Document:

EX-10.2

 Exhibit 10.2 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is dated as of December 22, 2020 and is made by and among
Peapack-Gladstone Financial Corporation, a New Jersey corporation (the “Company”), and the several purchasers of the Subordinated Notes (as defined below) identified on the signature pages to the Purchase Agreement (as defined
below) (collectively, the “Purchasers”). 
 This Agreement is made pursuant to the Subordinated Note Purchase Agreement
dated December 22, 2020 by and among the Company and each of the Purchasers (the “Purchase Agreement”), which provides for the sale by the Company to the Purchasers of $100.0 million aggregate principal amount of the
Company’s 3.50% Fixed-to-Floating Rate Subordinated Notes due 2030, which were issued on December 22, 2020 (the “Subordinated Notes”). In
order to induce the each of the Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the Purchasers’ obligations thereunder, the Company has agreed to provide to the Purchasers and their respective direct and
indirect transferees and assigns the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement. 

In consideration of the foregoing, the parties hereto agree as follows: 

1. Definitions. As used in this Agreement, the following capitalized defined terms shall have the following meanings:

 “1933 Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations of the SEC
promulgated thereunder. 
 “1934 Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and the
rules and regulations of the SEC promulgated thereunder. 
 “Additional Interest” shall have the meaning set forth in
Section 2(e) hereof. 
 “Agreement” shall have the meaning set forth in the preamble to this
Agreement. 
 “Closing Date” shall mean December 22, 2020. 

“Company” shall have the meaning set forth in the preamble to this Agreement and also includes the Company’s successors.

 “Depositary” shall mean The Depository Trust Company, or any other depositary appointed by the Company, including any
agent thereof; provided, however, that any such depositary must at all times have an address in the Borough of Manhattan, The City of New York. 

“Event Date” shall have the meaning set forth in Section 2(e). 

“Exchange Offer” shall mean the exchange offer by the Company of Exchange Securities for Registrable Securities pursuant to
Section 2(a) hereof. 
 “Exchange Offer Registration” shall mean a registration under the 1933
Act effected pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall
mean an exchange offer registration statement on Form S-4 (or, if applicable, on another appropriate form) covering the Registrable Securities, and all amendments and supplements to such registration
statement, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by reference therein. 

 “Exchange Securities” shall mean the 3.50%
Fixed-to-Floating Rate Subordinated Notes due 2030 issued by the Company under the Indenture containing terms identical to the Subordinated Notes (except that
(i) interest thereon shall accrue from the last date to which interest has been paid or duly provided for on the Subordinated Notes or, if no such interest has been paid or duly provided for, from the Interest Accrual Date, (ii) provisions
relating to an increase in the stated rate of interest thereon upon the occurrence of a Registration Default shall be eliminated, (iii) the transfer restrictions and legends relating to restrictions on ownership and transfer thereof as a result
of the issuance of the Subordinated Notes without registration under the 1933 Act shall be eliminated, (iv) the denominations thereof shall be $100,000 and integral multiples of $1,000 and (v) all of the Exchange Securities will be
represented by one or more global Exchange Securities in book-entry form unless exchanged for Exchange Securities in definitive certificated form under the circumstances provided in the Indenture) to be offered to Holders of Registrable Securities
in exchange for Registrable Securities pursuant to the Exchange Offer. 
 “FINRA” shall mean the Financial Industry
Regulatory Authority, Inc. 
 “Holders” shall mean (i) the Purchasers, for so long as they own any Registrable
Securities, and each of their respective successors, assigns and direct and indirect transferees who become registered owners of Registrable Securities under the Indenture and (ii) each Participating Broker-Dealer that holds Exchange Securities
for so long as such Participating Broker-Dealer is required to deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities. 

“Indenture” shall mean the indenture, dated as of December 22, 2020 by and between the Company and UMB Bank, N.A., as
trustee, as the same may be amended or supplemented from time to time in accordance with the terms thereof. 
 “Interest Accrual
Date” means December 22, 2020. 
 “Majority Holders” shall mean the Holders of a majority of the aggregate
principal amount of Registrable Securities outstanding, excluding Exchange Securities referred to in clause (ii) of the definition of “Holders” above; provided that whenever the consent or approval of Holders of a specified
percentage of Registrable Securities or Exchange Securities is required hereunder, Registrable Securities and Exchange Securities held by the Company or any of its affiliates (as such term is defined in Rule 405 under the 1933 Act) shall be
disregarded in determining whether such consent or approval was given by the Holders of such required percentage. 
 “Notifying
Broker-Dealer” shall have the meaning set forth in Section 3(f). 
 “Participating
Broker-Dealer” shall have the meaning set forth in Section 3(f). 
 “Person” shall mean
an individual, partnership, joint venture, limited liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof. 

“Prospectus” shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any
such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all
other amendments and supplements to a prospectus, including post-effective amendments, and in each case including all material incorporated or deemed to be incorporated by reference therein. 

  
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 “Purchase Agreement” shall have the meaning set forth in the preamble to
this Agreement. 
 “Purchasers” shall have the meaning set forth in the preamble of this Agreement. 

“Registrable Securities” shall mean the Subordinated Notes; provided, however, that any Subordinated Notes
shall cease to be Registrable Securities when (i) a Registration Statement with respect to such Subordinated Notes shall have been declared effective under the 1933 Act and such Subordinated Notes shall have been disposed of pursuant to such
Registration Statement, (ii) such Subordinated Notes shall have been sold to the public pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A) under the 1933 Act, or are eligible to be resold pursuant to Rule 144
without regard to the public information requirements thereunder, (iii) such Subordinated Notes shall have ceased to be outstanding, (iv) such Subordinated Notes were eligible for exchange under an Exchange Offer Registration Statement
that was declared effective under the 1933 Act but were not exchanged at the election of the Holder during the period the Exchange Offer was open or (v) such Subordinated Notes have been exchanged for Exchange Securities, which have been
registered pursuant to the Exchange Offer Registration Statement upon consummation of the Exchange Offer unless, in the case of any Exchange Securities referred to in this clause (v), such Exchange Securities are held by Participating Broker-Dealers
or otherwise are not freely tradable by such Participating Broker-Dealers without any limitations or restrictions under the 1933 Act (in which case such Exchange Securities will be deemed to be Registrable Securities until such time as such Exchange
Securities are sold to a purchaser in whose hands such Exchange Securities are freely tradeable without any limitations or restrictions under the 1933 Act). 

“Registration Default” shall have the meaning set forth in Section 2(e). 

“Registration Expenses” shall mean any and all reasonable expenses incident to performance of or compliance by the Company
with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state or other securities or blue sky laws and
compliance with the rules of FINRA (including reasonable fees and disbursements of one counsel for any Holders in connection with qualification of any of the Exchange Securities or Registrable Securities under state or other securities or blue sky
laws and any filing with and review by FINRA), (iii) all expenses of any Persons in preparing, printing and distributing any Registration Statement, any Prospectus, any amendments or supplements thereto, securities sales agreements, certificates
representing the Subordinated Notes or Exchange Securities and other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and expenses incurred in connection with the
listing, if any, of any of the Subordinated Notes or Exchange Securities on any securities exchange or exchanges or on any quotation system, (vi) all fees and disbursements relating to the qualification of the Indenture under applicable
securities laws, (vii) the fees and disbursements of counsel for the Company and the fees and expenses of independent public accountants for the Company or for any other Person, business or assets whose financial statements are included in any
Registration Statement or Prospectus, including the expenses of any special audits or “cold comfort” letters required by or incident to such performance and compliance, and (viii) the fees and expenses of the Trustee, any registrar,
any depositary, any paying agent, any escrow agent or any custodian, in each case including fees and disbursements of their respective counsel. 

“Registration Statement” shall mean any registration statement of the Company relating to any offering of the Exchange
Securities or Registrable Securities pursuant to the provisions of this Agreement (including, without limitation, any Exchange Offer Registration Statement and any Shelf Registration Statement), and all amendments and supplements to any such
Registration Statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by reference therein. 

  
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 “SEC” shall mean the Securities and Exchange Commission or any successor
thereto. 
 “Shelf Registration” shall mean a registration effected pursuant to Section 2(b)
hereof. 
 “Shelf Registration Statement” shall mean a “shelf” registration statement of the Company pursuant to
the provisions of Section 2(b) of this Agreement which covers all of the Registrable Securities, as the case may be, on an appropriate form under Rule 415 under the 1933 Act, or any similar rule that may be adopted by the
SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated or deemed to be incorporated by
reference therein. 
 “Subordinated Notes” shall have the meaning set forth in the preamble to this Agreement. 

“TIA” shall mean the Trust Indenture Act of 1939, as amended from time to time, and the rules and regulations of the SEC
promulgated thereunder. 
 “Trustee” shall mean the trustee with respect to the Subordinated Notes and the Exchange
Securities under the Indenture. 
 For purposes of this Agreement, (i) all references in this Agreement to any Registration Statement,
preliminary prospectus or Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval system; (ii) all references in
this Agreement to financial statements and schedules and other information that is “contained,” “included” or “stated” in any Registration Statement, preliminary prospectus or Prospectus (or other references of like
import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary prospectus or Prospectus, as the
case may be; (iii) all references in this Agreement to amendments or supplements to any Registration Statement, preliminary prospectus or Prospectus shall be deemed to mean and include the filing of any document under the 1934 Act that is
incorporated or deemed to be incorporated by reference in such Registration Statement, preliminary prospectus or Prospectus, as the case may be; (iv) all references in this Agreement to Rule 144, Rule 144A, Rule 405 or Rule 415 under the 1933
Act, and all references to any sections or subsections thereof or terms defined therein, shall in each case include any successor provisions thereto; and (v) all references in this Agreement to days (but not to business days) shall mean
calendar days. 
 2. Registration Under the 1933 Act. 

(a) Exchange Offer Registration. The Company shall (A) use its commercially reasonable efforts to file with the SEC on or prior to
the 60th day after the Closing Date an Exchange Offer Registration Statement covering the offer by the Company to the Holders to exchange all of the Registrable Securities for a like aggregate
principal amount of Exchange Securities, (B) use its commercially reasonable efforts to cause such Exchange Offer Registration Statement to be declared effective by the SEC no later than the 120th day after the Closing Date, (C) use its commercially reasonable efforts to cause such Registration Statement to remain effective until the closing of the Exchange Offer and (D) use its
commercially reasonable efforts to consummate the Exchange Offer no later than 45 days after the effective date of the Exchange Offer Registration Statement. Upon the effectiveness of the Exchange Offer Registration Statement, the Company shall
promptly commence the Exchange Offer, it being the objective of such Exchange Offer to enable each Holder eligible and electing to exchange Registrable Securities for Exchange 

  
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Securities (assuming that such Holder is not an affiliate of the Company within the meaning of Rule 405 under the 1933 Act, acquires the Exchange Securities in the ordinary course of such
Holder’s business and has no arrangements or understandings with any Person to participate in the Exchange Offer for the purpose of distributing such Exchange Securities) to trade such Exchange Securities from and after their receipt without
any limitations or restrictions under the 1933 Act or under the securities or blue sky laws of the states of the United States. 
 In
connection with the Exchange Offer, the Company shall: 
 (i) promptly mail or otherwise transmit, in compliance with the
applicable procedures of the depositary for such Registrable Securities, to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents;

 (ii) keep the Exchange Offer open for not less than 20 business days (or longer if required by applicable law) after the
date notice thereof is mailed to the Holders and, during the Exchange Offer, offer to all Holders who are legally eligible to participate in the Exchange Offer the opportunity to exchange their Registrable Securities for Exchange Securities; 

(iii) use the services of a depositary with an address in the Borough of Manhattan, City of New York for the Exchange Offer;

 (iv) permit Holders to withdraw tendered Registrable Securities at any time prior to the close of business, Eastern Time,
on the last business day on which the Exchange Offer shall remain open, by sending to the institution at the address specified in the Prospectus or the related letter of transmittal or related documents a facsimile transmission or letter setting
forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange, and a statement that such Holder is withdrawing its election to have such Subordinated Notes exchanged; 

(v) notify each Holder that any Registrable Security not tendered will remain outstanding and continue to accrue interest, but
will not retain any rights under this Agreement (except in the case of Participating Broker-Dealers as provided herein); and 

(vi) otherwise comply in all material respects with all applicable laws relating to the Exchange Offer. 

The Exchange Securities shall be issued under the Indenture, which shall be qualified under the TIA. The Indenture shall provide that the
Exchange Securities and the Subordinated Notes shall vote and consent together on all matters as a single class and shall constitute a single series of debt securities issued under the Indenture. 

As soon as reasonably practicable after the close of the Exchange Offer, the Company shall: 

(vii) accept for exchange all Registrable Securities duly tendered and not validly withdrawn pursuant to the Exchange Offer in
accordance with the terms of the Exchange Offer Registration Statement and the letter of transmittal, which is an exhibit thereto; 

(viii) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable Securities so accepted for exchange
by the Company; and 

  
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 (ix) cause the Trustee promptly to authenticate and deliver Exchange
Securities to each Holder of Registrable Securities so accepted for exchange equal in principal amount to the principal amount of the Registrable Securities of such Holder so accepted for exchange. 

