Document:

Document

Exhibit 10.1
						
	SBA Loan #	9793538508
	SBA Loan Name	Westell, Inc.
	Date	March 15, 2021
	Loan Amount	1,637,522.00
	Interest Rate	1.00% fixed
	Borrower	Westell, Inc.
	Lender	St. Charles Bank & Trust Company, N. A.

1.  PROMISE TO PAY:
In return to the Loan, Borrower promises to pay to the order of Lender the amount of 1,637,522.00           , interest on the unpaid principal balance, and all other amounts required by this Note.

2.  DEFINITIONS:
“Act” means collectively the Coronavirus Aid, Relief, and Economic Security Act, the Paycheck Protection Program Flexibility Act of 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and any subsequent amendments thereof and regulations and guidelines promulgated thereunder.

“Deferment Period” means the period of time during which prepayments on this loan are deferred in accordance with the Act.

“Loan” means the loan evidenced by this Note.

“Loan Documents” means the documents related to this loan signed by Borrower.

“SBA” means the Small Business Administration, an Agency of the United States of America.

3.    PAYMENT TERMS: 
Borrower hereby authorizes the Lender (without prior notice to Borrower) to initiate automated clearing house (“ACH”) debit entries from any deposit account of Borrower maintained with Lender for any amount due under this Note when due and payable.  Prior to the first payment due under this Note, Borrower may provide Lender with account information and authorization to allow Lender to initiate ACH debit entries from an account maintained by Borrower at a third-party financial institution.  Borrower agrees that all payments due hereunder shall be made by ACH debit unless otherwise agreed to by Lender.  
The payment terms for this Note are: 
Deferment Period: There shall be no payments due by Borrower during the Deferment Period.  However, interest shall accrue during the Deferment Period. 
Loan Forgiveness:  Borrower may apply to Lender for forgiveness of the amount due on this Loan in an amount equal to the sum of the following costs incurred by Borrower during the applicable covered period as contemplated by the Act: 
 a. Payroll costs; 
b.Any payment of interest on a covered mortgage obligation (which shall not include any prepayment of or payment of principal on a covered mortgage obligation); 
c.Any payment on a covered rent obligation; 
d.Any covered utility payment; 
e.Any covered operations expenditures; 
f.Any covered property damage costs; 
g.Any covered supplier costs; or 
h.Any covered worker protection expenditures. 
The amount of loan forgiveness, if any, shall be determined in accordance with the Act.  
Maturity:  This Note will mature five years from date of first disbursement of this Loan. 
Repayment Terms:    The interest rate on this Note is one percent per year. The interest rate is fixed and will not be changed during the life of the loan.  
Commencing one (1) month after the expiration of the Deferment Period, and continuing on the same day of each month thereafter until the loan maturity, Borrower shall pay to Lender monthly payments of principal and accrued interest, with principal payments in such an amount as to fully amortize by the loan maturity the principal amount outstanding on this Note on the last day of the Deferment Period. Lender will notify Borrower in writing of the first payment due date and amount due prior to the first payment due date.   
Lender will apply each installment payment first to pay interest accrued to the day Lender received the payment, then to bring principal current, and will apply any remaining balance to reduce principal.   
Loan Prepayment:  Notwithstanding any provision in this Note to the contrary: 
Borrower may prepay this Note at any time without penalty.  Borrower may prepay 20 percent or less of the unpaid principal balance at any time without notice.  If Borrower prepays more than 20 percent and the Loan has been sold on the secondary market, Borrower must: a. Give Lender written notice; and b. Pay all accrued interest.  If Borrower does not prepay within 30 days from the date Lender received the notice, Borrower must give Lender a new notice.   
Non-Recourse.  Lender and SBA shall have no recourse against any individual shareholder, member or partner of Borrower for non-payment of the loan, except to the extent that such shareholder, member or partner uses the Loan proceeds for an unauthorized purpose. 

4.DEFAULT: 
Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower: 
A.Fails to do anything required by this Note and other Loan Documents; 
B.Defaults on any other loan with Lender; 
C.Does not disclose, or anyone acting on their behalf does not disclose, any material fact to Lender or SBA; 
D.Makes, or anyone acting on their behalf makes, a materially false or misleading representation to Lender or SBA; 
E.Defaults on any loan or agreement with another creditor, if Lender believes the default may materially affect Borrower’s ability to pay this Note; 
F.Fails to pay any taxes when due; 
G.Becomes the subject of a proceeding under any bankruptcy or insolvency law; 
H.Has a receiver or liquidator appointed for any part of their business or property; 
I.Makes an assignment for the benefit of creditors; 
J.Has any adverse change in financial condition or business operation that Lender believes may materially affect Borrower’s ability to pay this Note; 
K.Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender’s prior        written consent; or 
L.Becomes the subject of a civil or criminal action that Lender believes may materially affect Borrowers’ ability to pay this Note. 
5.LENDER ’S RIGHTS IF THERE IS A DEFAULT: 
Without notice or demand and without giving up any of its rights, Lender may: 
A.Require immediate payment of all amounts owing under this Note; 
B.Collect all amounts owing from any Borrower, including Enforcement Costs (as defined in 9(G) of this Note); or 
C.Take any action necessary to collect amounts owing on this Note. 
6.LENDER’S GENERAL POWERS: 
Without notice and without Borrower’s consent, Lender may: 
A.Release anyone obligated to pay this Note;  
B.Incur Enforcement Costs; or 
C.Take any action necessary to collect amounts owing on this Note. 
7.WHEN FEDERAL LAW APPLIES: 
When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law. 

