Document:

Exhibit 10.10

 

 

[_____], 2014

 

Mr. Todd Owens

c/o Fifth Street

777 West Putnam Avenue, 3rd
Floor

Greenwich, CT 06830

 

		Re:	Amended & Restated Employment Offer

 

Dear Todd:

 

Reference is made to that certain employment
offer, dated as of September 2, 2014 (the “Original Agreement”) pursuant to which you were offered the position of
Co-President of Fifth Street Management LLC (the “Company”) and FSC CT, Inc., which employment was to commence upon
the earliest expiration of the notice period applicable in connection with your former employer, but in no event later than September
29, 2014. The Company and FSC CT, Inc. deem it advisable and appropriate to amend and restate the terms of the Original Agreement.
For good and valuable consideration, the receipt and sufficiency of which you hereby acknowledge, you, the Company and FSC CT,
Inc. agree to amend and restate the Original Agreement on the terms provided for herein, effective as of [_____], 2014 (the “Employment
Letter”). The Employment Letter supersedes all prior written or oral agreements between you, the Company and FSC CT, Inc.
with respect to your employment, and upon execution of this Employment Letter, the Original Agreement shall be of no force or effect.

 

The Company and its affiliates take employee
development seriously and are dedicated to providing resources and pathways for personal growth and advancement. We believe that
your experience and background will contribute much to our organization. We may, in our discretion, also request that you serve
as an officer of various affiliates of the Company, which you agree to do under the terms of this employment offer. The position
of Co-President shall report to our Chief Executive Officer.

 

1. Salary; Bonus; Equity.
 Commencing on your first day of employment (the “Commencement Date”), your annual salary will be $500,000;
paychecks will be issued semi-monthly on the fifteenth day of each month and the last business day of each month. If the fifteenth
day of the month falls on a weekend, paychecks will be issued the Friday prior to or the Monday following the weekend. If the day
is a holiday, paychecks will be issued the following business day. You will receive a performance review each year and will be
considered eligible for annual salary increases based on your performance.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 2

 

For the period from
the Commencement Date through December 31, 2014, and conditioned on your active service through such date, you shall receive an
additional bonus such that your total compensation for the period ending on December 31, 2014 is $1.0 million (it being understood
that bonus payments shall be made on or before March 15 of the year following the year of service). For your service in 2015, you
will be eligible for a discretionary target bonus of at least $1.5 million, based on the achievement of such performance goals
and other factors as the Company may in its sole discretion determine (the “2015 Bonus”). All bonuses shall be paid
in accordance with the Fifth Street Deferred Bonus and Retention Plan (the “Plan”), a copy of which is attached hereto,
so long as the Plan remains in effect; provided that, (i) any bonus due you with respect to the period ending December 31, 2014
shall not be subject to the Plan, (ii) 2015 shall be the “Award Year” under the Plan for the 2015 Bonus, (iii) for
purposes of amounts that may be deferred under the Plan, the definition of “Cause” shall be as defined in this offer
letter, and (iv) for purposes of the Plan your resignation for “Good Reason” (as defined in Annex B hereto) will be
treated in the same manner as a termination by the Company without Cause.

 

In connection with
your commencement of employment, you will be granted upon the pricing of the initial public offering (“IPO”) of Fifth
Street Asset Management Inc. (“FSAM”) on or prior to March 31, 2015, (i) [1,054,217] options to purchase Class A shares
of FSAM (the “Options”) and (ii) [191,176] restricted stock units of FSAM (the “RSUs”). The terms of the
grant of Options and RSUs are set forth in Annex A attached hereto.

 

2. Benefits. You will become
eligible to join Fifth Street’s health insurance plan the first of the month following the completion of 60 days of full-time
employment in accordance with the terms of such plan. Fifth Street’s health insurance plan is currently structured so that
we offer a choice of three plans: a basic plan, a mid-level plan and a high-level plan. The Company will pay approximately eighty
percent (80%) of your medical policy premiums for the basic plan, and you will be responsible for approximately twenty percent
(20%) of such premiums. If you choose either the mid-level or high-level plan, you will be responsible for the excess cost over
the basic plan. We also currently will pay a portion of your dental policy premiums. From time to time, we may make changes to
such plans in the future and you will be notified of any such changes.

 

You will be entitled to 25 days paid vacation
each year (which shall accrue and be earned pro rata over the course of the year), starting with your third full month of employment,
four sick days and holidays in accordance with Fifth Street’s written policies. You will be provided with a copy of our written
policies on your start date.

 

You will become eligible to join Fifth Street’s
401(k) plan the first of the month after completing three months as a full-time employee (credit for your first month will be given
as long as you have had at least one day of service during the month). Your participation is subject to the terms of the plan which
may be amended from time to time.

 

Your business expenses will be reimbursed
under the Company’s business expenses and reimbursement policies as in effect from time to time. You will be eligible for
first class air travel on “red-eye” flights from California to New York City, and your other air travel will be business
class (or, in the absence of available business class, first class).

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 3

 

In connection with your relocation to the
New York City area, you will be entitled to (i) a housing allowance of $2500 per month through August 31, 2015 and (ii) payment
by the Company or reimbursement to you of moving expenses of up to $30,000. You will be responsible for all taxes associated with
such payments (except to the extent of any qualified moving expenses paid by the Company or qualified reimbursements).

 

Notwithstanding the foregoing, you will
be entitled to at least a comparable level of benefits, in the aggregate, provided to other senior executives of the Company of
comparable status (other than the Chairman) during the term of your employment by the Company.

 

3. At-Will Employment; Policies.
While we hope that we both find our professional relationship mutually beneficial, you understand that your employment is “at-will.”
This means that either you or we may terminate your employment at any time, for any or no reason. In the event that your employment
is terminated without “Cause” (as defined in Annex B) or you resign for “Good Reason” (as defined in Annex
B), in addition to the payment to you of any unpaid salary and benefits (including reimbursement for reimbursable business expenses
incurred prior to such termination) owed to you as of the date of such termination, you shall be entitled to (i) receive monthly
severance payments over a twelve month period totaling $2.0 million (subject to applicable taxes and withholding), commencing on
the first regularly scheduled payroll date that is more than 30 days following the date of such termination or resignation, and
(ii) accelerated vesting of the Options and RSUs as provided for in Annex A, in each case conditioned on your compliance with your
post-termination obligations and your execution, delivery and non-revocation, within thirty days following the date of such termination
or resignation, of a general release in favor of the Company and its affiliates in the form attached hereto as Exhibit B, and subject
to paragraph 2(f) of the Non-Competition, Non-Solicitation and Non-Disclosure Agreement dated as of September 2, 2014.

 

You will perform your duties diligently
and to the best of your ability and will comply with Fifth Street’s policies and procedures, which will be provided to you
at the start of your employment. It is your responsibility to read and understand these policies and procedures, and if you have
any questions now or in the future, it is your responsibility to make the appropriate inquiries.

 

4. Non-Solicitation and Non-Disclosure.
As a condition to your employment, you will be required to execute a Non-Competition, Non-Solicitation and Non-Disclosure Agreement,
a copy of which is provided with this offer letter.

 

5. Representations. As a condition
to your employment, you represent and warrant as to the matters set forth in Annex C hereto.

 

6. Miscellaneous.
We are required by law to confirm your eligibility for employment in the United States. Thus, you will be required to provide
proof of your eligibility to work in the U.S. on your start date. This offer is subject to our satisfaction with the results of
a background check. This offer is also subject to the provisions of Annex D hereto, with respect to matters arising under Sections
409A and 4999/280G of the Internal Revenue Code.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 4

 

This offer letter (together with the Non-Competition,
Non-Solicitation and Non-Disclosure Agreement) sets forth the entire agreement and understanding between us and you relating to
your employment and supersedes all prior discussions between us.