Interest on each Exchange Security will accrue from the last date on which interest was paid or duly provided for on the Subordinated Notes
surrendered in exchange therefor or, if no interest has been paid or duly provided for on such Subordinated Notes, from the Interest Accrual Date. The Exchange Offer shall not be subject to any conditions, other than (i) that the Exchange
Offer, or the making of any exchange by a Holder, does not violate any applicable law or any applicable interpretation of the staff of the SEC, (ii) that no action or proceeding shall have been instituted or threatened in any court or by or
before any governmental agency with respect to the Exchange Offer that, in the Company’s judgment, would reasonably be expected to impair the ability of the Company to proceed with the Exchange Offer, and (iii) that the Holders tender the
Registrable Securities to the Company in accordance with the Exchange Offer. Each Holder of Registrable Securities (other than Participating Broker-Dealers) who wishes to exchange such Registrable Securities for Exchange Securities in the Exchange
Offer will be required to represent that (i) it is not an affiliate (as defined in Rule 405 under the 1933 Act) of the Company, (ii) any Exchange Securities to be received by it will be acquired in the ordinary course of business,
(iii) it has no arrangement with any Person to participate in the distribution (within the meaning of the 1933 Act) of the Exchange Securities, and (iv) it is not acting on behalf of any Person who could not truthfully make the statements
set forth in clauses (i), (ii) and (iii) immediately above, and shall be required to make such other representations as may be reasonably necessary under applicable SEC rules, regulations or interpretations to render the use of Form S-4 or another appropriate form under the 1933 Act available. 
 (b) Shelf Registration.
(i) If, because of any change in law or applicable interpretations thereof by the staff of the SEC, the Company is not permitted to effect the Exchange Offer as contemplated by Section 2(a) hereof, or (ii) if for any
other reason (A) the Exchange Offer Registration Statement is not declared effective within 120 days following the Closing Date or (B) the Exchange Offer is not consummated within 45 days after effectiveness of the Exchange Offer
Registration Statement (provided that if the Exchange Offer Registration Statement shall be declared effective after such 120-day period or if the Exchange Offer shall be consummated after such 45-day period, then the Company’s
obligations under this clause (ii) arising from the failure of the Exchange Offer Registration Statement to be declared effective within such 120-day period or the failure of the Exchange Offer to be consummated within such 45-day period,
respectively, shall terminate), or (iii) if any Holder is not eligible to participate in the Exchange Offer or elects to participate in the Exchange Offer but does not receive Exchange Securities that are freely tradeable without any
limitations or restrictions under the 1933 Act, the Company shall, at its cost: 
 (A) use its commercially reasonable
efforts to file with the SEC on or prior to (a) the 180th day after the Closing Date or (b) the 60th day after any such filing
obligation arises, whichever is later, a Shelf Registration Statement relating to the offer and sale of the Registrable Securities by the Holders from time to time in accordance with the methods of distribution elected by the Majority Holders of
such Registrable Securities and set forth in such Shelf Registration Statement; 
 (B) use its commercially reasonable
efforts to cause such Shelf Registration Statement to be declared effective by the SEC as promptly as practicable, but in no event later than (a) the 225th day after the Closing Date or
(b) the 105th day after an obligation to file with the SEC a Shelf Registration Statement arises, whichever is later. In the event that the Company is required to file a Shelf
Registration Statement pursuant to clause (iii) above, the Company shall file and use its commercially reasonable efforts to have declared effective by the SEC both an Exchange Offer Registration Statement pursuant to
Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration Statement) with respect to offers and sales of
Registrable Securities held by such Holders described in clause (iii) above; 

  
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 (C) use its commercially reasonable efforts to keep the Shelf Registration
Statement continuously effective, supplemented and amended as required, in order to permit the Prospectus forming part thereof to be usable by Holders for a period of one year after the latest date on which any Subordinated Notes are originally
issued by the Company (subject to extension pursuant to the last paragraph of Section 3) or, if earlier, when all of the Registrable Securities covered by such Shelf Registration Statement (i) have been sold pursuant
to the Shelf Registration Statement in accordance with the intended method of distribution thereunder, or (ii) cease to be Registrable Securities; and 

(D) notwithstanding any other provisions hereof, use its commercially reasonable efforts to ensure that (i) any Shelf
Registration Statement and any amendment thereto and any Prospectus forming a part thereof and any supplements thereto comply in all material respects with the 1933 Act, (ii) any Shelf Registration Statement and any amendment thereto
does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (iii) any Prospectus
forming part of any Shelf Registration Statement and any amendment or supplement to such Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided, however, clauses (ii) and (iii) shall not apply to any statement in or omission from a Shelf Registration Statement or a Prospectus
made in reliance upon and conformity with information relating to any Holder or Participating Broker-Dealer of Registrable Securities furnished to the Company in writing by such Holder or Participating Broker-Dealer, respectively, expressly for use
in such Shelf Registration Statement or Prospectus. 
 The Company further agrees, if necessary, to supplement or amend the Shelf
Registration Statement if reasonably requested by the Majority Holders with respect to information relating to the Holders and otherwise as required by Section 3(b) below, to use its commercially reasonable efforts to cause
any such amendment to become effective and such Shelf Registration Statement to become usable as soon as reasonably practicable thereafter and to furnish to the Holders of Registrable Securities copies of any such supplement or amendment promptly
after its being used or filed with the SEC. 
 (c) Expenses. The Company shall pay all Registration Expenses in connection with the
registration pursuant to Section 2(a) and 2(b) and, in the case of any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of one counsel (in addition to any local counsel) designated
in writing by the Majority Holders to act as counsel for the Holders of the Registrable Securities in connection therewith; provided, however, that the Company shall not be responsible for reimbursement for the fees and disbursements of such counsel
in an aggregate amount in excess of $10,000. Each Holder shall pay all fees and disbursements of its counsel other than as set forth in the preceding sentence or in the definition of Registration Expenses and all underwriting discounts and
commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to a Shelf Registration Statement. 

(d) Effective Registration Statement. 

(i) The Company shall be deemed not to have used its commercially reasonable efforts to cause the Exchange Offer Registration
Statement or any Shelf Registration Statement, as the case may be, to become, or to remain, effective during the requisite periods set forth herein if the Company voluntarily takes any action that could reasonably be expected to result in any such

  
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Registration Statement not being declared effective or remaining effective or in the Holders of Registrable Securities (including, under the circumstances contemplated by Section 3(f)
hereof, Exchange Securities) covered thereby not being able to exchange or offer and sell such Registrable Securities during that period unless (A) such action is required by applicable law or (B) such action is taken by the Company in
good faith and for valid business reasons (but not including avoidance of the Company’s obligations hereunder), including, but not limited to, the acquisition or divestiture of assets or a material corporate transaction or event, or if the
Company determines in good faith that effecting or maintaining the availability of the registration would materially and adversely affect an offering of securities of the Company or if the Company is in possession of material non-public information the disclosure of which would not be in the best interests of the Company, in each case so long as the Company promptly complies with the notification requirements of Section 3(k)
hereof, if applicable. Nothing in this paragraph shall prevent the accrual of Additional Interest on any Registrable Securities or Exchange Securities. 

(ii) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement
pursuant to Section 2(b) hereof shall not be deemed to have become effective unless it has been declared effective by the SEC; provided, however, that if, after such Registration Statement has been declared effective, the
offering of Registrable Securities pursuant to a Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court, such Registration Statement shall be deemed
not to have been effective during the period of such interference until the offering of Registrable Securities pursuant to such Registration Statement may legally resume. 

(iii) During any 365-day period, the Company may, by notice as described in Section 3(e), suspend the availability
of a Shelf Registration Statement (and, if the Exchange Offer Registration Statement is being used in connection with the resale of Exchange Securities by Participating Broker-Dealers as contemplated by Section 3(f), the Exchange Offer
Registration Statement) and the use of the related Prospectus for up to two periods of up to 60 consecutive days each (except for the consecutive 60-day period immediately prior to final maturity of the Subordinated Notes), but no more than an
aggregate of 120 days during any 365-day period, upon (a) the happening of any event or the discovery of any fact referred to in Section 3(e)(v), or (b) if the Company determines in good faith that effecting or maintaining the
availability of the registration would materially and adversely affect an offering of securities of the Company or if the Company is in possession of material non-public information the disclosure of which
would not be in the best interests of the Company, in each case subject to compliance by the Company with its obligations under the last paragraph of Section 3. 

(e) Increase in Interest Rate. In the event that: 

(i) the Exchange Offer Registration Statement is not filed with the SEC on or prior to the 60th day following the Closing Date, or 
 (ii) the Exchange Offer Registration
Statement is not declared effective by the SEC on or prior to the 120th day following the Closing Date, or 

(iii) the Exchange Offer is not consummated on or prior to the 45th day
following the effective date of the Exchange Offer Registration Statement, or 
 (iv) if required, a Shelf Registration
Statement is not filed with the SEC on or prior to (A) the 180th day following the Closing Date or (B) the 60th day after the
obligation to file with the SEC a Shelf Registration Statement arises, whichever is later, or 

  
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 (v) if required, a Shelf Registration Statement is not declared effective on
or prior to (a) the 225th day following the Closing Date or (b) the 105th day after an obligation to file with the SEC a Shelf
Registration Statement arises, whichever is later, or 
 (vi) a Shelf Registration Statement is declared effective by the SEC
but such Shelf Registration Statement ceases to be effective or such Shelf Registration Statement or the Prospectus included therein ceases to be usable in connection with resales of Registrable Securities for any reason and (A) the aggregate
number of days in any consecutive 365-day period for which the Shelf Registration Statement or such Prospectus shall not be effective or usable exceeds 120 days, (B) the Shelf Registration Statement or such Prospectus shall not be effective or
usable for more than two periods (regardless of duration) in any consecutive 365-day period or (C) the Shelf Registration Statement or such Prospectus shall not be effective or usable for a period of more than 90 consecutive days, or 

(vii) the Exchange Offer Registration Statement is declared effective by the SEC but, if the Exchange Offer Registration
Statement is being used in connection with the resale of Exchange Securities as contemplated by Section 3(f) of this Agreement, the Exchange Offer Registration Statement ceases to be effective or the Exchange Offer Registration Statement
or the Prospectus included therein ceases to be usable in connection with resales of Exchange Securities for any reason during the 180-day period referred to in Section 3(f)(B) of this Agreement (as such period may be extended pursuant
to the last paragraph of Section 3 of this Agreement) and (A) the aggregate number of days in any consecutive 365-day period for which the Exchange Offer Registration Statement or such Prospectus shall not be effective or usable
exceeds 120 days, (B) the Exchange Offer Registration Statement or such Prospectus shall not be effective or usable for more than two periods (regardless of duration) in any consecutive 365-day period or (C) the Exchange Offer Registration
Statement or the Prospectus shall not be effective or usable for a period of more than 90 consecutive days, 
 (each of the events referred to in clauses
(i) through (vii) above being hereinafter called a “Registration Default”), the per annum interest rate borne by the Registrable Securities shall be increased (“Additional Interest”) by one-quarter of one percent (0.25%) per annum immediately following such 60-day period in the case of clause (i) above, immediately following such 120-day period in the case of clause (ii) above,
immediately following such 45-day period in the case of clause (iii) above, immediately following any such 180-day period or 60-day period, whichever ends later, in the case of clause (iv) above, immediately following any such 225-day
period or 105-day period, as applicable, in the case of clause (v) above, immediately following the 120th day in any consecutive 365-day period, as of the first day of the third period in any
consecutive 365-day period or immediately following the 90th consecutive day, whichever occurs first, that a Shelf Registration Statement shall not be effective or a Shelf Registration Statement
or the Prospectus included therein shall not be usable as contemplated by clause (vi) above, or immediately following the 120th day in any consecutive 365-day period, as of the first day of
the third period in any consecutive 365-day period or immediately following the 90th consecutive day, whichever occurs first, that the Exchange Offer Registration Statement shall not be effective
or the Exchange Offer Registration Statement or the Prospectus included therein shall not be usable as contemplated by clause (vii) above, which rate will be increased by an additional one-quarter of one
percent (0.25%) per annum immediately following each 90-day period that any Additional Interest continues to accrue under any circumstances; provided that, if at any time more than one Registration Default has occurred and is continuing,
then, until the next date that there is no Registration Default, the increase in interest rate provided for by this paragraph shall apply as if there occurred a single Registration Default that begins on the date that the earliest such Registration
Default occurred and ends on such date that there is no Registration Default; provided further, that the aggregate increase in such annual interest rate may in no event exceed one-half of one percent
(0.50%) per annum. Upon the filing of the Exchange Offer Registration Statement after the 60-day period 

  
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described in clause (i) above, the effectiveness of the Exchange Offer Registration Statement after the 120-day period described in clause (ii) above, the consummation of the Exchange
Offer after the 45-day period described in clause (iii) above, the filing of the Shelf Registration Statement after the 180-day period or 60-day period, as the case may be, described in clause (iv) above, the effectiveness of a Shelf
Registration Statement after the 225-day period or 105-day period, as applicable, described in clause (v) above, or the Shelf Registration Statement once again being effective or the Shelf Registration Statement and the Prospectus included
therein becoming usable in connection with resales of Registrable Securities, as the case may be, in the case of clause (vi) above, or the Exchange Offer Registration Statement once again becoming effective or the Exchange Offer Registration
Statement and the Prospectus included therein becoming usable in connection with resales of Exchange Securities, as the case may be, in the case of clause (vii) thereof, the interest rate borne by the Subordinated Notes from the date of such
filing, effectiveness, consummation or resumption of effectiveness or usability, as the case may be, shall be reduced to the original interest rate so long as no other Registration Default shall have occurred and shall be continuing at such time and
the Company is otherwise in compliance with this paragraph; provided, however, that, if after any such reduction in interest rate, one or more Registration Defaults shall again occur, the interest rate shall again be increased pursuant
to the foregoing provisions (as if it were the original Registration Default). Notwithstanding anything in this Agreement to the contrary, the Company will not be obligated to pay any Additional Interest in the case of a Shelf Registration Statement
with respect to any Holder of Registrable Securities who fails to timely provide all information with respect to Holder that is reasonably requested by the Company to enable it to timely comply with its obligations under Section 2(b).