8.SUCCESSORS AND ASSIGNS: 
Under this Note, Borrower includes the successors of Borrower, and Lender includes its successors and assigns. 
9.GENERAL PROVISIONS: 
A.Borrower waives all suretyship defenses. 
B.Borrower must sign all documents necessary at any time to comply with the Loan Documents. 
C.Lender may exercise any of its rights separately or together, as many times and in any order it chooses. Lender may delay or forgo enforcing any of its rights without giving up any of them. 
D.Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note. 
E.If any part of this Note is unenforceable, all other parts remain in effect. 
F.To the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including presentment, demand, protest, and notice of dishonor. 
G.Borrower agrees to pay all costs, legal expenses, and reasonable attorneys’ fees, paid or incurred by the Lender (collectively “Enforcement Costs”) in enforcing its rights hereunder, including, but not limited to, litigation or proceedings initiated under the United States Bankruptcy Code, or in defending against any defense, cause of action, counterclaim, setoff or cross-claim based on any act of commission or omission by the Lender with respect to this Note promptly on demand of the Lender. 
10.PAYCHECK PROTECTION PROGRAM PROVISIONS: 
A.Payment, as set forth in Section 3 above, shall be deferred as prescribed by the Act. 
B.Interest on the Loan will accrue as described in Section 3 for the duration of any deferral. 
C.Borrower may apply for forgiveness of certain amounts under this Note as set forth in the Act. 
. 
Remainder of page left blank intentionally – signature page to follow.

By signing below, each individual or entity becomes obligated under this Note as Borrower. 
BORROWER: 
Westell, Inc.
___________________________________________ 
By:        /s/Timothy Duitsman                               
Name: Timothy Duitsman 
Its:        CEO                                     

By:  ________________________________ 
Name: ______________________________ 
Its:__________________________________ 

              

LOAN AGREEMENT

THIS LOAN AGREEMENT (“Agreement”) is made between _______Westell, Inc. (“Borrower”), and St. Charles Bank & Trust Company, N.A. (“Lender”). 

The U.S. Small Business Administration (“SBA”) has authorized a guaranty of a loan from Lender to Borrower (“Loan”) having 2021 SBA Loan Number 9793538508_. In consideration of the promises in this Agreement and for other good and valuable consideration, Borrower and Lender agree as follows: 
1.Subject to the terms and conditions of the SBA’s Participating Lender Rules as defined in the Guarantee Agreement between Lender and SBA and the program requirements of the SBA’s Paycheck Protection Program, as set out in the Coronavirus Aid, Relief, and, Economic Security Act, the Paycheck Protection Program Flexibility Act of 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and any subsequent amendments thereof and regulations and guidelines promulgated thereunder (collectively, the “Act”), Lender agrees to make the Loan if Borrower complies with the following “Borrower Requirements.”  Borrower must:
a.Provide Lender with all certifications, documents or other information Lender requests from Borrower or any third party;
b.Execute a note (“Note”) and any other documents required by Lender (“Loan Documents”); and
c.Do everything necessary for Lender to comply with the terms and conditions of the Act.
2.The terms and conditions of this Agreement:
a.Are binding on Borrower and Lender and their successors and assigns; and
b.Will remain in effect after the closing of the Loan.
3.Failure to abide by any of the Borrower Requirements will constitute an event of default under the Note and other Loan Documents.
4.Borrower further certifies to Lender as follows:
a.Each of the answers provided and certifications made or required to be made by Borrower in the application submitted to Lender under the Act in connection with the Loan (“Application”) remains true, accurate and complete, and Borrower shall comply with all such certifications. The certifications made or required to be made by Borrower in the Application are incorporated by reference herein as if fully set forth herein.
b.Documentation verifying all the information required in support of Borrower’s application for Loan forgiveness shall be collected for the applicable covered 

              

period as contemplated by the Act and will be submitted to Lender if required under the Act or requested by Lender.   
c.The information provided in this Agreement and Borrower’s Application, and the information provided in all supporting documents and forms is true and accurate in all material respects. Borrower understands that knowingly making a false statement to obtain a guaranteed loan from the SBA is punishable under the law, including: (i) under 18 USC 1001 and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; (ii) under 15 USC 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, (iii) if submitted to a federally insured institution, under 18 USC 1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.  
d.Borrower has the right and power and is duly authorized to execute and deliver each Loan Document to which it is a party and to perform and observe the provisions of the Loan Documents to which it is a party; Borrower is duly authorized to borrow monies hereunder; the individual(s) executing the Loan Documents on behalf of Borrower has been duly authorized to execute the Loan Documents on behalf of Borrower.  The execution, delivery and performance by Borrower of each Loan Document to which it is a party, and the borrowings by the Borrower hereunder, do not and will not (a) require any consent or approval of any Governmental Authority or agency (other than any consent or approval that has been obtained and is in full force and effect), or (b) conflict with, violate, result in any breach of any of the provisions of, or constitute a default under, (i) any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award that is applicable to or binding on any Borrower, (ii) the charter, by-laws or other organizational documents of Borrower or (iii) any agreement, indenture, instrument or other document, or any judgment, order or decree, that is binding upon any Borrower.  
e.Borrower is eligible to receive the Loan under the rules that have been issued by the SBA implementing the Paycheck Protection Program under the Act. Borrower shall comply with all rules and regulations of the Paycheck Protection Program in existence at the time of the Loan and thereafter promulgated.   
f.Borrower understands and acknowledges that forgiveness of the Loan is only available for principal that is used for the limited purposes that qualify for forgiveness under the Paycheck Protection Program under the Act. Forgiveness is not automatic, and Borrower must request forgiveness and may need to provide Lender with documentation in accordance with the rules and regulations implementing the Paycheck Protection Program. Borrower understands and acknowledges that Borrower shall remain responsible under the Loan for any amounts not forgiven.  Borrower acknowledges that it is not relying on Lender for its understanding of the Paycheck Protection Program requirements for forgiveness.  
g.Borrower acknowledges and agrees that Borrower’s liability under the Note for the Loan will continue with respect to any amounts the SBA may pay Lender based on an SBA guarantee of the Note. Any agreement between the Lender 

