      Accepted as of the date first written above

      	 	
              American United Life Insurance Company

            
	 	 

      	 	
              By

            	
              /s/ Michael Bullock

            

      	 	
              Name: Michael Bullock

            
	 	
              Title: VP, Private Placements

            
	 	
              We acknowledge that we hold $1,000,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $3,000,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            
	 	 
	 	
              The State Life Insurance Company

            
	 	
              By: American United Life Insurance Company

            
	 	
              Its:Agent

            
	 	 

      	 	
              By

            	/s/ Michael Bullock

      	 	
              Name: Michael Bullock

            
	 	
              Title: VP, Private Placements

            
	 	
              We acknowledge that we hold $2,000,000 of the 3.81% Senior Notes, Series A, due June 15, 2029

            
	 	
              We acknowledge that we hold $4,000,000 of the 3.91% Senior Notes, Series B, due June 15, 2031

            

      

      

      

      

       [Second Amendment to Note Purchase Agreement]Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”)
is made and entered into this ____ day of ___________, 20__, by and between Monroe Capital Corporation, a Maryland corporation
(the “Company”), and the undersigned (“Indemnitee”).

 

WHEREAS, at the request of the Company, Indemnitee
currently serves as a director of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of
his service; and

 

WHEREAS, as an inducement to Indemnitee to continue
to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection
with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise expressly provided for herein;
and

 

WHEREAS, the parties by this Agreement desire to
set forth their agreement regarding indemnification and advance of expenses.

 

NOW, THEREFORE, in consideration of the premises
and the covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1. Definitions.

 

For purposes of this Agreement:

 

(a)            “Change
of Control” shall mean the occurrence of any of the following events after the Effective Date of this Agreement:

 

(i)            the
sale or other disposition of all or substantially all of the Company’s assets; or

 

(ii)            the
acquisition, whether directly, indirectly, beneficially (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934,
as amended (the “1934 Act”)) or of record, as a result of a merger, consolidation or otherwise, of securities
of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company’s then-outstanding common
stock by any “person” (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited
to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee
pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company
or its subsidiaries, including a trust established pursuant to any such plan; or

 

     

     

    

 

(iii)            the
individuals who were members of the Board of Directors as of the Effective Date (the “Incumbent Board”) cease
to constitute at least two-thirds (2/3) of the Board; provided, however, that any director appointed by at least two-thirds
(2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance Committee
of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee shall be members of the then
Incumbent Board or appointees thereof), other than any director appointed or nominated in connection with, or as a result of, a threatened
or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board.

 

(b)            “Corporate
Status” means the status of a person who is or was a director, trustee, officer, employee or agent of the Company or any
of its subsidiaries, or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which
such person is or was serving at the request of the Company.

 

(c)            “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(d)            “Effective
Date” means the date set forth in the first paragraph of this Agreement.

 

(e)            “Expenses”
shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses
of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being
or preparing to be a witness in a Proceeding.

 

(f)            “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is,
nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party;
or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the
term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing,
would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights
under this Agreement. If a Change of Control has not occurred, Independent Counsel shall be selected by the Board of Directors, with
the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control has occurred, Independent Counsel
shall be selected by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld.

 

(g)            “Proceeding”
includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative
hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal), except one (i) initiated
by an Indemnitee pursuant to Section 11 of this Agreement to enforce his rights under this Agreement or (ii) pending or completed
on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee.

 

    2

     

    

 

Section 2. Services by Indemnitee.

 

Indemnitee will serve as a director of the Company.
However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company
beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

 

Section 3. Indemnification — General.

 

The Company shall indemnify, and advance Expenses
to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in effect
on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of
reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of Indemnitee
provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including
any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law (“MGCL”).
Notwithstanding anything to the contrary in this Section 3 or any other section of this Agreement, for so long as the Company is
subject to the Investment Company Act of 1940, as amended, and the regulations promulgated thereunder (the “Investment Company
Act”), the Company shall not indemnify or advance Expenses to Indemnitee to the extent such indemnification or advance would
violate the Investment Company Act.

 

Section 4. Proceedings Other Than Proceedings by or in the
Right of the Company.

 

Indemnitee shall be entitled to the rights of indemnification
provided in this Section 4 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in
any threatened, pending, or completed Proceeding, other than a Proceeding by or in the right of the Company. Pursuant to this Section 4, Indemnitee
shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred
by him or on his behalf in connection with a Proceeding by reason of his Corporate Status unless it is established that (i) the act
or omission of Indemnitee was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was
the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property
or services, or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his conduct was
unlawful.

 

Section 5. Proceedings by or in the Right of the Company.

 

Indemnitee shall be entitled to the rights of indemnification
provided in this Section 5 if, by reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in
any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant
to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses actually and reasonably
incurred by him or on his behalf in connection with such Proceeding unless it is established that (i) the act or omission of Indemnitee
was material to the matter giving rise to such a Proceeding and (a) was committed in bad faith or (b) was the result of active
and deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit in money, property or services.

 

    3

     

    

 

Section 6. Court-Ordered Indemnification.

