Document:

ppl-6302022_ex10c

310670082.9         Business Use  RHODE ISLAND ENERGY  EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN  (Effective as of February 24, 2022)  

 

310670082.9       i    Rhode Island Energy  Executive Supplemental Retirement Plan  (Established as of February 24, 2022)    PREAMBLE  a new plan in connection with the acquisition by PPL Corporation of The Narragansett Electric  Executive Supplemental Retirement Plan (409A) dated December 31, 2008. This Plan sets forth  the terms applicable to participants whose qualified defined benefit pension plan benefit is  calculated under the terms of the Rhode Island Energy Retirement Plan.    

 

310670082.9     Rhode Island Energy  Executive Supplemental Retirement Plan  (Established as of February 24, 2022)   TABLE OF CONTENTS    Page  ii    Business Use  I. Introduction ................................................................................................................... 1  1.01 Name ................................................................................................................. 1  1.02 Purpose ............................................................................................................. 1  1.03 Effectiveness ..................................................................................................... 1  II. Definitions ..................................................................................................................... 1  2.01 Accrued Benefit ................................................................................................. 1  2.02 Affiliated Company ............................................................................................. 1  2.03 Board ................................................................................................................. 1  2.04 Code .................................................................................................................. 1  2.05 Company ........................................................................................................... 1  2.06 Deemed Benefits Commencement Date ............................................................ 1  2.07 EBPB ................................................................................................................. 1  2.08 Participant .......................................................................................................... 1  2.09 Plan Administrator .............................................................................................. 2  2.10 PPL .................................................................................................................... 2  2.11 Qualified Compensation ..................................................................................... 2  2.12 Qualified Plan .................................................................................................... 2  2.13 Qualified Plan Benefit ........................................................................................ 2  2.14 Retirement Income ............................................................................................. 2  2.15 RIE Plan ............................................................................................................ 2  2.16 Section 409A ..................................................................................................... 2  2.17 Separation from Service ..................................................................................... 2  2.18 Spouse .............................................................................................................. 2  2.19 Total Compensation ........................................................................................... 2  2.20 Years of Service ................................................................................................ 2  III. Supplemental Retirement Benefit .................................................................................. 3  3.01 Annual Benefit Amount ...................................................................................... 3  3.02 Vesting and Forfeiture of Benefits ...................................................................... 3  IV. Calculation of Benefits ................................................................................................... 3  4.01 Calculation Date ................................................................................................ 3  4.02 Early Retirement Reduction Factor .................................................................... 3  

 

310670082.9       iii    Business Use  V. Timing and Form of Payment of Retirement Income...................................................... 3 5.01 Payment Timing ................................................................................................. 3  5.02 Normal Form of Payment ................................................................................... 3  5.03 QDRO Payments ............................................................................................... 4  5.04 ...................................................................................... 4  5.05 Actuarial Factors ................................................................................................ 4  VI. Lump Sum Payments  Special Circumstances ............................................................ 4  6.01 Dissolution ......................................................................................................... 4  6.02 Failure of Payment ............................................................................................. 5  6.03 Small Balance Cash Outs .................................................................................. 5  6.04 FICA .................................................................................................................. 5  6.05 Other Special Circumstances  Accelerations and/or Delays in Scheduled  Payments ........................................................................................................... 5  6.06 USERRA ............................................................................................................ 5  VII. Administration and Claims ............................................................................................. 5  7.01 Duties ................................................................................................................ 5  7.02 Claims ................................................................................................................ 6  7.03 Plan Interpretation .............................................................................................. 7  VIII. Liability for Acts ............................................................................................................. 7  IX. Indemnity ....................................................................................................................... 7  X. Effectuation of Interest ................................................................................................... 7  XI. Government Regulations ............................................................................................... 8  XII. Nonassignment ............................................................................................................. 8  XIII. Provisions of Benefits .................................................................................................... 8  XIV. Amendment or Termination ........................................................................................... 8  XV. General Provisions ........................................................................................................ 8  15.01 Taxes ................................................................................................................. 8  15.02 No Implied Rights ............................................................................................... 8  15.03 Headings ........................................................................................................... 9  15.04 Gender and Number .......................................................................................... 9  15.05 Severability ........................................................................................................ 9  15.06 Governing Law ................................................................................................... 9  15.07 Section 409A Compliance .................................................................................. 9  

 

