Document:

EX-10.19

 Exhibit 10.19 

PENUMBRA, INC. 
 AMENDED
AND RESTATED 2014 EQUITY INCENTIVE PLAN 
 This Amended and Restated 2014 Equity Incentive Plan (the “Plan”) amends and
restates the 2014 Equity Incentive Plan (the “Original Plan”), effective upon the business day immediately prior to the Registration Date (the “Effective Date”). 

1. Purposes of the Plan. The purposes of this Plan are: 
  

	 	•	 	to attract and retain the best available personnel for positions of substantial responsibility, 

  

	 	•	 	to provide additional incentive to Employees, Directors and Consultants, and 

  

	 	•	 	to promote the success of the Company’s business. 

 The Plan permits the grant of Awards.

 2. Definitions. As used herein, the following definitions will apply: 

(a) “Administrator” means the Board or any of its Committees as will be administering the Plan, in accordance with
Section 4 of the Plan. 
 (b) “Applicable Laws” means the requirements relating to the administration of equity-based
awards under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where
Awards are, or will be, granted under the Plan. 
 (c) “Award” means, individually or collectively, a grant under the Plan
of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Award or Other Award. 
 (d) “Award
Agreement” means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan. 

(e) “Board” means the Board of Directors of the Company. 

(f) Change in Control” means the occurrence of any of the following events: 

(i) Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or more
than one person acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than 50% of the total voting power of the stock of the Company,

 
except that any change in the ownership of the stock of the Company as a result of a private financing of the Company that is approved by the Board will not be considered a Change in Control; or

 (ii) Change in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12
of the Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by
a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by
the same Person will not be considered a Change in Control; or 
 (iii) Change in Ownership of a Substantial Portion of the
Company’s Assets. A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period ending on the date of the most
recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 50% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition
or acquisitions. For purposes of this subsection (iii), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

 For purposes of this Section 2(f), persons will be considered to be acting as a group if they are owners of a corporation that
enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 
 Notwithstanding
the foregoing, a transaction will not be deemed a Change in Control unless the transaction qualifies as a change in control event within the meaning of Code Section 409A, as it has been and may be amended from time to time, and any proposed or
final Treasury Regulations and Internal Revenue Service guidance that has been promulgated or may be promulgated thereunder from time to time. 

Further and for the avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the
jurisdiction of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction. 
 (g) “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code
herein will be a reference to any successor or amended section of the Code. 
 (h) “Committee” means a committee of
Directors or of other individuals satisfying Applicable Laws appointed by the Board, or by the compensation committee of the Board, in accordance with Section 4 hereof. 

(i) “Common Stock” means the common stock of the Company. 

  
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 (j) “Company” means Penumbra, Inc. a Delaware corporation, or any successor
thereto. 
 (k) “Consultant” means any natural person, including an advisor, engaged by the Company or a Parent or
Subsidiary to render bona fide services to such entity, provided the services (i) are not in connection with the offer or sale of securities in a capital-raising transaction, and (ii) do not directly
promote or maintain a market for the Company’s securities. 
 (l) “Director” means a member of the Board. 

(m) “Disability” means total and permanent disability as defined in Code Section 22(e)(3), provided that in the case of
Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.

 (n) “Employee” means any person, including officers and Directors, employed by the Company or any Parent or Subsidiary
of the Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company. 

(o) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(p) “Exchange Program” means a program under which (i) outstanding Awards are surrendered or cancelled in exchange for
Awards of the same type (which may have higher or lower exercise prices and different terms), Awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any outstanding Awards to a financial institution or
other person or entity selected by the Administrator, and/or (iii) the exercise price of an outstanding Award is reduced or increased. The Administrator will determine the terms and conditions of any Exchange Program in its sole discretion.

 (q) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows, unless otherwise
determined by the Administrator: 
 (i) If the Common Stock is listed on any established stock exchange or a national market system, its
Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as
the Administrator deems reliable; 
 (ii) If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are
not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination (or, if no bids and asks were reported on that date, as applicable, on the last trading date
such bids and asks were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 

  
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 (iii) In the absence of an established market for the Common Stock, the Fair Market Value will
be determined in good faith by the Administrator; 
 provided, that notwithstanding the foregoing, if the day of determination for the Fair Market
Value occurs on a weekend or holiday, the Fair Market Value will be the price as determined in accordance with the foregoing on the immediately preceeding business day, unless otherwise determined by the Administrator. 

(r) “Incentive Stock Option” means an Option that by its terms qualifies and is otherwise intended to qualify as an incentive
stock option within the meaning of Code Section 422 and the regulations promulgated thereunder. 
 (s) “Nonstatutory Stock
Option” means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option. 
 (t)
“Option” means a stock option granted pursuant to the Plan. 
 (u) “Other Award” means an Award granted
pursuant to Section 11. 
 (v) “Outside Director” means a Director who is not an Employee. 

(w) “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Code
Section 424(e). 
 (x) “Participant” means the holder of an outstanding Award. 

(y) “Performance Award” means an Award granted pursuant to Section 10. 

(z) “Period of Restriction” means the period during which the transfer of Shares of Restricted Stock are subject to
restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of other events as determined by the
Administrator. 
 (aa) “Plan” means this Amended and Restated 2014 Equity Incentive Plan. 

(bb) “Registration Date” means the effective date of the first registration statement that is filed by the Company and
declared effective pursuant to Section 12(g) of the Exchange Act, with respect to any class of the Company’s securities. 
 (cc)
“Restricted Stock” means Shares issued pursuant to an Award of Restricted Stock under Section 8 of the Plan, or issued pursuant to the early exercise of an Option. 

(dd) “Restricted Stock Unit” means a bookkeeping entry representing an amount equal to the Fair Market Value of one Share,
granted pursuant to Section 9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. 
 (ee)
“Rule 16b-3” means Rule 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan. 

  
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 (ff) “Section 162(m)” means Section 162(m) of the Code. 

(gg) “Service Provider” means an Employee, Director or Consultant. 

(hh) “Share” means a share of the Common Stock, as adjusted in accordance with Section 13 of the Plan. 

(ii) “Stock Appreciation Right” means an Award, granted alone or in connection with an Option, that pursuant to
Section 7 is designated as a Stock Appreciation Right. 
 (jj) “Subsidiary” means a “subsidiary
corporation,” whether now or hereafter existing, as defined in Code Section 424(f). 
 3.
Stock Subject to the Plan. 
 (a) Stock Subject to the Plan. Subject to the provisions of Section 15
of the Plan, the maximum aggregate number of Shares that may be subject to Awards and issued under the Plan from and after the Registration Date is 3,000,000, plus up to 2,203,534 Shares subject to stock options or similar awards previously granted
under the Penumbra, Inc. 2005 Stock Plan (the “2005 Plan”) or the Penumbra, Inc. 2011 Equity Incentive Plan (the “2011 Plan”) that expire or otherwise terminate without having been exercised in full and Shares issued pursuant to
awards granted under the 2005 Plan or the 2011 Plan that are forfeited to or repurchased by the Company. 
 (b) Automatic Share Reserve
Increase. The number of Shares available for issuance under the Plan will be increased on the first day of each fiscal year of the Company beginning with the 2016 fiscal year and ending with the 2025 fiscal year, in an amount equal to the least
of (i) 2,500,000 Shares, (ii) 5% of the outstanding Shares on the last day of the immediately preceding fiscal year or (iii) such number of Shares determined by the Board. 

(c) Lapsed Awards. If an Award outstanding under the Plan expires or becomes unexercisable without having been exercised in full, is
surrendered pursuant to an Exchange Program, or, with respect to Restricted Stock or Restricted Stock Units, is forfeited to or repurchased by the Company due to the failure to vest, the unpurchased Shares (or for Awards other than Options or Stock
Appreciation Rights the forfeited or repurchased Shares) which were subject thereto will become available for future grant or sale under the Plan (unless the Plan has terminated). With respect to Stock Appreciation Rights, only Shares actually
issued pursuant to a Stock Appreciation Right will cease to be available under the Plan; all remaining Shares under Stock Appreciation Rights will remain available for future grant or sale under the Plan (unless the Plan has terminated). Shares that
have actually been issued under the Plan under any Award will not be returned to the Plan and will not become available for future distribution under the Plan; provided, however, that if Shares issued pursuant to Awards of Restricted Stock or
Restricted Stock Units are repurchased by the Company or are forfeited to the Company due to the failure to vest, such Shares will become available for future grant under the Plan. Shares used to pay the exercise price of an Award or to satisfy the
tax withholding obligations related to an Award will become available for future grant or sale under the Plan. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash payment will not result in reducing the number of
Shares available for issuance under the Plan. Notwithstanding the foregoing and, subject to adjustment as provided in Section 15, the maximum number of Shares that may be issued upon the exercise of Incentive Stock Options will

  
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equal the aggregate Share number stated in Section 3(a), plus, to the extent allowable under Code Section 422 and the Treasury Regulations promulgated thereunder, any Shares that become
available for issuance under the Plan pursuant to Section 3(b) and 3(c). 
 (d) Share Reserve. The Company, during the term of
this Plan, will at all times reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of the Plan. The Shares may be authorized but unissued, or reacquired, Common Stock. 

4. Administration of the Plan. 

(a) Procedure. 
 (i)
Multiple Administrative Bodies. Different Committees with respect to different groups of Service Providers may administer the Plan. 

(ii) Section 162(m). To the extent that the Administrator determines it to be desirable to qualify Awards granted hereunder as
“performance-based compensation” within the meaning of Section 162(m), the Plan will be administered by a Committee of two (2) or more “outside directors” within the meaning of Section 162(m). 

(iii) Rule 16b-3. To the extent desirable to qualify transactions hereunder as exempt under Rule 16b-3, the transactions contemplated
hereunder will be structured to satisfy the requirements for exemption under Rule 16b-3. 
 (iv) Other Administration. Other than as
provided above, the Plan will be administered by (A) the Board or (B) a Committee, which Committee will be constituted to satisfy Applicable Laws. 

(b) Powers of the Administrator. Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific duties
delegated by the Board to such Committee, the Administrator will have the authority, in its discretion: 
 (i) to determine the Fair Market
Value; 
 (ii) to select the Service Providers to whom Awards may be granted hereunder; 

(iii) to determine the number of Shares to be covered by each Award granted hereunder; 

(iv) to approve forms of Award Agreements for use under the Plan; 

(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or
limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine; 

  
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 (vi) to institute and determine the terms and conditions of an Exchange Program; 

(vii) to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; 

(viii) to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations relating to sub-plans and
Award Agreements established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws; 

(ix) to modify or amend each Award (subject to Section 20(c) of the Plan), including but not limited to the discretionary authority to
extend the post-termination exercisability period of Awards and to extend the maximum term of an Option (subject to Section 6(d)); 

(x) to allow Participants to satisfy withholding tax obligations in a manner prescribed in Section 16; 

(xi) to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted
by the Administrator; 
 (xii) to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that otherwise
would be due to such Participant under an Award; and 
 (xiii) to make all other determinations deemed necessary or advisable for
administering the Plan. 
 (c) Effect of Administrator’s Decision. The Administrator’s decisions, determinations and
interpretations will be final and binding on all Participants and any other holders of Awards. 
 5. Eligibility and Limitations.

 (a) Eligibility. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, and Restricted Stock Units may be
granted to Service Providers. Incentive Stock Options may be granted only to Employees. 
 (b) Outside Director Limitations. No
Outside Director may be granted, in any calendar year, (i) stock-based Awards with a grant date fair value (determined in accordance with U.S. generally accepted accounting principles) of more than $1,000,000, increased to $2,000,000 in
connection with his or her initial year of service) and (ii) cash-based Awards with a grant date fair value (determined in accordance with U.S. generally accepted accounting principles) of more than $1,000,000 (increased to $1,500,000 in
connection with his or her initial year of service). 
 (c) Individual Limitations. The following limits shall apply to the amount
that may be awarded to any Participant during any calendar year, subject to adjustment as provided in Section 15: (i) Options and SARs that relate to no more than 5,000,000 Shares; (B) Performance Awards that relate to no more than
2,000,000 Shares and (C) cash-based Performance Awards that relate to no more than $10,000,000. 

  
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 6. Stock Options. 

(a) Grant of Options. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time, may grant
Options in such amounts as the Administrator, in its sole discretion, will determine. 
 (b) Option Agreement. Each Award of an
Option will be evidenced by an Award Agreement that will specify the exercise price, the term of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other terms and conditions
as the Administrator, in its sole discretion, will determine. 
 (c) Limitations. Each Option will be designated in the Award
Agreement as either an Incentive Stock Option or a Nonstatutory Stock Option. Notwithstanding such designation, however, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable
for the first time by the Participant during any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options. For purposes of
this Section 6(c), Incentive Stock Options will be taken into account in the order in which they were granted, the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted, and
calculation will be performed in accordance with Code Section 422 and Treasury Regulations promulgated thereunder. No Incentive Stock Options may be issued more than ten years following the earlier of (i) the date of adoption or
(ii) the most recent date of approval of this Plan by the Company’s stockholders, except as permitted by Section 422 of the Code. 

(d) Term of Option. The term of each Option will be stated in the Award Agreement; provided, however, that the term will be no more
than ten (10) years from the date of grant thereof. In the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of the total
combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5) years from the date of grant or such shorter term as may be provided in the Award Agreement. 

(e) Option Exercise Price and Consideration. 

(i) Exercise Price. The per Share exercise price for the Shares to be issued pursuant to the exercise of an Option will be determined
by the Administrator, but will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. In addition, in the case of an Incentive Stock Option granted to an Employee who owns stock representing more
than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date
of grant. Notwithstanding the foregoing provisions of this Section 6(e)(i), Options may be granted with a per Share exercise price of less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to
a transaction described in, and in a manner consistent with, Code Section 424(a). 

  
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 (ii) Waiting Period and Exercise Dates. At the time an Option is granted, the
Administrator will fix the period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised. 

(iii) Form of Consideration. The Administrator will determine the acceptable form of consideration for exercising an Option, including
the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant. Such consideration may consist entirely of: (1) cash; (2) check;
(3) promissory note, to the extent permitted by Applicable Laws, (4) other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will
be exercised and provided further that accepting such Shares will not result in any adverse accounting consequences to the Company, as the Administrator determines in its sole discretion; (5) consideration received by the Company under cashless
exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan; (6) by net exercise, (7) such other consideration and method of payment for the issuance of Shares to the extent permitted by
Applicable Laws, or (8) any combination of the foregoing methods of payment. 
 (f) Exercise of Option. 

(i) Procedure for Exercise; Rights as a Stockholder. Any Option granted hereunder will be exercisable according to the terms of the
Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share. 

An Option will be deemed exercised when the Company receives: (i) notice of exercise (in such form as the Administrator may specify from
time to time) from the person entitled to exercise the Option, and (ii) full payment for the Shares with respect to which the Option is exercised (together with applicable tax withholding). Full payment may consist of any consideration and
method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued in the name of the Participant or, if requested by the Participant, in the name of the
Participant and his or her spouse. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a
stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised. No adjustment will be made for a
dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section 15 of the Plan. 

Exercising an Option in any manner will decrease the number of Shares thereafter available, both for purposes of the Plan and for sale under
the Option, by the number of Shares as to which the Option is exercised. 

  
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 (ii) Termination of Relationship as a Service Provider. If a Participant ceases to be a
Service Provider, other than upon the Participant’s termination as the result of the Participant’s death or Disability, the Participant may exercise his or her Option within three (3) months following termination, or such longer or
shorter period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement) to the extent that the Option is vested on the date of termination. Unless
otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will revert to the Plan. If after termination the
Participant does not exercise his or her Option within the time specified by the Administrator, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 

(iii) Disability of Participant. If a Participant ceases to be a Service Provider as a result of the Participant’s Disability,
the Participant may exercise his or her Option within six (6) months following termination, or such longer or shorter period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as
set forth in the Award Agreement) to the extent the Option is vested on the date of termination. Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares
covered by the unvested portion of the Option will revert to the Plan. If after termination the Participant does not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will
revert to the Plan. 
 (iv) Death of Participant. If a Participant dies while a Service Provider, the Option may be exercised within
six (6) months following the Participant’s death, or within such longer or shorter period of time as is specified in the Award Agreement (but in no event later than the expiration of the term of such Option as set forth in the Award
Agreement) to the extent that the Option is vested on the date of death, by the Participant’s designated beneficiary, provided such beneficiary has been designated prior to the Participant’s death in a form acceptable to the Administrator.
If no such beneficiary has been designated by the Participant, then such Option may be exercised by the personal representative of the Participant’s estate or by the person(s) to whom the Option is transferred pursuant to the Participant’s
will or in accordance with the laws of descent and distribution. Unless otherwise provided by the Administrator, if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the
Option will immediately revert to the Plan. If the Option is not so exercised within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. 

7. Stock Appreciation Rights. 

(a) Grant of Stock Appreciation Rights. Subject to the terms and conditions of the Plan, a Stock Appreciation Right may be granted to
Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion. 
 (b) Number of
Shares. The Administrator will have complete discretion to determine the number of Shares subject to any Award of Stock Appreciation Rights. 

  
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 (c) Exercise Price and Other Terms. The per Share exercise price for the Shares that will
determine the amount of the payment to be received upon exercise of a Stock Appreciation Right as set forth in Section 7(f) will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market
Value per Share on the date of grant. Otherwise, the Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan. 

(d) Stock Appreciation Right Agreement. Each Stock Appreciation Right grant will be evidenced by an Award Agreement that will specify
the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine. 

(e) Expiration of Stock Appreciation Rights. A Stock Appreciation Right granted under the Plan will expire upon the date determined by
the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing, the rules of Section 6(d) relating to the maximum term and Section 6(f) relating to exercise also will apply to Stock
Appreciation Rights. 
 (f) Payment of Stock Appreciation Right Amount. Upon exercise of a Stock Appreciation Right, a Participant
will be entitled to receive payment from the Company in an amount determined by multiplying: 
 (i) The difference between the Fair Market
Value of a Share on the date of exercise over the exercise price; times 
 (ii) The number of Shares with respect to which the Stock
Appreciation Right is exercised. 
 At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise may be in
cash, in Shares of equivalent value, or in some combination thereof. 
 8. Restricted Stock. 

(a) Grant of Restricted Stock. Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine. 

(b) Restricted Stock Agreement. Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify the Period of
Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine. Unless the Administrator determines otherwise, the Company as escrow agent will hold Shares of Restricted
Stock until the restrictions on such Shares have lapsed. 
 (c) Transferability. Except as provided in this Section 8 or as the
Administrator determines, Shares of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of the applicable Period of Restriction. 

  
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 (d) Other Restrictions. The Administrator, in its sole discretion, may impose such other
restrictions on Shares of Restricted Stock as it may deem advisable or appropriate. 
 (e) Removal of Restrictions. Except as
otherwise provided in this Section 8, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of the Period of Restriction or at such other
time as the Administrator may determine. The Administrator, in its discretion, may accelerate the time at which any restrictions will lapse or be removed. 

(f) Voting Rights. During the Period of Restriction, Service Providers holding Shares of Restricted Stock granted hereunder may
exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. 
 (g) Dividends and Other
Distributions. During the Period of Restriction, Service Providers holding Shares of Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares, unless the Administrator provides
otherwise. If any such dividends or distributions are paid in Shares, the Shares will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid. 

(h) Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which restrictions
have not lapsed will revert to the Company and again will become available for grant under the Plan. 
 9. Restricted Stock Units.

 (a) Grant. Restricted Stock Units may be granted at any time and from time to time as determined by the Administrator. After the
Administrator determines that it will grant Restricted Stock Units, it will advise the Participant in an Award Agreement of the terms, conditions, and restrictions related to the grant, including the number of Restricted Stock Units. 

(b) Vesting Criteria and Other Terms. The Administrator will set vesting criteria in its discretion, which, depending on the extent to
which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The Administrator may set vesting criteria based upon continued employment or service and/or the achievement of Company-wide,
business unit, individual or other goals, or any other basis determined by the Administrator in its discretion. 
 (c) Earning Restricted
Stock Units. Upon meeting the applicable vesting criteria, the Participant will be entitled to receive a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the
Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout. 
 (d) Form and
Timing of Payment. Payment of earned Restricted Stock Units will be made as soon as practicable after the date(s) determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may settle earned
Restricted Stock Units in cash, Shares, or a combination of both. 

  
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 (e) Cancellation. On the date set forth in the Award Agreement, all unearned Restricted
Stock Units will be forfeited to the Company. 
 10. Performance Awards. The Committee is authorized to grant Performance Awards to
Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine: 

(a) Performance Awards may be denominated as a cash amount, number of Shares or a combination thereof and are Awards which may be earned upon
achievement or satisfaction of performance conditions specified by the Committee. In addition, the Committee may specify that any other Award shall constitute a Performance Award by conditioning the right of a Participant to exercise the Award or
have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate
in establishing any performance conditions. Subject to the terms of the Plan, the performance goals to be achieved during any performance period, the length of any performance period, the amount of any Performance Award granted and the amount of any
payment or transfer to be made pursuant to any Performance Award shall be determined by the Committee. 
 (b) If the Committee intends that
a Performance Award be considered qualified performance-based compenastion under Section 162(m), such Performance Award shall include a pre-established formula, such that payment, retention or vesting of the Award is subject to the achievement
during a Performance Period or Performance Periods, as determined by the Committee, of a level or levels of, or increases in, in each case as determined by the Committee, one or more of the following performance measures with respect to the Company:
net sales; revenue; revenue growth or product revenue growth; operating income (before or after taxes); pre- or after-tax income or loss (before or after allocation of corporate overhead and bonus); net earnings; earnings per share; net income or
loss (before or after taxes); return on equity; total shareholder return; return on assets or net assets; appreciation in and/or maintenance of share price; market share; gross profits; earnings or loss (including earnings or loss before taxes,
before interest and taxes, or before earnings before interest, taxes, depreciation and amortization); economic value-added models or equivalent metrics; comparisons with various stock market indices; reductions in costs; cash flow or cash flow per
share (before or after dividends); return on capital (including return on total capital or return on invested capital); cash flow return on investment; improvement in or attainment of expense levels or working capital levels, including cash,
inventory and accounts receivable; operating margin; gross margin; cash margin; year-end cash; debt reduction; shareholder equity; operating efficiencies; market share; customer satisfaction; customer growth; employee satisfaction; research and
development achievements; manufacturing achievements (including obtaining particular yields from manufacturing runs and other measurable objectives related to process development activities); regulatory achievements (including submitting or filing
applications or other documents with regulatory authorities or receiving approval of any such applications or other documents and passing pre-approval inspections (whether of the Company or the Company’s third-party manufacturer) and validation
of manufacturing processes (whether the Company’s or the Company’s third-party manufacturer’s)); financial ratios, including those measuring liquidity, activity, profitability or leverage; cost of capital or assets under management;
financing and other capital raising transactions (including sales of the Company’s equity or debt securities; factoring transactions; sales or licenses of the Company’s assets, including its intellectual property, whether in a particular
jurisdiction or 

  
 -13- 

 
territory or globally; or through partnering transactions); and implementation, completion or attainment of measurable objectives with respect to research, development, manufacturing,
commercialization, products or projects, production volume levels, acquisitions and divestitures; factoring transactions; and recruiting and maintaining personnel. Performance criteria may be measured on an absolute (e.g., plan or budget) or
relative basis, and may be established on a corporate-wide basis or with respect to one or more business units, divisions, subsidiaries or business segments. Relative performance may be measured against a group of peer companies, a financial market
index or other acceptable objective and quantifiable indices. To the extent permitted by Section 162(m), with respect to an award intended to qualify under Section 162(m), the Award Agreement may provide that if the Committee determines
that a change in the business, operations, corporate structure or capital structure of the Company, or the manner in which the Company conducts its business, or other events or circumstances render the performance objectives unsuitable, the
Committee may modify the performance objectives or the related minimum acceptable level of achievement, in whole or in part, as the Committee deems appropriate and equitable. Performance measures may vary from Performance Award to Performance Award,
respectively, and from Participant to Participant, and may be established on a stand-alone basis, in tandem or in the alternative. The Committee shall have the power to impose such other restrictions on Awards subject to this Section as it may deem
necessary or appropriate. Notwithstanding any provision of the Plan to the contrary, with respect to any Award intended to qualify under Section 162(m), the Committee shall not be authorized to increase the amount payable under any Award to
which this subsection (b) applies upon attainment of such pre-established formula. Performance Awards intended to qualify under Section 162(m) will be settled only after the end of the relevant Performance Period. 

(c) Settlement of Performance Awards shall be in cash, Shares, other Awards, other property, net settlement, or any combination thereof, in
the discretion of the Committee. 
 (d) The Committee shall specify the circumstances in which, and the extent to which, Performance Awards
shall be paid or forfeited in the event of a Participant’s termination as a Service Provider. 
 11. Other Awards. The Committee
is authorized, subject to limitations under applicable law, to grant to Participants such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares or factors that
may influence the value of Shares, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment contingent upon performance of the Company or
business units thereof or any other factors designated by the Committee. The Committee shall determine the terms and conditions of such Awards. Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section shall
be purchased for such consideration, paid for at such times, by such methods and in such forms, including cash, Shares, other Awards, other property, or any combination thereof, as the Committee shall determine. Cash awards may also be granted
pursuant to this Section. 
 12. Compliance With Code Section 409A. Awards will be designed and operated in such a manner that
they are either exempt from the application of, or comply with, the requirements of Code Section 409A, except as otherwise determined in the sole discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to
meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as 

  
 -14- 

 
otherwise determined in the sole discretion of the Administrator. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section 409A the Award
will be granted, paid, settled or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code
Section 409A. 
 13. Leaves of Absence/Transfer Between Locations. Unless the Administrator provides otherwise, vesting of
Awards granted hereunder will be suspended during any unpaid leave of absence. A Participant will not cease to be an Employee in the case of (i) any leave of absence approved by the Company or (ii) transfers between locations of the
Company or between the Company, its Parent, or any Subsidiary. For purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such leave is guaranteed by statute or contract. If
reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6) months following the first (1st) day of such leave, any Incentive Stock
Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option. 

14. Limited Transferability of Awards. Unless determined otherwise by the Administrator, Awards may not be sold, pledged, assigned,
hypothecated, or otherwise transferred in any manner other than by will or by the laws of descent and distribution, and may be exercised, during the lifetime of the Participant, only by the Participant. 

15. Adjustments; Dissolution or Liquidation; Merger or Change in Control. 

(a) Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other
property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure
of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will adjust the number and class of shares of stock that
may be delivered under the Plan and/or the number, class, and price of shares of stock covered by each outstanding Award, and the Share limits set forth in Sections 3 and 5 of the Plan. 

(b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator will notify
each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action. 

(c) Merger or Change in Control. In the event of a merger of the Company with or into another corporation or other entity or a Change
in Control, each outstanding Award will be treated as the Administrator determines (subject to the provisions of the following paragraph) without a Participant’s consent, including, without limitation, that (i) Awards will be continued by
the Company or assumed, or substantially equivalent Awards will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices; (ii) upon written
notice to a Participant, that the Participant’s Awards will terminate upon or immediately prior to the consummation of such merger or Change in Control; 

  
 -15- 

 
(iii) outstanding Awards will vest and become exercisable, realizable, or payable, or restrictions applicable to an Award will lapse, in whole or in part prior to or upon consummation of
such merger or Change in Control, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of such merger or Change in Control; (iv) (A) the termination of an Award in exchange for an amount
of cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights as of the date of the occurrence of the transaction (and, for the avoidance of doubt,
if as of the date of the occurrence of the transaction the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be
terminated by the Company without payment), or (B) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion; or (v) any combination of the foregoing. In taking any of the actions
permitted under this subsection (c), the Administrator will not be obligated to treat all Awards, all Awards held by a Participant, or all Awards of the same type, similarly. 

In the event that the Company does not continue, and the successor corporation does not assume or substitute for the Award (or portion
thereof), then with respect to such Award (or portion thereof), the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock Appreciation Rights, including Shares as to which such Awards would not
otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Awards with performance-based vesting (including Performance Awards), unless otherwise provided in an Award
Agreement, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met. In addition, if an Option or Stock Appreciation Right is not continued,
assumed or substituted in the event of a merger or Change in Control, the Administrator will notify the Participant in writing or electronically that the Option or Stock Appreciation Right will be exercisable for a period of time determined by the
Administrator in its sole discretion, and the Option or Stock Appreciation Right will terminate upon the expiration of such period. 
 For
the purposes of this subsection (c), an Award will be considered assumed if, following the merger or Change in Control, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to the merger or Change
in Control, the consideration (whether stock, cash, or other securities or property) received in the merger or Change in Control by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a
choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Shares); provided, however, that if such consideration received in the merger or Change in Control is not solely common stock of the successor
corporation or its Parent, the Administrator may, with the consent of the successor corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit or
Performance Award, for each Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the merger or Change in
Control. 
 Notwithstanding anything in this subsection (c) to the contrary, unless otherwise provided in an Award Agreement, an Award
that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not be considered assumed if the Company or its successor modifies any of such performance goals without the Participant’s consent in a manner that
would be 

  
 -16- 

 
adverse to the Participant; provided, however, a modification to such performance goals only to reflect the successor corporation’s post-Change in Control corporate structure will not be
deemed to invalidate an otherwise valid Award assumption. 
 Notwithstanding anything in this subsection (c) to the contrary, if a
payment under an Award Agreement is subject to Code Section 409A and if the change in control definition contained in the Award Agreement does not comply with the definition of “change of control” for purposes of a distribution under
Code Section 409A, then any payment of an amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section 409A without triggering any penalties
applicable under Code Section 409A. 
 16. Tax Withholding. 

(a) Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise or vesting or settlement
thereof, as applicable), the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the
Participant’s FICA obligation) required to be withheld with respect to such Award (or exercise or vesting or settlement thereof, as applicable). 

(b) Withholding Arrangements. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to
time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation) (i) paying cash, (ii) electing to have the Company withhold otherwise deliverable Shares having a Fair Market Value
equal to the minimum statutory amount required to be withheld, (iii) delivering to the Company already-owned Shares having a Fair Market Value equal to the statutory amount required to be withheld, provided the delivery of such Shares will not
result in any adverse accounting consequences, as the Administrator determines in its sole discretion, or (iv) selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the Administrator may determine
in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld. 
 (c) Section 409A of
the Code. With respect to Awards subject to Section 409A of the Code, the Plan is intended to comply with the requirements of Section 409A of the Code and the regulations thereunder (“Section 409A”), and the provisions
of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise
frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. 

17. No Effect on Employment or Service. Neither the Plan nor any Award will confer upon a Participant any right with respect to
continuing the Participant’s relationship as a Service Provider with the Company or any Parent or Subsidiary of the Company, nor will they interfere in any way with the Participant’s right or the right of the Company, or any Parent or
Subsidiary of the Company, to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws. 

  
 -17- 

 18. Date of Grant. The date of grant of an Award will be, for all purposes, the date on
which the Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be provided to each Participant within a reasonable time after the date of such
grant. 
 19. Term of Plan. The Plan will continue in effect until terminated by the Board. 

20. Amendment and Termination of the Plan. 

(a) Amendment and Termination. The Administrator may at any time amend, alter, suspend or terminate the Plan. 

(b) Stockholder Approval. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to
comply with Applicable Laws. 
 (c) Effect of Amendment or Termination. No amendment, alteration, suspension or termination of the
Plan will impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. Termination of the Plan will not affect
the Administrator’s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. 

21. Conditions Upon Issuance of Shares. 

(a) Legal Compliance. Shares will not be issued pursuant to the exercise of an Award unless the exercise of such Award and the issuance
and delivery of such Shares will comply with Applicable Laws. 
 (b) Investment Representations. As a condition to the exercise of an
Award, the Company may require the person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if,
in the opinion of counsel for the Company, such a representation is required. 
 22. Inability to Obtain Authority. The inability of
the Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, will relieve the Company of any liability
in respect of the failure to issue or sell such Shares as to which such requisite authority will not have been obtained. 
 23.
Stockholder Approval. The Plan will be subject to approval by the stockholders of the Company within twelve (12) months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the
degree required under Applicable Laws. 

  
 -18- 

 PENUMBRA, INC. 

2014 EQUITY INCENTIVE PLAN 

RESTRICTED STOCK AGREEMENT 

Unless otherwise defined herein, the terms defined in the 2014 Equity Incentive Plan (the “Plan”) shall have the same defined
meanings in this Restricted Stock Agreement (the “Agreement”). 
  

			
	I.    	  	NOTICE OF GRANT OF RESTRICTED STOCK
		
		  	Name:
		
		  	Address:
		
		  	

 The undersigned Participant has been granted a Restricted Stock Award, subject to the terms and conditions of
the Plan and this Agreement, as follows: 
  

			
	Date of Grant:	  	 
		
	Vesting Commencement Date:	  	 
		
	 Total Number of Shares of:
 Restricted
Stock:
	  	 
		
	Vesting Schedule:	  	

 Subject to any accelerated vesting provisions in the Plan, [twenty-five percent (25%) of the
Shares of Restricted Stock shall vest on the one (1) year anniversary of the Vesting Commencement Date, and one forty-eighth (1/48th) of the Shares of Restricted Stock shall vest each
month thereafter on the same day of the month as the Vesting Commencement Date (and if there is no corresponding day, on the last day of the month), subject to Participant continuing to be a Service Provider through each such date.] 

In the event of a Change in Control, and subject to Participant continuing to be a Service Provider through the date of such Change in
Control, the Participant will fully vest in all of the Shares of Restricted Stock granted under this Agreement. 
 Any of the Shares of
Restricted Stock granted under this Agreement which have not yet vested as of a given time are referred to herein as “Unvested Shares of Restricted Stock.” The Shares which have vested shall be delivered to Participant in accordance with
the terms of the escrow agreement (see Section 10 of Part II of this Agreement). 

  
 19 

 II.    AGREEMENT 

1.    Grant of Restricted Stock. The Company hereby grants to the person named in the Notice of Grant of Restricted
Stock in Part I of this Agreement (“Participant”) under the Plan for services performed and to be performed by Participant for the Company and as a separate incentive in connection with his or her services and not in lieu of any
salary or other compensation for his or her services, the number of Shares set forth in the Notice of Grant of Restricted Stock, subject to all of the terms and conditions in this Agreement and the Plan, which is incorporated herein by reference.
Subject to Section 18(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan shall prevail. 

2.    Participant’s Representations. In the event the Shares have not been registered under the Securities Act
of 1933, as amended, at the time this Restricted Stock Award is granted, Participant shall, if required by the Company, concurrently with the grant of this Restricted Stock Award, deliver to the Company his or her Investment Representation Statement
in the form attached hereto as Exhibit A. 
 3.    Lock-Up Period. Participant hereby agrees that
Participant shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or
indirectly, any Common Stock (or other securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any Common Stock (or other
securities) of the Company held by Participant (other than those included in the registration) for a period specified by the representative of the underwriters of Common Stock (or other securities) of the Company not to exceed one hundred and eighty
(180) days following the effective date of any registration statement of the Company filed under the Securities Act (or such other period as may be requested by the Company or the underwriters to accommodate regulatory restrictions on
(i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any
successor provisions or amendments thereto). 
 Participant agrees to execute and deliver such other agreements as may be reasonably
requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the underwriters of Common Stock (or other
securities) of the Company, Participant shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of any public offering of the
Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 3 shall not apply to a registration relating solely to employee benefit plans on Form S-1 or Form S-8 or
similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose stop-transfer instructions with
respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said one hundred and eighty (180) day (or other) period. Participant agrees that any transferee of the Restricted Stock Award or
Shares acquired pursuant to the Restricted Stock Award shall be bound by this Section 3. 

  
 20 

 4.    Non-Transferability of Restricted Stock. This Restricted Stock
Award may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. The terms of the Plan and this Agreement shall be binding upon
the executors, administrators, heirs, successors and assigns of Participant. 
 5.    Tax Consequences.
Participant has reviewed with Participant’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. Participant is relying solely on such advisors and not
on any statements or representations of the Company or any of its agents. Participant understands that Participant (and not the Company) shall be responsible for Participant’s own tax liability that may arise as a result of the transactions
contemplated by this Agreement. Participant understands that Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”), taxes as ordinary income the difference between the purchase price, if any, for the Shares and the
Fair Market Value of the Shares as of each vesting date. Participant understands that Participant may elect to be taxed at the time the Shares are granted rather than when such Shares vest by filing an election under Section 83(b) of the Code
(the “83(b) Election”) with the IRS within thirty (30) days from the date of grant of the Restricted Stock Award. The form for making this election is attached as Exhibit B-3 hereto. 

PARTICIPANT ACKNOWLEDGES THAT IT IS PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE 83(b) ELECTION, EVEN
IF PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON PARTICIPANT’S BEHALF. 

6.    Tax Withholding. Pursuant to such procedures as the Administrator may specify from time to time, the Company
shall withhold the minimum amount required to be withheld for the payment of income, employment and other taxes which the Company determines must be withheld (the “Withholding Taxes”) with respect to the filing of an 83(b) Election, or, if
an 83(b) Election is not filed or not timely filed, upon each vesting date, by, in the Administrator’s discretion: (i) withholding otherwise deliverable Shares having a Fair Market Value equal to the amount of such Withholding Taxes,
(ii) withholding the amount of such Withholding Taxes from Participant’s paycheck(s), (iii) requiring Participant to make appropriate arrangements with the Company (or the Parent or Subsidiary employing or retaining Participant) for
the satisfaction of all Withholding Taxes, or (iv) a combination of the foregoing. The Company shall not retain fractional Shares to satisfy any portion of the Withholding Taxes. Accordingly, if any withholding is done through the withholding
of Shares, Participant shall pay to the Company an amount in cash sufficient to satisfy the remaining Withholding Taxes due and payable as a result of the Company not retaining fractional Shares. Should the Company be unable to procure such cash
amounts from Participant, Participant agrees and acknowledges that Participant is giving the Company permission to withhold from Participant’s paycheck(s) an amount equal to the remaining Withholding Taxes due and payable as a result of the
Company not retaining fractional Shares. Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver the Shares if such withholding amounts are not delivered at the time they are due. 

  
 21 

 7.    No Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND
AGREES THAT THE VESTING OF THE SHARES OF RESTRICTED STOCK PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT
THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS RESTRICTED STOCK AWARD OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH
HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR
THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

8.    Forfeiture Upon Termination as a Service Provider. Notwithstanding any contrary provision of this Agreement
or the Notice of Grant of Restricted Stock, if Participant terminates service as a Service Provider for any or no reason prior to vesting, the then Unvested Shares of Restricted Stock awarded by this Agreement will thereupon be forfeited and
automatically transferred to and reacquired by the Company at no cost to the Company upon the date of such termination and Participant will have no further rights thereunder. Participant hereby appoints the Escrow Agent with full power of
substitution, as Participant’s true and lawful attorney-in-fact with irrevocable power and authority in the name and on behalf of Participant to take any action and execute all documents and instruments, including, without limitation, stock
powers which may be necessary to transfer the certificate or certificates evidencing such Unvested Shares of Restricted Stock to the Company upon such termination of service. 

9.    Restriction on Transfer. Except for the escrow described in Section 10 or transfer of the Shares to the
Company or its assignees contemplated by this Agreement, none of the Shares or any beneficial interest therein shall be transferred, encumbered or otherwise disposed of in any way until such Shares shall have vested in accordance with the provisions
of this Agreement, other than by will or the laws of descent and distribution. Any distribution or delivery to be made to Participant under this Agreement shall, if Participant is then deceased, be made to Participant’s designated beneficiary,
or if no beneficiary survives Participant, to the administrator or executor of Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence
satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer. 

10.    Escrow of Shares. 

(a)    All Shares of Restricted Stock will, upon execution of this Agreement, be delivered and deposited with an escrow
holder designated by the Company (the “Escrow Holder”), together with the Assignment Separate from Certificate (the “Stock Assignment”) duly endorsed in blank, attached hereto as Exhibit B-1. The Shares of Restricted Stock
and the Stock Assignment will be held by the Escrow Holder, pursuant to the Joint Escrow Instructions of the Company and Participant attached as Exhibit B-2 hereto. 

  
 22 

 (b)    The Escrow Holder shall not be liable for any act it may do or omit to
do with respect to holding the Shares of Restricted Stock in escrow and while acting in good faith and in the exercise of its judgment. 

(c)    Upon Participant’s termination as a Service Provider for any reason, the Escrow Holder, upon receipt of
written notice of such termination, will take all steps necessary to accomplish the transfer of the Unvested Shares of Restricted Stock to the Company. Participant hereby appoints the Escrow Holder with full power of substitution, as
Participant’s true and lawful attorney-in-fact with irrevocable power and authority in the name and on behalf of Participant to take any action and execute all
documents and instruments, including, without limitation, stock powers which may be necessary to transfer the certificate or certificates evidencing such Unvested Shares of Restricted Stock to the Company upon such termination. 

(d)    The Escrow Holder will take all steps necessary to accomplish the transfer of Shares of Restricted Stock to
Participant after they vest following Participant’s request that the Escrow Holder do so. 
 (e)    Subject to the
terms hereof, Participant shall have all the rights of a shareholder with respect to such Shares while they are held in escrow, including without limitation, the right to vote the Shares and receive any cash dividends declared thereon. 

(f)    In the event of any merger, reorganization, consolidation, recapitalization, separation, liquidation, stock
dividend, split-up, share combination, or other change in the corporate structure of the Company affecting the Common Stock, the Shares shall be increased, reduced or otherwise changed, and by virtue of any such change Participant shall in his or
her capacity as owner of the Unvested Shares of Restricted Stock that have been awarded to him or her be entitled to new or additional or different shares of stock, cash or securities (other than rights or warrants to purchase securities); such new
or additional or different shares, cash or securities shall thereupon be considered to be “Unvested Shares of Restricted Stock” and shall be subject to all of the conditions and restrictions which were applicable to the Unvested Shares of
Restricted Stock pursuant to this Agreement. If Participant receives rights or warrants with respect to any Unvested Shares of Restricted Stock, such rights or warrants may be held or exercised by Participant, provided that until such exercise any
such rights or warrants and after such exercise any shares or other securities acquired by the exercise of such rights or warrants shall be considered to be Unvested Shares of Restricted Stock and shall be subject to all of the conditions and
restrictions which were applicable to the Unvested Shares of Restricted Stock pursuant to this Agreement. The Administrator in its absolute discretion at any time may accelerate the vesting of all or any portion of such new or additional shares of
stock, cash or securities, rights or warrants to purchase securities or shares or other securities acquired by the exercise of such rights or warrants. 

  
 23 

 11.    Company’s Right of First Refusal. Subject to
Section 9, before any vested Shares held by Participant or any transferee (either being sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company
or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in this Section 11 (the “Right of First Refusal”). 

(a)    Notice of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the
“Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed purchaser or other transferee (“Proposed Transferee”); (iii) the number of
Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer the Shares (the “Offered Price”), and the Holder shall offer the Shares at the
Offered Price to the Company or its assignee(s). 
 (b)    Exercise of Right of First Refusal. At any time within
thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the
Proposed Transferees, at the purchase price determined in accordance with subsection (c) below. 

(c)    Purchase Price. The purchase price (“Right of First Refusal Price”) for the Shares purchased by
the Company or its assignee(s) under this Section 11 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board in good
faith. 
 (d)    Payment. Payment of the Right of First Refusal Price shall be made, at the option of the Company
or its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof within thirty
(30) days after receipt of the Notice or in the manner and at the times set forth in the Notice. 

(e)    Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given
Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 11, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price,
provided that such sale or other transfer is consummated within one hundred and twenty (120) days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that the
Proposed Transferee agrees in writing that the provisions of this Section 11 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee
within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred. 

(f)    Exception for Certain Family Transfers. Anything to the contrary contained in this Section 11
notwithstanding, the transfer of any or all of the Shares during Participant’s lifetime or on Participant’s death by will or intestacy to Participant’s immediate family or a trust for the benefit of Participant or Participant’s
immediate family shall be exempt from the provisions of this Section 11. “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the transferee or other
recipient shall receive and hold the Shares so transferred subject to the provisions of this Agreement, including but not limited to this Section 11 and Section 8, and there shall be no further transfer of such Shares except in accordance
with the terms of this Section 11. 

  
 24 

 (g)    Termination of Right of First Refusal. The Right of First
Refusal shall terminate as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly
traded. 
 12.    Restrictive Legends and Stop-Transfer Orders. 

(a)    Legends. Participant understands and agrees that the Company shall cause the legends set forth below or
legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE
THEREWITH. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER, A RIGHT OF FIRST REFUSAL AND
FORFEITURE RIGHTS IN FAVOR OF THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE RESTRICTED STOCK AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH
TRANSFER RESTRICTIONS, RIGHT OF FIRST REFUSAL AND FORFEITURE RIGHTS IN FAVOR OF THE ISSUER OR ITS ASSIGNEE(S) ARE BINDING ON TRANSFEREES OF THESE SHARES. 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE
UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD
WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER. 
 (b)    Stop-Transfer Notices. Participant
agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it
may make appropriate notations to the same effect in its own records. 

  
 25 

 (c)    Refusal to Transfer. The Company shall not be required
(i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any
purchaser or other transferee to whom such Shares shall have been so transferred. 
 13.    Address for Notices.
Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company at 1351 Harbor Bay Parkway, Alameda, CA 94502, or at such other address as the Company may hereafter designate in writing. 

Any notice to the Escrow Holder shall be sent to the Company’s address with a copy to the other party not sending the notice. 

14.    Electronic Delivery. The Company may, in its sole discretion, decide to deliver any documents related to the
Shares of Restricted Stock awarded under the Plan or future Restricted Stock that may be awarded under the Plan by electronic means or request Participant’s consent to participate in the Plan by electronic means. Participant hereby consents to
receive such documents by electronic delivery and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated by the Company. 

15.    No Waiver. Either party’s failure to enforce any provision or provisions of this Agreement shall not in
any way be construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other provision of this Agreement. The rights granted both parties herein are cumulative and shall not constitute a
waiver of either party’s right to assert all other legal remedies available to it under the circumstances. 

16.    Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple
assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon Participant and his or her heirs, executors,
administrators, successors and assigns. The rights and obligations of Participant under this Agreement may only be assigned with the prior written consent of the Company. 

17.    Interpretation. The Administrator will have the power to interpret the Plan and this Agreement and to adopt
such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of whether or not any Shares of Restricted Stock
have vested). All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. Neither the Administrator nor any person
acting on behalf of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Agreement. 

18.    Additional Documents. Participant agrees upon request to execute any further documents or instruments
necessary or desirable to carry out the purposes or intent of this Agreement. 
 19.    Governing Law;
Severability. This Agreement is governed by the internal substantive laws, but not the choice of law rules, of California. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable or void, this Agreement shall continue in full force and effect. 

  
 26 

 20.    Entire Agreement. The Plan is incorporated herein by reference.
The Plan and this Agreement (including the exhibits referenced herein) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and
Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant. 

Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and
hereby accepts this Agreement subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and
fully understands all provisions of this Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Agreement. Participant
further agrees to notify the Company upon any change in the residence address indicated below. 
  

					
	PARTICIPANT	 		 	PENUMBRA, INC.
			
	   
	 		 	   

	Signature	 		 	By
	   
	 		 	   

	Print Name	 		 	Print Name
	   
	 		 	   

		 		 	Title
	   
	 		 	  

	Residence Address	 		 	

  
 27 

 EXHIBIT A 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	 PARTICIPANT
	 	:	  	
			
	 COMPANY
	 	:	  	PENUMBRA, INC.
			
	 SECURITY
	 	:	  	COMMON STOCK
			
	 AMOUNT
	 	:	  	
			
	 DATE
	 	:	  	

 In connection with the purchase of the above-listed Securities, the undersigned Participant represents to the
Company the following: 
 (a)    Participant is aware of the Company’s business affairs and financial condition and
has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant’s own account only and not with a view to,
or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

(b)    Participant acknowledges and understands that the Securities constitute “restricted securities” under the
Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant’s investment intent as expressed herein.
In this connection, Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant’s representation was predicated solely upon a present intention to
hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one year or any other fixed period in the
future. Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges and
understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable state securities laws. 

(c)    Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the
Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions.
Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Restricted Stock Award to Participant, the exercise shall be exempt from registration under the Securities Act. In the event the Company becomes
subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities

  
 28 

 
exempt under Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates (1) the availability of
certain public information about the Company, (2) the amount of Securities being sold during any three (3) month period not exceeding specified limitations, (3) the resale being made in an unsolicited “broker’s
transaction”, transactions directly with a “market maker” or “riskless principal transactions” (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if
applicable. 
 In the event that the Company does not qualify under Rule 701 at the time of grant of the Restricted Stock Award, then
the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the resale to occur more than a
specified period after the purchase and full payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2),
(3) and (4) of the paragraph immediately above. 
 (d)    Participant further understands that in the event
all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact that
Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to
Rules 144 or 701 shall have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so
at their own risk. Participant understands that no assurances can be given that any such other registration exemption shall be available in such event. 
  

					
		 		 	PARTICIPANT
			
	  
	 		 	   

		 		 	Signature
			
	  
	 		 	   

		 		 	Print Name
			
	  
	 		 	   

		 		 	Date

  
 29 

 EXHIBIT B-1 

ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED I,
                                    , hereby sell, assign and
transfer unto Penumbra, Inc.                      shares of the Common Stock of Penumbra, Inc. standing in my name on the books of said
corporation represented by Certificate No.              herewith and do hereby irrevocably constitute and appoint
                                     to transfer the said
stock on the books of the within named corporation with full power of substitution in the premises. 
 This Stock Assignment may be used
only in accordance with the Restricted Stock Agreement between Penumbra, Inc. and the undersigned dated                     ,
             (the “Agreement”). 
  

					
	Dated:
                                ,       
 	 		 	Signature:                               
                                         
        

 INSTRUCTIONS: Please do not fill in any blanks other than the signature line. The purpose of this assignment is to
enable the Company to transfer the Unvested Shares of Restricted Stock to the Company upon Participant’s termination as a Service Provider, without requiring additional signatures on the part of Participant. 

  
 30 

 EXHIBIT B-2 

JOINT ESCROW INSTRUCTIONS 

                       
     ,              
 Corporate Secretary 

Penumbra, Inc. 
 1351 Harbor Bay Parkway 

Alameda, CA 94502 
 Dear
                    : 
 As
Escrow Agent for both Penumbra, Inc. (the “Company”), and the undersigned recipient of stock of the Company (the “Participant”), you are hereby authorized and directed to hold the documents delivered to you pursuant to the terms
of that certain Restricted Stock Agreement (the “Agreement”) between the Company and the undersigned, in accordance with the following instructions: 

1.    At the closing, you are directed (a) to date the stock assignments necessary for the transfer in question,
(b) to fill in the number of shares being transferred, and (c) to deliver the stock assignments, together with the certificate evidencing the shares of stock to be transferred, to the Company or its assignee. 

2.    Participant irrevocably authorizes the Company to deposit with you any certificates evidencing shares of stock to be
held by you hereunder and any additions and substitutions to said shares as defined in the Agreement. Participant does hereby irrevocably constitute and appoint you as Participant’s attorney-in-fact and agent for the term of this escrow to
execute with respect to such securities all documents necessary or appropriate to make such securities negotiable and to complete any transaction herein contemplated, including but not limited to the filing with any applicable state blue sky
authority of any required applications for consent to, or notice of transfer of, the securities. Subject to the provisions of this paragraph 2, Participant shall exercise all rights and privileges of a stockholder of the Company while the stock
is held by you. 
 3.    Upon written request of the Participant, but no more than once per calendar year, unless the
shares are forfeited, you shall deliver to Participant a certificate or certificates representing so many shares of stock that have vested. Within one hundred and twenty (120) days after cessation of Participant’s continuous employment by
or services to the Company, or any parent or subsidiary of the Company, you shall deliver to Participant a certificate or certificates representing the aggregate number of shares held or issued pursuant to the Agreement that have vested. Upon any
forfeiture of such shares, you shall deliver or electronically transfer such shares to the Company. 
 4.    If at the
time of termination of this escrow you should have in your possession any documents, securities, or other property belonging to Participant, you shall deliver all of the same to Participant and shall be discharged of all further obligations
hereunder. 

  
 31 

 5.    Your duties hereunder may be altered, amended, modified or revoked only
by a writing signed by all of the parties hereto. 
 6.    You shall be obligated only for the performance of such
duties as are specifically set forth herein and may rely and shall be protected in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties. You
shall not be personally liable for any act you may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for Participant while acting in good faith, and any act done or omitted by you pursuant to the advice of your own attorneys shall be
conclusive evidence of such good faith. 
 7.    You are hereby expressly authorized to disregard any and all warnings
given by any of the parties hereto or by any other person or corporation, excepting only orders or process of courts of law and are hereby expressly authorized to comply with and obey orders, judgments or decrees of any court. In case you obey or
comply with any such order, judgment or decree, you shall not be liable to any of the parties hereto or to any other person, firm or corporation by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently
reversed, modified, annulled, set aside, vacated or found to have been entered without jurisdiction. 
 8.    You shall
not be liable in any respect on account of the identity, authorities or rights of the parties executing or delivering or purporting to execute or deliver the Agreement or any documents or papers deposited or called for hereunder. 

9.    You shall not be liable for the outlawing of any rights under the Statute of Limitations with respect to these Joint
Escrow Instructions or any documents deposited with you. 
 10.    You shall be entitled to employ such legal counsel
and other experts as you may deem necessary properly to advise you in connection with your obligations hereunder, may rely upon the advice of such counsel, and may pay such counsel reasonable compensation therefor. 

11.    Your responsibilities as Escrow Agent hereunder shall terminate if you shall cease to be an officer or agent of the
Company or if you shall resign by written notice to each party. In the event of any such termination, the Company shall appoint a successor Escrow Agent. 

12.    If you reasonably require other or further instruments in connection with these Joint Escrow Instructions or
obligations in respect hereto, the necessary parties hereto shall join in furnishing such instruments. 
 13.    It is
understood and agreed that should any dispute arise with respect to the delivery and/or ownership or right of possession of the securities held by you hereunder, you are authorized and directed to retain in your possession without liability to
anyone all or any part of said securities until such disputes shall have been settled either by mutual written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal
has expired and no appeal has been perfected, but you shall be under no duty whatsoever to institute or defend any such proceedings. 

  
 32 

 14.    Any notice required or permitted hereunder shall be given in writing
and shall be deemed effectively given upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail with postage and fees prepaid, addressed to each of the other parties thereunto entitled at the following
addresses or at such other addresses as a party may designate by ten (10) days advance written notice to each of the other parties hereto. 

15.    By signing these Joint Escrow Instructions, you become a party hereto only for the purpose of said Joint Escrow
Instructions; you do not become a party to the Agreement. 
 16.    This instrument shall be binding upon and inure to
the benefit of the parties hereto, and their respective successors and permitted assigns. 
 17.    These Joint Escrow
Instructions shall be governed by the internal substantive laws, but not the choice of law rules, of California. 
  

					
	PARTICIPANT	 		 	PENUMBRA, INC.
			
	   
	 		 	   

	Signature	 		 	By
	   
	 		 	   

	Print Name	 		 	Print Name
	   
	 		 	   

		 		 	Title
	   
	 		 	  

	Residence Address	 		 	

  

					
	ESCROW AGENT	 		 	
			
	   
	 		 	  

	Corporate Secretary	 		 	
			
	Dated:
                                         
                                         
        	 		 	  

  
 33 

 EXHIBIT B-3 

ELECTION UNDER SECTION 83(b) 

OF THE INTERNAL REVENUE CODE OF 1986 
 The
undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer’s gross income or alternative minimum taxable income, as the case may be, for the current taxable year
the amount of any compensation taxable to taxpayer in connection with taxpayer’s receipt of the property described below. 
  

									
	1.    	  	The name, address, taxpayer identification number and taxable year of the undersigned are as follows:
					
		  	NAME:	  	 	  	SPOUSE:	  	 
					
		  	ADDRESS:	  	 	  		  	
					
		  		  	 	  		  	
				
		  	TAXPAYER IDENTIFICATION NO.:
                                        
	  		  	TAXABLE YEAR:
                                         
       

  

	2.	The property with respect to which the election is made is described as follows:              shares (the “Shares”) of the Common Stock of
Penumbra, Inc. (the “Company”). 

  

	3.	The date on which the property was transferred is:                    
,            . 

  

	4.	The property is subject to the following restrictions: 

 The Shares may not be transferred and
are subject to forfeiture under the terms of an agreement between the taxpayer and the Company. These restrictions lapse upon the satisfaction of certain conditions contained in such agreement. 

 

	5.	The Fair Market Value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms shall never lapse, of such property is:
$            . 

  

	6.	The amount (if any) paid for such property is: $            . 

The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned’s receipt of
the above-described property. The transferee of such property is the person performing the services in connection with the transfer of said property. 

The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner. 

 

					
	Dated:
                                ,
        	 		 	 
		 		 	Taxpayer

 The undersigned spouse of taxpayer joins in this election. 

 

					
	Dated:
                                ,
        	 		 	 
		 		 	Spouse of Taxpayer

  
 34 

 PENUMBRA, INC. 

2014 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT 

Unless otherwise defined herein, the terms defined in the 2014 Equity Incentive Plan (the “Plan”) shall have the same defined
meanings in this Stock Option Agreement (the “Option Agreement”). 
  

			
	I.    	  	NOTICE OF STOCK OPTION GRANT
		
		  	Name:
		
		  	Address:

 The undersigned Participant has been granted an Option to purchase Common Stock of the Company, subject to the
terms and conditions of the Plan and this Option Agreement, as follows: 
  

			
	Date of Grant:	 	 
		
	Vesting Commencement Date:	 	 
		
	Exercise Price per Share:	 	$
		
	Total Number of Shares Granted:	 	 
		
	Total Exercise Price:	 	$
		
	Type of Option:	 	             Incentive Stock Option
		
		 	             Nonstatutory Stock Option
		
	Term/Expiration Date:	 	 
		
	Vesting Schedule:	 	

 This Option shall be exercisable, in whole or in part, according to the following vesting schedule: 

[Twenty-five percent (25%) of the Shares subject to the Option shall vest on the one (1) year anniversary of the Vesting
Commencement Date, and one forty-eighth (1/48th) of the Shares subject to the Option shall vest each month thereafter on the same day of the month as the Vesting Commencement Date (and if
there is no corresponding day, on the last day of the month), subject to Participant continuing to be a Service Provider through each such date.] 

  
 35 

 In the event of a Change in Control, and subject to Participant continuing to be a Service
Provider through the date of such Change in Control, the Participant will fully vest in and have the right to exercise all of the Shares subject to this Option. The Administrator will notify the Participant in writing or electronically that this
Option will be exercisable for a period of time determined by the Administrator in its sole discretion, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of the Change in Control. 

Termination Period: 

This Option shall be exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is due
to Participant’s death or Disability, in which case this Option shall be exercisable for twelve (12) months after Participant ceases to be a Service Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised
after the Term/Expiration Date as provided above and this Option may be subject to earlier termination as provided in Section 13 of the Plan. 

II.    AGREEMENT 

1.    Grant of Option. The Administrator of the Company hereby grants to the Participant named in the Notice of
Stock Option Grant in Part I of this Agreement (“Participant”), an option (the “Option”) to purchase the number of Shares set forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of
Stock Option Grant (the “Exercise Price”), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 18 of the Plan, in the event of a conflict between the terms and conditions
of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail. 
 If designated in the Notice of Stock Option
Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule of Code
Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason this Option (or portion thereof) shall not qualify as an ISO, such as due to the stockholders of the Company not approving
the Plan within twelve (12) months after the date the Plan is adopted by the Board, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event shall the
Administrator, the Company or any Parent or Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO. 

2.    Exercise of Option. 

(a)    Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule
set out in the Notice of Stock Option Grant and with the applicable provisions of the Plan and this Option Agreement. 

(b)    Method of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached
as Exhibit A (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which shall state the election to exercise the Option, the number of Shares with respect to which the
Option is being exercised (the 

  
 36 

 
“Exercised Shares”), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price
as to all Exercised Shares, together with any applicable tax withholding. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any
applicable tax withholding. 
 No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise comply
with Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Option is exercised with respect to such Shares. 

3.    Participant’s Representations. In the event the Shares have not been registered under the Securities Act
of 1933, as amended (the “Securities Act”), at the time this Option is exercised, Participant shall, if required by the Company, concurrently with the exercise of all or any portion of this Option, deliver to the Company his or her
Investment Representation Statement in the form attached hereto as Exhibit B. 
 4.    Lock-Up
Period. Participant hereby agrees that Participant shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or
otherwise transfer or dispose of, directly or indirectly, any Common Stock (or other securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of any Common Stock (or other securities) of the Company held by Participant (other than those included in the registration) for a period specified by the representative of the underwriters of Common Stock (or other securities) of the
Company not to exceed one hundred and eighty (180) days following the effective date of any registration statement of the Company filed under the Securities Act (or such other period as may be requested by the Company or the underwriters to
accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or
NYSE Rule 472(f)(4), or any successor provisions or amendments thereto). 
 Participant agrees to execute and deliver such other
agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the
underwriters of Common Stock (or other securities) of the Company, Participant shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of
any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 4 shall not apply to a registration relating solely to employee benefit plans on
Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the future. The Company may impose
stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said one hundred and eighty (180) day (or other) period. Participant agrees that any transferee of
the Option or shares acquired pursuant to the Option shall be bound by this Section 4. 

  
 37 

 5.    Method of Payment. Payment of the aggregate Exercise Price shall
be by any of the following, or a combination thereof, at the election of the Participant: 
 (a)    cash; 

(b)    check; 

(c)    consideration received by the Company under a formal cashless exercise program adopted by the Company in connection
with the Plan; or 
 (d)    surrender of other Shares which (i) shall be valued at its Fair Market Value on the
date of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences to
the Company. 
 6.    Restrictions on Exercise. This Option may not be exercised if the issuance of such Shares
upon such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Law. 