              

and SBA under which SBA may guarantee the Note does not create any third party rights or benefits for Borrower, and regardless if SBA pays Lender under any such agreement, SBA or Lender may seek recovery from Borrower of all amounts due on the Loan under the Note. 
5.Borrower has received a copy of the Equal Employment Opportunity Poster (SBA Form 722), and will display such poster at Borrower’s place of business where it is clearly visible to employees, job applicants, and the general public.  
6.Borrower understands, acknowledges and agrees that Lender is relying solely on Borrower’s representations, warranties, certifications, confirmations or other statements of, and information from, the Borrower and/or any of its affiliates, officers, directors, owners, principals, agents, and/or controlling persons as to the Borrower, its business or activities, its eligibility for the proposed Loan, its use of the proceeds or any other benefits of the Loan, the existence of any hardship or other condition, the eligibility of the Borrower for forgiveness of all or any portion of the Loan, the amount of any Loan forgiveness, or any other matters of compliance with the Act or SBA requirements without limitation or without Lender’s examination of any other information not included in the Borrower’s Application which may be in Borrower’s possession. 
7.Waiver; Amendments.  No failure or delay on the part of the Lender in the exercise of any right, power, privilege or remedy shall operate as a waiver thereof, nor shall any single or partial exercise by Lender of any right, power, privilege or remedy preclude other or further exercise thereof, or the exercise of any other right, power, privilege or remedy.  No amendment, modification or waiver of, or consent with respect to, any provision of this Agreement or the other Loan Documents shall in any event be effective unless the same shall be in writing and signed and delivered by the Lender (and in the case of an amendment, the Borrower), and then such amendment, modification, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
8.Severability.  Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.  All obligations of the Borrower and rights of the Lender expressed herein or in any other Loan Document shall be in addition to and not in limitation of those provided by applicable law. 
9.Waiver of Class Actions.  The terms “Claim” or “Claims” refer to any disputes, controversies, claims, counterclaims, allegations of liability, theories of damage, or defenses between Borrower, its subsidiaries and affiliates, on the one hand, and the Lender, on the other hand (all of the foregoing each being referred to as a “Party” and collectively as the “Parties”).  Whether in state court, federal court, or any other venue, jurisdiction, or before any tribunal, the Parties agree that all aspects of litigation and trial of any Claim will take place without resort to any form of class or representative action.  Thus the Parties may only bring Claims against each other in an individual capacity and waive any right they may have to do so as a class 

              

representative or a class member in a class or representative action.  THIS CLASS 
ACTION WAIVER PRECLUDES ANY PARTY FROM PARTICIPATING IN OR BEING REPRESENTED IN ANY CLASS OR REPRESENTATIVE ACTION REGARDING A CLAIM. 
10.INDEMNIFICATION BY THE BORROWER.  IN CONSIDERATION OF THE EXECUTION AND DELIVERY OF THIS AGREEMENT BY THE LENDER AND THE AGREEMENT TO EXTEND THE COMMITMENTS PROVIDED HEREUNDER, THE BORROWER HEREBY AGREES TO INDEMNIFY, EXONERATE AND HOLD THE LENDER AND EACH OF THE LENDER’S OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES, LENDER AGENTS AND OTHER AGENTS (EACH A “LENDER PARTY”) FREE AND HARMLESS FROM AND AGAINST ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, LOSSES, LIABILITIES, DAMAGES AND EXPENSES, INCLUDING ATTORNEY COSTS (COLLECTIVELY, THE “INDEMNIFIED LIABILITIES”), INCURRED BY THE LENDER PARTIES OR ANY OF THEM AS A RESULT OF, OR ARISING OUT OF, OR RELATING TO (A) THE LENDER’S ACTIONS ARISING FROM OR RELATED TO THE ACT, AND (B) THE EXECUTION, DELIVERY, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BY ANY OF THE LENDER PARTIES, EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF THE APPLICABLE LENDER PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS DETERMINED BY A FINAL, NONAPPEALABLE JUDGMENT OF A COURT OF COMPETENT JURISDICTION.  IF AND TO THE EXTENT THE FOREGOING UNDERTAKING MAY BE UNENFORCEABLE FOR ANY REASON, THE BORROWER HEREBY AGREES TO MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT AND SATISFACTION OF EACH OF THE INDEMNIFIED LIABILITIES THAT IS PERMISSIBLE UNDER APPLICABLE LAW.  ALL OBLIGATIONS PROVIDED FOR IN THIS SECTION SHALL SURVIVE REPAYMENT OF THE LOAN, CANCELLATION OF THE NOTE, OR ANY MODIFICATION, RELEASE, DISCHARGE OR TERMINATION OF, ANY OR ALL OF THIS AGREEMENT. 

11.FORUM SELECTION AND CONSENT TO JURISDICTION.  ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF ILLINOIS OR IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS; PROVIDED THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION.  THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF ILLINOIS AND OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE.  THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY 

              

LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
12.WAIVER OF JURY TRIAL.  EACH OF THE BORROWER AND THE LENDER HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A 
JURY.   
13.Change of Ownership.  Certain Changes of Ownership as defined in SBA Procedural Notice 5000-20057 dated October 2, 2020, may require SBA approval. Where SBA approval is required, such approval may take sixty (60) or more days to obtain, and Lender will not provide consent to a Change of Ownership prior to receiving SBA approval. Lender shall not be responsible for providing consent to a Change in Ownership by any particular date. It shall be Borrower’s responsibility to provide Lender with enough advance written notice and all necessary information in order to obtain SBA approval and Lender consent prior to closing the transaction.  As a condition to Lender’s consent to the Change in Ownership, an escrow may need to be established, and Borrower agrees to pay any fees of the escrow agent and any Lender fees and costs, including reasonable attorneys’ fees, related to the establishment of the escrow.  
14.Agent Fees.  To the extent Borrower has contracted with an agent as defined in the Act (including, but not limited to, attorneys, accountants, consultants, loan brokers and/or other individuals or other parties), Borrower acknowledges and agrees that (i) Borrower is responsible for payment of any fees owed to Borrower’s agent; and (ii) Borrower may not use Loan proceeds to pay Borrower’s agent. Borrower further acknowledges and agrees that Lender shall only be responsible for paying fees to an agent for services for which the Lender directly contracts with the agent.   
Remainder of page left blank intentionally – signature page to follow.  