310670082.9       1    Business Use  Rhode Island Energy  Executive Supplemental Retirement Plan  (Established as of February 24, 2022)  I. Introduction  1.01 Name. This Plan shall be known as the Rhode Island Energy Executive  Plan   1.02 Purpose. The purpose of this Plan is to provide supplemental retirement benefits  for a select group of management or highly compensated employees within the  meaning of Title I of the Employee Retirement Income Security Act of 1974, as  amended, and establish provisions/operations applicable to the payment of  supplemental retirement benefits that are compliant with the general provisions of  Section 409A of the Code.  1.03 Effectiveness. This Plan is effective as of February 24, 2022.  II. Definitions  When used in this Plan, the following words will have the meanings indicated below:  2.01 Accrued Benefit means the vested benefits under this Plan.  2.02 Affiliated Company 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 Company; (b) any member of an affiliated service group, as determined  under section 414(m) of the Code, of which the Company is a member; (c) any  trade or business (whether or not incorporated) that is under common control with  the Company, as determined under section 414(c) of the Code, and (d) any other  organization or entity that is required to be aggregated with the Company under  section 414(o) of the Code and regulations issued thereunder.  2.03 Board means the Board of Directors of PPL, or a committee of the Board.  2.04 Code means the Internal Revenue Code of 1986, as amended from time to time.  2.05 Company means The Narragansett Electric Company, dba Rhode Island Energy.  2.06 Deemed Benefits Commencement Date means the later of the date of the  provided however, that if a Participant is below age 55 at the time of Separation  from Service, the Deemed Benefits Commencement Date will be the date as of  which the Participant attains age 55.  2.07 EBPB means the Employee Benefit Plan Board, the entity appointed by the Board  as the administrator of the Plan.  2.08 Participant means a non-union employee who participates in the Qualified Plan  and whose permissible earnings under the Qualified Plan exceed the amount  

 

310670082.9       2    Business Use  permitted under Section 401(a)(17) of the Code and/or whose benefit under the  Qualified Plan exceeds the limits set forth under Section 415 of the Code.  2.09 Plan Administrator means the EBPB.  2.10 PPL shall mean PPL Services Corporation and its successors.  2.11 Qualified Compensation means compensation utilized in the calculation of the  Sections 401(a)(17) or 415 of the Code; provided, however, Qualified  Compensation shall include additional earnings received by a Participant from any  entity as specifically authorized by the Board.  2.12 Qualified Plan means the RIE Plan.  2.13 Qualified Plan Benefit means the annual normal retirement benefit payable on a  straight single life annuity basis under the terms of the Qualified Plan determined  to any qualified domestic relations order that would otherwise affect the amount of  said benefit).  2.14 Retirement Income means the supplemental retirement benefit(s) relating to the    2.15 RIE Plan means the Rhode Island Energy Retirement Plan, as amended from time  to time.  2.16 Section 409A means section 409A of the Code, as amended from time to time,  including regulations issued pursuant thereto.  2.17 Separation from Service has the meaning set forth in Section 1.409A-1(h) of the  Treasury Regulations.  2.18 Spouse shall have the meaning provided in the Qualified Plan.  2.19 Total Compensation means Qualified Compensation; provided, however, for any  Participant who serves in an officer-level position, Total Compensation further  includes (to the extent not already included): (a) incentive compensation, which  shall be included in the same twelve-month period for which it was earned; and (b)  compensation and/or incentive compensation deferred under the terms of the PPL  Executive Deferred Compensation Plan that is not included in Qualified  Compensation due to the fact it was deferred, which shall be attributed to the  twelve-month period for which it was earned. The inclusion of incentive  Plan benefit as described herein applies prospectively from the date the Participant  becomes an officer-level employee.   2.20 Years of Service shall have the meaning provided in the Qualified Plan; provided,  however, Years of Service shall also include any additional service credit  specifically authorized for a Participant by the Board.  