7.    Non-Transferability of Option. 

(a)    This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Participant. 

(b)    Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, or after the Administrator determines that it is, will, or may no longer be relying upon the exemption from registration of Options under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the
“Reliance End Date”), Participant shall not transfer this Option or, prior to exercise, the Shares subject to this Option, in any manner other than (i) to persons who are “family members” (as defined in Rule 701(c)(3) of the
Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of Participant upon the death or disability of Participant. Until the Reliance End Date, the Options and, prior to exercise, the Shares subject to
this Option, may not be pledged, hypothecated or otherwise transferred or disposed of, including by entering into any short position, any “put equivalent position” or any “call equivalent position” (as defined in Rule 16a-1(h)
and Rule 16a-1(b) of the Exchange Act, respectively), other than as permitted in clauses (i) and (ii) of this paragraph. 

8.    Term of Option. This Option may be exercised only within the term set out in the Notice of Stock Option
Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement. 

  
 38 

 9.    Tax Obligations. 

(a)    Tax Withholding. Participant agrees to make appropriate arrangements with the Company (or the Parent or
Subsidiary employing or retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements applicable to the Option exercise. Participant acknowledges and agrees that the Company
may refuse to honor the exercise and refuse to deliver the Shares if such withholding amounts are not delivered at the time of exercise. 

(b)    Notice of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO,
and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of Grant, or (ii) the date one (1) year after the date of
exercise, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant. 

(c)    Code Section 409A. Under Code Section 409A, an Option that vests after December 31, 2004 (or
that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair
Market Value of a Share on the date of grant (a “discount option”) may be considered “deferred compensation.” An Option that is a “discount option” may result in (i) income recognition by Participant prior to the
exercise of the Option, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The “discount option” may also result in additional state income, penalty and interest tax
to the Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share on the date of grant in a later
examination. Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant shall be solely responsible for
Participant’s costs related to such a determination. 
 10.    Entire Agreement; Governing Law. The Plan is
incorporated herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and
Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant. This Option Agreement is governed by the internal
substantive laws but not the choice of law rules of California. 
 11.    No Guarantee of Continued Service.
PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND
NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT
CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR
SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

  
 39 

 Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar
with the terms and provisions thereof, and hereby accepts this Option subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Option in their entirety, has had an opportunity to obtain the advice of counsel
prior to executing this Option and fully understands all provisions of the Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan
or this Option. Participant further agrees to notify the Company upon any change in the residence address indicated below. 
  

					
	PARTICIPANT	 		 	PENUMBRA, INC.
			
	   
	 		 	   

	Signature	 		 	By
	   
	 		 	   

	Print Name	 		 	Print Name
	   
	 		 	   

		 		 	Title
	   
	 		 	  

	Residence Address	 		 	

  
 40 

 EXHIBIT A 

2014 EQUITY INCENTIVE PLAN 

EXERCISE NOTICE 
 Penumbra, Inc. 

1351 Harbor Bay Parkway 
 Alameda, CA 94502 

Attention: Treasurer 

1.    Exercise of Option. Effective as of today,
                    ,             , the undersigned
(“Participant”) hereby elects to exercise Participant’s option (the “Option”) to purchase              shares of the Common Stock (the “Shares”) of
Penumbra, Inc. (the “Company”) under and pursuant to the 2014 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement dated
                    ,              (the “Option Agreement”). 

2.    Delivery of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as
set forth in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option. 

3.    Representations of Participant. Participant acknowledges that Participant has received, read and understood
the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 
 4.    Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a
stockholder shall exist with respect to the Common Stock subject to an Award, notwithstanding the exercise of the Option. The Shares shall be issued to Participant as soon as practicable after the Option is exercised in accordance with the Option
Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 13 of the Plan. 

5.    Company’s Right of First Refusal. Before any Shares held by Participant or any transferee (either being
sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and
conditions set forth in this Section 5 (the “Right of First Refusal”). 
 (a)    Notice of Proposed
Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed
purchaser or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer
the Shares (the “Offered Price”), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s). 

  
 41 

 (b)    Exercise of Right of First Refusal. At any time within
thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the
Proposed Transferees, at the purchase price determined in accordance with subsection (c) below. 

(c)    Purchase Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or
its assignee(s) under this Section 5 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company
in good faith. 
 (d)    Payment. Payment of the Purchase Price shall be made, at the option of the Company or
its assignee(s), in cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof within
thirty (30) days after receipt of the Notice or in the manner and at the times set forth in the Notice. 

(e)    Holder’s Right to Transfer. If all of the Shares proposed in the Notice to be transferred to a given
Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 5, then the Holder may sell or otherwise transfer such Shares to that Proposed Transferee at the Offered Price or at a higher price,
provided that such sale or other transfer is consummated within one hundred and twenty (120) days after the date of the Notice, that any such sale or other transfer is effected in accordance with any applicable securities laws and that
the Proposed Transferee agrees in writing that the provisions of this Section 5 shall continue to apply to the Shares in the hands of such Proposed Transferee. If the Shares described in the Notice are not transferred to the Proposed Transferee
within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be sold or otherwise transferred. 

(f)    Exception for Certain Family Transfers. Anything to the contrary contained in this Section 5
notwithstanding, the transfer of any or all of the Shares during the Participant’s lifetime or on the Participant’s death by will or intestacy to the Participant’s immediate family or a trust for the benefit of the Participant or the
Participant’s immediate family shall be exempt from the provisions of this Section 5. “Immediate Family” as used herein shall mean spouse, lineal descendant or antecedent, father, mother, brother or sister. In such case, the
transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 5, and there shall be no further transfer of such Shares except in accordance with the terms of this Section 5. 

(g)    Termination of Right of First Refusal. The Right of First Refusal shall terminate as to any Shares upon the
earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly traded. 

  
 42 

 6.    Tax Consultation. Participant understands that Participant may
suffer adverse tax consequences as a result of Participant’s purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or
disposition of the Shares and that Participant is not relying on the Company for any tax advice. 
 7.    Restrictive
Legends and Stop-Transfer Orders. 
 (a)    Legends. Participant understands and agrees that the Company
shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal
securities laws: 
 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY
NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS
IN COMPLIANCE THEREWITH. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST
REFUSAL HELD BY THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT
OF FIRST REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
TRANSFER FOR A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE
DISPOSED OF BY THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER. 

(b)    Stop-Transfer Notices. Participant agrees that, in order to ensure compliance with the restrictions referred
to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

 (c)    Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares
that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom
such Shares shall have been so transferred. 

  
 43 

 8.    Successors and Assigns. The Company may assign any of its rights
under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be
binding upon Participant and his or her heirs, executors, administrators, successors and assigns. 

9.    Interpretation. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by
Participant or by the Company forthwith to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator shall be final and binding on all parties. 

10.    Governing Law; Severability. This Exercise Notice is governed by the internal substantive laws, but not the
choice of law rules, of California. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice shall continue in full force and effect. 

11.    Entire Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice,
the Plan, the Option Agreement and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company
and Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant. 

 

					
	 Submitted by:
 PARTICIPANT
	 		 	 Accepted by:
 PENUMBRA, INC.

			
	   
	 		 	   

	Signature	 		 	By
	   
	 		 	   

	Print Name	 		 	Print Name
	  
	 		 	   

		 		 	Title

  

					
	Address:	 		 	Address:
	   
	 		 	   

	   
	 		 	   

	  
	 		 	   

		 		 	Date Received

  
 44 

 EXHIBIT B 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	 PARTICIPANT
	 	:	  	
			
	 COMPANY
	 	:	  	PENUMBRA, INC.
			
	 SECURITY
	 	:	  	COMMON STOCK
			
	 AMOUNT
	 	:	  	
			
	 DATE
	 	:	  	

 In connection with the purchase of the above-listed Securities, the undersigned Participant represents to the
Company the following: 
 (a)    Participant is aware of the Company’s business affairs and financial condition and
has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant’s own account only and not with a view to,
or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

(b)    Participant acknowledges and understands that the Securities constitute “restricted securities” under the
Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant’s investment intent as expressed herein.
In this connection, Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant’s representation was predicated solely upon a present intention to
hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one (1) year or any other fixed period
in the future. Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges and
understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable state securities laws. 

(c)    Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the
Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions.
Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to Participant, the exercise shall be exempt from registration under the Securities Act. In the event the Company becomes subject to the
reporting requirements 

  
 45 

 
of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt
under Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company, (2) the
amount of Securities being sold during any three (3) month period not exceeding specified limitations, (3) the resale being made in an unsolicited “broker’s transaction”, transactions directly with a “market maker”
or “riskless principal transactions” (as those terms are defined under the Securities Exchange Act of 1934) and (4) the timely filing of a Form 144, if applicable. 

In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then the Securities may be resold in
certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the Company; (ii) the resale to occur more than a specified period after the purchase and
full payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction of the conditions set forth in sections (2), (3) and (4) of the paragraph
immediately above. 
 (d)    Participant further understands that in the event all of the applicable requirements of
Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive,
the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a
substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant
understands that no assurances can be given that any such other registration exemption shall be available in such event. 
  

					
		 		 	PARTICIPANT
	  
	 		 	   

		 		 	Signature
	  
	 		 	   

		 		 	Print Name
	  
	 		 	   

		 		 	Date

  
 46 

 PENUMBRA, INC. 

2014 EQUITY INCENTIVE PLAN 

STOCK OPTION AGREEMENT — EARLY EXERCISE 

Unless otherwise defined herein, the terms defined in the 2014 Equity Incentive Plan (the “Plan”) shall have the same defined
meanings in this Stock Option Agreement – Early Exercise (the “Option Agreement”). 
  

			
	I.    	  	NOTICE OF STOCK OPTION GRANT
		
		  	Name:
		
		  	Address:

 The undersigned Participant has been granted an Option to purchase Common Stock of the Company, subject to the
terms and conditions of the Plan and this Option Agreement, as follows: 
  

			
	Date of Grant:	 	 
		
	Vesting Commencement Date:	 	 
		
	Exercise Price per Share:	 	$
		
	Total Number of Shares Granted:	 	 
		
	Total Exercise Price:	 	$
		
	Type of Option:	 	             Incentive Stock Option
		
		 	             Nonstatutory Stock Option
		
	Term/Expiration Date:	 	 
		
	Vesting Schedule:	 	

 This Option shall be exercisable, in whole or in part, according to the following vesting schedule: 

[Twenty-five percent (25%) of the Shares subject to the Option shall vest on the one (1) year anniversary of the Vesting
Commencement Date, and one forty-eighth (1/48th) of the Shares subject to the Option shall vest each month thereafter on the same day of the month as the Vesting Commencement Date (and if
there is no corresponding day, on the last day of the month), subject to Participant continuing to be a Service Provider through each such date.] 

  
 47 

 In the event of a Change in Control, and subject to Participant continuing to be a Service
Provider through the date of such Change in Control, the Participant will fully vest in and have the right to exercise all of the Shares subject to this Option. The Administrator will notify the Participant in writing or electronically that this
Option will be exercisable for a period of time determined by the Administrator in its sole discretion, and, to the extent the Administrator determines, terminate upon or immediately prior to the effectiveness of the Change in Control. 

Termination Period: 

This Option shall be exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is due
to Participant’s death or Disability, in which case this Option shall be exercisable for twelve (12) months after Participant ceases to be a Service Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised
after the Term/Expiration Date as provided above and this Option may be subject to earlier termination as provided in Section 13 of the Plan. 

II.    AGREEMENT 

1.    Grant of Option. The Administrator of the Company hereby grants to the Participant named in the Notice of
Stock Option Grant in Part I of this Agreement (“Participant”), an option (the “Option”) to purchase the number of Shares set forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of
Stock Option Grant (the “Exercise Price”), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. Subject to Section 18 of the Plan, in the event of a conflict between the terms and conditions
of the Plan and this Option Agreement, the terms and conditions of the Plan shall prevail. 
 If designated in the Notice of Stock Option
Grant as an Incentive Stock Option (“ISO”), this Option is intended to qualify as an Incentive Stock Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the $100,000 rule of Code
Section 422(d), this Option shall be treated as a Nonstatutory Stock Option (“NSO”). Further, if for any reason this Option (or portion thereof) shall not qualify as an ISO, such as due to the stockholders of the Company not approving
the Plan within twelve (12) months after the date the Plan is adopted by the Board, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. In no event shall the
Administrator, the Company or any Parent or Subsidiary or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO. 

2.    Exercise of Option. This Option shall be exercisable during its term in accordance with the provisions of
Section 6 of the Plan as follows: 
 (a)    Right to Exercise. 

(i)    Subject to subsections 2(a)(ii) and 2(a)(iii) below, this Option shall be exercisable cumulatively according
to the vesting schedule set forth in the Notice of Stock Option Grant. Alternatively, at the election of Participant, this Option may be exercised in whole or in part at any time as to Shares that have not yet vested. Vested Shares shall not be
subject to the Company’s repurchase right (as set forth in the Restricted Stock Purchase Agreement, attached hereto as Exhibit C-1). 

  
 48 

 (ii)    As a condition to exercising this Option for unvested Shares,
Participant shall execute the Restricted Stock Purchase Agreement. 
 (iii)    This Option may not be exercised for a
fraction of a Share. 
 (b)    Method of Exercise. This Option shall be exercisable by delivery of an exercise
notice in the form attached as Exhibit A (the “Exercise Notice”) or in a manner and pursuant to such procedures as the Administrator may determine, which shall state the election to exercise the Option, the number of Shares with
respect to which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price
as to all Exercised Shares, together with any applicable tax withholding. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any
applicable tax withholding. 
 No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise comply
with Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Option is exercised with respect to such Shares. 

3.    Participant’s Representations. In the event the Shares have not been registered under the Securities Act
of 1933, as amended (the “Securities Act”), at the time this Option is exercised, Participant shall, if required by the Company, concurrently with the exercise of all or any portion of this Option, deliver to the Company his or her
Investment Representation Statement in the form attached hereto as Exhibit B. 
 4.    Lock-Up
Period. Participant hereby agrees that Participant shall not offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or
otherwise transfer or dispose of, directly or indirectly, any Common Stock (or other securities) of the Company or enter into any swap, hedging or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of any Common Stock (or other securities) of the Company held by Participant (other than those included in the registration) for a period specified by the representative of the underwriters of Common Stock (or other securities) of the
Company not to exceed one hundred and eighty (180) days following the effective date of any registration statement of the Company filed under the Securities Act (or such other period as may be requested by the Company or the underwriters to
accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited to, the restrictions contained in NASD Rule 2711(f)(4) or
NYSE Rule 472(f)(4), or any successor provisions or amendments thereto). 
 Participant agrees to execute and deliver such other
agreements as may be reasonably requested by the Company or the underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. In addition, if requested by the Company or the representative of the
underwriters of Common Stock (or other securities) of the Company, Participant shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative in connection with the completion of
any public offering of 

  
 49 

 
the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in this Section 4 shall not apply to a registration relating
solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely to a Commission Rule 145 transaction on Form S-4 or similar forms that may be promulgated in the
future. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of said one hundred and eighty (180) day (or other) period.
Participant agrees that any transferee of the Option or shares acquired pursuant to the Option shall be bound by this Section 4. 

5.    Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination
thereof, at the election of the Participant: 
 (a)    cash; 

(b)    check; 

(c)    consideration received by the Company under a formal cashless exercise program adopted by the Company in connection
with the Plan; or 
 (d)    surrender of other Shares which (i) shall be valued at its Fair Market Value on the date
of exercise, and (ii) must be owned free and clear of any liens, claims, encumbrances or security interests, if accepting such Shares, in the sole discretion of the Administrator, shall not result in any adverse accounting consequences to the
Company. 
 6.    Restrictions on Exercise. This Option may not be exercised if the issuance of such Shares upon
such exercise or the method of payment of consideration for such shares would constitute a violation of any Applicable Law. 

7.    Non-Transferability of Option. 

(a)    This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Participant only by Participant. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Participant. 

(b)    Further, until the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the
Exchange Act, or after the Administrator determines that it is, will, or may no longer be relying upon the exemption from registration of Options under the Exchange Act as set forth in Rule 12h-1(f) promulgated under the Exchange Act (the
“Reliance End Date”), Participant shall not transfer this Option or, prior to exercise, the Shares subject to this Option, in any manner other than (i) to persons who are “family members” (as defined in Rule 701(c)(3) of the
Securities Act) through gifts or domestic relations orders, or (ii) to an executor or guardian of Participant upon the death or disability of Participant. Until the Reliance End Date, the Options and, prior to exercise, the Shares subject to
this Option, may not be pledged, hypothecated or otherwise transferred or disposed of, including by entering into any short position, any “put equivalent position” or any “call equivalent position” (as defined in Rule 16a-1(h)
and Rule 16a-1(b) of the Exchange Act, respectively), other than as permitted in clauses (i) and (ii) of this paragraph. 

  
 50 

 8.    Term of Option. This Option may be exercised only within the
term set out in the Notice of Stock Option Grant, and may be exercised during such term only in accordance with the Plan and the terms of this Option Agreement. 

9.    Tax Obligations. 

(a)    Tax Withholding. Participant agrees to make appropriate arrangements with the Company (or the Parent or
Subsidiary employing or retaining Participant) for the satisfaction of all Federal, state, local and foreign income and employment tax withholding requirements applicable to the Option exercise. Participant acknowledges and agrees that the Company
may refuse to honor the exercise and refuse to deliver the Shares if such withholding amounts are not delivered at the time of exercise. 

(b)    Notice of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO,
and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Date of Grant, or (ii) the date one (1) year after the date of
exercise, Participant shall immediately notify the Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation income recognized by Participant. 

(c)    Code Section 409A. Under Code Section 409A, an Option that vests after December 31, 2004 (or
that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with a per Share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less than the Fair
Market Value of a Share on the date of grant (a “discount option”) may be considered “deferred compensation.” An Option that is a “discount option” may result in (i) income recognition by Participant prior to the
exercise of the Option, (ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The “discount option” may also result in additional state income, penalty and interest tax
to the Participant. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair Market Value of a Share on the date of grant in a later
examination. Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant shall be solely responsible for
Participant’s costs related to such a determination. 
 10.    Entire Agreement; Governing Law. The Plan is
incorporated herein by reference. The Plan and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and
Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant. This Option Agreement is governed by the internal
substantive laws but not the choice of law rules of California. 
 11.    No Guarantee of Continued Service.
PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING

  
 51 

 
PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH
PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 

Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof, and
hereby accepts this Option subject to all of the terms and provisions thereof. Participant has reviewed the Plan and this Option in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully
understands all provisions of the Option. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Option. Participant further agrees
to notify the Company upon any change in the residence address indicated below. 
  

					
	PARTICIPANT	 		 	PENUMBRA, INC.
			
	   
	 		 	   

	Signature	 		 	By
	   
	 		 	   

	Print Name	 		 	Print Name
	   
	 		 	   

		 		 	Title
	   
	 		 	  

	Residence Address	 		 	

  
 52 

 EXHIBIT A 

2014 EQUITY INCENTIVE PLAN 

EXERCISE NOTICE 
 Penumbra, Inc. 

1351 Harbor Bay Parkway 
 Alameda, CA 94502 

Attention: Treasurer 

1.    Exercise of Option. Effective as of today,
                    ,             , the undersigned
(“Participant”) hereby elects to exercise Participant’s option (the “Option”) to purchase              shares of the Common Stock (the “Shares”) of
Penumbra, Inc. (the “Company”) under and pursuant to the 2014 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement – Early Exercise dated
                    ,              (the “Option Agreement”). 

2.    Delivery of Payment. Participant herewith delivers to the Company the full purchase price of the Shares, as
set forth in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option. 

3.    Representations of Participant. Participant acknowledges that Participant has received, read and understood
the Plan and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 
 4.    Rights
as Stockholder. Until the issuance of the Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a
stockholder shall exist with respect to the Common Stock subject to an Award, notwithstanding the exercise of the Option. The Shares shall be issued to Participant as soon as practicable after the Option is exercised in accordance with the Option
Agreement. No adjustment shall be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in Section 13 of the Plan. 

5.    Company’s Right of First Refusal. Before any Shares held by Participant or any transferee (either being
sometimes referred to herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and
conditions set forth in this Section 5 (the “Right of First Refusal”). 
 (a)    Notice of Proposed
Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”) stating: (i) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (ii) the name of each proposed
purchaser or other transferee (“Proposed Transferee”); (iii) the number of Shares to be transferred to each Proposed Transferee; and (iv) the bona fide cash price or other consideration for which the Holder proposes to transfer
the Shares (the “Offered Price”), and the Holder shall offer the Shares at the Offered Price to the Company or its assignee(s). 

  
 53 

 (b)    Exercise of Right of First Refusal. At any time within thirty
(30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed
Transferees, at the purchase price determined in accordance with subsection (c) below. 
 (c)    Purchase
Price. The purchase price (“Purchase Price”) for the Shares purchased by the Company or its assignee(s) under this Section 5 shall be the Offered Price. If the Offered Price includes consideration other than cash, the cash
equivalent value of the non-cash consideration shall be determined by the Board of Directors of the Company in good faith. 

(d)    Payment. Payment of the Purchase Price shall be made, at the option of the Company or its assignee(s), in
cash (by check), by cancellation of all or a portion of any outstanding indebtedness of the Holder to the Company (or, in the case of repurchase by an assignee, to the assignee), or by any combination thereof within thirty (30) days after
receipt of the Notice or in the manner and at the times set forth in the Notice. 
 (e)    Holder’s Right to
Transfer. If all of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 5, then the Holder may sell or otherwise transfer
such Shares to that Proposed Transferee at the Offered Price or at a higher price, provided that such sale or other transfer is consummated within one hundred and twenty (120) days after the date of the Notice, that any such sale or other
transfer is effected in accordance with any applicable securities laws and that the Proposed Transferee agrees in writing that the provisions of this Section 5 shall continue to apply to the Shares in the hands of such Proposed Transferee. If
the Shares described in the Notice are not transferred to the Proposed Transferee within such period, a new Notice shall be given to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any
Shares held by the Holder may be sold or otherwise transferred. 
 (f)    Exception for Certain Family Transfers.
Anything to the contrary contained in this Section 5 notwithstanding, the transfer of any or all of the Shares during the Participant’s lifetime or on the Participant’s death by will or intestacy to the Participant’s immediate
family or a trust for the benefit of the Participant or the Participant’s immediate family shall be exempt from the provisions of this Section 5. “Immediate Family” as used herein shall mean spouse, lineal descendant or
antecedent, father, mother, brother or sister. In such case, the transferee or other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 5, and there shall be no further transfer of such Shares
except in accordance with the terms of this Section 5. 
 (g)    Termination of Right of First Refusal. The
Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that
are publicly traded. 
 6.    Tax Consultation. Participant understands that Participant may suffer adverse tax
consequences as a result of Participant’s purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the
Shares and that Participant is not relying on the Company for any tax advice. 

  
 54 

 7.    Restrictive Legends and Stop-Transfer Orders. 

(a)    Legends. Participant understands and agrees that the Company shall cause the legends set forth below or
legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or federal securities laws: 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE
THEREWITH. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY
THE ISSUER OR ITS ASSIGNEE(S) AS SET FORTH IN THE EXERCISE NOTICE BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST
REFUSAL ARE BINDING ON TRANSFEREES OF THESE SHARES. 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER FOR
A PERIOD OF TIME FOLLOWING THE EFFECTIVE DATE OF THE UNDERWRITTEN PUBLIC OFFERING OF THE COMPANY’S SECURITIES SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES AND MAY NOT BE SOLD OR OTHERWISE DISPOSED OF BY
THE HOLDER PRIOR TO THE EXPIRATION OF SUCH PERIOD WITHOUT THE CONSENT OF THE COMPANY OR THE MANAGING UNDERWRITER. 

(b)    Stop-Transfer Notices. Participant agrees that, in order to ensure compliance with the restrictions referred
to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

 (c)    Refusal to Transfer. The Company shall not be required (i) to transfer on its books any Shares
that have been sold or otherwise transferred in violation of any of the provisions of this Exercise Notice or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom
such Shares shall have been so transferred. 

  
 55 

 8.    Successors and Assigns. The Company may assign any of its rights
under this Exercise Notice to single or multiple assignees, and this Exercise Notice shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Exercise Notice shall be
binding upon Participant and his or her heirs, executors, administrators, successors and assigns. 

9.    Interpretation. Any dispute regarding the interpretation of this Exercise Notice shall be submitted by
Participant or by the Company forthwith to the Administrator, which shall review such dispute at its next regular meeting. The resolution of such a dispute by the Administrator shall be final and binding on all parties. 

10.    Governing Law; Severability. This Exercise Notice is governed by the internal substantive laws, but not the
choice of law rules, of California. In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Exercise Notice shall continue in full force and effect. 

11.    Entire Agreement. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice,
the Plan, the Restricted Stock Purchase Agreement, the Option Agreement and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant. 

 

					
	 Submitted by:
 PARTICIPANT
	 		 	 Accepted by:
 PENUMBRA, INC.

			
	   
	 		 	   

	Signature	 		 	By
	   
	 		 	   

	Print Name	 		 	Print Name
	  
	 		 	   

		 		 	Title

  

					
	Address:	 		 	Address:
	   
	 		 	   

	   
	 		 	   

	  
	 		 	   

		 		 	Date Received

  
 56 

 EXHIBIT B 

INVESTMENT REPRESENTATION STATEMENT 
  

					
	 PARTICIPANT
	 	:	  	
			
	 COMPANY
	 	:	  	PENUMBRA, INC.
			
	 SECURITY
	 	:	  	COMMON STOCK
			
	 AMOUNT
	 	:	  	
			
	 DATE
	 	:	  	

 In connection with the purchase of the above-listed Securities, the undersigned Participant represents to the Company the
following: 
 (a)    Participant is aware of the Company’s business affairs and financial condition and has
acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities. Participant is acquiring these Securities for investment for Participant’s own account only and not with a view to, or
for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”). 

(b)    Participant acknowledges and understands that the Securities constitute “restricted securities” under the
Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of Participant’s investment intent as expressed herein.
In this connection, Participant understands that, in the view of the Securities and Exchange Commission, the statutory basis for such exemption may be unavailable if Participant’s representation was predicated solely upon a present intention to
hold these Securities for the minimum capital gains period specified under tax statutes, for a deferred sale, for or until an increase or decrease in the market price of the Securities, or for a period of one (1) year or any other fixed period
in the future. Participant further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Participant further acknowledges and
understands that the Company is under no obligation to register the Securities. Participant understands that the certificate evidencing the Securities shall be imprinted with any legend required under applicable state securities laws. 

(c)    Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the
Securities Act, which, in substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions.
Rule 701 provides that if the issuer qualifies under Rule 701 at the time of the grant of the Option to Participant, the exercise shall be exempt from registration under the Securities Act. In the event the Company becomes subject to the
reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, ninety (90) days thereafter (or such 

  
 57 

 
longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of the applicable conditions specified by
Rule 144, including in the case of affiliates (1) the availability of certain public information about the Company, (2) the amount of Securities being sold during any three (3) month period not exceeding specified limitations,
(3) the resale being made in an unsolicited “broker’s transaction”, transactions directly with a “market maker” or “riskless principal transactions” (as those terms are defined under the Securities Exchange
Act of 1934) and (4) the timely filing of a Form 144, if applicable. 
 In the event that the Company does not qualify under
Rule 701 at the time of grant of the Option, then the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which may require (i) the availability of current public information about the
Company; (ii) the resale to occur more than a specified period after the purchase and full payment (within the meaning of Rule 144) for the Securities; and (iii) in the case of the sale of Securities by an affiliate, the satisfaction
of the conditions set forth in sections (2), (3) and (4) of the paragraph immediately above. 

(d)    Participant further understands that in the event all of the applicable requirements of Rule 701 or 144 are
not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption shall be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and
Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 shall have a substantial burden of proof in establishing
that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Participant understands that no assurances can be given that
any such other registration exemption shall be available in such event. 
  

					
		 		 	PARTICIPANT
	  
	 		 	   

		 		 	Signature
	  
	 		 	   

		 		 	Print Name
	  
	 		 	   

		 		 	Date

  
 58 

 EXHIBIT C-1 

PENUMBRA, INC. 
 2014
EQUITY INCENTIVE PLAN 
 RESTRICTED STOCK PURCHASE AGREEMENT 

THIS RESTRICTED STOCK PURCHASE AGREEMENT (the “Agreement”) is made between
                     (the “Purchaser”) and Penumbra, Inc. (the “Company”) or its assignees of rights hereunder as of
                    ,             . 

Unless otherwise defined herein, the terms defined in the 2014 Equity Incentive Plan shall have the same defined meanings in this Agreement.

 RECITALS 

A.    Pursuant to the exercise of the option (grant number
            ) granted to Purchaser under the Plan and pursuant to the Stock Option Agreement – Early Exercise (the “Option Agreement”) dated
                    ,             by and between the Company and Purchaser
with respect to such grant (the “Option”), which Plan and Option Agreement are hereby incorporated by reference, Purchaser has elected to purchase              of those
shares of Common Stock which have not become vested under the vesting schedule set forth in the Option Agreement (“Unvested Shares”). The Unvested Shares and the shares subject to the Option Agreement, which have become vested are
sometimes collectively referred to herein as the “Shares.” 
 B.    As required by the Option Agreement, as a
condition to Purchaser’s election to exercise the option, Purchaser must execute this Agreement, which sets forth the rights and obligations of the parties with respect to Shares acquired upon exercise of the Option. 

1.    Repurchase Option. 

(a)    If Purchaser’s status as a Service Provider is terminated for any reason, including for death and Disability,
the Company shall have the right and option for ninety (90) days from such date to purchase from Purchaser, or Purchaser’s personal representative, as the case may be, all of the Purchaser’s Unvested Shares as of the date of such
termination at the price paid by the Purchaser for such Shares (the “Repurchase Option”). 
 (b)    Upon the
occurrence of such termination, the Company may exercise its Repurchase Option by delivering personally or by registered mail, to Purchaser (or his or her transferee or legal representative, as the case may be) with a copy to the escrow agent
described in Section 2 below, a notice in writing indicating the Company’s intention to exercise the Repurchase Option AND, at the Company’s option, (i) by delivering to the Purchaser (or the Purchaser’s transferee or legal
representative) a check in the amount of the aggregate repurchase price, or (ii) by the Company canceling an amount of the Purchaser’s indebtedness to the Company equal to the aggregate repurchase price, or (iii) by a combination of
(i) and (ii) so that the combined payment and 

  
 59 

 
cancellation of indebtedness equals such aggregate repurchase price. Upon delivery of such notice and payment of the aggregate repurchase price in any of the ways described above, the Company
shall become the legal and beneficial owner of the Unvested Shares being repurchased and the rights and interests therein or relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Unvested Shares
being repurchased by the Company. 
 (c)    Whenever the Company shall have the right to repurchase Unvested Shares
hereunder, the Company may designate and assign one or more employees, officers, directors or stockholders of the Company or other persons or organizations to exercise all or a part of the Company’s Repurchase Option under this Agreement and
purchase all or a part of such Unvested Shares. 
 (d)    If the Company does not elect to exercise the Repurchase
Option conferred above by giving the requisite notice within ninety (90) days following the termination, the Repurchase Option shall terminate. 

(e)    The Repurchase Option shall terminate in accordance with the vesting schedule contained in Purchaser’s Option
Agreement. 
 2.    Transferability of the Shares; Escrow. 

(a)    Purchaser hereby authorizes and directs the Secretary of the Company, or such other person designated by the
Company, to transfer the Unvested Shares as to which the Repurchase Option has been exercised from Purchaser to the Company. 

(b)    To insure the availability for delivery of Purchaser’s Unvested Shares upon repurchase by the Company pursuant
to the Repurchase Option under Section 1, Purchaser hereby appoints the Secretary, or any other person designated by the Company as escrow agent (the “Escrow Agent”), as its attorney-in-fact to sell, assign and transfer unto the
Company, such Unvested Shares, if any, repurchased by the Company pursuant to the Repurchase Option and shall, upon execution of this Agreement, deliver and deposit with the Escrow Agent, the share certificates representing the Unvested Shares,
together with the stock assignment duly endorsed in blank, attached hereto as Exhibit C-2. The Unvested Shares and stock assignment shall be held by the Escrow Agent in escrow, pursuant to the Joint Escrow Instructions of the Company and
Purchaser attached as Exhibit C-3 hereto, until the Company exercises its Repurchase Option, until such Unvested Shares are vested, or until such time as this Agreement no longer is in effect. Upon vesting of the Unvested Shares, the Escrow
Agent shall promptly deliver to the Purchaser the certificate or certificates representing such Shares in the Escrow Agent’s possession belonging to the Purchaser, and the Escrow Agent shall be discharged of all further obligations hereunder;
provided, however, that the Escrow Agent shall nevertheless retain such certificate or certificates as Escrow Agent if so required pursuant to other restrictions imposed pursuant to this Agreement. 

(c)    Neither the Company nor the Escrow Agent shall be liable for any act it may do or omit to do with respect to
holding the Shares in escrow and while acting in good faith and in the exercise of its judgment. 

  
 60 

 (d)    Transfer or sale of the Shares is subject to restrictions on transfer
imposed by any applicable state and federal securities laws. Any transferee shall hold such Shares subject to all the provisions hereof and the Exercise Notice executed by the Purchaser with respect to any Unvested Shares purchased by Purchaser and
shall acknowledge the same by signing a copy of this Agreement. 
 3.    Ownership, Voting Rights, Duties. This
Agreement shall not affect in any way the ownership, voting rights or other rights or duties of Purchaser, except as specifically provided herein. 

4.    Legends. The share certificate evidencing the Shares issued hereunder shall be endorsed with the following
legend (in addition to any legend required under applicable federal and state securities laws): 
 THE SHARES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER AND RIGHTS OF REPURCHASE AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

5.    Adjustment for Stock Split. All references to the number of Shares and the purchase price of the Shares in
this Agreement shall be appropriately adjusted to reflect any stock split, stock dividend or other change in the Shares, which may be made by the Company pursuant to Section 13 of the Plan after the date of this Agreement. 

6.    Notices. Notices required hereunder shall be given in person or by registered mail to the address of
Purchaser shown on the records of the Company, and to the Company at their respective principal executive offices. 

7.    Survival of Terms. This Agreement shall apply to and bind Purchaser and the Company and their respective
permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors. 

8.    Section 83(b) Election. Purchaser hereby acknowledges that he or she has been informed that, with
respect to the exercise of an Option for Unvested Shares, an election (the “Election”) may be filed by the Purchaser with the Internal Revenue Service, within thirty (30) days of the purchase of the exercised Shares, electing pursuant
to Section 83(b) of the Code to be taxed currently on any difference between the purchase price of the exercised Shares and their Fair Market Value on the date of purchase. In the case of a Nonstatutory Stock Option, this will result in the
recognition of taxable income to the Purchaser on the date of exercise, measured by the excess, if any, of the Fair Market Value of the exercised Shares, at the time the Option is exercised over the purchase price for the exercised Shares. Absent
such an Election, taxable income will be measured and recognized by Purchaser at the time or times on which the Company’s Repurchase Option lapses. In the case of an Incentive Stock Option, such an Election will result in a recognition of
income to the Purchaser for alternative minimum tax purposes on the date of exercise, measured by the excess, if any, of the Fair Market Value of the exercised Shares, at the time the option is exercised, over the purchase price for the exercised
Shares. Absent such an Election, alternative minimum taxable income will be measured and recognized by Purchaser at the time or times on which the Company’s Repurchase Option lapses. 

  
 61 

 This discussion is intended only as a summary of the general United States income tax laws that
apply to exercising Options as to Shares that have not yet vested and is accurate only as of the date this form Agreement was approved by the Board. The federal, state and local tax consequences to any particular taxpayer will depend upon his or her
individual circumstances. Purchaser is strongly encouraged to seek the advice of his or her own tax consultants in connection with the purchase of the Shares and the advisability of filing of the Election under Section 83(b) of the Code. A form
of Election under Section 83(b) is attached hereto as Exhibit C-4 for reference. 
 PURCHASER ACKNOWLEDGES THAT IT IS
PURCHASER’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF PURCHASER REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON PURCHASER’S BEHALF. 

9.    Representations. Purchaser has reviewed with his or her own tax advisors the federal, state, local and
foreign tax consequences of this investment and the transactions contemplated by this Agreement. Purchaser is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Purchaser understands
that he or she (and not the Company) shall be responsible for his or her own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. 

10.    Entire Agreement; Governing Law. The Plan and Option Agreement are incorporated herein by reference. The
Plan, the Option Agreement, the Exercise Notice, this Agreement, and the Investment Representation Statement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior
undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser. This Agreement
is governed by the internal substantive laws but not the choice of law rules of California. 
 Purchaser represents that he or she has read
this Agreement and is familiar with its terms and provisions. Purchaser hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board upon any questions arising under this Agreement. 

IN WITNESS WHEREOF, this Agreement is deemed made as of the date first set forth above. 

 

					
	PARTICIPANT	 		 	PENUMBRA, INC.
			
	   
	 		 	   

	Signature	 		 	By
	   
	 		 	   

	Print Name	 		 	Print Name
	   
	 		 	   

		 		 	Title

  
 62 

					
	   
	 		 	  

	Residence Address	 		 	

 Dated:
                            ,
             

  
 63 

 EXHIBIT C-2 

ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED I,
                    , hereby sell, assign and transfer unto Penumbra, Inc.
             shares of the Common Stock of Penumbra, Inc. standing in my name of the books of said corporation represented by Certificate
No.              herewith and do hereby irrevocably constitute and appoint              to transfer the
said stock on the books of the within named corporation with full power of substitution in the premises. 
 This Stock Assignment may be
used only in accordance with the Restricted Stock Purchase Agreement between Penumbra, Inc. and the undersigned dated                     ,
             (the “Agreement”). 
  

					
	Dated:
                                ,       
 	 		 	Signature:                               
                                         
        

 INSTRUCTIONS: Please do not fill in any blanks other than the signature line. The purpose of this assignment
is to enable the Company to exercise its “repurchase option,” as set forth in the Agreement, without requiring additional signatures on the part of the Purchaser. 

  
 64 

 EXHIBIT C-3 

JOINT ESCROW INSTRUCTIONS 

                    ,
             
 Corporate Secretary Penumbra, Inc. 

1351 Harbor Bay Parkway 
 Alameda, CA 94502 

Dear                     : 

As Escrow Agent for both Penumbra, Inc. (the “Company”), and the undersigned purchaser of stock of the Company (the
“Purchaser”), you are hereby authorized and directed to hold the documents delivered to you pursuant to the terms of that certain Restricted Stock Purchase Agreement (the “Agreement”) between the Company and the undersigned, in
accordance with the following instructions: 
 1.    In the event the Company and/or any assignee of the Company
(referred to collectively for convenience herein as the “Company”) exercises the Company’s repurchase option set forth in the Agreement, the Company shall give to Purchaser and you a written notice specifying the number of shares of
stock to be purchased, the purchase price, and the time for a closing hereunder at the principal office of the Company. Purchaser and the Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in
accordance with the terms of said notice. 
 2.    At the closing, you are directed (a) to date the stock
assignments necessary for the transfer in question, (b) to fill in the number of shares being transferred, and (c) to deliver the stock assignments, together with the certificate evidencing the shares of stock to be transferred, to the
Company or its assignee, against the simultaneous delivery to you of the purchase price (by cash, a check, or some combination thereof) for the number of shares of stock being purchased pursuant to the exercise of the Company’s repurchase
option. 
 3.    Purchaser irrevocably authorizes the Company to deposit with you any certificates evidencing shares of
stock to be held by you hereunder and any additions and substitutions to said shares as defined in the Agreement. Purchaser does hereby irrevocably constitute and appoint you as Purchaser’s attorney-in-fact and agent for the term of this escrow
to execute with respect to such securities all documents necessary or appropriate to make such securities negotiable and to complete any transaction herein contemplated, including but not limited to the filing with any applicable state blue sky
authority of any required applications for consent to, or notice of transfer of, the securities. Subject to the provisions of this paragraph 3, Purchaser shall exercise all rights and privileges of a stockholder of the Company while the stock
is held by you. 

  
 65 

 4.    Upon written request of the Purchaser, but no more than once per
calendar year, unless the Company’s repurchase option has been exercised, you shall deliver to Purchaser a certificate or certificates representing so many shares of stock as are not then subject to the Company’s repurchase option. Within
one hundred and twenty (120) days after cessation of Purchaser’s continuous employment by or services to the Company, or any parent or subsidiary of the Company, you shall deliver to Purchaser a certificate or certificates representing the
aggregate number of shares held or issued pursuant to the Agreement and not purchased by the Company or its assignees pursuant to exercise of the Company’s repurchase option. 

5.    If at the time of termination of this escrow you should have in your possession any documents, securities, or other
property belonging to Purchaser, you shall deliver all of the same to Purchaser and shall be discharged of all further obligations hereunder. 

6.    Your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties
hereto. 
 7.    You shall be obligated only for the performance of such duties as are specifically set forth herein and
may rely and shall be protected in relying or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties. You shall not be personally liable for any act you
may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for Purchaser while acting in good faith, and any act done or omitted by you pursuant to the advice of your own attorneys shall be conclusive evidence of such good faith. 

8.    You are hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any
other person or corporation, excepting only orders or process of courts of law and are hereby expressly authorized to comply with and obey orders, judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree,
you shall not be liable to any of the parties hereto or to any other person, firm or corporation by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or
found to have been entered without jurisdiction. 
 9.    You shall not be liable in any respect on account of the
identity, authorities or rights of the parties executing or delivering or purporting to execute or deliver the Agreement or any documents or papers deposited or called for hereunder. 

10.    You shall not be liable for the outlawing of any rights under the Statute of Limitations with respect to these
Joint Escrow Instructions or any documents deposited with you. 
 11.    You shall be entitled to employ such legal
counsel and other experts as you may deem necessary properly to advise you in connection with your obligations hereunder, may rely upon the advice of such counsel, and may pay such counsel reasonable compensation therefor. 

12.    Your responsibilities as Escrow Agent hereunder shall terminate if you shall cease to be an officer or agent of the
Company or if you shall resign by written notice to each party. In the event of any such termination, the Company shall appoint a successor Escrow Agent. 

13.    If you reasonably require other or further instruments in connection with these Joint Escrow Instructions or
obligations in respect hereto, the necessary parties hereto shall join in furnishing such instruments. 

  
 66 

 14.    It is understood and agreed that should any dispute arise with respect
to the delivery and/or ownership or right of possession of the securities held by you hereunder, you are authorized and directed to retain in your possession without liability to anyone all or any part of said securities until such disputes shall
have been settled either by mutual written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but you shall be under
no duty whatsoever to institute or defend any such proceedings. 
 15.    Any notice required or permitted hereunder
shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail with postage and fees prepaid, addressed to each of the other parties thereunto
entitled at the following addresses or at such other addresses as a party may designate by ten (10) days’ advance written notice to each of the other parties hereto. 

16.    By signing these Joint Escrow Instructions, you become a party hereto only for the purpose of said Joint Escrow
Instructions; you do not become a party to the Agreement. 
 17.    This instrument shall be binding upon and inure to
the benefit of the parties hereto, and their respective successors and permitted assigns. 
 18.    These Joint Escrow
Instructions shall be governed by the internal substantive laws, but not the choice of law rules, of California. 
  

					
	PURCHASER	 		 	PENUMBRA, INC.
			
	   
	 		 	   

	Signature	 		 	By
	   
	 		 	   

	Print Name	 		 	Print Name
	   
	 		 	   

		 		 	Title
	   
	 		 	  

	Residence Address	 		 	

  

					
	ESCROW AGENT	 		 	
			
	   
	 		 	  

	Corporate Secretary	 		 	
			
	Dated:
                                         
                                         
        	 		 	  

  
 67 

 EXHIBIT C-4 

ELECTION UNDER SECTION 83(b) 

OF THE INTERNAL REVENUE CODE OF 1986 
 The
undersigned taxpayer hereby elects, pursuant to Sections 55 and 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer’s gross income or alternative minimum taxable income, as the case may be, for the current taxable
year the amount of any compensation taxable to taxpayer in connection with taxpayer’s receipt of the property described below. 
  

									
	1.    	  	The name, address, taxpayer identification number and taxable year of the undersigned are as follows:
					
		  		 	TAXPAYER	  		 	SPOUSE
					
		  	NAME:	 	  
	  		 	  

					
		  	ADDRESS:	 	  
	  		 	  

					
		  		 	  
	  		 	  

					
		  	TAX ID NO.:	 	  
	  		 	  

					
		  	TAXABLE YEAR:	 	  
	  		 	

  

	2.	The property with respect to which the election is made is described as follows:              shares (the “Shares”) of the Common Stock of
Penumbra, Inc. (the “Company”). 

  

	3.	The date on which the property was transferred
is:                    ,            . 

 

	4.	The property is subject to the following restrictions: 

 The Shares may not be transferred and
are subject to forfeiture under the terms of an agreement between the taxpayer and the Company. These restrictions lapse upon the satisfaction of certain conditions contained in such agreement. 

 

	5.	The Fair Market Value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms shall never lapse, of such property is:
$            . 

  

	6.	The amount (if any) paid for such property is: $            . 

The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned’s receipt of
the above-described property. The transferee of such property is the person performing the services in connection with the transfer of said property. 

The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner. 

 

					
	Dated:
                                ,
        	 		 	 
		 		 	Taxpayer

 The undersigned spouse of taxpayer joins in this election. 

 

					
	Dated:
                                ,
        	 		 	 
		 		 	Spouse of Taxpayer

  
 68EX-10.37

 Exhibit 10.37 

EXECUTION VERSION 
  

 
  

LOAN AND SECURITY AGREEMENT 

Dated as of August 13, 2015 

Among 
 CHESTNUT HILL FUNDING LLC,

 as the Borrower 
 CAPITAL ONE,
NATIONAL ASSOCIATION, 
 as the Administrative Agent, Hedge Counterparty, Lead Arranger and Sole Bookrunner 

EACH OF THE CONDUIT LENDERS AND INSTITUTIONAL LENDERS FROM TIME TO TIME PARTY HERETO, 

as the Lenders 
 EACH OF THE LENDER
AGENTS FROM TIME TO TIME PARTY HERETO, 
 as the Lender Agents 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as the Collateral Agent, Account Bank and Collateral Custodian 

 
  

 

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	
	ARTICLE I.	  
	
	DEFINITIONS	  
			
	Section 1.01	 	Certain Defined Terms	  	 	2	  
	Section 1.02	 	Other Terms	  	 	48	  
	Section 1.03	 	Computation of Time Periods	  	 	48	  
	Section 1.04	 	Instruction by Borrower Advisors	  	 	48	  
	Section 1.05	 	Interpretation	  	 	48	  
	
	ARTICLE II.	  
	
	THE FACILITY	  
			
	Section 2.01	 	Variable Funding Note and Advances	  	 	49	  
	Section 2.02	 	Procedure for Advances	  	 	50	  
	Section 2.03	 	Yield and Non-Usage Fees	  	 	52	  
	Section 2.04	 	Remittance Procedures	  	 	52	  
	Section 2.05	 	Instructions to the Collateral Agent and the Account Bank	  	 	56	  
	Section 2.06	 	Borrowing Base Deficiency Payments	  	 	57	  
	Section 2.07	 	Discretionary Sales, Substitutions, Lien Release Dividends, Purchases	  	 	58	  
	Section 2.08	 	Payments and Computations, Etc.	  	 	62	  
	Section 2.09	 	Increased Costs; Capital Adequacy	  	 	63	  
	Section 2.10	 	Taxes	  	 	64	  
	Section 2.11	 	Assignment of Certain Documents	  	 	67	  
	Section 2.12	 	Grant of a Security Interest	  	 	67	  
	Section 2.13	 	Evidence of Debt	  	 	67	  
	Section 2.14	 	Survival of Representations and Warranties	  	 	68	  
	Section 2.15	 	Release of Loans	  	 	68	  
	Section 2.16	 	[Reserved.]	  	 	69	  
	Section 2.17	 	Repayment; Reduction of Commitments	  	 	69	  
	Section 2.18	 	Collections and Allocations	  	 	70	  
	Section 2.19	 	Reinvestment of Principal Collections	  	 	72	  
	Section 2.20	 	Commitment Increases and Joinder of New Lenders	  	 	73	  
	Section 2.21	 	Defaulting Lenders	  	 	73	  
	
	ARTICLE III.	  
	
	CONDITIONS PRECEDENT	  
			
	Section 3.01	 	Conditions Precedent to Effectiveness	  	 	74	  
	Section 3.02	 	Conditions Precedent to All Advances	  	 	78	  
	Section 3.03	 	Advances Do Not Constitute a Waiver	  	 	80	  

  
 -i- 

							
	ARTICLE IV.	  
	
	REPRESENTATIONS AND WARRANTIES	  
			
	Section 4.01	 	Representations and Warranties of the Borrower	  	 	80	  
	Section 4.02	 	Representations and Warranties of the Borrower Relating to the Agreement and the Collateral Portfolio	  	 	88	  
	Section 4.03	 	Representations and Warranties of the Collateral Agent	  	 	89	  
	Section 4.04	 	Representations and Warranties of each Lender	  	 	89	  
	Section 4.05	 	Representations and Warranties of the Collateral Custodian	  	 	89	  
	
	ARTICLE V.	  
	
	GENERAL COVENANTS	  
			
	Section 5.01	 	Affirmative Covenants of the Borrower	  	 	90	  
	Section 5.02	 	Negative Covenants of the Borrower	  	 	99	  
	Section 5.03	 	Affirmative Covenants of the Collateral Agent	  	 	102	  
	Section 5.04	 	Negative Covenants of the Collateral Agent	  	 	102	  
	Section 5.05	 	Affirmative Covenants of the Collateral Custodian	  	 	102	  
	Section 5.06	 	Negative Covenants of the Collateral Custodian	  	 	103	  
	
	ARTICLE VI.	  
	
	ADMINISTRATION AND SERVICING OF CONTRACTS	  
			
	Section 6.01	 	[Reserved]	  	 	103	  
	Section 6.02	 	Collateral Management Duties	  	 	103	  
	Section 6.03	 	Authorization of the Collateral Manager	  	 	103	  
	Section 6.04	 	Collection of Payments; Accounts	  	 	104	  
	Section 6.05	 	Management of REO Assets	  	 	105	  
	Section 6.06	 	[Reserved]	  	 	106	  
	Section 6.07	 	Reports to the Administrative Agent; Account Statements; Servicing Information	  	 	106	  
	Section 6.08	 	Annual Statement as to Compliance	  	 	108	  
	Section 6.09	 	Annual Independent Public Accountant’s Review of Collateral Management Reports	  	 	109	  
	Section 6.10	 	[Reserved]	  	 	109	  
	Section 6.11	 	Facility Amortization Events	  	 	109	  

  
 -ii- 

							
	ARTICLE VII.	  
	
	EVENTS OF DEFAULT	  
			
	Section 7.01	 	Events of Default	  	 	111	  
	Section 7.02	 	Additional Remedies of the Administrative Agent	  	 	115	  
	
	ARTICLE VIII.	  
	
	INDEMNIFICATION	  
			
	Section 8.01	 	Indemnities by the Borrower	  	 	117	  
	Section 8.02	 	Notices	  	 	118	  
	Section 8.03	 	Legal Proceedings	  	 	118	  
	Section 8.04	 	After-Tax Basis	  	 	119	  
	
	ARTICLE IX.	  
	
	THE ADMINISTRATIVE AGENT AND LENDER AGENTS	  
			
	Section 9.01	 	The Administrative Agent	  	 	119	  
	Section 9.02	 	The Lender Agents	  	 	124	  
	Section 9.03	 	Non-Receipt of Funds by the Administrative Agent	  	 	126	  
	
	ARTICLE X.	  
	
	COLLATERAL AGENT	  
			
	Section 10.01	 	Designation of Collateral Agent	  	 	126	  
	Section 10.02	 	Duties of Collateral Agent	  	 	127	  
	Section 10.03	 	Merger or Consolidation	  	 	129	  
	Section 10.04	 	Collateral Agent Compensation	  	 	129	  
	Section 10.05	 	Collateral Agent Removal	  	 	129	  
	Section 10.06	 	Limitation on Liability	  	 	130	  
	Section 10.07	 	Collateral Agent Resignation	  	 	131	  
	
	ARTICLE XI.	  
	
	COLLATERAL CUSTODIAN	  
			
	Section 11.01	 	Designation of Collateral Custodian	  	 	132	  
	Section 11.02	 	Duties of Collateral Custodian	  	 	132	  
	Section 11.03	 	Merger or Consolidation	  	 	134	  
	Section 11.04	 	Collateral Custodian Compensation	  	 	135	  
	Section 11.05	 	Collateral Custodian Removal	  	 	135	  
	Section 11.06	 	Limitation on Liability	  	 	135	  

  
 -iii- 

							
	Section 11.07	 	Collateral Custodian Resignation	  	 	136	  
	Section 11.08	 	Release of Documents	  	 	137	  
	Section 11.09	 	Return of Required Loan Documents	  	 	138	  
	Section 11.10	 	 Access to Certain Documentation and Information Regarding the Collateral Portfolio; Due Diligence on the Borrower Advisors
	  	 	138	  
	Section 11.11	 	Bailment	  	 	138	  
	
	ARTICLE XII.	  
	
	MISCELLANEOUS	  
			
	Section 12.01	 	Amendments and Waivers	  	 	139	  
	Section 12.02	 	Notices, Etc.	  	 	140	  
	Section 12.03	 	No Waiver; Remedies	  	 	140	  
	Section 12.04	 	Binding Effect; Assignability; Multiple Lenders	  	 	141	  
	Section 12.05	 	Term of This Agreement	  	 	142	  
	Section 12.06	 	GOVERNING LAW; JURY WAIVER	  	 	142	  
	Section 12.07	 	Costs, Expenses and Taxes	  	 	143	  
	Section 12.08	 	No Proceedings	  	 	144	  
	Section 12.09	 	Recourse Against Certain Parties	  	 	144	  
	Section 12.10	 	Execution in Counterparts; Severability; Integration	  	 	146	  
	Section 12.11	 	Consent to Jurisdiction; Service of Process	  	 	146	  
	Section 12.12	 	Characterization of Conveyances Pursuant to the Purchase and Sale Agreement	  	 	146	  
	Section 12.13	 	Confidentiality	  	 	148	  
	Section 12.14	 	Non-Confidentiality of Tax Treatment	  	 	149	  
	Section 12.15	 	Waiver of Set Off	  	 	149	  
	Section 12.16	 	Headings and Exhibits	  	 	149	  
	Section 12.17	 	Ratable Payments	  	 	150	  
	Section 12.18	 	Failure of Borrower or Collateral Manager to Perform Certain Obligations	  	 	150	  
	Section 12.19	 	Power of Attorney	  	 	150	  
	Section 12.20	 	Permitted Equityholder Transaction	  	 	150	  
	Section 12.21	 	Limitation on Liability	  	 	151	  

  
 -iv- 

 LIST OF SCHEDULES AND EXHIBITS 

EXHIBITS 
  

			
	EXHIBIT A	 	Form of Approval Notice
	EXHIBIT B	 	Form of Borrowing Base Certificate
	EXHIBIT C	 	Form of Disbursement Request
	EXHIBIT D	 	Form of Joinder Supplement
	EXHIBIT E	 	Form of Notice of Borrowing
	EXHIBIT F	 	Form of Notice of Prepayment (Reduction of Advances Outstanding)
	EXHIBIT G	 	Form of Notice of Reduction (Reduction of Maximum Facility Amount)
	EXHIBIT H	 	Form of Variable Funding Note
	EXHIBIT I	 	Form of Certificate of Closing Attorneys
	EXHIBIT J	 	Form of Collateral Management Report
	EXHIBIT K	 	Form of Collateral Manager Certificate (Collateral Management Report)
	EXHIBIT L	 	Form of Release of Required Loan Documents
	EXHIBIT M	 	Form of Transferee Letter
	EXHIBIT N	 	Form of Officer’s Certificate (Solvency)
	EXHIBIT O	 	Form of Notice and Request for Consent to Lien Release Dividend
	EXHIBIT P	 	Form of Static Pool Report

 SCHEDULES 
  

			
	SCHEDULE I	 	Prior Names, Tradenames, Fictitious Names and “Doing Business As” Names
	SCHEDULE II	 	Agreed-Upon Procedures For Independent Public Accountants
	SCHEDULE III	 	Moody’s Industry Classification Group List

 ANNEXES 
  

			
	ANNEX A	 	Addresses for Notices
	ANNEX B	 	Commitments
	ANNEX C	 	Calculated Applicable Spread

  
 -v- 

 THIS LOAN AND SECURITY AGREEMENT (as amended, modified, waived, supplemented, restated or
replaced from time to time, this “Agreement”) is made as of August 13, 2015, among: 
 (1) CHESTNUT HILL FUNDING LLC,
a Delaware limited liability company (together with its successors and assigns in such capacity, the “Borrower”); 
 (2)
EACH OF THE CONDUIT LENDERS FROM TIME TO TIME PARTY HERETO (together with its respective successors and assigns in such capacity, each a “Conduit Lender” and collectively, the “Conduit Lenders”); 

(3) EACH OF THE INSTITUTIONAL LENDERS FROM TIME TO TIME PARTY HERETO (together with its respective successors and assigns in such capacity,
each an “Institutional Lender”, collectively, the “Institutional Lenders” and, together with the Conduit Lenders, the “Lenders”); 

(4) EACH OF THE LENDER AGENTS FROM TIME TO TIME PARTY HERETO (together with its respective successors and assigns in such capacity, each a
“Lender Agent” and collectively, the “Lender Agents”); 
 (5) CAPITAL ONE, NATIONAL ASSOCIATION, as
Administrative Agent (together with its successors and assigns in such capacity, the “Administrative Agent”), as Hedge Counterparty, as Lead Arranger and as Sole Bookrunner; and 

(6) WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Agent (together with its successors and assigns in such capacity, the
“Collateral Agent”), the Account Bank (as defined herein) and the Collateral Custodian (together with its successors and assigns in such capacity, the “Collateral Custodian”). 

PRELIMINARY STATEMENT 

The Lenders have agreed, on the terms and conditions set forth herein, to provide a secured revolving credit facility which shall provide for
Advances under the Variable Funding Note(s) from time to time in an aggregate principal amount not to cause a Borrowing Base Deficiency. The proceeds of the Advances will be used to finance the Borrower’s purchase of Eligible Loans either
(i) from the Seller pursuant to the Purchase and Sale Agreement between the Borrower and the Seller or (ii) that the Borrower funds or acquires from a third party seller as approved by the Administrative Agent in accordance herewith.
Accordingly, the parties agree as follows: 

 ARTICLE I. 

DEFINITIONS 

Section 1.01 Certain Defined Terms. 

(a) Certain capitalized terms used throughout this Agreement are defined above or in this Section 1.01. 

(b) As used in this Agreement and the exhibits, schedules and annexes thereto (each of which is hereby incorporated herein and made a part
hereof), the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“1940 Act” means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder. 

“Account Bank” means Wells Fargo, in its capacity as the “Securities Intermediary” pursuant to the Securities
Account Control Agreement. 
 “Action” has the meaning assigned to that term in Section 8.03. 

“Additional Amount” has the meaning assigned to that term in Section 2.10(a). 

“Adjusted Borrowing Value” means for any Eligible Loan on any date of determination, an amount equal to the Assigned Value of
such Eligible Loan at such time multiplied by the Outstanding Balance of such Loan; provided that the parties hereby agree that the Adjusted Borrowing Value of any Loan that is no longer an Eligible Loan shall be zero. 

“Administrative Agent” means Capital One, National Association, in its capacity as administrative agent for the Lender
Agents, together with its successors and assigns, including any successor appointed pursuant to Article IX. 

“Administrative Questionnaire” means an administrative questionnaire in a form supplied by the Administrative Agent, in which
the related assignee Lender shall designate one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its affiliate and their related parties or their respective
securities) will be made available and who may receive such information in accordance with such assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

“Advance” means each loan advanced by the Lenders to the Borrower on an Advance Date pursuant to Article II. 

“Advance Date” means, with respect to any Advance, the date on which such Advance is made. 

  
 -2- 

 “Advance Rate” means, for each Eligible Loan, the following percentage for the
applicable type of Loan (such type to be determined as of the Cut-Off Date of such Loan and set forth on the related Approval Notice): 
  

					
	 Loan Type
	  	Advance Rate	 
	 Broadly Syndicated Loan
	  	 	75.0	% 
	 Large Middle Market Loan
	  	 	70.0	% 
	 Traditional Middle Market Loan
	  	 	67.5	% 
	 Last Out Loan
	  	 	60.0	% 
	 Second Lien Loan
	  	 	25.0	% 
	 Unsecured Loan
	  	 	25.0	% 

 “Advances Outstanding” means, on any date, the aggregate principal amount of all Advances
outstanding on such date, after giving effect to all repayments of Advances and the making of new Advances on such date. 

“Advisory Agreements” means (i) the Collateral Advisor Agreement and (ii) the Investment Sub-Advisory Agreement
between the Collateral Advisor and the Collateral Sub-Advisor. 
 “Affected Party” has the meaning assigned to that term in
Section 2.09(a). 
 “Affiliate” means, when used with respect to a Person, any other Person controlling,
controlled by or under common control with such Person. For the purposes of this definition, “control” means, when used with respect to any specified Person, the power to vote 20% or more of the voting securities of such Person or to
direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to
the foregoing; provided, that for purposes of determining whether any Loan is an Eligible Loan, the term Affiliate shall not include any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control
by, a common Financial Sponsor. 
 “Aggregate Notional Amount” shall mean, with respect to any date of determination, an
amount equal to the sum of the notional amounts or equivalent amounts of all outstanding Hedging Agreements, Replacement Hedging Agreements and Qualified Substitute Arrangements, each as of such date of determination. 

