Document:

Exhibit

LICENSE AGREEMENT
This License Agreement (“Agreement”) is entered into effective as of February 25, 2020 (“Effective Date”) between, on the one hand, BlackRock, Inc. (“Licensor”), a Delaware limited liability company, and, on the other, BlackRock TCP Capital Corp., a Delaware corporation (“Licensee”), as follows:  
RECITALS
WHEREAS, Licensor is a global asset manager that has acquired through diligent effort over many years a premier reputation within the financial services and investment management community for excellence in the fields of investing, investment management, and the financial and operational management of companies in which Licensor has made or supervised investments; 
WHEREAS, Licensee acknowledges the fame and reputation of Licensor, and the goodwill associated with the trade name and service mark BlackRock which is owned by Licensor and used in commerce by Licensor in association with its business and with the services it provides to investors, companies, and others; and,
WHEREAS, subject to the terms set forth below, Licensee wishes to receive a license, and Licensor wishes to grant Licensee a license, to use the BlackRock mark in association with the commercial activities of Licensee, as more fully defined below;
NOW THEREFORE, in consideration of the mutual covenants and agreements set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follow:

		
	1.
	License

    
Subject to and conditioned upon Licensee’s compliance with all the terms of this Agreement, Licensor grants to Licensee a nonexclusive, personal, revocable, worldwide nontransferable license, without the right to delegate or sub-license, to (i) use the trade name BlackRock as a component of the trade name of Licensee in the manner depicted in Exhibit A, and (ii) to use the service mark BlackRock as a component of the permitted variations of this service mark described in Exhibit A in association with the services of Licensee.  All rights not expressly granted to Licensee are reserved to Licensor.  The trade name and service mark BlackRock, along with the permitted variations thereof licensed hereunder, are hereinafter referred to collectively as the “Marks” and each individually as a “Mark.”
		
	2.
	Ownership and Use of the Marks

    
2.1    Licensee stipulates and agrees that, subject only to the license granted herein, all rights, title and interests in and to the Marks is and shall be owned exclusively by Licensor.  Licensee shall not take any action inconsistent with Licensor’s ownership of the Marks, and covenants that it, acting alone or together with others, shall not initiate any proceeding in any 

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forum challenging the existence, validity, or enforceability of the Marks, or any future variation of the Marks adopted by Licensor.  All goodwill and proprietary rights derived from the use by Licensee of the Marks shall inure to Licensor’s benefit.  At the request, and expense, of Licensor, Licensee shall provide all cooperation requested by Licensor in connection with any effort by Licensor to establish, perfect, or defend the Marks, or any Mark, or Licensor’s rights therein, including, without limitation, providing exemplars and samples of Licensee’s use of the Mark, executing commercially reasonable forms of consent, assignment or release, and providing good faith testimony by affidavit, declaration, deposition or any other means.
2.2    Licensee stipulates and agree that the Marks embody and symbolize the goodwill of Licensor, and are associated with the highest quality services in the fields of investment, investment management, financial services, and the financing and management of operating businesses.  All activities of Licensee carried out under the Mark used as a trade name, and all products and services provided under the Marks in commerce by Licensee, shall be of a nature and quality consistent with the high quality and reputation of Licensor and of the Marks, as reasonably determined by Licensor.  At Licensor’s request, Licensee shall provide all samples, and permit all inspections and audits reasonably determined by Licensor to be necessary to assure and confirm Licensee’s compliance with this quality standard.  All uses of any Mark by Licensee shall be made consistent with such reasonable use and style guidelines as are provided by Licensor from time to time.  Without limitation, Licensee shall not alter, modify, or otherwise mutilate any Mark, and shall not create or develop any variation or new version of the Marks.  Except as otherwise permitted by Licensor, Licensee shall designate each service mark use of a Mark with the appropriate proprietary designation, such as, as appropriate to each mark, SM, or ® and shall also provide the following notice, with the prominence customarily given to such notices in the specific context of use:
[“BlackRock, BlackRock TCP Capital, and the BlackRock TCP Capital logo mark are the proprietary names and marks of BlackRock, Inc., an independently operated entity, and used with permission.”]  
In all agreements, publications, and materials in which Licensee uses the Marks as a trade name or as a component of its trade name, Licensee shall expressly disclose, in writing, that Licensee is an independently operated entity, and that, in dealing with Licensee, third parties shall have no recourse of any kind against Licensor.
2.3    Licensee acknowledges that proper use of the Marks in compliance with this Agreement is of benefit to Licensor through the increased fame and reputation that will inure to Licensor through Licensee’s appropriate activities.  Hence, Licensee covenants that, subject to the terms of this agreement and only for so long as this License Agreement remains in effect, it may use the Marks as a component of its trade names, and in connection with all services of Licensee that are of an appropriate nature and quality.
2.4    Licensee represents, warrants and covenants that: (i) they have the authority to enter into this Agreement and perform all obligations under and exercise all rights in compliance with, this Agreement; (ii) all uses of Marks by Licensee shall be made in compliance with law and regulation, without breach of any contractual obligation or duty imposed by law (such as tort duties); and (iii) in its use of the Marks, Licensee shall not associate the Mark with any product, 