 The Company shall notify the Trustee within three business days after each and every date on which an event occurs in respect of which
Additional Interest is required to be paid (an “Event Date”). Additional Interest shall be paid by depositing with the Trustee, in trust, for the benefit of the Holders of Registrable Securities, on or before the applicable interest
payment date, immediately available funds in sums sufficient to pay the Additional Interest then due. The Additional Interest due shall be payable on each interest payment date to the record Holder of Registrable Securities entitled to receive the
interest payment to be paid on such date as set forth in the Indenture. Each obligation to pay Additional Interest shall be deemed to accrue from and including the day following the applicable Event Date. 

Anything herein to the contrary notwithstanding, any Holder who was, at the time the Exchange Offer was pending and consummated, eligible to
exchange, and did not validly tender, its Subordinated Notes for Exchange Securities in the Exchange Offer will not be entitled to receive any Additional Interest. 

(f) Specific Enforcement. Without limiting the remedies available to the Holders or any Participating Broker-Dealer, the Company
acknowledges that any failure by the Company to comply with its obligations under Sections 2(a) and 2(b) hereof may result in material irreparable injury to the Holders or the Participating Broker-Dealers for which there is no adequate
remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, any Holder and any Participating Broker-Dealer may obtain such relief as may be required to specifically enforce
the Company’s obligations under Sections 2(a) and 2(b). 
 3. Registration Procedures. 

In connection with the obligations of the Company with respect to the Registration Statements pursuant to Sections 2(a) and 2(b) hereof,
the Company shall: 
 (a) prepare and file with the SEC a Registration Statement or, if required, Registration Statements, within the time
periods specified in Section 2, on the appropriate form under the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case of a Shelf Registration Statement, be available for the sale of the
Registrable Securities by the selling Holders thereof and (iii) shall comply 

  
 10 

 
as to form in all material respects with the requirements of the applicable form and include or incorporate by reference all financial statements required by the SEC to be filed therewith or
incorporated by reference therein, and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 1 hereof; 

(b) prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary under
applicable law to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof; cause each Prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be
filed pursuant to Rule 424 under the 1933 Act; and comply with the provisions of the 1933 Act and the 1934 Act with respect to the disposition of all Registrable Securities covered by each Registration Statement during the applicable period in
accordance with the intended method or methods of distribution by the selling Holders thereof; 
 (c) in the case of a Shelf Registration,
(i) notify each Holder of Registrable Securities, at least ten business days prior to filing, that a Shelf Registration Statement with respect to the Registrable Securities is being filed and advising such Holders that the distribution of
Registrable Securities will be made in accordance with the method elected by the Majority Holders; (ii) furnish to each Holder of Registrable Securities and counsel for the Holders, without charge, as many copies of each Prospectus, including
each preliminary Prospectus, and any amendment or supplement thereto and such other documents as such Holder or counsel may reasonably request, including financial statements and schedules and, if such Holder or counsel so requests, all exhibits
(including those incorporated by reference) in order to facilitate the public sale or other disposition of the Registrable Securities; and (iii) subject to the penultimate paragraph of this Section 3, the Company hereby consents to
the use of the Prospectus, including each preliminary Prospectus, or any amendment or supplement thereto by each of the Holders of Registrable Securities in accordance with applicable law in connection with the offering and sale of the Registrable
Securities covered by and in the manner described in any Prospectus or any amendment or supplement thereto; 
 (d) use its commercially
reasonable efforts to register or qualify the Registrable Securities under all applicable state securities or “blue sky” laws of such jurisdictions as any Holder of Registrable Securities covered by a Registration Statement shall
reasonably request, to keep each such registration or qualification effective during the period such Registration Statement is required to be effective and do any and all other acts and things that may be reasonably necessary or advisable to enable
such Holder to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Holder; provided, however, that the Company shall not be required to (i) qualify as a foreign corporation or entity
or as a dealer in securities in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(d) or (ii) take any action that would subject it to general service of process or taxation in any such
jurisdiction if it is not then so subject; 
 (e) in the case of a Shelf Registration, notify each Holder of Registrable Securities and
counsel for such Holders promptly and, if requested by such Holder or counsel, confirm such advice in writing promptly 
 (i)
when a Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, 

(ii) of any request by the SEC or any state securities authority for post-effective amendments or supplements to a Registration
Statement or Prospectus or for additional information after a Registration Statement has become effective (other than comments to 1934 Act reports incorporated therein by reference), 

  
 11 

 (iii) of the issuance by the SEC or any state securities authority of any
stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, 

(iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable
Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, 
 (v) of the
happening of any event or the discovery of any facts during the period a Shelf Registration Statement is effective that is contemplated in Section 2(d)(i) or that makes any statement made in such Shelf Registration Statement or the
related Prospectus untrue in any material respect or that constitutes an omission to state a material fact in such Shelf Registration Statement or Prospectus, or 

(vi) of any determination by the Company that a post-effective amendment to a Registration Statement would be appropriate. 

Without limitation to any other provisions of this Agreement, the Company agrees that this Section 3(e) shall also be applicable,
mutatis mutandis, with respect to the Exchange Offer Registration Statement and the Prospectus included therein to the extent that such Prospectus is being used by Participating Broker-Dealers as contemplated by Section 3(f); 

(f) (A)     in the case of an Exchange Offer, (i) include in the Exchange Offer Registration Statement (1) a
“Plan of Distribution” section covering the use of the Prospectus included in the Exchange Offer Registration Statement by broker-dealers who have exchanged their Registrable Securities for Exchange Securities for the resale of such
Exchange Securities and (2) a statement to the effect that any such broker-dealers who wish to use the related Prospectus in connection with the resale of Exchange Securities acquired as a result of market-making or other trading activities
will be required to notify the Company to that effect, together with instructions for giving such notice (which instructions shall include a provision for giving such notice by checking a box or making another appropriate notation on the related
letter of transmittal) (each such broker-dealer who gives notice to the Company as aforesaid being hereinafter called a “Notifying Broker-Dealer”), (ii) furnish to each Notifying Broker-Dealer who desires to participate in the
Exchange Offer, without charge, as many copies of each Prospectus included in the Exchange Offer Registration Statement, including any preliminary prospectus, and any amendment or supplement thereto, as such broker-dealer may reasonably request,
(iii) include in the Exchange Offer Registration Statement a statement that any broker-dealer who holds Registrable Securities acquired for its own account as a result of market-making activities or other trading activities (a
“Participating Broker-Dealer”), and who receives Exchange Securities for Registrable Securities pursuant to the Exchange Offer, may be a statutory underwriter and must deliver a prospectus meeting the requirements of the 1933 Act in
connection with any resale of such Exchange Securities, (iv) subject to the penultimate paragraph of this Section 3, the Company hereby consents to the use of the Prospectus forming part of the Exchange Offer Registration Statement
or any amendment or supplement thereto by any Notifying Broker-Dealer in accordance with applicable law in connection with the sale or transfer of Exchange Securities, and (v) include in the transmittal letter or similar documentation to be
executed by an exchange offeree in order to participate in the Exchange Offer the following provision: 
 “If the undersigned is not a
broker-dealer, the undersigned represents that it is not engaged in, and does not intend to engage in, a distribution of Exchange Securities. If the undersigned is a broker-dealer that will receive Exchange Securities for its own account in exchange
for Registrable Securities, it represents that the Registrable Securities to be exchanged for Exchange Securities were acquired by it as a result of market-making 

  
 12 

 
activities or other trading activities and acknowledges that it will deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such Exchange Securities
pursuant to the Exchange Offer; however, by so acknowledging and by delivering a prospectus, the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the 1933 Act;” 

(B) to the extent any Notifying Broker-Dealer participates in the Exchange Offer, (i) the Company shall use its
commercially reasonable efforts to maintain the effectiveness of the Exchange Offer Registration Statement for a period of 180 days (subject to extension pursuant to the last paragraph of this Section 3) following the last date on which
exchanges are accepted pursuant to the Exchange Offer, and (ii) the Company will comply, insofar as relates to the Exchange Offer Registration Statement, the Prospectus included therein and the offering and sale of Exchange Securities pursuant
thereto, with its obligations under Section 2(b)(D), the last paragraph of Section 2(b), Sections 3(c), 3(d), 3(e), 3(g), 3(i), 3(j), 3(k), 3(o), 3(p),
3(q), 3(r) and 3(s), and the last three paragraphs of this Section 3 as if all references therein to a Shelf Registration Statement, the Prospectus included therein and the Holders of Registrable Securities referred,
mutatis mutandis, to the Exchange Offer Registration Statement, the Prospectus included therein and the applicable Notifying Broker-Dealers and, for purposes of this Section 3(f), all references in any such paragraphs or sections to the
“Majority Holders” shall be deemed to mean, solely insofar as relates to this Section 3(f), the Notifying Broker-Dealers who are the Holders of the majority in aggregate principal amount of the Exchange Securities that
are Registrable Securities; and 
 (C) the Company shall not be required to amend or supplement the Prospectus contained in
the Exchange Offer Registration Statement as would otherwise be contemplated by Section 3(b) or 3(k) hereof, or take any other action as a result of this Section 3(f), for a period exceeding 180 days (subject to
extension pursuant to the last paragraph of this Section 3) after the last date on which exchanges are accepted pursuant to the Exchange Offer and Notifying Broker-Dealers shall not be authorized by the Company to, and shall not, deliver
such Prospectus after such period in connection with resales contemplated by this Section 3; 
 (g) in the case of a Shelf
Registration, furnish counsel for the Holders of Registrable Securities copies of any request by the SEC or any state securities authority for amendments or supplements to a Registration Statement or Prospectus or for additional information (other
than comments to 1934 Act reports incorporated therein by reference); 
 (h) use its commercially reasonable efforts to obtain the withdrawal
of any order suspending the effectiveness of a Registration Statement as soon as practicable and provide immediate notice to each Holder of the withdrawal of any such order; 

(i) in the case of a Shelf Registration, upon request, furnish to each Holder of Registrable Securities, without charge, at least one conformed
copy of each Registration Statement and any post-effective amendments thereto (without documents incorporated or deemed to be incorporated therein by reference or exhibits thereto, unless requested); 

(j) in the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and cause such Registrable Securities to be in such denominations (consistent with the provisions of the Indenture) and in a form
eligible for deposit with the Depositary and registered in such names as the selling Holders may reasonably request in writing at least two business days prior to the closing of any sale of Registrable Securities; 

  
 13 

 (k) in the case of a Shelf Registration, upon the occurrence of any event or the discovery
of any facts as contemplated by Section 3(e)(v) hereof, use its commercially reasonable efforts to prepare a supplement or post-effective amendment to a Registration Statement or the related Prospectus or any document incorporated or
deemed to be incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not contain at the time of such delivery any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Company agrees to notify each Holder to suspend use of the
Prospectus as promptly as practicable after the occurrence of such an event, and each Holder hereby agrees to suspend use of the Prospectus until the Company has amended or supplemented the Prospectus to correct such misstatement or omission. At
such time as such public disclosure is otherwise made or the Company determines that such disclosure is not necessary, in each case to correct any misstatement of a material fact or to include any omitted material fact, the Company agrees promptly
to notify each Holder of such determination and to furnish each Holder such number of copies of the Prospectus, as amended or supplemented, as such Holder may reasonably request; 

(l) obtain CUSIP and ISIN numbers for all Exchange Securities or Registrable Securities, as the case may be, not later than the effective date
of a Registration Statement, and provide the Trustee with printed or word-processed certificates for the Exchange Securities or Registrable Securities, as the case may be, in a form eligible for deposit with the Depositary; 

(m) (i) cause the Indenture to be qualified under the TIA in connection with the registration of the Exchange Securities or Registrable
Securities, as the case may be, (ii) cooperate with the Trustee and the Holders to effect such changes, if any, to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the TIA and
(iii) execute, and use its commercially reasonable efforts to cause the Trustee to execute, all documents as may be required to effect such changes, if any, and all other forms and documents required to be filed with the SEC to enable the
Indenture to be so qualified in a timely manner; 
 (n) in the case of a Shelf Registration, upon request, make available for inspection by
representatives of the Holders of the Registrable Securities participating in any disposition pursuant to a Shelf Registration Statement and any one counsel or accountant retained by such Holders (with such inspection to occur at such time as
mutually agreed between the Company and such Persons), all financial statements and other records, documents and properties of the Company reasonably requested by any such Persons, and cause the respective officers, directors, employees, and any
other agents of the Company to supply all information reasonably requested by any such Persons in connection with a Shelf Registration Statement; provided, that any such Persons shall be required to execute a customary confidentiality agreement
prior to taking such inspection; 
 (o) in the case of a Shelf Registration, a reasonable time prior to filing any Shelf Registration
Statement, any Prospectus forming a part thereof, any amendment to such Shelf Registration Statement or amendment or supplement to such Prospectus, provide copies of such document to the Holders of Registrable Securities and to counsel for any such
Holders, and make such changes in any such document prior to the filing thereof as the Holders of Registrable Securities, or any of their counsel may reasonably request, and cause the representatives of the Company to be available for discussion of
such documents as shall be reasonably requested by the Holders of Registrable Securities and shall not at any time make any filing of any such document of which such Holders or their counsel shall not have previously been advised and furnished a
copy or to which such Holders or their counsel shall reasonably object within a reasonable time period; 

  
 14 

 (p) in the case of a Shelf Registration, use its commercially reasonable efforts to cause
all Registrable Securities to be listed on any securities exchange on which similar debt securities issued by the Company are then listed if requested by the Majority Holders; 

(q) in the case of a Shelf Registration, use its commercially reasonable efforts to cause the Registrable Securities to be rated by the same
rating agency that initially rated the Subordinated Notes, if so requested by the Majority Holders, unless the Registrable Securities are already so rated; 

(r) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the SEC and, with respect to each
Registration Statement and each post-effective amendment, if any, thereto and each filing by the Company of an Annual Report on Form 10-K, make available to its security holders, as soon as reasonably practicable, an earnings statement covering at
least twelve months that shall satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder; and 
 (s) cooperate
and assist in any filings required to be made with FINRA. 
 In the case of a Shelf Registration Statement, the Company may (as a condition
to such Holder’s participation in the Shelf Registration) require each Holder of Registrable Securities to furnish to the Company such information regarding such Holder and the proposed distribution by such Holder of such Registrable Securities
as the Company may from time to time reasonably request in writing and require such Holder to agree in writing to be bound by all provisions of this Agreement applicable to such Holder. 