“Aggregate Unfunded Exposure Amount” means, on any date of determination, the sum of the Unfunded Exposure Amounts of all
Loans owned by the Borrower. 
 “Aggregate Unfunded Exposure Equity Amount”: On any date of determination, the sum of the
Unfunded Exposure Equity Amounts of all Eligible Loans included in the Collateral Portfolio. 

  
 -3- 

 “Agreement” has the meaning assigned in the preamble hereto. 

“Applicable Law” means for any Person all existing and future laws, rules, regulations (including temporary and final income
tax regulations), statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and interpretations by any Governmental Authority applicable to such Person and applicable judgments, decrees, injunctions, writs, awards or orders
of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction. 

“Applicable Spread” means the higher of (x) 2.15% and (y) the “Calculated Applicable Spread” determined
pursuant to Annex C hereto; provided that the Applicable Spread shall be increased by 2.00% after the occurrence and during the continuance of an Event of Default. 

“Approval Notice” means, with respect to any Eligible Loan, the written notice, in substantially the form attached hereto as
Exhibit A, evidencing the approval by the Administrative Agent, in its sole discretion, of the acquisition of such Eligible Loan by the Borrower. 

“Approval Right” has the meaning assigned to that term in Section 3.02(c). 

“Approved Broker Dealer” means each of ABN Amro, Bank of America Merrill Lynch, The Bank of New York Company, Inc., Barclays,
BNP Paribas SA, Citigroup, Inc., Credit Suisse, Deutsche Bank AG, The Goldman Sachs Group, Inc., HSBC, JPMorgan Chase & Co., Macquarie, Mitsubishi, Morgan Stanley, Royal Bank of Canada, The Royal Bank of Scotland Group plc, Societe
Generale, Suntrust, UBS and Wells Fargo. 
 “Approved Valuation Firm” means each of Duff & Phelps Corp., FTI
Consulting, Inc., Houlihan Lokey Howard & Zukin, Lincoln International LLC, Valuation Research Corporation, American Appraisal Associates, Inc., Deloitte LLP, Ernst & Young, LLP, KPMG, Sterling Valuation Group, Murray
Devine & Co. and any other nationally recognized accounting firm or valuation firm as approved by the Administrative Agent in its sole discretion. 

“Asset Coverage Ratio” means, with respect to the Collateral Manager, the ratio, determined on a consolidated basis, without
duplication, and in accordance with GAAP as required by and in accordance with, the 1940 Act as affected by any orders of the Securities and Exchange Commission issued to the Collateral Manager, to be determined by the Board of Directors of the
Collateral Manager and reviewed by its auditors, of (a) the fair market value of the total assets of the Collateral Manager and its Subsidiaries less all liabilities (other than Indebtedness, including Indebtedness hereunder) of the Collateral
Manager and its Subsidiaries, to (b) the aggregate amount of Indebtedness of the Collateral Manager and its Subsidiaries; provided, that the calculation of the Asset Coverage Ratio shall not include Subsidiaries that are not required to
be included in consolidated reports by the 1940 Act (which includes any subsidiary licensed by the Small Business Administration to operate under the Small Business Investment Act of 1958). 

  
 -4- 

 “Assigned Value”: 

(a) With respect to each Loan, as of the related Cut-Off Date, the least of (i) the value of such Loan (expressed as a percentage of
par) as determined by the Administrative Agent in its sole discretion, (ii) the Purchase Price of such Loan and (iii) 100%. The “Assigned Value” of any Loan may not be adjusted absent a Value Adjustment Event with respect to such
Loan; 
 (b) if a Value Adjustment Event of the type described in clauses (a), (b) or (h) of the definition thereof with
respect to such Loan occurs or if the Borrower does not elect to purchase a Loan to be included in the Collateral Portfolio pursuant to the terms of Section 6.04(a) hereof, the “Assigned Value” of such Loan will, automatically
and without any action by the Administrative Agent, be zero; 
 (c) if a Value Adjustment Event not described in clause (b) hereof
with respect to such Loan occurs, the “Assigned Value” of such Loan may be amended by the Administrative Agent in its sole discretion and the value of such Loan (expressed as a percentage of par) shall be determined by the Administrative
Agent in its sole discretion as of the date of the relevant Value Adjustment Event. The amended Assigned Value of each Loan shall be communicated by the Administrative Agent to the Borrower, the Collateral Manager, the Collateral Custodian and the
Lenders pursuant to an Assigned Value Notice; and 
 (d) if the Borrower or the Collateral Manager disagrees with the Administrative
Agent’s determination of the “Assigned Value” of such Loan pursuant to clause (a)(i) or (c) above, it may provide written notice of such objection to the Administrative Agent. Upon receipt of such notice, the Administrative Agent
agrees to reconsider such “Assigned Value” in its sole discretion following consultation with the Borrower or the Collateral Manager, as applicable. 

“Assigned Value Notice”: A written notice (which may be sent by e-mail) delivered by the Administrative Agent to the
Borrower, the Collateral Manager, the Lenders and the Collateral Custodian specifying the value of a Loan determined in accordance with terms of the definition of “Assigned Value” in this Section 1.1. 

“Authorized Person” means, with respect to any Person, any other duly authorized Person by appropriate organizational process
(a copy of which has been delivered to the Administrative Agent) to whom, with respect to a particular matter, such matter is referred because of such Person’s knowledge of and familiarity with the particular subject, and in the case of the
Collateral Agent and Collateral Custodian, having direct responsibility for the administration of this Transaction. 
 “Available
Collections” means all cash collections and other cash proceeds with respect to any Loan, including, without limitation, all Principal Collections, all Interest Collections, all proceeds of any sale or disposition (in part or in whole)
with respect to such Loan, cash proceeds or other funds received by the Borrower or any Borrower Advisor with respect to any Underlying Collateral (including from any guarantors), all other amounts on deposit in the Controlled Accounts from time to
time, and all proceeds of Permitted Investments with respect to the Controlled Accounts. 

  
 -5- 

 “Bankruptcy Code” means Title 11, United States Code, 11 U.S.C. §§ 101
et seq., as amended from time to time. 
 “Bankruptcy Event” means, with respect to a specified Person, (a) the
filing of a decree or order for relief by a court having jurisdiction over such Person or any substantial part of its property in an involuntary case under any applicable Bankruptcy Law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs,
and such decree, order or appointment shall remain unstayed and in effect for a period of sixty (60) consecutive days, (b) the commencement by such Person of a voluntary case under any applicable Bankruptcy Law now or hereafter in effect,
or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, (c) the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or (d) the failure by such Person generally to pay its debts as
such debts become due. 
 “Bankruptcy Laws” means the Bankruptcy Code and all other applicable liquidation,
conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting the rights of creditors generally. 

“Bankruptcy Proceeding” means any case, action or proceeding before any court or other Governmental Authority relating to any
Bankruptcy Event. 
 “Base Rate” means, on any date, a fluctuating per annum interest rate equal to the higher of
(a) the Prime Rate or (b) the Federal Funds Rate plus 0.5%; provided that, notwithstanding the foregoing, on any date LIBOR exceeds the higher of the rates specified in clauses (a) and (b), the Base Rate shall be
increased by such excess for such date. 
 “Bond” means a debt security (that is not a loan) that is issued by a
corporation, limited liability company, partnership or trust. 
 “Borrower” has the meaning assigned to that term in the
preamble hereto. 
 “Borrower Advisors” means, collectively, the Collateral Manager, the Collateral Advisor and the
Collateral Sub-Advisor. 
 “Borrower Parties” means, collectively, the Borrower, the Equityholder, the Seller and the
Borrower Advisors. 
 “Borrowing Base” means, as of any date of determination, an amount equal to the (i) the product
of (x) the aggregate Adjusted Borrowing Value of each Eligible Loan as of such date minus an amount equal to the Excess Concentration Amount as of such date and (y) the lower of (A) the Weighted Average Advance Rate and
(B) 70% plus (ii) the amount of cash and the value of all Permitted Investments credited to the Principal Collection Account on such date minus (iii) the Unfunded Exposure Equity Shortfall; provided that, for the
avoidance of doubt, any Loan which is not an Eligible Loan shall not be included in any calculation of “Borrowing Base”. 

  
 -6- 

 “Borrowing Base Certificate” means a certificate setting forth a calculation
showing whether or not a Borrowing Base Deficiency exists as of the applicable date of determination substantially in the form of Exhibit B hereto, prepared by the Borrower or the Collateral Manager. 

“Borrowing Base Deficiency” means, as of any date of determination, the amount by which, on any date of determination,
(a) the Advances Outstanding exceed the Borrowing Base, or (b) (x) the aggregate Adjusted Borrowing Value of all of the Loans owned by the Borrower on such date plus the amount of cash and the value of all Permitted Investments
credited to the Principal Collection Account on such date minus the Advances Outstanding on such date is less than (y) the Minimum Equity Amount. 

“Breakage Fee” means, for Advances which are repaid (in whole or in part) on any date other than the last day of an Interest
Period therefor, the breakage costs, if any, related to such repayment, based upon the assumption that the applicable Lender funded its loan commitment in the London Interbank Eurodollar market and using any reasonable attribution or averaging
methods which the Lender deems appropriate and practical, it hereby being understood that the amount of any loss, costs or expense payable by the Borrower to any Lender as Breakage Fee shall be determined in the respective Lender Agent’s
reasonable discretion and shall be conclusive absent manifest error. 
 “Broadly Syndicated Loan” means any Loan that
(i) is broadly syndicated, (ii) is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, insolvency, moratorium or liquidation proceedings, (iii) is
secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to Liens described in clause (b) (other than clause (v) thereof) of the definition of Permitted Liens),
(iv) the Borrower or the Collateral Manager determines in good faith that the value of the collateral securing such Loan (or the enterprise value of the underlying business) on or about the time of origination equals or exceeds the outstanding
principal balance of such Loan  plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral, (v) has a Issuance Size of $250,000,000 or greater, (vi) at the time such
Loan is acquired by the Borrower, it is rated by both S&P and Moody’s (or the Obligor is rated by both S&P and Moody’s) and such ratings are not lower than “B3” by Moody’s and “B-” by S&P and
(vii) as of the applicable Cut-Off Date, the Obligor of which has an EBITDA for the prior twelve calendar months of at least $75,000,000 (after giving pro forma effect to any acquisition in connection therewith). 

“Business Day” means a day of the year other than (i) Saturday or a Sunday or (ii) any other day on which
commercial banks in New York, New York, Columbia, Maryland or Charlotte, North Carolina are not open for business; provided, that, if any determination of a Business Day shall relate to an Advance bearing interest at LIBOR, the term
“Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 

  
 -7- 

 “Calculated Applicable Spread” has the meaning set forth on Annex C
hereto 
 “Capital Lease Obligations” means, with respect to any entity, the obligations of such entity to pay rent or
other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such
entity under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 

“Capital One” means Capital One, N.A., and its successors and assigns. 

“Cash Interest Coverage Ratio” means, with respect to any Loan for any Relevant Test Period, either (a) the meaning of
“Cash Interest Coverage Ratio” or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the Underlying Instruments do not include a definition of “Cash
Interest Coverage Ratio” or comparable definition, the ratio of (i) EBITDA to (ii) Cash Interest Expense of such Obligor as of such Relevant Test Period, as calculated by the Borrower and Collateral Manager in good faith. 

“Cash Interest Expense” means, with respect to any Obligor for any period, the amount which, in conformity with GAAP, would
be set forth opposite the caption “interest expense” (exclusive of any PIK Interest) or any like caption reflected on the most recent financial statements delivered by such Obligor to the Borrower for such period. 

“Change of Control” means (a) the Equityholder shall no longer be the sole equityholder of the Borrower or (b) the
Equityholder ceases to be (x) advised by the Collateral Advisor and (y) sub-advised by the Collateral Sub-Advisor; provided, however, that Permitted Equityholder Transaction shall not constitute a Change of Control. 

“Closing Date” means August 13, 2015. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral Advisor” means FSIC III Advisor, LLC, a Delaware limited liability company in its capacity as collateral advisor.

 “Collateral Advisor Agreement” means the Amended and Restated Investment Advisory and Administrative Services Agreement
between the Collateral Manager and the Collateral Advisor. 
 “Collateral Agent” has the meaning assigned to that term in
the preamble hereto. 
 “Collateral Agent Expenses” means the expenses set forth in the Wells Fargo Corporate Trust Fee
Letter and any other accrued and unpaid reasonable and documented out-of-pocket expenses (including reasonable and documented attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower to the Collateral Agent under the
Transaction Documents. 

  
 -8- 

 “Collateral Agent Fees” means the fees set forth in the Wells Fargo Corporate
Trust Fee Letter, as such fee letter may be amended, restated, supplemented and/or otherwise modified from time to time. 

“Collateral Agent Termination Notice” has the meaning assigned to that term in Section 10.05. 

“Collateral Custodian” means Wells Fargo, not in its individual capacity, but solely as collateral custodian pursuant to the
terms of this Agreement. 
 “Collateral Custodian Expenses” means the expenses set forth in the Wells Fargo Corporate Trust
Fee Letter and any other accrued and unpaid reasonable and documented out-of-pocket expenses (including reasonable and documented attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower to the Collateral Custodian
under the Transaction Documents. 
 “Collateral Custodian Fees” means the fees set forth in the Wells Fargo Corporate Trust
Fee Letter, as such fee letter may be amended, restated, supplemented and/or otherwise modified from time to time. 
 “Collateral
Custodian Termination Notice” has the meaning assigned to that term in Section 11.05. 
 “Collateral
File” means, for each Loan, (a) copies of each of the Required Loan Documents and (b) any other portion of the Loan File which is not part of the Required Loan Documents. 

“Collateral Management Report” has the meaning assigned to that term in Section 6.07(b). 

“Collateral Manager” means FS Investment Corporation III or any other Person then authorized, pursuant to the Management
Agreement, to service, administer, and collect on the Loans and exercise rights and remedies in respect of the same. 
 “Collateral
Management Standard” means, with respect to any Loans included in the Collateral Portfolio, to service and administer such Loans on behalf of the Secured Parties in accordance with Applicable Law, the terms of this Agreement, the Underlying
Instruments, all customary and usual servicing practices for loans like the Loans and, to the extent consistent with the foregoing, (i) with reasonable care, using a degree of skill and diligence not less than that with which the Borrower or
Collateral Manager, as applicable, services and administers loans for its own account or for the account of its Affiliates having similar lending objectives and restrictions, and (ii) to the extent not inconsistent with clause (i), in a manner
consistent with the customary standards, policies and procedures followed by institutional managers of national standing relating to assets of the nature and character of the Collateral Portfolio and without regard to any relationship that the
Collateral Manager or any Affiliate thereof may have with any Obligor or any Affiliate of any Obligor. Solely pursuant to Section 6.11(a), the “Collateral Management Standard” shall apply to each Borrower Advisor. 

  
 -9- 

 “Collateral Manager Certificate” has the meaning assigned to that term in
Section 6.07(c). 
 “Collateral Portfolio” means all right, title, and interest (whether now owned or hereafter
acquired or arising, and wherever located) of the Borrower in the property identified below in clauses (a) through (f) and all accounts, cash and currency, chattel paper, tangible chattel paper, electronic chattel paper, copyrights,
copyright licenses, equipment, fixtures, contract rights, general intangibles, instruments, certificates of deposit, certificated securities, uncertificated securities, financial assets, securities entitlements, commercial tort claims, deposit
accounts, inventory, investment property, letter-of-credit rights, software, supporting obligations, accessions, or other property consisting of, arising out of, or
related to any of the following (in each case excluding the Retained Interest and the Excluded Amounts): 
 (a) the Loans, and all monies
due or to become due in payment under such Loans on and after the related Cut-Off Date, including, but not limited to, all Available Collections; 

(b) the Portfolio Assets with respect to the Loans referred to in clause (a); 

(c) the Controlled Accounts and all Permitted Investments purchased with funds on deposit in the Controlled Accounts; 

(d) the Borrower’s equity interests in any Portfolio Subsidiary; 

(e) any Loan or other asset received in exchange for an Eligible Loan in connection with any workout or other restructuring of such asset (it
being understood, for the avoidance of doubt, that such Loan or other asset shall not be an Eligible Loan unless it meets each of the criteria set forth in such definition); 

(f) each Hedging Agreement, including all rights of the Borrower to receive moneys due and to become due thereunder; and 

(g) all income and Proceeds of the foregoing. 

“Collateral Sub-Advisor” means GSO/Blackstone Debt Funds Management LLC, a Delaware limited liability company, in its
capacity as Collateral Sub-Advisor. 
 “Collection Account” means account number 84294600 at the Account Bank in the name
of the Borrower subject to the Lien of the Collateral Agent for the benefit of the Secured Parties including any sub-account thereof; provided, that the funds deposited therein (including any interest and earnings thereon) from time to time
shall constitute the property and assets of the Borrower, and the Borrower shall be solely liable for any Taxes payable with respect to the Collection Account. 

“Collection Date” means the date on which the aggregate outstanding principal amount of the Advances have been repaid in full
and all Yield and Fees and all other Obligations have been paid in full (other than contingent liability obligations as to which no claim has been made), and the Borrower shall have no further right to request any additional Advances. 

  
 -10- 

 “Collection Period” means, (i) as to the initial Payment Date, the period
beginning on the Closing Date and ending on, and including, the Determination Date immediately preceding such Payment Date and (ii) as to any subsequent Payment Date, the period beginning on the first day after the most recently ended
Collection Period and ending on, and including, the Determination Date immediately preceding such Payment Date, or, with respect to the final Collection Period, the Collection Date. 

“Commercial Paper Notes” means, any short-term promissory notes of any Conduit Lender
issued by such Conduit Lender in the commercial paper market. 
 “Commitment” means, with respect to each Lender,
(i) prior to the end of the Reinvestment Period, the dollar amount set forth opposite such Lender’s name on Annex B hereto or the amount set forth as such Lender’s “Commitment” on Schedule I to the Joinder
Supplement relating to such Lender, as applicable (after giving effect to any decrease pursuant to Section 2.17 or increase pursuant to Section 2.20) and (ii) on or after the Reinvestment Period, such Lender’s Pro
Rata Share of the aggregate Advances Outstanding. 
 “Competitor” means (a) any Person primarily engaged in the
business of private investment management as a business development company, mezzanine fund, private debt fund, hedge fund or private equity fund, which is in direct or indirect competition with the Equityholder or its investment adviser or an
Affiliate thereof that is an investment adviser, (b) any Person Controlled by, or Controlling, or under common Control with, a Person referred to in clause (a) above or (c) any Person for which a Person referred to in clause
(a) above serves as an investment adviser with discretionary investment authority; provided that, notwithstanding the foregoing, in no event shall any commercial bank, investment bank or insurance company or any bona fide debt fund that is
separately operated and managed and independent from its equity investment Affiliates be deemed a Competitor hereunder. 
 “Conduit
Lender” means each commercial paper conduit as may from time to time become a Lender hereunder by executing and delivering a Joinder Supplement to the Administrative Agent and the Borrower as contemplated by Section 2.20. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. 
 “Controlled
Accounts” means the Collection Account, the Interest Collection Account, the Principal Collection Account and the Unfunded Exposure Account. 

“Cov-Lite Loan”: A Loan that (a) does not contain any financial covenants or (b) requires the Obligor to comply
with an Incurrence Covenant, but does not require the related Obligor to comply with a Maintenance Covenant (regardless of whether (i) compliance with one or more Incurrence Covenants is otherwise required by the Underlying Instruments or
(ii) such Loan is cross-defaulted with another Loan that may include such covenants). 

  
 -11- 

 “Credit Risk Loan” means an Eligible Loan that, in the Borrower or the
Collateral Manager’s reasonable commercial judgment (as certified by the Borrower or the Collateral Manager to the Administrative Agent and the Lenders), is declining in value or has a significant risk of declining in credit quality or price in
the near term. 
 “Cure Plan” means a plan submitted by the Borrower to the Administrative Agent satisfying the
requirements of Section 2.06(c). 
 “Cure Plan Sale” means a sale of a Loan pursuant to an approved Cure Plan.

 “Cut-Off Date” means, with respect to each Loan, the date such Loan is Pledged
hereunder. 
 “Defaulting Lender” means any Lender that has (or, with respect to clause (iv) of this definition, has a
direct or indirect parent company that has) (i) failed to fund any portion of the Advances on the date required to be funded by it hereunder, (ii) otherwise failed to pay over to the Administrative Agent or any other Lender any other
amount required to be paid by it hereunder within three Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) notified the Borrower, the Administrative Agent or any other Lender in writing that it
does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations under this Agreement or generally
under other agreements in which it commits or is obligated to extend credit, (iv) failed, within three Business Days after request by the Administrative Agent to confirm in writing that it will comply with the terms of this Agreement relating
to its obligations to fund prospective Loans (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (iv) upon receipt of such written confirmation by the Administrative Agent), or (v) become or is not
Solvent or has become the subject of a Bankruptcy Proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such
proceeding or appointment. 
 “Delayed Draw Loan” means a Loan that requires one or more future advances to be made by the
Borrower and which does not permit the re-borrowing of any amount previously repaid by the related Obligor; provided that, such Loan shall only be considered a Delayed Draw Loan for so long as any
future funding obligations remain in effect and any reference to a Delayed Draw Loan shall refer only to any portion of such Loan which constitutes a future funding obligation. 

“Determination Date” means the 4th day of each January, April, July and
October. 
 “DIP Loan” means any Loan (i) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy Code, (ii) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code, (iii) the terms
of which have been approved by a court of competent jurisdiction (the enforceability of which is not subject to any pending contested matter or proceeding) and (iv) which is not a Fixed Rate Loan or a Second Lien Loan. 

“Disbursement Request” means a disbursement request from the Borrower to the Administrative Agent and the Collateral Agent in
the form attached hereto as Exhibit C in connection with a disbursement request from the Principal Collection Account in accordance with Section 2.19. 

  
 -12- 

 “Discretionary Sale” has the meaning set forth in Section 2.07(b).

 “Dollars” means the lawful currency of the United States of America. 

“EBITDA” means, with respect to any period and any Loan, the meaning of “EBITDA”, “Adjusted EBITDA” or
any comparable definition in the Underlying Instrument for each such Loan, together with all reasonable add-backs and exclusions as designated in such Underlying Instrument, and in any case that
“EBITDA”, “Adjusted EBITDA” or such comparable definition is not defined in such Underlying Instrument, an amount, for the principal obligor on such Loan and any of its parents or Subsidiaries that are obligated pursuant to the
Underlying Instrument for such Loan (determined on a consolidated basis without duplication in accordance with GAAP) equal to earnings from continuing operations for such period plus interest expense, income taxes and unallocated depreciation
and amortization for such period (to the extent deducted in determining earnings from continuing operations for such period), and any other item the Borrower and the Administrative Agent mutually deem to be appropriate. 

“Eligible Assignee” means any commercial bank or insurance company. 

“Eligible Loan” means each Loan (A) for which the Administrative Agent and/or the Collateral Agent have received (or, in
accordance with the definition of “Required Loan Documents,” will receive) the related Required Loan Documents; (B) with respect to which an Approval Notice has been executed by the Administrative Agent; and (C) that satisfies
each of the following eligibility requirements (unless the Administrative Agent, with (other than with respect to clause (dd) below) the prior consent of the Required Lenders, agrees to waive any such eligibility requirement with respect to such
Loan): 
 (a) such Loan is a Broadly Syndicated Loan, a Large Middle Market Loan, a Traditional Middle Market Loan, a Second Lien Loan, an
Unsecured Loan or a Last Out Loan; 
 (b) such Loan is denominated and payable solely in Dollars; 

(c) such Loan does not constitute Margin Stock; 

(d) unless such Loan is a Delayed Draw Loan or a Revolving Loan, such Loan does not require the Borrower to make advances in respect of such
Loan at any time after the Borrower’s purchase of such Loan; 
 (e) the acquisition of such Loan will not cause the Borrower or the
Collateral Portfolio to be required to register as an investment company under the 1940 Act; 
 (f) such Loan is not a DIP Loan or a Bond;

 (g) the principal Underlying Collateral for such Loan is not real property; 

  
 -13- 

 (h) such Loan, together with the Underlying Instrument related thereto, is in full force and
effect and constitutes the legal, valid and binding obligation of the related Obligor and each guarantor thereof (if applicable), enforceable against such Obligor and each such guarantor in accordance with its terms, subject to customary bankruptcy,
insolvency and equity limitations; 
 (i) such Loan is in the form of and is treated as indebtedness of the related Obligor for U.S. federal
income tax purposes; 
 (j) as of the related Cut-Off Date, such Loan is not delinquent in payment or defaulted in any other manner that
would give rise to the right of any holder of such Loan to accelerate such Loan and no portion of such Loan has been converted into equity; 

(k) none of the acquisition, sale, transfer or assignment of such Loan nor the granting of a security interest hereunder to the Collateral
Agent will (i) violate, conflict with or contravene any Applicable Law or any contractual or other restriction, limitation or encumbrance binding on the Borrower or (ii) cause any Lender to fail to comply with any Applicable Law or request
or directive (whether or not having the force of law) from any banking or other Governmental Authority having jurisdiction over such Lender; 

(l) such Loan is eligible under the applicable Underlying Instrument (giving effect to the provisions of
Sections 9-406 and 9-408 of the UCC) to be sold, transferred or assigned to the Borrower and to have a security interest therein granted to the Collateral Agent, as
agent for the Secured Parties (subject to the rights of any applicable agents under the terms of the related Underlying Instrument); 
 (m)
such Loan is not subject to, or the subject of any assertions in respect of, any litigation, dispute or offset, and contains provisions substantially to the effect that the Obligor’s and each guarantor’s (if applicable) payment
obligations thereunder are absolute and unconditional without any right of rescission, setoff, counterclaim or defense for any reason against the Borrower or any assignee; 

(n) immediately after giving effect to its acquisition of such Loan and at all times it is owned by the Borrower, the Borrower (i) has
good and marketable title to, and is the sole owner of, such Loan, and the Borrower has granted to the Collateral Agent for the benefit of the Secured Parties a valid and perfected first priority (subject to Permitted Liens) Lien in the Loan
and related Underlying Instrument and (ii) has not granted a Lien in the Loan or the related Underlying Instrument to any Person other than to the Collateral Agent hereunder; 

(o) such Loan (or the acquisition thereof) is not subject to and will not subject any Secured Party or any Affiliate thereof to any Tax, fee
or other governmental charge payable to any Governmental Authority; 
 (p) the Obligor with respect to such Loan and each guarantor (if
applicable) thereof had full legal capacity to execute and deliver the related Underlying Instrument; 
 (q) all material consents,
licenses, approvals or authorizations of, or registrations or declarations with, any Governmental Authority or any other Person required by 

  
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the Borrower or under the related Underlying Instrument under Applicable Law to be obtained, effected or given in connection with the making, acquisition, transfer or performance of such Loan
have been duly obtained, effected or given and are in full force and effect; 
 (r) such Loan requires the related Obligor to pay customary
maintenance, repair, insurance and taxes, together with all other ancillary costs and expenses, with respect to the Underlying Collateral of such Loan; 

(s) such Loan and any Underlying Collateral (i) comply in all respects with all Applicable Laws and (ii) have not, and will not, be
used by the related Obligor in any manner or for any purpose that would result in any material risk of liability being imposed upon the Borrower or any Secured Party under any Applicable Law; 

(t) such Loan has a term to stated maturity that does not exceed (x) if such Loan is a Second Lien Loan, eight (8) years and
(y) otherwise, seven (7) years; 
 (u) the Underlying Instrument for such Loan does not contain a confidentiality provision that
would prohibit any Secured Party from accessing all necessary information with regard to such Loan, so long as such Secured Party has agreed to maintain the confidentiality of such information in accordance with the provisions of such Underlying
Instrument; 
 (v) such Loan, and any payment made with respect to such Loan, is not currently subject to any withholding tax (or similar
governmental charge) unless the Obligor thereon is making “gross-up” payments that cover the full amount of such withheld tax (or similar governmental charge) on an
after-tax basis; 
 (w) to the actual knowledge of the Borrower, no written or verbal notice of, or
inquiry from any Governmental Authority regarding, any violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Underlying
Collateral, nor does the Borrower have knowledge or reason to believe that any such notice will be received or is being threatened, other than, in each case, as notified to the Administrative Agent in writing on or prior to the applicable Cut-Off
Date or promptly after obtaining actual knowledge of any such notice or inquiry; provided that, unless otherwise permitted by the Administrative Agent, from and after the Borrower obtaining such actual knowledge, the related Loans will no
longer be counted as Eligible Loans for purposes of calculating whether a Borrowing Base Deficiency exists; 
 (x) if such Loan is a PIK
Loan, it provides for periodic payments of interest thereon in cash no less frequently than semi-annually and the portion of interest required to be paid in cash under the terms of the related Underlying Instruments results in the outstanding
principal amount of such Loan having an effective rate of current interest paid in cash on such day of not less than (i) if such PIK Loan is a Fixed Rate Loan, 2.25% per annum over the forward swap rate for a designated maturity
equal to the scheduled maturity of such Fixed Rate Loan or (ii) otherwise, 2.25% per annum over the applicable index set forth in the related Underlying Instruments (for an interest period equivalent to the tenor then in effect in
such Underlying Instruments); 

  
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 (y) the repayment of such Loan is not subject to any material non-credit related risk, as
determined in accordance with the standard underwriting, credit, collection, operating and reporting procedures and systems of the Collateral Manager, other than non-credit related risks that have previously been disclosed to, and approved by, the
Administrative Agent during the process of obtaining Administrative Agent’s approval with respect to such Loan; 
 (z) if more than one
loan has been made to the Obligor of such Loan by the Seller or any Subsidiary of the Seller, (i) each such loan is cross-collateralized and cross-defaulted and at least a portion of each such loan is a Loan Pledged hereunder,
(ii) each such loan is subject to a legal order setting forth the rights of the lender of such loan relative to other lenders of such Obligor or (iii) each such loan is subject to an intercreditor agreement in form and substance
satisfactory to Administrative Agent in its reasonable discretion; 
 (aa) unless such Loan is a Cov-Lite Loan, such Loan contains customary
compliance and reporting requirements relating to periodic calculations of the Cash Interest Coverage Ratio and either or both of the Senior Net Leverage Ratio and the Total Leverage Ratio; 

(bb) if such Loan is a Cov-Lite Loan, such Loan requires the Obligor to provide periodic financial information to the Collateral Manager
sufficient to allow the calculation of either or both of the Senior Net Leverage Ratio and the Total Leverage Ratio; 
 (cc) the Obligor
with respect to such Loan is an Eligible Obligor; 
 (dd) the administrative agent, if any, with respect to such Loan (i) is approved
by the Administrative Agent and (ii) any payments made to such administrative agent by any related Obligor with respect to such Loan are held in a segregated account in the name of such administrative agent as an agent for the benefit of the
secured parties; 
 (ee) as of the related Cut-Off Date, such Loan satisfies the Inclusion Criteria. 

“Eligible Obligor” means, on any date of determination, any Obligor that: 

(a) is a business organization (and not a natural person) duly organized and validly existing under the laws of its jurisdiction of
organization; 
 (b) is not a Governmental Authority; 

(c) is not an Affiliate of the Borrower or any Borrower Advisor; 

(d) is organized and incorporated in the United States or any State thereof, the United Kingdom or Canada; 

(e) as of the related Cut-Off Date, there are no proceedings pending or, to the best of the Borrower’s or the Equityholder’s
knowledge, threatened (i) asserting that such Obligor is not Solvent or (ii) pursuant to which such Obligor, any other obligated party or any Governmental Authority has asserted that such Loan or the related Underlying Instrument is
illegal or unenforceable; 

  
 -16- 

 (f) as of the related Cut-Off Date, is not the subject of and, to the best of the
Borrower’s or the Equityholder’s knowledge is not threatened with any proceeding which would result in, a Bankruptcy Event with respect to such Obligor; 

(g) to the actual knowledge of the Borrower, none of such Obligor’s operations is the subject of a material Federal or state
investigation evaluating whether any remedial action, involving expenditures, is needed to respond to a release of any Hazardous Materials into the environment, other than, in each case, as notified to the Administrative Agent in writing on or prior
to the applicable Cut-Off Date or promptly after obtaining actual knowledge of any such investigation; provided that, unless otherwise permitted by the Administrative Agent, from and after the Borrower obtaining such actual knowledge, the
related Loans will no longer be counted as Eligible Loans for purposes of calculating whether a Borrowing Base Deficiency exists; and 

(h) to the actual knowledge of the Borrower, such Obligor does not have any material contingent liability in connection with any release of
any Hazardous Materials into the environment, other than, in each case, as notified to the Administrative Agent in writing on or prior to the applicable Cut-Off Date or promptly after obtaining actual knowledge of any such material contingent
liability; provided that, unless otherwise permitted by the Administrative Agent, from and after the Borrower obtaining such actual knowledge, the related Loans will no longer be counted as Eligible Loans for purposes of calculating whether a
Borrowing Base Deficiency exists. 
 “Environmental Laws” means any and all foreign, federal, state and local laws,
statutes, ordinances, rules, regulations, permits, licenses, approvals, binding interpretations and orders of courts or Governmental Authorities, relating to the protection of human health from exposure to Hazardous Materials or the environment,
including, but not limited to, requirements pertaining to the manufacture, processing, distribution, use, treatment, storage, disposal, transportation, handling, reporting, licensing, permitting, investigation or remediation of Hazardous Materials.
Environmental Laws include, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9601 et seq.), the Hazardous Material Transportation Act (49 U.S.C. § 331 et seq.), the
Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act
(15 U.S.C. § 2601 et seq.), the Safe Drinking Water Act (42 U.S.C. § 300, et seq.), the Environmental Protection Agency’s regulations relating to underground storage tanks (40 C.F.R. Parts 280 and 281), and the
Occupational Safety and Health Act (29 U.S.C. § 651 et seq.), and the rules and regulations thereunder, each as amended or supplemented from time to time. 

“Equityholder” means FS Investment Corporation III, as the owner of 100% of the membership interests in the Borrower. 

“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate” means (a) any corporation that is a member of the same controlled group of corporations (within the
meaning of Section 414(b) of the Code) as the 

  
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Borrower or the Collateral Manager, as applicable, (b) a trade or business (whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with the
Borrower or the Collateral Manager, as applicable, or (c) a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as the Borrower or the Collateral Manager, as applicable, any corporation described
in clause (a) above or any trade or business described in clause (b) above. 
 “Eurodollar Disruption Event”
means the occurrence of any of the following: (a) any Liquidity Bank or any Institutional Lender shall have notified the Administrative Agent in writing of a determination by such Liquidity Bank or any of its assignees or participants or such
Institutional Lender that it would be contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having the force of law) to obtain United States dollars in the London interbank market to fund any
Advance, (b) the Administrative Agent is unable to determine LIBOR for any reason, (c) any Liquidity Bank or any Institutional Lender shall have notified the Administrative Agent in writing of a determination by such Liquidity Bank or any
of its assignees or participants or such Institutional Lender, as applicable, that the rate at which deposits of United States dollars are being offered to such Liquidity Bank or any of its assignees or participants or such Institutional Lender in
the London interbank market does not accurately reflect the cost to such Liquidity Bank, such assignee or such participant or such Institutional Lender of making, funding or maintaining any Advance or (d) any Liquidity Bank or any Institutional
Lender shall have notified the Administrative Agent in writing of the inability of such Liquidity Bank or any of its assignees or participants or such Institutional Lender, as applicable, to obtain United States dollars in the London interbank
market to make, fund or maintain any Advance. 
 “Event of Default” has the meaning assigned to that term in
Section 7.01. 
 “Excepted Persons” has the meaning assigned to that term in Section 12.13(a). 

“Excess Concentration Amount”: As of any date of determination (and after giving effect to all Eligible Loans to be purchased
or sold by the Borrower on such date), the sum of the following amounts (without duplication): 
 (a) the excess, if any, of (i) the
aggregate Adjusted Borrowing Value of all Eligible Loans of any single Obligor over (ii) the greater of (x) $8,000,000 and (y) 4% of the aggregate Adjusted Borrowing Value of all Eligible Loans; provided that (i) the
aggregate Adjusted Borrowing Value of all Eligible Loans made to the largest single Obligor may be up to the greater of (x) $17,000,000 and (y) 7% of the Borrowing Base and (ii) the aggregate Adjusted Borrowing Value of all Eligible
Loans made to each of the second, third, fourth and fifth largest single Obligors may be up to the greater of (x) $15,000,000 and (y) 5% of the Borrowing Base; 

(b) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of all Eligible Loans with Obligors in any single Moody’s
Industry Classification over (ii) 15% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio; provided that (A) the aggregate Adjusted Borrowing Value of all Eligible Loans with Obligors in the
largest Moody’s Industry Classification may be up to 20% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio and (B) the aggregate Adjusted Borrowing

  
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Value of all Eligible Loans with Obligors in each of the second and third largest Moody’s Industry Classification may be up to 17.5% of the aggregate Adjusted Borrowing Value of all Eligible
Loans in the Collateral Portfolio; 
 (c) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of all Eligible Loans that
are Second Lien Loans, Last Out Loans or Unsecured Loans over (ii) 40% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio; provided that (A) the aggregate Adjusted Borrowing Value of all
Second Lien Loans and Unsecured Loans shall not exceed 20% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio and (B) the aggregate Adjusted Borrowing Value of all Unsecured Loans shall not exceed 10% of
the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio; 
 (d) the excess, if any, of (i) the
aggregate Adjusted Borrowing Value of all Eligible Loans that are Delayed Draw Loans over (ii) 10% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio; 

(e) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of all Eligible Loans that are Revolving Loans over (ii) 10%
of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio; 
 (f) the excess, if any, of (i) the
aggregate Adjusted Borrowing Value of all Eligible Loans that are Cov-Lite Loans over (ii) 25% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio; 

(g) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of all Eligible Loans that are PIK Loans over (ii) 10% of the
aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio; 
 (h) the excess, if any, of (i) the aggregate
Adjusted Borrowing Value of all Eligible Loans which have an Obligor organized in a country other than the United States over (ii) 10% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio; 

(i) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of all Eligible Loans which pay interest less frequently than
quarterly over (ii) 10% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio; 
 (j) the excess,
if any, of (i) the aggregate Adjusted Borrowing Value of Fixed Rate Loans not subject to a Hedging Agreement over (ii) 10% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio; and 

(k) the excess, if any, of (i) the aggregate Adjusted Borrowing Value of all Eligible Loans that are Participation Interests over
(ii) 5% of the aggregate Adjusted Borrowing Value of all Eligible Loans in the Collateral Portfolio. 
 “Exchange Act”
means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

  
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 “Excluded Amounts” means (a) any amount received in any Controlled Account
with respect to any Loan included as part of the Collateral Portfolio, which amount is attributable to the payment of any Tax, fee or other charge imposed by any Governmental Authority on such Loan or on any Underlying Collateral, or (b) any
amount received in any Controlled Account representing (i) any amount representing a reimbursement of insurance premiums, (ii) any escrows relating to Taxes, insurance and other amounts in connection with Loans which are held in an escrow
account for the benefit of the Obligor and the secured party pursuant to escrow arrangements under a Underlying Instrument and (iii) any amount received in any Controlled Account with respect to any Loan that is sold or transferred by the
Borrower pursuant to Section 2.07, to the extent such amount is attributable to a time after the effective date of such replacement or sale. 

“Excluded Taxes” has the meaning assigned to that term in Section 2.10(a). 

“Facility Amortization Event” has the meaning assigned to that term in Section 6.11. 

“Facility Maturity Date” means the earliest to occur of (i) the Stated Maturity Date, (ii) the date of the
declaration or automatic occurrence of the Facility Maturity Date pursuant to Section 7.01 and (iii) the Collection Date. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any law,
regulation, legislation or practice adopted pursuant to an intergovernmental agreement entered into in connection with the implementation of such Sections of the Code. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal, for each day during such
period, to the weighted average of the overnight federal funds rates as in Federal Reserve Board Statistical Release H.15(519) or any successor or substitute publication selected by the Administrative Agent (or, if such day is not a Business Day,
for the next preceding Business Day), or, if for any reason such rate is not available on any day, the rate determined, in the sole discretion of the Administrative Agent, to be the rate at which overnight federal funds are being offered in the
national federal funds market at 9:00 a.m. on such day. 
 “Fee Letter” means each fee letter agreement that shall be
entered into by and among the Borrower, the Administrative Agent and/or any applicable Lender and the related Lender Agent, if applicable, in connection with the transactions contemplated by this Agreement, as amended, modified, waived,
supplemented, restated or replaced from time to time. 
 “Fees” means the Non-Usage Fee, the Make-Whole Fee, the Prepayment
Fee and all other fees payable pursuant to the terms of any Fee Letter. 
 “Financial Asset” has the meaning specified in Section 8-102(a)(9) of the UCC. 
 “Financial Sponsor” means any Person, including
any Subsidiary of such Person, whose principal business activity is acquiring, holding, and selling investments (including 

  
 -20- 

 
controlling interests) in otherwise unrelated companies that each are distinct legal entities with separate management, books and records and bank accounts, whose operations are not integrated
with one another and whose financial condition and creditworthiness are independent of the other companies so owned by such Person. 

“Fixed Rate Loan” means a Loan that is (i) a fixed rate loan, (ii) is not (and cannot by its terms become)
subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, insolvency, moratorium or liquidation proceedings, (iii) is secured by a pledge of collateral, which security interest is validly perfected and
first priority under Applicable Law (subject to Liens described in clause (b) (other than clause (v) thereof) of the definition of Permitted Liens), and (iv) the Borrower or the Collateral Manager determines in good faith that the
value of the collateral securing the loan (or the enterprise value of the underlying business) on or about the time of origination equals or exceeds the outstanding principal balance of the loan plus the aggregate outstanding balances of all
other loans of equal or higher seniority secured by the same collateral. 
 “GAAP” means generally accepted accounting
principles as in effect from time to time in the United States. 
 “Governmental Authority” means, with respect to any
Person, any nation or government, any state or other political subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government and any court or arbitrator having jurisdiction over such Person. 
 “Hazardous
Materials” means all hazardous or toxic materials subject to any Environmental Law, including, without limitation, materials listed in 49 C.F.R. § 172.010, materials defined as hazardous pursuant to § 101(14) of the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, as amended, flammable, explosive or radioactive materials, hazardous or toxic wastes or substances, lead-based materials, petroleum or petroleum
distillates or asbestos or material containing asbestos, polychlorinated biphenyls, radon gas, urea formaldehyde and any such materials classified as being “in inventory”, “usable work in process” or similar classification that
would, if classified as unusable, be included in the foregoing definition. 
 “Hedge Breakage Costs” means, with respect to
each Hedge Counterparty upon the early termination of any Hedge Transaction with such Hedge Counterparty, the net amount, if any, payable by the Borrower to such Hedge Counterparty for the early termination of that Hedge Transaction or any portion
thereof. 
 “Hedge Counterparty” means (a) Capital One and its Affiliates and (b) any other entity that
(i) on the date of entering into any Hedge Transaction (x) is an interest rate swap dealer that has been approved in writing by the Administrative Agent, and (y) has a long-term unsecured debt rating of not less than “A” by
S&P and not less than “A2” by Moody’s (the “Long-term Rating Requirement”) and a short-term unsecured debt rating of not less than “A-1” by S&P and not less than “P-1” by Moody’s (the
“Short-term Rating Requirement”), and (ii) in a Hedging Agreement (x) consents to the assignment hereunder of 

  
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the Borrower’s rights under the Hedging Agreement to the Administrative Agent on behalf of the Secured Parties and (y) agrees that in the event that Moody’s or S&P reduces its
long-term unsecured debt rating below the Long-term Rating Requirement or reduces it short-term debt rating below the Short-term Rating Requirement, it shall either collateralize its obligations in a manner reasonably satisfactory to the
Administrative Agent, or transfer its rights and obligations under each Hedging Agreement (excluding, however, any right to net payments or Hedge Breakage Costs under any Hedge Transaction, to the extent accrued to such date or to accrue thereafter
and owing to the transferring Hedge Counterparty as of the date of such transfer) to another entity that meets the Long-term Rating Requirement and the Short-term Rating Requirement and has entered into a Hedging Agreement with the Borrower on or
prior to the date of such transfer. 
 “Hedge Transaction” means each interest rate swap, index rate swap or interest rate
cap transaction or comparable derivative arrangement between the Borrower and a Hedge Counterparty that is entered into pursuant to Section 5.01(ii) and is governed by a Hedging Agreement. 

“Hedging Agreement” means the agreement between the Borrower and a Hedge Counterparty that governs one or more Hedge
Transactions entered into by the Borrower and such Hedge Counterparty pursuant to Section 5.01(ii), which agreement shall consist of a “Master Agreement” in a form published by the International Swaps and Derivatives
Association, Inc., together with a “Schedule” thereto, and each “Confirmation” thereunder confirming the specific terms of each such Hedge Transaction or a “Confirmation” that incorporates the terms of such a
“Master Agreement” and “Schedule.” 
 “Inclusion Criteria” means, for each Loan, the satisfaction by
such Loan as of its related Cut-Off Date, of each of the following criteria (other than any individual clause listed below that the Administrative Agent in its sole discretion has waived in writing with respect to such Loan, which waiver shall
solely be for the specific fact or circumstance that existed at the time of such waiver): 
 (a) the Purchase Price of such Loan is at least
85%; 
 (b) the related Obligor’s Total Leverage Ratio is not more than 6.0x; 

(c) the related Obligor’s EBITDA for the most recent 12 month reporting period is at least (i) if such Loan is a Cov-Lite Loan,
$75,000,000 and (ii) otherwise, $20,000,000; 
 (d) the related Obligor’s Cash Interest Coverage Ratio is at least 1.5x; 

(e) the related Obligor has revenues of at least $50,000,000 for the prior 12 calendar months; 

(f) both (x) such Loan bears interest at a rate of not less than (i) if such Loan is a Fixed Rate Loan, the forward swap rate for a
designated maturity equal to the scheduled maturity of such Fixed Rate Loan plus 2.25% or (ii) if such Loan is not a Fixed Rate Loan, the applicable index set forth in the Underlying Instruments for such Loan (for an

  
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interest period equivalent to the tenor then in effect in such Underlying Instruments plus 2.25% and (y) after giving effect to the acquisition of such Loan, the Weighted Average
Spread is at least 3.0%; 
 (g) the Loan-to-Value Ratio in respect of such Loan of the related Obligor is no greater than 70%; and 

(h) the related Obligor is not in a Prohibited Industry. 

“Incurrence Covenant” means a covenant by any Obligor to comply with one or more financial covenants only upon the occurrence
of certain actions of such Obligor, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture. 

“Indebtedness” means (i) with respect to any Obligor under any Loan, the meaning of “Indebtedness” or any
comparable definition in the Underlying Instrument for each such Loan, and in any case that “Indebtedness” or such comparable definition is not defined in such Underlying Instrument, without duplication, (a) all obligations of such
entity for borrowed money, (b) all obligations of such entity evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such entity under conditional sale or other title retention agreements relating to property
acquired by such entity, (d) all obligations of such entity in respect of the deferred purchase price of property or services (excluding current accounts payable and trade payables incurred in the ordinary course of business), (e) all
indebtedness of others secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such entity, whether or not the indebtedness secured thereby
has been assumed, (f) all guarantees by such entity of indebtedness of others, (g) all Capital Lease Obligations of such entity, (h) all obligations, contingent or otherwise, of such entity as an account party in respect of letters of
credit and letters of guaranty and (i) all obligations, contingent or otherwise, of such entity in respect of bankers’ acceptances; and (ii) for all other purposes, with respect to any Person at any date, (a) all indebtedness of
such Person for borrowed money or for the deferred purchase price of property or services (other than current liabilities incurred in the ordinary course of business and payable in accordance with customary trade practices) or that is evidenced by a
note, bond, debenture or similar instrument or other evidence of indebtedness customary for indebtedness of that type, (b) all Capital Lease Obligations of such Person, (c) all obligations of such Person in respect of acceptances issued or
created for the account of such Person, (d) all liabilities secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof, (e) all indebtedness,
obligations or liabilities of that Person in respect of derivatives (on a net basis, to the extent the same are reported by such Person on a net basis), and (f) all obligations under direct or indirect guaranties in respect of obligations
(contingent or otherwise) to purchase or otherwise acquire, or to otherwise assure a creditor against loss in respect of, indebtedness or obligations of others of the kind referred to in clauses (a) through (e) of this clause (ii).

 “Indemnified Amounts” has the meaning assigned to that term in Section 8.01(a). 

“Indemnified Party” has the meaning assigned to that term in Section 8.01(a). 

  
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 “Indemnity Letter” means that certain Indemnity Letter, dated as of the date
hereof, given by the Collateral Advisor to the Administrative Agent, on behalf of the Secured Parties. 
 “Independent
Director” means a natural person who, (A) has not been for the three-year period prior to his or her appointment as an Independent Director, and during the continuation of his or her service as Independent Director is not: (i) an
employee, director, stockholder, member, manager, partner or officer of the Borrower or any of their respective Affiliates (other than his or her service as an Independent Director of the Borrower or other Affiliates that are structured to be
“bankruptcy remote” and does not hold, either directly or indirectly, any equity interests in the Borrower or in any direct or indirect parent or Subsidiary thereof); (ii) a customer, creditor, service provider (including a provider
of professional services) or supplier of the Borrower or any of their Affiliates (other than his or her service as an Independent Director of the Borrower or other Affiliates of the Borrower that are structured to be “bankruptcy remote”);
(iii) any member of the immediate family of a person described in (i) or (ii), or (iv) a Person that controls (whether directly, indirectly or otherwise) any of (i), (ii) or (iii), (B) has, (i) prior experience as an
Independent Director for a corporation or limited liability company whose charter documents required the unanimous consent of all Independent Directors thereof before such corporation or limited liability company could consent to the institution of
bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy and (ii) at least three years of employment experience with CT Corporation, Corporation
Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation or, if none of those companies is then providing professional Independent Directors, another nationally-recognized
company reasonably approved by the Administrative Agent, in each case that is not an Affiliate of the Borrower and that provides professional Independent Directors and other corporate services in the ordinary course of its business and (C) is
employed by a nationally recognized company that routinely provides professional Independent Directors and other corporate services in the ordinary course of its business. A natural person who otherwise satisfies the foregoing definition and
satisfies subparagraphs (i) and (ii) by reason of being the Independent Director of a “bankruptcy remote” Affiliate shall be qualified to serve as an Independent Director of the Borrower, provided that the fees that such
individual earns from serving as an Independent Director of Affiliates of the Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income for that year. 

“Indorsement” has the meaning specified in Section 8-102(a)(11) of the UCC, and
“Indorsed” has a corresponding meaning. 
 “Initial Notice of Borrowing” means a Notice of Borrowing that
(i) specifies a requested Advance of not less than $1,000,000, (ii) specifies an Advance Date not more than sixty (60) days after the Closing Date and (iii) is revocable by the Borrower only if, at any time prior to the specified
Advance Date, the Advances Outstanding exceed $1,000,000. 
 “Institutional Lender” means (i) Capital One and
(ii) each financial institution other than a Conduit Lender which may from time to time become a Lender hereunder by executing and delivering a Joinder Supplement to the Administrative Agent and the Borrower as contemplated by
Section 2.20. 

  
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 “Instrument” has the meaning specified in
Section 9-102(a)(47) of the UCC. 
 “Insurance Policy” means, with respect to
any Loan, an insurance policy covering liability and physical damage to, or loss of, the Underlying Collateral. 
 “Insurance
Proceeds” means any amounts received on or with respect to a Loan under any Insurance Policy or with respect to any condemnation proceeding or award in lieu of condemnation other than (i) any such amount received which is required to
be used to restore, improve or repair the related property or required to be paid to the Obligor under the Underlying Instrument or (ii) any such amount for which the Borrower or the Collateral Manager has consented, in its reasonable business
discretion, to be used to restore, improve or repair the related property or otherwise to be paid to the Obligor under the Underlying Instrument. 

“Interest” means, with respect to any period and any Loan, for the Obligor on such Loan and any of its parents or
Subsidiaries that are obligated under the Underlying Instrument for such Loan (determined on a consolidated basis without duplication in accordance with GAAP), the meaning of “Interest” or any comparable definition in the Underlying
Instrument for each such Loan and in any case that “Interest” or such comparable definition is not defined in such Underlying Instrument, all interest in respect of Indebtedness (including the interest component of any payments in respect
of Capital Lease Obligations) accrued or capitalized during such period (whether or not actually paid during such period). 

“Interest Collection Account” means account number 84294601 at the Account Bank in the name of the Borrower subject to the
Lien of the Collateral Agent for the benefit of the Secured Parties including any sub-account thereof; provided, that the funds deposited therein (including any interest and earnings thereon) from time to time shall constitute the property
and assets of the Borrower, and the Borrower shall be solely liable for any Taxes payable with respect to the Interest Collection Account. 

“Interest Collections” means, (i) with respect to any Loan, all payments and collections attributable to interest on
such Loan, including, without limitation, all scheduled payments of interest and payments of interest relating to principal prepayments, all guaranty payments attributable to interest and proceeds of any liquidations, sales, dispositions or
securitizations attributable to interest on such Loan, (ii) amendment fees, late fees, waiver fees, prepayment fees or other fees received in respect of Loans and (iii) any payment received with respect to any Hedging Agreement other than
(a) an upfront payment received upon entering into such Hedging Agreement or (b) a payment received as a result of the termination of any Hedging Agreement (net of any amounts due and payable by the Borrower to the related Hedge
Counterparty in connection with such termination) to the extent not used by the Borrower to enter into a new or Replacement Hedging Agreement. 

“Interest Coverage Ratio” means, with respect to the Borrower, as of any Determination Date occurring after the Determination
Date in April 2016, the ratio of (i) the interest and fees received by the Borrower during the two immediately preceding calendar quarters to (ii) interest, costs and fees payable to the Secured Parties under the Transaction Documents
during the two immediately preceding calendar quarters. 

  
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 “Interest Coverage Test” means a test that is satisfied as of any required
Determination Date if the Interest Coverage Ratio is at least equal to 150.0%. 
 “Interest Period” means, with respect to
any Advance, the period commencing on the date of such Advance and ending on the numerically corresponding day in the calendar month that is one, two or three months thereafter as specified in the applicable Notice of Borrowing; provided,
that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which
case such Interest Period shall end on the next preceding Business Day, and (b) any Interest Period (other than an Interest Period that ends on the Facility Maturity Date that is permitted to be of less than one month’s duration as
provided in this definition) that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the
last calendar month of such Interest Period; provided that regardless of the Interest Period elected, interest payable hereunder shall be payable quarterly in arrears. For purposes hereof, the date of an Advance initially shall be the date on which
such Advance is made and thereafter shall be the effective date of the most recent continuation of such Advance, and the date of a borrowing comprising Advances that have been continued shall be the effective date of the most recent continuation of
such Advances. 
 “Issuance Size” means, with respect to any Loan, the dollar value of the tranche (including any last-out component but excluding any second lien or unsecured tranche) of Indebtedness of the applicable Obligor currently held or contemplated for purchase by the Borrower; provided that any pari
passu tranche of Indebtedness that is broadly syndicated with the same material terms and issued by the same Obligor pursuant to the same Underlying Instrument shall, upon the determination of the Administrative Agent, be included in the
calculation of Issuance Size. 
 “Joinder Supplement” means an agreement among the Borrower, a Lender, its Lender Agent and
the Administrative Agent in the form of Exhibit D to this Agreement (appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the Closing Date. 

“Large Middle Market Loan” means any Loan that is not a Broadly Syndicated Loan and (i) is syndicated (but not a
“club” syndication as determined by the Administrative Agent in its sole discretion), (ii) is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization,
insolvency, moratorium or liquidation proceedings, (iii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to Liens described in clause (b) (other than
clause (v) thereof) of the definition of Permitted Liens), (iv) the Borrower or the Collateral Manager determines in good faith that the value of the collateral securing such Loan (or the enterprise value of the underlying business) on or
about the time of origination equals or exceeds the outstanding principal balance of such Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral, (v) has a Issuance
Size of at least $200,000,000 and (vi) as of the applicable Cut-Off Date, the Obligor of which has an EBITDA for the prior twelve calendar months of at least $60,000,000 (after giving pro forma effect to any acquisition in connection
therewith). 

  
 -26- 

 “Last Out Loan” means any Loan (a) that would constitute a Traditional
Middle Market Loan or Large Middle Market Loan but for the fact that, at any time prior to and/or after an event of default or “triggering event” per the Underlying Instruments will be paid in full after one or more tranches of “first
out” loans issued by the same Obligor in accordance with a specified waterfall or other priority of payments, (b) with respect to which the Seller or a Borrower Advisor (in each case, together with its Affiliates) holds the requisite
voting authority to direct any third party agent to enforce the rights of the lenders in the related Underlying Instruments including amendments, waivers, rights following an event of default or “triggering event” and rights in a
bankruptcy, (c) which is issued under the same Underlying Instruments as the related “first out” loan, (d) for which the related “first out” loan does not exceed 25% of the aggregate Indebtedness issued under the
related Underlying Instruments, (e) with respect to which the Borrower (together with its Affiliates) has the right to purchase its pro rata portion of the “first out” loan in full following an event of default or “triggering
event” under the related Underlying Instruments and (f) which the Administrative Agent designates such Loan as a Last Out Loan in the related Approval Notice. 

“Lender” means any Institutional Lender or Conduit Lender, and/or any other Person to whom an Institutional Lender or Conduit
Lender assigns any part of its rights and obligations under this Agreement and the other Transaction Documents in accordance with the terms of Section 12.04. 

“Lender Agent” means, with respect to (i) Capital One, Capital One; (ii) each Conduit Lender which may from time to
time become party hereto, the Person designated as the “Lender Agent” with respect to such Conduit Lender in the applicable Joinder Supplement and (iii) each Institutional Lender which may from time to time become a party hereto, each
shall be deemed to be its own Lender Agent, and, in each case, each of their respective successors and assigns (and each shall be deemed to be its own Lender Agent). 

“LIBOR” means, for any Interest Period, with respect to any Advance (or portion thereof) the greater of (x) 0% and
(y)(a) the rate per annum appearing on Reuters Screen LIBOR01 Page (or any successor or substitute page) as the London interbank offered rate for deposits in dollars at approximately 11:00 a.m., London time, two Business Days prior to
the commencement of such Interest Period, provided, if such day is not a Business Day, the immediately preceding Business Day, for a period equal to such Interest Period; and (b) if no rate specified in clause (a) of this definition so
appears on Reuters Screen LIBOR01 Page (or any successor or substitute page), the interest rate per annum at which dollar deposits of $5,000,000 and for such Interest Period are offered by major financial institutions reasonably satisfactory
to the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 

“Lien” means any mortgage or deed of trust, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance,
lien (statutory or other), charge, claim, preference, priority or other security interest or preferential arrangement in the nature of a 

  
 -27- 

 
security interest of any kind or nature whatsoever (including any conditional sale, lease or other title retention agreement, sale subject to a repurchase obligation, any easement, right of way
or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing); provided that, in no event shall an operating lease in and of itself be deemed to be a Lien. 

“Lien Release Dividend” has the meaning assigned to that term in Section 2.07(e). 

“Lien Release Dividend Date” means the date specified by the Borrower, which date may be any Business Day, provided written
notice is given in accordance with Section 2.07(e). 
 “Liquidity Agreement” means any agreement entered into
in connection with this Agreement pursuant to which a Liquidity Bank agrees to make purchases from or advances to, or purchase assets from, any Conduit Lender in order to provide liquidity support for such Conduit Lender’s Advances hereunder.

 “Liquidity Bank” means the Person or Persons who provide liquidity support to any Conduit Lender pursuant to a Liquidity
Agreement in connection with the issuance by such Conduit Lender of Commercial Paper Notes. 
 “LLC Agreement” means the
Limited Liability Company Agreement of the Borrower, dated as of the date hereof, as amended, supplemented or otherwise modified from time to time. 

“Loan” means the portion of any commercial loan that the Borrower Advisors direct the Borrower to fund to or acquire from the
Seller or any third party seller, which loan includes, without limitation, (i) the Required Loan Documents and Loan File, and (ii) all right, title and interest of the Seller or such third party seller in and to such loan and any
Underlying Collateral, but excluding, in each case, the Retained Interest and Excluded Amounts, and which loan was acquired from or funded to and owned by the Borrower on the applicable Cut-Off Date (as set forth on the Loan Tape delivered on such
Cut-Off Date). 
 “Loan Checklist” means an electronic or hard copy, as applicable, of a checklist delivered by or on
behalf of the Borrower to the Collateral Custodian, for each Loan, of all Required Loan Documents to be included within the respective Loan File, which shall specify whether such document is an original or a copy and which shall include the
identification number and name of the Obligor with respect to such Loan. 
 “Loan File” means, with respect to each Loan, a
file containing (a) each of the documents and items as set forth on the Loan Checklist with respect to such Loan and (b) duly executed originals (to the extent required by the definition of “Required Loan Documents”) and copies
of any other reasonably available Records relating to such Loans and Portfolio Assets pertaining thereto. 
 “Loan Tape”
has the meaning assigned to that term in Section 6.07(b). 

  
 -28- 

 “Loan-to-Value Ratio” means, with respect to any Loan for the most recent
Relevant Test Period, the ratio of (i) Indebtedness of the relevant Obligor (other than Indebtedness that is junior in priority to such Loan) to (ii) the enterprise value of such Obligor. 