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service, or activity that violates, infringes, or otherwise misappropriates any proprietary right or interest of any third party other than alleged rights in the Marks.

3.    Term and Termination

3.1    The term of this Agreement shall be for a period of one (1) year beginning on the Effective Date.  Unless terminated pursuant to its terms, this Agreement shall automatically renew for successive one-year terms.  

3.2    Notwithstanding the above, the license grant set forth herein to Licensee, or, at Licensor’s discretion, this entire Agreement, may be terminated by Licensor at its sole discretion for any reason or no reason at all, such termination to be effective sixty (60) days following the receipt of written notice thereof from Licensor by Licensee.  Only After the expiration of the first one (1) year term, Licensee may terminate this Agreement at its sole discretion for any reason or no reason at all, such termination to be effective sixty (60) days following the receipt of written notice thereof from Licensee by Licensor.  In addition, this Agreement may be terminated by any party upon a material breach by the other party upon thirty (30) days prior written notice to the other party, provided that termination may be avoided if such breach is cured to the satisfaction of the non-breaching party within the thirty (30) days.  Finally, Licensor may terminate this agreement upon Licensor’s determination that Licensee is not in compliance with Section 2 above, and Licensor determines, at its sole discretion, that Licensee remains non-compliant fifteen (15) days after receiving written notice thereof from Licensor. 

3.3    Licensee shall cease and desist from all use of any Mark immediately upon the termination or expiration of this Agreement for any reason.  Termination or expiration of this Agreement shall neither release nor discharge any party from any obligation, debt or liability which shall have previously accrued and which remains to be performed upon the date of termination nor prevent a party from pursuing any other remedies at law or in equity.
4.    Notices

All notices required by this Agreement shall be deemed given when in writing and delivered personally or deposited in the United States mail, postage prepaid, return receipt requested, addressed to the other party at the address set forth below or on such other address     as the party may designate in writing in accordance with this Section:
	
		
	If to Licensor:
	If to Licensee:

	BlackRock, Inc.
55 East 52nd Street
New York, New York 10055
Attn: General Counsel
	BlackRock TCP Capital Corp.
2951 28th Street, Suite 1000
Santa Monica, California 90405
Attn:  Elizabeth Greenwood, CCO

Notices given by mail shall be deemed received two (2) business days after mailing.

5.    General Provisions

This Agreement has been executed and delivered in, and shall be construed and enforced in accordance with, the laws of the State of California.  This Agreement shall be binding upon 

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and shall inure to the benefit of Licensor and its successors and assigns.  Except as expressly permitted in advance in writing by Licensor, Licensee, acting alone or together with others, shall not assign or otherwise transfer any rights granted to it under this Agreement for any reason, nor permit any other person (except Special Value Continuation Partners, LP) to enjoy such rights through sublicensing, delegation, subcontracting, agency relationship or other means.  Except as aforesaid, no provision of this Agreement is intended, nor shall any provision of this Agreement be deemed or interpreted, to create any benefit to or for any person not a party to this Agreement.  This Agreement may be amended only by a written instrument signed by the authorized representatives of the parties.  This Agreement represents the entire Agreement of the parties regarding Licensee’s right to exploit any Mark and supersedes any previous agreements between the parties relating to the same subject matter.  No waiver of any provision of this Agreement shall be effective against either party unless it is in writing and signed by the party granting the waiver.  The failure to exercise any right shall not operate as waiver of such right.  No delay or failure to require performance of any provision of this Agreement shall constitute a waiver of that provision as to that or any other instance. Licensee stipulates and agrees that any breach by either of them of any provision of Section 2, or use of the Marks outside of the scope of the grant set forth in Section 1, will cause Licensor irreparable harm for which monetary damages will not be an adequate remedy.  Therefore, Licensee stipulates that, in addition to all such other remedies to which Licensor may be entitled at law or in equity, Licensor shall be entitled to receive temporary, preliminary, and permanent injunctive relief with regard to any such breach of Sections 2 or use of the Marks outside the scope of Section 1 by Licensee.
[Signature Page Follows]

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IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the Effective Date.  By their signatures below, each of the parties represents that they have the authority to execute this Agreement and do hereby bind the party on whose behalf their execution is made.
	