 

310670082.9       3    Business Use  III. Supplemental Retirement Benefit 3.01 Annual Benefit Amount. A Participant shall be entitled to receive from the Company  an annual retirement benefit equal to a. minus b. minus c. below:  a. the benefit the Participant would have received under the Qualified Plan if  the benefit were calculated using Total Compensation;  b. the Qualified Plan Benefit;  c. any benefit payable on a straight life annuity basis which was accrued,  under a plan maintained by an employer other than Company or an  Affiliated Company, for service granted pursuant to the additional service  credits provision of the Qualified Plan.  benefit will be calculated without regard to the limits under Section 415 of Code.  3.02 Vesting and Forfeiture of Benefits der this Plan shall be  100% vested after five Years of Service. There is no partial or incremental vesting  Separation from Service is automatically forfeited.  IV. Calculation of Benefits  4.01 Calculation Date from Service.  4.02 Early Retirement Reduction Factor. The early retirement reduction factor that  applies under the Qualified Plan shall apply to the benefit calculations under this  Plan.    V. Timing and Form of Payment of Retirement Income  5.01 Payment Timing. Payment of Retirement Income to Participants will commence on  the later of (i) the first day of the seventh month following Separation from Service  or (ii) the first day of the month on or following the date Participant attains age 55;  provided, however, the Plan Administrator may, in its sole discretion, process and  pay a scheduled payment up through the later of December 31 following the  applicable payment date and the 15th day of the third calendar month following the  applicable payment date provided that under no circumstance may a Participant  be permitted, directly or indirectly, to designate the taxable year of processing and  payment.  5.02 Normal Form of Payment . The normal form of payment of Retirement Income shall  be as follows:  a. If a Participant has a Spouse, the normal form of payment shall be a  contingent annuitant option with the Spouse, as contingent annuitant,  

 

310670082.9       4    Business Use  Income.  b. If a Participant does not have a Spouse, the normal form of payment shall  be a straight life annuity with no amount of Retirement Income payable after  th   5.03 QDRO Payments. To the extent the form of benefit under the Qualified Plan was  dictated by the terms of a qualified domestic relations order, the form of payment  of the Retirement Income is that which would have applied (or any form that could  have been elected) in the absence of said order, except to the extent of a court  approved domestic relations order assigning benefits payable under this Plan  specifies otherwise, and subject to the limits imposed on such an election by  Section 409A.  5.04 . The Spouse of a Participant who is vested under this Plan  is entitled to a pre-retirement spouse benefit if the Participant dies before payment  of Plan benefits commence as follows:  a. calculation of the benefit will be made as if the Participant had retired as of  the date of death and elected Retirement Income payments to begin on the  first day of the month next following the later of the date of death or  -fifth birthday; and  b. the Retirement Income shall be payable in the form of a contingent  annuitant option with the Spouse, as contingent annuitant, entitled to  receive 50% (100% if the Participant died after his or her 55th birthday and    Income subject to reduction for benefits payable hereunder under a  domestic relations order; provided, however, the Plan Administrator may,  in his or her sole discretion, process and pay the death benefit at any time  prior to December 31 of the calendar year following the calendar year  during which the Participant died.  5.05 Actuarial Factors. In calculating the benefit payable under any optional form of  benefit described under this Plan, the same actuarial equivalent factors in the  Qualified Plan shall be used in this Plan unless such factors are inconsistent or  disallowed under Section 409A.  VI. Lump Sum Payments  Special Circumstances  6.01 Dissolution. In the event of the dissolution, liquidation, or winding up of the  business of the Company, whether voluntary or involuntary, the Board may provide  in Section 1.409A-3(j)(4)(ix) of the Treasury Regulations (pertaining to liquidations,  plan terminations, etc.) to the extent permitted by said Section 1.409A-3(j)(4)(ix).  Any such determination by the Board shall be in writing and shall form a part of  this Plan to the extent required by Section 1.409A-3(j)(4) of the Treasury  Regulations.  

 