“Maintenance Covenant” means a covenant by any Obligor to comply with one or more financial covenants during each reporting
period, whether or not such Obligor has taken any specified action. 
 “Make-Whole Fee” means a fee payable on each
applicable Payment Date after six-month anniversary of the Closing Date equal to the lesser of (a) the positive difference (if any) of (w) the product of (1) the Applicable Spread multiplied by (2) the average daily Maximum
Facility Amount during the related Collection Period multiplied by (3) the Make-Whole Fee Percentage minus (x) the product of (1) the Applicable Spread multiplied by (2) the daily average Advances Outstanding funded by the
Lenders during such Collection Period plus (y) the product of (1) the sum for each day of the related Collection Period of (A) the applicable Non-Usage Fee Rate multiplied by (B) the Unused Facility Amount on such day multiplied
by (2) the result of (A) 1 minus (B) the Make-Whole Fee Percentage minus (z) the Non-Usage Fee accrued during such Collection Period and (b) an amount determined by the Administrative Agent in its reasonable discretion. 

“Make-Whole Fee Percentage” means on any day (a) prior to the six-month anniversary of the Closing Date, 0%,
(b) from the six-month anniversary of the Closing Date until the end of the Reinvestment Period, (x) if an Event of Default or a Facility Amortization Event is continuing, 0% and (y) otherwise, 60% and (c) after the End of the
Reinvestment Period, 0%. 
 “Management Agreement” means the Collateral Management Agreement, dated as of the date hereof,
between the Borrower and the Collateral Manager relating to the management of the Collateral Portfolio of the Borrower, as amended, supplemented or otherwise modified from time to time. 

“Margin Stock” means “margin stock” as such term is defined in Regulation T, U or X of the Federal Reserve Board.

 “Material Adverse Effect” means, with respect to any event or circumstance, a material adverse effect on (a) the
business, condition (financial or otherwise), operations, performance or properties of the Seller, any Borrower Advisor or the Borrower, (b) the validity, enforceability or collectability of this Agreement or any other Transaction Document or
the validity, enforceability or collectability of the Loans generally or any material portion of the Loans, (c) the rights and remedies of the Collateral Agent, the Collateral Custodian, the Account Bank, the Administrative Agent, any Lender,
any Lender Agent and the Secured Parties with respect to matters arising under this Agreement or any other Transaction Document, (d) the ability of each of the Borrower and Collateral Manager to perform their respective obligations under the
Transaction Documents, or (e) the status, existence, perfection, priority or enforceability of the Collateral Agent’s, the Administrative Agent’s or the other Secured Parties’ lien on the Collateral Portfolio, in each case as
determined in the reasonable discretion of the Required Lenders. 

  
 -29- 

 “Material Modification” means any amendment or waiver of, or modification or
supplement to, a Underlying Instrument governing a Loan executed or effected on or after the Cut-Off Date for such Loan which: 

(a) reduces or forgives any or all of the principal amount due under such Loan; 

(b) (i) waives one or more interest payments, (ii) permits any interest due in cash to be deferred or capitalized and added to the
principal amount of such Loan (other than (x) any deferral or capitalization already allowed by the terms of the Underlying Instrument of any PIK Loan or (y) in addition to existing cash interest payments), or (iii) reduces the spread
or coupon when the Cash Interest Coverage Ratio for any Relevant Test Period with respect to such Loan is less than 1.50:1.00 (prior to giving effect to such reduction in the spread or coupon) (for the avoidance of doubt, automatic changes in grid
pricing existing on the Cut-Off Date do not constitute “Material Modifications” under this clause (b)); 
 (c) contractually or
structurally subordinates such Loan by operation of (i) any priority of payment provisions, (ii) turnover provisions, (iii) the transfer of assets in order to limit recourse to the related Obligor (other than where such transfer is
not intended to avoid or limit recourse but is a bona fide disposition transaction which results in the repayment of indebtedness from any net proceeds), (iv) the granting of Liens (other than Permitted Liens) on any of the Underlying
Collateral securing such Loan or (v) increasing the amount of any indebtedness (including by exercising an accordion feature, but excluding funding a revolving or a delayed draw tranche) secured by Liens in the nature of Permitted Liens which
are senior to or pari passu with such Loan; 
 (d) substitutes, alters or releases the Underlying Collateral securing such Loan and
such substitution, alteration or release, as determined in the sole discretion of the Administrative Agent, materially and adversely affects the value of such Loan; 

(e) amends, waives, forbears, supplements or otherwise modifies (i) the meaning of “Senior Net Leverage Ratio” or “Cash
Interest Coverage Ratio” or any respective comparable definitions in the applicable Underlying Instruments for such Loan or (ii) any term or provision of such Underlying Instrument referenced in or utilized in the calculation of the
“Senior Net Leverage Ratio” or “Cash Interest Coverage Ratio” or any respective comparable definitions for such Loan, in either case in a manner that, in the sole discretion of the Administrative Agent, is materially adverse to
the Secured Parties; or 
 (f) extends the final maturity date, any other scheduled due date for payment of outstanding amounts of such
Loan or mandatory prepayment of principal on such Loan. 
 “Maximum Facility Amount” means the aggregate Commitments as
then in effect, after giving effect to any decrease pursuant to Section 2.17 or increase pursuant to Section 2.20; provided that at all times after the Reinvestment Period, the Maximum Facility Amount shall mean the
aggregate Advances Outstanding at such time and the Aggregate Unfunded Exposure Amount at such time. As of the Closing Date, the Maximum Facility Amount is $150,000,000. 

  
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 “Minimum Equity Amount” means the greater of (i) the aggregate Adjusted
Borrowing Value of the five (5) largest Eligible Loans and (ii) $50,000,000. 
 “Moody’s” means Moody’s
Investors Service, Inc. (or its successors in interest). 
 “Mortgage” means the mortgage, deed of trust or other
instrument creating a Lien on an interest in real property securing a Loan, including the assignment of leases and rents related thereto. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the
Borrower or any ERISA Affiliate contributes or has any obligation to contribute on behalf of its employees or to which the Borrower or any ERISA Affiliate has any liability. 

“Non-Usage Fee” means a fee payable in arrears for each day during each Collection Period equal to the product for such day
of (A) one divided by 360, (B) the applicable Non-Usage Fee Rate and (C) the Unused Facility Amount as of such day. 

“Non-Usage Fee Rate” means: 

(a) prior to the three-month anniversary of the Closing Date, 0.25%; and 

(b) thereafter until the end of the Reinvestment Period: 

(i) if the average outstanding Advances Outstanding on such day are less than the product of (i) 50% and (ii) the
average Maximum Facility Amount on such day, 0.50%; 
 (ii) if the average outstanding Advances Outstanding on such day are
greater than or equal to the product of (i) 50% and (ii) the average Maximum Facility Amount on such day, but less than or equal to the product of (i) 75% and (ii) the average Maximum Facility Amount on such day, 0.375%; and 

(iii) if the average outstanding Advances Outstanding on such day are greater than the product of (i) 75% and
(ii) the Maximum Facility Amount on such day, 0.25%. 
 “Noteless Loan” means a Loan with respect to which the
Underlying Instruments (i) do not require the Obligor to execute and deliver a promissory note to evidence the indebtedness created under such Loan or (ii) require any holder of the indebtedness created under such Loan to affirmatively
request a promissory note from the related Obligor. 
 “Notice and Request for Consent to Lien Release Dividend” has the
meaning assigned to that term in Section 2.07(e)(i). 

  
 -31- 

 “Notice of Borrowing” means an irrevocable (other than to the extent set forth
on the Initial Notice of Borrowing) written notice of borrowing from the Borrower to the Administrative Agent and each Lender Agent in the form attached hereto as Exhibit E. 

“Notice of Prepayment” means a notice of any reduction of the Advances Outstanding pursuant to Section 2.17(a),
in the form attached hereto as Exhibit F. 
 “Notice of Reduction” means a notice of any termination of this
Agreement or reduction in part of the Maximum Facility Amount pursuant to Section 2.17(b), in the form attached hereto as Exhibit G. 

“Obligations” means all present and future indebtedness and other liabilities and obligations (howsoever created, arising or
evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower to the Lenders, the Lender Agents, the Administrative Agent, the Account Bank, the Collateral Agent or the Collateral Custodian arising under
this Agreement and/or any other Transaction Document and shall include, without limitation, all liability for principal of and interest on the Advances, Breakage Fees, indemnifications and other amounts due or to become due by the Borrower to the
Lenders, the Lender Agents, the Administrative Agent, the Collateral Agent, the Collateral Custodian and the Account Bank under this Agreement and/or any other Transaction Document, any Fee Letter and costs and expenses payable by the Borrower to
the Lenders, the Lender Agents, the Administrative Agent, the Account Bank, the Collateral Agent or the Collateral Custodian, in each case, under the Transaction Documents, including attorneys’ fees, costs and expenses, including without
limitation, interest, fees and other obligations that accrue after the commencement of an insolvency proceeding (in each case whether or not allowed as a claim in such insolvency proceeding). 

“Obligor” means, collectively, each Person obligated to make payments under a Underlying Instrument, including any guarantor
thereof. 
 “Officer’s Certificate” means a certificate signed by a director, a manager, the president, the secretary,
an assistant secretary, the chief financial officer, treasurer, assistant treasurer or any vice president, as an authorized officer, of any Person. 

“Opinion of Counsel” means a written opinion of counsel, which opinion and counsel are acceptable to the Administrative Agent
in its sole discretion. 
 “Original Cash Interest Coverage Ratio”: With respect to any Loan, the Cash Interest Coverage
Ratio for such Loan on the date such Loan was approved as an Eligible Loan by the Administrative Agent, as set forth in the applicable Approval Notice with respect to such Loan. 

“Original Senior Net Leverage Ratio”: With respect to any Loan, the Senior Net Leverage Ratio for such Loan on the date such
Loan was approved as an Eligible Loan by the Administrative Agent, as set forth in the applicable Approval Notice with respect to such Loan. 

  
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 “Outstanding Balance” means the principal balance of a Loan, expressed exclusive
of PIK Interest and any other accrued and unpaid interest, and inclusive of any Unfunded Exposure Amount. 
 “Participant
Register” has the meaning assigned to that term in Section 2.13(b). 
 “Participation Interest” means
a participation interest in a loan originated by a bank or financial institution that, at the time of acquisition, or the Borrower’s commitment to acquire the same, satisfies each of the following criteria: (i) the Loan underlying such
participation would constitute an Eligible Loan were it acquired directly, (ii) the seller of the participation is the lender on the loan, (iii) the aggregate participation in the loan granted to any one or more participants does not
exceed the principal amount or commitment with respect to which the seller is a lender under such loan, (iv) such participation does not grant, in the aggregate, to the participant in such participation a greater interest than the seller of
such Loan holds in the loan or commitment that is the subject of the participation, (v) the entire purchase price for such participation is paid in full (without the benefit of financing from the Seller or its affiliates) at the time of the
Borrower’s acquisition (or, to the extent of a participation in the unfunded commitment under a Revolving Loan or Delayed Draw Loan, at the time of the funding of such loan), (vi) the participation provides the participant all of the
economic benefit and risk of the whole or part of the loan or commitment that is the subject of the loan participation and (vii) such participation is documented under a Loan Syndications and Trading Association, Loan Market Association or
similar agreement standard for loan participation transactions among institutional market participants. For the avoidance of doubt, a Participation Interest shall not include a sub-participation interest in any loan. 

“Payment Date” means the 15th day of each January, April, July and
October or, if such day is not a Business Day, the next succeeding Business Day, commencing in January 2016; provided, that the final Payment Date shall occur on the Collection Date. 

“Payment Duties” has the meaning assigned to that term in Section 10.02(b)(ii). 

“Pension Plan” has the meaning assigned to that term in Section 4.01(x). 

“Permitted Equityholder Transaction” means, a merger of FS Investment Corporation III with another business development
company sponsored by Franklin Square Holdings, L.P. or other fundamental change transaction the result of which effectively combines the ownership and/or assets of FS Investment Corporation III and a business development company sponsored by
Franklin Square Holdings, L.P., or merges or consolidates their respective collateral advisors or sub-advisors, 
 “Permitted
Investments” means any of: 
 (a) direct interest-bearing obligations of, and interest-bearing obligations guaranteed as to timely payment of principal and interest by, the United States or any agency or instrumentality of the United States, the obligations of which are backed by the full
faith and credit of the United States; 

  
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 (b) demand or time deposits in, certificates of deposit of, demand notes of, or bankers’
acceptances issued by any depository institution or trust company organized under the laws of the United States or any State thereof (including any federal or state branch or agency of a non-U.S. depository institution or trust company) and subject
to supervision and examination by federal and/or state banking authorities (including, if applicable, the Collateral Agent, the Collateral Custodian or Administrative Agent or any agent thereof acting in its commercial capacity); provided,
that the short-term unsecured debt obligations of such depository institution or trust company at the time of such investment, or contractual commitment providing for such investment, are rated at least “A-1” by S&P and “P-1” by Moody’s; 

(c) repurchase obligations pursuant to a written agreement (i) with respect to any obligation described in clause (a) above,
where the Collateral Custodian has taken actual or constructive delivery of such obligation in accordance with Article XI of this Agreement, and (ii) entered into with (x) the Collateral Custodian or (y) the corporate
trust department of a depository institution or trust company organized under the laws of the United States or any State thereof, the deposits of which are insured by the Federal Deposit Insurance Corporation and the
short-term unsecured debt obligations of which are rated at least “A-1” by S&P and “P-1” by Moody’s
(including, if applicable, the Administrative Agent, Collateral Agent or any agent thereof acting in its commercial capacity); 
 (d)
securities bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States or any State whose long-term unsecured debt obligations are assigned one of the two
highest long-term ratings by S&P and Moody’s at the time of such investment or contractual commitment providing for such investment; provided, that securities issued by any particular
corporation will not be Permitted Investments to the extent that an investment therein will cause the then outstanding principal amount of securities issued by such corporation and held in the Accounts collectively to exceed 10% of the value of
Permitted Investments held in such account (with Permitted Investments held in such accounts valued at par); 
 (e) commercial paper that
(i) is payable in United States dollars and (ii) is rated at least “A-1” by S&P and “P-1” by Moody’s; 

(f) units of money market funds rated in the highest credit rating category by S&P and Moody’s; 

(g) U.S. Dollars; or 
 (h) any
other demand or time deposit, obligation, security or investment (including a hedging arrangement) as may be acceptable to the Administrative Agent, as evidenced by a writing to that effect. 

Permitted Investments may be purchased by or through the Collateral Custodian or any of its Affiliates. All Permitted Investments shall be
held in the name of the Collateral Custodian. No Permitted Investment shall have an “f,” “r,” “p,” “pi,” “q,” “sf” or “t” subscript affixed to its S&P rating. Any such
investment may be made or acquired from or through the Collateral Agent or the Administrative Agent or any of their respective affiliates, or any entity 

  
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for whom the Collateral Agent or the Administrative Agent or any of their respective affiliates provides services and receives compensation (so long as such investment otherwise meets the
applicable requirements of the foregoing definition of Permitted Investment at the time of acquisition); provided, that notwithstanding the foregoing clauses (a) through (h), Permitted Investments may only include obligations or
securities that constitute cash equivalents for purposes of the rights and assets in paragraph (c)(8)(i)(B) of the exclusions from the definition of “covered fund” for purposes of the Volcker Rule. 

“Permitted Liens” means, 

(a) with respect to the interest of the Borrower in the Loans included in the Collateral Portfolio, Liens in favor of the Collateral Agent
created pursuant to this Agreement; and 
 (b) with respect to the interest of the Borrower in the rest of the Collateral Portfolio
(including any Underlying Collateral): (i) materialmen’s, warehousemen’s, mechanics’ and other Liens arising by operation of law in the ordinary course of business for sums not due or sums that are being contested in good faith,
(ii) purchase money security interests in certain items of equipment, (iii) Liens for Taxes if such Taxes shall not at the time be due and payable or if a Person shall currently be contesting the validity thereof in good faith by
appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of such Person, (iv) other customary Liens permitted with respect thereto, (v) Liens in favor of the Collateral Agent
created pursuant to this Agreement, (vi) with respect to Third Party Agented Loans, Liens in favor of the lead agent, the collateral agent or the paying agent for the benefit of all holders of Indebtedness of such Obligor and (vii) with
respect to any Underlying Collateral, Liens permitted by the applicable Underlying Instrument. 
 “Person” means an
individual, partnership, corporation (including a statutory or business trust), limited liability company, joint stock company, trust, unincorporated association, sole proprietorship, joint venture, government (or any agency or political subdivision
thereof) or other entity. 
 “PIK Interest” means interest accrued on a Loan that is added to the principal amount of such
Loan instead of being paid as interest as it accrues. 
 “PIK Loan” means a Loan which provides for a portion of the
interest that accrues thereon to be added to the principal amount of such Loan for some period of the time prior to such Loan requiring the current cash payment of such previously capitalized interest, which cash payment shall be treated as an
Interest Collection at the time it is received. 
 “Platform” has the meaning assigned to that term in
Section 9.01(k). 
 “Pledge” means the pledge of any Eligible Loan or other Portfolio Asset pursuant to
Article II. 
 “Portfolio Assets” means all Loans owned by the Borrower, together with all proceeds thereof and
other assets or property related thereto, including all right, title and interest of the Borrower in and to: 
 (a) any amounts on deposit
in any cash reserve, collection, custody or lockbox accounts securing the Loans; 

  
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 (b) all rights with respect to the Loans to which the Seller or any third party seller is
entitled as lender under the applicable Underlying Instrument; 
 (c) the Controlled Accounts, together with all cash and investments in
each of the foregoing other than amounts earned on investments therein; 
 (d) any Underlying Collateral securing a Loan and all Recoveries
related thereto, all payments paid in respect thereof and all monies due, to become due and paid in respect thereof accruing after the applicable Cut-Off Date and all liquidation proceeds; 

(e) all Required Loan Documents, the Loan Files related to any Loan, any Records, and the documents, agreements, and instruments included in
the Loan Files or Records; 
 (f) all Insurance Policies with respect to any Loan; 

(g) all Liens, guaranties, indemnities, warranties, letters of credit, accounts, bank accounts and property subject thereto from time to time
purporting to secure or support payment of any Loan, together with all UCC financing statements, mortgages or similar filings signed or authorized by an Obligor relating thereto; 

(h) the Purchase and Sale Agreement (including, without limitation, rights of recovery of the Borrower against the Seller) and the assignment
to the Collateral Agent, for the benefit of the Secured Parties, of all UCC financing statements filed by the Borrower against the Seller under or in connection with the Purchase and Sale Agreement; 

(i) the Management Agreement (including, without limitation, any rights of the Borrower against the Collateral Manager); 

(j) all records (including computer records) with respect to the foregoing; and 

(k) all collections, income, payments, proceeds and other benefits of each of the foregoing. 

“Portfolio Subsidiary” means any Person (a) in which the Borrower (i) has made an investment in the ordinary course
of business that is accounted for under GAAP as a portfolio investment of the Borrower, (ii) has received an equity interest in connection with an REO Asset, (iii) has received an “equity kicker” in connection with its
acquisition of any Loan, (iv) owns an equity interest and that is created as a “blocker” vehicle to address tax-specific issues or (v) has acquired an equity interest in connection with a
relatively contemporaneous exchange or conversion of a Loan into equity interests and (b) that meets each of the requirements set forth in each of Section 5.01(b) and Section 5.02(a). 

  
 -36- 

 “Prepayment Fee” means a nonrefundable fee equal to the product of (a) the
amount of any permanent reduction in the aggregate amount of the Maximum Facility Amount, and (b) 1.00%. 
 “Prime
Rate” means the rate announced by Capital One from time to time as its prime rate in the United States, such rate to change as and when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged
by Capital One or any other specified financial institution in connection with extensions of credit to debtors. 
 “Principal
Collection Account” means account number 84294602 at the Account Bank in the name of the Borrower subject to the Lien of the Collateral Agent for the benefit of the Secured Parties including any sub-account thereof; provided, that
the funds deposited therein (including any interest and earnings thereon) from time to time shall constitute the property and assets of the Borrower, and the Borrower shall be solely liable for any Taxes payable with respect to the Principal
Collection Account. 
 “Principal Collections” means (i) any amounts deposited by the Borrower in accordance with
Section 2.06(a)(i) or Section 2.07, (ii) with respect to any Loan, all amounts received which are not Interest Collections, including, without limitation, all Recoveries, all Insurance Proceeds, all scheduled payments of
principal and principal prepayments and all guaranty payments and proceeds of any liquidations, sales, dispositions or securitizations, in each case, attributable to the principal of such Loan, (iii) all earnings on investments in any Principal
Collection Account and (iv) all payments made by the Collateral Manager to the Borrower pursuant to Section 14 of the Management Agreement. 

“Pro Rata Share” means, with respect to each Lender, the percentage obtained by dividing the Commitment of such Lender (as
determined under clause (i) of the definition of “Commitment”), by the aggregate Commitments of all the Lenders (as determined under clause (i) of the definition of “Commitment”). 

“Proceeds” means, with respect to any Collateral Portfolio, all property that is receivable or received when such Collateral
Portfolio is collected, sold, liquidated, foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary, and includes all rights to payment with respect to any insurance relating to such Collateral Portfolio.

 “Prohibited Industry” means each of the following industries: payday lending, pawn shops, adult entertainment, marijuana
related businesses, automobile title loans, tax refund anticipation loans, credit repair services, drug paraphernalia, tax evasion, businesses engaged in predatory lending practices and strip mining. 

“Purchase and Sale Agreement” means that certain purchase and sale agreement, dated the date of this Agreement, by and
between the Seller, as the seller, and the Borrower, as the purchaser, as such agreement may from time to time be amended, supplemented or otherwise modified in accordance with the terms thereof. 

“Purchase Price” means, with respect to any Loan, an amount (expressed as a percentage of par) equal to (i) the
aggregate purchase price paid by the Borrower (as applicable) for such Loan (expressed exclusive of accrued interest and original issue discount) (or if different 

  
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principal amounts of such Loan were purchased at different purchase prices, the weighted average of such purchase prices) divided by (ii) the principal balance of such Loan
outstanding as of the date of such purchase (expressed exclusive of accrued interest and original issue discount); provided that any Loan acquired by the Borrower in connection with a primary syndication of such Loan and with a “Purchase
Price” equal to or greater than 95% (including, for the avoidance of doubt, in excess of 100%) shall be deemed to have a “Purchase Price” equal to 100%. 

“Qualified Substitute Arrangement” has the meaning assigned to that term in Section 5.01(ii)(iii). 

“Recipient” means any Lender, any Lender Agent and the Administrative Agent. 

“Records” means all documents relating to the Loans, including books, records and other information executed in connection
with the origination or acquisition of the Collateral Portfolio or maintained with respect to the Collateral Portfolio and the related Obligors that the Borrower, the Seller or the Collateral Manager have generated, in which the Borrower or the
Seller has obtained an interest. 
 “Recoveries” means, as of the time any Underlying Collateral with respect to any Loan
is sold, discarded or abandoned (after a determination by the Borrower or the Collateral Manager that such Underlying Collateral has little or no remaining value) or otherwise determined to be fully liquidated by the Borrower or the Collateral
Manager, the proceeds from the sale of the Underlying Collateral, the proceeds of any related Insurance Policy, any distributions from a Portfolio Subsidiary formed to hold an REO Asset, any other recoveries with respect to such Loan, as applicable,
the Underlying Collateral, and amounts representing late fees and penalties, net of any amounts received that are required under such Loan, as applicable, to be refunded to the related Obligor. 

“Register” has the meaning assigned to that term in Section 2.13(a). 

“Reinvestment Period” shall mean the period commencing on the Closing Date and ending on the earliest to occur of
(i) August 13, 2018 and (ii) the Facility Maturity Date. 
 “Relevant Test Period” means, with respect to any
Loan, the relevant test period for the reporting and calculation of the applicable financial covenants included in the Underlying Instrument for each such Loan, including financial covenants comparable to Senior Net Leverage Ratio or Cash Interest
Coverage Ratio, as applicable, for such Loan in the applicable Underlying Instrument or, if no such period is provided for therein, for Obligors delivering monthly financial statements, each period of the last 12 consecutive reported calendar
months, and for Obligors delivering quarterly financial statements, each period of the last four consecutive reported fiscal quarters of the principal Obligor on such Loan; provided that with respect to any Loan for which the relevant test
period is not provided for in the Underlying Instrument, if an Obligor is a newly-formed entity or such Loan has been newly issued or amended and restated as to which 12 consecutive calendar months have not
yet elapsed, “Relevant Test Period” shall initially include the period from the date of formation of such Obligor to the end of the twelfth calendar month or fourth fiscal quarter (as the case may be) from the date of formation, and shall
subsequently include each period of the last 12 consecutive reported calendar months or four consecutive reported fiscal quarters (as the case may be) of such Obligor. 

  
 -38- 

 “REO Asset” means, with respect to any Loan, any Underlying Collateral that has
been foreclosed on or repossessed from the current Obligor by the Borrower, and is being managed by a Borrower Advisor on behalf of and in the name of any Portfolio Subsidiary, for the benefit of the Secured Parties and any other equity holder of
such Portfolio Subsidiary. 
 “REO Management Standard” has the meaning assigned to that term in
Section 6.05(a). 
 “Reportable Event” has the meaning assigned to that term in Section 4.01(x).

 “Reporting Date” means the date that is (a) two Business Days before each Payment Date and (b) the seventh
Business Day after each Reporting Determination Date. 
 “Reporting Determination Date” means the 20th day of each February, March, May, June, August, September, November and December, or, if such day is not a Business Day, the next succeeding Business Day. 

“Required Lenders” means Lenders representing an aggregate of more than 50% of the aggregate Commitments of the Lenders then
in effect; provided that the Commitments held or deemed held by a Defaulting Lender, the Equityholder and each Affiliate of the Equityholder shall be excluded for purposes of making a determination of Required Lenders. 

“Required Loan Documents” means, for each Loan, the following documents or instruments, all as specified on the related Loan
Checklist: 
 (a) other than in the case of a Noteless Loan, (i) if the Borrower is the sole lender on such Loan, the original or, if
accompanied by an original “lost note” affidavit and indemnity, a copy of the executed underlying promissory note, endorsed by the Borrower or the prior holder of record either in blank or to the Collateral Agent (and evidencing an
unbroken chain of endorsements from each prior holder thereof evidenced in the chain of endorsements either in blank or to the Collateral Agent) with any endorsement to the Collateral Agent to be in the following form: “Wells Fargo Bank,
National Association, as Collateral Agent for the Secured Parties” or (ii) in the case of any Third Party Agented Loan, a copy of the executed underlying promissory note, endorsed by the Borrower or the prior holder of record either in
blank or to the Collateral Agent (and evidencing an unbroken chain of endorsements from each prior holder thereof evidenced in the chain of endorsements either in blank or to the Collateral Agent) with any endorsement to the Collateral Agent to be
in the following form: “Wells Fargo Bank, National Association, as Collateral Agent for the Secured Parties”; 
 (b) in the case
of any Noteless Loan, (i) an executed copy of each assignment and assumption agreement, transfer document or instrument specified in the related Underlying Instrument (or, if no form is specified, the Loan Syndications and Trading Association
form of assignment) relating to such Loan evidencing the assignment of such Noteless Loan either (1) from the Seller to the Borrower and from the Borrower either to the Collateral Agent or in blank or (2) from any third party owner
thereof directly to the Borrower 

  
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(at the direction of a Borrower Advisor) and from the Borrower either to the Collateral Agent or in blank and (ii) in the case of a Third Party Agented Loan, a copy of the loan register with
respect to such Noteless Loan; 
 (c) originals or copies of each of the following, to the extent applicable to the related Loan:
(i) any related loan agreement, credit agreement, note purchase agreement, security agreement (if separate from any Mortgage) and (ii) if the Borrower is the sole lender on such Loan, any sale and servicing agreement, acquisition
agreement, subordination agreement, intercreditor agreement or similar instruments, guarantee, Insurance Policy or similar material operative document, in each case together with any amendment or modification thereto; and 

(d) if any Loan is secured by a Mortgage, either (x) if the Borrower is the sole lender on such Loan, (I) the original executed
Mortgage, the original executed assignment of leases and rents, if any, and the originals of all intervening assignments, if any, of the Mortgage and assignments of leases and rents with evidence of recording thereon or (II) copies thereof certified
by the public recording offices where such documents were recorded to be true and complete copies thereof in those instances where the public recording offices retain the original or where the original recorded documents are lost, or (y) in the
case of any Third Party Agented Loan, copies thereof certified by the Borrower, by closing counsel or by a title company or escrow company to be true and complete copies thereof where the originals have been transmitted for recording;
provided that, solely for purposes of the Review Criteria, the Collateral Custodian shall have no duty to ascertain whether any certification set forth in this subsection (d)(y) has been received, other than a certification which has
been clearly delineated as being provided by the Borrower or (z) copies certified by the public recording offices where such documents were recorded to be true and complete copies thereof in those instances where the public recording offices
retain the original or where the original recorded documents are lost. 
 “Required Reports” means, collectively, the
Collateral Management Report required pursuant to Section 6.07(b), the Collateral Manager Certificate required pursuant to Section 6.07(c), the financial statements of the Borrower and the Equityholder required pursuant to
Section 6.07(d), the financial statements and valuation reports of each Obligor required pursuant to Section 6.07(e), the static pool report required pursuant to Section 6.07(f), the annual statements as to
compliance required pursuant to Section 6.08, and the annual independent public accountant’s report required pursuant to Section 6.09. 

“Required Sale Assets” means all Permitted Investments that would disqualify the Borrower from using the “loan
securitization exemption” under the Volcker Rule (as determined by the Administrative Agent in its reasonable discretion). 

“Replacement Hedging Agreement” means one or more Hedging Agreements, which in combination with all other Hedging Agreements
then in effect, after giving effect to any planned cancellations of any presently outstanding Hedging Agreements satisfy the Borrower’s covenant contained in Section 5.01(ii) of this Agreement to maintain Hedging Agreements. 

  
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 “Restricted Payment” means (i) any dividend or other distribution, direct
or indirect, on account of any class of membership interests of the Borrower now or hereafter outstanding, except a dividend paid solely in interests of that class of membership interests or in any junior class of membership interests of the
Borrower; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any class of membership interests of the Borrower now or hereafter outstanding, (iii) any payment
made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire membership interests of the Borrower now or hereafter outstanding, and (iv) any payment of management
fees by the Borrower. For the avoidance of doubt, (x) payments and reimbursements due to a Borrower Advisor in accordance with this Agreement or any other Transaction Document do not constitute Restricted Payments, and (y) distributions by
the Borrower to holders of its membership interests of Loan or of cash or other proceeds relating thereto which have been substituted or transferred in connection with a Lien Release Dividend by the Borrower in accordance with this Agreement shall
not constitute Restricted Payments. 
 “Retained Interest” means, with respect to any Loan, (a) all obligations of the
Borrower to make advances thereon after the related Cut-Off Date, (b) all of the obligations of the Borrower, if any, of or owing to the agent(s) under the documentation evidencing such Loan and (c) the applicable portion of the interests,
rights and obligations under the documentation evidencing such Loan that relate to such portion(s) of the indebtedness that is owned by another lender. Notwithstanding the foregoing, the “Retained Interest” shall exclude the Unfunded
Exposure Amount. 
 “Review Criteria” has the meaning assigned to that term in Section 11.02(b)(i). 

“Revolving Loan” means a Loan (other than a Delayed Draw Loan) that is a senior secured obligation (including funded and
unfunded portions of revolving credit lines, unfunded commitments under specific facilities and other similar loans and investments) that may require one or more future advances to be made to the related Obligor by the Borrower; provided
that, such Loan shall only be considered a Revolving Loan until all commitments by the Borrower to make advances to the Obligor thereof expire, or are terminated, or are irrevocably reduced to zero. 

“S&P” means Standard & Poor’s Ratings Group, a division of The
McGraw-Hill Companies, Inc. (or its successors in interest). 
 “Scheduled Payment”
means each scheduled payment of principal and/or interest required to be made by an Obligor on the related Loan, as adjusted pursuant to the terms of the related Underlying Instrument. 

“Second Lien Loan” means any Loan that (i) is secured by a pledge of collateral (including all of the applicable
Obligor’s assets constituting collateral for such Loan (whether or not there is also a security interest of a higher or lower priority in additional collateral)) which security interest is validly perfected and second priority under Applicable
Law (subject to Liens described in clause (b) (other than clause (v) thereof) of the definition of Permitted Liens), (ii) is pari passu in right of payment with the Indebtedness of the holders of the first priority security

  
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interest (other than with respect to receipt of the proceeds of liquidated collateral following an event of default) and (iii) pursuant to an intercreditor agreement between the Borrower (or
the applicable agent) and the holder of such first priority security interest, the amount of Indebtedness covered by such first priority security interest is limited in terms of aggregate outstanding amount or percent of outstanding principal. 

“Secured Party” means each of the Administrative Agent, each Lender (together with its successors and assigns), each Lender
Agent, each Affected Party, each Indemnified Party, the Collateral Custodian, the Collateral Agent, the Account Bank and each Hedge Counterparty. 

“Securities Account Control Agreement” means the Securities Account Control Agreement, dated as of the date hereof, among the
Borrower, the Collateral Agent and Wells Fargo as the Securities Intermediary, as the same may be amended, modified, waived, supplemented or restated from time to time. 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Seller” means FS Investment Corporation III, in its capacity as the seller under the Purchase and Sale Agreement,
together with its successors and assigns in such capacity. 
 “Senior Net Leverage Ratio” means, with respect to any Loan
for any Relevant Test Period, either (a) the meaning of “Senior Net Leverage Ratio” or any comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the
related Underlying Instruments do not include a definition of “Senior Net Leverage Ratio” or comparable definition, the ratio of (i) the “total indebtedness” (as defined in the Underlying Instruments or comparable definition
thereof, including, without limitation, such Loan) of the applicable Obligor as of the date of determination, excluding any junior indebtedness and any unsecured indebtedness of such Obligor or non-recourse indebtedness of such Obligor secured
solely by the real property and related improvements and fixtures of such Obligor as of such date, minus the Unrestricted Cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to the applicable Relevant Test
Period, in each case as calculated by the Borrower or the Collateral Manager in good faith. 
 “Solvent” means, as to any
Person at any time, having a state of affairs such that all of the following conditions are met: (a) the fair value of the property of such Person is greater than the amount of such Person’s liabilities (including contingent liabilities)
as such value is established and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy Code; (b) the present fair saleable value of the property of such Person is not less than the amount that will be required to pay the
probable liability of such Person on its debts and other liabilities as they become absolute and matured; (c) such Person is able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and
unliquidated liabilities) as they mature in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities
mature; and (e) such Person is not engaged in a business or a transaction, and does not propose to engage in a business or a transaction, for which such Person’s property assets would constitute unreasonably small capital. 

  
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 “State” means one of the fifty states of the United States or the District of
Columbia. 
 “Stated Maturity Date” means August 13, 2020. 

“Subsidiary” means with respect to a person, a corporation, partnership or other entity of which shares of stock or other
ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such
corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such person. 

“Substitution” has the meaning set forth in Section 2.07(a). 

“Syndicate Communications” means, collectively, any notice, demand, communication, information, document or other material
provided by or on behalf of any Obligor pursuant to any Transaction Document or the transactions contemplated therein which is distributed to the Administrative Agent or any Lender by means of electronic communications pursuant to Article
XII, including through the Platform. 
 “Taxes” means any and all present or future taxes, levies, imposts, deductions,
charges or withholdings, and all liabilities (including penalties, interest and additions to tax) with respect thereto, whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority or other Governmental
Authority. 
 “Third Party Agented Loan” means any Loan which is agented by a Person other than the Seller or any of its
Affiliates as part of a syndicated loan transaction. 
 “Total Leverage Ratio” means, with respect to any Loan for any
Relevant Test Period, either (a) the meaning of “Total Leverage Ratio” or comparable definition set forth in the Underlying Instruments for such Loan, or (b) in the case of any Loan with respect to which the related Underlying
Instruments do not include a definition of “Total Leverage Ratio” or comparable definition, the ratio of (i) the “total indebtedness” (as defined in the Underlying Instruments or comparable definition thereof, including,
without limitation, such Loan) of the applicable Obligor as of the date of determination, minus the Unrestricted Cash of such Obligor as of such date to (ii) EBITDA of such Obligor with respect to such Relevant Test Period, as calculated
by the Borrower and Collateral Manager in good faith. 
 “Traditional Middle Market Loan” means any Loan (other than a
Broadly Syndicated Loan or a Large Middle Market Loan) that (i) is not (and cannot by its terms become) subordinate in right of payment to any obligation of the Obligor in any bankruptcy, reorganization, insolvency, moratorium or liquidation
proceedings, (ii) is secured by a pledge of collateral, which security interest is validly perfected and first priority under Applicable Law (subject to Liens described in clause (b) (other than clause (v) thereof) of the definition
of 

  
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Permitted Liens), and (iii) a Borrower or the Collateral Manager determines in good faith that the value of the collateral securing such Loan (or the enterprise value of the underlying
business) on or about the time of origination equals or exceeds the outstanding principal balance of such Loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by the same collateral. 

“Transaction Documents” means this Agreement, the Variable Funding Note(s), any Joinder Supplement, the Advisory Agreements,
the Indemnity Letter, the LLC Agreement, the Management Agreement, the Purchase and Sale Agreement, the Securities Account Control Agreement, the Wells Fargo Corporate Trust Fee Letter, each Fee Letter and any additional document the execution of
which is necessary or appropriate to carrying out the terms of the foregoing documents. 
 “Transferee Letter” has the
meaning assigned to that term in Section 12.04(a)(ii). 
 “UCC” means the Uniform Commercial Code as from time
to time in effect in the specified jurisdiction. 
 “Underlying Collateral” means, with respect to a Loan, any property or
other assets designated and pledged or mortgaged as collateral to secure repayment of such Loan, as applicable, including, without limitation, mortgaged property and/or a pledge of the stock, membership or other ownership interests in the related
Obligor and all proceeds from any sale or other disposition of such property or other assets. 
 “Underlying Instrument”
means the loan agreement, credit agreement, indenture or other agreement pursuant to which a Loan has been issued or created and each other agreement that governs the terms of or secures the obligations represented by such Loan or of which the
holders of such Loan are the beneficiaries. 
 “Unfunded Exposure Account” means account number 84294603 at the Account
Bank in the name of the Borrower subject to the Lien of the Collateral Agent for the benefit of the Secured Parties including any sub-account thereof; provided, that the funds deposited therein (including any interest and earnings thereon)
from time to time shall constitute the property and assets of the Borrower, and the Borrower shall be solely liable for any Taxes payable with respect to the Unfunded Exposure Account. 

“Unfunded Exposure Amount” means, on any date of determination, with respect to any Loan, the aggregate amount (without
duplication) of all (i) unfunded commitments and (ii) all contingent commitments, in each case required to be funded pursuant to the terms of the related Underlying Instruments with respect to such Loan. 

“Unfunded Exposure Equity Amount” means, on any date of determination, with respect to any Loan, an amount equal to the
result of (a) the Unfunded Exposure Amount of such Loan minus (b) the product of (i) the Unfunded Exposure Amount of such Loan, (ii) the Assigned Value of such Loan and (iii) the Advance Rate of such Loan. 

  
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 “Unfunded Exposure Equity Shortfall” means (a) the aggregate Unfunded
Exposure Equity Amount of all Loans minus (b) the amount on deposit in the Unfunded Exposure Account. 
 “United
States” means the United States of America. 
 “Unmatured Event of Default” means any event that, if it continues
uncured, will, with lapse of time, notice or lapse of time and notice, constitute an Event of Default. 
 “Unmatured Facility
Amortization Event” means any event that, if it continues uncured, will, with lapse of time, notice or lapse of time and notice, constitute a Facility Amortization Event. 

“Unrestricted Cash” means the meaning of “Unrestricted Cash” or any comparable definition in the Underlying
Instrument for each such Loan, and in any case that “Unrestricted Cash” or such comparable definition is not defined in such Underlying Instrument, all cash available for use for general corporate purposes and not held in any reserve
account or legally or contractually restricted for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in accordance with such Underlying Instrument). 

“Unsecured Loan” means any loan that is (a) not secured by a pledge of collateral and (b) senior or pari
passu in right of payment to any other unsecured indebtedness of the related Obligor. 
 “Unused Facility Amount”
means, at any time, (a) the Maximum Facility Amount minus (b) the Advances Outstanding at such time. 
 “Value
Adjustment Event” means, with respect to any Loan, the occurrence of any one or more of the following events after the related Cut-Off Date: 

(a) a default in respect of any payment of principal or interest under such Loan (after giving effect to all applicable cure periods, but in
no event longer than five (5) Business Days); 
 (b) the occurrence of a Bankruptcy Event with respect to the related Obligor; 

(c) the failure to deliver (i) with respect to monthly or quarterly reports required to be delivered by the Obligor by the terms of the
Underlying Instruments, any financial statements (including unaudited financial statements) to the Administrative Agent by the date that is no later than forty-five (45) days after the end of any calendar month with respect to monthly reports
and sixty (60) days after the end of each fiscal quarter with respect to quarterly reports (or if such monthly or quarterly reports are not required to be delivered by the related Obligor on or before such date, such later date on which it is
required to be delivered by the related Obligor, but in any event not later than sixty (60) days after the end of any calendar month in respect of monthly reports and seventy-five (75) days after the end of any fiscal quarter in respect of
quarterly reports) and (ii) with respect to annual reports required to be delivered by the Obligor by the terms of the Underlying Instruments, any audited financial statements to the Administrative Agent by the date that is no later than one
hundred twenty (120) days after the 

  
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end of any fiscal year (or if such annual reports are not required to be delivered by the related Obligor on or before such date, such later date on which it is required to be delivered by the
related Obligor, but in any event not later than one hundred fifty (150) days after the end of any fiscal year); provided that, in each case, the Borrower (and the Collateral Manager on the Borrower’s behalf) may grant any Obligor
periodic extensions (not to exceed ten (10) Business Days) of the date by which any of the financial statements described above are due, and no Value Adjustment Event shall occur if such reports are delivered to the Borrower or the Collateral
Manager within the respective periods (or extended periods) specified in this clause (c) and subsequently delivered to the Administrative Agent within ten (10) Business Days after receipt by the Borrower or the Collateral Manager; 

(d) the Cash Interest Coverage Ratio for any Relevant Test Period of the related Obligor with respect to such Loan is (i) less than 85%
of the Original Cash Interest Coverage Ratio and (ii) less than 1.50 to 1.00; 
 (e) the Senior Net Leverage Ratio for any Relevant
Test Period of the related Obligor with respect to such Loan is (i) greater than 0.50x higher than the Original Senior Net Leverage Ratio and (ii) greater than 4.00 to 1.00; 

(f) any determination by the Collateral Manager or the Administrative Agent that such loan is on non-accrual, is written off or is charged
off, in each case, in accordance with the credit and collection policy of Collateral Manager; 
 (g) the occurrence of a Material
Modification with respect to such Loan; or 
 (h) any Obligor default (other than a payment default) under any Loan for which the Borrower
(or agent or required lenders pursuant to the related Underlying Instrument, as applicable) has elected to accelerate the debt thereon. 

“Variable Funding Note” has the meaning assigned to such term in Section 2.01(a). 

“Volcker Rule” means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and
regulations thereunder. 
 “Weighted Average Advance Rate”: As of any date of determination, a percentage equal to
(a) the sum for each Loan owned by the Borrower on such date of (i) the Adjusted Borrowing Value of such Loan multiplied by the (ii) applicable Advance Rate of such Loan divided by (b) the aggregate Adjusted
Borrowing Value of all of the Loans owned by the Borrower on such date. 
 “Weighted Average Spread” means, with respect to
the Loans (in each case excluding any Loans that are delinquent in payment or defaulted in any other manner that would give rise to the right of any holder of such Loan to accelerate such Loan), as of any date, the number obtained by: 

(a) summing (i) the sum of the products obtained by multiplying the excess of the cash-pay portion of the interest rate
payable on each such Loan (such rate stated as a per 

  
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annum rate) over the applicable index rate for such Loan as then in effect (which spread or excess may be expressed as a negative percentage) by the Outstanding Balance of each such
Loan as of such date and (ii) the sum of the products obtained by multiplying, with respect to each such Loan that is a Delayed Draw Loan or a Revolving Loan, the related commitment or undrawn fee as of such date by the unfunded
commitment of each such Loan as of such date; and 
 (b) dividing such sum by the sum of the Outstanding Balances of all such
Loans included in the Collateral Portfolio as of such date plus the Aggregate Unfunded Exposure Amount, and rounding the result up to the nearest 0.001%. 

“Wells Fargo” means Wells Fargo Bank, National Association, a national banking association, in its individual capacity, and
its successors and assigns. 
 “Wells Fargo Corporate Trust Fee Letter” means the Wells Fargo Corporate Trust Fee Letter,
dated as of the date hereof, between the Collateral Agent, the Collateral Custodian, the Account Bank, the Borrower and the Administrative Agent, as such letter may be amended, modified, supplemented, restated or replaced from time to time. 

“Yield” means with respect to any Collection Period, the sum of the quotient for each Advance for each day in such Collection
Period determined in accordance with the following formula: 
  

					
		 	     YR x L    
	 	
		 	D	 	

  

											
		 	where:	  	YR	  	=	  	the Yield Rate applicable to such Advance on such day;	  	
						
		 		  	L	  	=	  	the outstanding principal amount of such Advance on such day; and	  	
						
		 		  	D	  	=	  	360 or, to the extent the Yield Rate is the Base Rate, 365 or 366 days, as applicable;	  	

 provided that (i) no provision of this Agreement shall require the payment or permit the collection of Yield in
excess of the maximum permitted by Applicable Law and (ii) Yield shall not be considered paid by any distribution if at any time such distribution is later required to be rescinded by any Lender to the Borrower or any other Person for any
reason including, without limitation, such distribution becoming void or otherwise avoidable under any statutory provision or common law or equitable action, including, without limitation, any provision of the Bankruptcy Code. 

“Yield Rate” means, for any Interest Period, with respect to any Advance (or portion thereof), an interest rate per
annum equal to LIBOR for such Interest Period plus the Applicable Spread; provided that if a Lender shall have notified the applicable Lender Agent in writing that a Eurodollar Disruption Event has occurred, the Yield Rate shall be
equal to the Base Rate plus the Applicable Spread until such Lender Agent shall have notified the Administrative Agent that such Eurodollar Disruption Event has ceased. 

  
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 Section 1.02 Other Terms. 

All accounting terms used but not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of
the UCC in the State of New York, and used but not specifically defined herein, are used herein as defined in such Article 9. 

Section 1.03 Computation of Time Periods. 

Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word
“from” means “from and including” and the words “to” and “until” each mean “to but excluding.” 

Section 1.04 Instruction by Borrower Advisors. 

If any Secured Party receives contradictory instructions or direction from the Borrower or any one or more Borrower Advisors pursuant to the
terms of this Agreement or any other Transaction Document, such Secured Party shall seek clarification from the Collateral Manager (and shall be entitled to rely on such instructions or directions in accordance with terms hereof or thereof) and
shall not be liable for any action taken or omitted to be taken in connection with any such instructions or directions. 
 Section 1.05
Interpretation. 
 In each Transaction Document, unless a contrary intention appears: 

(a) the singular number includes the plural number and vice versa; 

(b) reference to any Person includes such Person’s successors and assigns but only if such successors and assigns are not prohibited by
the Transaction Documents; 
 (c) reference to any gender includes each other gender; 

(d) reference to day or days without further qualification means calendar days; 

(e) reference to any time means Charlotte, North Carolina time; 

(f) reference to the words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”; 
 (g) reference to any agreement (including any Transaction Document), document or instrument means such
agreement, document or instrument as amended, modified, waived, supplemented, restated or replaced and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents, and reference
to any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor; 

  
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 (h) reference to any Applicable Law means such Applicable Law as amended, modified, codified,
replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any Applicable Law means that provision of such Applicable Law
from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision; 

(i) reference to the “occurrence” of an Event of Default means after any grace period applicable to such Event of Default and shall
not include any Event of Default that has been waived in accordance with the terms of this Agreement; 
 (j) for purposes of this Agreement,
a Facility Amortization Event or an Event of Default shall be deemed to be continuing unless it is waived in accordance with Section 12.01; and 

(k) notwithstanding any other provision of this Agreement to the contrary, for purposes of determining whether any Loan proposed to be
acquired by the Borrower in connection with its primary issuance satisfies the Inclusion Criteria and for reporting purposes, the Cash Interest Coverage Ratio and the Senior Net Leverage Ratio (and all underlying calculations relating thereto) shall
be calculated on a pro forma basis after giving effect to the issuance of such Loan and any related indebtedness. 
 ARTICLE II. 

THE FACILITY 

Section 2.01 Variable Funding Note and Advances. 

(a) Variable Funding Note. The Borrower has heretofore delivered or shall, on the date hereof (and on the terms and subject to the
conditions hereinafter set forth), deliver, to each Lender Agent, at the address set forth on Annex A to this Agreement, and on the effective date of any Joinder Supplement, to each additional Lender Agent, at the address set forth in
the applicable Joinder Supplement, a duly executed variable funding note (the “Variable Funding Note”), in substantially the form of Exhibit H, in an aggregate face amount equal to the applicable Lender’s Commitment
as of the Closing Date or the effective date of any Joinder Supplement, as applicable, and otherwise duly completed. Interest shall accrue on the Variable Funding Note, and the Variable Funding Note shall be payable, as described herein. 

(b) Advances. On the terms and conditions hereinafter set forth, from time to time from the Closing Date until the end of the
Reinvestment Period, the Lenders shall make Advances under the Variable Funding Notes, secured by the Collateral Portfolio, to the Borrower. Under no circumstances shall any Lender be required to make any Advance if after giving effect to such
Advance and the addition to the Collateral Portfolio of the Eligible Loans being acquired by the Borrower using the proceeds of such Advance, (i) an Event of Default or Facility Amortization Event has occurred and is continuing or would result
therefrom or an Unmatured Event of Default exists or would result therefrom or (ii) a Borrowing Base Deficiency would exist. Notwithstanding anything to the contrary herein, no Lender shall be 

  
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obligated to provide the Borrower with aggregate funds in connection with an Advance that would exceed the lesser of (x) such Lender’s unused Commitment then in effect and (y) the
aggregate unused Commitments then in effect. 
 (c) Notations on Variable Funding Note. Each Lender Agent is hereby authorized to
enter on a schedule attached to the Variable Funding Note with respect to each Conduit Lender and each Institutional Lender a notation (which may be computer generated) with respect to each Advance under the Variable Funding Note made by the
applicable Lender of: (i) the date and principal amount thereof, and (ii) each repayment of principal thereof, and any such recordation shall, absent manifest error, constitute prima facie evidence of the accuracy of the information so
recorded. The failure of any Lender Agent to make any such notation on the schedule attached to any Variable Funding Note shall not limit or otherwise affect the obligation of the Borrower to repay the Advances in accordance with their respective
terms as set forth herein. 
 Section 2.02 Procedure for Advances. 

(a) Subject to the limitations set forth in Section 2.01(b), the Borrower may request an Advance from the Lenders by delivering at
the specified times the information and documents set forth in this Section 2.02. 
 (b) No later than 3:00 p.m. at least one
(1) Business Day and not more than five (5) Business Days prior to the proposed Advance Date, the Borrower shall, or shall cause the Collateral Manager to, deliver: 

(i) to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Custodian) written notice of such
proposed Advance Date (including a duly completed Borrowing Base Certificate updated to the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof); 

(ii) to the Administrative Agent a wire disbursement and authorization form, to the extent not previously delivered; and 

(iii) to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Custodian) a duly completed Notice of
Borrowing which shall (A) specify the desired amount of such Advance, which amount must be at least equal to $500,000 (or, with respect to any Delayed Draw Loan or Revolving Loan, the amount of the draw request made by the applicable Obligor),
to be allocated to each Lender in accordance with its Pro Rata Share, (B) specify the proposed Advance Date for such Advance, (C) specify the Loan(s), if any, to be financed on such Advance Date (including the appropriate file number, a
description of the Obligor, original loan balance, Outstanding Balance, Assigned Value and Purchase Price for each Loan and identifying each Loan by type and proposed Advance Rate applicable to each such Loan), (D) with respect to any Delayed
Draw Loan or Revolving Loan, include the Unfunded Exposure Amount with respect to such Loan and the draw request made by the applicable Obligor, (E) specify the Interest Period for such Advance (which shall be a period contemplated by the
definition of “Interest Period” and permitted under Section 2.02(h)) and (F) include a 

  
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representation that all conditions precedent for an Advance described in Article III hereof have been met. Each Notice of Borrowing shall be irrevocable; provided that upon receipt of
notice of a Eurodollar Disruption Event, the Borrower may revoke any pending request for an Advance of, or continuation of an Advance at LIBOR. 

(iv) If any Notice of Borrowing is received by the Administrative Agent after 3:00 p.m. on the Business Day prior to the
Business Day for which such Advance is requested or on a day that is not a Business Day, such Notice of Borrowing shall be deemed to be received by the Administrative Agent at 9:00 a.m. on the next Business Day. 

(v) Promptly following receipt of a Notice of Borrowing in accordance with this Section 2.02, the Administrative
Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Advance to be made in connection therewith and the Interest Period therefor. 

(c) If no Interest Period is specified in a Notice of Borrowing, the requested Advance shall have an Interest Period of one month’s
duration. The Borrower may from time to time irrevocably elect, on not less than one Business Day’s notice, that all, or any portion in an aggregate minimum amount of $1,000,000 and an integral multiple of $1,000,000 of any Advance, be
continued as Advance for a new Interest Period before the last day of the then current Interest Period with respect thereto. Such Advance shall, on such last day, automatically convert to an Advance for such newly elected Interest Period; provided,
that each such continuation shall be prorated among the applicable outstanding Advances of all Lenders that have made such Advances. 
 (d)
On the proposed Advance Date, subject to the limitations set forth in Section 2.01(b) and upon satisfaction of the applicable conditions set forth in Article III, (i) each Lender shall make available to the
Administrative Agent in same day funds, at such bank or other location reasonably designated by the Administrative Agent from time to time, an amount equal to such Lender’s Pro Rata Share of the least of (A) the amount requested by the
Borrower for such Advance, (B) the aggregate unused Commitments then in effect and (C) an amount after giving effect to which no Borrowing Base Deficiency would exist (after giving effect to the use of such Advance for the purchase of
Eligible Loans) and (ii) the Administrative Agent shall make the aggregate amount received from the Lenders available to the Borrower at such bank or other location reasonably designated by Borrower in the Notice of Borrowing given pursuant to
this Section 2.02. 
 (e) On each Advance Date, the obligation of each Lender to remit its Pro Rata Share of any such Advance
shall be several from that of each other Lender and the failure of any Conduit Lender or Institutional Lender to so make such amount available to the Borrower shall not relieve any other Lender of its obligation hereunder. 

(f) Subject to Section 2.04 and the other terms, conditions, provisions and limitations set forth herein, the Borrower may
(i) borrow, repay or prepay and reborrow Advances without any penalty, fee or premium on and after the Closing Date and prior to the end of the Reinvestment Period and (ii) repay or prepay Advances without any penalty, on and after the
Closing Date and prior to the Facility Maturity Date. 

  
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 (g) Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Advance that such Lender will not make available to the Administrative Agent such Lender’s share of such Advance, the Administrative Agent may assume that such Lender has made such share available on such date in accordance
with this Section and, in reliance upon such assumption, the Administrative Agent may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made
its share of the applicable Advance available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Rate and (ii) in the case of the Borrower,
the interest rate applicable at the time to the Advances. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Advance. Nothing in this paragraph shall relieve any Lender of its obligation
to fulfill its commitments hereunder, and shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(h) Limitation on Interest Periods. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to
request any Advance if (x) the Interest Period requested therefor would end after the Facility Maturity Date or (y) after giving effect to such Advance, more than eight (8) Interest Periods would be in effect. 

Section 2.03 Yield and Non-Usage Fees. 

(a) The Borrower shall pay Yield to the Administrative Agent in accordance with Section 2.04 for pro rata distribution to
each applicable Lender (either directly or through the applicable Lender Agent). 
 (b) The Borrower shall pay Non-Usage Fee to the
Administrative Agent in accordance with Section 2.04 for pro rata distribution to each applicable Lender (either directly or through the applicable Lender Agent). The Administrative Agent shall determine the Non-Usage Fee accrued
with respect to each Lender’s unutilized Commitment to be paid by the Borrower on each Payment Date for the related Collection Period and shall advise the Borrower Advisors and the Collateral Agent thereof on the third Business Day prior to
such Payment Date. 
 (c) Any determination that a Eurodollar Disruption Event has occurred shall be communicated to the Borrower by written
notice from the Administrative Agent promptly after the Administrative Agent learns of such occurrence. 
 Section 2.04 Remittance
Procedures. Subject to its ability to apply collections received to the Unfunded Exposure Account after the end of the Reinvestment Period as set forth in Section 2.18(a), the Borrower shall cause the Collateral Manager and, if it
fails to do so, the Administrative Agent may, instruct the Collateral Agent, to apply funds on deposit in the 

  
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Controlled Accounts as described in this Section 2.04; provided that, at any time after delivery of Notice of Exclusive Control (as defined in the Securities Account Control
Agreement) during the occurrence and continuance of an Event of Default, the Administrative Agent shall instruct the Collateral Agent to apply funds on deposit in the Controlled Accounts as described in this Section 2.04. 

(a) Interest Payments Absent an Event of Default. On each Payment Date prior to the Facility Maturity Date, so long as no Event of
Default has occurred and is continuing, the Collateral Agent shall (as directed pursuant to the first paragraph of this Section 2.04) transfer Interest Collections held by the Account Bank in the Interest Collection Account, in
accordance with the Collateral Management Report, to the following Persons in the following amounts, calculated as of the Determination Date immediately preceding any Payment Date, and priority: 

(i) pari passu to (a) the Collateral Agent, in payment in full of all accrued Collateral Agent Fees and Collateral
Agent Expenses, (b) the Collateral Custodian in payment in full of all accrued Collateral Custodian Fees and Collateral Custodian Expenses and (c) the Account Bank in payment in full of all accrued fees and expenses due under the Wells
Fargo Corporate Trust Fee Letter; provided that amounts payable with respect to Collateral Agent Expenses, Collateral Custodian Expenses and the Account Bank pursuant to this clause (i) (and
Sections 2.04(b)(i) and (c)(i), if applicable) shall not, collectively, exceed $200,000 per annum; 

(ii) to the Administrative Agent in payment in full of all costs and expenses incurred in connection with the exercise of its
rights during a Facility Amortization Event; 
 (iii) [reserved]; 

(iv) pro rata, in accordance with the amounts due under this clause, to (a) each Lender Agent, for the account of
the applicable Lender, all Yield and the Non-Usage Fee that is accrued and unpaid as of the last day of the related Collection Period (b) each Lender Agent, for the account of the applicable Lender, any applicable Make-Whole Fee and
(c) the Hedge Counterparties, any amounts owed for the current and prior Payment Dates to the Hedge Counterparties under Hedging Agreements (other than Hedge Breakage Costs), together with interest accrued thereon; 

(v) pro rata, to each Lender Agent (for the account of the applicable Lender), the Arranger and the Administrative
Agent, all accrued and unpaid fees, expenses (including attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower to the Administrative Agent, the Arranger, any Lender Agent or any Lender under the Transaction
Documents; 
 (vi) first, to the Unfunded Exposure Account in an amount (A) during the Reinvestment Period, equal
to the aggregate Unfunded Exposure Equity Shortfall and (B) after the end of the Reinvestment Period, necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount and second, pro
rata based on amounts owed to such Persons, to the Hedge Counterparties, any unpaid Hedge Breakage Costs, together with interest accrued thereon; 

  
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 (vii) to each Lender Agent for the account of the applicable Lender, an amount
(A) after the occurrence and during the continuation of a Facility Amortization Event, equal to all remaining Interest Collections or (B) otherwise, necessary to satisfy any existing Borrowing Base Deficiency, pro rata in accordance
with the amount of Advances Outstanding; 
 (viii) pari passu to (a) the Collateral Agent, in payment in full of
all accrued Collateral Agent Expenses to the extent not previously paid, (b) the Collateral Custodian in payment in full of all accrued Collateral Custodian Expenses to the extent not previously paid, and (c) the Account Bank in payment in
full of all accrued expenses to the extent not previously paid; 
 (ix) to pay any other amounts due (other than with respect
to the repayment of Advances) under this Agreement and the other Transaction Documents (including any indemnity amounts due from the Borrower hereunder and thereunder); and 

(x) to the Borrower, any remaining amounts. 