              

Borrower: 
Westell, Inc.___________
By:      /s/ Timothy Duitsman______________                      Date: March 15, 2021______
Name:  Timothy Duitsman______________
Its: CEO_____________________________

Lender:

St. Charles Bank & Trust Company, N.A.

By:       /s/ Anthony Abbot                                 Date: March 15, 2021_____
Name:   Anthony Abbott                 
Its:  Bank Officer                    

              

SBA Loan No.:  9793538508______________ 
SBA Loan Name:  Westell, Inc.___________

                                ERRORS AND OMISSIONS AGREEMENT

In consideration of St. Charles Bank & Trust Company, N.A.  (“Lender”) making a loan (“Loan”) to the undersigned (“Borrower”) pursuant to a Loan Agreement between Lender and Borrower dated as of even date herewith (“Loan Agreement”), Borrower hereby covenants and agrees as follows:  
    1.    Upon the request of Lender, its successors or assigns, the undersigned agrees to: 
(a)furnish and execute any documents required by Lender to verify the truth and accuracy of any information provided by Borrower in connection with the Loan including, but not limited to, income, employment, deposit and loan authorizations and verifications, income tax returns and contracts and settlement statements;  
(b)execute any document that should have been signed at or before the closing, reexecute any document signed at or before the closing and execute any document that was incorrectly or incompletely drafted and signed at the closing, including, but not limited to, correction notes, and other correction instruments; and 
(c)furnish any documents required by Lender and/or comply with any conditions, work and/or certifications set forth in the Loan application. 
(d)furnish any additional documents or forms that may become required under subsequent guidance from the U.S. Small Business Administration or Department of Treasury regarding the repayment, administration, servicing, forgiveness, or other aspects of the Paycheck Protection Program. 
2.The undersigned covenants, represents and agrees that all requests by Lender will receive the full cooperation of and compliance by the undersigned within ten (10) days of the making of the requests and the obligations hereunder shall survive the closing.  
3.It is further agreed that the failure of Borrower to comply with the covenants, representations and agreements hereunder shall constitute an event of default under the note, Loan Agreement and other loan documents executed in connection with the Loan and shall entitle Lender, its successors or assigns, to any and all of the remedies available upon default under such documents.  
4.This document may be signed in counterpart.  Facsimile signatures will be treated as original signatures and have the full force and effect of an original signature.  
5.Borrower consents to Lender, or Lender’s agent, adding document dates to the extent Borrower fails to date any of the Loan documents, and add exhibits, schedules or 

              

attachments to the extent they are consistent with the Loan Agreement and complete missing information or blanks within Loan documents or application documents for the Loan, to the extent such information is factually true, is consistent with the Loan Agreement and the inclusion of such information within such documents does not materially modify the legal obligations of Borrower nor materially modify any representation, warranty or covenant given by Borrower to Lender.   
Dated __ March 15, 2021_______.
Westell, Inc.______________________
    
By: /s/ Timothy Duitsman_____________
Name:  Timothy Duitsman_____________
Its: CEO____________________________
By: _______________________________
Name:  ____________________________
                     Its:_________________________                                                                                                                                                                                                                     
                                                                                                                                         

              

DISBURSEMENT DIRECTION, REQUEST AND AUTHORIZATION 
Lender:  St. Charles Bank & Trust Company, N.A.
Borrower: Westell, Inc.____________________
Date:  March 15, 2021_______________________
Loan Amount: $1,637,522.00_______________
  _____________________________________________________________________________
The undersigned hereby authorizes and directs Lender, in its discretion pursuant to the terms of the loan documents (“Loan Documents”) between Lender and the undersigned respecting the Loan, to disburse $1,637,522.00____ of the loan proceeds as set forth below. 
      Disbursement    Amount
						
	Disbursement to Borrower’s account with Lender 
(or account at another institution if agreed to by Lender) 
	$1,637,522.00

	TOTAL:	 $ 1,637,522.00

The undersigned, Borrower under the foregoing loan, represents and warrants to Lender that there has been no material adverse change in the undersigned’s financial condition since the date of the latest financial statements delivered by the undersigned to Lender.  The undersigned affirms that the representations and warranties contained in the Loan Documents are true and correct as of the date hereof. 
The undersigned hereby verifies that he has examined this Disbursement Direction, Request & Authorization and finds it correct and Borrower hereby approves the disbursement of the proceeds of the loan as indicated above and all other charges required to be paid by Borrower from their own funds. The undersigned Borrower accepts this Disbursement Direction, Request & Authorization in full settlement and discharge of all obligations of Lender as of the date hereof, acknowledge receipt of the full amount of the disbursements as of the date hereof to or on behalf of Borrower and certifies that no defense by way of set-off or otherwise exists.   
By your signature(s) below, you agree to the terms and acknowledge receipt of a copy of this Disbursement Direction, Request and Authorization.  
AGREED AND ACCEPTED:
Westell, Inc._________________________
By:  /s/ Timothy Duitsman______________ 
 Name:  Timothy Duitsman______________
Its:  CEO_____________________________

By:  ________________________________ 
 Name: ______________________________ 
Its:__________________________________EX-10.1

 Exhibit 10.1 

Execution Version 

AMENDED AND RESTATED 

INVESTMENT ADVISORY AGREEMENT 

BETWEEN 
 OAKTREE
SPECIALTY LENDING CORPORATION 
 AND 

OAKTREE FUND ADVISORS, LLC 

This Investment Advisory Agreement (this “Agreement”) made effective as of March 19, 2021 (the
“Effective Date”), by and between OAKTREE SPECIALTY LENDING CORPORATION, a Delaware corporation (the “Company”), and OAKTREE FUND ADVISORS, LLC, a Delaware limited liability company (the
“Adviser”). 
 WHEREAS, the Company is a closed-end management investment
fund that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”); and 