In the case of a Shelf Registration Statement, each Holder agrees and, in the event that any Participating Broker-Dealer is using the
Prospectus included in the Exchange Offer Registration Statement in connection with the sale of Exchange Securities pursuant to Section 3(f), each such Participating Broker-Dealer agrees that, upon receipt of any notice from the Company
of the happening of any event or the discovery of any facts of the kind described in Sections 3(e)(ii) through 3(e)(vi) hereof, such Holder or Participating Broker-Dealer, as the case may be, will forthwith discontinue disposition of
Registrable Securities pursuant to a Registration Statement until receipt by such Holder or Participating Broker-Dealer, as the case may be, of (i) the copies of the supplemented or amended Prospectus contemplated by Section 3(k)
hereof or (ii) written notice from the Company that the Shelf Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or that no supplement or amendment is required. If so directed by the
Company, such Holder or Participating Broker-Dealer, as the case may be, will deliver to the Company (at the Company’s expense) all copies in its possession, other than permanent file copies then in its possession, of the Prospectus covering
such Registrable Securities current at the time of receipt of such notice. Nothing in this paragraph shall prevent the accrual of Additional Interest on any Registrable Securities. 

If the Company shall give any such notice to suspend the disposition of Registrable Securities pursuant to the immediately preceding
paragraph, the Company shall be deemed to have used its commercially reasonable efforts to keep the Shelf Registration Statement or, in the case of Section 3(f), the Exchange Offer Registration Statement, as the case may be, effective
during such period of suspension; provided that (i) such period of suspension shall not exceed the time periods provided in Section 2(d)(iii) hereof and (ii) the Company shall use its commercially reasonable efforts to
file and have declared effective (if an amendment) as soon as practicable thereafter an amendment or supplement to the Shelf Registration Statement or the Exchange Offer Registration Statement or both, as the case may be, or the Prospectus included
therein and shall extend the period during which the Shelf Registration Statement or the Exchange Offer Registration Statement or both, as the case may be, shall be maintained effective pursuant to this Agreement (and, if applicable, the period
during which Participating Broker-Dealers may use the Prospectus included in the Exchange Offer Registration Statement pursuant to Section 3(f) hereof) by the number of days during the period from and including the date of the giving of
such notice to and including 

  
 15 

 
the earlier of the date when the Holders or Participating Broker-Dealers, respectively, shall have received copies of the supplemented or amended Prospectus necessary to resume such dispositions
and the effective date of written notice from the Company to the Holders or Participating Broker-Dealers, respectively, that the Shelf Registration Statement or the Exchange Offer Registration Statement, respectively, are once again effective or
that no supplement or amendment is required. 
 4. Indemnification and Contribution. 

(a) The Company agrees to indemnify and hold harmless each Holder, each Participating Broker-Dealer and each Person, if any, who controls any
Holder or Participating Broker-Dealer within the meaning of either Section 15 of the 1933 Act or Section 20 of the 1934 Act, as follows: 

(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement
or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) pursuant to which Exchange Securities or Registrable Securities were registered under the 1933 Act, including all documents
incorporated therein by reference, or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue
statement of a material fact contained in any preliminary prospectus or Prospectus (or any amendment or supplement thereto) or any omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; 
 (ii) against any and all loss, liability, claim,
damage and expense whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based
upon any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above; provided that any such settlement is effected with the written consent of the Company; and 

(iii) against any and all expense whatsoever, as incurred (including, subject to Section 4(c) below, the fees and
disbursements of counsel chosen by any indemnified party), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission described in subparagraph (i) above, to the extent that any such expense is not paid under subparagraph (i) or (ii) above;

 provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out
of any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by any Holder or Participating Broker-Dealer with respect to such Holder,
Participating Broker-Dealer, as the case may be, expressly for use in the Registration Statement (or any amendment thereto) or the Prospectus (or any amendment or supplement thereto). 

(b) Each Holder, severally but not jointly, agrees to indemnify and hold harmless the Company, each director of the Company, each officer of
the Company who signed the Registration Statement, each Participating Broker-Dealer and each other selling Holder and each Person, if any, who controls the Company, any Participating Broker-Dealer or any other selling Holder within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 4(a) hereof, as incurred, but only with respect

  
 16 

 
to untrue statements or omissions, or alleged untrue statements or omissions, made in the Shelf Registration Statement (or any amendment thereto) or any Prospectus included therein (or any
amendment or supplement thereto) in reliance upon and in conformity with written information with respect to such Holder furnished to the Company by such Holder expressly for use in the Shelf Registration Statement (or any amendment thereto) or such
Prospectus (or any amendment or supplement thereto); provided, however, that no such Holder shall be liable for any claims hereunder in excess of the amount of net proceeds received by such Holder from the sale of Registrable
Securities pursuant to such Shelf Registration Statement. 
 (c) Each indemnified party shall give notice as promptly as reasonably
practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability hereunder to
the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability that it may have otherwise than on account of this indemnity agreement. Counsel to the respective indemnified parties shall be
selected as follows: (i) counsel to the Company, its directors, each of its officers who signed the Registration Statement and all Persons, if any, who control the Company within the meaning of Section 15 of the 1933 Act or Section 20
of the 1934 Act shall be selected by the Company; (ii) counsel to the Holders (other than Participating Broker-Dealers) and all Persons, if any, who control any Holders (other than any Participating Broker-Dealers) within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the Holders who held or hold, as the case may be, a majority in aggregate principal amount of the Registrable Securities held by all such Holders; and
(iii) counsel to the Participating Broker-Dealers and all Persons, if any, who control any such Participating Broker-Dealer within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be selected by the
Participating Broker-Dealers who held or hold, as the case may be, a majority in aggregate principal amount of the Exchange Securities referred to in Section 3(f) hereof held by all such Participating Broker-Dealers. In no event shall
the indemnifying party or parties be liable for (A) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own counsel for the Company and all other Persons referred to in
clause (i) of this paragraph, (B) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own counsel for all Holders (other than Participating Broker-Dealers) and all
other Persons referred to in clause (ii) of this paragraph, and (C) the fees and expenses of more than one counsel (in addition to any local counsel) separate from the indemnifying parties’ own counsel for all Participating
Broker-Dealers and all other Persons referred to in clause (iii) of this paragraph, in each case in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations
or circumstances. The indemnifying party shall be entitled to participate therein and, to the extent that it shall elect, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party, provided, however, if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that a conflict may arise between
the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties that are different from or additional to those
available to the indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or
parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such indemnified party under such subsection for any legal expenses of other
counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation unless (A) the indemnified party shall have employed separate
counsel in accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel, approved by the indemnifying party) or (B) the
indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party within a reasonable time after notice of commencement of the action, in each of which cases the fees and expenses

  
 17 

 
of counsel shall be at the expense of the indemnifying party. No indemnifying party shall, without the prior written consent of the indemnified parties, settle or compromise or consent to the
entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which indemnification or contribution could be sought under
this Section 4 (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (i) includes an unconditional release of each indemnified party from all liability
arising out of such litigation, investigation, proceeding or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 

(d) If the indemnification provided for in this Section 4 is for any reason unavailable to or insufficient to hold harmless an
indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by
such indemnified party, as incurred, in such proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on the one hand and of the indemnified party or parties on the other hand in connection with the statements
or omissions that resulted in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party or parties on the one hand and the indemnified party or
parties on the other hand shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such
indemnifying party or parties or such indemnified party or parties, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(e) The Company and the Holders agree that it would not be just or equitable if contribution pursuant to this Section 4 were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The aggregate amount of losses, liabilities, claims, damages and
expenses incurred by an indemnified party and referred to above in this Section 4 shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. 

Notwithstanding the provisions of this Section 4, other than in the case of intentional misrepresentation or omission of a
material fact, no Holder or Participating Broker-Dealer shall be required to contribute any amount in excess of the amount by which the total price at which Registrable Securities sold by it were offered exceeds the amount of any damages that such
Holder or Participating Broker-Dealer has otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged omission. 

No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation. 
 For purposes of this Section 4, each Person, if any,
who controls a Holder or Participating Broker-Dealer within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to contribution as such Holder or Participating Broker-Dealer, as the case may
be, and each director of the Company, each officer of the Company who signed the Registration Statement and each Person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall
have the same rights to contribution as the Company. 

  
 18 

 The respective obligations of the Holders and Participating Broker-Dealers to contribute
pursuant to this Section 4 are several in proportion to the principal amount of Subordinated Notes purchased by them and not joint. 

The indemnity and contribution provisions contained in this Section 4 shall remain operative and in full force and effect
regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Holder or Participating Broker-Dealer or any Person controlling any Holder or Participating Broker-Dealer, or by or on behalf of the
Company, its officers or directors or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities or Exchange Securities pursuant to a Shelf Registration Statement.

 5. Miscellaneous. 

(a) Rule 144 and Rule 144A. For so long as the Company is subject to the reporting requirements of Section 13 or 15 of the 1934
Act, the Company covenants that it will file all reports required to be filed by it under Section 13(a) or 15(d) of the 1934 Act and the rules and regulations adopted by the SEC thereunder, that if it ceases to be so required to file such
reports, it will upon the request of any Holder or beneficial owner of Registrable Securities (i) make publicly available such information (including, without limitation, the information specified in Rule 144(c)(2) under the 1933 Act) as is
necessary to permit sales pursuant to Rule 144 under the 1933 Act, (ii) deliver or cause to be delivered, promptly following a request by any Holder or beneficial owner of Registrable Securities or any prospective purchaser or transferee
designated by such Holder or beneficial owner, such information (including, without limitation, the information specified in Rule 144A(d)(4) under the 1933 Act) as is necessary to permit sales pursuant to Rule 144A under the 1933 Act, and
(iii) take such further action that is reasonable in the circumstances, in each case to the extent required from time to time to enable such Holder to sell its Registrable Securities without registration under the 1933 Act within the limitation
of the exemptions provided by (x) Rule 144 under the 1933 Act, as such Rule may be amended from time to time, (y) Rule 144A under the 1933 Act, as such Rule may be amended from time to time, or (z) any similar rules or regulations
hereafter adopted by the SEC. Upon the request of any Holder or beneficial owner of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements. 

(b) No Inconsistent Agreements. The Company has not entered into nor will the Company on or after the date of this Agreement enter into
any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof; provided that the Company will not be precluded from entering into any
agreement after the date hereof that may or does result, directly or indirectly, in the payment of Additional Interest. The rights granted to the Holders hereunder do not and will not in any way conflict in any material respects with and are not and
will not be inconsistent in any material respects with the rights granted to the holders of any of the Company’s other issued and outstanding securities under any other agreements entered into by the Company or any of its subsidiaries. 

(c) Amendments and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable
Securities affected by such amendment, modification, supplement, waiver or departure. 
 (d) Notices. All notices and other
communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, electronic mail, or any courier guaranteeing overnight delivery (i) if to a Holder or Participating Broker-Dealer at the
most current address set forth on the records of the registrar under the Indenture, and (ii) if to the Company, initially at the address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in
accordance with the provisions of this Section 5(d). 

  
 19 

 All such notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if sent via electronic mail; and on the next business day if timely delivered to an air
courier guaranteeing overnight delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by
the Person giving the same to the Trustee, at the address specified in the Indenture. 
 (e) Successors and Assigns. This Agreement
shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein
shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms hereof or of the Purchase Agreement or the Indenture. If any transferee of any Holder shall acquire Registrable Securities,
in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities, such Person shall be conclusively deemed to have
agreed to be bound by and to perform all of the terms and provisions of this Agreement, including the restrictions on resale set forth in this Agreement and, if applicable, the Purchase Agreement, and such Person shall be entitled to receive the
benefits hereof. 
 (f) Third Party Beneficiary. Each Holder and Participating Broker-Dealer shall be a third party beneficiary of the
agreements made hereunder and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. Each Holder, by its acquisition of
Subordinated Notes, shall be deemed to have agreed to the provisions of Section 5(b) hereof. 
 (g) Counterparts; Electronic
Transmission. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one
and the same agreement. Any facsimile or electronically transmitted copies hereof or signature hereon will, for all purposes, be deemed originals. Unless otherwise provided herein or in any other related document, the words “execute,”
“execution,” “signed,” and “signature” and words of similar import used in this Agreement shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that, notwithstanding anything herein to the
contrary, the Company is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Company pursuant to procedures approved by the Company. 