 

All payments pursuant to this offer letter
will be subject to applicable withholding taxes.

 

If this offer of employment is acceptable
to you, please sign a copy of this letter and return it to me on or before _____________, 2014.

 

We look forward to having you join our team!

 

	 	Sincerely,
	 	 
	 	 
	 	Bernard D. Berman

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 5

 

I accept your offer of employment. I represent that I have never
been convicted of a felony or a crime involving moral turpitude, and I have not engaged in any conduct which could reasonably tend
to bring Fifth Street or any of its affiliates into public disgrace or disrepute. I have never been sanctioned, reprimanded or
otherwise punished by the U.S. Securities and Exchange Commission. No oral commitments have been made concerning my employment.
I understand that my employment is at-will and can be terminated by either party at any time, with or without cause and with or
without notice. I specifically acknowledge and agree that I am an exempt employee and am therefore not eligible to receive overtime
pay.

 

Signature ______________________________

 

Print Name _____________________________

 

Date __________________________________

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 6

 

Annex A – Option and RSU Terms

 

		1.	Option Category and Term: The Options will have an option term of ten years. The actual number of such options
to be granted will be determined based on final valuation determinations with respect to such options as of the date of grant.
The options granted to you will have an exercise price that is no less than fair market value of FSAM Class A common stock on the
date of grant.

 

		2.	Restricted Stock Units: You will be granted RSUs representing the right to receive shares of FSAM Class A common
stock subject to fulfillment of vesting and other conditions.

 

		3.	Vesting and Exercise:

		a.	Options – Monthly vesting of 1/36th of the Options, commencing on the 3rd anniversary of the date
of grant, subject to continued employment.

		b.	RSUs – Monthly vesting of 1/36th of the RSUs, commencing on the 3rd anniversary of the date of
grant, subject to continued employment.

		c.	Accelerated Vesting of Options and RSUs

		i. 	Upon a termination by the Company without Cause or termination by you for Good Reason, in each case after the Grant Date:

		1.	Options – Vesting to be determined based on full months of service from date of grant plus 12 months as a percentage
of 72 months (without regard to the vesting schedule set forth in 3a. above).

		2.	RSUs – Vesting to be determined based on full months of service from date of grant plus 12 months as a percentage of
72 months (without regard to the vesting schedule set forth in 3b. above).

		ii. 	Upon a “Change of Control” while you are employed – In the event that Leonard Tannenbaum and his affiliated
entities collectively cease to have beneficial voting control of FSAM (or, if an IPO has not occurred, of Fifth Street Holdings,
LP), 100% of your then unvested Options and RSUs shall vest.

		d.	Exercise – All Options will be exercisable within 1 year following termination by the Company without Cause or by you
for Good Reason; in other cases, exercise terms will be as provided for under the terms of grant.

		e.	Manner of Exercise – Options to be subject to the same manner of exercise afforded to other senior executives receiving
options in FSAM, including broker assisted cashless exercise if available.

		f.	Settlement of RSUs – No later than 60 days following each vesting date, one share of FSAM Class A common stock shall
be issued for each RSU that becomes vested on such vesting date.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 7

 

		4.	Liquidity on Shares Realized Upon Exercise and Settlement

		a.	Options – 100% of the net option shares acquired upon exercise of the vested Options may be sold as follows: 25% after
the 6th anniversary of the Grant Date, an additional 25% after the 7th anniversary of the Grant Date, an
additional 25% after the 8th anniversary of the Grant Date, and an additional 25% after the 9th anniversary
of the Grant Date.

		b.	RSUs – 100% of the net shares acquired upon settlement of vested RSUs may be sold as follows: 25% after the 6th
anniversary of the Grant Date, an additional 25% after the 7th anniversary of the Grant Date, an additional 25% after
the 8th anniversary of the Grant Date, and an additional 25% after the 9th anniversary of the Grant Date.

		c.	Following Termination By Company without Cause/Termination by you for Good Reason – 50% of option shares held by you
resulting from your exercise of the Options may be sold within the first year immediately following such termination, and all option
shares held by you resulting from your exercise of Options may be sold after the 1st anniversary of such termination.
50% of the shares received upon vesting of RSUs may be sold within the first year immediately following such termination, and all
such shares received upon vesting of RSUs may be sold after the 1st anniversary of such termination.

Other Restrictions – In all cases you shall
remain subject to any restrictions on the sale of options shares or RSUs arising under applicable law or imposed by the Company
or its underwriters in connection with any capital markets transactions or securities trading policies, in each case to the extent
equally applicable to all current senior executives of comparable status (other than the Chairman).

 

		5.	Other Provisions

		a.	The foregoing terms will be reflected in, and subject to, one or more written Option and RSU agreements as soon as reasonably
practicable following the effective date of grant, dated as of such grant date. Except as provided for above, the terms of the
Options and RSUs will be subject to the provisions of plan pursuant to which such Options and RSUs are granted, as well as the
provisions of the Option and RSU grants, as the case may be, otherwise applicable to all senior executives of the Company (e.g.
with respect to forfeiture, clawbacks and post-termination exercise periods).

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 8

 

Annex B- “Cause” and “Good Reason”

 

“Cause” for termination means: (i) the commission
of, conviction or admission of, or plea of nolo contendere with respect to, a felony or a crime involving moral turpitude
(other than a motor vehicle offense); (ii) conduct reasonably tending to bring the Company or its affiliates into public disgrace
or disrepute or otherwise materially injurious to their business, reputation or goodwill; (iii) an act of fraud, misappropriation
or embezzlement, (iv) gross negligence, willful misconduct or material breach of fiduciary duty; (v) breach of a material term
or representation of this offer letter; (vi) commission of a reportable violation of any applicable banking, securities or commodities
laws, rules or regulations that constitutes a serious offense or could or does result in a significant fine; (vii) violation of
material policies, practices and standards of behavior of the Company or its affiliates (including, without limitation, any securities
trading, conflict of interest or code of conduct policies); or (viii) a willful failure to follow the lawful directives of the
Board or other governing body of the Company or material breach in the performance of your obligations under your offer letter,
in each case under sub-clauses (vii) or (viii) which remains uncured by you after you have been provided with notice and ten (10)
days to cure (to the extent curable). To the extent that within 120 days following your resignation or termination other than for
“Cause” the Company determines that facts or circumstances existed that would have otherwise constituted “Cause”
under sub-clauses (i)-(iii) or (vi) above, and such facts or circumstances were not actually known to the Company or should have
otherwise been known to the Company through the exercise of reasonable care in each case at the time of such resignation or termination,
then the Company may treat such resignation or termination as a termination for “Cause” for all purposes.

 

“Good Reason” shall mean the occurrence of any of
the following events, without your express written consent, unless such events are cured by the Company within thirty (30) days
following written notification by you to the Company that you intend to terminate your employment for one of the reasons set forth
below:

 

		(i)	Material diminution in your base salary at the rate in effect immediately prior to the reduction or the failure to pay you
any salary or any earned and due bonus or incentive payments; or

 

		(ii)	Material diminution in your duties, authorities or responsibilities (other than temporarily while physically or mentally incapacitated
or as required by applicable law and other than in connection with any service on any informal management committees associated
with the Company or its affiliates); or

 

		(iii)	the termination of your rights to any material employee benefits, except to the extent that any such benefit is replaced with
a comparable benefit, or a material reduction in scope or value thereof, other than as a result of across-the-board reductions
or terminations affecting senior executives of comparable status of the Company generally; or

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 9

 

		(iv)	a change by the Company in the location at which Executive performs his principal duties for the Company to a new location
that is more than sixty (60) miles from Greenwich, CT.