WHEREAS, the Adviser is organized as an investment adviser that is registered under the Investment Advisers Act of 1940, as amended (the
“Advisers Act”); and 
 WHEREAS, the Company and the Adviser are party to that certain investment advisory agreement
dated May 4, 2020 by and between the Company and the Adviser (the “Prior Agreement”); 
 WHEREAS, the Company and the
Adviser desire to amend and restate the Prior Agreement to set forth the terms and conditions for the continued provision by the Adviser of investment advisory services to the Company. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows: 

 

	1.	 Duties of the Adviser. 

(a) The Company hereby appoints the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment of
the assets of the Company, subject to the supervision of the Board of Directors of the Company, (the “Board”) for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies
and restrictions that are set forth in the reports and/or registration statements that the Company files with the Securities and Exchange Commission (the “SEC”) from time to time; (ii) in accordance with all other
applicable federal and state laws, rules and regulations, and the Company’s certificate of incorporation and bylaws (each as amended, restated and/or corrected); and (iii) in accordance with the Investment Company Act. Without limiting the
generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement (A) determine the composition of the portfolio of the Company, the nature and timing of the changes therein

 
and the manner of implementing such changes; (B) identify, evaluate and negotiate the structure of the investments made by the Company; (C) execute, close, monitor and service the
Company’s investments; (D) determine the securities and other assets that the Company will purchase, retain, or sell; (E) perform due diligence on prospective portfolio companies; and (F) provide the Company with such other
investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds. The Adviser shall have the power and authority on behalf of the Company to effectuate its investment
decisions for the Company, including the negotiation, execution and delivery of all documents relating to the Company’s investments and the placing of orders for other purchase or sale transactions on behalf of the Company. In the event that
the Company determines to obtain debt financing (or refinance such financing), the Adviser shall arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make
investments on behalf of the Company through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle. 

(b) The Adviser hereby accepts such appointment and agrees during the term hereof to render the services described herein for the compensation
provided herein. 
 (c) The Adviser is hereby authorized to enter into one or more sub-advisory
agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to
assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Company’s
investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Company, subject to the oversight
of the Adviser and the Company. The Adviser, and not the Company, shall be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory agreement
entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act and other applicable federal and state law. 

(d) The Adviser shall, for all purposes herein provided, be deemed to be an independent contractor and, except as expressly provided or
authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company. 

(e) Subject to review by and the overall control of the Board, the Adviser shall keep and preserve, in the manner and for the period required
by the Investment Company Act, any books and records relevant to the provision of its investment advisory services to the Company and shall specifically maintain all books and records with respect to the Company’s portfolio transactions and
shall render to the Board such periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Company are the property of the Company and shall surrender promptly to the Company any
such records upon the Company’s request, provided that the Adviser may retain a copy of such records. 

  
 2 

	2.	 Company’s Responsibilities and Expenses Payable by the Company.

 All personnel of the Adviser, when and to the extent engaged in providing investment advisory services hereunder, and
the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Company. The Company shall bear all other costs and expenses of its operations and
transactions, including (without limitation) fees and expenses relating to: (a) offering expenses; (b) diligence and monitoring of the Company’s financial, regulatory and legal affairs (to the extent an investment opportunity is being
considered for the Company and any other accounts managed by Adviser or its affiliates, the Adviser’s out-of-pocket expenses related to the due diligence for such
investment will be shared with such other accounts pro rata based on the anticipated allocation of such investments opportunity between the Company and the other accounts); (c) the cost of calculating the Company’s net asset value; (d) the
cost of effecting sales and repurchases of shares of the Company’s common stock and other securities; (e) management and incentive fees payable pursuant to this Agreement; (f) fees payable to third parties relating to, or associated
with, making investments and valuing investments (including third-party valuation firms); (g) transfer agent and custodial fees; (h) fees and expenses associated with marketing efforts (including attendance at investment conferences and similar
events); (i) allocable out-of-pocket costs incurred in providing managerial assistance to those portfolio companies that request it; (j) fees, interest or other
costs payable on or in connection with any indebtedness; (k) federal and state registration fees; (l) any exchange listing fees; (m) federal, state and local taxes; (n) independent directors’ fees and expenses;
(o) brokerage commissions; (p) costs of proxy statements, stockholders’ reports and notices; (q) costs of preparing government filings, including periodic and current reports with the SEC; (r) fidelity bond, liability
insurance and other insurance premiums; (s) printing, mailing, independent accountants and outside legal costs; (t) all other direct expenses incurred by either the Company’s administrator or the Company in connection with
administering the Company’s business, including payments under the Company’s administration agreement with its administrator (as in effect from time to time, the “Administration Agreement”) that will be based upon
the Company’s allocable portion of overhead and other expenses incurred by the Company’s administrator in performing its obligations under the Administration Agreement; and (u) the compensation of the Company’s chief financial
officer and chief compliance officer, and their respective staffs. 
  

	3.	 Compensation of the Adviser. 

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base
management fee (“Base Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth. The Adviser may agree to temporarily or permanently waive or defer, in whole or in part, the Base
Management Fee and/or the Incentive Fee. See Appendix A for examples of how these fees are calculated. The Company shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct. Any
portion of a deferred fee payable to the Adviser shall be deferred without interest and may be paid in any quarter prior to the termination of this Agreement as the Adviser may determine upon written notice to the Company. 