(h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning
hereof. 
 (i) Restriction on Resales. If the Company or any of its subsidiaries or affiliates (as defined in Rule 144 under the 1933
Act) shall redeem, purchase or otherwise acquire any Registrable Security or any Exchange Security that is a “restricted security” within the meaning of Rule 144 under the 1933 Act, the Company will deliver or cause to be delivered such
Registrable Security or Exchange Security, as the case may be, to the Trustee for cancellation and neither the Company nor any of its subsidiaries or affiliates will hold or resell such Registrable Security or Exchange Security or issue any new
Security or Exchange Security to replace the same. 

  
 20 

 (j) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. 
 (k) Entire Agreement; Severability. This Agreement contains the entire agreement between
the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect hereto. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

[SIGNATURE PAGES FOLLOW] 

  
 21 

 IN WITNESS WHEREOF, Company has caused this Registration Rights Agreement to be
executed by its duly authorized representative as of the date first above written. 
  

			
	COMPANY:
	
	PEAPACK-GLADSTONE FINANCIAL CORPORATION
		
	By:	 	  

		 	Name: Jeffrey J. Carfora
		 	Title: Senior Executive Vice President and Chief Financial Officer

 IN WITNESS WHEREOF, the Purchaser has caused this Registration Rights Agreement to be
executed by its duly authorized representative as of the date first above written. 
  

			
	PURCHASER:
		
	By:	 	  

		 	Name:
		 	Title:Exhibit 10.8

 

EXECUTION VERSION

 

DEALER MANAGER AGREEMENT

 

This Dealer Manager
Agreement (this “Agreement”), dated as of December 18, 2020, is entered into by and among Steele Creek Capital
Corporation, a Maryland corporation (the “Company”), Steele Creek Investment Management LLC, a Delaware limited
liability company (the “Investment Adviser”), and S2K Financial LLC, a Delaware limited liability company (the
“Dealer Manager”). The Company, the Investment Adviser and the Dealer Manager are collectively referred to herein
as “Parties” and each as a “Party.”

 

1. Offering.

 

(a) The
Company intends to offer and sell shares of capital stock of the Company (the “Shares”) in a private placement
(the “Offering”) exempt from registration under the Securities Act of 1933, as amended (the “Securities
Act”), pursuant to Rule 506 of Regulation D promulgated under the Securities Act (“Regulation D”),
on the terms and conditions described in the Confidential Private Placement Memorandum, dated December 14, 2020 (the “Memorandum
Date”), with respect to the Offering of the Shares (as the same may be amended, revised or supplemented from time to
time, the “Memorandum”).

 

(b) The
Company will sell up to 450,000,000 Shares in the Offering at the per-share price, which may be subject to change, as more fully
described in the Memorandum.

 

(c) It
is understood that no sale of Shares will be effective unless and until accepted by the Company. The Company reserves the
right in its sole discretion to reject any prospective purchaser’s subscription in whole or in part for any reason or no
reason. The Shares will be offered continuously commencing on the Memorandum Date and continuing until the date upon which the
Company, in its sole discretion, terminates the Offering (the “Offering Termination Date”).

 

2. Placement
of Shares; Engagement of Dealer Manager.

 

(a) Subject
to the terms and conditions set forth herein, the Company hereby engages and appoints the Dealer Manager as its exclusive agent
and dealer manager in connection with the offer and sale of the Shares during the period commencing with the Memorandum Date and
ending on the Termination Date (as defined in Section 11). The Dealer Manager is authorized to enter into agreements materially
in the form as shall be pre-approved in writing by the Company (each, a “Participating Dealer Agreement”) with
other broker-dealers who are members of the Financial Industry Regulatory Authority, Inc. (“FINRA”) in good
standing to solicit purchasers of the Shares in the Offering at the purchase price to be paid in accordance with, and otherwise
upon the other terms and conditions set forth in, the Memorandum (“Participating Dealers”). The Dealer Manager
may also enter into participating adviser agreements, materially in the form as shall be pre-approved in writing by the Company
(each, a “Participating Adviser Agreements”), with registered investment advisers registered with the Securities
and Exchange Commission (the “SEC”) (such investment advisers, “Participating Advisers”),
pursuant to which the Dealer Manager or its agent will agree to act as the broker-dealer of record for transactions executed by
the clients of such Participating Advisers. The Dealer Manager will provide the Company a copy of each executed Participating Dealer
Agreement and Participating Adviser Agreement promptly following execution thereof. The Dealer Manager shall obtain written consent
from the Company (which consent shall not be unreasonably withheld) prior to terminating or suspending any Participating Dealer
Agreement or Participating Adviser Agreement. The Dealer Manager shall keep the Company reasonably informed with respect to the
Dealer Manager’s negotiations with prospective Participating Dealers and Participating Advisers. In offering subscriptions
for Shares, the Dealer Manager and each Participating Dealer and Participating Adviser shall act solely as the Company’s
agent and not as a principal. The Dealer Manager has no commitment with regard to the sale of the Shares. The Dealer Manager may
not reject any subscription for Shares, in whole or in part, without the Company’s prior written consent (which consent shall
not be unreasonably withheld). The Dealer Manager hereby accepts such engagement and agrees to use its best efforts to offer and
sell the Shares in the Offering on the terms and conditions stated in the Memorandum and this Agreement.

 

     

     

    

 

(b) The
Company has prepared copies of the Offering Materials (as defined below) for delivery to prospective purchasers of Shares in accordance
with instructions provided by the Dealer Manager. The Dealer Manager shall only provide prospective purchasers of Shares with such
information concerning the Company and the Offering as may be contained in (i) the Memorandum, (ii) the Registration Statement
(as defined below), (iii) the subscription agreement for the Shares, in the form prepared by and approved by the Company (“Subscription
Agreement”) and (iv) such other information or materials concerning the Company and the Offering as may be approved
by the Company prior to such use (collectively with the Subscription Agreement and the Memorandum, the “Offering Materials”).

 

3. Representations
and Warranties of the Company and the Investment Adviser. The Company hereby represents and warrants to the Dealer Manager
that as of the date hereof and as of each date that Shares are sold hereunder; provided, that, to the extent such representations
and warranties are given only as of a specified date or dates, the Company only make such representations and warranties as of
such date or dates:

 

(a) The
Company has prepared and filed with the SEC a registration statement on Form 10 (SEC File No. 000-56189) (the “Registration
Statement”) with respect to the Shares in accordance in all material respects with applicable requirements of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and the applicable rules and regulations of the
SEC promulgated thereunder. As of the date hereof, the SEC has not issued any stop order suspending the registration of the Shares
under the Exchange Act, and no notices have been received by the Company or the Investment Adviser to the effect that any proceeding
for that purpose has been instituted or is pending or threatened by the SEC under the Exchange Act.

 

(b) The
Company is duly organized, validly existing and in good standing under the laws of the State of Maryland. The Investment Adviser
is duly organized, validly existing, and in good standing under the laws of the State of Delaware. Each of the Company and the
Investment Adviser has qualified to do business and is in good standing in every jurisdiction in which the conduct of its business,
as described in the Registration Statement and the Memorandum, requires such qualification, except where the failure to do so would
not have a material adverse effect on the condition, financial or otherwise, results of operation, or cash flows of the Company
taken as a whole, or would materially and adversely affect the regulatory status of the Investment Adviser such that the Investment
Adviser would be prevented from carrying out its obligations under the Investment Advisory Agreement (as defined below).

 

    2

     

    

 

(c) The
issuance and sale of the Shares have been duly authorized by the Company and, when issued and duly delivered against prompt payment
therefor as contemplated by this Agreement, will be validly issued, fully paid, and non-assessable, free and clear of any pledge,
lien, encumbrance, security interest or other claim, and the issuance and sale of the Shares by the Company are not subject to
preemptive or other similar rights arising by operation of law, under the articles of incorporation or bylaws of the Company or
any other agreement to which the Company is a party or otherwise.

 

(d) The
Investment Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the
“Advisers Act”), and the rules and regulations promulgated thereunder.

 

(e) Each
of the Company and the Investment Adviser has full power and authority to execute and deliver this Agreement and to perform each
of their obligations hereunder, and the execution, delivery and performance of this Agreement constitutes a valid and binding obligation
of each of the Company and the Investment Adviser, enforceable against each of them in accordance with its terms, except as the
same may be subject to the effects of (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws now or hereafter in effect relating to or affecting creditors’ rights generally and (ii) general principles of equity
(regardless of whether considered in a proceeding at law or in equity).

 

(f) The
Company is a non-diversified, closed-end management investment company that has elected to be treated as a business development
company (“BDC”) under the under the Investment Company Act of 1940, as amended (the “Investment Company
Act”), and has not withdrawn such election, and the SEC has not ordered that such election be withdrawn nor to the Company’s
knowledge have proceedings to effectuate such withdrawal been initiated or threatened by the SEC.

 

(g) Each
of the Company and the Investment Adviser has obtained all necessary approvals, consents, licenses and registrations from any governmental
entity or any other person or entity necessary to perform its obligations hereunder and shall maintain all such approvals, consents
and registrations in full force and effect during the term of this Agreement.

 

(h) The
execution and delivery of this Agreement, the consummation of the transactions herein contemplated and the compliance with the
terms of this Agreement by each of the Company and the Investment Adviser will not conflict with or constitute a default or violation
under (i) each of the Company’s and the Investment Adviser’s certificate of formation, articles of incorporation or
other organizational document or (ii) any contract, indenture, mortgage, deed of trust, lease, rule, regulation, writ, injunction
or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over either of the
Company or the Investment Adviser.

 

    3

     

    

 

(i) Each
of the Company’s and the Investment Adviser’s current business operations and investments and contemplated business
operations and investments are in compliance in all material respects with the provisions of the Investment Company Act, the Advisers
Act, and the rules and regulations of the SEC applicable thereunder to BDCs.

 

(j) None
of the Company, any of the Company’s predecessors, any director or executive officer of the Company or other officer of the
Company participating in the Offering, managing member of the Company or any beneficial owner of 20% or more of the Company’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule
405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Company Covered
Person” and, together, “Company Covered Persons”) is subject to any of the “Bad Actor”
disqualifications described in Rule 506(d)(1)(i) to 506(d)(1)(viii) under the Securities Act (a “Disqualifying Event”),
except for a Disqualifying Event covered by Rule 506(d)(2) or Rule 506(d)(3) under the Securities Act. The Company has exercised
reasonable care to determine: (i) the identity of each person that is a Company Covered Person and (ii) whether any Company Covered
Person is subject to a Disqualifying Event. The Company has complied, to the extent applicable, with its disclosure obligations
under Rule 506(e) under the Securities Act, and has furnished to the Dealer Manager a copy of any disclosures provided thereunder.

 

(k) With
respect to each Company Covered Person, the Company has established procedures reasonably designed to ensure that the Company receives
notice from each such Company Covered Person of: (i) any Disqualifying Event relating to that Company Covered Person and (ii) any
event that would, with the passage of time, become a Disqualifying Event relating to that Company Covered Person, in each case,
occurring up to and including, the last date on which Shares are offered in the Offering.

 

(l) Each
of the Registration Statement and the Memorandum will, during the term of this Agreement, comply in all material respects with
the Exchange Act and the Securities Act, respectively, and will not contain an untrue statement of material fact or omit to state
any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, however, that the Company makes no warranty or representation
with respect to any statement contained in the Memorandum made in reliance upon and in conformity with information furnished in
writing to the Company by the Dealer Manager or any Participating Dealer or Participating Adviser expressly for use in the Memorandum.

 

(m) The
financial statements of the Company included in the Registration Statement, together with the related notes, present fairly, in
all material respects, the financial position of the Company, as of the date specified, in conformity with generally accepted accounting
principles applied on a consistent basis, except as described in the notes thereto.

 

    4

     

    

 

(n) The
investment advisory agreement by and between the Company and the Investment Adviser (the “Investment Advisory Agreement”)
has been duly authorized, executed, and delivered by the Company. The terms of the Investment Advisory Agreement, including compensation
terms, comply in all material respects with all applicable provisions of the Investment Company Act and the Advisers Act. The approval
of the Investment Advisory Agreement by each of the board of directors and the initial stockholders of the Company has been made
in accordance with the requirements of Section 15 of the Investment Company Act applicable to companies that have elected to be
treated as BDCs under the Investment Company Act.

 

4. Covenants
of the Company and the Investment Adviser. Each of the Company and the Investment Adviser covenants and agrees for itself with
the Dealer Manager as follows:

 

(a) The
Company will, at no expense to the Dealer Manager, furnish the Dealer Manager and Participating Dealers and Participating Advisers
designated by the Dealer Manager with such number of printed copies of the Memorandum and the other Offering Materials as the Dealer
Manager may reasonably request, or reimburse the expense of printing such copies.

 

(b) The
Company and the Investment Adviser will, at the Dealer Manager’s request, furnish through the Dealer Manager, to any prospective
investor in Shares, copies of the Memorandum and such information as is reasonably requested and is reasonably available concerning
matters material to such prospective investor’s decision to purchase (or commit to purchase) Shares. The Company will apply
the proceeds from the sale of the Shares as stated in the Memorandum.