310670082.9       5    Business Use  6.02 Failure of Payment. If there is a failure by the Company to make any payment to  any Participant relative to Post-2004 Amounts when due under this Plan, the  Company will make the payment. However, if the Company fails to make a Post- 2004 Amount payment due to inadvertence or a good faith delay to permit  processing and immediately upon discovery of such failure or delay makes such  payment in full, the original failure to make the payment or payments shall not, for  the purposes of this paragraph, be a failure to make a payment. Likewise, if the  Company, in good faith, contests a claim by a Participant under this Plan, the  failure to make the contested payment or payments shall not, for the purpose of  this paragraph, be a failure to make a payment. The protection of benefits under  this paragraph is not intended to result in a deferral or acceleration of payment(s)  in violation of Section 409A of the Code.    6.03 Small Balance Cash Outs Service the Plan Administrator may direct, in his or her discretion, the lump sum  417(e) prescribed mortality and interest rate assumptions) provided: (1) the lump  benefits under all other plans required to be aggregated with this Plan under  plans does not exceed the applicable dollar amount under section 402(g)(1)(B) of  the Code at the time of cash out.  6.04 FICA. In the event that FICA taxes are due on Plan benefits on or after Separation  from Service, the Plan Administrator will (to the extent permitted by law, including  Section 409A), have the taxes paid through an actuarial reduction in the  the FICA taxes and applicable withholding taxes.  6.05 Other Special Circumstances  Accelerations and/or Delays in Scheduled  Payments. The Plan Administrator may modify the time or schedule of payments  under this Plan under specified circumstances described in Section 1.409A-3(j)(4)  of the Treasury Regulations (e.g., certain conflicts of interest, compliance with  ethics laws, etc.), but only to the extent therein provided. Further, the Plan  Administrator may authorize a delay in a scheduled payment under this Plan under  specific circumstances permitted under Section 409A, subject to the applicable  provisions of Section 409A, such as under circumstances where the delay would  result in a deduction under section 162(m) of the Internal Revenue Code not  otherwise available, where necessary to comply with Federal securities law or  other applicable.  6.06 USERRA. This Plan will be operated in a manner that is compliant with the  requirements of the Uniformed Services Employment and Reemployment Rights  Act of 1994, as amended.  VII. Administration and Claims  7.01 Duties. The EBPB shall have for this Plan the same duties as for the RIE Plan,  except as may be specifically provided herein or as inapplicable  

 

310670082.9       6    Business Use  foregoing, the EBPB shall have the full power and complete discretion to construe  and interpret all terms, provisions, conditions and limitations of the Plan and to  determine all questions arising out of or in connection with the provisions of the  Plan or its administration.  7.02 Claims. Pursuant to Section 503 of ERISA, the following claims procedure applies  with respect to claims for benefits under the Plan.  a. If any person believes she or he is being denied any rights or benefits  relating to participation, eligibility, the amount of benefits, or any other  provisions of this Plan, such person may file a claim in writing with the  EBPB (or if the EBPB so specifies, its designee).  b. If a claim for benefits under the Plan is denied, in whole or in part, the EBPB  (or its designee) shall, within ninety (90) days after receipt of the claim,  notify the claimant of the denial of the claim. The period for making the  determination may be extended for up to an additional ninety (90) days, if  necessary due to special circumstances, provided the EBPB (or its  designee) notifies the claimant of the extension within the initial ninety (90)  day period. The extension notice in such case shall explain the reasons for  the extension and the expected date of a decision. The notice of denial: (i)  shall be in writing; (ii) shall be written in a manner calculated to be  understood by the claimant; and (iii) shall contain (A) the specific reason or  reasons for denial of the claim; (B) reference to the specific Plan provisions  upon which the denial is based; (C) a description of any additional material  or information necessary to perfect the claim, along with an explanation of  why such material or information is necessary; and (D) an explanation of  the claims review procedures in paragraphs (c)and (d), below, including  ights to bring  a civil action under Section 502(a) of ERISA following a denied claim on  review.    c. After a claimant receives a written notice of the denial of a claim for  benefits, the claimant may file a written request with the EBPB (or, if the  EBPB so specifies, its designee) that it conduct a full and fair review of the  denial of the claim. A written request for review of a denied claim must be  of denial of the claim. The written request for review should state why the  claimant believes the claim should not have been denied, and should  describe any documents, data, or other information that may have a  bearing on the claim. A claimant shall have the right to submit written  comments, documents, records, and other information relating to the claim.  A claimant also shall have the right to be represented, provided that the  EBPB may apply reasonable procedures for determining whether an  individual has been authorized to act on behalf of the claimant. The  claimant (or their representative) may have, upon request and free of  document, record, or other information that: (i) was relied upon in making  a decision to deny benefits; (ii) was submitted, considered, or generated in  the course of making the decision to deny benefits, whether or not it was  

 