 

You shall provide the Company with a written notice detailing
the specific circumstances alleged to constitute Good Reason within thirty (30) days after the first occurrence of such circumstances
(or any claim of such circumstances as “Good Reason” shall be deemed irrevocably waived by you), and in no event shall
you be entitled to resign for “Good Reason” more than one hundred and eighty (180) days following the occurrence of
any event alleged to constitute “Good Reason.”

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 10

 

Annex C-Representations and Warranties

 

You represent and warrant
as to the following:

 

		(i)	You are not in breach of any agreement requiring you to preserve the confidentiality of any information,
client lists, trade secrets or other confidential information or any agreement not to compete, solicit clients or employees of,
or interfere with, any prior employer, and that neither the execution of this offer letter nor the performance by you of your obligations
hereunder as of the anticipated commencement date will conflict with, result in a breach of, or constitute a default under, any
agreement or policy to which you are a party or to which you may be subject, including any garden leave or notice requirement prior
to resigning your prior employment.

 

		(ii)	You have not taken and will not take any confidential information from any prior employer and will
not use any such information in performing your obligations hereunder but instead will rely on your generalized knowledge and skill
in performing your services hereunder.

 

		(iii)	You are not currently and have never been (a) the subject of any investigation by any prior employer
or a party in any securities-related or banking litigation or arbitration proceeding; (b) the subject or target of any pending
investigation, charge or complaint before a securities regulatory or self-regulatory organization, grand jury or any other forum;
or (c) fined, sanctioned or otherwise found to have violated any securities related regulation by any governmental agency or self-regulatory
organization, whether or not such finding resulted in statutory disqualification.

 

		(iv)	You have disclosed any material information to the Company regarding your personal investments,
professional affairs or any legal or regulatory matter of which you are aware that, if publicly disclosed hereafter, would adversely
reflect on the business, reputation or goodwill of the Company or its affiliates.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 11

 

		(v)	You have not, within the preceding twenty-four (24) months, made a contribution to: (i) any person
(including any election committee for the person) who is an incumbent, candidate or successful candidate for state or local office,
including any such person who is running for federal office; (ii) a political action committee; or (iii) a state or local political
party, other than those contributions that have been previously disclosed to the Company in writing.

 

		(vi)	You have not had an event described in paragraph 9(d)(1)(i)-(viii) of Rule 506 under the Securities Act of 1933 (“Disqualifying
Events”), copy of which has been provided to you, except as expressly disclosed in writing to the Company, and you (a) will
immediately update any information provided to the Company in accordance with the foregoing sentence whenever it ceases to be accurate
in any way and (b) agree to notify the Company immediately of the occurrence after the date hereof of any Disqualifying Event and
provide the Company with such further information as the Company or its affiliates may request concerning any Disqualifying Events
and consent to the disclosure of any such information as the Company or its affiliates may deem appropriate.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 12

 

Annex D – Section 409A Matters

 

		a.	It is intended that the provisions of the offer letter comply with Code Section 409A of the Internal
Revenue Code, and all provisions of the offer letter shall be construed in a manner consistent with the requirements for avoiding
taxes or penalties under Code Section 409A. Notwithstanding the foregoing, the Company shall have no liability with regard to any
failure to comply with Code Section 409A so long as it has acted in good faith with regard to compliance therewith.

 

		b.	If, under the offer letter, an amount is to be paid in two or more installments, for purposes of
Code Section 409A, each installment shall be treated as a separate payment.

 

		c.	A termination of employment shall not be deemed to have occurred for purposes of any provision
of the offer letter providing for the payment of amounts or benefits upon or following a termination of employment unless such
termination is also a “Separation from Service” within the meaning of Code Section 409A and, for purposes of any such
provision of the Agreement, references to a “resignation,” “voluntary termination,” “termination,”
“termination of employment” or like terms shall mean Separation from Service.

 

		d.	If you are deemed on the date of termination of your employment to be a “specified employee”
within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the
Company from time to time, or if none, the default methodology, then:

 

		i.	With regard to any payment, the providing of any benefit or any distribution of equity upon separation
from service that constitutes “deferred compensation” subject to Code Section 409A, such payment, benefit or distribution
shall not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of your
Separation from Service or (ii) the date of your death; and

 

		ii.	On the first day of the seventh month following the date of your Separation from Service or, if
earlier, on the date of your death, (x) all payments delayed pursuant to this Section (d) (whether they would otherwise have been
payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to you in a lump sum, and
any remaining payments and benefits due under the Agreement shall be paid or provided in accordance with the normal dates in accordance
with the terms of the Agreement, and (y) all distributions of equity delayed pursuant to this Section (d) shall be made to you.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 13

 

In determining the amounts that
are subject to the six-month delay requirement described above, the Company shall use all exclusions from the six-month delay rule
that are available to the payments made to you. Please be advised that the Company reserves the right to adopt an alternate method
of complying with the six-month delay requirement which may result in you being deemed a specified employee.

 

		e.	Whenever a payment under the offer letter specifies a payment period with reference to a number
of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date
of payment within the specified period shall be within the sole discretion of the Company.

 

		f.	With regard to any provision in the offer letter that provides for reimbursement of costs and expenses
or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be
subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, of in-kind benefits,
provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided,
in any other taxable year, provided that the foregoing clause (ii) shall not be violated without regard to expenses reimbursed
under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the
period the arrangement is in effect and (iii) such payments shall be made on or before the last day of your taxable year following
the taxable year in which the expense occurred.

 

Annex D- Section 4999/280G
Matters

 

In the event a nationally recognized accounting firm
as shall be designated by the Company (the “Accounting Firm”) shall determine that receipt of all payments or distributions
by the Company or any affiliate in the nature of compensation to or for your benefit, whether paid or payable pursuant to this
offer letter or otherwise (a “Payment” and collectively, the “Payments”)) would subject you to the excise
tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant
to this offer letter or otherwise (the “Agreement Payments”) to the Reduced Amount (as defined below). “Reduced
Amount” shall mean the greatest amount of Agreement Payments that can be paid that would not result in the imposition of
the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Agreement Payments.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 14

 

EXHBIT B

 

WAIVER AND RELEASE AGREEMENT

 