 

(c) The
Company will use its commercially reasonable efforts to maintain its status as a BDC under the Investment Company Act; provided,
however, the Company may cease to be, or withdraw its election as a BDC under the Investment Company Act, with the approval
of its board of directors and a vote of its stockholders as required by the Investment Company Act.

 

(d) The
Company will operate in a manner so as to enable the Company to qualify as a regulated investment company under the Internal Revenue
Code of 1986, as amended, for each taxable year during which it elects to be treated as a BDC under the Investment Company Act;
provided, however, that at the discretion of the Company’s board of directors, it may elect to not be so treated.

 

(e) If
any event relating to or affecting the Company or the Investment Adviser occurs, or the Company
receives notice from the Dealer Manager that it believes such an event has occurred,  as a result of which the Company
believes that it has become necessary to amend or supplement the Offering Materials so that they do not contain a misstatement
of a material fact, an untrue statement of a material fact, or an omission of a material fact necessary to be disclosed in order
to make the statements made therein, in the light of the circumstances under which they were made, not misleading, the Company
will so promptly inform the Dealer Manager and prepare and furnish to the Dealer Manager a reasonable number of copies of an amendment
or amendments of, or a supplement or supplements to, the Offering Materials that will amend or supplement the Offering Materials
so that, as so amended or supplemented, such Offering Materials do not contain any such misstatement, untrue statement, or omission.

 

    5

     

    

 

(f) The
Company will: (i) furnish copies of any proposed amendment or supplement of the Memorandum to the Dealer Manager; (ii) make any
filings regarding the Offering that may be required by the SEC or any state securities administration; and (iii) if at any time
the SEC or any state securities administration shall issue any order or take other action to suspend or enjoin the sale of the
Shares, it will promptly notify the Dealer Manager upon becoming aware of such order or action and will use its commercially reasonable
efforts to obtain the lifting of such order or to prevent such other action at the earliest possible time.

 

(g) The
Company will notify the Dealer Manager in writing, prior to any offering of Shares offered pursuant to the Offering, of: (i) any
Disqualifying Event relating to any Company Covered Person and (ii) any event that would, with the passage of time, become a Disqualifying
Event relating to any Company Covered Person.

 

(h) The
Company shall make itself reasonably available to meet with the Dealer Manager, its employees, and its agents and to provide them
with such information as they reasonably request regarding the Company and the Offering.

 

5. Representations
and Warranties of the Dealer Manager. The Dealer Manager hereby represents and warrants to the Company and the Investment Adviser
as of the date hereof and as of each date that Shares are sold hereunder; provided, that, to the extent such representations
and warranties are given only as of a specified date or dates, the Dealer Manager only make such representations and warranties
as of such date or dates:

 

(a) The
Dealer Manager is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation.

 

(b) The
Dealer Manager has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and
the execution, delivery and performance of this Agreement constitutes a valid and binding obligation of the Dealer Manager, enforceable
against it in accordance with its terms, except as the same may be subject to the effects of (i) bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other similar laws now or hereafter in effect relating to or affecting creditors’
rights generally and (ii) general principles of equity (regardless of whether considered in a proceeding at law or in equity).

 

(c) The
execution and delivery of this Agreement, the consummation of the transactions herein contemplated and the compliance with the
terms of this Agreement by the Dealer Manager will not conflict with or constitute a default or violation under (i) the Dealer
Manager’s certificate of formation, operating agreement or other organizational document or (ii) any contract, indenture,
mortgage, deed of trust, lease, rule, regulation, writ, injunction or decree of any government, governmental instrumentality or
court, domestic or foreign, having jurisdiction over the Dealer Manager.

 

(d) The
Dealer Manager (i) is duly registered as a broker-dealer under the Exchange Act, (ii) is a member of FINRA in good standing, and
(iii) is, or will be prior to the time of any offer or sale, a broker or dealer registered as such in those states and jurisdictions
where the Dealer Manager is required to be registered in order to provide the services contemplated by this Agreement.

 

    6

     

    

 

(e) The
Dealer Manager and its officers, directors, employees and agents maintain in full force and effect all requisite power and authority,
all necessary authorizations, approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials
and bodies, and all necessary rights, licenses and permits from other parties, to engage in any activities permitted by this Agreement,
and will perform the placement and marketing activities in accordance with all applicable laws and regulations applicable to it,
including those in the jurisdiction of each of each purchaser of Shares.

 

(f) Neither
the Dealer Manager, nor any of its directors, executive officers, other officers participating in the offering of Shares, general
partners or managing members, or any of the directors, executive officers or other officers participating in the offering of Shares
of any such general partner or managing member (each, a “Dealer Manager Covered Person” and, collectively,
the “Dealer Manager Covered Persons”), is subject to any Disqualifying Event, except for a Disqualifying Event
(i) contemplated by Rule 506(d)(2) of the Securities Act and (ii) a description of which has been furnished in writing to the Company
prior to the date hereof or, in the case of a Disqualifying Event occurring after the date hereof, prior to the date of any further
offering of Shares.

 

(g) With
respect to each Dealer Manager Covered Person, the Dealer Manager has established procedures reasonably designed to ensure that
the Dealer Manager receives notice from each such Dealer Manager Covered Person of: (i) any Disqualifying Event relating to that
Dealer Manager Covered Person and (ii) any event that would, with the passage of time, become a Disqualifying Event relating to
that Dealer Manager Covered Person, in each case, occurring up to and including, the last date on which Shares are offered in the
Offering.

 

(h) With
respect to anti-money laundering and anti-terrorist regulations, the Dealer Manager has taken all reasonable steps to ensure that
the funds received from purchasers of Shares and invested in the Company do not constitute proceeds from activities that would
be subject to anti-money laundering or similar or comparable acts or regulations under U.S. laws or other laws or regulations applicable
to it; provided, that, with respect to U.S. laws or other laws or regulations applicable to it as well as internal policies
and regulations that relate to “knowing your client” or money laundering, the Dealer Manager (i) has in place
client verification procedures for the purpose of establishing the identity and source of funds of each purchaser of Shares, and
(ii) has recorded evidence (the “Documentary Evidence”) establishing the identity and source of funds of
each such purchaser and, if requested, will deliver such Documentary Evidence to the Company with the subscription documents or
at any time during which the Shares are issued and outstanding and retain or procure the retention of such evidence for so long
as is required by applicable law or regulation and internal policies.

 

(i) The
Dealer Manager shall abide by and comply with (i) the privacy standards and requirements of the Gramm-Leach-Bliley Act of
1999; (ii) the privacy standards and requirements of any other applicable federal or state law; and (iii) its own internal
privacy policies and procedures, each as may be amended from time to time.

 

    7

     

    

 

6. Covenants
of the Dealer Manager. The Dealer Manager covenants and agrees with each of the Company and the Investment Adviser as follows,
as of the date hereof and as of each date that Shares are sold hereunder:

 

(a) With
respect to its participation and the participation by each Participating Dealer and Participating Adviser in the offer and sale
of the Shares (including, without limitation any resales and transfers of Shares), the Dealer Manager will comply, and in its agreements
with Participating Dealers and Participating Advisers will require each Participating Dealer and Participating Adviser to comply,
in all material respects with all applicable requirements of (i) the Securities Act, the Exchange Act, the rules and regulations
of the SEC promulgated under the Securities Act and the Exchange Act (including, without limitation, Regulation D) and all other
federal rules and regulations applicable to the Offering and the sale of the Shares, (ii) applicable state securities or “blue
sky” laws, (iii) the rules set forth in the FINRA rulebook applicable to the Offering, and (iv) the Participating Dealer
Agreement or Participating Adviser Agreement, as applicable, and the Memorandum.

 

(b) 
The Dealer Manager will, and in its agreements with Participating Dealers will require that each Participating Dealer (i) conduct
all offering and solicitation efforts in a transaction or series of transactions intended to be exempt from the registration requirements
under the Securities Act pursuant to Rule 506(b) of Regulation D and applicable state securities laws and regulations, (ii) not
offer or sell Shares by any means otherwise inconsistent with this Agreement or the Memorandum, and (iii) not engage in any general
advertising or general solicitation activities in any jurisdiction or in any manner in which it is unlawful for it to do so.

 

(c) The
Dealer Manager shall obtain written consent from the Company (which consent shall not be unreasonably withheld) prior to (i) executing
a Participating Dealer Agreement with a Participating Dealer that deviates in any material respect from the form of Participating
Dealer Agreement approved by the Company provided to such Participating Dealer, or (ii) executing a Participating Adviser Agreement
that deviates in any material respect from the form of Participating Adviser Agreement approved by the Company provided to such
Participating Adviser.

 

(d) In
connection with its activities hereunder, the Dealer Manager shall (i) exclusively use the Offering Materials and shall not include
or make use of any other document or material, or furnish to any potential investor any other information, written or oral, respecting
the Company or the offering of Shares, without the prior written consent of the Company, and (ii) deliver or cause to be delivered
to each purchaser of Shares, at or prior to the time of any purchase of, or commitment to purchase, the Shares, copies of the most
recent versions of the Offering Documents as supplied to it by the Investment Adviser or the Company.

 

(e) Without
the prior written consent of the Company, the Dealer Manager will not solicit any offer to buy or offer to sell Shares to an investor
that is a U.S. or non-U.S. state, locality or other governmental plan or political entity, agency, instrumentality (including any
state-owned or controlled entity) or subdivision thereof (including a public pension plan).

 

(f) The
Dealer Manager will, and will require that each of the Participating Dealers and Participating Advisers, suspend or terminate the
offer and sale of Shares in the Offering upon request of the Company at any time and to resume offering and sale of the Shares
in the Offering upon subsequent request of the Company in its sole discretion.

 

    8

     

    

 

(g) The
Dealer Manager will, and in its agreements with Participating Dealers will require each Participating Dealer to, maintain records
related to each purchaser of Shares for so long as is required by applicable law or regulations and the Dealer Manager’s
or such Participating Dealer’s internal policies and will maintain for a period of at least six years following the Offering
Termination Date, information and documents disclosing the basis upon which the determination of suitability was reached as to
each such investor.

 

(h) The
Dealer Manager will notify the Company in writing, prior to any offering of Shares of: (i) any Disqualifying Event relating to
any Dealer Manager Covered Person not previously disclosed to the Company in accordance with Section 5(f) above and (ii)
any event that would, with the passage of time, become a Disqualifying Event relating to any Dealer Manager Covered Person.

 

(i) The
Dealer Manager will, and will require each Participating Dealer and Participating Adviser to, only offer Shares to persons it reasonably
believes, on the basis of information obtained from the potential investor concerning the investor’s investment objectives,
other investments, financial situation and needs, and any other information known by the Dealer Manager or an associated person:
(i) is an “accredited investor” as that term is defined in Rule 501(a) under the Securities Act and meets the other
investor suitability requirements as may be established by the Company and set forth in the Memorandum; (ii) has such knowledge
and experience in financial and business matters that the offeree is capable of evaluating the merits and risks of an investment
in the Shares and (iii) is a person for which an investment in the Shares is otherwise suitable. The Dealer Manager will require
at the time of any sale of Shares that the investor certify the basis underlying the foregoing qualifications.

 

(j) The
Dealer Manager will furnish or cause to be furnished to the Company upon request a complete list of all persons who have been offered
or purchased Shares and such other information regarding the offer and sale of Shares in the Offering as the Company may reasonably
request.

 

(k) The
Dealer Manager will not reallow or share any of the commissions that it receives pursuant to this Agreement with any person unless
such person (i) is properly registered as a broker-dealer with the SEC and all applicable states and possesses all other licenses,
registrations and approvals required to receive such commissions, and (ii) is a member of FINRA in good standing.

 

(l) The
Dealer Manager has submitted (or will submit within 15 days of the first sale in the Offering) to FINRA a copy of the Memorandum
and any other related offering documents, including any materially amended versions thereof (the “FINRA Filing”).
The Dealer Manager will update the FINRA Filing from time to time as necessary to comply with the terms of FINRA Rule 5123.

 

    9

     

    

 

7. Fees
and Expenses.

 

(a) Selling
Commissions. Subject to any discounts and other special circumstances described in or otherwise disclosed in the Memorandum,
the Company will pay the Dealer Manager up-front selling commissions in the amount of up to three percent (3.0%) of the Company’s
net asset value per Share (“Selling Commissions”); provided, however, that no such Selling Commissions
will be paid with respect to any Shares sold to the Investment Adviser, the Dealer Manager, their respective affiliates, or such
other investors designated by the Dealer Manager. The Dealer Manager will reallow all Selling Commissions to Participating Dealers
pursuant to the terms of the Participating Dealer Agreements.

 

(b) Dealer
Manager Fee. Subject to any discounts and other special circumstances described in or otherwise disclosed in the Memorandum,
the Company will pay the Dealer Manager an up-front dealer manager fee in the amount of up to two and half percent (2.5%) of the
Company’s net asset value per Share (“Dealer Manager Fee”); provided, however, that no such Dealer
Manager Fee will be paid with respect to any Shares sold to the Investment Adviser, the Dealer Manager, their respective affiliates,
or such other investors designated by the Dealer Manager. The Dealer Manager may reallow a portion of the Dealer Manager Fees to
Participating Dealers pursuant to the terms of the Participating Dealer Agreements. The Dealer Manager’s reallowance of Dealer
Manager Fees to a particular Participating Dealer shall be as set forth in Schedule 1 to the Participating Dealer Agreement
with such Participating Dealer.