  
 3 

 (a) As of the Effective Date, the Base Management Fee shall be calculated at an annual rate
of 1.50% of the Company’s gross assets, including any investments made with borrowings, but excluding any cash and cash equivalents; provided, however, that the Base Management Fee shall be calculated at an annual rate of 1.00% of the
Company’s gross assets, including any investments made with borrowings, but excluding any cash and cash equivalents that exceeds the product of (A) 200% and (B) the Company’s net asset value. For the avoidance of doubt, the 200% will
be calculated in accordance with the Investment Company Act and will give effect to exemptive relief the Company received with respect to debentures issued by a small business investment company subsidiary. For purposes of this Agreement, the term
“cash and cash equivalents” will have the meaning ascribed to it from time to time in the notes to the financial statements that the Company files with the SEC. The Base Management Fee shall be payable quarterly in arrears, and shall be
calculated based on the value of the Company’s gross assets at the end of each fiscal quarter, and appropriately adjusted for any equity capital raises or repurchases during such quarter. The Base Management Fee for any partial month or quarter
shall be appropriately prorated (upon termination of the Agreement, as of the termination date). The Adviser hereby agrees to irrevocably waive an aggregate of $6 million of Base Management Fees in the two years following the closing of the
Company’s acquisition of Oaktree Strategic Income Corporation at rate of $750,000 per quarter (with such amount appropriately prorated for any partial quarter). 

(b) Incentive Fee. The Incentive Fee shall consist of two parts, as follows: 

(i) The first part, referred to as the “Incentive Fee on Income,” shall be calculated and payable quarterly in arrears
based on the Company’s “Pre-Incentive Fee Net Investment Income” for the immediately preceding quarter (or upon termination of the Agreement, as of the termination date). The payment of the
Incentive Fee on Income shall be subject to payment of a preferred return to investors each quarter, expressed as a rate of return on the value of the Company’s net assets at the end of the most recently completed calendar quarter, of 1.50%,
subject to a “catch up” feature (as described below). 
 For this purpose, “Pre-Incentive Fee Net
Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio
companies, other than fees for providing managerial assistance) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement,
and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a
deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company
has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. In addition, “Pre-Incentive Fee Net Investment Income” does not include any amortization or accretion of any purchase premium or purchase discount to interest income resulting solely from merger-related accounting
adjustments in connection with the assets acquired in the merger with Oaktree Strategic Income Corporation, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related
accounting adjustments, in the aggregate, would result in an increase in Pre-Incentive Fee Net Investment Income. 

  
 4 

 The calculation of the Incentive Fee on Income for each quarter is as follows: 

(A) No Incentive Fee on Income shall be payable to the Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the preferred return rate of 1.50% (the “Preferred Return”) on net assets; 

(B) 100% of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the
Preferred Return but is less than or equal to 1.8182% in any calendar quarter shall be payable to the Adviser. This portion of the company’s Incentive Fee on Income is referred to as the “catch up” and is intended to provide the
Adviser with an incentive fee of 17.5% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment
Income reaches 1.8182% on net assets in any calendar quarter; and 
 (C) For any quarter in which the Company’s Pre-Incentive Fee Net Investment Income exceeds 1.8182% on net assets, the Incentive Fee on Income shall equal 17.5% of the amount of the Company’s Pre-Incentive Fee Net
Investment Income, as the Preferred Return and catch-up will have been achieved. 
 (ii) The second
part of the Incentive Fee, referred to as the “Incentive Fee on Capital Gains,” shall be determined and payable in arrears as of the end of each fiscal year (or upon termination of the Agreement, as of the termination date),
commencing the fiscal year ended September 30, 2019, and shall equal 17.5% of the Company’s realized capital gains, if any, on a cumulative basis from the beginning of the fiscal year ended September 30, 2019 through the end of each
subsequent fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees under this Agreement. Any realized capital
gains, realized capital losses, unrealized capital appreciation and unrealized capital depreciation with respect to the Company’s portfolio as of the end of the fiscal year ended September 30, 2018 shall be excluded from the calculations
of the second part of the incentive fee. In addition, the calculation of realized capital gains, realized capital losses and unrealized capital depreciation shall (1) not include any such amounts resulting solely from merger-related accounting
adjustments in connection with the assets acquired in the merger with Oaktree Strategic Income Corporation, including any premium or discount paid for the acquisition of such assets, solely to the extent that the inclusion of such merger-related
accounting adjustments, in the aggregate, would result in an increase in the Incentive Fee on Capital Gains and (2) include any such amounts associated with the investments acquired in the merger with Oaktree Strategic Income Corporation for
the period from October 1, 2018 to the date of closing of such merger, solely to the extent that the exclusion of such amounts, in the aggregate, would result in an increase in the Incentive Fee on Capital Gains. 

  
 5 

 (c) In certain circumstances the Adviser, any
Sub-Adviser, or any of their respective affiliates, may receive compensation from a portfolio company in connection with the Company’s investment in such portfolio company. Any compensation received by
the Adviser, Sub-Adviser, or any of their respective affiliates, attributable to the Company’s investment in any portfolio company, in excess of any of the limitations in or exemptions granted from the
1940 Act, any interpretation thereof by the staff of the SEC, or the conditions set forth in any exemptive relief granted to the Adviser, any Sub-Adviser or the Company by the SEC, shall be delivered promptly
to the Company and the Company will retain such excess compensation for the benefit of its shareholders. 
  

	4.	 Covenants of the Adviser. 

The Adviser covenants that it will maintain its registration as an investment adviser under the Advisers Act. The Adviser agrees that its
activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments. 
  

	5.	 Brokerage Commissions. 

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national
securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the
Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and
skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular
transaction or its overall responsibilities with respect to the Company’s portfolio, and constitutes the best net results for the Company. 
  

	6.	 Other Activities of the Adviser. 

The services of the Adviser to the Company are not exclusive. Subject to the provisions of the Company’s certificate of incorporation and
bylaws (each as amended, restated and/or corrected), the Adviser and its managers, members, principals, officers, employees and agents shall be free to act for their own account or the account of any other Account, and to engage in any other
business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment
objectives similar to those of the Company, so long as the Adviser’s services to the Company hereunder are not impaired thereby. The Company agrees that the Adviser may give advice and take action in the performance of its duties with respect
to any of its other clients which may differ from advice given or the timing or nature of action taken with respect to the investments of the Company. Nothing in this Agreement shall limit or restrict the right of any manager, member, principal,
officer, employee or agent of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to 

  
 6 

 
receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Company’s portfolio companies,
subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for the Company, subject to the Adviser’s right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that directors, managers, officers, employees and
stockholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, principals, stockholders, members, managers, agents or otherwise, and that the Adviser and directors, officers,
employees, partners, principals, stockholders, members, managers and agents of the Adviser and its affiliates are or may become similarly interested in the Company as stockholders or otherwise. 