		1.	In consideration for the severance benefits to be provided to me under Section 3 of my amended and restated offer letter from
Fifth Street Management LLC (the “Company”) dated as of [_____], 2014 (hereinafter referred to as the
“Employment Agreement”) and accelerated vesting of the Options and RSUs as provided for in Annex A to the Employment
Agreement, I, Todd Owens, on behalf of myself and my heirs, executors, administrators, attorneys and assigns, hereby waive, release
and forever discharge FSC CT, Inc., Fifth Street Management LLC, Fifth Street Asset Management Inc. (“FSAM”), Fifth
Street Holdings, L.P., Fifth Street Finance Corp., Fifth Street Senior Floating Rate Corp., Fifth Street Senior Loan Fund I Operating
Entity, LLC, Fifth Street Senior Loan Fund II Operating Entity, LLC, Fifth Street Credit Opportunities Fund, L.P., Fifth Street
Mezzanine Partners II, L.P., Fifth Street Capital LLC, Fifth Street Capital West, Inc., FSC, Inc., FSC Midwest, Inc., and any entities
formed after the date hereof which engage any such entity to provide services, and any affiliates of such entities formed after
the date hereof together with each of their respective subsidiaries, divisions and affiliates, whether direct or indirect, their
respective joint ventures and joint venturers (including each of their respective directors, officers, employees, stockholders,
partners and agents, past, present, and future), and each of their respective successors and assigns, members, branches, divisions,
business units or groups, portfolio companies, agencies, predecessors, successors, assigns, any employee benefit plans established
or maintained by any of the foregoing entities and each and all of their past, present or future officers, directors, employees,
partners, members, trustees, plan administrators, agents, fiduciaries, shareholders, attorneys, representatives and advisors (hereinafter
collectively referred to as “Releasees”), from any and all known or unknown actions, causes of action, claims or liabilities
of any kind which have been or could be asserted against the Releasees, including, without limitation, those arising out of or
related to my employment with and/or separation from employment with the Company and/or any of the other Releasees up to and including
the date of this Waiver and Release Agreement, including but not limited to claims, actions, causes of action or liabilities arising
under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1866, as amended, the Connecticut Fair Employment
Practices Act, the Connecticut Human Rights and Opportunities Act, the Connecticut Equal Pay Law, the Connecticut Family and Medical
Leave Act, the Connecticut Whistleblower Protection Law, the Connecticut Worker’s Compensation Retaliation Law, Connecticut
Age Discrimination and Employee Benefits Law, the Connecticut Employment Privacy Law, the Connecticut Wage Payment Laws, the Connecticut
Occupational Safety and Health Act, the New York Labor Law, the New York State and New York City Human Rights Laws, the Age Discrimination
in Employment Act of 1967, the California Fair Employment and Housing Act, Cal. Gov’t Code §§ 12940 et seq.; the
laws established by the California Department of Labor Standards Enforcement, e.g., Cal. Lab. Code §§ 200-272; wage and
hour laws as set forth in the California Labor Code, and the opinions issued by the Department of Labor Standards Enforcement,
any Wage Order promulgated by the California Industrial Welfare Commission, and the California Labor Code; Older Workers Benefit
Protection Act, the Americans with Disabilities Act, The Family and Medical Leave Act, the Employee Retirement Income Security
Act of 1974, as amended (other than with respect to any vested benefit as of the Separation Date), the Consolidated
Omnibus Budget Reconciliation Act of 1985, the Equal Pay Act,
the Worker Adjustment and Retraining Notification Act
and the Fair Labor Standards Act, and all other Federal, state or local laws.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 15

 

Capitalized terms used, but not defined herein,
shall have the meanings ascribed to such terms in the Employment Agreement.

 

2.          (a)          I
also agree never to sue any of the Releasees or become party to a lawsuit on the basis of any claim of any type whatsoever arising
out of or related to my employment with and/or separation from employment with the Company and/or any of the other Releasees (except
for claims not released under Section 2(b) below) and/or to challenge the enforceability of this Waiver and Release Agreement,
except I may bring a lawsuit to challenge this Waiver and Release Agreement under the ADEA.

 

(b)          Notwithstanding
any provision of this Waiver and Release Agreement to the contrary, by executing this Waiver and Release Agreement, I am not releasing
(i) claims to enforce this Waiver and Release Agreement and any rights or remedies in respect thereof and my rights under the provisions
of the Employment Agreement that are intended to survive my termination of employment, (ii) claims that arise after the execution
of the Waiver and Release Agreement or that cannot be released by law, (iii) rights to vested and accrued benefits under any applicable
plan, agreement, program, award, policy or arrangement of the Company or any of their subsidiaries or affiliates, or (iv) any rights
I may have to indemnification and D&O coverage under any applicable charter, by-laws or agreements with the Company or insurance
policies in effect with respect to my period of service, or to obtain contribution as permitted by law in the event of entry of
judgment against me as a result of any act or failure to act for which I, on the one hand, and any of the Releasees, on the other
hand, are jointly liable.

 

3.          I
further acknowledge and agree that if I breach the provisions of Paragraph 2 above, then (a) the Company shall be entitled to apply
for and receive an injunction to restrain any violation of Paragraph 2 above, (b) the Company shall not be obligated to continue
payment of severance benefits to me under Section 3 of the Employment Agreement or provide for the accelerated vesting of the Options
under Section 3 of the Employment Agreement (except for any earned but unpaid base salary and any properly incurred but unpaid
business expenses in accordance with Company policies), (c) I shall be obligated to pay to the Company its costs and expenses in
enforcing this Waiver and Release Agreement and defending against such lawsuit (including court costs, expenses and reasonable
legal fees), and (d) as an alternative to (c), at the Company’s option, I shall be obligated upon demand to repay to the
Company all but $100 of severance benefits paid or made available to me under Section 3 of the Employment Agreement. I further
agree that the foregoing covenants in this Paragraph 3 shall not affect the validity of this Waiver and Release Agreement and shall
not be deemed to be a penalty nor a forfeiture.

 

4.          I
further waive my right to any monetary recovery should any foreign, federal, state, or local administrative agency pursue any claims
on my behalf arising out of or related to my employment with and/or separation from employment with the Company and/or any of the
other Releasees. I also acknowledge that I have not suffered any on-the-job injury for which I have not already filed a claim.
I knowingly and voluntarily waive the protection, if any, provided by California Civil Code Section 1542, which provides: "A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR."
In connection with my waiver of this provision, I acknowledge that I may later discover facts different from or in addition to
those that I know or believe to be true with respect to my claims and I agree that in such event this Release shall nonetheless
remain effective in all respects.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 16

 

5.          I
further waive, release and discharge Releasees from any reinstatement rights I have or could have and agree that, unless otherwise
solicited, I will not at any time in the future apply for, or otherwise seek, employment with the Company or any of its subsidiaries,
affiliates or divisions.

 

6.          Upon
the reasonable request of the Company from time to time after the date hereof, I also agree to testify on behalf of the Company,
at deposition, trial or hearing or in an affidavit or otherwise, in connection with any litigation or claim or action brought against
the Company by any present or former employee (including but not limited to those employees or former employees whom I supervised
or managed while employed by the Company), including but not limited to any litigation or claim or action brought under the state
workers’ compensation laws (a “Cooperation”); provided such Cooperation is not contrary to my own legal interests
or the legal interests of my employer and the Company promptly reimburses me in accordance with Company policy for reasonable costs
and expenses incurred by me as a result of providing such Cooperation.

 

7.          I
acknowledge that I have been given at least [twenty-one (21)][forty-five (45)]1
days to consider this Waiver and Release Agreement thoroughly. If executed prior to the end of such [twenty-one (21)][forty-five
(45)] day period, I acknowledge that I voluntarily waive the balance of such period.

 

8.          I
acknowledge that I have been advised in writing to consult with an attorney at my own expense prior to signing this Waiver and
Release Agreement.

 

9.          I
understand that I may revoke this Waiver and Release Agreement within seven (7) days after its signing and that any revocation
must be made in writing and submitted within such seven day period to [__________]. I further understand that if I revoke this
Waiver and Release Agreement, I shall not receive severance benefits under Section 3 the Employment Agreement.

 

10.          I
also understand that the severance benefits under the Employment Agreement which I will receive in exchange for signing and not
later revoking this Waiver and Release Agreement (as provided for in Paragraph 1) are in addition to anything of value to which
I already am entitled.

 

11.          BOTH
PARTIES FURTHER UNDERSTAND THAT, EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS WAIVER AND RELEASE AGREEMENT INCLUDES A RELEASE OF ALL
KNOWN AND UNKNOWN CLAIMS TO DATE.