		
	“Licensor”
BlackRock, Inc.
	“Licensee”
BlackRock TCP Capital Corp. 

	By:____________________________
Print: ____________________________
Its: ______________________________
Date:____________________________
	By:____________________________
Print: ____________________________
Its: ______________________________
Date:____________________________

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EXHIBIT A
BlackRock Logo Use Policy

In addition to conforming with such style and usage guidelines as are set forth in the Agreement or as Licensor may provide Licensee from time to time pursuant to section 2.2 of the Agreement, all uses of the Mark shall conform to the following:

I.    Trade Name Uses.

All uses of the Marks as a component of the trade names of Licensee shall conform to the following, and no other trade name uses are permitted:

1.    BlackRock TCP Capital Corp. and BlackRock TCP Capital, where “BlackRock” is always depicted with the B and the R in capital letters, without intervening punctuation, and as part of a single continuous phrase with the words "TCP Capital," which shall always appear immediately following "BlackRock" in the same font size, font color, and font style with "BlackRock".

II.    Service Mark Uses.

All uses of the Marks as a service mark shall conform to the following:

1.    The permitted service marks are the word mark BlackRock TCP Capital, and the design variation of the BlackRock TCP Capital mark that will be provided by Licensor to Licensee.

2.    In the service marks, the letters "BlackRock" shall not be used as a service mark apart from the term "TCP Capital."  

3.    Except as otherwise permitted by Licensor, the service mark shall be designated with an SM designation in all prominent uses.

III.    Amendment.

This Exhibit A is in addition to, and without limitation, of Licensor's rights and privileges under the Agreement.  

6Exhibit

EXHIBIT 4.03
        
DESCRIPTION OF SECURITIES 

The following is a summary of our capital stock and certain provisions of our Restated Certificate of Incorporation (“Certificate of Incorporation”) and Restated Bylaws (“Bylaws”). This summary does not purport to be complete and is qualified in its entirety by the provisions of our Certificate of Incorporation and our Bylaws, which are included as exhibits to our most recent Annual Report on Form 10-K, and to the applicable provisions of the Delaware General Corporation Law.

General
We are authorized to issue 105,000,000 shares of all classes of capital stock, of which 100,000,000 shares are common stock, $0.0003 par value per share, and 5,000,000 shares are preferred stock, $0.0003 par value per share. Our capital is stated in U.S. dollars. 

Common Stock
The holders of our common stock are entitled to receive such dividends or distributions as are lawfully declared on our common stock, to have notice of any authorized meeting of stockholders, and to one vote for each share of our common stock on all matters which are properly submitted to a vote of stockholders. As a Delaware corporation, we are subject to statutory limitations on the declaration and payment of dividends. In the event of a liquidation, dissolution or winding up of our company, holders of our common stock have the right to a ratable portion of assets remaining after satisfaction in full of all outstanding debt and liabilities and the preferential rights and payment of liquidation preferences, if any, on any outstanding shares of preferred stock. The holders of our common stock have no conversion, redemption, preemptive or cumulative voting rights.

Preferred Stock
No shares of our preferred stock are issued and outstanding and no such shares were subject to outstanding options or other rights to purchase or acquire. However, shares of preferred stock may be issued in one or more series from time to time by our board of directors, and the board of directors is expressly authorized to fix by resolution or resolutions the designations and the powers, preferences and rights, and the qualifications, limitations and restrictions thereof, of the shares of each series of preferred stock. Subject to the determination of our board of directors, any shares of our preferred stock that may be issued in the future would generally have preferences over our common stock with respect to the payment of dividends and the distribution of assets in the event of our liquidation, dissolution or winding up.