 

	7.	 Responsibility of Dual Directors, Officers and/or Employees. 

If any person who is a manager, member, principal, officer, employee or agent of the Adviser is or becomes a director, manager, officer and/or
employee of the Company and acts as such in any business of the Company, then such manager, member, principal, officer, employee and/or agent of the Adviser shall be deemed to be acting in such capacity solely for the Company, and not as a manager,
member, principal, officer, employee or agent of the Adviser or under the control or direction of the Adviser, even if paid by the Adviser. 
  

	8.	 Limitation of Liability of the Adviser; Indemnification. 

The Adviser (and its officers, managers, members (and their partners or members, including the owners of their partners or members), agents,
employees, controlling persons and any other person or entity affiliated with the Adviser) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or
obligations under this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is
finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Company shall indemnify, defend and protect the Adviser (and its officers, managers, members (and their partners or members, including the
owners of their partners or members), agents, employees, controlling persons and any other person or entity affiliated with the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified
Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of
any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the
Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Company. Notwithstanding the preceding sentence of this Paragraph 8 to the contrary, nothing contained herein shall protect or be deemed to
protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by
reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement. 

  
 7 

	9.	 Effectiveness, Duration and Termination of Agreement. 

This Agreement shall become effective as of the Effective Date. This Agreement shall remain in effect until September 30, 2021, and
thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Board or a majority of the outstanding voting securities of the Company and
(b) the vote of a majority of the Company’s directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance
with the requirements of the Investment Company Act and each of whom is an “independent director” under applicable New York Stock Exchange listing standards. This Agreement may be terminated at any time, without the payment of any penalty,
upon 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s directors or by the Adviser. This Agreement shall automatically terminate in the event of its
“assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act). Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts
owed under Paragraph 3 through the date of termination or expiration. 
  

	10.	 Notices. 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its
principal office. 
  

	11.	 Amendments. 

This Agreement may be amended by mutual consent. 
  

	12.	 Entire Agreement; Governing Law. 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Company is
regulated as a BDC under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of New York, or any
of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. To the fullest extent permitted by law, in the event of any dispute arising out of the terms and conditions of this Agreement, the
parties hereto consent and submit to the jurisdiction of the courts of the State of New York in the county of New York and of the U.S. District Court for the Southern District of New York. 

  
 8 

	13.	 Forum Selection. 

Any legal action or proceeding with respect to this Agreement or the services provided hereunder or for recognition and enforcement of any
judgment in respect hereof brought by the other party hereto or its successors or assigns must be brought and determined in the state or United States district courts of the State of New York (and may not be brought or determined in any other forum
or jurisdiction), and each party hereto submits with regard to any action or proceeding for itself and in respect of its property, generally and unconditionally, to the sole and exclusive jurisdiction of the aforesaid courts. 

 

	14.	 No Third Party Beneficiary. 

Other than expressly provided for in Paragraph 8 of this Agreement, this Agreement does not and is not intended to confer any rights or
remedies upon any person other than the parties to this Agreement; there are no third-party beneficiaries of this Agreement, including but not limited to stockholders of the Company. 

 

	15.	 Severability. 

Every term and provision of this Agreement is intended to be severable. If any term or provision hereof is illegal or invalid for any reason
whatsoever, such term or provision will be enforced to the maximum extent permitted by law and, in any event, such illegality or invalidity shall not affect the validity of the remainder of this Agreement. 

 

	16.	 Counterparts. 

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which taken together shall
constitute a single agreement. 
  

	17.	 Survival of Certain Provisions. 

The provisions of Paragraph 8 of this Agreement shall survive any termination or expiration of this Agreement and the dissolution, termination
and winding up of the Company. 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the
date above written. 
  

			
	OAKTREE SPECIALTY LENDING CORPORATION
		
	By:	 	/s/ Mathew Pendo
		 	Name: Mathew Pendo
		 	Title: President and Chief Operating Officer
	
	OAKTREE FUND ADVISORS, LLC
	
	By: Oaktree Capital II, L.P.
		
	By:	 	/s/ Armen Panossian
		 	Name: Armen Panossian
		 	Title: Authorized Signatory
		
	By:	 	/s/ Mary Gallegly
		 	Name: Mary Gallegly
		 	Title: Authorized Signatory

 [Signature Page to Amended and Restated Investment Advisory Agreement] 

 Appendix A 

Example 1: Incentive Fee on Income for Each Quarter 

Alternative 1 

Assumptions 
 Investment
income (including interest, dividends, fees, etc.) = 2% 
 Preferred return1 = 1.50%

 Management fee2 = 0.375% 

Other expenses (legal, accounting, custodian, transfer agent, etc.) = 0.20% 

Pre-Incentive Fee net investment income 

(investment income – (management fee + other expenses)) = 1.425% 

Pre-Incentive Fee Net Investment Income does not exceed the Preferred Return, therefore there is no
Incentive Fee on Income. 
 Alternative 2 

Assumptions 
 Investment
income (including interest, dividends, fees, etc.) = 2.375% 
 Preferred Return1 = 1.5%

 Management fee2 = 0.375% 

Other expenses (legal, accounting, custodian, transfer agent, etc.) = 0.20% 

Pre-Incentive Fee net investment income 

(investment income – (management fee + other expenses)) = 1.80% 

Incentive Fee = 17.5% × pre-Incentive Fee net investment income, subject to “catch-up”3 
 = 100% × (1.80% –
1.5%) 
 = 0.30% 
  

 

	1 	 Represents 6.0% annualized preferred return. 

	2 	 Represents 1.5% annualized management fee. 

	3 	 The “catch-up” provision is intended to provide the Adviser
with an Incentive Fee of 17.5% on all of our pre-Incentive Fee net investment income as if a preferred return did not apply when our net investment income exceeds 1.5% in any calendar quarter and is not
applied once the Adviser has received 17.5% of investment income in a quarter. The “catch-up” portion of our pre-Incentive Fee Net Investment Income is the
portion that exceeds the 1.5% preferred return but is less than or equal to approximately 1.8182% (that is, 1.5% divided by (1 – 0.175)) in any fiscal quarter. 