 

12.          It
is the desire and intent of the parties that the provisions of this Release shall be enforced to the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which enforcement is sought. I acknowledge and agree that if
any provision of this Waiver and Release Agreement is found, held or deemed by a court of competent jurisdiction to be void, invalid,
unlawful or unenforceable under any applicable statute or controlling law, this Release shall be deemed amended to delete therefrom
the portion thus adjudicated to be invalid, unlawful or unenforceable, such deletion to apply only with respect to the operation
of such provision in the particular jurisdiction in which such adjudication is made, and the remainder of this Waiver and Release
Agreement shall continue in full force and effect.

 

 

1 Applicable period to conform to that required by
law based on circumstances at the time of termination.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 17

 

13.          This
Waiver and Release Agreement in all respects shall be interpreted, enforced and governed under applicable federal law and in the
event reference shall be made to State law, the internal laws of the State of Connecticut shall apply.

 

14.          I
further acknowledge and agree that I have carefully read and fully understand all of the provisions of this Waiver and Release
Agreement and that I voluntarily enter into this Waiver and Release Agreement by signing below and without reservation or duress
and assent to all the terms and conditions contained herein. No promises or representations, written or oral, have been made to
me by any person to induce me to sign this Waiver and Release Agreement other than the payments and benefits as set forth herein.

 

15.          This
Waiver and Release Agreement, together with my Employment Agreement and the Non-Competition, Non-Solicitation and Non-Disclosure
Agreement dated September 2, 2014, integrates the whole of all agreements and understandings between the Company and me concerning
the subject matter of this Waiver and Release Agreement and any other dealings between the Company, the Releasees and me. This
Waiver and Release Agreement supersedes all prior negotiations, discussion or agreements relating to the subject matter of this
Waiver and Release Agreement, if any, between the Company and/or the Releasees, on the one hand, and me, on the other hand.

 

	Signature: 	 	 	Date:	 
	 	 	 	 	 
	 	Todd Owens	 	 	 

 

FIFTH STREET MANAGEMENT LLC

 

	By:	 	 	Date:	 
	 	 	 	 	 
	 	Name:	 	 	 
	 	 	 	 	 
	 	Title:	 	 	 

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.comExhibit 10.11

  

 

 

[_____], 2014

 

Bernard D. Berman

c/o Fifth Street

777 West Putnam Avenue, 3rd
Floor

Greenwich, CT 06830

 

		Re:	Employment Letter Agreement

 

Dear Bernie:

 

As you know, Fifth Street Asset Management,
Inc. (“FSAM”) is in the process of preparing for an initial public offering of FSAM’s Class A common stock (the
“IPO”). In connection with the IPO, Fifth Street Management LLC (the “Company”) believes it is appropriate
to recognize your contributions to the Company and is pleased to offer you continued employment with FSC CT, Inc. on the terms
set forth below.

 

1. Salary; Bonus; Equity.
 Your annual salary will continue to be $520,000; paychecks are issued semi-monthly on the fifteenth day of each
month and the last business day of each month. If the fifteenth day of the month falls on a weekend, paychecks will be issued the
Friday prior to or the Monday following the weekend. If the day is a holiday, paychecks will be issued the following business day.
You will receive a performance review each year and will be considered eligible for annual salary increases based on your performance.

 

While employed, each
year you shall remain eligible to receive a discretionary bonus. Such discretionary bonuses shall be based on the achievement of
such performance goals and other factors as the Company may in its sole discretion determine. All bonuses shall be paid in accordance
with the Fifth Street Deferred Bonus and Retention Plan (the “Plan”), a copy of which has previously been provided
to you, so long as the Plan remains in effect; provided that, (i) for purposes of amounts that may be deferred under the Plan,
the definition of “Cause” shall be as defined in this letter agreement, and (ii) for purposes of the Plan your resignation
for “Good Reason” (as defined in Annex B hereto) will be treated in the same manner as a termination by the Company
without Cause.

 

In connection with
the execution of this letter agreement, and conditioned on your continued employment through the grant date (other than in connection
with your termination by the Company without Cause or your resignation for Good Reason), you will be granted upon the pricing of
the IPO on or prior to March 31, 2015, (i) [384,631] options to purchase Class A shares of FSAM (the “Options”) and
(ii) [70,591] restricted stock units of FSAM (the “RSUs”). The terms of the grant of Options and RSUs are set forth
on Annex A hereto.

 

2. Benefits. You will continue
to be eligible to participate in Fifth Street’s health insurance plan on the same terms (including the same employee contribution
amount) on which you currently participate in such plans. From time to time, we may make changes to such plans in the future and
you will be notified of and subject to any such changes.

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 2

 

You will be entitled to 25 days paid vacation
each year (which shall accrue and be earned pro rata over the course of the year), four sick days and holidays in accordance with
Fifth Street’s written policies.

 

You will remain eligible to participate
in Fifth Street’s 401(k) plan, subject to the terms of the plan which may be amended from time to time.

 

Your business expenses will be reimbursed
under the Company’s business expenses and reimbursement policies as in effect from time to time. You will be eligible for
first class air travel.

 

3. At-Will Employment; Policies.
Your employment will continue to be “at-will.” This means that either you or we may terminate your employment at any
time, for any or no reason. In the event that your employment is terminated, you will receive any unpaid salary and benefits (including
reimbursement for reimbursable business expenses incurred prior to such termination) owed to you as of the date of such termination.

 

You will perform your duties diligently and to the best of your ability and will comply with Fifth Street’s policies
and procedures, copies of which have been provided to you previously. It is your responsibility to read and understand these policies
and procedures, and if you have any questions now or in the future, it is your responsibility to make the appropriate inquiries.

 

4. Non-Solicitation and Non-Disclosure.
As a condition to your continued employment, you will be required to execute a Non-Competition, Non-Solicitation and Non-Disclosure
Agreement, a copy of which is provided with this letter agreement.

 

5. Miscellaneous.
This offer is subject to the provisions of Annex C hereto, with respect to matters arising under Sections 409A and 4999/280G
of the Code.

 

This letter agreement (together with the
Non-Competition, Non-Solicitation and Non-Disclosure Agreement) sets forth the entire agreement and understanding between us and
you relating to your employment and supersedes all prior agreements and understandings between you and the Company with respect
to your employment, except that it is expressly understood that this letter agreement does not supersede, alter or amend, in any
respect, the terms of the limited liability company agreement of Fifth Street Management LLC.

 

All payments pursuant to this letter agreement
will be subject to applicable withholding taxes.

 

If the terms of this letter agreement are
acceptable to you, please sign a copy of this letter and return it to me on or before [_____], 2014.

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 3

 

We look forward to your continued contributions
to the Company’s success!

 

	 	Sincerely,
	 	 
	 	 
	 	[NAME]

 

[Remainder of page intentionally left blank]

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 4

 

I understand that my employment is at will and can be terminated
by either party at any time with or without cause and with or without notice. I specifically acknowledge and agree that I am an
exempt employee and am therefore not eligible to receive overtime pay.

 

ACCEPTED AND AGREED:

 

	 	 
	Signature	 
	 	 
	 	 
	Print Name	 
	 	 
	 	 
	Date	 

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 5

 

Annex A – Option and RSU Terms

 

		1.	Option Category and Term: The Options
will have an option term of 5 years. The actual number of such options to be granted will be determined based on final valuation
determinations with respect to such options as of the date of grant. The options granted to you will have an exercise price that
is equal to 110% of the fair market value of a share of FSAM Class A common stock on the date of grant.

 

		2.	Restricted Stock Units: You will be
granted RSUs representing the right to receive shares of FSAM Class A common stock subject to fulfillment of vesting and other
conditions.