 

Notwithstanding any other provision of this Agreement,
a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification
in the following circumstances:

 

(a)            if
it determines Indemnitee is entitled to reimbursement under Section 

2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the expenses
of securing such reimbursement; or

 

(b)            if
it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether
or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been
adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification
as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which
liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.

 

Section 7. Indemnification for Expenses of a Party Who is Wholly
or Partly Successful.

 

Notwithstanding any other provision of this Agreement,
and without limiting any such provision, to the extent that Indemnitee is, by reason of his Corporate Status, made a party to and is successful,
on the merits or otherwise, in the defense of any Proceeding, he shall be indemnified for all Expenses actually and reasonably incurred
by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits
or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee
under this Section 7 for all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully
resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section and without limitation,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful
result as to such claim, issue or matter.

 

    4

     

    

 

Section 8. Advance of Expenses.

 

The Company shall advance all reasonable Expenses
incurred by or on behalf of Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a party
or a witness, within ten days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or
advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably
evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of
Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and
by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A
or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of
any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established
that the standard of conduct has not been met and which have not been successfully resolved as described in Section 7. For so long
as the Company is subject to the Investment Company Act, any advancement of Expenses shall be subject to at least one of the following
as a condition of the advancement: (a) Indemnitee shall provide a security for his or her undertaking; (b) the Company shall
be insured against losses arising by reason of any lawful advances; or (c) a majority of a quorum of the Disinterested Directors
of the Company, or Independent Counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed
to a full-trial-type inquiry), that there is reason to believe that Indemnitee ultimately will be found entitled to indemnification. To
the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall
be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation
by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses
and without any requirement to post security therefor.

 

Section 9. Procedure for Determination of Entitlement to Indemnification.

 

(a)            To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what
extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification,
advise the Board of Directors in writing that Indemnitee has requested indemnification.

 

(b)            Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 9(a) hereof, a determination, if
required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if
a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall
be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors (or a duly
authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board
of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so
directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if
so directed by a majority of the members of the Board of Directors, by the stockholders of the Company; and, if it is so determined that
Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall
cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.
Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne
by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify
and hold Indemnitee harmless therefrom.

 

    5

     

    

 

Section 10. Presumptions and Effect of Certain Proceedings.

 

(a)            In
making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption
in connection with the making of any determination contrary to that presumption.

 

(b)            The
termination of any Proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry
of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct
described herein for indemnification.

 

Section 11. Remedies of Indemnitee.

 

(a)            If
(i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement within 30 days after receipt
by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this
Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made
within ten days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled
to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of his entitlement
to such indemnification or advance of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be
conducted by a single arbitrator pursuant to the commercial Arbitration Rules of the American Arbitration Association. Indemnitee
shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 11(a); provided, however, that the foregoing clause
shall not apply to a proceeding brought by Indemnitee to enforce his rights under Section 7 of this Agreement.

 

(b)            In
any judicial proceeding or arbitration commenced pursuant to this Section 11 the Company shall have the burden of proving that Indemnitee
is not entitled to indemnification or advance of Expenses, as the case may be.

 

(c)            If
a determination shall have been made pursuant to Section 9(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11,
absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification.

 

    6

     

    

 

(d)            In
the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication of or an award in arbitration to enforce his
rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and
shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by him in such judicial adjudication or
arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not
all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication
or arbitration shall be appropriately prorated.

 

Section 12. Defense of the Underlying Proceeding.

 

(a)            Indemnitee
shall notify the Company promptly upon being served with or receiving any summons, citation, subpoena, complaint, indictment, information,
notice, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses
hereunder; provided, however, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise
affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s
ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby,
and then only to the extent the Company is thereby actually so prejudiced.

 

(b)            Subject
to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the Company shall have the
right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company
shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under
Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably
withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes
an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from
all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This
Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below.

 

(c)            Notwithstanding
the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate
Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be
unreasonably withheld, that he may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent
with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the
Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest
exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee
shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company,
which shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations
under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable,
or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee
shall have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which shall not be
unreasonably withheld, at the expense of the Company (subject to Section 11(d)), to represent Indemnitee in connection with any such
matter.

 

    7

     

    

 

Section 13. Non-Exclusivity;
Survival of Rights; Subrogation; Insurance; Investment Company Act.

 

(a)            The
rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which
Indemnitee may at any time be entitled under applicable law, the Amended and Restated Articles of Incorporation of the Company (as amended
from time to time, the “Charter”) or the Amended and Restated Bylaws of the Company (as amended from time to
time, the “Bylaws”), any agreement or a resolution of the stockholders entitled to vote generally in the election
of directors or of the Board of Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof
shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his
Corporate Status prior to such amendment, alteration or repeal.

 

(b)            In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such
documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(c)            The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as
expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy,
contract, agreement or otherwise, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification or
payment or reimbursement of expenses would not be permissible under the Investment Company Act.

 

Section 14. Insurance.