 

(c) Shareholder
Servicing Fee. The Company will pay to the Dealer Manager a shareholder servicing fee (“Shareholder Servicing Fee”),
which will accrue at an annual rate equal to 1.0% of the Company’s net assets . The Shareholder Servicing Fee will be payable
on a monthly basis pursuant to the Shareholder Services Plan. With respect to each share sold, the Shareholder Servicing Fee will
be paid until the third anniversary of the applicable month of purchase; provided, however, for three years from the date
hereof, the Shareholder Servicing Fee shall exclude the proportion of the Company’s net assets attributable to 2,633,228
Shares. The Dealer Manager may reallow a portion of the Shareholder Servicing Fee to Participating Dealers pursuant to the terms
of the Participating Dealer Agreements.

 

(d) Obligations
to Participating Dealers. Selling Commissions and Dealer Manager Fees payable pursuant this Section 7 and received by
the Dealer Manager may be reallowed to the Participating Dealer who sold the Shares giving rise to such Selling Commissions and
Dealer Manager Fees as described more fully in the Participating Dealer Agreement entered into with such Participating Dealer.
Neither the Company nor the Investment Adviser will be liable or responsible to any Participating Dealer for direct payment or
reallowance of any such Selling Commissions or Dealer Manager Fees to such Participating Dealer, it being the sole and exclusive
responsibility of the Dealer Manager for payment or reallowance of any such Selling Commissions or Dealer Manager Fees to Participating
Dealers.

 

    10

     

    

 

(e) Company
Expenses. Subject to the limitations set forth in the Memorandum and below, the Company agrees to pay all costs and expenses
incident to the Offering that the Company has previously approved in writing, whether or not the transactions contemplated hereunder
are consummated or this Agreement is terminated, including expenses, fees and taxes in connection with: (i) the preparation of
the Memorandum and any amendments or supplements thereto, and the printing and furnishing of copies thereof to the Dealer Manager
and to Participating Dealers (including costs of mailing and shipment); (ii) the preparation, issuance and delivery of certificates,
if any, for the Shares, including any stock or other transfer taxes or duties payable upon the sale of the Shares; (iii) all fees
and expenses of the Company’s legal counsel, independent public or certified public accountants and other advisors; (iv)
the fees and expenses of any transfer agent or registrar for the Shares and any miscellaneous expenses referred to in the Memorandum;
(v) all costs and expenses incident to the travel and accommodation of the Investment Adviser’s personnel, in making presentations
to Participating Dealers and other broker-dealers and financial advisors with respect to the Offering; and (vi) the performance
of the Company’s other obligations hereunder.

 

(f) Dealer
Manager Expenses. The Company shall reimburse the Dealer Manager for all costs and expenses reimbursable to the Dealer Manager
incurred prior to the date hereof. During the term hereof, the Company shall reimburse the Dealer Manager for all actual, out-of-pocket
expenses incurred by the Dealer Manager in connection with the following: (i) costs and expenses of conducting educational conferences
and seminars, attending and/or sponsoring broker-dealer sponsored conferences, industry sponsored conferences, informational seminars
and educational conferences sponsored by the Company, (ii) reasonable non-accountable diligence expenses and reasonable bona
fide due diligence expenses, including expenses associated with third-party due diligence reports and expenses related to the
due diligence and third party training and training-related materials, education forums, and Participating Dealer or Participating
Adviser conference fees, set forth in an itemized and detailed invoice provided to the Company (including reasonable travel, lodging
and meal expenses and other reasonable out-of-pocket expenses incurred by the Dealer Manager or any Participating Dealer, registered
investment adviser or other financial institution or intermediary and their personnel), (iii) customary promotional items, (iv)
fees and expenses of legal counsel to the Dealer Manager, and (v) technology-related costs and expenses associated with the initial
integration of the Offering, and costs and expenses associated with providing information regarding the Shares. (collectively,
“Reimbursable Expenses”). Any Reimbursable Expenses reimbursed pursuant to this Section 7(f) will
be reimbursed to the Dealer Manager within thirty (30) days of the Dealer Manager’s presentation to the Company of an
itemized invoice or receipt or such other documentation as the Company may deem reasonably acceptable for such Reimbursable Expenses.

 

8. Liability;
Indemnification.

 

(a) To
the maximum extent permitted by applicable law, the Company shall indemnify, defend and hold harmless the Dealer Manager, each
Participating Dealer, each Participating Adviser and each of their respective officers, directors, employees, members, partners,
affiliates, agents and representatives, and each person, if any, who controls the Dealer Manager within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act (collectively, the “Dealer Manager Indemnified Persons”)
from and against any losses, claims (including reasonable attorneys’ fees and the reasonable cost of investigation), damages
or liabilities, joint or several (“Losses”), to which any Dealer Manager Indemnified Person may become subject
insofar as such Losses arise out of or are based upon: (i) any (1) untrue statement or alleged untrue statement of a material
fact contained in any Offering Materials or (2) omission or alleged omission of a material fact required to be stated in any Offering
Materials or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided, however, that such indemnity shall not apply to any such Losses arising out of or based upon an untrue statement
or alleged untrue statement of material fact or an omission or alleged omission of material fact in any information furnished by
or on behalf of the Dealer Manager or by or on behalf of any Dealer Manager Indemnified Persons specifically for inclusion in the
Offering Materials; (ii) any material breach by the Company of a representation, warranty or covenant made by the Company
in this Agreement; or (iii) any material failure by the Company to comply with state or federal securities laws applicable
to the Offering; provided, however, that the Company shall not provide any such indemnification to the extent it
has been determined by a court of competent jurisdiction that such Losses resulted from a Dealer Manager Indemnified Person’s
fraud, willful misconduct, gross negligence, or a material breach of a representation, warranty or covenant herein.

 

    11

     

    

 

(b) To
the maximum extent permitted by applicable law, the Dealer Manager will indemnify, defend and hold harmless the Company, each of
the Company’s officers, employees, members, managers, partners, affiliates, agents and representatives, and each person,
if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act (collectively, the “Company Indemnified Persons”) against all Losses to which any Company Indemnified Person
may become subject insofar as such Losses arise out of or are based upon: (i) any action or omission by the Dealer Manager
in connection with the performance of its duties under this Agreement that is determined by a court of competent jurisdiction to
have constituted fraud, willful misconduct or gross negligence, (ii) a material breach by the Dealer Manager of any representation,
warranty or covenant made by it pursuant to this Agreement, (iii) any material breach by the Dealer Manager of applicable
securities laws or regulations in connection with its performance of its obligations under this Agreement, or (iv) any (1)
untrue statement or alleged untrue statement of material fact contained in any Offering Materials or (2) omission or alleged omission
of a material fact required to be stated in any Offering Materials or necessary in order to make the statements therein, in light
of the circumstances under which they were made, not misleading; provided, that, in each case described in this clause (iv) to
the extent, but only to the extent, that such untrue statement or alleged untrue statement of material fact or omission or alleged
omission of a material fact was made in reliance upon and in conformity with written information that was furnished to the Company
by the Dealer Manager specifically for use with reference to the Dealer Manager in the preparation of and inclusion in the Offering
Materials.

 

(c) By
virtue of entering into a Participating Dealer Agreement or a Participating Adviser Agreement, as applicable, each Participating
Dealer and Participating Adviser will severally agree to indemnify, defend and hold harmless the Company, the Dealer Manager and
each of their respective officers, directors, employees, members, partners, affiliates, agents and representatives, and each person,
if any, who controls the Company or the Dealer Manager within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act, from and against any Losses to which any such person may become subject, as more fully described in each Participating
Dealer Agreement and Participating Adviser Agreement.

 

    12

     

    

 

(d) Promptly
after receipt by a Dealer Manager Indemnified Person or an Company Indemnified Person (collectively, “Indemnified Persons”)
under this Section 8 of notice of any claim or the commencement of any action, such Indemnified Person shall, if a claim
for indemnification in respect thereof is to be made against any indemnifying party under this Section 8 (each an “Indemnifying
Party”), notify such Indemnifying Party in writing of the claim or the commencement of that action; provided, however,
that the failure to notify the Indemnifying Party will not relieve such Indemnifying Party from any liability which it may have
to an Indemnified Person unless such failure materially affects or prejudices such Indemnifying Party. If any such claim or action
is brought against any Indemnified Person, and an Indemnifying Party is notified thereof, the Indemnifying Party shall be entitled
to participate therein, and, to the extent that it wishes, jointly with any other similarly notified party, to assume the defense
thereof, with counsel reasonably satisfactory to the Indemnified Person (which consent may not be unreasonably withheld or delayed).
After notice from the Indemnifying Party to the Indemnified Person of its election to assume the defense of such claim or action,
the Indemnifying Party shall not be liable to the Indemnified Person under this Section 8 for any legal or other expenses
subsequently incurred by the Indemnified Person in connection with the defense thereof other than reasonable costs of investigation
in connection with the defense. The Indemnified Person will have the right to employ its own counsel in any such action, provided
that the fees, expenses and other charges of such counsel will be at the expense of such Indemnified Person unless (i) the
employment of counsel by the Indemnified Person has been authorized in writing by the Indemnifying Party, (ii) a conflict
or potential conflict exists (based on advice of counsel to the Indemnified Person) between the Indemnified Person and the Indemnifying
Party (in which case the Indemnifying Party will not have the right to assume the defense of such action on behalf of the Indemnified
Person) or (iii) the Indemnifying Party has not in fact employed counsel to assume the defense of such action within a reasonable
time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other
charges of counsel will be at the expense of the Indemnifying Party or Parties. No compromise or settlement of any claim may be
effected by an Indemnifying Party without the Indemnified Person’s prior consent, unless (i) such compromise or settlement
does not include a finding or admission by the Indemnified Person of any violation of any law, rule or regulation or any violation
of the rights of any person, (ii) each Indemnified Person is unconditionally released from all liability arising therefrom, and
(iii) the sole relief provided is monetary damages that are paid in full by the Indemnifying Party.

 

9. Contribution.

 

(a) If
the indemnification provided for in Section 8 is for any reason unavailable to or insufficient to hold harmless an Indemnified
Person in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each Indemnifying Party shall
contribute to the aggregate amount of such losses, liabilities, claims, damages and expenses incurred by such Indemnified Person,
as incurred, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, the Dealer
Manager and Participating Dealer, respectively, from the offer and sale of the Shares pursuant to this Agreement and any Participating
Dealer Agreement or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of
the Company, the Dealer Manager and Participating Dealer, respectively, in connection with the statements or omissions which resulted
in such losses, liabilities, claims, damages or expenses, as well as any other relevant equitable considerations. The relative
benefits received by the Company, the Dealer Manager and Participating Dealer, respectively, in connection with the offer and sale
of the Shares pursuant to this Agreement and any Participating Dealer Agreement shall be deemed to be in the same respective proportion
as the total net proceeds from the Offering (before deducting expenses) received by the Company, and the total Selling Commissions
and Dealer Manager Fees received by the Dealer Manager and Participating Dealer, respectively, bear to the aggregate initial price
of the Shares as set forth in the Memorandum.

 

    13

     

    

 

(b) The
relative fault of the Company, the Dealer Manager and Participating Dealer, respectively, shall be determined by reference to,
among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state
a material fact related to information supplied by the Company, the Dealer Manager or Participating Dealer, respectively, and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

(c) The
Company, the Dealer Manager and Participating Dealer (by virtue of entering into the Participating Dealer Agreement) agree that
it would not be just and equitable if contribution pursuant to this Section 9 were determined by pro rata allocation
or by any other method of allocation which does not take account of the equitable contributions referred to above in this Section 9.
The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an Indemnified Person and referred to above
in this Section 9 shall be deemed to include any legal or other expenses reasonably incurred by such Indemnified Person
in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency
or body, commenced or threatened or any claim whatsoever based upon any such untrue statement or omission or alleged omission.

 

(d) For
the purposes of this Section 9, the Dealer Manager’s Indemnified Persons shall have the same rights to contribution
of the Dealer Manager, and the Company’s Indemnified Persons shall have the same rights to contribution of the Company.

 

(e) Notwithstanding
the provisions of this Section 9, no Participating Dealer shall be required to contribute any amount by which the total
price at which the Shares sold to the public by such Participating Dealer exceeds the amount of any damages which such Participating
Dealer would have otherwise been required to pay by reason of any untrue or alleged untrue statement or omission or alleged omission.

 

10. Survival
of Provisions. The respective agreements, representations and warranties of the Parties set forth in this Agreement shall remain
operative and in full force and effect until the Termination Date. Following the termination of this Agreement, this Agreement
will become void and there will be no liability of any party to any other party hereto, except for obligations under Sections 7,
8, 9, 10, 11 and 13 (including the sections referenced therein for purposes of such surviving section), all of which will, subject
to their respective terms, survive the termination of this Agreement.

 

    14

     

    

 

11. Term
and Termination.

 

(a) Term;
Automatic Termination. This Agreement shall commence as of the Memorandum Date and will automatically terminate, without the
requirement for further action by any Party, upon the Offering Termination Date; provided, however, that this Agreement
may be terminated at an earlier date by the Dealer Manager or by the Company pursuant to this Section 11 (the date
upon which this Agreement automatically terminates or is earlier terminated by a Party hereto is referred to herein as the “Termination
Date”).