 

		3.	Vesting and Exercise:

		a.	Options –50% of the Options will vest on each
of the 1st and 2nd anniversaries of the date of grant, subject to continued employment on such dates.

		b.	RSUs – 1/3rd of the RSUs will vest
annually commencing on each of the 4th, 5th and 6th anniversaries of the date of grant, subject
to continued employment on such dates.

		c.	Accelerated Vesting of Options and RSUs

		i.	Upon a termination by the Company without Cause or
termination by you for Good Reason, in each case after the Grant Date:

		1.	Options –Vesting to be determined based on full
months of service from date of grant plus 12 months as a percentage of 24 months (without regard to the vesting schedule set forth
in 3a. above).

		2.	RSUs – Vesting to be determined based on full
months of service from date of grant plus 12 months as a percentage of 72 months (without regard to the vesting schedule set forth
in 3b. above).

		ii.	Upon a “Change of Control” while you are
employed – In the event that Leonard Tannenbaum and his affiliated entities collectively cease to have beneficial voting
control of FSAM (or, if an IPO has not occurred, of Fifth Street Holdings, LP), 100% of your then unvested Options and RSUs shall
vest.

		d.	Exercise – All Options will be exercisable within
1 year following termination by the Company without Cause or by you for Good Reason; in other cases, exercise terms will be as
provided for under the terms of grant.

		e.	Manner of Exercise – Options to be subject to
the same manner of exercise afforded to other senior executives receiving options in FSAM, including broker assisted cashless
exercise if available.

		f.	Settlement of RSUs – No later than 60 days following
each vesting date, one share of FSAM Class A common stock shall be issued for each RSU that becomes vested on such vesting date.

 

		4.	Liquidity on Shares Realized Upon Exercise and
Settlement

		a.	Options –100% of the net option shares acquired
upon exercise of the vested 5 Yr. Options may be sold after the 2nd anniversary of the Grant Date.

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 6

 

		b.	RSUs – 100% of the net shares acquired upon
settlement of vested RSUs may be sold as follows: 25% after the 6th anniversary of the Grant Date, an additional 25%
after the 7th anniversary of the Grant Date, an additional 25% after the 8th anniversary of the Grant Date,
and an additional 25% after the 9th anniversary of the Grant Date.

		c.	Following Termination By Company without Cause/Termination
by you for Good Reason – 50% of option shares held by you resulting from your exercise of the Options may be sold within
the first year immediately following such termination, and all option shares held by you resulting from your exercise of Options
may be sold after the 1st anniversary of such termination. 50% of the shares received upon vesting of RSUs may be sold
within the first year immediately following such termination, and all such shares received upon vesting of RSUs may be sold after
the 1st anniversary of such termination.

Other Restrictions – In all cases you shall
remain subject to any restrictions on the sale of options shares or RSUs arising under applicable law or imposed by the Company
or its underwriters in connection with any capital markets transactions or securities trading policies, in each case to the extent
equally applicable to all current senior executives of comparable status (other than the Chairman).

 

		5.	Other Provisions

		a.	The foregoing terms will be reflected in, and subject
to, one or more written Option and RSU agreements as soon as reasonably practicable following the effective date of grant, dated
as of such grant date. Except as provided for above, the terms of the Options and RSUs will be subject to the provisions of plan
pursuant to which such Options and RSUs are granted, as well as the provisions of the Option and RSU grants, as the case may be,
otherwise applicable to all senior executives of the Company (e.g. with respect to forfeiture, clawbacks and post-termination
exercise periods).

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 7

 

Annex B – “Cause” and “Good Reason”

 

“Cause” for termination means: (i) the conviction
or admission of, or plea of nolo contendere with respect to, a felony or a crime involving moral turpitude (other than a
motor vehicle offense); (ii) an act of fraud, misappropriation or embezzlement, (iii) gross negligence, willful misconduct or material
breach of fiduciary duty; (iv) breach of a material term or representation of this letter agreement; (v) commission of a reportable
violation of any applicable banking, securities or commodities laws, rules or regulations that constitutes a serious offense or
could or does result in a significant fine; (vi) violation of material written policies of the Company that is demonstrably injurious
to the Company (including, without limitation, any securities trading, conflict of interest or code of conduct policies); or (vii)
a willful failure to follow the lawful directives of the Board or other governing body of the Company or material breach in the
performance of your obligations under your letter agreement, in each case under sub-clauses (vi) or (vii) which remains uncured
by you after you have been provided with notice and ten (10) days to cure (to the extent curable). To the extent that within 120
days following your resignation or termination other than for “Cause” the Company determines that facts or circumstances
existed that would have otherwise constituted “Cause” under sub-clauses (i)-(iii) or (vi) above, and such facts or
circumstances were not actually known to the Company or should have otherwise been known to the Company through the exercise of
reasonable care in each case at the time of such resignation or termination, then the Company may treat such resignation or termination
as a termination for “Cause” for all purposes.

 

“Good Reason” shall mean the occurrence of any of
the following events, without your express written consent, unless such events are cured by the Company within thirty (30) days
following written notification by you to the Company that you intend to terminate your employment for one of the reasons set forth
below:

 

		(i)	Material diminution in your base salary at the rate
in effect immediately prior to the reduction or the failure to pay you any salary or any earned and due bonus or incentive payments;
or

 

		(ii)	Material diminution in your duties, authorities or
responsibilities (other than temporarily while physically or mentally incapacitated or as required by applicable law and other
than in connection with any service on any informal management committees associated with the Company or its affiliates); or

 

		(iii)	the termination of your rights to any material employee
benefits, except to the extent that any such benefit is replaced with a comparable benefit, or a material reduction in scope or
value thereof, other than as a result of across-the-board reductions or terminations affecting senior executives of comparable
status of the Company generally; or

 

		(iv)	a change by the Company in the location at which Executive
performs his principal duties for the Company to a new location that is more than ten (10) miles from Greenwich, CT.

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 8

 

You shall provide the Company with a written notice detailing
the specific circumstances alleged to constitute Good Reason within thirty (30) days after the first occurrence of such circumstances
(or any claim of such circumstances as “Good Reason” shall be deemed irrevocably waived by you), and in no event shall
you be entitled to resign for “Good Reason” more than one hundred and eighty (180) days following the occurrence of
any event alleged to constitute “Good Reason.”

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 9

 

Annex C – Section 409A Matters

 

		a.	It is intended that the provisions of the letter agreement
comply with Code Section 409A of the Internal Revenue Code, and all provisions of the letter agreement shall be construed in a
manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. Notwithstanding the foregoing,
the Company shall have no liability with regard to any failure to comply with Code Section 409A so long as it has acted in good
faith with regard to compliance therewith.

 

		b.	If, under the letter agreement, an amount is to be
paid in two or more installments, for purposes of Code Section 409A, each installment shall be treated as a separate payment.

 

		c.	A termination of employment shall not be deemed to
have occurred for purposes of any provision of the letter agreement providing for the payment of amounts or benefits upon or following
a termination of employment unless such termination is also a “Separation from Service” within the meaning of Code
Section 409A and, for purposes of any such provision of the Agreement, references to a “resignation,” “voluntary
termination,” “termination,” “termination of employment” or like terms shall mean Separation from
Service.