(b) Principal Payments Absent an Event of Default. On each Payment Date, so long as no Event of Default has occurred and is continuing,
and in any case prior to the Facility Maturity Date, the Collateral Agent shall (as directed pursuant to the first paragraph of this Section 2.04) transfer Principal Collections held by the Account Bank in the Principal Collection
Account, in accordance with the Collateral Management Report, to the following Persons in the following amounts, calculated as of the Determination Date immediately preceding any Payment Date, and priority: 

(i) to pay amounts due under Section 2.04(a)(i) through (v), to the extent not paid thereunder; 

(ii) (A) during the Reinvestment Period, (x) to the Unfunded Exposure Account in an amount equal to the aggregate Unfunded
Exposure Equity Shortfall and (y) to each Lender Agent for the account of the applicable Lender, an amount necessary to satisfy any existing Borrowing Base Deficiency, pro rata in accordance with the amount of Advances Outstanding and
(B) after the end of the Reinvestment Period, (x) to the Unfunded Exposure Account in an amount necessary to cause the amount on deposit in the Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount and (y) to each
Lender Agent for the account of the applicable Lender, an amount necessary to pay the Advances Outstanding pro rata in accordance with each Lender’s Pro Rata Share of the Advances Outstanding until paid in full; 

(iii) prior to the end of the Reinvestment Period and during the continuance of a Facility Amortization Event, to each Lender
Agent for the account of the applicable Lender, an amount equal to each Lender’s Pro Rata Share of the Advances Outstanding; 

  
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 (iv) pari passu to (a) the Collateral Agent, in payment in full of
all accrued Collateral Agent Expenses to the extent not previously paid, (b) the Collateral Custodian in payment in full of all accrued Collateral Custodian Expenses to the extent not previously paid, and (c) the Account Bank in payment in
full of all accrued expenses to the extent not previously paid; 
 (v) to pay any other amounts due under this Agreement and
the other Transaction Documents (including any indemnity amounts due from the Borrower hereunder and thereunder); and 
 (vi)
to the Borrower, any remaining amounts. 
 (c) Payment Date Transfers Upon the Occurrence of an Event of Default. On each Payment
Date or as requested by the Administrative Agent on any Business Day, if an Event of Default has occurred and is continuing, or in any case after the Facility Maturity Date, the Collateral Agent shall (as directed pursuant to the first paragraph of
this Section 2.04) transfer collected funds held by the Account Bank in the Interest Collection Account and the Principal Collection Account, in accordance with the Collateral Management Report, to the following Persons in the following
amounts, calculated as of the Determination Date immediately preceding any Payment Date, and priority: 
 (i) pari
passu to (a) the Collateral Agent, in payment in full of all accrued Collateral Agent Fees and Collateral Agent Expenses, (b) the Collateral Custodian in payment in full of all accrued Collateral Custodian Fees and Collateral Custodian
Expenses and (c) the Account Bank in payment in full of all accrued fees and expenses due under the Wells Fargo Corporate Trust Fee Letter; provided that amounts payable with respect to Collateral Agent Expenses, Collateral Custodian
Expenses and the Account Bank pursuant to this clause (i) (and Section 2.04(a)(i) and (b)(i), if applicable) shall not, collectively, exceed $200,000 per annum; 

(ii) [reserved]; 

(iii) [reserved]; 

(iv) pro rata, in accordance with the amounts due under this clause, to (a) each Lender Agent, for the account of
the applicable Lender, all Yield and the Non-Usage Fee that is accrued and unpaid as of the last day of the related Collection Period, (b) each Lender Agent, for the account of the applicable Lender, any applicable Make-Whole Fee and
(c) the Hedge Counterparties, any amounts owed for the current and prior Payment Dates to the Hedge Counterparties under Hedging Agreements (other than Hedge Breakage Costs), together with interest accrued thereon; 

(v) pro rata, to each Lender Agent (for the account of the applicable Lender), the Arranger and the Administrative
Agent, as applicable, all accrued and unpaid fees, expenses (including attorneys’ fees, costs and expenses) and indemnity amounts payable by the Borrower to the Administrative Agent, the Arranger, any Lender Agent or any Lender under the
Transaction Documents; 

  
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 (vi) first, to the Unfunded Exposure Account in an amount necessary to
cause the amount on deposit in the Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount and second, pro rata based on amounts owed to such Persons, to the Hedge Counterparties, any unpaid Hedge Breakage Costs, together
with interest accrued thereon; 
 (vii) to each Lender Agent for the account of the applicable Lender, an amount equal to
each Lender’s Pro Rata Share of the Advances Outstanding; 
 (viii) pari passu to (a) the Collateral Agent,
in payment in full of all accrued Collateral Agent Expenses to the extent not previously paid, (b) the Collateral Custodian in payment in full of all accrued Collateral Custodian Expenses to the extent not previously paid, and (c) the
Account Bank in payment in full of all accrued expenses to the extent not previously paid; 
 (ix) to pay any other amounts
due under this Agreement and the other Transaction Documents (including any indemnity amounts due from the Borrower hereunder and thereunder); and 

(x) to the Borrower, any remaining amounts. 

(d) Insufficiency of Funds. For the sake of clarity, the parties hereby agree that if the funds on deposit in the applicable Controlled
Account are insufficient to pay any amounts due and payable on a Payment Date or otherwise, the Borrower shall nevertheless remain responsible for, and shall pay when due, all amounts payable under this Agreement and the other Transaction Documents
in accordance with the terms of this Agreement and the other Transaction Documents. 
 Section 2.05 Instructions to the Collateral
Agent and the Account Bank. All instructions and directions given to the Collateral Agent or the Account Bank by the Borrower or on behalf of the Borrower by a Borrower Advisor or by the Administrative Agent pursuant to Section 2.04
shall be in writing (and instructions and directions transmitted to the Collateral Agent or the Account Bank by facsimile or e-mail shall constitute “in writing” for this purpose), and such written
instructions and directions shall be delivered with a written certification that such instructions and directions are in compliance with the provisions of Section 2.04. The Borrower shall, or shall cause any Borrower Advisor to,
immediately transmit to the Administrative Agent by facsimile or e-mail a copy of all instructions and directions given to the Collateral Agent or the Account Bank by or on behalf of the Borrower pursuant to
Section 2.04. The Administrative Agent shall promptly transmit to the Borrower Advisors and the Borrower by facsimile or e-mail a copy of all instructions and directions given to the Collateral
Agent or the Account Bank by the Administrative Agent, pursuant to Section 2.04. If either the Administrative Agent or Collateral Agent disagrees with the computation of any amounts to be paid or deposited by the Borrower or on behalf of
the Borrower, under Section 2.04 or otherwise pursuant to this Agreement, or upon their respective instructions, it shall so notify the Borrower, the Borrower Advisors and the Collateral Agent in writing and in reasonable detail to
identify the specific disagreement. If such disagreement cannot be resolved within two (2) Business Days, the determination of the Administrative Agent as to such amounts shall be conclusive and

  
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binding on the parties hereto absent manifest error. In the event the Collateral Agent or the Account Bank receives instructions from any Borrower Advisor or the Borrower after the occurrence and
during the continuation of an Event of Default which conflict with any instructions received from the Administrative Agent, the Collateral Agent or the Account Bank, as applicable, shall rely on and follow the instructions given by the
Administrative Agent. 
 Section 2.06 Borrowing Base Deficiency Payments. 

(a) Notwithstanding any other obligation of the Borrower to cure any Borrowing Base Deficiency pursuant to the terms of this Agreement, if, on
any day prior to the Collection Date, any Borrowing Base Deficiency exists, then the Borrower shall, within 3 Business Days from the date of the occurrence of such Borrowing Base Deficiency (or such longer period as provided below in connection with
a Cure Plan), eliminate such Borrowing Base Deficiency in its entirety by effecting (or, in the case of clause (iv), initiating) one or more (or any combination thereof) of the following actions in order to eliminate such Borrowing Base Deficiency
as of such date of determination: (i) deposit cash in Dollars into the Principal Collection Account (including, without limitation, cash contributed by the Equityholder), (ii) repay Advances (together with any Breakage Fees, and all
accrued and unpaid costs and expenses of the Administrative Agent, the Lender Agents and the Lenders, in each case in respect of the amount so prepaid), (iii) subject to the approval of the Administrative Agent, in its sole discretion, Pledge
additional Eligible Loans and/or (iv) submit a Cure Plan that satisfies the requirements of Section 2.06(c) and is approved in writing (which approval must be given within 3 Business Days from the date of the occurrence of such
Borrowing Base Deficiency and may be by electronic communication) by the Administrative Agent in its sole discretion. If the Borrower initiates a Cure Plan in accordance with clause (iv) above, then the Borrower must eliminate such Borrowing
Base Deficiency in accordance with such Cure Plan within 10 Business Days from the date of the occurrence of such Borrowing Base Deficiency. 

(b) No later than 2:00 p.m. on the Business Day prior to any proposed repayment of Advances or Pledge of additional Eligible Loans pursuant to
Section 2.06(a), the Borrower (or the Collateral Manager on its behalf) shall deliver (i) to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Custodian), notice of such repayment or Pledge and a duly
completed Borrowing Base Certificate, updated to the date such repayment or Pledge is being made and giving pro forma effect to such repayment or Pledge, and (ii) to the Administrative Agent, if applicable, a description of any Eligible
Loan and each Obligor of such Eligible Loan to be Pledged and added to the updated Loan Tape. Any notice pertaining to any repayment or any Pledge pursuant to this Section 2.06 shall be irrevocable. 

(c) Each Cure Plan submitted pursuant to Section 2.06(a)(iv) shall include, as applicable, (i) a request for an Approval
Notice for each Loan to be purchased, Pledged or sold pursuant to such Cure Plan, (ii) trade tickets identifying each Loan to be purchased, Pledged or sold and the related settlement dates (which settlement dates must be no later than 10
Business Days after the related Borrowing Base Deficiency occurred), (iii) the amount to be deposited into the Principal Collection Account, (iv) the amount of Advances to be repaid and (v) a written certification the Borrower has
caused the Collateral Manager to provide with respect to such Cure Plan that the Collateral Manager believes that such Cure Plan will produce sufficient proceeds to cure the related Borrowing Base Deficiency and that such proceeds will be applied
within 10 Business Days of the date the related Borrowing Base Deficiency occurred to cure such Borrowing Base Deficiency. 

  
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 Section 2.07 Discretionary Sales, Substitutions, Lien Release Dividends, Purchases.

 (a) Substitutions. Subject to Sections 2.07(c) and (d), during the Reinvestment Period the Borrower may, or to the
extent a Substitution is required under the Purchase and Sale Agreement, shall sell and replace or exchange any Loan with another Eligible Loan (each such sale and replacement or exchange, a “Substitution”) so long as
(i) immediately after giving effect to such Substitution, no Event of Default, Unmatured Event of Default or Facility Amortization Event shall have occurred and be continuing, (ii) each substitute Loan acquired by the Borrower in
connection with a Substitution shall be an Eligible Loan, (iii) 100% of the proceeds from the sale or exchange of the Loan(s) to be replaced in connection with such Substitution are either applied by the Borrower to acquire the substitute
Loan(s) or deposited in the Collection Account, (iv) all conditions precedent set forth in Section 3.02 have been satisfied with respect to each Loan to be acquired by the Borrower in connection with such Substitution and
(v) immediately after giving effect to such Substitution, no Borrowing Base Deficiency exists; provided that, notwithstanding anything to the contrary set forth in Section 3.02, in the event a Borrowing Base Deficiency shall
have existed immediately prior to giving effect to such Substitution, the Borrower may effect a Substitution so long as, immediately after giving effect to such Substitution and any other action taken pursuant to Section 2.06
substantially contemporaneous therewith, such Borrowing Base Deficiency is reduced or cured. 
 (b) Discretionary Sales. Upon not
less than one (1) Business Day’s prior written notice to the Administrative Agent, the Borrower shall be permitted, subject to clauses (c) and (d) below, to sell Loans (each, a “Discretionary Sale”)
so long as (i) immediately after giving effect to such Discretionary Sale, no Event of Default, Unmatured Event of Default or Facility Amortization Event shall have occurred and be continuing, (ii) unless the Administrative Agent shall
have provided prior written consent, the sale price of any such Loan sold pursuant to a Discretionary Sale shall be equal to or greater than its Adjusted Borrowing Value, (iii) immediately after giving effect to such Discretionary Sale, no
Borrowing Base Deficiency exists and (iv) 100% of the proceeds from the sale of the Loan(s) in connection with such Discretionary Sale are deposited in the Collection Account; provided that, in the event a Borrowing Base Deficiency shall
have existed immediately prior to giving effect to such Discretionary Sale, the Borrower may, with the prior consent of the Administrative Agent in its sole discretion, effect a Discretionary Sale so long as, immediately after giving effect to such
Discretionary Sale and any other action taken pursuant to Section 2.06 substantially contemporaneous therewith, such Borrowing Base Deficiency is reduced or cured. 

(c) Conditions to Sales and Substitutions. Any Discretionary Sale or sale pursuant to a Substitution effected pursuant to
Section 2.07 (a) or (b) shall be subject to the satisfaction of the following conditions: 
 (i)
the Borrower shall deliver a Borrowing Base Certificate to the Administrative Agent; 

  
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 (ii) the Borrower shall deliver a list of all Loans to be sold or substituted to
the Administrative Agent and the Collateral Agent; 
 (iii) the Borrower shall be deemed to have certified to the
Administrative Agent that no selection procedures adverse to the interests of the Administrative Agent or the Lenders were utilized by the Borrower in the selection of the Loans to be sold or substituted; 

(iv) the Borrower shall notify the Administrative Agent and the Account Bank of any amount to be deposited into the Collection
Account in connection with any sale or substitution; 
 (v) the Borrower shall be deemed to have certified to the
Administrative Agent that the representations and warranties contained in Section 4.01 and 4.02 hereof shall continue to be correct in all material respects following any sale or substitution, except to the extent any such
representation or warranty relates to an earlier date; 
 (vi) any repayment of Advances Outstanding in connection with any
sale or substitution of Loans hereunder shall comply with the requirements set forth in Section 2.17(b); 
 (vii)
the Administrative Agent shall have provided its prior written consent to any such sale or substitution to an Affiliate of the Borrower or any Borrower Advisor; 

(viii) the Administrative Agent shall have provided its prior written consent to any such sale or substitution after the
occurrence of an Unmatured Event of Default, Event of Default or a Facility Amortization Event; 
 (ix) the Borrower shall
pay an amount equal to all Breakage Fees and other accrued and unpaid costs and expenses (including, without limitation, reasonable legal fees) of the Administrative Agent, the Lenders and the Collateral Custodian in connection with any such sale or
substitution (including, but not limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent on behalf of the Secured Parties and any other party having an interest in the Loan in connection with such sale or
substitution). 
 (d) Limitations on Sales, Substitutions and Lien Release Dividends. 

(i) The aggregate Outstanding Balance of all Loans subject to a Value Adjustment Event described in clauses (a), (b) or
(h) of the definition thereof which are included in a Lien Release Dividend or sold by the Borrower to the Seller in connection with a Substitution or a Discretionary Sale permitted hereunder on any date of determination shall not exceed 10% of
the aggregate Outstanding Balance of all Loans conveyed by the Seller to the Borrower pursuant to the Purchase and Sale Agreement through such date (the Outstanding Balance of each such Loan, for purposes of this Section 2.07(d)(i),
being that on the date of conveyance under the Purchase and Sale Agreement), exclusive of (i) Loans sold to the Seller or conveyed pursuant to a Substitution, in each case only if such sale or conveyance is required under Article VI of the
Purchase and Sale Agreement and (ii) Required Sale Assets sold to the Seller for purposes of compliance with Section 2.07(g). 

  
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 (ii) The aggregate Outstanding Balance of all Loans which are sold by the
Borrower in connection with a Substitution or a Discretionary Sale or included in a Lien Release Dividend shall not exceed (i) during the first 12 months after the Closing Date, 50% of the highest aggregate Outstanding Balance of the Collateral
Portfolio during any month of such 12-month period and (ii) during any 12 month rolling period thereafter (or such lesser number of months as shall have elapsed since the one-year anniversary of the Closing Date), 20% of the highest aggregate
Outstanding Balance of the Collateral Portfolio during any month of such 12 month period (or such lesser period); provided that, the foregoing limitation set forth in this clause (d) shall not apply with respect to any Substitution,
Discretionary Sale or Lien Release Dividend (A) with the prior written consent of the Administrative Agent, of a Loan which is reasonably expected to be refinanced or paid off in full by the applicable Obligor, (B) of a Credit Risk Loan,
(C) of a Loan with an Assigned Value of zero or (D) in connection with a Cure Plan Sale; and provided, further, that, notwithstanding the foregoing, the aggregate of the Substitutions, Discretionary Sales and Lien Release
Dividends by the Borrower to the Seller permitted hereunder on any date of determination shall not exceed 20% of the aggregate Outstanding Balance of all Loans conveyed by the Seller to the Borrower pursuant to the Purchase and Sale Agreement
through such date (the Outstanding Balance of each such Loan, for purposes of this proviso, being that on the date of conveyance under the Purchase and Sale Agreement), exclusive of (i) Loans sold to the Seller or conveyed pursuant to a
Substitution, in each case only if such sale or conveyance is required under Article VI of the Purchase and Sale Agreement and (ii) Required Sale Assets sold to the Seller for purposes of compliance with Section 2.07(g). 

(e) Lien Release Dividend. Notwithstanding any provision contained in this Agreement to the contrary, provided no Event of Default or
Facility Amortization Event has occurred and no Unmatured Event of Default exists, on a Lien Release Dividend Date, the Borrower may dividend any Loan, or portions thereof, to the Equityholder (each, a “Lien Release Dividend”),
subject to the restrictions set forth in clauses (d)(i) and (ii) above and the following terms and conditions, as certified by the Borrower to the Administrative Agent (with a copy to the Collateral Agent and the Collateral Custodian): 

(i) The Borrower and the Equityholder shall have given the Administrative Agent, with a copy to the Collateral Agent and the
Collateral Custodian, at least five (5) Business Days prior written notice requesting that the Administrative Agent consent to the effectuation of a Lien Release Dividend, in the form of Exhibit O hereto (a “Notice and
Request for Consent to Lien Release Dividend”), which consent shall be given in the sole and absolute discretion of the Administrative Agent; 

(ii) On any Lien Release Dividend Date, no more than four Lien Release Dividends shall have been made during the 12-month period immediately preceding the proposed Lien Release Dividend Date; 

  
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 (iii) After giving effect to the Lien Release Dividend on the Lien Release
Dividend Date, (A) no Borrowing Base Deficiency, Event of Default, Facility Amortization Event or Unmatured Event of Default shall exist, (B) the representations and warranties contained in Sections 4.01 and 4.02 and in
the Management Agreement shall continue to be correct, except to the extent relating to an earlier date, (C) the eligibility of any Loan remaining as part of the Collateral Portfolio after the Lien Release Dividend will be redetermined as of
such date, (D) no claim shall have been asserted or proceeding commenced challenging the enforceability or validity of any of the Required Loan Documents and (E) there shall have been no Material Adverse Effect on any Borrower Advisor or
the Borrower; 
 (iv) Such Lien Release Dividend must be in compliance with Applicable Law and may not (A) be made with
the intent to hinder, delay or defraud any creditor of the Borrower or (B) leave the Borrower, immediately after giving effect to the Lien Release Dividend, not Solvent; 

(v) On or prior to the Lien Release Dividend Date, the Borrower shall have (A) delivered to the Administrative Agent, the
Collateral Agent and the Collateral Custodian, a list specifying all Loans or portions thereof to be transferred pursuant to such Lien Release Dividend and the Administrative Agent shall have approved the same in its sole discretion and
(B) obtained all corporate or similar authorizations, consents and approvals required to effectuate the Lien Release Dividend; 

(vi) A portion of a Loan may be transferred pursuant to a Lien Release Dividend provided that (A) such transfer
does not have an adverse effect on the portion of such Loan remaining as a part of the Collateral Portfolio, any other aspect of the Collateral Portfolio, the Lenders, the Lender Agents, the Administrative Agent or any other Secured Party and
(B) a new promissory note (other than with respect to a Noteless Loan) for the portion of the Loan remaining as a part of the Collateral Portfolio has been executed, and the original thereof has been endorsed to the Collateral Agent and
delivered to the Collateral Custodian; 
 (vii) Unless waived by the Administrative Agent in its sole discretion, each Loan,
or portion thereof, as applicable, shall be transferred at a value equal to the Outstanding Balance thereof, exclusive of any accrued and unpaid interest or PIK Interest thereon; 

(viii) The Borrower shall deliver a Borrowing Base Certificate (including a calculation demonstrating no Borrowing Base
Deficiency after giving effect to such Lien Release Dividend) to the Administrative Agent; 
 (ix) The Borrower shall have
paid in full an aggregate amount equal to the sum of all amounts due and owing to the Administrative Agent, the Lenders, the Lender Agents, the Collateral Agent or the Collateral Custodian, as applicable, under this Agreement and the other
Transaction Documents, to the extent accrued to such date (including, without limitation, Breakage Fees) with respect to the Loans to be transferred pursuant to such Lien Release Dividend and incurred in connection with the transfer of such Loans
pursuant to such Lien Release Dividend; and 
 (x) The Borrower hereby agrees to pay the reasonable legal fees and expenses
of the Administrative Agent, the Collateral Agent and the Collateral Custodian in connection with any Lien Release Dividend (including, but not limited to, expenses incurred in connection with the release of the Lien of the Collateral Agent, on
behalf of the Secured Parties, and any other party having an interest in the Loan in connection with such Lien Release Dividend). 

  
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 (f) Purchases. The Borrower may with the prior written consent of the Administrative Agent
in its sole discretion, purchase Loans other than Eligible Loans. For the avoidance of doubt, no such purchases may be made with amounts on deposit in any Controlled Account or any Advance proceeds. 

Section 2.08 Payments and Computations, Etc. 

(a) All amounts to be paid or deposited by the Borrower hereunder shall be paid or deposited in accordance with the terms hereof no later than
2:00 p.m. on the day when due in lawful money of the United States in immediately available funds to the Collection Account or such other account as is designated by the Administrative Agent. The Borrower shall, to the extent permitted by Applicable
Law, pay to the Secured Parties interest on all amounts not paid or deposited when due (taking into account any grace periods) to any of the Secured Parties hereunder at 2.0% per annum above the Base Rate (other than with respect to any
Advances Outstanding, which shall accrue at the Yield Rate), payable on demand, from the date of such nonpayment until such amount is paid in full (as well after as before judgment); provided, that such interest rate shall not at any time
exceed the maximum rate permitted by Applicable Law. Any Obligation hereunder shall not be reduced by any distribution of any portion of Available Collections if at any time such distribution is rescinded or required to be returned by any Lender to
the Borrower or any other Person for any reason. All computations of interest and all computations of Yield, Non-Usage Fees, Make-Whole Fees and other fees hereunder shall be made on the basis of a year of 360 days for the actual number of days
(including the first but excluding the last day) elapsed, other than calculations with respect to the Base Rate, which shall be based on a year consisting of 365 or 366 days, as applicable. 

(b) Whenever any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall instead be due on the next
succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of Yield or any fee payable hereunder, as the case may be. 

(c) If any Advance requested by the Borrower and approved by the Lender Agents and the Administrative Agent pursuant to
Section 2.02 is not for any reason whatsoever, except as a result of the gross negligence or willful misconduct of, or failure to fund such Advance on the part of, the Lenders, the Administrative Agent or an Affiliate thereof, made or
effectuated, as the case may be, on the date specified therefor, the Borrower shall indemnify such Lender against any loss, cost or expense incurred by such Lender related thereto (other than any such loss, cost or expense solely due to the gross
negligence or willful misconduct or failure to 

  
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fund such Advance on the part of the Lenders, the Administrative Agent or an Affiliate thereof), including, without limitation, any loss (including cost of funds and reasonable out-of-pocket expenses), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund Advances or maintain
the Advances. Any such Lender shall provide to the Borrower documentation setting forth the amounts of any loss, cost or expense referred to in the previous sentence, such documentation to be conclusive absent manifest error. 

Section 2.09 Increased Costs; Capital Adequacy. 

(a) If, due to either (i) the introduction of or any change following the date hereof (including, without limitation, any change by way
of imposition or increase of reserve requirements) in or in the interpretation, administration or application arising following the date hereof of any Applicable Law (including, without limitation, any law or regulation that subjects an Affected
Party to any Taxes (other than (1) Excluded Taxes and (2) Taxes imposed on payments under this Agreement) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or
capital attributable thereto), in each case whether foreign or domestic or (ii) the compliance with any guideline or request following the date hereof from any central bank or other Governmental Authority (whether or not having the force of
law), there shall be any increase in the cost to the Administrative Agent, any Lender, any Lender Agent, any Liquidity Bank or any Affiliate, successor or assign thereof (each of which shall be an “Affected Party”) of agreeing to
make or making, funding or maintaining any Advance (or any reduction of the amount of any payment (whether of principal, interest, fee, compensation or otherwise) to any Affected Party hereunder), as the case may be, or there shall be any reduction
in the amount of any sum received or receivable by an Affected Party under this Agreement, under any other Transaction Document or any Liquidity Agreement, the Borrower shall, from time to time, after written demand by the Administrative Agent
(which demand shall be accompanied by a statement setting forth in reasonable detail the basis for such demand), on behalf of such Affected Party, pay to the Administrative Agent, on behalf of such Affected Party, additional amounts sufficient to
compensate such Affected Party for such increased costs or reduced payments within thirty (30) days after such demand; provided, that the amounts payable under this Section 2.09 shall be without duplication of amounts payable
under Section 2.10; provided, further, that an Affected Party claiming additional amounts under this Section 2.09 agrees to use commercially reasonable efforts (consistent with its internal policy and legal and
regulatory restrictions) to designate a different lending office if the making of such a designation would avoid the need for, or reduce the amount of, such increased cost that may thereafter accrue and would not, in the reasonable judgment of such
Affected Party, be otherwise disadvantageous to such Affected Party. 
 (b) If either (i) the introduction of or any change following
the date hereof in or in the interpretation, administration or application arising following the date hereof of any law, guideline, rule or regulation, directive or request or (ii) the compliance by any Affected Party with any law, guideline,
rule, regulation, directive or request following the date hereof, from any central bank, any Governmental Authority or agency, including, without limitation, compliance by an Affected Party with any request or directive regarding capital adequacy,
has or would have the effect of reducing the rate of return on the capital of any Affected Party, as a consequence of its obligations hereunder or any related document or arising in connection 

  
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herewith or therewith to a level below that which any such Affected Party could have achieved but for such introduction, change or compliance (taking into consideration the policies of such
Affected Party with respect to capital adequacy), by an amount deemed by such Affected Party to be material, then, from time to time, after demand by such Affected Party (which demand shall be accompanied by a statement setting forth in reasonable
detail the basis for such demand), the Borrower shall pay the Administrative Agent on behalf of such Affected Party such additional amounts as will compensate such Affected Party for such reduction. 

(c) If as a result of any event or circumstance similar to those described in clause (a) or (b) of this Section 2.09,
any Affected Party is required to compensate a bank or other financial institution providing liquidity support, credit enhancement or other similar support to such Affected Party in connection with this Agreement or the funding or maintenance of
Advances hereunder, then within ten days after demand by such Affected Party, the Borrower shall pay to such Affected Party such additional amount or amounts as may be necessary to reimburse such Affected Party for any amounts payable or paid by it.

 (d) In determining any amount provided for in this Section 2.09, the Affected Party may use any reasonable averaging and
attribution methods. The Administrative Agent, on behalf of any Affected Party making a claim under this Section 2.09, shall submit to the Borrower a certificate setting forth in reasonable detail the basis for and the computations of
such additional or increased costs, which certificate shall be conclusive absent manifest error. 
 (e) Failure or delay on the part of any
Affected Party to demand compensation pursuant to this Section 2.09 shall not constitute a waiver of such Affected Party’s right to demand or receive such compensation; provided, however, that the Borrower shall not be
responsible for costs under this Section 2.09 arising more than 90 days prior to receipt by the Borrower of the demand from the Affected Party pursuant to this Section 2.09. 

Section 2.10 Taxes. 

(a) All payments made by or on behalf of the Borrower under this Agreement and the other Transaction Documents will be made free and clear of
and without deduction or withholding for or on account of any Taxes, except as required by Applicable Law. If any Taxes are required by Applicable Law to be withheld from any amounts payable to any Recipient (including, for purposes of this
Section 2.10(a) and Section 2.10(b), any assignee, participant, or successors), then the amount payable to the applicable Recipient will be increased (the amount of such increase, an “Additional Amount”) such
that every net payment received under this Agreement and the other Transaction Documents, after withholding for or on account of any Taxes (including, without limitation, any Taxes on such increase) is not less than the amount that would have been
received by such Recipient had no such deduction or withholding been made. The foregoing obligation to pay Additional Amounts with respect to payments required to be made under this Agreement will not, however, apply with respect to (i) Taxes
imposed on or measured by net income (however denominated), branch profits Taxes, or franchise Taxes imposed on the relevant Recipient, in each case, (x) by a taxing jurisdiction in which any such Recipient is organized or conducts business, or
(y) as a result of any other present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising as a result of such Recipient having executed, delivered or performed its

  
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obligations or received payments under, or enforced, this Agreement or any of the other Transaction Documents), (ii) in the case of any Lender, U.S. federal withholding Taxes imposed on
amounts payable to or for the account of such Lender pursuant to a law in effect on the date on which (x) such Lender becomes a party hereto or (y) such Lender changes its lending office (other than pursuant to a request by the Borrower),
except, in each case, to the extent that, pursuant to this Section 2.10, amounts with respect to such Taxes were payable either to such Lender’s transferor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (iii) Taxes attributable to any Recipient’s failure to comply with Section 2.10(d), and (iv) any Taxes imposed under FATCA (or any amended or successor version of FATCA
that is substantively comparable and not materially more onerous to comply with) (“Excluded Taxes”). 
 (b) The Borrower
will indemnify each Recipient for the full amount of Taxes that are not Excluded Taxes and are payable by such Recipient in respect of payments made under this Agreement or any other Transaction Documents, and for the full amount of Taxes that are
not Excluded Taxes imposed by any jurisdiction on amounts payable under this Section 2.10 imposed on or paid by such Recipient, and for any liability (including penalties, interest and expenses) arising therefrom or with respect thereto.
All payments in respect of this indemnification shall be made within 10 days from the date a written invoice therefor is delivered to the Borrower, which invoice shall be conclusive absent manifest error. 

(c) Within 30 days after the date of any payment by or on behalf of the Borrower of any Taxes, the Borrower will furnish to the applicable
Recipient, and to the Administrative Agent at the applicable address set forth on this Agreement, evidence reasonably satisfactory to the applicable Recipient and the Administrative Agent of payment thereof. 

(d) (i) If any Lender is not created or organized under the laws of the United States or a political subdivision thereof, such Lender
shall, if it is legally able to do so, deliver to the Borrower, with a copy to the Administrative Agent, (x) on or prior to the date on which such Lender becomes a party to this Agreement, and at other times reasonably requested by the
Borrower, two (or such other number as may from time to time be reasonably requested by the Borrower) duly completed copies of IRS Form W-8BEN or IRS Form W-8BEN-E or Form W-8ECI or Form W-8IMY (together with appropriate attachments) (or any
successor forms), as appropriate, and (y) copies (in such numbers as may from time to time be reasonably requested by the Borrower) of such additional, amended or successor forms, certificates or statements as the Borrower requests that may be
required under Applicable Law to permit the Borrower to make payments hereunder for the account of such Lender without or at a reduced rate of deduction or withholding of United States federal income or similar Taxes, provided, that such Lender
shall not be required to deliver any form, certificate, or statement pursuant to clause (y) of this Section 2.10(d)(i) if in such Lender’s reasonable judgment the completion, execution or delivery of such form, certificate or
statement would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) If a Lender is a United States Person (as that term is defined in Section 7701(a)(30) of the Code), such Lender shall
deliver to the Borrower, with a copy to the Administrative Agent, on or prior to the date such Lender becomes a party to this 

  
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Agreement, or at other times reasonably requested by the Borrower, two duly completed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax. 

(iii) If a payment made to a Lender under any Transaction Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by Applicable Law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by Applicable Law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (iii), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 (iv) Each Lender agrees that if any form or certification it
previously delivered pursuant to this Section 2.10(d) expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its
legal inability to do so. 
 (e) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of
any Taxes as to which it has been indemnified or paid Additional Amounts pursuant to this Section 2.10, it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made or
Additional Amounts paid under this Section with respect to the Indemnified Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (e) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (e), in no
event will the indemnified party be required to pay any amount to any indemnifying party pursuant to this paragraph (e) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party
would have been in if the indemnification payments or Additional Amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other
information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (f) Without prejudice to the
survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower (and, with respect to the obligations to provide refunds of amounts paid under this Section 2.10 pursuant to subsection (e), the
other parties) contained in this Section 2.10 shall survive the termination of this Agreement. 

  
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 Section 2.11 Assignment of Certain Documents. The Borrower hereby assigns to the
Administrative Agent, for the ratable benefit of the Secured Parties to secure the Obligations hereunder, all of the Borrower’s right, title and interest in and to, but none of its obligations under, the Purchase and Sale Agreement and the
Management Agreement and any UCC financing statements filed thereunder or in connection therewith. In furtherance and not in limitation of the foregoing, the Borrower hereby assigns collaterally to the Administrative Agent for the benefit of the
Secured Parties to secure the Obligations its right to indemnification under Section 9.1 of the Purchase and Sale Agreement. The Borrower confirms that the Administrative Agent, on behalf of the Secured Parties, shall have the right to enforce
the Borrower’s rights and remedies under the Purchase and Sale Agreement, the Management Agreement and any UCC financing statements filed thereunder or in connection therewith for the benefit of the Secured Parties, upon the occurrence and
during the continuation of an Event of Default. The parties hereto agree that such collateral assignment to the Collateral Agent, for the benefit of the Secured Parties, shall automatically terminate upon the Collection Date. Notwithstanding
anything to the contrary herein or in the Management Agreement, the Administrative Agent agrees that the assignment of the Management Agreement provided for in this Section 2.11 does not include an assignment of the Borrower’s right
to terminate the Management Agreement or the Collateral Manager’s rights and responsibilities thereunder. 
 Section 2.12 Grant
of a Security Interest. To secure the prompt, complete and indefeasible payment in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations and the performance by the Borrower of all of the covenants and obligations
to be performed by it pursuant to this Agreement and each other Transaction Document, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent, the Borrower hereby grants a security interest to the
Collateral Agent, on behalf of the Secured Parties, in all of the Borrower’s right, title and interest in, to and under (but none of the obligations under) all of the Collateral Portfolio, whether now existing or hereafter arising or acquired
by the Borrower, and wherever the same may be located. For the avoidance of doubt, the Collateral Portfolio shall not include any Excluded Amounts, and the Borrower does not hereby assign, pledge or grant a security interest in any such amounts.
Anything herein to the contrary notwithstanding, (a) the Borrower shall remain liable under the Collateral Portfolio to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement
had not been executed, (b) the exercise by the Collateral Agent, for the benefit of the Secured Parties, of any of its rights in the Collateral Portfolio shall not release the Borrower from any of its duties or obligations under the Collateral
Portfolio and (c) none of the Administrative Agent, the Collateral Agent, any Lender (nor its successors and assigns), any Lender Agent, any Liquidity Bank nor any Secured Party shall have any obligations or liability under the Collateral
Portfolio by reason of this Agreement, nor shall the Administrative Agent, the Collateral Agent, any Lender (nor its successors and assigns), any Lender Agent, any Liquidity Bank nor any Secured Party be obligated to perform any of the obligations
or duties of the Borrower thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 

Section 2.13 Evidence of Debt. (a) The Administrative Agent shall maintain, solely for this purpose as the agent of the Borrower,
at its address referred to in Section 12.02, a copy of each assignment and acceptance agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders, and the principal amounts and

  
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stated interest owing to each Lender pursuant to the terms of this Agreement and the other Transaction Documents (the “Register”). No assignment by a Lender of its rights
hereunder or under any Transaction Document shall be effective unless a corresponding entry is made in the Register pursuant to this Section 2.13(a). The entries in the Register shall be conclusive and binding for all purposes, absent
manifest error, and the Borrower, the Administrative Agent, each Lender and each Lender Agent shall treat each person whose name is recorded in the Register as a Lender under this Agreement for all purposes of this Agreement. The Register shall be
available for inspection by the Borrower or any Lender Agent at any reasonable time and from time to time upon reasonable prior notice. 

(b) Each Lender that sells a participation of its rights hereunder shall, acting solely for this purpose as a non-fiduciary agent of the
Borrower, maintain (or cause to be maintained) a register (the “Participant Register”) on which it will record the name and address of each participant and the principal amounts and stated interest of each participant’s
interest in such rights. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement. No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person except to the extent that such disclosure is necessary to establish that an interest under this Agreement with
respect to which the Lender has sold a participation is maintained “in registered form” within the meaning of Treasury Regulations Section 5f.103-1(c). The Borrower agrees that each participant shall be entitled to the benefits of
Sections 2.09 and 2.10 (subject to the requirements and limitations therein, including the requirement to provide certain documentation pursuant to Section 2.10(d) (it being understood that the documentation required under
Section 2.10(d) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment. 

Section 2.14 Survival of Representations and Warranties. It is understood and agreed that the representations and warranties set
forth in Sections 4.01, 4.02 and in Section 4 of the Management Agreement are made and are true and correct on the date of this Agreement and on each Cut-Off Date unless such
representations and warranties are made as of a specific date. 
 Section 2.15 Release of Loans. 

(a) The Borrower may obtain the release of (i) any Loan (and the related Portfolio Assets pertaining thereto) sold or substituted in
accordance with the applicable provisions of Section 2.07 and any Portfolio Assets pertaining to such Loan and (ii) any part of the Collateral Portfolio that expires by its terms and all amounts in respect thereof have been paid in
full by the related Obligor and deposited in the Collection Account. The Collateral Agent, for the benefit of the Secured Parties, shall at the sole expense of the Borrower and at the direction of the Administrative Agent, execute such documents and
instruments of release as may be prepared by the Borrower (or the Collateral Manager on its behalf), give notice of such release to the Collateral Custodian (in the form of Exhibit L) (unless the Collateral Custodian and Collateral Agent
are the same Person) and take other such actions as shall reasonably be requested by the Borrower to effect such release of the Lien created pursuant to this Agreement. Upon receiving such notification by the Collateral Agent as described in the
immediately preceding sentence, if applicable, the Collateral Custodian shall deliver the Required Loan Documents to the Borrower. 
 (b)
Upon the occurrence of the Collection Date, the respective remaining interests in the Portfolio Assets of each Lender, each Lender Agent, the Collateral Agent and the Administrative Agent, including their security interest therein, shall be
automatically released to the Borrower, for no consideration but at the sole expense of the Borrower, free and clear of any Lien resulting solely from an act by any Lender, any Lender Agent, the Collateral Agent or the Administrative Agent but
without any other representation or warranty, express or implied, by or recourse against any Lender, any Lender Agent, the Collateral Agent or the Administrative Agent, and the Collateral Agent or the Administrative Agent shall promptly provide
evidence of any such release as the Borrower may request, at the sole expense of the Borrower (and the Collateral Agent shall take the actions contemplated by Section 2.15(a) with respect to such release). 

  
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 Section 2.16 [Reserved.]. 

Section 2.17 Repayment; Reduction of Commitments. 

(a) Except as expressly permitted or required herein, including, without limitation, any repayment necessary to cure a Borrowing Base
Deficiency, Advances may only be prepaid in whole or in part at the option of the Borrower at any time by delivering a Notice of Prepayment (which notice shall include a Borrowing Base Certificate) to the Administrative Agent, the Collateral Agent
and the Lender Agents no later than 2:00 p.m. at least one Business Day prior to such prepayment. Upon any prepayment (x) in part, the Borrower shall also pay all accrued and unpaid costs and expenses of Administrative Agent, Lender Agents and
Lenders related to such prepayment and (y) in whole, the Borrower shall also pay in full all accrued and unpaid Yield, Breakage Fees (solely to the extent such prepayment occurs on any day other than the last day of an Interest Period
therefor), the applicable Prepayment Fee (solely prior to the one year anniversary of the Closing Date), if any, and all accrued and unpaid costs and expenses of Administrative Agent, Lender Agents and Lenders related to such prepayment;
provided that any reduction in Advances Outstanding shall be given effect only to the extent of funds remitted to pay such amounts, as determined by the Administrative Agent in its sole discretion. The Administrative Agent shall apply amounts
received from the Borrower pursuant to this Section 2.17(a) to the payment of any Breakage Fees and to the pro rata prepayment of the Advances Outstanding. Any notice relating to any repayment pursuant to this
Section 2.17(a) shall be irrevocable. 
 (b) The Borrower may, at any time, upon three (3) Business Days’ prior
delivery of a Notice of Reduction (which notice shall include a Borrowing Base Certificate) to the Administrative Agent, the Collateral Agent and the Lender Agents, either (i) cause the Collection Date to occur upon payment in full of all
Advances Outstanding, all accrued and unpaid Yield, any Breakage Fees (solely to the extent such prepayment occurs on any day other than the last day of an Interest Period therefor), any Prepayment Fees (solely prior to the one year anniversary of
the Closing Date), all accrued and unpaid costs and expenses of the Administrative Agent, Lender Agents and Lenders and all other Obligations (other than unmatured contingent indemnification obligations) or (ii) reduce in part any portion of
the 

  
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Maximum Facility Amount that exceeds the sum of all Advances Outstanding, all accrued and unpaid Non-Usage Fee and/or Make-Whole Fee (pro rata with respect to the portion of the Maximum
Facility Amount so reduced) and all accrued and unpaid costs and expenses of the Administrative Agent, Lender Agents and Lenders relating to such partial termination. Any termination of this Agreement shall be subject to Section 12.05.

 Section 2.18 Collections and Allocations. 

(a) Collections. The Borrower shall cause the Collateral Manager to promptly identify any collections received as being on account of
Interest Collections or Principal Collections and shall transfer, or cause to be transferred, all such Available Collections received directly by it to the Collection Account by the close of business not later than one (1) Business Day after
such Interest Collection or Principal Collections are received. Upon the transfer of Available Collections to the Collection Account, the Borrower shall cause the Collateral Manager to segregate Principal Collections and Interest Collections and
transfer the same to the Principal Collection Account and the Interest Collection Account, respectively; provided that, any Collections received by the Collateral Manager after the end of the Reinvestment Period shall be applied first
to the Unfunded Exposure Account in the amount, if any, necessary to make the amount on deposit in the Unfunded Exposure Account equal to the Aggregate Unfunded Exposure Amount and second to the appropriate subaccount of the Collection
Account as set forth above. The Borrower shall cause the Collateral Manager to report the amount of Principal Collections and Interest Collections on deposit in the Principal Collection Account and the Interest Collection Account, in each case on
each Reporting Date in the Collateral Management Report delivered pursuant to Section 6.07(b). 
 (b) Initial Deposits.
On and after the Cut-Off Date with respect to any Loan, the Borrower shall cause each Borrower Advisor to deposit into the Collection Account all Available Collections received in respect of Eligible Loans
being transferred to and included as part of the Collateral Portfolio on such date. 
 (c) Excluded Amounts. The Borrower may (or may
cause the Collateral Manager to) withdraw from the applicable Controlled Account any deposits thereto constituting Excluded Amounts if the Borrower has caused the Collateral Manager to, prior to such withdrawal, deliver to the Administrative Agent
and the Collateral Agent a report setting forth the calculation of such Excluded Amounts and the Administrative Agent agrees in writing that the form and substance of the report is satisfactory to the Administrative Agent in its sole discretion.

 (d) Investment of Funds. Prior to Notice of Exclusive Control (as defined in the Securities Account Control Agreement), the
Borrower or the Collateral Manager may, pursuant to written instruction (which may be in the form of standing instructions), direct the Collateral Agent to invest, or cause the investment of, funds on deposit in the Controlled Accounts in Permitted
Investments, from the date of this Agreement until the Collection Date. Absent any such written instruction, such funds shall not be invested. A Permitted Investment acquired with funds deposited in any Controlled Account shall mature not later than
the Business Day immediately preceding any Payment Date, and shall not be sold or disposed of prior to its maturity. All such Permitted Investments shall be registered in the name of the Account Bank or

  
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its nominee and shall be credited to a Controlled Account; provided that compliance shall be the responsibility of the Borrower and not the Collateral Agent and Account Bank. All income
and gain realized from any such investment, as well as any interest earned on deposits in any Controlled Account shall be distributed in accordance with the provisions of Article II hereof. During the occurrence and continuation of a
Borrowing Base Deficiency, the Borrower shall deposit in the Collection Account (with respect to investments made hereunder of funds held therein) an amount equal to the amount of any actual loss incurred, in respect of any such investment, promptly
upon realization of such loss. None of the Account Bank, the Collateral Agent, the Administrative Agent, any Lender Agent or any Lender shall be liable for the amount of any loss incurred, in respect of any investment, or lack of investment, of
funds held in any Controlled Account, other than with respect to fraud or their own gross negligence or willful misconduct. The parties hereto acknowledge that Permitted Investments may include those investments in which the Collateral Agent or any
of its Affiliates provides services and receives reasonable compensation. 
 (e) Unfunded Exposure Account. 

(i) If, at the end of the Reinvestment Period, the Aggregate Unfunded Exposure Amount is greater than $0, the Borrower shall be
deemed to have made a timely request for an Advance pursuant to Section 2.02 in an amount equal to the Aggregate Unfunded Exposure Amount at the end of the Reinvestment Period. All of the conditions to funding such Advance (including,
without limitation, the conditions set forth in Sections 2.07(c) and 3.02) other than the absence of an Unmatured Event of Default or an Event of Default shall be deemed to have been satisfied and, on the last day of the Reinvestment
Period, the Lenders shall, subject to the absence of an Unmatured Event of Default or an Event of Default, fund such requested Advance into the Unfunded Exposure Account. 

(ii) Amounts on deposit in the Unfunded Exposure Account may be withdrawn (A) by the Collateral Custodian pursuant to
Section 2.18(e)(iii) to fund any draw requests of the relevant Obligors under any Delayed Draw Loan or Revolving Loan or (B) if the amount on deposit in the Unfunded Exposure Account exceeds the Aggregate Unfunded Exposure Amount,
by the Borrower (or the Collateral Manager on the Borrower’s behalf) to make a deposit into the Principal Collection Account to the extent of such excess. 

(iii) On any date of determination (occurring prior to the end of the Reinvestment Period, other than a Payment Date) on which
no Event of Default has occurred and is continuing, if the amounts on deposit in the Unfunded Exposure Account are less than the Aggregate Unfunded Exposure Equity Amount, the Borrower shall cause a deposit to be made in the amount of the Unfunded
Exposure Equity Shortfall into the Unfunded Exposure Account within 10 Business Days of such date of determination. On any date of determination (other than a Payment Date) occurring after the Reinvestment Period or on which an Event of Default has
occurred and is continuing, if the amounts on deposit in the Unfunded Exposure Account are less than the Aggregate Unfunded Exposure Amount, the Borrower shall cause a deposit to be made in an amount necessary to cause the amount on deposit in the
Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount within 10 Business Days of such date of determination. 

(iv) After the end of the Reinvestment Period, any draw request made by an Obligor under a Delayed Draw Loan or Revolving Loan,
along with wiring instructions for the applicable Obligor, shall be forwarded by the Collateral Manager (on the Borrower’s behalf) to the Collateral Custodian (with a copy to the Lender) along with an instruction to the Collateral Custodian to
withdraw the applicable amount from the Unfunded Exposure Account. Upon receipt of, and in accordance with, such instruction, the Collateral Custodian shall fund such draw request directly from the Unfunded Exposure Account. 

  
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 (f) Rights of Withdrawal. Until the Collection Date, neither the Borrower nor any Borrower
Advisor shall have any rights of direction or withdrawal, with respect to amounts held in any Controlled Account, except to the extent explicitly set forth in Section 2.04 or Section 2.19. 

Section 2.19 Reinvestment of Principal Collections. 

On the terms and conditions hereinafter set forth as certified in writing to the Collateral Agent, the Lender Agents and Administrative Agent,
prior to the end of the Reinvestment Period, the Borrower may (or may cause the Collateral Manager), to the extent of any Principal Collections on deposit in the Principal Collection Account: 

(a) withdraw such funds for the purpose of reinvesting in additional Eligible Loans to be Pledged hereunder; provided that the
following conditions are satisfied: 
 (i) all conditions precedent set forth in Section 3.02 have been
satisfied; 
 (ii) (x) no Event of Default, Unmatured Event of Default or Facility Amortization Event has occurred or
exists or would result from such withdrawal and reinvestment, and (y) no Borrowing Base Deficiency exists or would result from such withdrawal and reinvestment; provided that if as a result of such withdrawal and reinvestment any
Borrowing Base Deficiency would be decreased, such withdrawal and reinvestment will be permitted; 
 (iii) the
representations and warranties contained in Sections 4.01, 4.02 and in Section 4 of the Management Agreement shall be correct in all respects on the date of such withdrawal, except to the extent relating to an earlier date;

 (iv) the Borrower provides or causes the Collateral Manager to provide, same day written notice to the Administrative
Agent and the Collateral Agent by facsimile or email (to be received no later than 2:00 p.m. on such day) of the request to withdraw Principal Collections and the amount of such request; 

(v) the notice required in clause (iv) above shall be accompanied by an Approval Notice, a Disbursement Request and a
Borrowing Base Certificate, each executed by the Borrower and an Authorized Person of the Collateral Manager; and 
 (vi) the
Borrower provides (or causes the Collateral Manager to provide) to the Administrative Agent by facsimile (to be received no later than 2:00 p.m. on that same day) a statement reflecting the total amount on deposit as of the opening of business on
such day in the Principal Collection Account; or 

  
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 (b) withdraw such funds for the purpose of making payments in respect of the Advances Outstanding
at such time in accordance with and subject to the terms of Section 2.17. 
 Upon the satisfaction of the applicable conditions
set forth in this Section 2.19 (as certified by the Borrower to the Collateral Agent and the Administrative Agent), the Collateral Agent will release funds from the Principal Collection Account to the Borrower in an amount not to exceed
the lesser of (A) the amount requested and (B) the amount on deposit in the Principal Collection Account on such day. 

Section 2.20 Commitment Increases and Joinder of New Lenders. 

The Borrower may, with the prior written consent of the Administrative Agent, (i) add additional Persons as Lenders and/or
(ii) increase the Commitment of any Lender, in each case which shall increase the Maximum Facility Amount by the amount of the Commitment of each such existing or additional Lender. Each additional Lender and its applicable Lender Agent shall
become a party hereto by executing and delivering to the Administrative Agent and the Borrower a Joinder Supplement and a Transferee Letter. Along with its written consent, the Administrative Agent will deliver to the Borrower an updated Annex B
reflecting the new or increased Commitment of each such existing or additional Lender. If any Lender increases its Commitment (including the amount of a new Commitment by a new Lender), such Lender shall be paid an upfront fee in an amount equal to
0.50% of such increase in its pro rata share of the Commitment. 
 Section 2.21 Defaulting Lenders. 

(a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as
that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 
 (i) such Defaulting Lender’s
right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 12.01; 

(ii) any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting
Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Unmatured Event of Default, Facility Amortization Event or Event of Default exists), to the funding of any Advance in respect of which that
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing
deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Advances under this 

  
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Agreement; fourth, so long as no Unmatured Event of Default, Facility Amortization Event or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any
judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as
otherwise directed by a court of competent jurisdiction. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to
this Section 2.21 shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto; 

(iii) during any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each
non-Defaulting Lender to make Advances, the Commitment of such Defaulting Lender shall be deemed to be zero; and 
 (iv) for
any period during which such Lender is a Defaulting Lender, such Defaulting Lender shall not be entitled to receive any Non-Usage Fee or Make-Whole Fee for any period during which such Lender is a Defaulting Lender (and the Borrower shall not be
required to pay any such fee that otherwise would have been required to have been paid to such Defaulting Lender). 
 (b) If the
Administrative Agent determines in its sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such
notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), such Lender will, to the extent applicable, purchase that portion of outstanding Advances of the other Lenders or take such
other actions as the Administrative Agent may determine to be necessary to cause the Advances to be held on a pro rata basis by the Lenders in accordance with their respective Commitments (without giving effect to
Section 2.21(a)(iii) above), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while
such Lender was a Defaulting Lender; provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender. 
 ARTICLE III. 

CONDITIONS PRECEDENT 

Section 3.01 Conditions Precedent to Effectiveness. 

(a) This Agreement shall be effective upon satisfaction of the conditions precedent that: 

(i) each Transaction Document shall have been duly executed by, and delivered to, the parties thereto, and the Administrative
Agent shall have received copies 

  
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of the Advisory Agreements and such other documents, instruments, agreements, certificates and legal opinions as the Administrative Agent shall reasonably request in connection with the
transactions contemplated by this Agreement, each in form and substance satisfactory to the Administrative Agent; 
 (ii) any
and all information submitted to each Lender, Lender Agent and the Administrative Agent by any Borrower Party or any of their Affiliates is true, accurate, complete in all material respects and not misleading in any material respect; 

(iii) (a) each of the Borrower’s, Seller’s, Equityholder’s, Collateral Advisor’s and Collateral
Manager’s underwriting, servicing, collection, operating, and reporting procedures and systems are satisfactory to the Administrative Agent in its sole discretion and (b) the Collateral Sub-Advisor’s underwriting, servicing,
collection, operating, and reporting procedures and systems solely with respect to the Equityholder are satisfactory to the Administrative Agent in its sole discretion; 

(iv) a satisfactory review by the Administrative Agent of all organizational documents and material contracts of the Borrower,
Seller, Equityholder, Collateral Advisor and Collateral Manager (including, without limitation, the Advisory Agreements); 

(v) a satisfactory review by the Administrative Agent of business, financial, legal, tax and accounting due diligence relating
to transactions contemplated hereby, each Borrower Party and the transactions contemplated hereunder are satisfactory to the Administrative Agent in its sole discretion; 

(vi) in the reasonable judgment of the Administrative Agent and each Lender Agent, there not having been any change in
Applicable Law which adversely affects any Lender’s or the Administrative Agent’s entering into the transactions contemplated by the Transaction Documents or material disruption after December 31, 2014 in the financial, banking or
commercial loan or capital markets generally; 
 (vii) the Administrative Agent and the Lenders shall have received,
sufficiently in advance of the Closing Date, all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56; 

(viii) a satisfactory due diligence review by the Administrative Agent of each Loan submitted for consideration in the initial
Collateral Portfolio; 
 (ix) the Administrative Agent and each Institutional Lender shall have received each required
approval (including, without limitation, from its internal credit committee); 
 (x) the Administrative Agent and the Lenders
shall have received the fees (including reasonable and documented out-of-pocket reimbursable expenses and fees, disbursements and other charges of counsel to the Administrative Agent) to be received on the Closing Date referred to herein or in any
other Transaction Document; 

  
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 (xi) since December 31, 2014, no material adverse change has occurred in the
financial condition of the Equityholder, the Seller, any Borrower Advisor or the Borrower or in any material portion of the assets in the initial Collateral Portfolio; 

(xii) the Administrative Agent shall have received satisfactory evidence that the Seller, the Borrower and the Collateral
Manager have obtained all required consents and approvals of all Persons to the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation of the transactions contemplated
hereby or thereby; 
 (xiii) the Collateral Manager and the Borrower shall each have delivered to the Administrative Agent a
certificate as to whether such Person is Solvent in the form of Exhibit N; 
 (xiv) the Borrower and the
Collateral Manager shall have delivered to the Administrative Agent a certification that no Unmatured Event of Default, Event of Default or Facility Amortization Event has occurred and is continuing; 

(xv) the Administrative Agent shall have received (i) the customary executed legal opinion or opinions of Dechert LLP,
counsel to the Borrower and the Collateral Manager, covering enforceability, grant and perfection of the security interests on the Collateral Portfolio and non-consolidation of the Borrower and
(ii) bring-down legal opinions of Dechert LLP covering the enforceability of the Advisory Agreements as of the Closing Date, in each case, in form and substance acceptable to the Administrative Agent in its reasonable discretion; 

(xvi) all corporate and other proceedings, and all documents, instruments and other legal matters in connection with the
transactions contemplated by this Agreement and the other Transaction Documents shall be reasonably satisfactory in form and substance to the Administrative Agent; 

(xvii) each Lender shall have received a duly executed copy of its Variable Funding Note, in a principal amount equal to the
Commitment of such Lender; 
 (xviii) the UCC-1 financing statement is in proper form
for filing in the filing office of the appropriate jurisdiction; 
 (xix) the Administrative Agent shall have received a
secretary’s certificate of each of the Collateral Manager and the Borrower that includes a copy of the resolutions (or other authorizing instruments, if applicable), in form and substance satisfactory to the Administrative Agent, of the Board
of Directors (or similar governing or managing body) of such Person authorizing (i) the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party, (ii) in the case of the Borrower, the
borrowings contemplated hereunder, and (iii) in the case of the Borrower, the granting by it of the Liens created pursuant to the Transaction Documents, certified 

  
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by the Secretary or an Assistant Secretary (or other authorized Person) of such Person as of the Closing Date, which certification shall be in form and substance satisfactory to the
Administrative Agent and shall state that the resolutions, or other authorizing instruments, if applicable, thereby certified have not been amended, modified, revoked or rescinded; 

(xx) the Administrative Agent shall have received a certification of each of the Collateral Manager and the Borrower, dated the
Closing Date, as to the incumbency and signature of the officers of such Person executing any Transaction Document, which certification may be included in the certificate delivered in respect of such Person pursuant to
Section 3.01(a)(xix) and satisfactory in form and substance to the Administrative Agent and shall be executed by an Authorized Person of such Person; 

(xxi) the Administrative Agent shall have received true and complete copies of the organizational documents of each of the
Collateral Manager and the Borrower, certified as of the Closing Date as complete and correct copies thereof by the Secretary or an Assistant Secretary (or other authorized Person) of such Person, which certification shall be included in the
certificate delivered in respect of such Person pursuant to Section 3.01(a)(xix) and shall be in form and substance satisfactory to the Administrative Agent; 

(xxii) the Administrative Agent shall have received certificates dated as of a recent date from the Secretary of State or other
appropriate authority, evidencing the good standing of each of the Collateral Manager and the Borrower (i) in the jurisdiction of its organization and (ii) in each other jurisdiction where its ownership, lease or operation of property or
the conduct of its business requires it to qualify as a foreign Person except, as to this subclause (ii), where the failure to so qualify could not reasonably be expected to have a Material Adverse Effect; 

(xxiii) the Administrative Agent shall have received evidence in form and substance satisfactory to it that all filings,
recordings, registrations and other actions, including, without limitation, the filing of duly executed financing statements on form UCC-1 necessary or, in the opinion of the Administrative Agent, desirable to
perfect the Liens created, or purported to be created, by the Transaction Documents shall have been completed; 
 (xxiv) the
Administrative Agent shall have received the results of a recent search by a Person satisfactory to the Administrative Agent, of the UCC, judgment and tax lien filings which may have been filed with respect to personal property of the Borrower, and
bankruptcy and pending lawsuits with respect to the Borrower and the results of such search shall be satisfactory to the Administrative Agent; 

(xxv) the Borrower shall have received the executed legal opinion or opinions of Locke Lord LLP, counsel to the Collateral
Agent, the Collateral Custodian and the Account Bank, covering enforceability of the Transaction Documents to which the each such Person is a party; and 

(xxvi) the Administrative Agent (with a copy to the Collateral Custodian and the Collateral Agent) shall have received the
Initial Notice of Borrowing. 

  
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 (b) By its execution and delivery of this Agreement, the Borrower hereby certifies that each of
the conditions precedent to the effectiveness of this Agreement set forth in this Section 3.01 have been satisfied. 

Section 3.02 Conditions Precedent to All Advances. Each Advance under this Agreement, each Pledge of a Loan hereunder, each
Substitution and each Discretionary Sale (each, a “Transaction”) shall be subject to the further conditions precedent, as applicable, that: 

(a) On the related Advance Date, the following statements shall be true and correct, and the Borrower by entering into such Transaction shall
be deemed to have certified that: 
 (i) the Borrower shall have delivered, or shall have caused the Collateral Manager to
deliver, to the Administrative Agent (with a copy to the Collateral Custodian and the Collateral Agent) no later than 3:00 p.m. on the Business Day prior to such Transaction: (A) if such Transaction is an Advance, a Notice of Borrowing,
(B) a Borrowing Base Certificate and (C) an updated Loan Tape; 
 (ii) if the Advance Date is a Cut-Off Date, the Borrower shall have delivered to the Collateral Custodian (with a copy to the Administrative Agent), no later than 2:00 p.m. on the date of such Advance, (A) an Approval Notice, (B) an
executed copy of each assignment and assumption agreement, transfer document or instrument relating to each Loan to be Pledged evidencing the assignment of such Loan from any third party owner thereof or the Seller directly to the Borrower, and
(C) a faxed or e-mailed copy of the duly executed original promissory notes of the Loans to be Pledged (and, in the case of any Noteless Loan, a fully executed assignment agreement) and if any Loans to be
Pledged are closed in escrow, a certificate (in the form of Exhibit I) from the closing attorneys of such Loans certifying the possession of the Required Loan Documents; provided that, notwithstanding the foregoing, the Borrower
shall cause the Loan Checklist and the Required Loan Documents to be in the possession of the Collateral Custodian within two (2) Business Days of any related Advance Date as to any Loans; 

(b) On and as of the date of such Transaction, after giving effect to such Transaction the Borrower shall certify as follows: 

(i) no Unmatured Event of Default, Facility Amortization Event, event which, if it continues uncured, will, with notice or
lapse of time, constitute a Facility Amortization Event, Event of Default or Borrowing Base Deficiency exists or would result from such Transaction (other than, with respect to any Pledge of an Eligible Loan necessary to cure a Borrowing Base
Deficiency in accordance with Section 2.06, an Unmatured Event of Default arising solely pursuant to such Borrowing Base Deficiency); 

(ii) since the Closing Date, no material adverse change has occurred in the ability of the Seller, any Borrower Advisor or the
Borrower to perform its obligations under any Transaction Document; 

  
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 (iii) other than Permitted Liens, no Liens exist in respect of Taxes which are
prior to the lien of the Collateral Agent on the Eligible Loans to be Pledged on the date of such Transaction; and 
 (iv)
the representations and warranties contained in Sections 4.01, 4.02 and in Section 4 of the Management Agreement are true and correct in all respects, and there exists no breach of any covenant contained in
Section 5.01, 5.02, or Section 5 of the Management Agreement before and after giving effect to the Transaction to take place on the date of such Transaction and to the application of proceeds therefrom, on and as of such day
as though made on and as of such date (other than any representation and warranty that is made as of a specific date). 
 (c) The
Administrative Agent shall have approved in its sole and absolute discretion each of the Eligible Loans identified on an updated Loan Tape for inclusion in the Collateral Portfolio on the applicable Advance Date (the “Approval
Right”). 
 (d) No Applicable Law shall prohibit, and no order, judgment or decree of any federal, state or local court or
governmental body, agency or instrumentality shall prohibit or enjoin, the making of such Advances by any Lender or the proposed Pledge of Eligible Loans in accordance with the provisions hereof. 