 

(b) Termination
by the Dealer Manager. The Dealer Manager may terminate this Agreement immediately and without penalty, subject to any applicable
cure period described below, upon delivery of written notice of termination by the Dealer Manager to the Company and the Investment
Adviser, if any of the following events occur (each a “Dealer Manager Cause Event”):

 

(i) a
court of competent jurisdiction (1) enters a decree or order for relief in respect of the Company or the Investment Adviser
in any involuntary case under the applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (2) appoints
a receiver, liquidator, assignee, custodian or trustee (or similar official) of the Company or the Investment Adviser or for any
substantial part of their property or (3) orders the winding up or liquidation of the Company’s or the Investment Adviser’s
affairs;

 

(ii) the
Company or the Investment Adviser (1) commences a voluntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, (2) consents to the entry of an order for relief in an involuntary case under any such law,
(3) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian or trustee (or similar
official) of it or for any substantial part of its property, or (4) makes any general assignment for the benefit of creditors
or fails generally to pay its debts as they become due;

 

(iii) the
Company materially amends, alters or changes the Company’s investment strategy from the investment strategy described in
the Memorandum without the consent of the Dealer Manager (which consent shall not be unreasonably withheld);

 

(iv) fraud,
willful misconduct or gross negligence by the Company or the Investment Adviser in connection with (1) the performance of the Company
or the Investment Adviser of their obligations under this Agreement or (2) the performance of the Investment Adviser’s obligations
under the Investment Advisory Agreement;

 

(v) a
material breach of any representation, warranty, covenant or other term of this Agreement by the Company or the Investment Adviser
that, if capable of being cured where such cure would not otherwise be futile, remains uncured thirty (30) days after the
Company and the Investment Adviser receive written notice of such material breach from the Dealer Manager.

 

The Company agrees
that if any of the Dealer Manager Cause Events specified in subsections (i), (ii), or (iii) above occur, the Company will give
prompt written notice thereof to the Dealer Manager, and in no event later than seven (7) days after the date the Company becomes
aware of the occurrence of such Dealer Manager Cause Event.

 

    15

     

    

 

(c) Termination
by the Company. The Company may terminate this Agreement without penalty, subject to any applicable cure period described below,
upon 30 days written notice of termination by the Company to the Dealer Manager or immediately if any of the following events occur
(each a “Company Cause Event”):

 

(i) a
court of competent jurisdiction (1) enters a decree or order for relief in respect of the Dealer Manager in any involuntary
case under the applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (2) appoints a receiver,
liquidator, assignee, custodian or trustee (or similar official) of the Dealer Manager or for any substantial part of its property
or (3) orders the winding up or liquidation of the Dealer Manager’s affairs;

 

(ii) the
Dealer Manager (1) commences a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, (2) consents to the entry of an order for relief in an involuntary case under any such law, (3) consents to
the appointment of or taking possession by a receiver, liquidator, assignee, custodian or trustee (or similar official) of it or
for any substantial part of its property, or (4) makes any general assignment for the benefit of creditors or fails generally
to pay its debts as they become due;

 

(iii) fraud,
willful misconduct or gross negligence by the Dealer Manager in connection with the performance of its obligations under this Agreement;

 

(iv) a
material breach of any representation, warranty, covenant or other term of this Agreement by the Dealer Manager that, if capable
of being cured where such cure would not otherwise be futile, remains uncured thirty (30) days after the Dealer Manager receive
written notice of such material breach from the Company or the Adviser; or

 

(v) the
termination of the Services Agreement, dated December 18, 2020, by and among S2K Servicing LLC (the “Service Provider”),
the Company and the Investment Adviser (the “Services Agreement”).

 

(d) 
The Dealer Manager agrees that if any of the events specified in subsections (i), (ii) or (iii) above occur, the Dealer Manager
will give prompt written notice thereof to the Company and the Investment Adviser and in no event later than seven (7) days after
the occurrence of such event.

 

(d) Company
Obligations Upon Termination. The Company, upon termination of this Agreement, shall pay to the Dealer Manager all earned but
unpaid fees and compensation, including Selling Commissions, Dealer Manager Fees, Shareholder Servicing Fees, and all incurred
expense reimbursements to which the Dealer Manager is entitled pursuant to Section 7 of this Agreement up to and as
of the Termination Date.

 

(e)Dealer Manger
Obligations Upon Termination. The Dealer Manager, upon termination of this Agreement, shall promptly deliver to the Company
all records and documents in its possession which relate to the Offering, and shall notify the Participating Dealers of such termination.
Upon termination of this Agreement, the Dealer Manager shall use its reasonable efforts to cooperate with the Company, the Investment
Adviser and any other party that may be reasonably necessary to accomplish an orderly transfer to any successor entity of the operation
and management of the services the Dealer Manager provided pursuant to this Agreement.

 

    16

     

    

 

12. Notices.
Any notice, approval, request, authorization, direction or other communication required or permitted under this Agreement shall
be in writing and shall be deemed given (a) when delivered personally or via commercial messenger, or (b) on the first business
day after deposit with a nationally recognized overnight delivery service, provided such deposit occurs prior to the deadline imposed
by such service for overnight delivery; provided, that any such notice shall be followed by a copy sent via e-mail or facsimile
(which copy sent via e-mail or facsimile shall not, on its own, constitute the delivery of notice for purposes of this Agreement),
in each case provided such communication is addressed to the intended recipient thereof as set forth below:

 

If to the Dealer Manager:

 

S2K FINANCIAL LLC

201 N New York Ave Suite 200

Winter Park, FL 32789

Attention: Neil Cohen

E-mail: ncohen@s2kco.com

 

With a copy to:

 

Alston & Bird LLP

1201 West Peachtree Street

Atlanta, Georgia 30309

Attention: Rosemarie A. Thurston

Email: rosemarie.thurston@alston.com

 

If to the Company:

 

STEELE CREEK
CAPITAL CORPORATION

112 W. 34th Street

New York, NY 10001

Attention: Marie Bober

Email: marie.bober@moelisam.com

 

With a copy to:

 

Dechert LLP

100 K Street NW

Washington, D.C. 20006

Attention: Harry S. Pangas

Email: harry.pangas@dechert.com

 

    17

     

    

 

If to the Investment
Adviser:

 

STEELE CREEK INVESTMENT MANAGEMENT
LLC

112 W. 34th Street

New York, NY 10001

Attention: Marie Bober

Email: marie.bober@moelisam.com

 

With a copy to:

 

Dechert LLP

100 K Street NW

Washington, D.C. 20006

Attention: Harry S. Pangas

Email: harry.pangas@dechert.com

 

Any Party may change
its address specified above by giving the other Parties notice of such change in accordance with this Section 12.

 

13. Exclusivity.

 

(a) The
Investment Adviser hereby agrees as follows (collectively, the “Adviser Exclusivity”):

 

(i) the
Investment Adviser will work exclusively with the Dealer Manager to distribute and sell (A) the Shares in the Offering (subject
to the rights of the Company to terminate this Agreement pursuant to Section 11 hereof), and (B) any securities of the Company
(or any other entity formed by the Investment Adviser, Moelis Asset Management LP, a Delaware limited partnership (the “Sponsor”),
or their respective affiliates as a replacement or successor to the Company) sold pursuant to any private offering or public offering;
and

 

(ii) the
Investment Adviser will not sponsor or advise another BDC, corporation, limited liability company, limited partnership or other
investment entity or vehicle (each, an “Investment Vehicle”), the securities of which are to be distributed
in the U.S. retail investor market through independent financial advisors, broker-dealers or wirehouses during the period of time
commencing upon the Memorandum Date and terminating on the date that is twelve months after the later of (A) the Termination Date
and (B) last day upon which the Dealer Manager is distributing the securities of the Company (or any other entity formed or sponsored
by the Investment Adviser, the Sponsor or any of their respective affiliates as a replacement or successor to the Company) in a
private offering or in any public offering.

 

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(iii) Notwithstanding
the foregoing, the Investment Adviser may terminate the Adviser Exclusivity immediately upon delivery of written notice of such
termination to the Dealer Manager in the event that:

 

(1) the
Dealer Manager’s license or registration to act as a broker-dealer is revoked or suspended by FINRA, the SEC or any other
regulatory agency or the Dealer Manager is otherwise prohibited from selling the securities of Company in any U.S. state or territory
for regulatory or other reasons, and such revocation, suspension or prohibition is not cured within sixty (60) days of the date
of such occurrence;

 

(2) the
Dealer Manager is (A) charged with a felony or reasonably alleged to have violated any material rule or regulation of the SEC,
FINRA or any other regulatory body or (B) formally charged with or becomes subject to a formal investigation related to a felony
or any violation of any material law, rule or regulation of the SEC, FINRA or any other regulatory body;

 

(3) the
Dealer Manager or any of its affiliates commits fraud, willful misconduct, gross negligence or otherwise commits a breach of any
material term of this Agreement (subject to any applicable cure periods with respect to an such breach set forth in this Agreement);

 

(4) this
Agreement is terminated by the Company for an Issuer Cause Event; and

 

(5) the
Services Agreement dated of even date herewith among the Company, the Investment Adviser, and S2K Servicing, LLC is terminated
by the Investment Adviser pursuant to Section 12(a) thereof.

 

(iv) Notwithstanding
anything to the contrary, the Adviser Exclusivity shall automatically terminate in the event that the Dealer Manager declines to
accept engagement on reasonable and customary terms as the exclusive dealer manager or placement agent with respect to an offering
of securities by an Investment Vehicle that is reasonably determined by the Investment Adviser or its Affiliates to be a viable
investment program.

 

14. Miscellaneous.

 

(a) Governing
Law. This Agreement and any matters arising out of or relating in any way whatsoever to this Agreement (whether in contract,
tort or otherwise) shall be governed by, and construed in accordance with, the laws of the State of Delaware.

 

(b) Execution
in Counterparts. This Agreement may be executed in two or more counterparts, including by facsimile or PDF, each of which when
so executed and delivered shall constitute one and the same instrument.

 

(c) Binding
Agreement: Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Parties and their respective
successors and assigns, and no other person shall have any right or obligation hereunder.

 

(d) Assignment.
Neither this Agreement, or any Party’s rights or obligations hereunder, may be assigned by any Party without the prior written
consent of the other Parties.

 

    19

     

    

 

(e) Amendments.
Neither this Agreement nor any term hereof may be amended, waived, discharged or terminated except by an instrument in writing
signed by all Parties.

 

(f) Severability.
In the event that any provision of this Agreement is held to be invalid or unenforceable in any jurisdiction, such provision shall
be deemed modified to the minimum extent necessary so that such provision, as so modified, shall no longer be held to be invalid
or unenforceable. Any such modification, invalidity or unenforceability shall be strictly limited both to such provision and to
such jurisdiction, and in each case to no other. Furthermore, in the event of any such modification, invalidity or unenforceability,
this Agreement shall be interpreted so as to achieve the intent expressed herein to the greatest extent possible in the jurisdiction
in question and otherwise as set forth herein.

 

(g) Waiver
of Jury Trial; Consent to Jurisdiction. EACH OF THE PARTIES HERETO WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING
OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) RELATED TO OR ARISING OUT OF THIS AGREEMENT. The Parties agree
that any action or proceeding arising directly, indirectly, or otherwise in connection with, out of, related to, or from this Agreement,
any breach hereof, or any transaction covered hereby, shall be resolved within the Borough of Manhattan, City of New York, and
State of New York. Accordingly, the Parties consent and submit to the jurisdiction of the federal and state courts and any applicable
arbitral body located within the Borough of Manhattan, City of New York, and State of New York. The Parties further agree that
any such action or proceeding brought by either Party to enforce any right, assert any claim, or obtain any relief whatsoever in
connection with this Agreement shall be brought by such Party exclusively in the federal or state courts, or appropriate arbitral
body, located within the Borough of Manhattan, City of New York, and State of New York.

 

(h) Status
of Parties. The Dealer Manager, on the one hand, and the Company and the Investment Adviser, on the other hand, shall be deemed
to be an independent contractor with respect to the other and, none of the Dealer Manager on the one hand, and the Company and
the Investment Adviser, on the other hand, shall have authority to act for or represent the other. Nothing contained herein shall
create a partnership, joint venture, association, syndicate, unincorporated business, or other separate entity, nor shall this
Agreement be deemed to confer on any Party any express, implied, or apparent authority to incur any obligation or liability on
behalf of any other Party.

 

(i) Entire
Agreement. This Agreement shall constitute the entire agreement and understanding among the Parties with respect to the subject
matter hereof and shall supersede any prior understanding or agreement, oral or written with respect thereto.

 

(j) Third
Party Beneficiaries. Except for the persons and entities not a party to this Agreement referred to in Section 8, there
shall be no third party beneficiaries of this Agreement, and no provision of this Agreement is intended to be for the benefit of
any person or entity not a party to this Agreement, and no third party shall be deemed to be a beneficiary of any provision of
this Agreement. Except for the persons and entities not a party to this Agreement referred to in Section 8, no third party
shall by virtue of any provision of this Agreement have a right of action or an enforceable remedy against any Party to this Agreement.
For the avoidance of doubt, each Participating Dealer is a third-party beneficiary with respect
to this Agreement and may enforce its rights, to the extent set forth herein, against any Party to this Agreement.

 

[Signature page follows]

 

    20

     

    

 

IN WITNESS WHEREOF,
the Parties to this Agreement have caused it to be duly executed and delivered as of the date first above written.

 

	 	STEELE CREEK CAPITAL CORPORATION
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	STEELE CREEK INVESTMENT MANAGEMENT LLC
	 	 
	 	By:	                                
	 	Name: 	 
	 	Title:	 
	 	 
	 	S2K FINANCIAL LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:

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