 

		d.	If you are deemed on the date of termination of your
employment to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code and
using the identification methodology selected by the Company from time to time, or if none, the default methodology, then:

 

		i.	With regard to any payment, the providing of any benefit
or any distribution of equity upon Separation from Service that constitutes “deferred compensation” subject to Code
Section 409A, such payment, benefit or distribution shall not be made or provided prior to the earlier of (i) the expiration of
the six-month period measured from the date of your Separation from Service or (ii) the date of your death; and

 

		ii.	On the first day of the seventh month following the
date of your Separation from Service or, if earlier, on the date of your death, (x) all payments delayed pursuant to this Section
(d) (whether they would otherwise have been payable in a single sum or in installments in the absence of such delay) shall be
paid or reimbursed to you in a lump sum, and any remaining payments and benefits due under the Agreement shall be paid or provided
in accordance with the normal dates in accordance with the terms of the Agreement, and (y) all distributions of equity delayed
pursuant to this Section (d) shall be made to you.

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 10

 

In determining the amounts that
are subject to the six-month delay requirement described above, the Company shall use all exclusions from the six-month delay rule
that are available to the payments made to you. Please be advised that the Company reserves the right to adopt an alternate method
of complying with the six-month delay requirement which may result in you being deemed a specified employee.

 

		e.	Whenever a payment under the letter agreement specifies
a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the
date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the
Company.

 

		f.	With regard to any provision in the letter agreement
that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right
to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses
eligible for reimbursement, of in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement,
or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated without
regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject
to a limit related to the period the arrangement is in effect and (iii) such payments shall be made on or before the last day
of your taxable year following the taxable year in which the expense occurred.

 

Annex C – Section 4999/280G Matters

 

If any payment or benefit
(including payments and benefits pursuant to this letter agreement) that you would receive from the Company or in connection with
a change of effective ownership or control of the Company (“Transaction Payment”) would (i) constitute a “parachute
payment” within the meaning of Section 280G of the Code, and (ii) but for this provision, be subject to the excise tax imposed
by Section 4999 of the Code (the “Excise Tax”), then the Company shall cause to be determined, before any amounts of
the Transaction Payment are paid to you, which of the following two alternative forms of payment would result in your receipt,
on an after-tax basis, of the greater amount of the Transaction Payment notwithstanding that all or some portion of the Transaction
Payment may be subject to the Excise Tax: (1) payment in full of the entire amount of the Transaction Payment (a “Full Payment”),
or (2) payment of only a part of the Transaction Payment so that you receive the largest payment possible without the imposition
of the Excise Tax (a “Reduced Payment”).

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 11

 

For purposes of determining whether to
make a Full Payment or a Reduced Payment, the Company shall cause to be taken into account all applicable federal, state and local
income and employment taxes and the Excise Tax (all computed at the highest applicable marginal rate, net of the maximum reduction
in federal income taxes which could be obtained from a deduction of such state and local taxes). If a Reduced Payment is made,
(x) you shall have no rights to any additional payments and/or benefits constituting the Transaction Payment, and (y) reduction
in payments and/or benefits shall occur in the manner that results in the greatest economic benefit to you as determined in this
paragraph. If more than one method of reduction will result in the same economic benefit, the portions of the Payment shall be
reduced pro rata.

 

The independent registered public accounting
firm engaged by the Company as of the day prior to the effective date of the change of ownership or control of the Company shall
make all determinations required to be made under this Annex C. If the independent registered public accounting firm so engaged
by the Company is serving as accountant or auditor for the individual, entity or group effecting the change of control, the Company
shall appoint a nationally recognized independent registered public accounting firm that is reasonably acceptable to you (and such
acceptance shall not be unreasonably withheld) to make the determinations required hereunder. The Company shall bear all reasonable
expenses with respect to the determinations by such independent registered public accounting firm required to be made hereunder.
The independent registered public accounting firm engaged to make the determinations under this Annex C shall provide its calculations,
together with detailed supporting documentation, to the Company and you within fifteen (15) calendar days after the date on which
your right to a Transaction Payment is triggered or such other time as reasonably requested by the Company or you. If the independent
registered public accounting firm determines that no Excise Tax is payable with respect to the Transaction Payment, either before
or after the application of the Reduced Amount, it shall furnish the Company and you with detailed supporting calculations of its
determinations that no Excise Tax will be imposed with respect to such Transaction Payment. Any good faith determinations of the
accounting firm made hereunder shall be final, binding and conclusive upon the Company and you.

 

Notwithstanding the foregoing, in the event
the IPO does not occur, or following the IPO the Company’s common stock ceases for any reason to be registered under the
Securities Act of 1933, as amended, in lieu of the foregoing, if you execute a waiver of the portion of such excess parachute payment
such that all non-waived payments would not be subject to the Excise Tax, the Company shall agree to seek approval of its stockholders
in a manner that complies with Section 280G(b)(5)(B) of the Code and Treasury Regulation Section 1.280G-1 such that if such stockholder
approval is obtained, the waived payments shall be restored.

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 12

 

EXHBIT B

 

WAIVER AND RELEASE AGREEMENT

 

1.          In
consideration for the severance benefits to be provided to me under Section 2 of the Non-Competition, Non-Solicitation and Non-Disparagement
Agreement between me and FSC CT, Inc. (the “Company”) dated as of [_____], 2014 (hereinafter referred to as
the “Non-Competition Agreement”) and accelerated vesting of the Options and RSUs as provided for in Annex A to the
letter agreement between me and the Company dated as of [_____], 2014 (hereinafter referred to as the “Employment Agreement”),
I, Bernard D. Berman, on behalf of myself and my heirs, executors, administrators, attorneys and assigns, hereby waive, release
and forever discharge FSC CT, Inc., Fifth Street Management LLC, Fifth Street Asset Management Inc. (“FSAM”), Fifth
Street Holdings, L.P., Fifth Street Finance Corp., Fifth Street Senior Floating Rate Corp., Fifth Street Senior Loan Fund I Operating
Entity, LLC, Fifth Street Senior Loan Fund II Operating Entity, LLC, Fifth Street Credit Opportunities Fund, L.P., Fifth Street
Mezzanine Partners II, L.P., Fifth Street Capital LLC, Fifth Street Capital West, Inc., FSC, Inc., FSC Midwest, Inc., and any entities
formed after the date hereof which engage any such entity to provide services, and any affiliates of such entities formed after
the date hereof together with each of their respective subsidiaries, divisions and affiliates, whether direct or indirect, their
respective joint ventures and joint venturers (including each of their respective directors, officers, employees, stockholders,
partners and agents, past, present, and future), and each of their respective successors and assigns, members, branches, divisions,
business units or groups, portfolio companies, agencies, predecessors, successors, assigns, any employee benefit plans established
or maintained by any of the foregoing entities and each and all of their past, present or future officers, directors, employees,
partners, members, trustees, plan administrators, agents, fiduciaries, shareholders, attorneys, representatives and advisors (hereinafter
collectively referred to as “Releasees”), from any and all known or unknown actions, causes of action, claims or liabilities
of any kind which have been or could be asserted against the Releasees, including, without limitation, those arising out of or
related to my employment with and/or separation from employment with the Company and/or any of the other Releasees up to and including
the date of this Waiver and Release Agreement, including but not limited to claims, actions, causes of action or liabilities arising
under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1866, as amended, the Connecticut Fair Employment
Practices Act, the Connecticut Human Rights and Opportunities Act, the Connecticut Equal Pay Law, the Connecticut Family and Medical
Leave Act, the Connecticut Whistleblower Protection Law, the Connecticut Worker’s Compensation Retaliation Law, Connecticut
Age Discrimination and Employee Benefits Law, the Connecticut Employment Privacy Law, the Connecticut Wage Payment Laws, the Connecticut
Occupational Safety and Health Act, the New York Labor Law, the New York State and New York City Human Rights Laws, the Age Discrimination
in Employment Act of 1967 (“ADEA”), the Older Workers Benefit Protection Act, the Americans with Disabilities Act,
The Family and Medical Leave Act, the Employee Retirement Income Security Act of 1974, as amended (other than with respect to any
vested benefit as of the date of termination of employment), the Consolidated
Omnibus Budget Reconciliation Act of 1985, the Equal Pay Act,
the Worker Adjustment and Retraining Notification Act
and the Fair Labor Standards Act, and all other Federal, state or local laws.