  
 A-1 

 Alternative 3 

Assumptions 
 Investment
income (including interest, dividends, fees, etc.) = 3.5% 
 Preferred Return1 = 1.5%

 Management fee2 = 0.375% 

Other expenses (legal, accounting, custodian, transfer agent, etc.) = 0.20% 

Pre-Incentive Fee net investment income 

(investment income – (management fee + other expenses)) = 2.925% 

Incentive Fee = 17.5% × pre-Incentive Fee net investment income, subject to “catch-up”3 
 Incentive Fee = 100% × “catch-up” + (17.5% × (pre-Incentive Fee net investment income – 1.8182%)) 

Catch-up = 1.8182% – 1.5% = 0.3182% 

Incentive Fee = (100% × 0.3182%) + (17.5% × (2.925% – 1.8182%)) 

= 0.3182% + (17.5% × 1.1068%) 

= 0.3182% + 0.1937% 
 = 0.5119%

 Example 2: Incentive Fee on Capital Gains 

Assumptions 
  

	 	•	 	 Year 1: $10 million investment made in Company A (“Investment A”), $10 million investment
made in Company B (“Investment B”), $10 million investment made in Company C (“Investment C”), $10 million investment made in Company D (“Investment D”) and $10 million investment made in Company E
(“Investment E”). 

  

	 	•	 	 Year 2: Investment A sold for $20 million, fair market value (“FMV”) of Investment B determined to
be $8 million, FMV of Investment C determined to be $12 million, and FMV of Investments D and E each determined to be $10 million. 

  

	 	•	 	 Year 3: FMV of Investment B determined to be $8 million, FMV of Investment C determined to be
$14 million, FMV of Investment D determined to be $14 million and FMV of Investment E determined to be $16 million. 

  

	 	•	 	 Year 4: Investment D sold for $12 million, FMV of Investment B determined to be $10 million, FMV of
Investment C determined to be $16 million and FMV of Investment E determined to be $14 million. 

  

	 	•	 	 Year 5: Investment C sold for $20 million, FMV of Investment B determined to be $14 million and FMV of
Investment E determined to be $10 million 

  

	 	•	 	 Year 6: Investment B sold for $16 million and FMV of Investment E determined to be $8 million.

  

	 	•	 	 Year 7: Investment E sold for $8 million and FMV. 

  
 A-2 

 These assumptions are summarized in the following chart: 

 

																	
	 	  	 Investment A
	  	 Investment B
	  	 Investment C
	  	 Investment D
	  	 Investment E
	  	
Cumulative
Unrealized
Capital
Depreciation
	  	 Cumulative
Realized
Capital
Losses
	  	 Cumulative
Realized
Capital Gains

	Year 1	  	$10 million
(cost basis)	  	$10 million
(cost basis)	  	$10 million
(cost basis)	  	$10 million
(cost basis)	  	$10 million (cost basis)	  	—	  	—	  	—
	Year 2	  	$20 million
(sale price)	  	$8 million FMV	  	$12 million
FMV	  	$10 million
FMV	  	$10 million FMV	  	$2 million	  	—	  	$10 million
	Year 3	  	—	  	$8 million
FMV	  	$14 million
FMV	  	$14 million
FMV	  	$16 million FMV	  	$2 million	  	—	  	$10 million
	Year 4	  	—	  	$10 million
FMV	  	$16 million
FMV	  	$12 million
(sales price)	  	$14 million FMV	  	—	  	—	  	$12 million
	Year 5	  	—	  	$14 million
FMV	  	$20 million
(sale price)	  	—	  	$10 million FMV	  	—	  	—	  	$22 million
	Year 6	  	—	  	$16 million
(sale price)	  	—	  	—	  	$8 million FMV	  	$2 million	  	—	  	$28 million
	Year 7	  	—	  	—	  	—	  	—	  	$8 million (sale price)	  	—	  	$2 million	  	$28 million

  

	 	•	 	 Year 1: None 

  

	 	•	 	 Year 2: 

Capital Gains Fee = 17.5% multiplied by ($10 million realized capital gains on sale of Investment A less $2 million cumulative
capital depreciation) = $1.4 million 
  

	 	•	 	 Year 3: 

Capital Gains Fee = (17.5% multiplied by ($10 million cumulative realized capital gains less $2 million cumulative capital
depreciation)) less $1.4 million cumulative Capital Gains Fee previously paid = $1.4 million less $1.4 million = $0.00 million 
  

	 	•	 	 Year 4: 

Capital Gains Fee = (17.5% multiplied by ($12 million cumulative realized capital gains)) less $1.4 million cumulative Capital Gains
Fee previously paid = $2.1 million less $1.4 million = $0.7 million 
  

	 	•	 	 Year 5: 

Capital Gains Fee = (17.5% multiplied by ($22 million cumulative realized capital gains)) less $2.1 million cumulative Capital Gains
Fee previously paid = $3.85 million less $2.1 million = $1.75 million 
  

	 	•	 	 Year 6: 

Capital Gains Fee = (17.5% multiplied by ($28 million cumulative realized capital gains less $2 million cumulative capital
depreciation)) less $3.85 million cumulative Capital Gains Fee previously paid = $4.55 million less $3.85 million = $0.70 million 

  
 A-3 

	 	•	 	 Year 7: 

Capital Gains Fee = (17.5% multiplied by ($28 million cumulative realized capital gains less $2 million cumulative realized capital
losses)) less $4.55 million cumulative Capital Gains Fee previously paid = $4.55 million less $4.55 million = $0.00 million 

  
 A-4

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