Anti-Takeover Effect of Unissued Shares of Capital Stock
Common Stock. Our shares of authorized and unissued common stock are available for future issuance without additional stockholder approval. While these additional shares are not designed to deter or prevent a change of control, under some circumstances we could use the additional shares to create voting impediments or to frustrate persons seeking to effect a takeover or otherwise gain control by, for example, issuing those shares in private placements to purchasers who might side with our board of directors in opposing a hostile takeover bid.
Preferred Stock. Our certificate of incorporation grants our board of directors the authority, without any further vote or action by our stockholders, to issue preferred stock in one or more series and to fix the number of shares constituting any such series and the preferences, limitations and relative rights, including dividend rights, dividend rate, voting rights, terms of redemption, redemption price or prices, conversion rights and liquidation preferences of the shares constituting any series. The existence of authorized but unissued preferred stock could reduce our attractiveness as a target for an unsolicited takeover bid since we could, for example, issue shares of preferred stock to parties who might oppose such a takeover bid or shares that contain terms the potential acquirer may find unattractive. This may have the effect of delaying or preventing a change in control, may discourage bids for the common stock at a premium over the market price of the common stock, and may adversely affect the market price of, and the voting and other rights of the holders of, common stock.

Anti-Takeover Provisions
The provisions of Delaware law, our restated certificate of incorporation and our restated bylaws may have the effect of delaying, deferring or discouraging another person from acquiring control of our company.

Delaware Law
We are subject to the provisions of Section 203 of the Delaware General Corporation Law regulating corporate takeovers. This section prevents some Delaware corporations, including us, from engaging, under some circumstances, in a business combination, which includes a merger or sale of at least 10% of the corporation's assets with any interested stockholder, 

meaning a stockholder who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status, did own 15% or more of the corporation's outstanding voting stock, unless:

		
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	prior to the date of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

		
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	upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced; or

		
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	at or subsequent to such time that the stockholder became an interested stockholder, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders by at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

A Delaware corporation may “opt out” of these provisions with an express provision in its original certificate of incorporation or an express provision in its certificate of incorporation or bylaws resulting from a stockholders' amendment approved by at least a majority of the outstanding voting shares. We have not and do not plan to “opt out” of these provisions. The statute could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us.

Restated Certificate of Incorporation and Restated Bylaw Provisions
Our restated certificate of incorporation and our restated bylaws include a number of provisions that may have the effect of deterring hostile takeovers or delaying or preventing changes in control, including the following:

		
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	Board of Directors Vacancies. Our restated certificate of incorporation and restated bylaws authorize generally only our board of directors to fill vacant directorships. In addition, the number of directors constituting our board of directors may be set only by resolution adopted by a majority vote of our entire board of directors. These provisions prevent a stockholder from increasing the size of our board of directors and gaining control of our board of directors by filling the resulting vacancies with its own nominees.

		
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	Classified Board. Our restated certificate of incorporation and restated bylaws provide that our board is classified into three classes of directors. The existence of a classified board could delay a successful tender offeror from obtaining majority control of our board of directors, and the prospect of that delay might deter a potential offeror.

		
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	Stockholder Action. Our restated certificate of incorporation provides that our stockholders may not take action by written consent, but may only take action at annual or special meetings of our stockholders. Stockholders will not be permitted to cumulate their votes for the election of directors. Our restated bylaws further provide that special meetings of our stockholders may be called only by a majority of our board of directors, the chairman of our board of directors, our chief executive officer or our president.

		
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	Advance Notice Requirements for Stockholder Proposals and Director Nominations. Our restated bylaws provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual meeting of stockholders. Our restated bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.

		
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	No Cumulative Voting. The Delaware General Corporation Law provides that stockholders are not entitled to the right to cumulate votes in the election of directors unless a corporation's certificate of incorporation provides otherwise. Our restated certificate of incorporation and restated bylaws do not provide for cumulative voting.

		
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	Directors Removed Only for Cause. Our restated certificate of incorporation provides that stockholders may remove directors only for cause and only by the affirmative vote of holders of at least two-thirds of our then-outstanding shares of capital stock permitted to vote on the election of directors; however, our restated bylaws further provide that if the votes cast for any director nominee’s election do not exceed the votes cast against such nominee’s election the director must immediate tender his or her resignation and, following the recommendation of the governance and nominating Committee, the board shall act upon such resignation within 30 days following the stockholder vote.

		
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	Issuance of Undesignated Preferred Stock. Our restated certificate of incorporation provides our board of directors with the authority, without further action by the stockholders, to issue up to 5,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by the board of directors. The existence of authorized but unissued shares of preferred stock enables our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise.

		
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	Choice of Forum. Our restated bylaws provide that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty; any action asserting a claim against us arising pursuant to the Delaware General Corporation Law, our restated certificate of incorporation or our restated bylaws; or any action asserting a claim against us that is governed by the internal affairs doctrine.

Transfer Agent and Registrar
The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.

Listing
Our common stock is quoted on the New York Stock Exchange under the trading symbol “VCRA.”

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