 

Capitalized terms used, but not defined herein,
shall have the meanings ascribed to such terms in the Employment Agreement.

 

2.          (a)          I
also agree never to sue any of the Releasees or become party to a lawsuit on the basis of any claim of any type whatsoever arising
out of or related to my employment with and/or separation from employment with the Company and/or any of the other Releasees (except
for claims not released under Section 2(b) below) and/or to challenge the enforceability of this Waiver and Release Agreement,
except I may bring a lawsuit to challenge this Waiver and Release Agreement under the ADEA.

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 13

 

(b)          Notwithstanding
any provision of this Waiver and Release Agreement to the contrary, by executing this Waiver and Release Agreement, I am not releasing
(i) claims to enforce this Waiver and Release Agreement and any rights or remedies in respect thereof and my rights under the provisions
of the Employment Agreement and the Non-Competition Agreement that are intended to survive my termination of employment, (ii) claims
that arise after the execution of the Waiver and Release Agreement or that cannot be released by law, (iii) rights to vested and
accrued benefits under any applicable plan, agreement, program, award, policy or arrangement of the Company or any of their subsidiaries
or affiliates, or (iv) any rights I may have to indemnification and D&O coverage under any applicable charter, by-laws or agreements
with the Company or insurance policies in effect with respect to my period of service, or to obtain contribution as permitted by
law in the event of entry of judgment against me as a result of any act or failure to act for which I, on the one hand, and any
of the Releasees, on the other hand, are jointly liable.

 

3.          I
further acknowledge and agree that if I breach the provisions of Paragraph 2 above, then (a) the Company shall be entitled to apply
for and receive an injunction to restrain any violation of Paragraph 2 above, (b) the Company shall not be obligated to continue
payment of severance benefits to me under Section 2 of the Non-Competition Agreement (except for any earned but unpaid base salary
and any properly incurred but unpaid business expenses in accordance with Company policies), (c) I shall be obligated to pay to
the Company its costs and expenses in enforcing this Waiver and Release Agreement and defending against such lawsuit (including
court costs, expenses and reasonable legal fees), and (d) as an alternative to (c), at the Company’s option, I shall be obligated
upon demand to repay to the Company all but $100 of severance benefits paid or made available to me under Section 2 of the Non-Competition
Agreement. I further agree that the foregoing covenants in this Paragraph 3 shall not affect the validity of this Waiver and Release
Agreement and shall not be deemed to be a penalty nor a forfeiture.

 

4.          I
further waive my right to any monetary recovery should any foreign, federal, state, or local administrative agency pursue any claims
on my behalf arising out of or related to my employment with and/or separation from employment with the Company and/or any of the
other Releasees. I also acknowledge that I have not suffered any on-the-job injury for which I have not already filed a claim.
In connection with my waiver of this provision, I acknowledge that I may later discover facts different from or in addition to
those that I know or believe to be true with respect to my claims and I agree that in such event this Release shall nonetheless
remain effective in all respects.

 

5.          I
further waive, release and discharge Releasees from any reinstatement rights I have or could have and agree that, unless otherwise
solicited, I will not at any time in the future apply for, or otherwise seek, employment with the Company or any of its subsidiaries,
affiliates or divisions.

 

6.          Upon
the reasonable request of the Company from time to time after the date hereof, I also agree to testify on behalf of the Company,
at deposition, trial or hearing or in an affidavit or otherwise, in connection with any litigation or claim or action brought against
the Company by any present or former employee (including but not limited to those employees or former employees whom I supervised
or managed while employed by the Company), including but not limited to any litigation or claim or action brought under the state
workers’ compensation laws (a “Cooperation”); provided such Cooperation is not contrary to my own legal interests
or the legal interests of my employer and the Company promptly reimburses me in accordance with the Company policy for reasonable
costs and expenses incurred by me as a result of providing such Cooperation.

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 14 

 

7.          I
acknowledge that I have been given at least [twenty-one (21)][forty-five (45)]1 days to consider this Waiver and Release
Agreement thoroughly. If executed prior to the end of such [twenty-one (21)][forty-five (45)] day period, I acknowledge that I
voluntarily waive the balance of such period.

 

8.          I
acknowledge that I have been advised in writing to consult with an attorney at my own expense prior to signing this Waiver and
Release Agreement.

 

9.          I
understand that I may revoke this Waiver and Release Agreement within seven (7) days after its signing and that any revocation
must be made in writing and submitted within such seven day period to [__________]. I further understand that if I revoke this
Waiver and Release Agreement, I shall not receive severance benefits under Section 2 of the Non-Competition Agreement.

 

10.         I
also understand that the severance benefits under the Non-Competition Agreement which I will receive in exchange for signing and
not later revoking this Waiver and Release Agreement (as provided for in Paragraph 1) are in addition to anything of value to which
I already am entitled.

 

11.         BOTH
PARTIES FURTHER UNDERSTAND THAT, EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS WAIVER AND RELEASE AGREEMENT INCLUDES A RELEASE OF ALL
KNOWN AND UNKNOWN CLAIMS TO DATE.

 

12.         It
is the desire and intent of the parties that the provisions of this Release shall be enforced to the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which enforcement is sought. I acknowledge and agree that if
any provision of this Waiver and Release Agreement is found, held or deemed by a court of competent jurisdiction to be void, invalid,
unlawful or unenforceable under any applicable statute or controlling law, this Release shall be deemed amended to delete therefrom
the portion thus adjudicated to be invalid, unlawful or unenforceable, such deletion to apply only with respect to the operation
of such provision in the particular jurisdiction in which such adjudication is made, and the remainder of this Waiver and Release
Agreement shall continue in full force and effect.

 

13.         This
Waiver and Release Agreement in all respects shall be interpreted, enforced and governed under applicable federal law and in the
event reference shall be made to State law, the internal laws of the State of Connecticut shall apply.

 

14.         I
further acknowledge and agree that I have carefully read and fully understand all of the provisions of this Waiver and Release
Agreement and that I voluntarily enter into this Waiver and Release Agreement by signing below and without reservation or duress
and assent to all the terms and conditions contained herein. No promises or representations, written or oral, have been made to
me by any person to induce me to sign this Waiver and Release Agreement other than the payments and benefits as set forth herein.

 

[Remainder of page intentionally left blank]

 

 

1 Applicable period to conform to that required by
law based on circumstances at the time of termination.

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Page 15

 

15.         This
Waiver and Release Agreement, together with my Employment Agreement and the Non-Competition Agreement, integrates the whole of
all agreements and understandings between the Company and me concerning the subject matter of this Waiver and Release Agreement
and any other dealings between the Company, the Releasees and me. This Waiver and Release Agreement supersedes all prior negotiations,
discussion or agreements relating to the subject matter of this Waiver and Release Agreement, if any, between the Company and/or
the Releasees, on the one hand, and me, on the other hand.

 

	Signature: 	 	 	Date:	 	 
	 	 	 	 	 	 
	 	Bernard D. Berman	 	 	 	 

 

	FIFTH STREET MANAGEMENT LLC	 	 	 	 
	 	 	 	 	 	 
	By:	 	 	Date:	 	 
	 	 	 	 	 	 
	 	Name:	 	 	 	 
	 	 	 	 	 	 
	 	Title:	 	 	 	 

 

Fifth Street | 777 West Putnam
Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

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