(e) With respect to an Advance, the proposed Advance Date shall be during the Reinvestment Period. 

(f) All terms and conditions of the Purchase and Sale Agreement required to be satisfied in connection with the assignment of each Eligible
Loan being Pledged hereunder on such Advance Date (and the Portfolio Assets related thereto), including, without limitation, the perfection of the Borrower’s interests therein, shall have been satisfied in full, and all filings (including,
without limitation, UCC filings) required to be made by any Person and all actions required to be taken or performed by any Person in any jurisdiction to give the Collateral Agent, for the benefit of the Secured Parties, a first priority perfected
security interest (subject only to Permitted Liens) in such Eligible Loans and the Portfolio Assets related thereto and the proceeds thereof shall have been made, taken or performed. 

(g) The Borrower shall have paid all fees then required to be paid, including all fees required hereunder and under the applicable Fee Letters
and the Wells Fargo Corporate Trust Fee Letter and shall have reimbursed the Lenders, the Administrative Agent, each Lender Agent, the Collateral Custodian, the Account Bank and the Collateral Agent for all fees, reasonable and documented
out-of-pocket costs and expenses of closing the transactions contemplated hereunder and under the other Transaction Documents, including the reasonable and documented attorney fees and any other legal and document preparation costs incurred by the
Administrative Agent. 
 (h) All filings (including, without limitation, UCC filings) required to be made by any Person and all actions
required to be taken or performed by any Person in any jurisdiction to give the Collateral Agent, for the benefit of the Secured Parties, a first priority perfected security interest (subject only to Permitted Liens) in any Eligible Loans to be
Pledged in connection with such Transaction and the Portfolio Assets related thereto and the proceeds thereof shall have been made, taken or performed. 

  
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 The failure of the Borrower to satisfy any of the foregoing conditions precedent in respect of
any Advance (that has not been waived by the Administrative Agent in its sole discretion) shall give rise to a right of the Administrative Agent, at the direction of the Required Lenders, to rescind the related Advance and direct the Borrower to pay
to the Administrative Agent, for the pro rata accounts of the Lenders, an amount equal to the Advances made during any such time that any of the foregoing conditions (that were not waived by the Administrative Agent in its sole discretion)
precedent were not satisfied. 
 Section 3.03 Advances Do Not Constitute a Waiver. No Advance made hereunder shall constitute a
waiver of any condition to any Lender’s obligation to make such an advance unless such waiver is in writing and executed by such Lender. 

ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES 

Section 4.01 Representations and Warranties of the Borrower. The Borrower hereby represents and warrants, as of the Closing Date,
as of each applicable Cut-Off Date, as of each applicable Advance Date, as of each Determination Date and as of each other date provided under this Agreement or the other Transaction Documents on which such
representations and warranties are required to be (or deemed to be) made (unless a specific date is specified below): 
 (a)
Organization, Good Standing and Due Qualification. The Borrower is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware, has the power and all licenses necessary to own its
assets, to transact the business in which it is engaged and to enter into and perform its obligations pursuant to this Agreement, and is duly qualified and in good standing under the laws of each jurisdiction where the transaction of such business,
the ownership of the Loans and the Collateral Portfolio and the entering into and performance of its obligations pursuant to this Agreement requires such qualification. 

(b) Power and Authority; Due Authorization; Execution and Delivery. The Borrower has the limited liability company power, authority and
legal right to make, deliver and perform this Agreement and each of the Transaction Documents to which it is a party and all of the transactions contemplated hereby and thereby, and has taken all necessary action to authorize the execution, delivery
and performance of this Agreement and each of the Transaction Documents to which it is a party, and to grant to the Collateral Agent, for the benefit of the Secured Parties, a first priority perfected security interest in the Collateral Portfolio on
the terms and conditions of this Agreement, subject only to Permitted Liens. 
 (c) Binding Obligation. This Agreement and each of
the Transaction Documents to which the Borrower is a party constitutes the legal, valid and binding obligation of the Borrower, enforceable against it in accordance with their respective terms, except as the enforceability hereof and thereof may be
limited by Bankruptcy Laws and by general principles of equity (whether such enforceability is considered in a proceeding in equity or at law). 

  
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 (d) All Consents Required. No consent of any other party and no consent, license, approval
or authorization of, or registration or declaration with, any Governmental Authority, bureau or agency is required in connection with the execution, delivery or performance by the Borrower of this Agreement or any Transaction Document to which it is
a party or the validity or enforceability of this Agreement or any such Transaction Document or the Loans or the transfer of an ownership interest or security interest in such Loans, other than such as have been met or obtained and are in full force
and effect. 
 (e) No Violation. The execution, delivery and performance of this Agreement and all other agreements and instruments
executed and delivered or to be executed and delivered pursuant hereto or thereto in connection with the Pledge of the Collateral Portfolio will not (i) create any Lien on the Collateral Portfolio other than Permitted Liens or (ii) violate
any Applicable Law or the formation documents of the Borrower or (iii) violate any material contract or other material agreement to which the Borrower is a party or by which the Borrower or any property or assets of the Borrower may be bound.

 (f) No Proceedings. There is no litigation or administrative proceeding or investigation pending or, to the actual knowledge of
the Borrower, threatened against the Borrower or any properties of the Borrower, before any Governmental Authority (i) asserting the invalidity of this Agreement or any other Transaction Document to which the Borrower is a party,
(ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which the Borrower is a party or (iii) seeking any determination or ruling that could reasonably be
expected to have a Material Adverse Effect on the Transaction Documents or the transactions contemplated hereby or thereby. 
 (g)
Selection Procedures. In selecting the Loans to be Pledged pursuant to this Agreement, no selection procedures were employed which are intended to be adverse to the interests of the Lenders. 

(h) Bulk Sales. The grant of the security interest in the Collateral Portfolio by the Borrower to the Collateral Agent, for the benefit
of the Secured Parties, pursuant to this Agreement, is in the ordinary course of business for the Borrower and is not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction. 

(i) Pledge of Collateral Portfolio. Except as otherwise expressly permitted by the terms of this Agreement, no item of Collateral
Portfolio has been sold, transferred, assigned or pledged by the Borrower to any Person, other than as contemplated by Article II and the Pledge of such Collateral Portfolio to the Collateral Agent, for the benefit of the Secured
Parties, pursuant to the terms of this Agreement. 
 (j) Indebtedness. The Borrower has no Indebtedness, secured or unsecured, direct
or contingent (including guaranteeing any obligation), other than (i) Indebtedness incurred under the terms of the Transaction Documents and (ii) Indebtedness incurred pursuant to certain ordinary business expenses arising pursuant to the
transactions contemplated by this Agreement and the other Transaction Documents. 

  
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 (k) Sole Purpose. The Borrower has been formed solely for the purpose of engaging in
transactions of the types contemplated by this Agreement, and has not engaged in any business activity other than the negotiation, execution and to the extent applicable, performance of this Agreement and the transactions contemplated by the
Transaction Documents. 
 (l) No Injunctions. No injunction, writ, restraining order or other order of any nature adversely affects
the Borrower’s performance of its obligations under this Agreement or any Transaction Document to which the Borrower is a party. 
 (m)
Taxes. The Borrower is an entity disregarded from its owner for U.S. federal income tax purposes. The Borrower has filed or caused to be filed (on a consolidated basis or otherwise) on a timely basis all tax returns (including, without
limitation, all foreign, federal, state, local and other material tax returns) required to be filed by it (subject to any extensions to file properly obtained by the same), is not liable for material Taxes payable by any other Person and has paid or
made adequate provisions for the payment of all material Taxes, assessments and other governmental charges due and payable from the Borrower except for those Taxes being contested in good faith by appropriate proceedings and in respect of which it
has established proper reserves on its books. Other than a Permitted Lien, no Tax lien or similar adverse claim has been filed, and no claim is being asserted with respect to any such Tax, assessment or other governmental charge. Any Taxes, fees and
other governmental charges due and payable by the Borrower, as applicable, in connection with the execution and delivery of this Agreement and the other Transaction Documents and the transactions contemplated hereby or thereby have been paid or
shall have been paid if and when due. 
 (n) Location. The Borrower’s jurisdiction of formation (within the meaning of
Article 9 of the UCC) is Delaware. The chief executive office of the Borrower (and the location of the Borrower’s records regarding the Collateral Portfolio (other than those delivered to the Collateral Custodian)) is located at the
address set forth on Annex A to this Agreement (or at such other address as shall be designated by such party in a written notice to the other parties hereto). 

(o) Tradenames. Except as permitted hereunder, the Borrower’s legal name is as set forth in this Agreement. Except as permitted
hereunder, the Borrower has not changed its name since its formation; does not have tradenames, fictitious names, assumed names or “doing business as” names other than as disclosed on Schedule I hereto (as such schedule may be
updated from time to by the Administrative Agent upon receipt of a notice delivered to the Administrative Agent pursuant to Section 5.02(p)); the Borrower’s only jurisdiction of formation is Delaware, and, except as permitted
hereunder, the Borrower has not changed its jurisdiction of formation. 
 (p) Solvency. The Borrower is not the subject of any
Bankruptcy Proceeding or Bankruptcy Event. The Borrower is Solvent, and the transactions under this Agreement and any other Transaction Document to which the Borrower is a party do not and will not render the

  
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Borrower not Solvent. The Borrower is paying its debts as they become due (subject to any applicable grace period) and, after giving effect to the transactions contemplated hereby, will have
adequate capital to conduct its business. 
 (q) No Subsidiaries. The Borrower has no Subsidiaries, other than any Portfolio
Subsidiaries. 
 (r) Value Given. The Borrower has given fair consideration and reasonably equivalent value to the Seller or the
applicable third party seller in exchange for the purchase of the Loans (or any number of them). No such transfer has been made for or on account of an antecedent debt and no such transfer is or may be voidable or subject to avoidance under any
section of the Bankruptcy Code. 
 (s) Information Accurate. All information, financial statements of the Borrower, documents, books,
records or reports furnished by the Borrower to any Secured Party in connection with this Agreement are true, complete and correct in all material respects when made; provided that, solely with respect to written or electronic information
furnished to a Secured Party which was provided from an Obligor with respect to a Loan, such information need only be accurate, true and correct to the knowledge of the Borrower when made. 

(t) Exchange Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or in the other Transaction Documents
(including, without limitation, the use of proceeds from the Pledge of the Collateral Portfolio) will violate or result in a violation of Section 7 of the Exchange Act, or any regulations issued pursuant thereto, including, without limitation,
Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R., Chapter II. The Borrower does not own or intend to carry or purchase, and no proceeds from the Advances will be used to carry or purchase, any
“margin stock” within the meaning of Regulation U or to extend “purpose credit” within the meaning of Regulation U. 

(u) No Adverse Agreements. There are no agreements in effect adversely affecting the rights of the Borrower to make, or cause to be
made, the grant of the security interest in the Collateral Portfolio contemplated by Section 2.12. 
 (v) Event of
Default/Unmatured Event of Default. No event has occurred which constitutes an Unmatured Event of Default or an Event of Default. 
 (w)
Credit and Collection Policy. Each of the Loans was underwritten or acquired and is being serviced in conformance with the standard underwriting, credit, collection, operating and reporting procedures and systems of the Collateral Manager.

 (x) ERISA. Except as would not reasonably be expected to constitute a Material Adverse Effect, (i) the present value of all
benefits vested under all “employee pension benefit plans,” as such term is defined in Section 3 of ERISA which are subject to Title IV of ERISA and maintained by the Borrower, or in which employees of the Borrower are entitled to
participate, other than a Multiemployer Plan (the “Pension Plans”), does not exceed the value of the assets of the Pension Plan allocable to such vested benefits (based on the value of such assets as of the most recent annual
financial statements reflecting such amounts), (ii) no non-exempt 

  
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prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Pension Plan, (iii) no application for a waiver of
the minimum funding standard pursuant to Section 412 of the Code has been made with respect to any Pension Plan, (iv) neither the Borrower nor any ERISA Affiliate has any withdrawal liability with respect to a Multiemployer Plan,
(v) no reportable events within the meaning of 4043 of ERISA, other than those events as to which the 30 day notice period referred to in Section 4043(c) of ERISA has been waived, (each a “Reportable Event”) have occurred
with respect to any Pension Plans that, in the aggregate, could subject the Borrower to any material tax, penalty or other liability and (vi) no notice of intent to terminate a Pension Plan has been filed, no Pension Plan been terminated under
Section 4041(f) of ERISA, the Pension Benefit Guaranty Corporation has not instituted proceedings to terminate, or appoint a trustee to administer a Pension Plan, and no event has occurred or condition exists that constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan. None of the Collateral Portfolio constitutes “plan assets” within the meaning of 29 CFR 2510.3-101, as amended by
Section 3(42) of ERISA, by reason of a Pension Plan’s investment in the Borrower or its direct or indirect parent companies. 

(y) Allocation of Charges. There is not any agreement or understanding between any Borrower Advisor and the Borrower (other than the
Transaction Documents and other than as expressly set forth herein, as disclosed in writing to the Administrative Agent prior to the Closing Date, or as consented to by the Administrative Agent), providing for the allocation or sharing of
obligations to make payments or otherwise in respect of any taxes, fees, assessments or other governmental charges. 
 (z) Broker-Dealer. The Borrower is not required to register as a broker-dealer under the provisions of the Exchange Act. 

(aa) Instructions to Obligors. The Collection Account is the only account to which Obligors have been instructed by the Borrower, or a
Borrower Advisor on the Borrower’s behalf, to send Principal Collections and Interest Collections on the Collateral Portfolio. The Borrower has not granted any Person other than the Collateral Agent, on behalf of the Secured Parties, an
interest in any Controlled Account. 
 (bb) Investment Company Act. The Borrower is not required to register as an “investment
company” under the provisions of the 1940 Act. 
 (cc) Compliance with Law. The Borrower has complied in all respects with all
Applicable Law to which it may be subject, and no item of the Collateral Portfolio contravenes any Applicable Law (including, without limitation, all applicable predatory and abusive lending laws, laws, rules and regulations related to licensing,
truth in lending, fair credit billing, fair credit reporting equal credit opportunity, fair debt collection practices and privacy). 
 (dd)
Set-Off, etc. No Loan has been compromised, adjusted, extended, satisfied, subordinated, rescinded, set-off or modified by the Borrower, the Seller or the Obligor
thereof, and no asset within the Collateral Portfolio is subject to compromise, adjustment, extension, satisfaction, subordination, rescission, set-off, counterclaim, defense, abatement, suspension, deferment,
deduction, reduction, termination or modification, whether arising out of 

  
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transactions concerning the Collateral Portfolio or otherwise, by the Borrower, the Seller or the Obligor with respect thereto, except, in each case, for amendments, extensions and modifications,
if any, to such Collateral Portfolio otherwise permitted pursuant to the Management Agreement. 
 (ee) Full Payment. As of the
applicable Cut-Off Date in respect of a Loan, the Borrower has no knowledge of any fact which should lead it to expect that such Loan will not be paid in full. 

(ff) Environmental. With respect to each item of Underlying Collateral as of the applicable
Cut-Off Date for the Loan related to such Underlying Collateral, to the actual knowledge of an Authorized Person of the Borrower: (a) the related Obligor’s operations comply in all respects with all
applicable Environmental Laws; (b) none of the related Obligor’s operations is the subject of a federal or state investigation evaluating whether any remedial action, involving expenditures, is needed to respond to a release of any
Hazardous Materials into the environment; and (c) the related Obligor does not have any material contingent liability in connection with any release of any Hazardous Materials into the environment. As of the applicable Cut-Off Date for the Loan related to such Underlying Collateral, none of the Borrower, the Seller nor any Borrower Advisor has received any written notice of, or written inquiry from any Governmental Authority
regarding, any violation, alleged violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Underlying
Collateral, nor does any such Person have knowledge or reason to believe that any such notice will be received or is being threatened. 

(gg) USA PATRIOT Act. Neither the Borrower nor any Affiliate of the Borrower is (i) a country, territory, organization, person or
entity named on an Office of Foreign Asset Control (OFAC) list; (ii) a Person that resides or has a place of business in a country or territory named on such lists or which is designated as a
“Non-Cooperative Jurisdiction” by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred from or through such a jurisdiction; (iii) a “Foreign
Shell Bank” within the meaning of the USA PATRIOT Act, i.e., a foreign bank that does not have a physical presence in any country and that is not affiliated with a bank that has a physical presence and an acceptable level of regulation
and supervision; or (iv) a person or entity that resides in or is organized under the laws of a jurisdiction designated by the United States Secretary of the Treasury under Sections 311 or 312 of the USA PATRIOT Act as warranting special
measures due to money laundering concerns. 
 (hh) Accuracy of Representations and Warranties. Each representation or warranty by the
Borrower contained herein or in any certificate or other document furnished by the Borrower pursuant hereto or in connection herewith is true and correct in all respects. 

(ii) Confirmation from Seller. The Borrower has received in writing from the Seller confirmation that the Seller will not cause the
Borrower to file a voluntary bankruptcy petition under the Bankruptcy Code. 
 (jj) Amendments. No Loan has been amended, modified or
waived in a manner that constitutes a Material Modification, except for amendments, modifications or waivers, if any, to such Loan in accordance with the credit and collection policy of the Collateral Manager. 

  
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 (kk) Security Interest. 

(i) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral
Portfolio in favor of the Collateral Agent, on behalf of the Secured Parties, which security interest is prior to all other Liens (except for Permitted Liens), and is enforceable as such against creditors of and purchasers from the Borrower; 

(ii) the Collateral Portfolio may from time to time be comprised of “instruments”, “security entitlements”,
“general intangibles”, “tangible chattel paper”, “accounts”, “certificated securities”, “uncertificated securities”, “securities accounts”, “deposit accounts”, “supporting
obligations” or “insurance” (each as defined in the applicable UCC), real property and/or such other category of collateral under the applicable UCC as to which the Borrower has complied with its obligations under this
Section 4.01(kk); 
 (iii) with respect to asset within the Collateral Portfolio that constitute “security
entitlements”: 
 a. all of such security entitlements have been credited to one of the Controlled Accounts and the
securities intermediary for each Controlled Account has agreed to treat all assets credited to such Controlled Account as “financial assets” within the meaning of the applicable UCC; 

b. the Borrower has taken all steps necessary to cause the securities intermediary to identify in its records the Borrower as
the Person having a security entitlement against the securities intermediary in each of the Controlled Accounts; and 
 c.
the Controlled Accounts are not in the name of any Person other than the Borrower, subject to the lien of the Collateral Agent, for the benefit of the Secured Parties. The securities intermediary of any Controlled Account which is a “securities
account” under the UCC has agreed to comply with the entitlement orders and instructions of the Borrower, the Collateral Manager and the Collateral Agent (acting at the direction of the Administrative Agent) in accordance with the Transaction
Documents, including causing cash to be invested in Permitted Investments; provided that, upon the delivery of a Notice of Exclusive Control (as defined under the Securities Account Control Agreement) by the Collateral Agent (acting at the
direction of the Administrative Agent) following the occurrence and during the continuance of an Event of Default, the securities intermediary has agreed to only follow the entitlement orders and instructions of the Collateral Agent, on behalf of
the Secured Parties, including with respect to the investment of cash in Permitted Investments. 

  
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 (iv) all Controlled Accounts constitute “securities accounts” as
defined in the applicable UCC; 
 (v) the Borrower owns and has good and marketable title to (or with respect to assets
securing any Loans, a valid security interest in) the Collateral Portfolio free and clear of any Lien (other than Permitted Liens) of any Person; 

(vi) the Borrower has received all consents and approvals required by the terms of any Loan to the granting of a security
interest in the Loans hereunder to the Collateral Agent, on behalf of the Secured Parties; 
 (vii) the Borrower has caused
the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect the security interest in the Collateral Portfolio and that portion of the Loans in each case, to
the extent a security interest may be perfected by filing granted to the Collateral Agent, on behalf of the Secured Parties, under this Agreement; provided that filings in respect of real property shall not be required; 

(viii) other than as expressly permitted by the terms of this Agreement and the security interest granted to the Collateral
Agent, on behalf of the Secured Parties, pursuant to this Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of the Collateral Portfolio. The Borrower has not authorized the filing of
and is not aware of any financing statements against the Borrower that include a description of collateral covering the Collateral Portfolio other than any financing statement (A) relating to the security interests granted to the Borrower under
the Purchase and Sale Agreement, or (B) that has been terminated and/or fully and validly assigned to the Collateral Agent on or prior to the date hereof. The Borrower is not aware of the filing of any judgment or Tax lien filings against the
Borrower; 
 (ix) all original executed copies of each underlying promissory note or copies of each loan register with
respect to a Noteless Loan, as applicable, that constitute or evidence each Loan has been, or subject to the delivery requirements contained herein, will be delivered to the Collateral Custodian; 

(x) other than in the case of Noteless Loans, the Borrower has received, or subject to the delivery requirements contained
herein will receive, a written acknowledgment from the Collateral Custodian that the Collateral Custodian, as the bailee of the Collateral Agent, is holding the underlying promissory notes that constitute or evidence the Loans solely on behalf of
and for the Collateral Agent, for the benefit of the Secured Parties; provided that the acknowledgement of the Collateral Custodian set forth in Section 11.11 may serve as such acknowledgement; 

(xi) none of the underlying promissory notes, or loan registers with respect to Noteless Loans, as applicable, that constitute
or evidence the Loans has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent, on behalf of the Secured Parties; 

  
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 (xii) with respect to any Collateral Portfolio that constitutes a
“certificated security,” such certificated security has been delivered to the Collateral Custodian and, if in registered form, has been specially Indorsed to the Collateral Agent or in blank by an effective Indorsement or has been
registered in the name of the Collateral Agent, upon original issue or registration of transfer by the Borrower of such certificated security and has been credited to a Controlled Account; and 

(xiii) with respect to any Collateral Portfolio that constitutes an “uncertificated security”, that the Borrower has
caused the issuance of such uncertificated security to be registered to the Collateral Agent, on behalf of the Secured Parties, as the registered owner of such uncertificated security. 

Section 4.02 Representations and Warranties of the Borrower Relating to the Agreement and the Collateral Portfolio. The Borrower
hereby represents and warrants, as of the Closing Date, as of each applicable Cut-Off Date, as of each applicable Advance Date, as of each Determination Date, and as of each other date provided under this
Agreement or the other Transaction Documents on which such representations and warranties are required to be (or deemed to be) made (unless a specific date is specified below): 

(a) Valid Transfer and Security Interest. Neither the Borrower nor any Person claiming through or under the Borrower shall have any
claim to or interest in the Controlled Accounts, except for the interest of the Borrower in such property as a debtor for purposes of the UCC. 

(b) Eligibility of Collateral Portfolio. (i) The Loan Tape and the information contained in each Notice of Borrowing, is an
accurate and complete listing of all the Loans contained in the Collateral Portfolio as of the related Cut-Off Date and the information contained therein with respect to the identity of such item of Collateral
Portfolio and the amounts owing thereunder is true and correct as of the related Cut-Off Date, (ii) each Loan designated on the related Borrowing Base Certificate as an Eligible Loan and each Loan
included as an Eligible Loan in the related calculation of Borrowing Base or Borrowing Base Deficiency is an Eligible Loan as of the date of such certificate or calculation and (iii) with respect to each item of Collateral Portfolio, all
consents, licenses, approvals or authorizations of or registrations or declarations of any Governmental Authority or any Person required to be obtained, effected or given by the Borrower in connection with the transfer of a security interest in each
item of Collateral Portfolio to the Collateral Agent, for the benefit of the Secured Parties, have been duly obtained, effected or given and are in full force and effect. 

(c) No Fraud. Each Loan was originated without any fraud or misrepresentation by the Seller or, to the best of the Borrower’s and
each Borrower Advisor’s knowledge, on the part of the Obligor. 

  
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 Section 4.03 Representations and Warranties of the Collateral Agent. The Collateral
Agent in its individual capacity and as Collateral Agent represents and warrants as follows: 
 (a) Organization; Power and
Authority. It is a duly organized and validly existing national banking association in good standing under the laws of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as
Collateral Agent under this Agreement. 
 (b) Due Authorization. The execution and delivery of this Agreement and the consummation of
the transactions provided for herein have been duly authorized by all necessary association action on its part, either in its individual capacity or as Collateral Agent, as the case may be. 

(c) No Conflict. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the
fulfillment of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws or any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under any
indenture, contract, agreement, mortgage, deed of trust, or other instrument to which the Collateral Agent is a party or by which it or any of its property is bound. 

(d) No Violation. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the
fulfillment of the terms hereof will not conflict with or violate, in any respect, any Applicable Law. 
 (e) All Consents Required.
All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority applicable to the Collateral Agent, required in connection with the execution and delivery of this Agreement, the performance by the Collateral
Agent of the transactions contemplated hereby and the fulfillment by the Collateral Agent of the terms hereof have been obtained. 
 (f)
Validity, Etc. The Agreement constitutes the legal, valid and binding obligation of the Collateral Agent, enforceable against the Collateral Agent in accordance with its terms, except as such enforceability may be limited by applicable
Bankruptcy Laws and general principles of equity (whether considered in a suit at law or in equity). 
 Section 4.04 Representations
and Warranties of each Lender. Each Lender hereby individually represents and warrants, as to itself, that it is (a) either a Qualified Institutional Buyer under Rule 144A of the Securities Act or an institutional “Accredited
Investor” as defined in Rule (1)-501(a)(1)-(3) or (7) under the Securities Act and (b) a “qualified purchaser” under the 1940 Act. 

Section 4.05 Representations and Warranties of the Collateral Custodian. The Collateral Custodian in its individual capacity and
as Collateral Custodian represents and warrants as follows: 
 (a) Organization; Power and Authority. It is a duly organized and
validly existing national banking association in good standing under the laws of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as Collateral Custodian under this Agreement.

  
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 (b) Due Authorization. The execution and delivery of this Agreement and the consummation
of the transactions provided for herein have been duly authorized by all necessary association action on its part, either in its individual capacity or as Collateral Custodian, as the case may be. 

(c) No Conflict. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the
fulfillment of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws or any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under any
indenture, contract, agreement, mortgage, deed of trust, or other instrument to which the Collateral Custodian is a party or by which it or any of its property is bound. 

(d) No Violation. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the
fulfillment of the terms hereof will not conflict with or violate, in any respect, any Applicable Law. 
 (e) All Consents Required.
All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority applicable to the Collateral Custodian, required in connection with the execution and delivery of this Agreement, the performance by the
Collateral Custodian of the transactions contemplated hereby and the fulfillment by the Collateral Custodian of the terms hereof have been obtained. 

(f) Validity, Etc. The Agreement constitutes the legal, valid and binding obligation of the Collateral Custodian, enforceable against
the Collateral Custodian in accordance with its terms, except as such enforceability may be limited by applicable Bankruptcy Laws and general principles of equity (whether considered in a suit at law or in equity). 

ARTICLE V. 
 GENERAL
COVENANTS 
 Section 5.01 Affirmative Covenants of the Borrower. 

From the Closing Date until the Collection Date: 

(a) Organizational Procedures and Scope of Business. The Borrower will observe all organizational procedures required by its formation
documents and the laws of its jurisdiction of formation. Without limiting the foregoing, the Borrower will limit the scope of its business to: (i) the acquisition of Loans and the ownership and management of the Portfolio Assets and the related
assets in the Collateral Portfolio; (ii) the sale, transfer or other disposition of Loans and any equity issued by or assets of any Portfolio Subsidiary, as and when permitted under the Transaction Documents; (iii) entering into and
performing under the Transaction Documents; (iv) consenting or withholding consent as to proposed amendments, waivers and 

  
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other modifications of the Underlying Instruments to the extent not in conflict with the terms of this Agreement or any other Transaction Document; and (v) exercising any rights (including
but not limited to voting rights and rights arising in connection with a Bankruptcy Event with respect to an Obligor or the consensual or non-judicial restructuring of the debt or equity of an Obligor) or
remedies in connection with the Loans and participating in the committees (official or otherwise) or other groups formed by creditors of an Obligor to the extent not in conflict with the terms of this Agreement or any other Transaction Document; and
(vi) engaging in any activity and to exercise any powers permitted to limited liability companies under the laws of the State of Delaware that are incident to the foregoing and necessary, convenient or advisable to accomplish the foregoing.

 (b) Special Purpose Entity Requirements. The Borrower will at all times: (i) maintain at least one Independent Director;
(ii) maintain its own separate books and records and bank accounts; (iii) hold itself out to the public and all other Persons as a legal entity separate from any other Person; (iv) have a Board of Managers separate from that of any
other Person; (v) file its own tax returns, except to the extent that the Borrower is treated as a “disregarded entity” for tax purposes and is not required to file tax returns under Applicable Law, and pay any Taxes required to be
paid under Applicable Law, except for those Taxes being contested in good faith by appropriate proceedings and in respect of which the Borrower has established proper reserves on its books in accordance with GAAP; (vi) not commingle its assets
with assets of any other Person; (vii) conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate existence; (viii) maintain separate financial statements; provided,
however, that the Borrower’s assets may be included in a consolidated financial statement of its Affiliate if (A) appropriate notation shall be made on such consolidated financial statements to indicate the separateness of the
Borrower from such Affiliate and to indicate that the Borrower’s assets and credit are not available to satisfy the debts and other obligations of such Affiliate or any other Person and (B) such assets shall also be listed on the
Borrower’s own separate books and records; (ix) pay its own liabilities only out of its own funds; (x) maintain an arm’s-length relationship with the Seller each of its other Affiliates;
(xi) not hold out its credit or assets as being available to satisfy the obligations of others; (xii) allocate fairly and reasonably any overhead expenses that are shared with an Affiliate, including for shared office space;
(xiii) use separate stationery, invoices and checks; (xiv) except as expressly permitted by this Agreement, not pledge its assets as security for the obligations of any other Person; (xv) correct any known misunderstanding regarding
its separate identity; (xvi) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities and pay its operating expenses and liabilities from its own assets; (xvii) cause its Board of Managers to
meet at least annually or act pursuant to written consent and keep minutes of such meetings and actions and observe in all respects all other Delaware limited liability company formalities; (xviii) not acquire the obligations or any securities
of its Affiliates; (xix) cause the managers, officers, agents and other representatives of the Borrower to act at all times with respect to the Borrower consistently and in furtherance of the foregoing and in the best interests of the Borrower;
and (xx) maintain at least one special member, who, upon the dissolution of the sole member or the withdrawal or the disassociation of the sole member from the Borrower, shall immediately become the member of the Borrower in accordance with the
LLC Agreement. 

  
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 (c) Preservation of Company Existence. The Borrower will maintain its limited liability
company existence in good standing under the laws of its jurisdiction of formation and will promptly obtain and thereafter maintain qualifications to do business as a limited liability company in any other jurisdiction in which it does business and
in which it is required to so qualify under Applicable Law. 
 (d) Compliance with Legal Opinions. The Borrower shall take all other
actions necessary to maintain the accuracy of the factual assumptions set forth in the legal opinions of Dechert LLP, as counsel to the Borrower relating to the issues of substantive consolidation and true sale of the Loans. 

(e) Deposit of Collections. The Borrower shall promptly (but in no event later than one Business Day after receipt) deposit or cause to
be deposited into the Collection Account any and all Available Collections received by the Borrower, any Borrower Advisor or any of their respective Affiliates. 

(f) Disclosure of Purchase Price. The Borrower shall disclose to the Administrative Agent and the Lender Agents the Purchase Price for
each Loan proposed to be transferred to the Borrower. 
 (g) Obligor Defaults and Bankruptcy Events. The Borrower shall give, or
shall cause the Collateral Manager to give, notice to the Administrative Agent and the Lender Agents within two (2) Business Days of the Borrower’s actual knowledge of the occurrence of any default by an Obligor under any Loan or any
Bankruptcy Event with respect to any Obligor under any Loan. 
 (h) Required Loan Documents. The Borrower shall deliver to the
Collateral Custodian a hard copy (or, unless an original signature is required, electronic copy) of the Required Loan Documents and the Loan Checklist pertaining to each Loan within two (2) Business Days of the
Cut-Off Date pertaining to such Loan. 
 (i) Taxes. The Borrower will file or cause to be
filed its tax returns and pay any and all Taxes imposed on it or its property as required by the Transaction Documents (except as otherwise contemplated in Section 4.01(m)). 

(j) Notice of Events of Default and Value Adjustment Events. The Borrower will provide the Administrative Agent and each Lender Agent
(with a copy to the Collateral Agent) with prompt written notice of the occurrence of each Value Adjustment Event, Facility Amortization Event, Event of Default and each Unmatured Event of Default of which the Borrower has knowledge or has received
notice. In addition, no later than two (2) Business Days following the Borrower’s knowledge or notification of the occurrence of any Event of Default, Facility Amortization Event or Unmatured Event of Default, the Borrower will provide to
the Administrative Agent and each Lender Agent a written statement of an Authorized Person of the Borrower setting forth the details of such event and the action that will be taken with respect thereto. 

  
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 (k) Notice of Material Events. The Borrower shall promptly notify the Administrative Agent
and each Lender Agent of any event or other circumstance that is reasonably likely to have a Material Adverse Effect. 
 (l) Notice of
Income Tax Liability. The Borrower shall furnish to the Administrative Agent and each Lender Agent telephonic or facsimile notice within 10 Business Days (confirmed in writing within five (5) Business Days thereafter) of the receipt of
revenue agent reports or other written proposals, determinations or assessments of the Internal Revenue Service or any other taxing authority which propose, determine or otherwise set forth positive adjustments (i) to the Tax liability of the
Borrower or any “affiliated group” (within the meaning of Section 1504(a)(l) of the Code) of which the Borrower is a member in an amount equal to or greater than $1,000,000 in the aggregate, or (ii) to the Tax liability of the
Borrower itself in an amount equal to or greater than $500,000 in the aggregate. Any such notice shall specify the nature of the items giving rise to such adjustments and the amounts thereof. 

(m) Reserved. 
 (n)
Notice of Breaches of Representations and Warranties under this Agreement. The Borrower shall promptly notify the Administrative Agent and each Lender if any representation or warranty set forth in Section 4.01 or
Section 4.02 was incorrect at the time it was given or deemed to have been given and at the same time deliver to the Collateral Agent, the Administrative Agent and the Lender Agents a written notice setting forth in reasonable detail the
nature of such facts and circumstances. In particular, but without limiting the foregoing, the Borrower shall notify the Administrative Agent and each Lender Agent in the manner set forth in the preceding sentence before any Cut-Off Date of any facts or circumstances within the knowledge of the Borrower which would render any of the said representations and warranties untrue at the date when such representations and warranties were made
or deemed to have been made. 
 (o) Notice of Breaches of Representations and Warranties under the Purchase and Sale Agreement.
Promptly after receiving knowledge or notice of the same, the Borrower confirms and agrees that the Borrower will send to the Administrative Agent, each Lender Agent and the Collateral Agent a notice of (i) any breach of any representation,
warranty, agreement or covenant under the Purchase and Sale Agreement or (ii) any event or occurrence that, upon notice, or upon the passage of time or both, would constitute such a breach. 

(p) Notice of Proceedings. The Borrower shall notify the Administrative Agent and each Lender Agent, as soon as possible and in any
event within three (3) Business Days, after the Borrower receives notice or obtains knowledge thereof, of any settlement of, material judgment (including a material judgment with respect to the liability phase of a bifurcated trial) in or
commencement of any material labor controversy, material litigation, material action, material suit or material proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign,
affecting the Collateral Portfolio, the Transaction Documents, the Collateral Agent’s, for the benefit of the Secured Parties, interest in the Collateral Portfolio, or the Borrower, the Seller, any Borrower Advisor or any of their respective
Affiliates. For purposes of this Section 5.01(p), (i) any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the 

  
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Collateral Portfolio, the Transaction Documents, the Collateral Agent’s, for the benefit of the Secured Parties, interest in the Collateral Portfolio, or the Borrower in excess of $500,000
shall be deemed to be material, (ii) any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting any Borrower Party, the Seller or any of their respective Affiliates (other than the Borrower, the Collateral
Sub-Advisor or any Affiliates of the Collateral Sub-Advisor) in excess of $1,000,000 shall be deemed to be material and (iii) any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral
Sub-Advisor that would be reasonably likely to result in a Material Adverse Effect shall be deemed to be material. 
 (q) Notice of ERISA
Reportable Events. The Borrower shall promptly notify the Administrative Agent and each Lender Agent after receiving notice of any Reportable Event, and provide them with a copy of such notice. 

(r) Notice of Accounting Changes. As soon as possible and in any event within five (5) Business Days after the effective date
thereof, the Borrower will provide to the Administrative Agent and, upon request, each Lender Agent notice of any change in the accounting policies of the Borrower. 

(s) Additional Documents. The Borrower shall provide the Administrative Agent and each Lender Agent with copies of such documents as
the Administrative Agent or any Lender Agent may reasonably request evidencing the accuracy of the representations set forth in this Agreement. 

(t) Protection of Security Interest. With respect to the Collateral Portfolio acquired by the Borrower, the Borrower will (i) (at
the expense of the Borrower) take all action necessary to perfect, protect and more fully evidence the Borrower’s ownership of such Collateral Portfolio free and clear of any Lien other than the Lien created hereunder and Permitted Liens,
including, without limitation, executing or causing to be executed such other instruments or notices as may be necessary or appropriate, (ii) (at the expense of the Borrower) take all action necessary to cause a valid, subsisting and
enforceable first priority perfected security interest, subject only to Permitted Liens, to exist in favor of the Collateral Agent (for the benefit of the Secured Parties) in the Borrower’s interests in all of the Collateral Portfolio being
Pledged hereunder including the filing of a UCC financing statement in the applicable jurisdiction adequately describing the Collateral Portfolio (which may include an “all asset” filing), and naming the Borrower as debtor and the
Collateral Agent as the secured party, and filing continuation statements, amendments or assignments with respect thereto in such filing offices, (including any amendments thereto or assignments thereof), (iii) permit the Administrative Agent,
any Lender or their respective agents or representatives to, at the expense of the Borrower, visit the offices of the Borrower during normal office hours and upon reasonable advance notice examine and make copies of all documents, books, records and
other information concerning the Collateral Portfolio and discuss matters related thereto with any of the officers or employees of the Borrower having knowledge of such matters (provided that, unless an Event of Default shall be continuing, the
Borrower shall only be liable for the costs and expenses of two such visits per calendar year), and (iv) take all additional action that the Administrative Agent, any Lender Agent or the Collateral Agent may reasonably request to perfect,
protect and more fully evidence the respective first priority perfected security interests of the parties to this Agreement in the Collateral Portfolio, or to enable the Administrative Agent or the Collateral Agent to exercise or enforce any of
their respective rights hereunder. 

  
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 (u) Liens. The Borrower will promptly notify the Administrative Agent and the Lender
Agents of the existence of any Lien on the Collateral Portfolio (other than Permitted Liens) and the Borrower shall defend the right, title and interest of the Collateral Agent, for the benefit of the Secured Parties, in, to and under the Collateral
Portfolio against all claims of third parties (unless the reasonably anticipated costs to defend such claims exceeds the value of any Loan and prior written notice has been provided to the Administrative Agent). 

(v) Other Documents. At any time from time to time upon prior written request of the Administrative Agent or any Lender Agent, at the
sole expense of the Borrower, the Borrower will promptly and duly execute and deliver such further instruments and documents and take such further actions as the Administrative Agent or any Lender Agent may reasonably request for the purposes of
obtaining or preserving the full benefits of this Agreement including the first priority security interest (subject only to Permitted Liens) granted hereunder and of the rights and powers herein granted (including, among other things, authorizing
the filing of such UCC financing statements as the Administrative Agent may request). 
 (w) Compliance with Law. The Borrower shall
at all times comply in all material respects with all Applicable Law (including, without limitation, Environmental Laws and all federal securities laws), and the Borrower shall do or cause to be done all things necessary to preserve and maintain in
full force and effect its legal existence, and all licenses material to its business. 
 (x) Proper Records. The Borrower shall at
all times keep proper books of records and accounts in which full, true and correct entries shall be made of its transactions in accordance with GAAP and set aside on its books from its earning for each fiscal year all such proper reserves in
accordance with GAAP. 
 (y) Satisfaction of Obligations. The Borrower shall pay, discharge or otherwise satisfy at or before
maturity or before they become delinquent, as the case may be, all its obligations of whatever nature, except where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves with respect
thereto have been provided on the books of the Borrower. 
 (z) Performance of Covenants. The Borrower shall observe, perform and
satisfy all the material terms, provisions, covenants and conditions required to be observed, performed or satisfied by it, and shall pay when due all costs, fees and expenses required to be paid by it, under the Transaction Documents. 

(aa) Tax Treatment. The Borrower and the Lenders shall (and the Borrower shall cause the Seller to) treat the Advances advanced
hereunder as indebtedness for U.S. federal income tax purposes and file any and all tax forms in a manner consistent therewith. 
 (bb)
Maintenance of Records. The Borrower will maintain records with respect to the Collateral Portfolio and the conduct and operation of its business and will furnish the Administrative Agent and each Lender Agent, upon the reasonable request by
the Administrative Agent and each Lender Agent, information with respect to the Collateral Portfolio and the conduct and operation of its business. 

  
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 (cc) Obligor Notification Forms. The Borrower shall furnish the Collateral Agent and the
Administrative Agent with an appropriate power of attorney to send (at the Administrative Agent’s discretion on the Collateral Agent’s behalf, after the occurrence and during the continuation of an Event of Default) Obligor notification
forms to give notice to the Obligors of the Collateral Agent’s interest in the Collateral Portfolio and the obligation to make payments as directed by the Administrative Agent on the Collateral Agent’s behalf. 

(dd) Officer’s Certificate. On each anniversary of the date of this Agreement, the Borrower shall deliver an Officer’s
Certificate, in form and substance reasonably acceptable to the Collateral Agent and the Administrative Agent, providing (i) a certification, based upon a review and summary of UCC search results, that there is no other interest in the
Collateral Portfolio perfected by filing of a UCC financing statement other than in favor of the Collateral Agent and Permitted Liens and (ii) a certification, based upon a review and summary of tax and judgment lien searches satisfactory to
the Administrative Agent, that there is no other interest in the Collateral Portfolio based on any tax or judgment lien. 
 (ee)
Continuation Statements. The Borrower shall, not earlier than six months and not later than three months prior to the fifth anniversary of the date of filing each financing statement filed pursuant to this Agreement or in connection with any
Advance hereunder, unless the Collection Date shall have occurred, authorize and deliver and file or cause to be filed an appropriate continuation statement with respect to such financing statement. 

(ff) Disregarded Entity. The Borrower will be disregarded as an entity separate from its owner pursuant to Treasury Regulation Section 301.7701-3(b), and neither the Borrower nor any other Person on its behalf shall make an election to be treated as other than an entity disregarded from its owner under Treasury Regulation Section 301.7701-3(c). 
 (gg) Withholding. The Borrower shall exercise its best efforts to
avoid the imposition of any withholding tax under FATCA in respect of any payments made in respect of the Collateral Portfolio. 
 (hh)
[Reserved.] 
 (ii) Hedging Agreements. 

(i) With respect to any Fixed Rate Loan (other than Fixed Rate Loans described in clause (j) of the definition of
“Excess Concentration Amount”), the Borrower hereby covenants and agrees that, upon the direction of the Administrative Agent in its sole discretion as notified to the Borrower and the Collateral Manager on or prior to the related Advance
Date for such Loan, the Borrower shall obtain and deliver to the Collateral Agent (with a copy to the Administrative Agent) one or more Hedging Agreements from qualified Hedge Counterparties having, singly or in the aggregate, an Aggregate Notional
Amount not less than the amount determined by the Administrative Agent in its reasonable discretion, which (1) shall each have a notional principal amount equal to or greater than the lesser of (I) the Outstanding Balance of such Fixed
Rate Loan 

  
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and (II) $1,000,000, (2) may provide for reductions of the Aggregate Notional Amount on each Payment Date on an amortization schedule for such Aggregate Notional Amount assuming a 0.0 ABS
prepayment speed (or such other ABS prepayment speed as may be approved in writing by the Administrative Agent) and zero losses and (3) shall have other terms and conditions and be represented by Hedging Agreements otherwise acceptable to the
Administrative Agent in its sole discretion. 
 (ii) In the event that any Hedge Counterparty defaults in its obligation to
make a payment to the Borrower under one or more Hedging Agreements on any date on which payments are due pursuant to a Hedging Agreement, the Borrower shall make a demand no later than the Business Day following such default on such Hedge
Counterparty, or any guarantor, if applicable, demanding payment under the applicable Hedging Agreement in accordance with the terms of such Hedging Agreement. The Borrower shall give notice to the Lenders upon the continuing failure by any Hedge
Counterparty to perform its obligations during the two Business Days following a demand made by the Borrower on such Hedge Counterparty, and shall take such action with respect to such continuing failure as may be directed by the Administrative
Agent. 
 (iii) In the event that any Hedge Counterparty no longer maintains the ratings specified in the definition of
“Hedge Counterparty,” then within 30-days after receiving notice of such decline in the creditworthiness of such Hedge Counterparty as determined by S&P or Moody’s, the Borrower shall provide the Hedge Counterparty notice of the
potential termination event resulting from such downgrade and, if the Hedge Counterparty fails to cure such potential termination event within the time frame specified in the related Hedging Agreement, the Borrower shall, at the written direction of
the Administrative Agent, (i) so long as a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of Section 5.01(ii)(iv) has been obtained, (A) provide written notice to such Hedge
Counterparty (with a copy to the Collateral Agent and the Administrative Agent) of its intention to terminate the applicable Hedging Agreement within the 30-day period following the expiration of the cure period set forth in the applicable Hedging
Agreement and (B) terminate the applicable Hedging Agreement within such 30-day period, request the payment to it of all amounts due to the Borrower under the applicable Hedging Agreement through the termination date and deposit any such
amounts so received, on the day of receipt, to the Collection Account, (ii) collateralize its obligations in a manner reasonably satisfactory to the Administrative Agent or (iii) establish any other arrangement (including an arrangement or
arrangements in addition to or in substitution for any prior arrangement made in accordance with the provisions of this Section 5.01(ii)(iii)) with the written consent (in its sole discretion) of the Administrative Agent (a
“Qualified Substitute Arrangement”); provided that, in the event at any time any collateralization or other alternative arrangement established pursuant to the above shall cease to be satisfactory to the Administrative Agent,
then the provisions of this Section 5.01(ii)(iii), shall again be applied and in connection therewith the 30-day period referred to above shall commence on the date the Borrower receives notice of such cessation or termination, as the
case may be. 

  
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 (iv) Unless an alternative arrangement pursuant to
Section 5.01(ii)(iii) is being established, the Borrower shall use its commercially reasonable efforts to obtain a Replacement Hedging Agreement or Qualified Substitute Arrangement meeting the requirements of this
Section 5.01(ii)(iv) during the 30-day period following the expiration of the cure period set forth in the applicable Hedging Agreement. The Borrower shall not terminate the Hedging Agreement unless, prior to the expiration of such
30-day period, the Borrower delivers to the Collateral Agent (with a copy to the Administrative Agent) (i) a Replacement Hedging Agreement or Qualified Substitute Arrangement, (ii) to the extent applicable, an Opinion of Counsel reasonably
satisfactory to the Administrative Agent as to the due authorization, execution and delivery and validity and enforceability of such Replacement Hedging Agreement or Qualified Substitute Arrangement, as the case may be, and (iii) evidence that
the Administrative Agent has consented in writing to the termination of the applicable Hedging Agreement and its replacement with such Replacement Hedging Agreement or Qualified Substitute Arrangement. 

(v) The Collateral Manager or the Borrower shall notify the Administrative Agent and the Collateral Agent within five Business
Days after such Person shall obtain knowledge that the senior unsecured debt rating of a Hedge Counterparty has been withdrawn or reduced by S&P or Moody’s. 

(vi) The Borrower may at any time obtain a Replacement Hedging Agreement with the consent (in its sole discretion) of the
Administrative Agent. 
 (vii) The Borrower shall not agree to any amendment to any Hedging Agreement without the consent (in
its sole discretion) of the Administrative Agent. 
 (viii) The Borrower shall notify the Administrative Agent and the
Collateral Agent after the Borrower shall obtain actual knowledge of the transfer by the related Hedge Counterparty of any Hedging Agreement, or any interest or obligation thereunder. 

(ix) The Borrower, with the consent of the Administrative Agent in its sole discretion, may sell all or a portion of the
Hedging Agreements; provided that no consent of the Administrative Agent shall be required for the sale of all or portion of any Hedging Agreement relating to Fixed Rate Loans which are deemed to be “excess” pursuant to clause (k) of
the definition of Excess Concentration Amount. The Borrower shall have the duty of obtaining a fair market value price for the sale of any Hedging Agreement, notifying the Administrative Agent and the Collateral Agent of prospective purchasers and
bids, and selecting the purchaser of such Hedging Agreement. The Borrower and, at the Borrower’s request, the Collateral Agent, upon receipt of the purchase price in the Collection Account shall, with the prior written consent of the
Administrative Agent, execute all documentation necessary to release the Lien of the Collateral Agent on such Hedging Agreement and proceeds thereof. 

Notwithstanding anything to the contrary in this Section 5.01(ii), the parties hereto agree that should the Borrower fail to
observe or perform any of its obligations under this Section 5.01(ii) with respect to any Hedging Agreement, the sole result will be that the Loan or Loans that are the subject of such Hedging Agreement shall immediately cease to be
Eligible Loans for all purposes under this Agreement. 

  
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 Section 5.02 Negative Covenants of the Borrower. 

From the Closing Date until the Collection Date: 

(a) Special Purpose Entity Requirements. The Borrower shall not (i) guarantee any obligation of any Person, including any
Affiliate or become obligated for the debts of any other Person or hold out its credit as being available to pay the obligations of any other Person; (ii) engage, directly or indirectly, in any business, other than the actions required or
permitted to be performed under Section 5.01(a); (iii) incur, create or assume any Indebtedness, other than Indebtedness incurred under the Transaction Documents; (iv) make or permit to remain outstanding any loan or advance
to, or own or acquire any stock or securities of, any Person, except that the Borrower may invest in those Loans and other investments permitted under the Transaction Documents and may make any advance required or expressly permitted to be made
pursuant to any provisions of the Transaction Documents and permit the same to remain outstanding in accordance with such provisions; (v) fail to be Solvent; (vi) create, form or otherwise acquire any Subsidiaries or own any equity
interest in any other entity, other than any Portfolio Subsidiaries, (vii) release, sell, transfer, convey or assign any Loan unless in accordance with the Transaction Documents, (viii) except for capital contributions or capital
distributions permitted under the terms and conditions of this Agreement and properly reflected on the books and records of the Borrower, enter into any transaction with an Affiliate of the Borrower except on commercially reasonable terms similar to
those available to unaffiliated parties in an arm’s-length transaction; (ix) identify itself as a department or division of any other Person; or (x) own any asset or property other than the Loans, the Portfolio Assets, any Portfolio
Subsidiaries and the related assets in the Collateral Portfolio and incidental personal property necessary for the ownership or operation of these assets. 

(b) Requirements for Material Actions. The Borrower shall not fail to provide (and at all times the Borrower’s organizational
documents shall reflect) that the unanimous consent of all members (including the consent of the Independent Director(s)) is required for the Borrower to (i) seek to be adjudicated bankrupt or insolvent or seek any relief under any law relating
to relief from debts or the protection of debtors, (ii) institute or consent to the institution of bankruptcy or insolvency proceedings against it, (iii) file a petition seeking or consent to reorganization or relief under any applicable
federal or state law relating to bankruptcy or insolvency, (iv) seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian or any similar official for the Borrower or a substantial part of its
property, (v) make any assignment for the benefit of the Borrower’s creditors, (vi) admit in writing its inability to pay its debts generally as they become due, or (vii) take any action in furtherance of any of the foregoing.

 (c) Protection of Title. The Borrower shall not take any action which would directly or indirectly impair or adversely affect
Borrower’s title to the Collateral Portfolio. 
 (d) Transfer Limitations. The Borrower shall not transfer, assign, convey,
grant, bargain, sell, set over, deliver or otherwise dispose of, or pledge or hypothecate, directly or 

  
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indirectly, any interest in the Collateral Portfolio to any person other than the Collateral Agent for the benefit of the Secured Parties, or engage in financing transactions or similar
transactions with respect to the Collateral Portfolio with any person other than the Administrative Agent and the Lenders, in each case, except as otherwise expressly permitted by the terms of this Agreement. 

(e) Liens. The Borrower shall not create, incur or permit to exist any lien, encumbrance or security interest in or on any of the
Collateral Portfolio subject to the security interest granted by the Borrower pursuant to this Agreement, other than Permitted Liens. 
 (f)
Organizational Documents. The Borrower shall not modify or terminate any of its organizational or operational documents without the prior written consent of the Administrative Agent. 

(g) Merger, Acquisitions, Sales, etc. The Borrower shall not change its organizational structure, enter into any transaction of merger
or consolidation or amalgamation, or asset sale (other than pursuant to Section 2.07), or liquidate, wind up or dissolve itself (or suffer any liquidation, winding up or dissolution) without the prior written consent of the
Administrative Agent. 
 (h) Use of Proceeds. The Borrower will use the proceeds of the Advances only to acquire Eligible Loans, to
make distributions to its member in accordance with the terms hereof or to pay related expenses (including expenses payable hereunder). 

(i) Limited Assets. The Borrower shall not hold or own any assets that are not part of the Collateral Portfolio (other than Excluded
Amounts and Retained Interests). 
 (j) Tax Treatment. The Borrower shall not elect to be treated as a corporation for U.S. federal
income tax purposes and shall take all reasonable steps necessary to avoid being treated as a corporation (or as a publicly traded partnership, taxable mortgage pool or other entity taxable as a corporation) for U. S. federal income tax purposes.

 (k) Extension or Amendment of Loans. The Borrower will not, unless so directed by the Collateral Manager in accordance with the
Management Agreement, extend, amend or otherwise modify the terms of any Loan (including the related Underlying Collateral). 
 (l)
Purchase and Sale Agreement. The Borrower will not amend, modify, waive or terminate any provision of the Purchase and Sale Agreement without the prior written consent of the Administrative Agent. 

(m) Restricted Payments. The Borrower shall not make any Restricted Payment unless (i) no Event of Default, Facility Amortization
Event, Unmatured Facility Amortization Event or Unmatured Event of Default (including, without limitation a Borrowing Base Deficiency) has occurred or would result therefrom and (ii) such Restricted Payments are made with either (A) the
proceeds of an Advance or (B) funds received by the Borrower pursuant to Section 2.04(a)(x) or Section 2.04(b)(vi). 

  
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 (n) ERISA Matters. The Borrower will not (a) engage, and will exercise its best
efforts not to permit any ERISA Affiliate to engage, in any prohibited transaction with respect to a Pension Plan (within the meaning of ERISA Section 406(a) or (b) or Code Section 4975) for which an exemption is not available
or has not previously been obtained from the United States Department of Labor, (b) fail to meet the minimum funding standard set forth in Section 302(a) of ERISA and Section 412(a) of the Code with respect to any
Pension Plan other than a Multiemployer Plan, (c) fail to make any payments to a Multiemployer Plan that the Borrower or any ERISA Affiliate may be required to make under the agreement relating to such Multiemployer Plan or any law pertaining
thereto, (d) terminate any Pension Plan so as to result, directly or indirectly in any liability to the Borrower, or (e) permit to exist any occurrence of any Reportable Event. 

(o) Instructions to Obligors. The Borrower will not make any change, or permit any Borrower Advisor to make any change, in its
instructions to Obligors regarding payments to be made with respect to the Collateral Portfolio to the Collection Account unless the Administrative Agent has consented to such change. 

(p) Change of Jurisdiction, Location, Names or Location of Loan Files. The Borrower shall not change the jurisdiction of its formation,
make any change to its limited liability company name or use any tradenames, fictitious names, assumed names, “doing business as” names or other names (other than those listed on Schedule I hereto, as such schedule may be
revised from time to time to reflect name changes and name usage permitted under the terms of this Section 5.02(o) after compliance with all terms and conditions of this Section 5.02(o) related thereto) unless, prior to the
effective date of any such change in the jurisdiction of its formation, name change or use, the Borrower receives prior written consent from the Administrative Agent of such change and delivers to the Administrative Agent (or authorizes the
Administrative Agent’s filing of) such financing statements as the Administrative Agent may request to reflect such name change or use, together with such Opinions of Counsel and other documents and instruments as the Administrative Agent may
request in connection therewith. The Borrower will not change the location of its chief executive office unless prior to the effective date of any such change of location, the Borrower notifies the Administrative Agent of such change of location in
writing. The Borrower will not move, or consent to the Collateral Custodian or any Borrower Advisor moving, the Loan Files from the location thereof on the Closing Date, unless the Administrative Agent shall consent to such move in writing (such
consent not to be unreasonably withheld or delayed) and the Borrower shall, in advance of such move, provide the Administrative Agent with such Opinions of Counsel and other documents and instruments as the Administrative Agent may reasonably
request in connection therewith. 
 (q) Allocation of Charges. The Borrower shall not suffer to exist any agreement or understanding
between any Borrower Advisor and the Borrower (other than the Transaction Documents, and as expressly set forth herein, as disclosed to the Administrative Agent in writing prior to the Closing Date, or as consented to by the Administrative Agent),
providing for the allocation or sharing of obligations to make payments or otherwise in respect of any Taxes, fees, assessments or other governmental charges. 

(r) Taxable Mortgage Pool Matters. The sum of the Outstanding Balances of all Loans owned by the Borrower that are principally secured
by an interest in real property (within the meaning of Treasury Regulation Section 3.01.7701(i)-1(d)(3)) shall not at any time exceed 35% of the Outstanding Balance of the Collateral Portfolio. 

  
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 Section 5.03 Affirmative Covenants of the Collateral Agent. 

From the Closing Date until the Collection Date: 

(a) Compliance with Law. The Collateral Agent will comply in all material respects with all Applicable Law. 

(b) Preservation of Existence. The Collateral Agent will preserve and maintain its existence, rights, franchises and privileges in the
jurisdiction of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain such existence, rights, franchises, privileges and qualification could reasonably be expected to have a
Material Adverse Effect. 
 Section 5.04 Negative Covenants of the Collateral Agent. 

From the Closing Date until the Collection Date, the Collateral Agent will not make any changes to the Collateral Agent Fees without the prior
written approval of the Administrative Agent. 
 Section 5.05 Affirmative Covenants of the Collateral Custodian. 

From the Closing Date until the Collection Date: 

(a) Compliance with Law. The Collateral Custodian will comply in all material respects with all Applicable Law. 

(b) Preservation of Existence. The Collateral Custodian will preserve and maintain its existence, rights, franchises and privileges in
the jurisdiction of its formation and qualify and remain qualified in good standing in each jurisdiction where failure to preserve and maintain such existence, rights, franchises, privileges and qualification could reasonably be expected to have a
Material Adverse Effect. 
 (c) Location of Required Loan Documents. Subject to Article XI of this Agreement, the
Required Loan Documents shall remain at all times in the possession of the Collateral Custodian at 1055 10th Avenue SE, Minneapolis, MN 55414 unless notice of a different address is given in accordance with the terms hereof or unless the
Administrative Agent agrees to allow certain Required Loan Documents to be released to a Borrower Advisor on a temporary basis in accordance with the terms hereof, except as such Required Loan Documents may be released pursuant to the terms of this
Agreement. 

  
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 Section 5.06 Negative Covenants of the Collateral Custodian. 

From the Closing Date until the Collection Date: 

(a) Required Loan Documents. The Collateral Custodian will not dispose of any documents constituting the Required Loan Documents in any
manner that is inconsistent with the performance of its obligations as the Collateral Custodian pursuant to this Agreement and will not dispose of any Collateral Portfolio except as contemplated by this Agreement. 

(b) No Changes in Collateral Custodian Fees. The Collateral Custodian will not make any changes to the Collateral Custodian Fees
without the prior written approval of the Administrative Agent. 
 ARTICLE VI. 

ADMINISTRATION AND SERVICING OF CONTRACTS 

Section 6.01 [Reserved]. 

Section 6.02 Collateral Management Duties. 

The Borrower shall cause the Collateral Manager to comply with each of the Collateral Manager’s duties under the Management Agreement.

 Section 6.03 Authorization of the Collateral Manager. 

Each of the Borrower, the Administrative Agent, each Lender Agent and each Lender hereby authorizes the Collateral Manager (including any
successors thereto) to take any and all reasonable steps in its name and on its behalf necessary or desirable in the determination of the Collateral Manager and not inconsistent with the sale of the Collateral Portfolio by the Seller to the Borrower
under the Purchase and Sale Agreement and the Pledge of the Collateral Portfolio by the Borrower to the Collateral Agent on behalf of the Secured Parties hereunder, to collect all amounts due under any and all Collateral Portfolio, including,
without limitation, endorsing any of their names on checks and other instruments representing Interest Collections and Principal Collections, executing and delivering any and all instruments of satisfaction or cancellation, or of partial or full
release or discharge, and all other comparable instruments, with respect to the Collateral Portfolio and, after the delinquency of any Collateral Portfolio and to the extent permitted under and in compliance with Applicable Law, to commence
proceedings with respect to enforcing payment thereof. The Borrower and the Collateral Agent on behalf of the Secured Parties shall (and the Borrower shall cause the Seller to) furnish the Collateral Manager (and any successors thereto) with any
powers of attorney and other documents necessary or appropriate to enable the Collateral Manager to carry out their servicing and administrative duties hereunder, and shall cooperate with the Collateral Manager to the fullest extent in order to
ensure the collectability of the Collateral Portfolio. In no event shall the Borrower permit the Collateral Manager to make the Secured Parties, the Administrative Agent, the Collateral Agent, any Lender or any Lender Agent a party to any litigation
without such party’s express prior written consent, or to make the Borrower a party to any litigation (other than any routine foreclosure or collection procedure or other routine enforcement of the obligations of any Obligor owing to the
Borrower) without the Administrative Agent’s and each Lender Agent’s consent. 