 

The Company will use its reasonable best efforts
to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors of the Company,
with the advice of counsel, covering Indemnitee or any claim made against Indemnitee for service as a director or officer of the Company
and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against
Indemnitee for service as a director or officer of the Company. Without in any way limiting any other obligation under this Agreement,
the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the
amount of any excess of the aggregate of all judgments, penalties, fines, settlements and reasonable Expenses incurred by Indemnitee in
connection with a Proceeding over the coverage of any insurance referred to in the previous sentence.

 

    8

     

    

 

Section 15. Indemnification for Expenses of a Witness.

 

Notwithstanding any other provision of this Agreement,
to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding, whether instituted by the Company or
any other party, and to which Indemnitee is not a party, he shall be advanced all reasonable Expenses and indemnified against all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith.

 

Section 16. Duration of Agreement; Binding Effect.

 

(a)            This
Agreement shall continue until and terminate ten years after the date that Indemnitee’s Corporate Status shall have ceased; provided,
that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which
Indemnitee is granted rights of indemnification or advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant
to Section 11 of this Agreement relating thereto.

 

(b)            The
indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by
the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation
or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased
to be a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee
benefit plan or other enterprise which such person is or was serving at the written request of the Company, and shall inure to the benefit
of Indemnitee and his spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

(c)            The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place.

 

Section 17. Severability.

 

If any provision or provisions of this Agreement
shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of
the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any
such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way
be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation,
each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not
itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

    9

     

    

 

Section 18. Exception to Right of Indemnification or Advance
of Expenses.

 

Notwithstanding any other provision of this Agreement, Indemnitee
shall not be entitled to indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee,
unless (a) the Proceeding is brought to enforce indemnification under this Agreement or otherwise or (b) the Company’s
Bylaws, the Charter, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors
or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise.

 

Section 19. Identical Counterparts.

 

This Agreement may be executed in one or more counterparts,
each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement.
One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

 

Section 20. Headings.

 

The headings of the paragraphs of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

Section 21. Modification and Waiver.

 

No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute
a continuing waiver.

 

    10

     

    

 

Section 22. Notices.

 

All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party
to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage
prepaid, on the third business day after the date on which it is so mailed:

 

		(a)	If to Indemnitee, to: The address set forth on the signature page hereto.

 

		(b)	If to the Company, to:

 

Monroe Capital Corporation

311 South Wacker Drive, Suite 6400

Chicago, Illinois 60606

 

or to such other address as may have been furnished to Indemnitee by
the Company or to the Company by Indemnitee, as the case may be.

 

Section 23. Governing Law.

 

The parties agree that this Agreement shall be
governed by, and construed and enforced in accordance with, (i) the laws of the State of Maryland applicable to contracts formed
and to be performed entirely within the State of Maryland, without regard to its conflicts of laws rules, to the extent such rules would
require or permit the application of the laws of another jurisdiction, and (ii) the Investment Company Act. To the extent the applicable
laws of the State of Maryland or any applicable provision of this Agreement shall conflict with the applicable provisions of the Investment
Company Act, the latter shall control.

 

Section 24. Miscellaneous.

 

Use of the masculine pronoun shall be deemed to
include usage of the feminine pronoun where appropriate.

 

[SIGNATURE PAGE FOLLOWS]

 

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

 

	 	 	 	 	 
	 	 	MONROE CAPITAL CORPORATION	 
	 	 	    	      	 
	 	 	By:	 	 (SEAL)
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 
	 	 	INDEMNITEE	 
	 	 	 	 
	 	 	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 

 

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EXHIBIT A

 

FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

 

The Board of Directors of Monroe Capital Corporation

 

Re:     Undertaking
to Repay Expenses Advanced

 

Ladies and Gentlemen:

 

This undertaking is being provided pursuant to
that certain Indemnification Agreement (the “Indemnification Agreement”) dated the         
day of                     ,
20        , by and between Monroe Capital Corporation (the “Company”)
and the undersigned Indemnitee (“Indemnitee”), pursuant to which I am entitled to advance of expenses in connection
with [Description of Proceeding] (the “Proceeding”).

 

Terms used herein and not otherwise defined shall
have the meanings specified in the Indemnification Agreement.

 

I am subject to the Proceeding by reason of my
Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm that at all times, insofar as I
was involved as director of the Company, in any of the facts or events giving rise to the Proceeding, I (1) acted in good faith
and honestly, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal
proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.

 

In consideration of the advance of Expenses by
the Company for reasonable attorneys’ fees and related expenses incurred by me in connection with the Proceeding (the “Advanced
Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission
by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active
and deliberate dishonesty, or (2) I actually received an improper personal benefit in money, property or services, or (3) in
the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly
reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the Proceeding as to which the foregoing findings
have been established and which have not been successfully resolved as described in Section 7 of the Indemnification Agreement. To
the extent that Advanced Expenses do not relate to a specific claim, issue or matter in the Proceeding, I agree that such Expenses
shall be allocated on a reasonable and proportionate basis.

 

    

     

    

 

IN WITNESS WHEREOF, I have executed this Affirmation
and Undertaking on this         day of             ,
20        .

 

	 	 	 	 	 
	WITNESS:	 	 	 	 
	 	 	 	 
	 	 	 	 	(SEAL)

 

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