  
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 Section 6.04 Collection of Payments; Accounts. 

(a) Controlled Accounts. Each of the parties hereto hereby agrees that (i) each Controlled Account is intended to be a
“securities account” within the meaning of the UCC and (ii) except as otherwise expressly provided herein and in the Securities Account Control Agreement, prior to the delivery of a Notice of Exclusive Control (as defined in the
Securities Account Control Agreement, as applicable), the Borrower shall be entitled to exercise the rights that comprise each Financial Asset held in each Controlled Account which is a securities account; provided that after the delivery of
a Notice of Exclusive Control (as defined in the Securities Account Control Agreement) such rights shall be exclusively held by the Collateral Agent (acting at the direction of the Administrative Agent). Each of the parties hereto hereby agrees to
cause the securities intermediary that holds any money or other property for the Borrower in a Controlled Account that is a securities account to agree with the parties hereto that (A) the cash and other property (subject to
Section 6.04(b) below with respect to any property other than investment property, as defined in Section 9-102(a)(49) of the UCC) is to be treated as a Financial Asset under Article 8 of
the UCC and (B) regardless of any provision in any other agreement, for purposes of the UCC, with respect to the Controlled Accounts, New York shall be deemed to be the securities intermediary’s jurisdiction (within the meaning of Section 8-110(e) of the UCC). All securities or other property underlying any Financial Assets credited to the Controlled Accounts in the form of securities or instruments shall be registered in the name of the
Account Bank or if in the name of the Borrower or the Collateral Agent, Indorsed to the Account Bank, Indorsed in blank, or credited to another securities account maintained in the name of the Account Bank, and in no case will any Financial Asset
credited to the Controlled Accounts be registered in the name of the Borrower, payable to the order of the Borrower or specially Indorsed to the Borrower, except to the extent the foregoing have been specially Indorsed to the Account Bank or
Indorsed in blank. 
 (b) Underlying Instruments. Notwithstanding any term hereof (or any term of the UCC that might otherwise be
construed to be applicable to a “securities intermediary” as defined in the UCC) to the contrary, none of the Collateral Agent, the Collateral Custodian nor any securities intermediary shall be under any duty or obligation in connection
with the acquisition by the Borrower, or the grant by the Borrower to the Collateral Agent, of any Loan in the nature of a loan to examine or evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Borrower
under the related Underlying Instruments, or otherwise to examine the Underlying Instruments, in order to determine or compel compliance with any applicable requirements of or restrictions on transfer (including without limitation any necessary
consents). The Collateral Custodian shall hold any Instrument delivered to it evidencing any Loan granted to the Collateral Agent hereunder as custodial agent for the Collateral Agent in accordance with the terms of this Agreement. 

(c) Adjustments. If (i) any Borrower Advisor makes a deposit into the Collection Account in respect of an Interest Collection or
Principal Collection of a Loan and such Interest Collection or Principal Collection was received by such Borrower Advisor in the form of a check that is not honored for any reason or (ii) any Borrower Advisor makes a mistake with respect to the
amount of any Interest Collection or Principal Collection and deposits an amount that is less than or more than the actual amount of such Interest Collection or Principal Collection, the Borrower shall cause such Borrower Advisor to appropriately
adjust the amount 

  
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subsequently deposited into the Collection Account to reflect such dishonored check or mistake. Any Scheduled Payment in respect of which a dishonored check is received shall be deemed not to
have been paid. 
 Section 6.05 Management of REO Assets. 

(a) If, in the reasonable business judgment of the Borrower, it becomes necessary to convert any Loan into an REO Asset in accordance with the
Management Agreement, the Borrower shall transfer and assign such Loan (or the portion thereof owned by the Borrower) to a Portfolio Subsidiary using a contribution agreement reasonably acceptable to the Administrative Agent. Any equity interests of
the Portfolio Subsidiary acquired by the Borrower shall immediately become a part of the Collateral Portfolio and be subject to the grant of a security interest under Section 2.12 and, if certificated, shall be promptly delivered to the
Collateral Custodian, each undated and duly Indorsed in blank. The Portfolio Subsidiary shall be formed and operated pursuant to organizational documents reasonably acceptable to the Administrative Agent. After execution thereof, the Borrower shall
prevent the Portfolio Subsidiary from agreeing to any amendment or other modification of the Portfolio Subsidiary organizational documents without first obtaining the written consent of the Administrative Agent. The Borrower shall manage each
Portfolio Subsidiary (i) in accordance with Applicable Law, (ii) with reasonable care and diligence, (iii) in accordance with the applicable Portfolio Subsidiary’s organizational documents and (iv) with a view toward
maximizing Recoveries on the applicable REO Asset (collectively, the “REO Management Standard”). The Borrower will cause all “Distributable Cash” (or any comparable definition set forth in the Portfolio Subsidiary’s
organizational documents) to be deposited into the Collection Account within two (2) Business Days of receipt thereof. 
 (b) In the
event that title to any Underlying Collateral is acquired on behalf of a Portfolio Subsidiary for the benefit of its equity owners in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or
certificate of sale shall be taken in the name of such Portfolio Subsidiary. The Borrower shall use commercially reasonable efforts to cause each REO Asset to be managed, conserved, protected and operated solely for the purpose of its prompt
disposition and sale. 
 (c) Notwithstanding any provision to the contrary contained in this Agreement, the Borrower shall not (nor shall
permit the Portfolio Subsidiary to) obtain title to any Underlying Collateral as a result of or in lieu of foreclosure or otherwise, obtain title to any direct or indirect partnership interest in any Obligor pledged pursuant to a pledge agreement
and thereby be the beneficial owner of Underlying Collateral, have a receiver of rents appointed with respect to, and shall not otherwise acquire possession of, or take any other action with respect to, any Underlying Collateral if, as a result of
any such action, the Portfolio Subsidiary would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or
“operator” of, such Underlying Collateral within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable state or local Environmental Law, unless the
Borrower has previously determined in accordance with the REO Management Standard, based on an updated Phase I environmental assessment report generally prepared in accordance with the ASTM Phase I Environmental Site Assessment Standard E 1527-05, as may be amended or, with respect to residential property, a property inspection and title report, that: 

(i) such Underlying Collateral is in compliance in all material respects with applicable Environmental Laws; and 

(ii) there are no circumstances present at such Underlying Collateral relating to the use, management or disposal of any
hazardous materials for which investigation, testing, monitoring, containment, clean-up or remediation would reasonably be expected to be required by the owner, occupier or operator of the Underlying
Collateral under applicable federal, state or local law or regulation. 

  
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 In the event that the Phase I or other environmental assessment first obtained by the Borrower
with respect to Underlying Collateral indicates that such Underlying Collateral may not be in compliance with applicable Environmental Laws or that hazardous materials may be present but does not definitively establish such fact, the Borrower shall
immediately sell or substitute the related Loan in accordance with Section 2.07. 
 Section 6.06 [Reserved]. 

Section 6.07 Reports to the Administrative Agent; Account Statements; Servicing Information. 

(a) Notice of Borrowing. On each Advance Date, on each reduction of Advances Outstanding pursuant to Section 2.17(a), on
any termination of this Agreement or reduction in part of the Maximum Facility Amount pursuant to Section 2.17(b) and on each reinvestment of Principal Collections pursuant to Section 2.19, the Borrower (or the Collateral
Manager on its behalf) will provide a Notice of Borrowing, a Notice of Prepayment or a Notice of Reduction, as applicable, and a Borrowing Base Certificate, each updated to no sooner than the Business Day preceding such date, to the Administrative
Agent (with a copy to the Collateral Agent). 
 (b) Collateral Management Report. On each Reporting Date, the Borrower will cause the
Collateral Manager to deliver to each Lender Agent, the Administrative Agent, the Collateral Agent and any Liquidity Bank, a monthly statement including (i) a Borrowing Base Certificate calculated as of the immediately prior Determination Date
or Reporting Determination Date, as applicable, (ii) the loan tape, which shall include but not be limited to the following information: (x) for each Loan, the name of the related Obligor, the collection status, the loan status, an
indication of whether or not such Loan is an Eligible Loan, the date of each Scheduled Payment and the Outstanding Balance, (y) calculations showing whether or not a Borrowing Base Deficiency exists and (z) the Adjusted Borrowing Value of
each Loan and such other reasonably available information as may be reasonably requested by the Administrative Agent (such loan tape, the “Loan Tape”) calculated as of the immediately prior Determination Date or Reporting
Determination Date, as applicable, (iii) in connection with any month in which a Payment Date occurs, amounts to be remitted pursuant to Section 2.04 to the applicable parties (which shall include any applicable wiring instructions
of the parties receiving payment), and (iv) any other information the Collateral Manager may deem relevant with respect to any Loan 

  
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(such monthly statement, a “Collateral Management Report”). Each Collateral Management Report shall be signed by an Authorized Person of the Collateral Manager and the Borrower
and shall be substantially in the form of Exhibit J. 
 (c) Collateral Manager Certificate. Together with each Collateral
Management Report, the Borrower shall cause the Collateral Manager to submit to the Administrative Agent, each Lender Agent, the Collateral Agent and any Liquidity Bank a certificate substantially in the form of Exhibit K (a
“Collateral Manager Certificate”), signed by an Authorized Person of the Collateral Manager, which shall include a certification by such Authorized Person that, to the knowledge of each such Authorized Person, no Facility
Amortization Event or Event of Default has occurred (in each case except as specified therein) and no Unmatured Event of Default exists. 

(d) Financial Statements. The Borrower shall (x) to the extent prepared, submit to the Administrative Agent, each Lender Agent,
any Liquidity Bank and the Collateral Agent, within 120 days after the end of each fiscal year, commencing with the fiscal year ended December 31, 2015, unaudited financial statements of the Borrower as of the end of such fiscal year and
(y) cause the Equityholder to submit to the Administrative Agent, each Lender Agent, any Liquidity Bank and the Collateral Agent, (i) within 45 days after the end of each of its first three fiscal quarters (excluding the fiscal quarter
ending on the date specified in clause (ii)), commencing June 30, 2015, consolidated unaudited financial statements of the Equityholder for the most recent fiscal quarter, and (ii) within 120 days after the end of each fiscal year,
commencing with the fiscal year ended December 31, 2015, consolidated audited financial statements of the Equityholder, audited by a firm of nationally recognized independent public accountants, as of the end of such fiscal year. 

(e) Obligor Financial Statements; Valuation Reports; Other Reports. The Borrower will (pursuant to Section 6.07(h)) cause
the Collateral Manager to deliver to the Administrative Agent, the Collateral Agent and, upon request, any Lender Agent, with respect to each Obligor, (i) to the extent received by the Borrower and/or the Collateral Manager pursuant to the
Underlying Instrument, the complete financial reporting package with respect to such Obligor and with respect to each Loan for such Obligor (including any financial statements, management discussion and analysis, executed covenant compliance
certificates, and related covenant calculations with respect to such Obligor and with respect to each Loan for such Obligor) provided to the Borrower and/or the Collateral Manager either monthly or quarterly, as the case may be, by such Obligor,
which delivery shall be made within 10 Business Days after the Collateral Manager’s or the Borrower’s receipt thereof, (ii) the annual budget (along with subsequent changes thereto) with respect to such Obligor and provided to the
Borrower and/or the Collateral Manager by such Obligor, which delivery shall be made within 10 Business Days after receipt by the Borrower and/or the Collateral Manager, (iii) a monthly or quarterly, as the case may be, update to the portfolio
summary prepared by the Collateral Manager with respect to such Obligor and with respect to each Loan for such Obligor, which delivery shall be made no later than 45 days after receipt by the Borrower and/or the Collateral Manager of the information
set forth in clause (e)(i) above and (iv) the portfolio update prepared by the Collateral Manager with respect to each Obligor on a quarterly basis, which delivery shall be made no later than 90 days after the end of each calendar
quarter commencing with the calendar quarter ended June 30, 2015 and 120 days after the end of each fiscal year commencing with the fiscal year ended 

  
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December 31, 2015. The Collateral Manager will promptly deliver to the Administrative Agent and any Lender Agent, upon reasonable request and to the extent received by the Borrower and/or
the Collateral Manager, all other documents and information required to be delivered by the Obligors to the Borrower with respect to any Loan included in the Collateral Portfolio. 

(f) Static Pool Report. Within forty-five (45) days after the end of each fiscal year of the Borrower, beginning with the fiscal
year ending December 31, 2015, the Collateral Manager shall prepare a static pool report in the form of Exhibit P, and within 30 days of such request, make available such report to the Administrative Agent and each Lender Agent. 

(g) Amendments to Loans. The Borrower shall cause the Collateral Manager to deliver to the Administrative Agent, the Collateral
Custodian and, upon request, any Lender Agent, a copy of any material amendment, restatement, supplement, waiver or other modification to the Underlying Instrument of any Loan (along with any internal documents prepared by the Collateral Manager and
provided to its investment committee in connection with such amendment, restatement, supplement, waiver or other modification) within 10 Business Days of the effectiveness of such amendment, restatement, supplement, waiver or other modification;
provided that such delivery shall be required only to the extent actually received by the Borrower, the Seller or the Collateral Manager. 

(h) Website Access to Information. Notwithstanding anything to the contrary contained herein, information required to be delivered or
submitted to any Secured Party pursuant to the Management Agreement and this Article VI shall be posted on a secured website (including IntraLinks or similar services or the Collateral Manager’s proprietary restricted-access server) to which the Administrative Agent and, upon request, any Lender Agent have access or upon receipt of such information through e-mail or another
delivery method acceptable to the Administrative Agent. 
 (i) Additional Information. The Borrower will cause the Collateral Manager
to deliver to the requesting party any financial or other information in connection with this Agreement, the other Transaction Documents or the transactions contemplated hereby or thereby reasonably requested by the Administrative Agent, any Lender
Agent or the Collateral Agent. 
 Section 6.08 Annual Statement as to Compliance. 

The Borrower will cause the Collateral Manager to provide to the Administrative Agent, each Lender Agent and the Collateral Agent within 90
days following the end of each fiscal year of the Collateral Manager, commencing with the fiscal year ending on December 31, 2015, a fiscal report signed by an Authorized Person of the Collateral Manager certifying that (a) a review of the
activities of the Collateral Manager, and the Collateral Manager’s performance pursuant to this Agreement, for the fiscal period ending on the last day of such fiscal year has been made under such Person’s supervision and (b) the
Collateral Manager has performed or has caused to be performed in all material respects all of its obligations under this Agreement and the other Transaction Documents throughout such year and, except as set forth in such report, no Facility
Amortization Event has occurred. 

  
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 Section 6.09 Annual Independent Public Accountant’s Review of Collateral Management
Reports 
 The Borrower will cause a firm of nationally recognized independent public accountants (who may also render other services to
the Borrower Advisors and who may include, without limitation, McGladrey & Pullen, LLP) to furnish to the Administrative Agent, each Lender Agent and the Collateral Agent within 120 days following the end of each fiscal year of the
Borrower, commencing with the fiscal year ending on December 31, 2015, a report covering such fiscal year to the effect that such accountants have applied certain agreed-upon procedures (a copy of which
procedures are attached hereto as Schedule II) to certain documents and records relating to the Collateral Portfolio under any Transaction Document, compared the information contained in the Collateral Management Reports and the
Collateral Manager Certificates delivered during the period covered by such report with such documents and records and that no matters came to the attention of such accountants that caused them to believe that such servicing was not conducted in
compliance with this Article VI, except for such exceptions as such accountants shall believe to be immaterial and such other exceptions as shall be set forth in such statement. In the event such independent public accountants require
the Collateral Custodian or Collateral Agent to agree to the procedures to be performed by such firm in any of the reports required to be prepared pursuant to this Section 6.09, the Collateral Manager shall direct the Collateral
Custodian or Collateral Agent in writing to so agree; it being understood and agreed that the Collateral Custodian or Collateral Agent shall deliver such letter of agreement in conclusive reliance upon the direction of the Collateral Manager, and
the Collateral Custodian or Collateral Agent has not made any independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures. Notwithstanding anything
to the contrary herein, if the Collateral Custodian, Administrative Agent, any Lender Agent or the Collateral Agent fail within 75 days following the end of each fiscal year of the Borrower to execute any documentation required by the independent
public accountants selected by the Borrower prior to the delivery of any report contemplated by this Section 6.09, then the Borrower shall have no obligation to furnish any report covering such fiscal year pursuant to this
Section 6.09. 
 Section 6.10 [Reserved]. 

Section 6.11 Facility Amortization Events. Notwithstanding anything to the contrary herein, if any of the following events (each a
“Facility Amortization Event”) shall occur and be continuing: 
 (a) any failure on the part of any Borrower Advisor duly
to (i) observe or perform in any material respect any other covenants or agreements of such Borrower Advisor set forth in any Transaction Documents to which such Borrower Advisor is a party (including, without limitation, any delegation of such
Borrower Advisor’s duties that is not expressly permitted by the Transaction Documents) or (ii) comply in any material respect with the Collateral Management Standard regarding the servicing of the Collateral Portfolio and in each case the
same continues unremedied for a period of thirty (30) days (if such failure can be remedied) after the earlier to occur of (x) the date on which written notice of such failure requiring the same to be remedied shall have been given to such
Borrower Advisor by the Administrative Agent, the Borrower or the Collateral Agent (at the direction of the Administrative Agent) and (y) the date on which a Authorized Person of such Borrower Advisor acquires knowledge thereof; 

  
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 (b) [reserved]; 

(c) [reserved]; 
 (d) any
representation, warranty or certification made by the Collateral Manager in any Transaction Document or in any certificate delivered pursuant to any Transaction Document shall prove to have been incorrect when made, which inaccuracy has a Material
Adverse Effect and which continues to be unremedied for a period of thirty (30) days after the earlier to occur of (i) the date on which written notice of such incorrectness requiring the same to be remedied shall have been given to the
Collateral Manager by the Administrative Agent, the Borrower or the Collateral Agent (at the direction of the Administrative Agent) and (ii) the date on which a Authorized Person of the Collateral Manager acquires knowledge thereof; 

(e) [reserved]; 
 (f) no
investment professionals of the Collateral Sub-Advisor who from time to time manage non-investment grade loans on behalf of other clients of the Collateral Sub-Advisor are actively involved in advising the Collateral Advisor on the selection and
management of the assets of the Borrower on a basis consistent with the Collateral Sub-Advisor’s existing practices or failure of the Collateral Advisor to follow such advice on a basis consistent with the Collateral Advisor’s existing
practices, in each case as determined by the Administrative Agent in its reasonable discretion; 
 (g) the rendering against the Collateral
Manager or the Collateral Advisor of one or more final judgments, decrees or orders for the payment of money individually or in the aggregate (as to each such Person) in excess of the lesser of (x) 3% of the net asset value of such Person and
(y) $2,000,000, and such Person shall not have discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms and such judgment, decree or order continues unsatisfied and in effect for any period of
more than sixty (60) consecutive days without a stay of execution; 
 (h) the Collateral Manager or the Collateral Advisor defaults in
making any payment required to be made under an agreement for borrowed money (other than this Agreement) to which it is a party individually or in the aggregate (as to each such Person) in excess of the lesser of (x) 3% of the net asset value
of such Person and (y) $2,000,000, and such default is not cured within the applicable cure period, if any, provided for under such agreement; 

(i) any failure of the Borrower to cause the Collateral Manager, Collateral Advisor or Collateral Sub-Advisor to deliver (i) any required
Collateral Management Report on or before the date occurring three Business Days after the date such report is required to be made or given, as the case may be or (ii) any other Required Reports hereunder on or before the date occurring three
Business Days after the date such report is required to be made or given, as the case may be, in each case under the terms of this Agreement; 

  
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 (j) the Collateral Sub-Advisor fails to have at least $4,000,000,000 of total commercial loans
under management at fair value as reported by it in its most recent quarterly financial statement; or 
 (k) either (i) the
organizational documents of either the Collateral Manager or the Collateral Advisor fail to be in full force and effect or (ii) the organizational documents of the Collateral Manager are amended in a manner adverse to any Secured Party without
the prior written consent of the Administrative Agent; 
 then the Administrative Agent or the Required Lenders, may, by notice to the
Borrower, declare a Facility Amortization Event to have occurred. Upon any such declaration, and during the continuation, of a Facility Amortization Event, (i) the Borrower shall not be permitted to request any Advance hereunder, and
(ii) Interest Collections and Principal Collections in respect of the Portfolio Collections in respect of the Portfolio Assets shall be applied by the Collateral Agent (at the direction of the Administrative Agent) as described in the
provisions relating thereto set forth in Sections 2.04(a)(vii) and (b)(iii), respectively, that refer to application of such amounts following the occurrence and during the continuation of a Facility Amortization Event. 

ARTICLE VII. 
 EVENTS OF
DEFAULT 
 Section 7.01 Events of Default. If any of the following events (each, an “Event of Default”)
shall occur: 
 (a) failure on the part of the Seller or the Borrower to make any payment required by the terms of any Transaction Document
within three (3) Business Days of the day such payment or deposit is required to be made; or 
 (b) the Borrower defaults in making any
payment required to be made under one or more agreements (other than this Agreement) to which it is a party in an aggregate principal amount (individually or in the aggregate) in excess of $500,000, and such default is not cured within the
applicable cure period, if any, provided for under such agreement; or 
 (c) the Equityholder defaults in making any payment required to be
made under an agreement for borrowed money (other than this Agreement) to which it is a party individually or in the aggregate in excess of the lesser of (x) 3% of the net asset value of the Equityholder and (y) $2,000,000, and such
default is not cured within the applicable cure period, if any, provided for under such agreement; or 
 (d) any failure on the part of the
Borrower or the Seller duly to observe or perform in any material respect any other covenants or agreements of the Borrower or the Seller set forth in this Agreement or the other Transaction Documents to which the Borrower or the Seller is a party
and the same continues unremedied for a period of 30 days (if such failure can be remedied) after the earlier to occur of (i) the date on which written notice of such failure requiring the same to be remedied shall have been given to the
Borrower or the Seller by the Administrative Agent or Collateral Agent and (ii) the date on which the Borrower or the Seller acquires knowledge thereof; or 

  
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 (e) the occurrence of a Bankruptcy Event relating to the Borrower, any Borrower Advisor or the
Equityholder; or 
 (f) the Borrower or the Equityholder makes any assignment or attempted assignment of its respective rights or
obligations under this Agreement or any other Transaction Document without first obtaining the specific written consent of the Administrative Agent, which consent may be withheld in the exercise of its sole and absolute discretion; or 

(g) any representation, warranty or certification made by the Borrower, the Seller or the Equityholder in any Transaction Document or in any
certificate delivered pursuant to any Transaction Document shall prove to have been incorrect when made in any material respect, and continues to be unremedied for a period of 30 days after the earlier to occur of (i) the date on which written
notice of such incorrectness requiring the same to be remedied shall have been given to the Borrower, the Seller or the Equityholder by the Administrative Agent or the Collateral Agent (which shall be given at the direction of the Administrative
Agent) and (ii) the date on which a Authorized Person of the Borrower, the Seller or the Equityholder acquires knowledge thereof; or 

(h) any Borrower Party fails to observe or perform any covenant, agreement or obligation with respect to the management and distribution of
funds received with respect to the Collateral Portfolio, including, without limitation, pursuant to Section 2.18(e)(iii)) and such failure is not cured within three (3) Business Days; or 

(i) any security interest securing any obligation under any Transaction Document shall, in whole or in part, cease to be a first priority
perfected security interest except for Permitted Liens and as otherwise expressly permitted to be released in accordance with the applicable Transaction Document; or 

(j) (1) the rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the
payment of money in excess individually or in the aggregate of $500,000 against the Borrower and the Borrower shall not have either (i) discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms
or (ii) perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal or (2) the rendering of one or more final judgments, decrees or orders by a court or
arbitrator of competent jurisdiction for the payment of money in excess individually or in the aggregate of the lesser of (x) 3% of the net asset value of the Equityholder and (y) $2,000,000 against the Equityholder and the Equityholder
shall not have either (i) discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms or (ii) perfected a timely appeal of such judgment, decree or order and caused the execution of same to
be stayed during the pendency of the appeal; or 
 (k) the Borrower shall have made payments of amounts in excess of $500,000 in the
settlement of any litigation, claim or dispute (excluding payments made from insurance proceeds); or 

  
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 (l) (1) any material provision of any Transaction Document or any lien or security interest
granted hereunder or thereunder, shall (except in accordance with its terms), in whole or in part, terminate, cease to be effective or cease to be the legally valid, binding and enforceable obligation of the Borrower, the Seller or the Collateral
Manager or (2) the Borrower or any other Person shall, directly or indirectly, contest in writing in any manner the effectiveness, validity, binding nature or enforceability of any Transaction Document, any material provision thereof or any
lien or security interest thereunder, or 
 (m) the Borrower shall become required to register as an “investment company” within
the meaning of the 1940 Act or the arrangements contemplated by the Transaction Documents shall require registration by the Borrower as an “investment company” within the meaning of the 1940 Act; or 

(n) the occurrence of a Borrowing Base Deficiency that is not cured pursuant to Section 2.06; or 

(o) any failure of the Interest Coverage Test to be satisfied on any Determination Date on or after the Determination Date in April 2016; or

 (p) a Change of Control shall have occurred; or 

(q) (i) failure of the Borrower to maintain at least one Independent Director, (ii) the removal of any Independent Director without
cause or prior written notice to the Administrative Agent (in each case as required by the organization documents of the Borrower) or (iii) an Independent Director of the Borrower which is not prohibited by this Agreement shall be appointed;
provided that if the Borrower shall fail to have an Independent Director as a result of the voluntary resignation or incapacitation of the sole Independent Director, the Borrower shall have five (5) Business Days after it obtains actual
knowledge of such failure following due inquiry to replace such Independent Director; or 
 (r) the failure of the Collateral Manager to
maintain, at the end of any fiscal quarter, an Asset Coverage Ratio of greater than or equal to 2:1; or 
 (s) the failure of the Collateral
Manager to have a net asset value of at least $200,000,000; or 
 (t) any Borrower Advisor ceases to be a Borrower Advisor for a period of
30 consecutive days; or 
 (u) either (i) the organizational documents of the Collateral Manager or the Collateral Advisor shall fail
to be in full force and effect or (ii) the organizational documents of the Collateral Manager shall have been amended in a manner adverse to any Secured Party without the prior written consent of the Administrative Agent; or 

(v) any of (i) any organizational documents or other material contracts to which the Borrower is a party shall fail to be in full force
and effect or shall have been amended without the prior written consent of the Agent, (ii) the Advisory Agreements shall fail to be in full force and effect or shall have been amended in any manner adverse to any Secured Party (as

  
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determined by the Administrative Agent in its sole discretion) without the prior written consent of the Administrative Agent, (iii) any organizational documents or Transaction Documents to
which the Collateral Manager is a party shall fail to be in full force and effect or shall have been amended without the prior written consent of the Administrative Agent or (iv) any other contract to which the Collateral Manager is a party
shall be amended without the prior written consent of the Administrative Agent if the effect of such amendment in the Administrative Agent’s good faith commercially reasonable judgment is to materially impair the Collateral Manager’s
ability to perform its obligations under the Transaction Documents or to materially impair any Secured Party’s or the Borrower’s rights and remedies against the Collateral Manager under the Transaction Documents; or 

(w) the Borrower shall fail to qualify as a bankruptcy-remote entity based upon customary criteria
such that reputable counsel could no longer render a substantive nonconsolidation opinion with respect to the Borrower and the Seller; or 

(x) the Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of the
Borrower and such lien shall not have been released within ten (10) Business Days, or the Pension Benefit Guaranty Corporation shall file notice of a lien pursuant to Section 4068 of ERISA with regard to any of the assets of the Borrower
and such lien shall not have been released within ten (10) Business Days; or 
 (y) failure to pay, on the Facility Maturity Date, all
outstanding Obligations; or 
 (z) (i) other than a Permitted Equityholder Transaction, a change of control occurs with respect to the
Collateral Manager, (ii) as determined in the sole discretion of the Administrative Agent, a change of control that materially and adversely affects any Secured Party hereunder occurs with respect to the Collateral Advisor or the Collateral
Sub-Advisor (“control” being defined for purposes of this definition as the possession, direct or indirect, of the power to direct or cause the direction of the management, actions and policies of a person, whether through voting rights,
ownership rights, or by contract or otherwise) or (iii) any merger or consolidation of the Collateral Manager (other than a Permitted Equityholder Transaction) that does not comply with the provisions of Section 5(h) of the Management
Agreement; or 
 (aa) except as otherwise permitted by this Agreement, all or substantially all of the assets of the Borrower cease to be
part of the Collateral Portfolio; 
 then the Administrative Agent or the Required Lenders, may, by notice to the Borrower, declare the Facility Maturity
Date to have occurred; provided, that, in the case of any event described in Section 7.01(e) above, the Facility Maturity Date shall be deemed to have occurred automatically upon the occurrence of such event. Upon any such
declaration or automatic occurrence, (i) the Borrower shall cease purchasing Loans, (ii) the Administrative Agent or the Required Lenders may declare the Obligations to be immediately due and payable in full (without presentment, demand,
protest or notice of any kind all of which are hereby waived by the Borrower), and (iii) all proceeds and distributions in respect of the Portfolio Assets shall be distributed by the Collateral Agent (at the direction of the Administrative
Agent) as described in Section 2.04(c) (provided that the Borrower shall in any event remain liable to pay such Advances and all such 

  
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amounts and Obligations immediately in accordance with Section 2.04(c) hereof). In addition, upon any such declaration or upon any such automatic occurrence, the Collateral Agent, on
behalf of the Secured Parties and at the direction of the Administrative Agent, shall have, in addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies provided under the UCC of the applicable
jurisdiction and other Applicable Law, which rights shall be cumulative. Without limiting any obligation of the Collateral Manager hereunder, the Borrower confirms and agrees that the Collateral Agent, on behalf of the Secured Parties and at the
direction of the Administrative Agent, (or any designee thereof, including, without limitation, the Collateral Manager), following an Event of Default, shall, at its option, have the sole right to enforce the Borrower’s rights and remedies
under the Management Agreement and the Purchase and Sale Agreement, but without any obligation on the part of the Administrative Agent, the Lenders, the Lender Agents or any of their respective Affiliates to perform any of the obligations of the
Borrower under any such agreement. If any Event of Default shall have occurred, the Yield Rate shall be increased pursuant to the increase set forth in the definition of “Applicable Spread”, effective as of the date of the occurrence of
such Event of Default, and shall apply after the occurrence and during the continuance of such Event of Default. 
 Section 7.02
Additional Remedies of the Administrative Agent. 
 (a) If, upon the Administrative Agent’s or the Required Lenders’
declaration that the Obligations are immediately due and payable pursuant to Section 7.01 upon the occurrence of an Event of Default, then the Collateral Agent (acting as directed by the Administrative Agent) shall have the right, in its
own name and as agent for the Secured Parties, to immediately sell (at the Borrower’s expense) in a commercially reasonable manner, in a recognized market (if one exists) at such price or prices as the Administrative Agent may reasonably deem
satisfactory, any or all of the Collateral Portfolio and apply the proceeds thereof to the Obligations pursuant to Section 7.02(e). 

(b) The parties recognize that it may not be possible to sell all of the Collateral Portfolio on a particular Business Day, or in a
transaction with the same purchaser, or in the same manner because the market for the assets constituting the Collateral Portfolio may not be liquid. Accordingly, the Administrative Agent may elect, in its sole discretion, the time and manner of
liquidating any of the Collateral Portfolio, and nothing contained herein shall obligate the Administrative Agent or the Collateral Agent (acting as directed by the Administrative Agent) to liquidate any of the Collateral Portfolio on the date the
Administrative Agent or the Required Lenders declare the Obligations to be immediately due and payable pursuant to Section 7.01 or to liquidate all of the Collateral Portfolio in the same manner or on the same Business Day. 

(c) If the Collateral Agent (acting as directed by the Administrative Agent) or the Administrative Agent proposes to sell the Collateral
Portfolio or any part thereof in one or more parcels at a public or private sale, at the request of the Collateral Agent or the Administrative Agent, as applicable, the Borrower and the Collateral Manager shall make available to (i) the
Administrative Agent, on a timely basis, all information (including any information that the Borrower and the Collateral Manager is required by Applicable Law or contract to be kept confidential) relating to the Collateral Portfolio subject to sale,
including, 

  
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without limitation, copies of any disclosure documents, contracts, financial statements of the applicable Obligors, covenant certificates and any other materials requested by the Administrative
Agent, and (ii) each prospective bidder, on a timely basis, all reasonable information relating to the Collateral Portfolio subject to sale, including, without limitation, copies of any disclosure documents, contracts, financial statements of
the applicable Obligors, covenant compliance certificates and any other materials requested by each such bidder. 
 (d) The Borrower agrees
(and, to the full extent that it may lawfully so agree) that neither it nor anyone claiming through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption law now or hereafter in force
in any locality where any Collateral Portfolio may be situated in order to prevent, hinder or delay the enforcement or foreclosure of this Agreement, or the absolute sale of any of the Collateral Portfolio or any part thereof, or the final and
absolute putting into possession thereof, immediately after such sale, of the purchasers thereof, and the Borrower, for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to do,
the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral Portfolio marshaled upon any such sale, and agrees that the Collateral Agent, or the Administrative Agent on its behalf, or any
court having jurisdiction to foreclose the security interests granted in this Agreement may sell the Collateral Portfolio as an entirety or in such parcels as the Collateral Agent (acting at the direction of the Administrative Agent) or such court
may determine. 
 (e) Any amounts received from any sale or liquidation of the Collateral Portfolio pursuant to this
Section 7.02 in excess of the Obligations will be applied by the Collateral Agent (as directed by the Administrative Agent) in accordance with the provisions of Section 2.04(c), or as a court of competent jurisdiction may
otherwise direct. 
 (f) The Administrative Agent, the Lender Agents and the Lenders shall have, in addition to all the rights and remedies
provided herein and provided by applicable federal, state, foreign, and local laws (including, without limitation, the rights and remedies of a secured party under the UCC of any applicable state, to the extent that the UCC is applicable, and the
right to offset any mutual debt and claim), all rights and remedies available to the Lenders at law, in equity or under any other agreement between any Lender and the Borrower. 

(g) Except as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy,
each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Event of Default. 

(h) The Borrower hereby irrevocably appoints each of the Collateral Agent and the Administrative Agent its true and lawful attorney (with full
power of substitution) in its name, place and stead and at is expense, in connection with the enforcement of the rights and remedies provided for in this Agreement following the occurrence and during the continuation of an Event of Default,
including without limitation the following powers: (a) to give any necessary receipts or acquittance for amounts collected or received hereunder, (b) to make all necessary transfers of the Collateral Portfolio in connection with any such
sale or other 

  
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disposition made pursuant hereto, (c) to execute and deliver for value all necessary or appropriate bills of sale, assignments and other instruments in connection with any such sale or other
disposition, the Borrower hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto, and (d) to sign any agreements, orders or other documents in connection with or pursuant to
any Transaction Document. Nevertheless, if so requested by the Collateral Agent or the Administrative Agent, the Borrower shall ratify and confirm any such sale or other disposition by executing and delivering to the Collateral Agent or the
Administrative Agent or all proper bills of sale, assignments, releases and other instruments as may be designated in any such request. 

(i) After the declaration of the Facility Maturity Date, at the direction of the Administrative Agent, the Borrower shall cause each Borrower
Advisor to take such action as the Administrative Agent may deem necessary or advisable to enforce collection of the Collateral Portfolio; provided, that the Administrative Agent may, at any time that an Event of Default has occurred but
solely after a failure of the Collateral Manager to make any such notifications within 10 Business Days of Administrative Agent’s written demand therefor, notify any Obligor with respect to any Collateral Portfolio of the assignment of such
Collateral Portfolio to the Collateral Agent on behalf of the Secured Parties and direct that payments of all amounts due or to become due be made directly to the Administrative Agent or any servicer, collection agent or account designated by the
Administrative Agent and, upon such notification and at the expense of the Borrower, the Administrative Agent may enforce collection of any such Collateral Portfolio, and adjust, settle or compromise the amount or payment thereof. 

ARTICLE VIII. 

INDEMNIFICATION 

Section 8.01 Indemnities by the Borrower. 

(a) Without limiting any other rights which the Affected Parties, the Secured Parties, the Administrative Agent, the Lenders, the Lender
Agents, the Collateral Agent, the Account Bank, the Collateral Custodian or any of their respective Affiliates may have hereunder or under Applicable Law, the Borrower hereby agrees to indemnify the Affected Parties, the Secured Parties,
Administrative Agent, the Lenders, the Lender Agents, the Collateral Agent, the Account Bank, the Collateral Custodian and each of their respective Affiliates, assigns, officers, directors, employees and agents (each, an “Indemnified
Party”) from and against any and all damages, losses, claims, liabilities and related costs and expenses, including reasonable and documented attorneys’ fees and disbursements (all of the foregoing being collectively referred to as
“Indemnified Amounts”), awarded against or actually incurred by such Indemnified Party arising out of or as a result of this Agreement or any of the other Transaction Documents or having an interest in the Collateral Portfolio or in
respect of any Loan included in the Collateral Portfolio; provided that, such indemnity shall not, as to any Indemnified Party, be available to the extent that any Indemnified Amount is determined by a court of competent jurisdiction by final
and non-appealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnified Party. 

  
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 (b) Any amounts subject to the indemnification provisions of this Section 8.01 shall
be paid by the Borrower to the Administrative Agent on behalf of the applicable Indemnified Party on the Payment Date immediately following the Administrative Agent’s written demand therefor (which demand shall be on or before the Determination
Date related to such Payment Date) on behalf of the applicable Indemnified Party (and the Administrative Agent shall pay such amounts to the applicable Indemnified Party promptly after the receipt by the Administrative Agent of such amounts). The
Administrative Agent, on behalf of any Indemnified Party making a request for indemnification under this Section 8.01, shall submit to the Borrower a certificate setting forth in reasonable detail the basis for and the computations of
the Indemnified Amounts with respect to which such indemnification is requested, which certificate shall be conclusive absent demonstrable error. 

(c) If for any reason the indemnification provided above in this Section 8.01 is unavailable to the Indemnified Party or is
insufficient to hold an Indemnified Party harmless in respect of any losses, claims, damages or liabilities, then the Borrower shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or
liabilities in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand and the Borrower on the other hand but also the relative fault of such Indemnified Party as well as any
other relevant equitable considerations. 
 (d) If the Borrower has made any payments in respect of Indemnified Amounts to the
Administrative Agent on behalf of an Indemnified Party pursuant to this Section 8.01 and such Indemnified Party thereafter collects any of such amounts from others, such Indemnified Party will promptly repay such amounts collected to the
Borrower, without interest. 
 (e) The obligations of the Borrower under this Section 8.01 shall survive the resignation or
removal of the Administrative Agent, the Lenders, the Lender Agents, the Collateral Manager, the Collateral Agent, the Account Bank or the Collateral Custodian and the termination of this Agreement. 

Section 8.02 Notices. 

Each applicable Indemnified Party shall deliver to the Borrower under Section 8.01 within a reasonable time after such Indemnified
Party’s receipt thereof, copies of all notices and documents (including court papers) received by such Indemnified Party relating to the claim giving rise to the Indemnified Amounts. 

Section 8.03 Legal Proceedings. 

In the event an Indemnified Party becomes involved in any action, claim, or legal, governmental or administrative proceeding (an
“Action”) for which it seeks indemnification hereunder, the Indemnified Party shall promptly notify the Borrower in writing of the nature and particulars of the Action; provided that its failure to do so shall not relieve the
Borrower of its obligations hereunder except to the extent such failure has a material adverse effect on the Borrower. Upon written notice to the Indemnified Party acknowledging in writing that the indemnification provided hereunder applies to the
Indemnified Party in connection with the Action (subject to the exclusion in the first sentence of Section 8.01), the Borrower may 

  
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assume the defense of the Action at its expense with counsel reasonably acceptable to the Indemnified Party. The Indemnified Party shall have the right to retain separate counsel in connection
with the Action, and the Borrower shall not be liable for the legal fees and expenses of the Indemnified Party after the Borrower has assumed the defense of the Action as described in the prior sentence; provided that if the Indemnified Party
determines in good faith that there may be a conflict between the positions of the Indemnified Party and the Borrower in connection with the Action, or that the Borrower is not conducting the defense of the Action in a manner reasonably protective
of the interests of the Indemnified Party, the legal fees and expenses of the Indemnified Party shall be paid by the Borrower; provided, further, that the Borrower shall not, in connection with any one Action or separate but
substantially similar or related Actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees or expenses of more than one separate firm of attorneys (and any required local counsel) for such
Indemnified Party, which firm (and local counsel, if any) shall be designated in writing to the Borrower by the Indemnified Party. If the Borrower elects to assume the defense of the Action, it shall have full control over the conduct of such
defense; provided that the Borrower and its counsel shall, as reasonably requested by the Indemnified Party or its counsel, consult with and keep them informed with respect to the conduct of such defense. The Borrower shall not settle an
Action without the prior written approval of the Indemnified Party unless such settlement provides for the full and unconditional release of the Indemnified Party from all liability in connection with the Action. The Indemnified Party shall
reasonably cooperate with the Borrower in connection with the defense of the Action. 
 Section 8.04
After-Tax Basis. Indemnification under Section 8.01 shall be in an amount necessary to make the Indemnified Party whole after taking into account any Tax consequences to the Indemnified
Party of the receipt of the indemnity provided hereunder, including the effect of such Tax or refund on the amount of Tax measured by net income or profits that is or was payable by the Indemnified Party. 

ARTICLE IX. 
 THE
ADMINISTRATIVE AGENT AND LENDER AGENTS 
 Section 9.01 The Administrative Agent. 

(a) Appointment. Each Lender Agent and each Secured Party hereby appoints and authorizes the Administrative Agent as its agent
hereunder and hereby further authorizes the Administrative Agent to appoint additional agents to act on its behalf and for the benefit of each Lender Agent and each Secured Party. Each Lender Agent and each Secured Party further authorizes the
Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such
powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Transaction Document, the Administrative Agent shall not have any duties or responsibilities, except
those expressly set forth in this Agreement, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender or Lender Agent, and no implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Agreement or any other Transaction Document or 

  
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otherwise exist against the Administrative Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement with reference to the
Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or
reflect only an administrative relationship between independent contracting parties. 
 (b) Delegation of Duties. The Administrative
Agent may execute any of its duties under this Agreement or any other Transaction Document by or through agents, employees or attorneys-in-fact and shall be entitled to
advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or
attorney-in-fact that it selects with reasonable care. 

(c) Administrative Agent’s Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees
shall be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement or any of the other Transaction Documents, except for, solely with respect to the Borrower, its or their own
gross negligence or willful misconduct. Each Lender, Lender Agent and each Secured Party hereby waives any and all claims against the Administrative Agent or any of its Affiliates for any action taken or omitted to be taken by the Administrative
Agent or any of its Affiliates under or in connection with this Agreement or any of the other Transaction Documents, except for, solely with respect to the Borrower, its or their own gross negligence or willful misconduct. Without limiting the
foregoing, the Administrative Agent: (i) may consult with legal counsel (including counsel for the Borrower and the Seller), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted
to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation and shall not be responsible for any statements, warranties or representations made in or in
connection with this Agreement; (iii) shall not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this Agreement or any of the other Transaction Documents on the part of
any Borrower Party or to inspect the property (including the books and records) of the Borrower or the Borrower Advisors; (iv) shall not be responsible for the due execution, legality, validity, enforceability, genuineness, sufficiency or value
of this Agreement, any of the other Transaction Documents or any other instrument or document furnished pursuant hereto or thereto; and (v) shall incur no liability under or in respect of this Agreement or any of the other Transaction Documents
by acting upon any notice (including notice by telephone), consent, certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the proper party or parties. 

(d) Actions by Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under
this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of the Lender Agents as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders and
Lender Agents against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement or any other Transaction Document in accordance with a request or consent of the 

  
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Lender Agents; provided, that, notwithstanding anything to the contrary herein, the Administrative Agent shall not be required to take any action hereunder if the taking of such action, in
the reasonable determination of the Administrative Agent, shall be in violation of any Applicable Law or contrary to any provision of this Agreement or shall expose the Administrative Agent to liability hereunder or otherwise. In the event the
Administrative Agent requests the consent of a Lender Agent pursuant to the foregoing provisions and the Administrative Agent does not receive a consent (either positive or negative) from such Person within ten Business Days of such Person’s
receipt of such request, then such Lender or Lender Agent shall be deemed to have declined to consent to the relevant action. 
 (e)
Notice of Event of Default, Unmatured Event of Default or Facility Amortization Event. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of an Event of Default, Unmatured Event of Default or Facility
Amortization Event, unless the Administrative Agent has received written notice from a Lender, Lender Agent, the Borrower or any Borrower Advisor referring to this Agreement, describing such Event of Default, Unmatured Event of Default or Facility
Amortization Event and stating that such notice is a “Notice of Event of Default,” “Notice of Unmatured Event of Default” or “Notice of Facility Amortization Event,” as applicable. The Administrative Agent shall
(subject to Section 9.01(c)) take such action with respect to such Event of Default, Unmatured Event of Default or Facility Amortization Event as may be requested by the Lender Agents acting jointly or as the Administrative Agent shall
deem advisable or in the best interest of the Lender Agents. 
 (f) Credit Decision with Respect to the Administrative Agent. Each
Lender Agent and each Secured Party acknowledges that none of the Administrative Agent or any of its Affiliates has made any representation or warranty to it, and that no act by the Administrative Agent hereinafter taken, including any consent to
and acceptance of any assignment or review of the affairs of the Borrower, the Seller, the Borrower Advisors or any of their respective Affiliates or review or approval of any of the Collateral Portfolio, shall be deemed to constitute any
representation or warranty by any of the Administrative Agent or its Affiliates to any Lender Agent as to any matter, including whether the Administrative Agent has disclosed material information in its possession. Each Lender Agent and each Secured
Party acknowledges that it has, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent’s Affiliates, and based upon such documents and information as it has deemed appropriate, made its own
evaluation and decision to enter into this Agreement and the other Transaction Documents to which it is a party. Each Lender Agent and each Secured Party also acknowledges that it will, independently and without reliance upon the Administrative
Agent, or any of the Administrative Agent’s Affiliates, and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Agreement and the other
Transaction Documents to which it is a party. Each Lender Agent and each Secured Party hereby agrees that the Administrative Agent shall not have any duty or responsibility to provide any Lender Agent with any credit or other information concerning
the business, prospects, operations, property, financial and other condition or creditworthiness of the Borrower, the Seller, the Borrower Advisors or their respective Affiliates which may come into the possession of the Administrative Agent or any
of its Affiliates. 

  
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 (g) Indemnification of the Administrative Agent. Each Lender Agent agrees to indemnify the
Administrative Agent (to the extent not reimbursed by the Borrower or the Borrower Advisors), ratably in accordance with the Pro Rata Share of its related Lender, from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this Agreement or any of the
other Transaction Documents, or any action taken or omitted or decision made by the Administrative Agent hereunder or thereunder; provided that the Lender Agents shall not be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct; provided, further, that no action taken in accordance with the
directions of the Lender Agents shall be deemed to constitute gross negligence or willful misconduct for purposes of this Article IX. Without limitation of the foregoing, each Lender Agent agrees to reimburse the Administrative Agent,
ratably in accordance with the Pro Rata Share of its related Lender, promptly upon demand for any out-of-pocket expenses (including counsel fees) incurred by the
Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and
the other Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in respect of the Lender Agents or Lenders hereunder and/or thereunder and to the extent that the Administrative Agent is not reimbursed
for such expenses by the Borrower or the Borrower Advisors. 
 (h) Successor Administrative Agent. The Administrative Agent may
resign at any time, effective upon the appointment and acceptance of a successor Administrative Agent as provided below, by giving at least thirty (30) days’ written notice thereof to each Lender Agent and the Borrower and may be removed
at any time with cause by the Lender Agents acting jointly. Upon any such resignation or removal, the Lender Agents acting jointly shall appoint a successor Administrative Agent; provided that, so long as no Unmatured Event of Default, Event
of Default, Unmatured Facility Amortization Event or Facility Amortization Event has occurred and is continuing, the appointment of a successor Administrative Agent shall require the consent of the Borrower (such consent not to be unreasonably
withheld or delayed). Each Lender Agent agrees that it shall not unreasonably withhold or delay its approval of the appointment of a successor Administrative Agent. If no such successor Administrative Agent shall have been so appointed, and shall
have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation or the removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf of the Secured
Parties, appoint a successor Administrative Agent which successor Administrative Agent shall be either (i) a commercial bank organized under the laws of the United States or of any state thereof and have a combined capital and surplus of at
least $50,000,000 or (ii) an Affiliate of such a bank. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become
vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative
Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article IX shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under
this Agreement. 

  
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 (i) Succession of Administrative Agent upon Payment of Obligations. Upon payment in full
of the Obligations due and payable to the Administrative Agent, the successor Administrative Agent shall, without further action, succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent,
and Capital One shall be discharged from its duties and obligations as Administrative Agent under this Agreement and the other Transaction Documents. If no such successor Administrative Agent shall have been so appointed, and shall have accepted
such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation or the removal of the retiring Administrative Agent, then the retiring Administrative Agent may appoint a successor Administrative Agent
which successor Administrative Agent shall be either (i) a commercial bank organized under the laws of the United States or of any state thereof and have a combined capital and surplus of at least $50,000,000 or (ii) an Affiliate of such a
bank. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties
of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s resignation or removal hereunder as Administrative
Agent, the provisions of this Article IX shall continue to inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 

(j) Payments by the Administrative Agent. Unless specifically allocated to a specific Lender Agent pursuant to the terms of this
Agreement, all amounts received by the Administrative Agent on behalf of the Lender Agents shall be paid by the Administrative Agent to the Lender Agents in accordance with their related Lender’s respective Pro Rata Shares in the applicable
Advances Outstanding, or if there are no Advances Outstanding in accordance with their related Lender’s most recent Commitments, on the Business Day received by the Administrative Agent, unless such amounts are received after 12:00 noon on such
Business Day, in which case the Administrative Agent shall use its reasonable efforts to pay such amounts to each Lender Agent on such Business Day, but, in any event, shall pay such amounts to such Lender Agent not later than the following Business
Day. 
 (k) Platform. The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Syndicate
Communications available to the Lenders by posting such Syndicate Communications on DebtdomainTM, IntraLinks, Syndtrak or a substantially similar electronic transmission system (collectively, the “Platform”). The Platform is
provided by the Administrative Agent “as is” and “as available”. The Agent Parties (as defined below) do not warrant the accuracy or completeness of the Syndicate Communications or the adequacy of the Platform and expressly
disclaim liability for errors or omissions in the Syndicate Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of
third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Syndicate Communications or the Platform. In no event shall the Administrative Agent or any of its Affiliates (collectively, the
“Agent Parties”) have any liability 

  
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to the Borrower, any Lenders or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s or
any Agent Party’s transmission or posting of Obligor materials through the Platform or via email, except to the extent such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to Borrower, any Lender or any other Person for
indirect, incidental, consequential or punitive damages (as opposed to direct or actual damages). 
 Section 9.02 The Lender
Agents. 
 (a) Authorization and Action. Each Lender, respectively, hereby designates and appoints its applicable Lender Agent to
act as its agent hereunder and under each other Transaction Document, and authorizes such Lender Agent to take such actions as agent on its behalf and to exercise such powers as are delegated to such Lender Agent by the terms of this Agreement and
the other Transaction Documents, together with such powers as are reasonably incidental thereto. No Lender Agent shall have any duties or responsibilities, except those expressly set forth herein or in any other Transaction Document, or any
fiduciary relationship with its related Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities on the part of such Lender Agent shall be read into this Agreement or any other Transaction Document or
otherwise exist for such Lender Agent. In performing its functions and duties hereunder and under the other Transaction Documents, each Lender Agent shall act solely as agent for its related Lender and does not assume nor shall be deemed to have
assumed any obligation or relationship of trust or agency with or for the Borrower or the Borrower Advisors or any of the Borrower’s or the Borrower Advisor’s successors or assigns. No Lender Agent shall be required to take any action that
exposes such Lender Agent to personal liability or that is contrary to this Agreement, any other Transaction Document or Applicable Law. The appointment and authority of each Lender Agent hereunder shall terminate upon the indefeasible payment in
full of all Obligations. Each Lender Agent hereby authorizes the Administrative Agent to file any UCC financing statement deemed necessary by the Administrative Agent on behalf of such Lender Agent (the terms of which shall be binding on such Lender
Agent). 
 (b) Delegation of Duties. Each Lender Agent may execute any of its duties under this Agreement and each other Transaction
Document by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. No Lender Agent shall be
responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 

(c) Exculpatory Provisions. Neither any Lender Agent nor any of its directors, officers, agents or employees shall be (i) liable
for any action lawfully taken or omitted to be taken by it or them under or in connection with this Agreement or any other Transaction Document (except for its, their or such Person’s own gross negligence or willful misconduct), or
(ii) responsible in any manner to its related Lender for any recitals, statements, representations or warranties made by the Borrower or the Borrower Advisors contained in Article IV, any other Transaction Document or any
certificate, report, statement or other document referred to or provided for in, or received under or in connection with, this Agreement or any other Transaction Document, or for the value, validity, effectiveness, genuineness, enforceability or
sufficiency of 

  
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this Agreement, any other Transaction Document or any other document furnished in connection herewith or therewith, or for any failure of the Borrower or any Borrower Advisor to perform its
obligations hereunder or thereunder, or for the satisfaction of any condition specified in this Agreement, or for the perfection, priority, condition, value or sufficiency of any collateral pledged in connection herewith. No Lender Agent shall be
under any obligation to its related Lender to ascertain or to inquire as to the observance or performance of any of the agreements or covenants contained in, or conditions of, this Agreement or any other Transaction Document, or to inspect the
properties, books or records of the Borrower or the Borrower Advisors. No Lender Agent shall be deemed to have knowledge of any Facility Amortization Event, Event of Default or Unmatured Event of Default unless such Lender Agent has received notice
from the Borrower or its related Lender. 
 (d) Reliance by Lender Agent. Each Lender Agent shall in all cases be entitled to rely,
and shall be fully protected in relying, upon any document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including,
without limitation, counsel to the Borrower), independent accountants and other experts selected by such Lender Agent. Each Lender Agent shall in all cases be fully justified in failing or refusing to take any action under this Agreement or any
other Transaction Document unless it shall first receive such advice or concurrence of its related Lender as it deems appropriate and it shall first be indemnified to its satisfaction by its related Lender; provided that, unless and until
such Lender Agent shall have received such advice, such Lender Agent may take or refrain from taking any action, as the Lender Agent shall deem advisable and in the best interests of its related Lender. Each Lender Agent shall in all cases be fully
protected in acting, or in refraining from acting, in accordance with a request of its related Lender, and such request and any action taken or failure to act pursuant thereto shall be binding upon its related Lender. 

(e) Non-Reliance on Lender Agent. Each Lender expressly acknowledges that neither its related
Lender Agent, nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that no act by
such Lender Agent hereafter taken, including, without limitation, any review of the affairs of the Borrower or the Borrower Advisors, shall be deemed to constitute any representation or warranty by such Lender Agent. Each Lender represents and
warrants to its related Lender Agent that it has and will, independently and without reliance upon its related Lender Agent, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into
the business, operations, property, prospects, financial and other conditions and creditworthiness of the Borrower and made its own decision to enter into this Agreement, the other Transaction Documents and all other documents related hereto or
thereto. 
 (f) Lender Agents are in their Respective Individual Capacities. Each Lender Agent and its Affiliates may make loans to,
accept deposits from and generally engage in any kind of business with the Borrower or any Affiliate of the Borrower as though such Lender Agent were not a Lender Agent hereunder. With respect to Advances pursuant to this Agreement, each Lender
Agent shall have the same rights and powers under this Agreement in its individual capacity as any Lender and may exercise the same as though it were not a Lender Agent, and the terms “Lender,” and “Lenders,” shall include the
Lender Agent in its individual capacity. 
 (g) Successor Lender Agent. Each Lender Agent may, upon five days’ notice to the
Borrower and its related Lender, and such Lender Agent will, upon the direction of its related Lender resign as the Lender Agent for such Lender. If any Lender Agent shall resign, then its related Lender during such five day period shall appoint a
successor agent. If for any reason no successor agent is appointed by such Lender during such five day period, then effective upon the termination of such five day period, and the Borrower shall make all payments in respect of the Obligations due to
such Lender directly to such Lender, and for all purposes shall deal directly with such Lender. After any retiring Lender Agent’s resignation hereunder as a Lender Agent, the provisions of Articles VIII and IX shall inure to
its benefit with respect to any actions taken or omitted to be taken by it while it was a Lender Agent under this Agreement. 

  
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 Section 9.03 Non-Receipt of Funds by the Administrative Agent 

Unless the Administrative Agent shall have been notified in writing by a Lender prior to the date an Advance is to be made by such Lender
(which notice shall be effective upon receipt) that such Lender does not intend to make its portion of such Advance available to the Administrative Agent, the Administrative Agent shall assume that such Lender has made such proceeds available to the
Administrative Agent on such date, and the Administrative Agent may in reliance upon such assumption (but shall not be required to) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made
available to the Administrative Agent by such Lender, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative
Agent’s demand therefor, the Administrative Agent will promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover
interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent,
without duplication, from either the Borrower or such Lender at a per annum rate equal to the then-applicable Yield Rate. A certificate of the Administrative Agent submitted to the Borrower or any Lender with respect to any amount owing under this
Section 9.03 shall be conclusive in the absence of manifest error. 
 ARTICLE X. 

COLLATERAL AGENT 

Section 10.01 Designation of Collateral Agent. 

(a) Initial Collateral Agent. Each of the Borrower, the Lender Agents and the Administrative Agent hereby designate and appoint the
Collateral Agent to act as its agent for the purposes of perfection of a security interest in the Collateral Portfolio and hereby authorizes the Collateral Agent to take such actions on its behalf and on behalf of each of the Secured Parties and to
exercise such powers and perform such duties as are expressly granted to the Collateral Agent by this Agreement. The Collateral Agent hereby accepts such agency appointment to act as Collateral Agent pursuant to the terms of this Agreement, until
its resignation or removal as Collateral Agent pursuant to the terms hereof. 

  
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 (b) Successor Collateral Agent. Upon the Collateral Agent’s receipt of a Collateral
Agent Termination Notice from the Administrative Agent of the designation of a successor Collateral Agent pursuant to the provisions of Section 10.05, the Collateral Agent agrees that it will terminate its activities as Collateral Agent
hereunder. 
 (c) Secured Party. The Administrative Agent, the Lender Agents and the Lenders hereby appoint Wells Fargo, in its
capacity as Collateral Agent hereunder, as their agent for the purposes of perfection of a security interest in the Collateral Portfolio. Wells Fargo, in its capacity as Collateral Agent hereunder, hereby accepts such appointment and agrees to
perform the duties set forth in Section 10.02(b). 
 Section 10.02 Duties of Collateral Agent. 

(a) Appointment. The Borrower, the Lender Agents and the Administrative Agent each hereby appoints Wells Fargo to act as Collateral
Agent, for the benefit of the Secured Parties. The Collateral Agent hereby accepts such appointment and agrees to perform the duties and obligations with respect thereto set forth herein. 

(b) Duties. On or before the initial Advance Date, and until its removal pursuant to Section 10.05, the Collateral Agent
shall perform, on behalf of the Secured Parties, the following duties and obligations: 
 (i) the Collateral Agent shall re-calculate (based solely on information provided to the Collateral Agent by the Collateral Manager) amounts to be remitted pursuant to Section 2.04 to the applicable parties and notify the Collateral
Manager and the Administrative Agent in the event of any discrepancy between the Collateral Agent’s calculations and the Collateral Management Report (such dispute to be resolved in accordance with Section 2.05); 

(ii) the Collateral Agent shall make payments pursuant to the terms of the Collateral Management Report or as otherwise
directed in accordance with Section 2.04 or 2.05 (the “Payment Duties”); 
 (iii) the
Collateral Agent shall provide to the Borrower and the Collateral Manager a copy of all written notices and communications identified as being sent to it in connection with the Loans and the other Collateral Portfolio held hereunder which it
receives from the related Obligor, participating bank and/or agent bank; 
 (iv) the Collateral Agent shall assist and
reasonably cooperate with the independent certified public accountants in the preparation of those reports required under Section 6.09; and 

(v) the Collateral Agent shall provide the Borrower and the Collateral Manager with such other information as may be reasonably
requested by the Borrower or the Collateral Manager. 
 (c) (i) The Administrative Agent, each Lender Agent and each Secured Party further
authorizes the Collateral Agent to take such action as agent on its behalf and to 

  
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exercise such powers under this Agreement and the other Transaction Documents as are expressly delegated to the Collateral Agent by the terms hereof and thereof, together with such powers as are
reasonably incidental thereto. In furtherance, and without limiting the generality of the foregoing, each Secured Party hereby appoints the Collateral Agent (acting at the direction of the Administrative Agent) as its agent to execute and deliver
all further instruments and documents, and take all further action that the Administrative Agent deems or the Required Lenders deem necessary or desirable in order to perfect, protect or more fully evidence the security interests granted by the
Borrower hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including, without limitation, the execution by the Collateral Agent as secured party/assignee of such financing or continuation
statements, or amendments thereto or assignments thereof, relative to all or any of the Loans now existing or hereafter arising, and such other instruments or notices, as may be necessary or appropriate for the purposes stated hereinabove. Nothing
in this Section 10.02(c) shall be deemed to relieve the Borrower or any Borrower Advisor of their respective obligations to protect the interest of the Collateral Agent (for the benefit of the Secured Parties) in the Collateral
Portfolio, including to file, or authorize the filing of, financing and continuation statements in respect of the Collateral Portfolio in accordance with Section 5.01(t). 

(ii) The Administrative Agent may direct the Collateral Agent to take any such incidental action hereunder. With respect to
other actions which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from
acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Administrative Agent; provided that the Collateral Agent shall not be required to take any action hereunder at the request of the
Administrative Agent, any Secured Party or otherwise if the taking of such action, in the reasonable determination of the Collateral Agent, (x) shall be in violation of any Applicable Law or contrary to any provisions of this Agreement or
(y) shall expose the Collateral Agent to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Agent requests the consent of the
Administrative Agent and the Collateral Agent does not receive a consent (either positive or negative) from the Administrative Agent within 10 Business Days of its receipt of such request, then the Administrative Agent shall be deemed to have
declined to consent to the relevant action. 
 (iii) Except as expressly provided herein, the Collateral Agent shall not be
under any duty or obligation to take any affirmative action to exercise or enforce any power, right or remedy available to it under this Agreement (x) unless and until (and to the extent) expressly so directed by the Administrative Agent or
(y) prior to the Facility Maturity Date (and upon such occurrence, the Collateral Agent shall act in accordance with the written instructions of the Administrative Agent pursuant to clause (x)). The Collateral Agent shall not be liable for
any action taken, suffered or omitted by it in accordance with the request or direction of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Agent, or the Administrative Agent. The
Collateral Agent shall not be deemed to have notice or knowledge of any matter hereunder, including an Event of Default, unless an Authorized Person of the Collateral Agent has actual knowledge of such matter or written notice thereof is received by
the Collateral Agent. 

  
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 (d) If, in performing its duties under this Agreement, the Collateral Agent is required to decide
between alternative courses of action, the Collateral Agent may request written instructions from the Administrative Agent as to the course of action desired by it. If the Collateral Agent does not receive such instructions within two
(2) Business Days after it has requested them, the Collateral Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance with instructions received after such
two (2) Business Day period except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions. The Collateral Agent shall be entitled to rely on the advice of legal counsel and
independent accountants in performing its duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice. 

(e) Concurrently herewith, the Administrative Agent directs the Collateral Agent and the Collateral Agent is authorized to enter into the
Securities Account Control Agreement. For the avoidance of doubt, all of the Collateral Agent’s rights, protections and immunities provided herein shall apply to the Collateral Agent for any actions taken or omitted to be taken under the
Securities Account Control Agreement in such capacity. 
 Section 10.03 Merger or Consolidation. 

Any Person (i) into which the Collateral Agent may be merged or consolidated, (ii) that may result from any merger or consolidation
to which the Collateral Agent shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Agent substantially as a whole, which Person in any of the foregoing cases executes an agreement of assumption to perform
every obligation of the Collateral Agent hereunder, shall be the successor to the Collateral Agent under this Agreement without further act of any of the parties to this Agreement. 

Section 10.04 Collateral Agent Compensation. 

As compensation for its Collateral Agent activities hereunder, the Collateral Agent shall be entitled to the Collateral Agent Fees and
Collateral Agent Expenses from the Borrower as set forth in the Wells Fargo Corporate Trust Fee Letter, payable to the extent of funds available therefor pursuant to the provisions of Section 2.04. The Collateral Agent’s entitlement
to receive the Collateral Agent Fees shall cease (excluding any unpaid outstanding amounts as of that date) on the earliest to occur of: (i) its removal as Collateral Agent pursuant to Section 10.05, (ii) its resignation as
Collateral Agent pursuant to Section 10.07 or (iii) the termination of this Agreement. 
 Section 10.05 Collateral
Agent Removal. 
 The Collateral Agent may be removed, with or without cause, by the Administrative Agent by thirty (30) days’
notice given in writing to the Collateral Agent (the “Collateral Agent Termination Notice”); provided, notwithstanding its receipt of a Collateral Agent Termination Notice, the Collateral Agent shall continue to act in such
capacity until a 

  
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successor Collateral Agent has been appointed and has agreed to act as Collateral Agent hereunder; provided that the Collateral Agent shall continue to receive compensation of its fees and
expenses in accordance with Section 10.04 above while so serving as the Collateral Agent prior to a successor Collateral Agent being appointed. 

Section 10.06 Limitation on Liability. 

(a) The Collateral Agent may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice,
letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Agent may rely conclusively on and shall be fully protected in
acting upon (a) the written (including electronic) instructions of any designated officer of the Administrative Agent or (b) the verbal instructions of the Administrative Agent. 

(b) The Collateral Agent may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(c) The Collateral Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith, or
for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct or grossly negligent performance or omission of its duties. 

(d) The Collateral Agent makes no warranty or representation and shall have no responsibility (except as expressly set forth in this
Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral Portfolio, and will not be required to and will not make any representations as to the validity or
value (except as expressly set forth in this Agreement) of any of the Collateral Portfolio. The Collateral Agent shall not be obligated to take any legal action hereunder that might in its judgment involve any expense or liability unless it has been
furnished with an indemnity reasonably satisfactory to it. 
 (e) The Collateral Agent shall have no duties or responsibilities except such
duties and responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Agent. 

(f) The Collateral Agent shall not be required to expend or risk its own funds in the performance of its duties hereunder. 

(g) It is expressly agreed and acknowledged that the Collateral Agent is not guaranteeing performance of or assuming any liability for the
obligations of the other parties hereto or any parties to the Collateral Portfolio. 
 (h) Subject in all cases to the last sentence of
Section 2.05, in case any reasonable question arises as to its duties hereunder, the Collateral Agent may, prior to the occurrence of an Event of Default or the Facility Maturity Date, request instructions from the Borrower Advisors and
may, after the occurrence of an Event of Default or the Facility Maturity 

  
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Date, request instructions from the Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions from any Borrower Advisor or the
Administrative Agent, as applicable. The Collateral Agent shall in all events have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Administrative Agent. In no event shall the Collateral Agent
be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of
the form of action. 
 (i) The Collateral Agent shall not be liable for the acts or omissions of the Collateral Custodian under this
Agreement and shall not be required to monitor the performance of the Collateral Custodian. Notwithstanding anything herein to the contrary, the Collateral Agent shall have no duty to perform any of the duties of the Collateral Custodian under this
Agreement. 
 (j) In no event shall the Collateral Agent be liable for any failure or delay in the performance of its obligations hereunder
because of circumstances beyond its control including but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action (including any laws, ordinances, regulations) or the like that
delay, restrict or prohibit the providing of services by the Collateral Agent as contemplated by this Agreement. 
 Section 10.07
Collateral Agent Resignation. 
 The Collateral Agent may resign at any time by giving not less than 60 days written notice thereof
to the Administrative Agent and with the consent of the Administrative Agent, which consent shall not be unreasonably withheld. Upon receiving such notice of resignation, the Administrative Agent shall promptly appoint a successor collateral agent
or collateral agents (provided that, so long as no Unmatured Event of Default, Event of Default, Unmatured Facility Amortization Event or Facility Amortization Event has occurred and is continuing, the appointment of a successor collateral agent or
collateral agents shall require the consent of the Borrower (such consent not to be unreasonably withheld or delayed)) by written instrument, in duplicate, executed by the Administrative Agent, one copy of which shall be delivered to the Collateral
Agent so resigning and one copy to the successor collateral agent or collateral agents, together with a copy to the Borrower, the Borrower Advisors and Collateral Custodian. If no successor collateral agent shall have been appointed and an
instrument of acceptance by a successor Collateral Agent shall not have been delivered to the Collateral Agent within 45 days after the giving of such notice of resignation, the resigning Collateral Agent may petition any court of competent
jurisdiction for the appointment of a successor Collateral Agent. Notwithstanding anything herein to the contrary, the Collateral Agent may not resign prior to a successor Collateral Agent being appointed. 

  
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 ARTICLE XI. 

COLLATERAL CUSTODIAN 

Section 11.01 Designation of Collateral Custodian. 

(a) Initial Collateral Custodian. The role of Collateral Custodian with respect to the Required Loan Documents shall be conducted by
the Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 11.01. Each of the Borrower, the Lender Agents and the Administrative Agent hereby designate and appoint the Collateral Custodian
to act as its agent and hereby authorizes the Collateral Custodian to take such actions on its behalf and to exercise such powers and perform such duties as are expressly granted to the Collateral Custodian by this Agreement. The Collateral
Custodian hereby accepts such agency appointment to act as Collateral Custodian pursuant to the terms of this Agreement, until its resignation or removal as Collateral Custodian pursuant to the terms hereof. 

(b) Successor Collateral Custodian. Upon the Collateral Custodian’s receipt of a Collateral Custodian Termination Notice from the
Administrative Agent of the designation of a successor Collateral Custodian pursuant to the provisions of Section 11.05, the Collateral Custodian agrees that it will terminate its activities as Collateral Custodian hereunder. 

Section 11.02 Duties of Collateral Custodian. 

(a) Appointment. The Borrower, the Lender Agents and the Administrative Agent each hereby appoints Wells Fargo to act as Collateral
Custodian, for the benefit of the Secured Parties. The Collateral Custodian hereby accepts such appointment and agrees to perform the duties and obligations with respect thereto set forth herein. 

(b) Duties. From the Closing Date until its removal pursuant to Section 11.05, the Collateral Custodian shall perform, on
behalf of the Secured Parties, the following duties and obligations: 
 (i) The Collateral Custodian shall take and retain
custody of the Required Loan Documents delivered by the Borrower pursuant to Section 3.02 in accordance with the terms and conditions of this Agreement, all for the benefit of the Secured Parties. Within five (5) Business Days of
its receipt of any Required Loan Documents, the related Loan Tape and a hard copy of the Loan Checklist, the Collateral Custodian shall review the Required Loan Documents to confirm that (A) such Required Loan Documents have been executed
(either an original or a copy, as indicated on the Loan Checklist) and have no mutilated pages, (B) filed stamped copies of the UCC and other filings (to the extent required by the Required Loan Documents) are included, (C) if listed on
the Loan Checklist, a copy of an Insurance Policy with respect to any real or personal property constituting the Underlying Collateral is included, and (D) the related original balance (based on a comparison to the note or assignment agreement,
as applicable), Loan number and Obligor name, as applicable, with respect to such Loan is referenced on the related Loan Tape (such items (A) through (D) collectively, the “Review Criteria”). Notwithstanding anything
herein to the contrary, the Collateral Custodian’s obligation to 

  
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review the Required Loan Documents shall be limited to reviewing such Required Loan Documents based on the information provided on the Loan Checklist. If, at the conclusion of such review, the
Collateral Custodian shall determine that (i) the original balance of the Loan with respect to which it has received Required Loan Documents is less than as set forth on the Loan Tape, the Collateral Custodian shall notify the Administrative
Agent and the Borrower and the Borrower Advisors of such discrepancy within one Business Day, or (ii) any Review Criteria is not satisfied, the Collateral Custodian shall within one Business Day notify the Borrower and the Borrower Advisors of
such determination and provide the Borrower and the Borrower Advisors with a list of the non-complying Loans and the applicable Review Criteria that they fail to satisfy. The Borrower shall have five
(5) Business Days after notice or knowledge thereof to correct any non-compliance with any Review Criteria. In addition, if requested in writing (in the form of Exhibit L) by the Borrower and
approved by the Administrative Agent within 10 Business Days of the Collateral Custodian’s delivery of such report, the Collateral Custodian shall return any Loan which fails to satisfy a Review Criteria to the Borrower. Other than the
foregoing, the Collateral Custodian shall not have any responsibility for reviewing any Required Loan Documents. Notwithstanding anything to the contrary contained herein, the Collateral Custodian shall have no duty or obligation with respect to any
technical problems that may occur in connection with the electronic delivery of any Loan Checklist. 
 (ii) In taking and
retaining custody of the Required Loan Documents, the Collateral Custodian shall be deemed to be acting as the agent of the Secured Parties; provided that the Collateral Custodian makes no representations as to the existence, perfection or
priority of any Lien on the Required Loan Documents or the instruments therein; and provided, further, that, the Collateral Custodian’s duties shall be limited to those expressly contemplated herein. 

(iii) All Required Loan Documents shall be kept in fire resistant vaults, rooms or cabinets at the locations specified on the
address of the Collateral Custodian set forth on Annex A to this Agreement, or at such other office as shall be specified to the Administrative Agent and the Borrower by the Collateral Custodian in a written notice delivered at least 30
days prior to such change. All Required Loan Documents shall be placed together with an appropriate identifying label and maintained in such a manner so as to permit retrieval and access. The Collateral Custodian shall segregate the Required Loan
Documents on its inventory system and will not commingle the physical Required Loan Documents with any other files of the Collateral Custodian other than those, if any, relating to the Borrower and its Affiliates and Subsidiaries; provided,
however, the Collateral Custodian shall segregate any commingled files upon written request of the Administrative Agent and the Borrower. 

(iv) On each Reporting Date, the Collateral Custodian shall provide a written report to the Administrative Agent and the
Borrower and the Borrower Advisors (in a form mutually agreeable to the Administrative Agent and the Collateral Custodian) identifying each Loan for which it holds Required Loan Documents and the applicable Review Criteria that any Loan fails to
satisfy. 

  
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 (c) (i) The Collateral Custodian agrees to cooperate with the Administrative Agent and the
Collateral Agent and deliver any Required Loan Documents to the Collateral Agent or Administrative Agent (pursuant to a written request in the form of Exhibit L), as applicable, as requested in order to take any action that the Administrative
Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security interests granted by the Borrower hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder, including any
rights arising with respect to Article VII. In the event the Collateral Custodian receives instructions from the Collateral Agent, any Borrower Advisors or the Borrower which conflict with any instructions received by the Administrative
Agent, the Collateral Custodian shall rely on and follow the instructions given by the Administrative Agent. 
 (ii) The
Administrative Agent may direct the Collateral Custodian to take any such incidental action hereunder. With respect to other actions which are incidental to the actions specifically delegated to the Collateral Custodian hereunder, the Collateral
Custodian shall not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully protected in acting or refraining from acting) upon the direction of the Administrative Agent;
provided that the Collateral Custodian shall not be required to take any action hereunder at the request of the Administrative Agent, any Secured Party or otherwise if the taking of such action, in the reasonable determination of the
Collateral Custodian, (x) shall be in violation of any Applicable Law or contrary to any provisions of this Agreement or (y) shall expose the Collateral Custodian to liability hereunder or otherwise (unless it has received indemnity which
it reasonably deems to be satisfactory with respect thereto). In the event the Collateral Custodian requests the consent of the Administrative Agent and the Collateral Custodian does not receive a consent (either positive or negative) from the
Administrative Agent within 10 Business Days of its receipt of such request, then the Administrative Agent shall be deemed to have declined to consent to the relevant action. 

(iii) The Collateral Custodian shall not be liable for any action taken, suffered or omitted by it in accordance with the
request or direction of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Custodian, or the Administrative Agent. The Collateral Custodian shall not be deemed to have notice or
knowledge of any matter hereunder, including an Event of Default, unless an Authorized Person of the Collateral Custodian has actual knowledge of such matter or written notice thereof is received by the Collateral Custodian. 

Section 11.03 Merger or Consolidation. 

Any Person (i) into which the Collateral Custodian may be merged or consolidated, (ii) that may result from any merger or
consolidation to which the Collateral Custodian shall be a party, or (iii) that may succeed to the properties and assets of the Collateral Custodian substantially as a whole, which Person in any of the foregoing cases executes an agreement of
assumption to perform every obligation of the Collateral Custodian hereunder, shall be the successor to the Collateral Custodian under this Agreement without further act of any of the parties to this Agreement. 

  
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 Section 11.04 Collateral Custodian Compensation. 

As compensation for its Collateral Custodian activities hereunder, the Collateral Custodian shall be entitled to the Collateral Custodian Fees
from the Borrower as set forth in the Wells Fargo Corporate Trust Fee Letter, payable pursuant to the extent of funds available therefor pursuant to the provisions of Section 2.04. The Collateral Custodian’s entitlement to receive
the Collateral Custodian Fees shall cease (excluding any unpaid outstanding amounts as of that date) on the earlier to occur of: (i) its removal as Collateral Custodian pursuant to Section 11.05, (ii) its resignation as
Collateral Custodian pursuant to Section 11.07 of this Agreement or (iii) the termination of this Agreement. 

Section 11.05 Collateral Custodian Removal. 

The Collateral Custodian may be removed, with or without cause, by the Administrative Agent by thirty (30) days’ notice given in
writing to the Collateral Custodian (the “Collateral Custodian Termination Notice”); provided, notwithstanding its receipt of a Collateral Custodian Termination Notice, the Collateral Custodian shall continue to act in such
capacity until a successor Collateral Custodian acceptable to the Borrower has been appointed, has agreed to act as Collateral Custodian hereunder, and has received all Required Loan Documents held by the Collateral Custodian being removed. 

Section 11.06 Limitation on Liability. 

(a) The Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion,
notice, letter, telegram or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully
protected in acting upon (a) the written (including electronic) instructions of any designated officer of the Administrative Agent or (b) the verbal instructions of the Administrative Agent. 

(b) The Collateral Custodian may consult counsel satisfactory to it and the advice or opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(c) The Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith,
or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case of its willful misconduct or grossly negligent performance or omission of its duties. 

(d) The Collateral Custodian makes no warranty or representation and shall have no responsibility (except as expressly set forth in this
Agreement) as to the content, enforceability, completeness, validity, sufficiency, value, genuineness, ownership or transferability of the Collateral Portfolio, and will not be required to and will not make any representations as to the validity or
value (except as expressly set forth in this Agreement) of any of the Collateral Portfolio. The Collateral Custodian shall not be obligated to take any legal action hereunder that might in its judgment involve any expense or liability unless it has
been furnished with an indemnity reasonably satisfactory to it. 

  
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 (e) The Collateral Custodian shall have no duties or responsibilities except such duties and
responsibilities as are specifically set forth in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Custodian. 

(f) The Collateral Custodian shall not be required to expend or risk its own funds in the performance of its duties hereunder. 

(g) It is expressly agreed and acknowledged that the Collateral Custodian is not guaranteeing performance of or assuming any liability for the
obligations of the other parties hereto or any parties to the Collateral Portfolio. 
 (h) Subject in all cases to the last sentence of
Section 11.02(c)(i), in case any reasonable question arises as to its duties hereunder, the Collateral Custodian may, prior to the occurrence of an Event of Default or the Facility Maturity Date, request instructions from the Borrower
Advisors and may, after the occurrence of an Event of Default or the Facility Maturity Date, request instructions from the Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions
from the Borrower Advisors or the Administrative Agent, as applicable. The Collateral Custodian shall in all events have no liability, risk or cost for any action taken pursuant to and in compliance with the instruction of the Administrative Agent.
In no event shall the Collateral Custodian be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Collateral Custodian has been advised of the
likelihood of such loss or damage and regardless of the form of action. 
 (i) In no event shall the Collateral Custodian be liable for any
failure or delay in the performance of its obligations hereunder because of circumstances beyond its control including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action
(including any laws, ordinances, regulations) or the like that delay, restrict or prohibit the providing of services by the Collateral Custodian as contemplated by this Agreement. 

Section 11.07 Collateral Custodian Resignation. 

Collateral Custodian may resign and be discharged from its duties or obligations hereunder, not earlier than 60 days after delivery to the
Administrative Agent of written notice of such resignation specifying a date when such resignation shall take effect. Upon the effective date of such resignation, or if the Administrative Agent gives Collateral Custodian written notice of an earlier
termination hereof, Collateral Custodian shall (i) be reimbursed for any costs and expenses Collateral Custodian shall incur in connection with the termination of its duties under this Agreement and (ii) deliver all of the Required Loan
Documents in the possession of Collateral Custodian to the Administrative Agent or to such Person as the Administrative Agent may designate to Collateral Custodian in writing upon the receipt of a request in the form of Exhibit L;
provided that the Borrower shall consent to any successor Collateral Custodian appointed by the Administrative Agent (such consent not to be unreasonably withheld). If no 

  
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successor Collateral Custodian shall have been appointed and an instrument of acceptance by a successor Collateral Custodian shall not have been delivered to the Collateral Custodian within 90
days after the giving of such notice of resignation, the resigning Collateral Custodian may petition any court of competent jurisdiction for the appointment of a successor Collateral Custodian. Notwithstanding anything herein to the contrary, the
Collateral Custodian may not resign prior to a successor Collateral Custodian being appointed. 
 Section 11.08 Release of
Documents. 
 (a) Release for Servicing. From time to time and as appropriate for the enforcement or servicing of any of the
Collateral Portfolio, the Collateral Custodian is hereby authorized (unless and until such authorization is revoked by the Administrative Agent), upon written receipt from the Borrower (or the Collateral Manager on its behalf) of a request for
release of documents and receipt in the form annexed hereto as Exhibit L, to release to the Borrower (or the Collateral Manager on its behalf) within two (2) Business Days of receipt of such request, the related Required Loan Documents
or the documents set forth in such request and receipt to such Person. All documents so released shall be held by the Borrower (or the Collateral Manager on its behalf) in trust for the benefit of the Collateral Agent, on behalf of the Secured
Parties in accordance with the terms of this Agreement. The Borrower (or the Collateral Manager on its behalf) shall return to the Collateral Custodian the Required Loan Documents or other such documents (i) promptly upon the request of the
Administrative Agent, or (ii) when the Borrower’s need therefor in connection with such foreclosure or servicing no longer exists, unless the Loan shall be liquidated, in which case, the Borrower (or the Collateral Manager on its behalf)
shall deliver an additional request for release of documents to the Collateral Custodian and receipt certifying such liquidation from the Borrower (or the Collateral Manager on its behalf) to the Collateral Custodian, all in the form annexed hereto
as Exhibit L. 
 (b) Limitation on Release. The foregoing provision with respect to the release to the Borrower (or the
Collateral Manager on its behalf) of the Required Loan Documents and documents by the Collateral Custodian upon request by such Person shall be operative until revoked by the Administrative Agent; provided, that at no time shall the Required
Loan Documents with respect to more than 10 Loans be on release pursuant to this Section 11.08 without the prior written consent of the Administrative Agent. The Administrative Agent may revoke such authority if an Event of Default or a
Facility Amortization Event has occurred. Promptly after delivery to the Collateral Custodian of any request for release of documents, the Borrower (or the Collateral Manager on its behalf) shall provide notice of the same to the Administrative
Agent. Any additional Required Loan Documents or documents requested to be released by the Borrower (or the Collateral Manager on its behalf) may be released only upon written authorization of the Administrative Agent. The limitations of this
paragraph shall not apply to the release of Required Loan Documents to the Collateral Manager pursuant to the immediately succeeding subsection. 

(c) Release for Payment. Upon receipt by the Collateral Custodian of the Borrower’s (or the Collateral Manager’s on its
behalf) request for release of documents and receipt in the form annexed hereto as Exhibit L (which certification shall include a statement to the effect that all amounts received in connection with such payment or repurchase have been
credited to the Collection Account as provided in this Agreement), the Collateral Custodian shall promptly release the related Required Loan Documents to such requesting Person. 

  
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 Section 11.09 Return of Required Loan Documents. 

The Borrower may, with the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld), require that the
Collateral Custodian return each Required Loan Document (a) delivered to the Collateral Custodian in error or (b) released from the Lien of the Collateral Agent hereunder pursuant to Section 2.15, in each case by submitting to
the Collateral Custodian and the Administrative Agent a written request in the form of Exhibit L hereto (signed by both the Borrower and the Administrative Agent) specifying the Required Loan Documents to be so returned and reciting that the
conditions to such release have been met (and specifying the Section or Sections of this Agreement being relied upon for such release). The Collateral Custodian shall upon its receipt of each such request for return executed by the Borrower and the
Administrative Agent promptly, but in any event within five (5) Business Days, return the Required Loan Documents so requested to the Borrower. 

Section 11.10 Access to Certain Documentation and Information Regarding the Collateral Portfolio; Due Diligence on the Borrower
Advisors. 
 The Collateral Custodian shall provide to the Administrative Agent and each Lender Agent access to the Required Loan
Documents and all other documentation regarding the Collateral Portfolio including in such cases where the Administrative Agent and each Lender Agent is required in connection with the enforcement of the rights or interests of the Secured Parties,
or by applicable statutes or regulations, to review such documentation, such access being afforded without charge but only (i) upon two (2) Business Days prior written request, (ii) during normal business hours and (iii) subject
to the Borrower Advisors’ and the Collateral Custodian’s normal security and confidentiality procedures. Prior to the Closing Date and periodically thereafter at the discretion of the Administrative Agent and each Lender Agent, the
Administrative Agent and each Lender Agent may review any Borrower Advisor’s collection and administration of the Collateral Portfolio in order to assess compliance by the Collateral Manager with the Collateral Management Standard, as well as
with this Agreement and may diligence the Collateral Portfolio, and Required Loan Documents in conjunction with such a review. Without limiting the foregoing provisions of this Section 11.10, from time to time on request of the
Administrative Agent, the Collateral Custodian shall permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct, at the expense of the Borrower, a review of the Required Loan Documents and all other
documentation regarding the Collateral Portfolio. The Borrower shall cause each Borrower Advisor to provide access to its records and other documentation to the Administrative Agent and each Lender Agent as contemplated by this
Section 11.10. 
 Section 11.11 Bailment. 

The Collateral Custodian agrees that, with respect to any Required Loan Documents at any time or times in its possession or held in its name,
the Collateral Custodian shall be the agent and bailee of the Collateral Agent, for the benefit of the Secured Parties, for purposes of perfecting (to the extent not otherwise perfected) the Collateral Agent’s security interest in the
Collateral Portfolio and for the purpose of ensuring that such security interest is entitled to first priority status under the UCC. 

  
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 ARTICLE XII. 

MISCELLANEOUS 

Section 12.01 Amendments and Waivers. 

Except as provided in this Section 12.01, no amendment, waiver or other modification of any provision of this Agreement shall be
effective without the written agreement of the Borrower, the Administrative Agent and the Required Lenders; provided, that no amendment, waiver or consent shall: 

(a) increase the Commitment of any Lender or the amount of Advances of any Lender, in any case, without the written consent of such Lender;

 (b) waive, extend or postpone any date fixed by this Agreement or any other Transaction Document for any payment or mandatory prepayment
of principal, interest, fees or other amounts due to the Lenders (or any of them) or any scheduled or mandatory reduction of the Commitment hereunder or under any other Transaction Document without the written consent of each Lender directly and
adversely affected thereby; 
 (c) reduce the principal of, or the Yield Rate on, any Advance or Obligation, or any fees or other amounts
payable hereunder or under any other Transaction Document without the written consent of each Lender directly and adversely affected thereby; 

(d) change Section 2.04 or any related definitions or provisions in a manner that would alter the order of application of proceeds
or would alter the pro rata sharing of payments required thereby, in each case, without the written consent of each Lender directly and adversely affected thereby; 

(e) change any provision of this Section or reduce the percentages specified in the definition of “Required Lenders,” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender directly affected
thereby; 
 (f) consent to the assignment or transfer by the Borrower or the Collateral Manager of such Person’s rights and obligations
under any Transaction Document to which it is a party (except as expressly permitted hereunder), in each case, without the written consent of each Lender; 

(g) release all or substantially all of the Collateral Portfolio or release any Transaction Document (other than as specifically permitted or
contemplated in this Agreement or the applicable Transaction Document) without the written consent of each Lender; 

  
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 (h) materially adversely affect the rights or obligations of the Collateral Agent, the Account
Bank or the Collateral Custodian without the written agreement of the Collateral Agent, the Account Bank or the Collateral Custodian, as applicable; 

(i) provide for any additional duties or obligations to be performed by the Hedge Counterparty or modify the rights of the Hedge Counterparty
hereunder in any manner materially adverse to the Hedge Counterparty without the written consent of the Hedge Counterparty; 
 provided
further, that (i) subject to the consent requirements of Section 12.04, any amendment of the Agreement that is solely for the purpose of adding a Lender may be effected without the written consent of the Borrower or any Lender,
(ii) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent, indirectly or directly affect the rights or duties of the Administrative Agent under this Agreement or any other Transaction Document,
(iii) any amendment of the Agreement that a Lender is advised by its legal or financial advisors to be necessary or desirable in order to avoid the consolidation of the Borrower with such Lender for accounting purposes may be effected without
the written consent of the Borrower or any other Lender, (iv) no amendment, waiver or consent shall, unless in writing and signed by the Conduit Lender, affect the obligations of the Conduit Lender under this Agreement or any other Transaction
Document and (v) the Administrative Agent and the Borrower shall be permitted to amend any provision of the Transaction Documents (and such amendment shall become effective without any further action or consent of any other party to any
Transaction Document) if the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature in any such provision. Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be increased or extended without the consent of such Lender. 

Section 12.02 Notices, Etc. All notices and other communications hereunder shall, unless otherwise stated herein, be in writing
(which shall include facsimile communication and communication by e-mail) and faxed, e-mailed or delivered, to each party hereto, at its address set forth on
Annex A to this Agreement or at such other address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective upon receipt, or in the case of
(a) notice by mail, five days after being deposited in the United States mail, first class postage prepaid, (b) notice by e-mail, when verbal or electronic communication of receipt is obtained, or
(c) notice by facsimile copy, when verbal communication of receipt is obtained. 
 Section 12.03 No Waiver; Remedies. No
failure on the part of the Administrative Agent, the Collateral Agent, any Lender or any Lender Agent to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any
right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by Applicable Law. 

  
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 Section 12.04 Binding Effect; Assignability; Multiple Lenders. 

(a) This Agreement shall be binding upon and inure to the benefit of the Borrower, the Administrative Agent, each Lender, the Lender Agents,
the Collateral Agent, the Account Bank, the Collateral Custodian and their respective successors and permitted assigns. With the written consent of the Administrative Agent (such consent not to be unreasonably withheld), each Lender and their
respective successors and assigns may assign, or grant a security interest or sell a participation interest in, (A) this Agreement and such Lender’s rights and obligations hereunder and interest herein in whole or in part (including by way
of the sale of participation interests therein) and/or (B) any Advance (or portion thereof) or any Variable Funding Note (or any portion thereof) to: 

(i) prior to the occurrence of an Event of Default: 

a. any Eligible Assignee with 90 days (or such shorter period as agreed to by the Borrower) prior written notice specifying the
name of such Eligible Assignee to the Borrower; 
 b. any Person with the prior written consent of the Borrower (such consent
not to be unreasonably withheld); 
 c. any Affiliate of such Lender with prior written notice to the Borrower; or 

d. any Person, if required by any change in Applicable Law with prior written notice to the Borrower; and 

(ii) after the occurrence and during the continuation of any Event of Default, any Person (other than any natural Person), with
prior written notice to the Borrower; 
 provided that, (y) any Conduit Lender shall not need prior consent to at any time
assign, or grant a security interest or sell a participation interest in, any Advance (or portion thereof) to a Liquidity Bank or any commercial paper conduit sponsored by a Liquidity Bank or an Affiliate of its related Lender Agent and (z) if
any Lender becomes a Defaulting Lender, unless such Lender shall have been deemed to no longer be a Defaulting Lender pursuant to Section 2.21(b), then the Administrative Agent shall have the right to cause such Defaulting Lender to
assign its entire interest in the Advances and this Agreement pursuant to this Section 12.04(a) to a transferee selected by the Administrative Agent. Any such assignee shall execute and deliver to the Borrower and the Administrative
Agent a fully-executed Transferee Letter substantially in the form of Exhibit M hereto (a “Transferee Letter”) and a fully-executed Joinder Supplement,
together with a processing and recordation fee of $3,500 payable to the Administrative Agent, such fee to paid by either the assigning Lender or the assignee Lender or shared between such Lenders. If the assignee was not previously a Lender
hereunder, such assignee shall deliver to the Administrative Agent an Administrative Questionnaire. The parties to any such assignment, grant or sale of a participation interest shall execute and deliver to the related Lender Agent for its
acceptance and recording in its books and records, such agreement or document as may be satisfactory to such parties and the applicable Lender Agent. The Borrower shall not (nor shall it permit the Seller, the Collateral Manager or the Equityholder
to) assign, or permit any Lien to exist upon, any of its rights or obligations hereunder or under any Transaction Document or any interest herein or in any Transaction Document without the prior written consent of each Lender Agent and the
Administrative Agent; 

  
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 provided, further that, following the occurrence and during the continuation of an
Event of Default, if any Lender (the “Selling Lender”) proposes to sell, assign or otherwise transfer all or any part of such Lender’s rights and obligations hereunder (its “Lender Interest”) to a Competitor,
such Lender must first make a written offer to sell its Lender Interest to the Equityholder. For five (5) Business Days after receipt of such written offer, the Equityholder shall have the right to elect to purchase all or any portion of such
Lender Interest at a price equal to all (or the applicable pro rata portion ) of the outstanding Obligations owing to such Lender. To exercise this right to purchase, the Equityholder shall give written notice to the selling Lender prior to
the expiration of such five (5) Business Day period. Upon the exercise of a right to purchase, the Equityholder shall pay the applicable purchase price for such Lender Interest within five (5) Business Days of Equityholder’s exercise
of the right to purchase; provided, however, that the pro rata share of the Commitment assigned to the Equityholder (together with its Affiliates) shall be disregarded in determining whether the consent or approval of the Lenders has
been obtained at any time. 
 (b) Notwithstanding any other provision of this Section 12.04, any Lender may at any time pledge
or grant a security interest in all or any portion of its rights (including, without limitation, rights to payment of principal and interest) under this Agreement to secure obligations of such Lender to a Federal Reserve Bank, without notice to or
consent of the Borrower or the Administrative Agent; provided that no such pledge or grant of a security interest shall release such Lender from any of its obligations hereunder, or substitute any such pledgee or grantee for such Lender as a
party hereto. 
 (c) Each Affected Party and each Indemnified Party shall be an express third party beneficiary of this Agreement. 

Section 12.05 Term of This Agreement. 

This Agreement, including, without limitation, the Borrower’s representations and covenants set forth in Articles IV and
V shall remain in full force and effect until the Collection Date; provided that the rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower pursuant to
Articles III and IV and the indemnification and payment provisions of Article VIII, IX and Article XII and the provisions of Section 2.09, Section 2.10,
Section 12.07, Section 12.08 and Section 12.09 shall be continuing and shall survive any termination of this Agreement. 

Section 12.06 GOVERNING LAW; JURY WAIVER. 

THIS AGREEMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE
OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF,
UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER. 

  
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 Section 12.07 Costs, Expenses and Taxes. 

(a) In addition to the rights of indemnification granted to the Collateral Agent, the Account Bank, the Administrative Agent, the Lenders, the
Lender Agents, the Collateral Custodian and their respective Affiliates under Sections 2.09, 2.10 and 8.01 hereof, the Borrower agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the Administrative Agent, the Lenders, the Lender Agents, the Collateral Agent, the Account Bank and the Collateral Custodian incurred in connection with the preparation,
execution, delivery, administration (including periodic auditing), syndication, renewal, amendment or modification of, any waiver or consent issued in connection with, this Agreement, the Transaction Documents and the other documents to be delivered
hereunder or in connection herewith, including, without limitation, the reasonable and documented expenses of counsel for the Administrative Agent, the Lenders, the Lender Agents, the Collateral Agent, the Account Bank and the Collateral Custodian
with respect thereto and with respect to advising the Administrative Agent, the Lenders, the Lender Agents, the Collateral Agent, the Account Bank and the Collateral Custodian as to their respective rights and remedies under this Agreement and the
other documents to be delivered hereunder or in connection herewith, and all reasonable and documented out-of-pocket costs and expenses, if any (including counsel fees
and expenses), incurred by the Administrative Agent, the Lenders, the Lender Agents, the Collateral Agent, the Account Bank or the Collateral Custodian in connection with the enforcement or potential enforcement of this Agreement or any Transaction
Document by such Person and the other documents to be delivered hereunder or in connection herewith. 
 (b) The Borrower shall pay on demand
any and all stamp, sales, excise and other taxes and fees payable or determined to be payable to any Governmental Authority in connection with the execution, delivery, filing, enforcement or recording of, or any performance, receipt or perfection of
a security interest under, this Agreement or the other Transaction Documents in connection with this Agreement or the funding or maintenance of Advances hereunder. 

(c) The Borrower shall pay on demand, and indemnify each Indemnified Party, its assignees and participants, and their respective successors on
a net after-Tax basis for, all other out-of-pocket costs and expenses incurred by the Administrative Agent, the Lenders, the Lender Agents, the Collateral Agent, the
Collateral Custodian and the Account Bank, including, without limitation, all costs and expenses incurred by the Administrative Agent, the Lender Agents and the Lenders in connection with periodic audits of the Borrower’s or the Collateral
Manager’s books and records. 
 (d) For the avoidance of doubt, the Administrative Agent, the Lenders, the Lender Agents, the
Collateral Agent, the Collateral Custodian and the Account Bank shall not be permitted to seek indemnification under this Section 12.07 for amounts previously paid pursuant to Section 2.09, 2.10 or 8.01. 

  
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 Section 12.08 No Proceedings. 

(a) Each of the parties hereto (other than the Administrative Agent with the consent of each Lender Agent) agrees that it will not institute
against, or join any other Person in instituting against, the Borrower any proceedings of the type referred to in the definition of Bankruptcy Event so long as there shall not have elapsed one year and one day (or such longer preference period as
shall then be in effect) since the Collection Date. 
 (b) Each of the parties hereto (other than any Conduit Lender) hereby agrees that it
will not institute against, or join any other Person in instituting against, any Conduit Lender, the Administrative Agent or any Liquidity Banks any Bankruptcy Proceeding so long as any commercial paper issued by such Conduit Lender shall be
outstanding and there shall not have elapsed one year and one day (or such longer preference period as shall then be in effect) since the last day on which any such commercial paper shall have been outstanding. 

Section 12.09 Recourse Against Certain Parties. 

(a) No recourse under or with respect to any obligation, covenant or agreement (including, without limitation, the payment of any fees or any
other obligations) of the Administrative Agent, the Lenders, the Lender Agents or any other Secured Party as contained in this Agreement or any other agreement, instrument or document entered into by the Administrative Agent, the Lenders, the Lender
Agents or any Secured Party pursuant hereto or in connection herewith shall be had against any administrator of the Administrative Agent, the Lenders, the Lender Agents, any other Secured Party or any incorporator, affiliate, stockholder, officer,
employee or director of the Administrative Agent, the Lenders, the Lender Agents, any other Secured Party or of any such administrator, as such, by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute
or otherwise; it being expressly agreed and understood that the agreements of each party hereto contained in this Agreement and all of the other agreements, instruments and documents entered into by the Administrative Agent, the Lenders, the Lender
Agents or any other Secured Party pursuant hereto or in connection herewith are, in each case, solely the corporate obligations of such party (and nothing in this Section 12.09 shall be construed to diminish in any way such corporate
obligations of such party), and that no personal liability whatsoever shall attach to or be incurred by any administrator of the Administrative Agent, the Lenders, the Lender Agents, any other Secured Party, or any incorporator, stockholder,
affiliate, officer, employee or director of the Administrative Agent, the Lenders, the Lender Agents or any other Secured Party or of any such administrator, as such, or any of them, under or by reason of any of the obligations, covenants or
agreements of the Administrative Agent, the Lenders, the Lender Agents or any other Secured Party contained in this Agreement or in any other such instruments, documents or agreements, or are implied therefrom, and that any and all personal
liability of every such administrator of the Administrative Agent, the Lenders, the Lender Agents or any other Secured Party and each incorporator, stockholder, affiliate, officer, employee or director of the Administrative Agent, the Lenders, the
Lender Agents or any other Secured Party or of any such administrator, or any of them, for breaches by the Administrative Agent, the Lenders, the Lender Agents or any other Secured Party of any such obligations, covenants or agreements, which
liability may arise either at common law or in equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and in consideration for the execution of this Agreement. 

  
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 (b) Notwithstanding anything in this Agreement to the contrary, no claim may be made by the
Borrower or any other Person affiliated with or related to the Borrower against the Administrative Agent, the Lenders, the Lender Agents or any Secured Party or their respective Affiliates, directors, officers, employees, attorneys or agents for any
special, indirect, consequential or punitive damages in respect to any claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event
occurring in connection therewith; and the Borrower hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected. 

(c) No obligation or liability to any Obligor under any of the Loans is intended to be assumed by the Administrative Agent, the Lenders, the
Lender Agents or any Secured Party under or as a result of this Agreement and the transactions contemplated hereby. 
 (d) Notwithstanding
anything in this Agreement to the contrary, no Conduit Lender shall have any obligation to pay any amount required to be paid by it hereunder in excess of any amount available to such Conduit Lender after paying or making provision for the payment
of its Commercial Paper Notes. All payment obligations of each Conduit Lender hereunder are contingent on the availability of funds in excess of the amounts necessary to pay its Commercial Paper Notes; and each of the other parties hereto agrees
that it will not have a claim under Section 101(5) of the Bankruptcy Code if and to the extent that any such payment obligation owed to it by a Conduit Lender exceeds the amount available to such Conduit Lender to pay such amount after paying
or making provision for the payment of its Commercial Paper Notes. 
 (e) The provisions of this Section 12.09 shall survive the
termination of this Agreement. 

  
 -145- 

 Section 12.10 Execution in Counterparts; Severability; Integration. This Agreement
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Agreement by e-mail in portable document format (.pdf) or facsimile shall be effective as delivery of a manually executed counterpart
of this Agreement. In the event that any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such
provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement and any agreements or letters (including fee letters) executed in connection herewith contains the final and complete integration
of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, superseding all prior oral or written
understandings other than any fee letter delivered by the Borrower to the Administrative Agent and the Lender Agents. 
 Section 12.11
Consent to Jurisdiction; Service of Process. 
 (a) Each party hereto hereby irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in New York City in any action or proceeding arising out of or relating to the Transaction Documents, and each party hereto hereby
irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court. The parties hereto hereby irrevocably waive, to the
fullest extent they may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The parties hereto agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (b) The Borrower agrees that service of process
may be effected by mailing a copy thereof by registered or certified mail, postage prepaid, to the Borrower at its address specified in Annex A or at such other address as the Administrative Agent shall have been notified in accordance
herewith. Nothing in this Section 12.11 shall affect the right of the Lenders, the Lender Agents or the Administrative Agent to serve legal process in any other manner permitted by law. 

Section 12.12 Characterization of Conveyances Pursuant to the Purchase and Sale Agreement. 

(a) It is the express intent of the parties hereto that the conveyance of Eligible Loans by the Seller to the Borrower as contemplated by the
Purchase and Sale Agreement be, and be treated for all purposes (other than accounting purposes and subject to the tax characterization of the Borrower and the Advances) as, a sale by the Seller of such Eligible Loans. It is, further, not the
intention of the parties that such conveyance be deemed a pledge of the Eligible Loans by the Seller to the Borrower to secure a debt or other obligation of the Seller. However, in the event that, notwithstanding the intent of the parties, the
Eligible Loans are held to continue to be property of the Seller, then the parties hereto agree that: (i) the Purchase and 

  
 -146- 

 
Sale Agreement shall also be deemed to be a security agreement under Applicable Law; (ii) as set forth in the Purchase and Sale Agreement, the transfer of the Eligible Loans provided for in
the Purchase and Sale Agreement shall be deemed to be a grant by the Seller to the Borrower of a first priority security interest (subject only to Permitted Liens) in all of the Seller’s right, title and interest in and to the Eligible Loans
and all amounts payable to the holders of the Eligible Loans in accordance with the terms thereof and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including, without
limitation, all amounts from time to time held or invested in the Controlled Accounts, whether in the form of cash, instruments, securities or other property; (iii) the possession by the Borrower (or the Collateral Custodian on its behalf) of
Loans and such other items of property as constitute instruments, money, negotiable documents or chattel paper shall be, subject to clause (iv), for purposes of perfecting the security interest pursuant to the UCC; and
(iv) acknowledgements from Persons holding such property shall be deemed acknowledgements from custodians, bailees or agents (as applicable) of the Borrower for the purpose of perfecting such security interest under Applicable Law. The parties
further agree that any assignment of the interest of the Borrower pursuant to any provision hereof shall also be deemed to be an assignment of any security interest created pursuant to the terms of the Purchase and Sale Agreement. The Borrower
shall, to the extent consistent with this Agreement and the other Transaction Documents, take such actions as may be necessary to ensure that, if the Purchase and Sale Agreement was deemed to create a security interest in the Eligible Loans, such
security interest would be deemed to be a perfected security interest of first priority (subject only to Permitted Liens) under Applicable Law and will be maintained as such throughout the term of this Agreement. 

(b) It is the intention of each of the parties hereto that the Eligible Loans conveyed by the Seller to the Borrower pursuant to the Purchase
and Sale Agreement shall constitute assets owned by the Borrower and shall not be part of the Seller’s estate in the event of the filing of a bankruptcy petition by or against the Seller under any bankruptcy or similar law. 

(c) The Borrower agrees to treat, and shall cause the Seller to treat, for all purposes (other than accounting purposes and subject to the tax
characterization of the Borrower and the Advances), the transactions effected by the Purchase and Sale Agreement as sales of assets to the Borrower. The Borrower hereby agrees to cause the Seller to reflect in the Seller’s financial records and
to include a note in the publicly filed annual and quarterly financial statements of the Equityholder indicating that: (i) assets related to transactions (including transactions pursuant to the Transaction Documents) that do not meet SFAS 140
requirements for accounting sale treatment are reflected in the consolidated balance sheet of the Equityholder, as finance receivables pledged and non-recourse, secured borrowings (or the applicable financial
statements are otherwise footnoted to explain that such assets are maintained separately from the assets of the Borrower and that such assets are not available to pay the debts of the Equityholder) and (ii) those assets are owned by a special
purpose entity that is consolidated in the financial statements of the Equityholder, and the creditors of that special purpose entity have received ownership and/or security interests in such assets and such assets are not intended to be available
to the creditors of sellers (or any affiliate of the sellers) of such assets to that special purpose entity. 

  
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 Section 12.13 Confidentiality. 

(a) Each of the Administrative Agent, the Lenders, the Lender Agents, the Borrower, the Account Bank, the Collateral Agent and the Collateral
Custodian shall maintain and shall cause each of its employees and officers to maintain the confidentiality of the Agreement and all information with respect to the other parties, including all information regarding the business of the Borrower
obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated herein, except that each such party and its officers and employees may (i) disclose such information to its external
accountants, investigators, auditors, attorneys or other agents, including any Approved Broker Dealer or Approved Valuation Firm, engaged by such party in connection with any due diligence or comparable activities with respect to the transactions
and Loans contemplated herein and the agents of such Persons (“Excepted Persons”); provided that each Excepted Person shall, as a condition to any such disclosure, agree for the benefit of the Administrative Agent, the
Lenders, the Lender Agents, the Borrower, the Account Bank, the Collateral Agent and the Collateral Custodian that such information shall be kept confidential and used solely in connection with such Excepted Person’s evaluation of, or
relationship with, the Borrower and its affiliates, (ii) disclose the existence of the Agreement, but not the financial terms thereof, (iii) disclose such information as is required by Applicable Law (including, without limitation, public
filings with the Securities and Exchange Commission) and (iv) disclose the Agreement and such information in any suit, action, proceeding or investigation (whether in law or in equity or pursuant to arbitration) involving any of the Transaction
Documents for the purpose of defending itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any of the Transaction Documents. Notwithstanding the foregoing
provisions of this Section 12.13(a), any Borrower Advisor may, subject to Applicable Law and the terms of any Underlying Instruments, make available copies of the documents in the Collateral Files and such other documents it holds in its
capacity as a Borrower Advisor pursuant to the terms of the Transaction Documents, to any of its creditors. It is understood that the financial terms that may not be disclosed except in compliance with this Section 12.13(a) include,
without limitation, all fees and other pricing terms, and all Events of Default, Facility Amortization Events, and priority of payment provisions. 

(b) Anything herein to the contrary notwithstanding, the Borrower hereby consents to the disclosure of any nonpublic information with respect
to it (i) to the Administrative Agent, the Lenders, the Lender Agents, the Account Bank, the Collateral Agent or the Collateral Custodian by each other, (ii) by the Administrative Agent, the Lenders, the Lender Agents, the Account Bank,
the Collateral Agent and the Collateral Custodian to any prospective or actual assignee or participant of any of them provided such Person agrees to hold such information confidential, or (iii) by the Administrative Agent, the Lenders, the
Lender Agents, the Account Bank, the Collateral Agent and the Collateral Custodian to any commercial paper dealer or provider of a surety, guaranty or credit or liquidity enhancement to any Lender or any Person providing financing to, or holding
equity interests in, any Conduit Lender, as applicable, and to any officers, directors, employees, outside accountants and attorneys of any of the foregoing, provided each such Person is informed of the confidential nature of such information. In
addition, the Lenders, the Lender Agents, the Administrative Agent, the Collateral Agent, the Account Bank and the Collateral Custodian may disclose any such nonpublic information as required pursuant to any law, rule, regulation, direction, request
or order of any judicial, administrative or regulatory authority or proceedings (whether or not having the force or effect of law). 

  
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 (c) Notwithstanding anything herein to the contrary, the foregoing shall not be construed to
prohibit (i) disclosure of any and all information that is or becomes publicly known; (ii) disclosure of any and all information (a) if required to do so by any applicable statute, law, rule or regulation, (b) to any government
agency or regulatory body having or claiming authority to regulate or oversee any respects of the Lenders’, the Lender Agents’, the Administrative Agent’s, the Collateral Agent’s, the Account Bank’s or the Collateral
Custodian’s business or that of their affiliates, (c) pursuant to any subpoena, civil investigative demand or similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Administrative Agent, any
Lender, any Lender Agent, the Collateral Agent, the Collateral Custodian or the Account Bank or an officer, director, employer, shareholder or affiliate of any of the foregoing is a party, (d) in any preliminary or final offering circular,
registration statement or contract or other document approved in advance by the Borrower or (e) to any affiliate, independent or internal auditor, agent, employee or attorney of the Collateral Agent or the Collateral Custodian having a need to
know the same, provided that the disclosing party advises such recipient of the confidential nature of the information being disclosed; or (iii) any other disclosure authorized by the Borrower. 

Section 12.14 Non-Confidentiality of Tax Treatment. 

All parties hereto agree that each of them and each of their employees, representatives, and other agents may disclose to any and all Persons,
without limitation of any kind, the tax treatment and tax structure of the transaction and all materials of any kind (including, without limitation, opinions or other tax analyses) that are provided to any of them relating to such tax treatment and
tax structure. “Tax treatment” and “tax structure” shall have the same meaning as such terms have for purposes of Treasury Regulation Section 1.6011-4; provided that with
respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, the provisions of this Section 12.14 shall only apply to such
portions of the document or similar item that relate to the tax treatment or tax structure of the transactions contemplated hereby. 

Section 12.15 Waiver of Set Off. 

Each of the parties hereto hereby waives any right of setoff it may have or to which it may be entitled under this Agreement from time to time
against the Administrative Agent, the Lenders, the Lender Agents or their respective assets. 
 Section 12.16 Headings and
Exhibits. 
 The headings herein are for purposes of references only and shall not otherwise affect the meaning or interpretation of any
provision hereof. The schedules and exhibits attached hereto and referred to herein shall constitute a part of this Agreement and are incorporated into this Agreement for all purposes. 

  
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 Section 12.17 Ratable Payments. 

If any Lender, whether by setoff or otherwise, shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of
setoff, or otherwise) on account of Advances owing to it (other than pursuant to Breakage Fees, Section 2.09 or Section 2.10) in excess of its ratable share of payments on account of the Advances obtained by all the Lenders,
such Lender shall forthwith purchase from the other Lenders such participations in the Advances owing to them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; provided, that, if all
or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery
together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or
other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. 
 Section 12.18 Failure of
Borrower or Collateral Manager to Perform Certain Obligations. 
 If the Borrower fails, or fails to cause the Collateral Manager, as
applicable, to perform any of its agreements or obligations under Section 5.01(t), Section 5.02(p) or Section 5(q) of the Management Agreement, the Administrative Agent may (but shall not be required to) itself perform,
or cause performance of, such agreement or obligation, and the expenses of the Administrative Agent incurred in connection therewith shall be payable by the Borrower upon the Administrative Agent’s demand therefor. 

Section 12.19 Power of Attorney. 

The Borrower irrevocably authorizes the Administrative Agent and appoints the Administrative Agent as its attorney-in-fact to act on behalf of the Borrower (i) to file financing statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and
priority of the interest of the Secured Parties in the Collateral Portfolio and (ii) to file a carbon, photographic or other reproduction of this Agreement or any financing statement with respect to the Collateral Portfolio as a financing
statement in such offices as the Administrative Agent in its sole discretion deems necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Collateral Portfolio. This appointment is
coupled with an interest and is irrevocable. 
 Section 12.20 Permitted Equityholder Transaction. 

Notwithstanding anything herein to the contrary, each of the Secured Parties hereby agrees, acknowledges and consents to any Permitted
Equityholder Transaction and agrees that no Permitted Equityholder Transaction (or any part thereof) shall directly or indirectly breach any representation or covenant within, or cause any default under, any provision of this Agreement or any other
Transaction Document. Furthermore, each of the Secured Parties agrees to cooperate with the Equityholder and the Collateral Manager, as the case may be, to deliver any amendments, modifications or other agreements to the Transaction Documents as may
be reasonably necessary or requested by the Equityholder or the Collateral Manager, as the case may be, in order to effectuate such Permitted Equityholder Transaction. 

  
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 Section 12.21 Limitation on Liability. 

Notwithstanding anything herein to the contrary, it is understood and agreed that no Borrower Advisor assumes any liability or obligation of
the Borrower, including without limitation any of the Obligations; provided that the foregoing non-recourse provisions shall in no way affect any rights any Secured Party might have against any
incorporator, affiliate, stockholder, officer, employee or director of the Borrower, any Borrower Advisor or the Collateral Custodian to the extent of any fraud, misappropriation, embezzlement or any other financial crime constituting a felony by
such Person. 
 [Signature pages to follow.] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  

									
	THE BORROWER:	 		 	CHESTNUT HILL FUNDING LLC as the Borrower
				
		 		 	By:	 	 /s/ Gerald F. Stahlecker

		 		 		 	Name:	 	Gerald F. Stahlecker
		 		 		 	Title:	 	Executive Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

									
	THE ADMINISTRATIVE AGENT:	 		 	CAPITAL ONE, NATIONAL ASSOCIATION, as the Administrative Agent
				
		 		 	By:	 	 /s/ Kevin P. Gibbons

		 		 		 	Name:	 	Kevin P. Gibbons
		 		 		 	Title:	 	Managing Director

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

							
	INSTITUTIONAL LENDER:	 		 	CAPITAL ONE, NATIONAL ASSOCIATION, as an Institutional Lender
				
		 		 	By:	 	 /s/ Kevin P. Gibbons

		 		 		 	Name: Kevin P. Gibbons
		 		 		 	Title: Managing Director

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

							
	THE COLLATERAL AGENT:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Agent
				
		 		 	By:	 	 /s/ José M. Rodríguez

		 		 		 	Name: José M. Rodríguez
		 		 		 	Title: Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE 

							
	THE ACCOUNT BANK:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Account Bank
				
		 		 	By:	 	 /s/ José M. Rodríguez

		 		 		 	Name: José M. Rodríguez
		 		 		 	Title: Vice President

 [SIGNATURES CONTINUE ON THE FOLLOWING PAGE] 

							
	THE COLLATERAL CUSTODIAN:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Custodian
				
		 		 	By:	 	 /s/ José M. Rodríguez

		 		 		 	Name: José M. Rodríguez
		 		 		 	Title: Vice President

 ANNEX A 

Notices for Addresses 
 If to the
Borrower (or any Borrower Advisor (other than the Collateral Sub-Advisor) c/o the Borrower): 
 Chestnut Hill Funding LLC 

c/o FS Investment Corporation III 
 201 Rouse Boulevard 

Philadelphia, PA 19112 
 Attn: Gerald F. Stahlecker, Executive
Vice President 
 Telephone: (215) 495-1169 
 Fax:
(215) 222-4649 
 Email: jerry.stahlecker@franklinsquare.com 

If to the Collateral Sub-Advisor: 
 GSO/Blackstone Debt
Funds Management LLC 
 c/o GSO Capital Partners, L.P. 
 345
Park Avenue, 31st Floor 
 New York, NY 10154 

Attn: Andrew Jordan, Senior Vice President 
 Telephone:
(212) 503-2118 
 Fax: 
 Email: andrew.jordan@gsocap.com

  
 Annex A-1 

 ANNEX A (cont’d) 

 

 If to the Administrative Agent: 

Capital One, National Association 
 4445 Willard Avenue, 6th
Floor 
 Chevy Chase, Maryland 20815 
 Attention: Bridget
Rainero 
 Fax: (301) 280-0296 
 Phone: (301) 280-2592

 If to the Institutional Lender: 
 Capital One,
National Association 
 4445 Willard Avenue, 6th Floor 
 Chevy
Chase, Maryland 20815 
 Attention: Bridget Rainero 
 Fax:
(301) 280-0296 
 Phone: (301) 280-2592 
 If to
the Collateral Agent: 
 Wells Fargo Bank, National Association 

Corporate Trust Services Division 
 9062 Old Annapolis Rd. 

Columbia, Maryland 21045 
 Attn: CDO Trust Services –
Chestnut Hill Funding LLC 
 Fax: (410) 715-3748 

Phone: (410) 884-2000 

If to the Account Bank: 
 Wells Fargo Bank, National
Association 
 Corporate Trust Services Division 
 9062 Old
Annapolis Rd. 
 Columbia, Maryland 21045 
 Attn: CDO Trust
Services – Chestnut Hill Funding LLC 
 Fax: (410) 715-3748 

Phone: (410) 884-2000 

  
 Annex A-2 

 ANNEX A (cont’d) 

 

 If to the Collateral Custodian: 

Wells Fargo Bank, National Association 
 Corporate Trust Services
Division 
 9062 Old Annapolis Rd. 
 Columbia, Maryland 21045

 Attn: CDO Trust Services - Chestnut Hill Funding LLC 
 Fax: (410) 715-3748 
 Phone: (410) 884-2000 

  
 Annex A-3 

 ANNEX B 

Commitments 
  

			
	 Conduit Lender
	  	 Commitment

		
	N/A	  	N/A
		
	 Institutional Lender
	  	 Commitment

		
	Capital One, National Association	  	$150,000,000

  
 Annex B-1 

 ANNEX C 

Calculated Applicable Spread 
 The
“Calculated Applicable Spread” shall be determined in accordance with the following formula, rounded to four decimal places: 
 Calculated
Applicable Spread = (ASB x PercentageB) + (ASL x PercentageL) + (AST x PercentageT) +
(ASSL x PercentageSL) + (ASUL x PercentageSL) + (ASLO x PercentageLO) 

 

							
	where:	  	ASB	  	=	  	1.75%;
		  	ASL	  	=	  	2.25%;
		  	AST	  	=	  	2.50%;
		  	ASSL	  	=	  	2.50%;
		  	ASUL	  	=	  	2.50%;
		  	ASLO	  	=	  	2.50%;
				
		  	ARB	  	=	  	75.00%;
		  	ARL	  	=	  	70.00%;
		  	ART	  	=	  	67.50%;
		  	ARSL	  	=	  	25.00%;
		  	ARUL	  	=	  	25.00%
		  	ARLO	  	=	  	60.00%;

							
			
		  	PercentageB	    	= Average AB / Average AAgg;
		  	PercentageL	    	= Average AL / Average AAgg;
		  	PercentageT	    	= Average AT / Average AAgg;
		  	PercentageSL	    	= Average ASL / Average AAgg;
		  	PercentageUL	    	= Average AUL / Average AAgg;
		  	PercentageLO	    	= Average ALO / Average AAgg;
			
		  	Average AB	    	= ARB x (the aggregate Adjusted Borrowing Value of all Broadly Syndicated Loans on the first day of the related Collection Period + the aggregate Adjusted Borrowing Value of
all Broadly Syndicated Loans on the last day of the related Collection Period) / 2;
			
		  	Average AL	    	= ARL x (the aggregate Adjusted Borrowing Value of all Large Middle Market Loans on the first day of the related Collection Period + the aggregate Adjusted Borrowing Value of
all Large Middle Market Loans on the last day of the related Collection Period) / 2;
			
		  	Average AT	    	= ART x (the aggregate Adjusted Borrowing Value of all Traditional Middle Market Loans on the first day of the related Collection Period + the aggregate Adjusted Borrowing
Value of all Traditional Middle Market Loans on the last day of the related Collection Period) / 2;

  
 Annex C-1 

							
		  	Average ASL	    	= ARSL x (the aggregate Adjusted Borrowing Value of all Second Lien Loans on the first day of the related Collection Period + the aggregate Adjusted Borrowing Value of all
Second Lien Loans on the last day of the related Collection Period) / 2;
			
		  	Average AUL	    	= ARUL x (the aggregate Adjusted Borrowing Value of all Unsecured Loans on the first day of the related Collection Period + the aggregate Adjusted Borrowing Value of all
Unsecured Loans on the last day of the related Collection Period) / 2;
			
		  	Average ALO	    	= ARLO x (the aggregate Adjusted Borrowing Value of all Last Out Loans on the first day of the related Collection Period + the aggregate Adjusted Borrowing Value of all Last
Out Loans on the last day of the related Collection Period) / 2; and
			
		  	Average AAgg	    	= Average AB + Average AL + Average AT + Average ASL + Average AUL + Average ALO.

  
 Annex C-2

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