310670082.9       7    Business Use  relied upon in making the decision to deny benefits; or (iii) demonstrates  compliance with any administrative processes and safeguards designed to  confirm that the benefit determination was in accord with the Plan and that  the Plan provisions, where appropriate, have been applied consistently  regarding similarly situated individuals.     d. The EBPB (or its designee) shall deliver to the claimant a written decision  on the claim within sixty (60) days after receipt of the aforesaid request for  review. The period for delivering the decision may be extended for up to an  additional sixty (60) days, if necessary due to special circumstances,  provided the EBPB (or its designee) notifies the claimant of the extension  within the initial sixty (60) day period. The extension notice shall explain the  reasons for the extension and the expected date of a decision. The decision  shall (i) be written in a manner calculated to be understood by the claimant;  (ii) include the specific reason(s) for the decision; (iii) contain a reference  to the specific Plan provisions upon which the decision is based; (iv)  of charge, reasonable access to and copies of Relevant Documents (as  a civil action under Section 502(a) of ERISA. The decision upon review  shall be final and binding on all parties and subject to the fullest deference  permitted by law.  7.03 Plan Interpretation. Any interpretation of this Plan or other determination with  respect to this Plan by the EBPB will be final, binding and conclusive on all  persons.  VIII. Liability for Acts  8.01 No member of the EBPB, an officer or member of the Board, nor the Company or  its employees shall be personally liable for any error of omission or commission  misconduct, or lack of good faith; nor shall said individuals be personally liable for  any act of gross negligence, willful misconduct, or lack of good faith of any other  individual.  IX. Indemnity  9.01 Any employee of the Company or PPL who has assisted the EBPB, PPL or the  Company in administering this Plan, the members and officers of the Board shall  be insured and indemnified by the Company and PPL jointly and severally, against  any and all liab occasioned by any act or omission to act in connection with this Plan, as long as  such acts or omission to act are in good faith.  X. Effectuation of Interest   10.01 In the event it should become impossible for the Company, PPL, the Plan  Administrator, or the EBPB to perform any act required by this Plan, the Plan  Administrator, the Company, PPL, or the EBPB may perform such other act as it  

 

310670082.9       8    Business Use  in good faith determines will most nearly carry out the intent and purpose of this  Plan.  XI. Government Regulations  11.01 It is intended that this Plan will comply with all applicable laws and governmental  regulations, and neither the Company , PPL nor any party with authority under this  Plan, shall be obligated to perform an obligation hereunder in any case where, in  violation of any law or regulation.  XII. Nonassignment  12.01 To the fullest extent permitted by law, no benefit under this Plan, nor any other  interest hereunder of any Participant, Spouse, or contingent annuitant, shall be  assignable, transferable, or subject to sale, mortgage, pledge, hypothecation,  commutation, anticipation, garnishment, attachment, execution, or levy of any  kind, except to the extent of a court ordered domestic relations assignment.  XIII. Provisions of Benefits  13.01 This Plan will be unfunded. Benefits will be paid from the operating revenues of  the Company. The Company shall not be required to set aside or segregate any  benefits under this Plan shall be those of an unsecured, general creditor of the  Company.  XIV. Amendment or Termination  14.01 The Board may, in its sole discretion, terminate and amend this Plan from time to  time; provided, however, no modification shall reduce the value of a vested benefit  which, at the time of such amendment or discontinuance a Participant would be  eligible to receive under this Plan at that time or a later date in accordance with the  foregoing, the EBPB may adopt any amendment that does not significantly affect  the cost of the Plan or significantly alter the benefit design or eligibility  requirements of the Plan. Each amendment to the Plan will be binding on the  Company.  XV. General Provisions  15.01 Taxes. Payments under this Plan are subject to applicable tax withholding and  reporting. Each Participant is solely and personally liable for the settlement of any  and all income taxes with respect to payments under this Plan.  15.02 No Implied Rights. Neither this Plan nor the making of payments or purchases of  insurance by the Company or PPL shall be construed to create any obligation upon  the Company or PPL to continue this Plan or to continue purchases of insurance  or to give any present or future employee any right to continued employment.  

 

310670082.9       9    Business Use  15.03 Headings. The headings of articles and sections of this Plan are for convenience  of reference only.  15.04 Gender and Number. Unless the context requires otherwise, the singular shall  include the plural; the masculine gender shall include the feminine; and such words  a whole and not merely to the subdivision in which such words appear.  15.05 Severability. If any term or provision of this Plan, as presently in effect or as  amended from time to time, or the application thereof to any payments or  circumstances, shall to any extent be invalid or unenforceable, the remainder of  this Plan and the application of such term or provision to payments or  circumstances other than those as to which it is invalid or unenforceable shall not  be affected thereby, and each term or provision of this Plan shall be valid and  enforced to the fullest extent permitted by law.  15.06 Governing Law. Except as otherwise required by law, this Plan and all matters  arising thereunder shall be governed by the laws of The Commonwealth of  Pennsylvania.  15.07 Section 409A Compliance. The Plan and any payments provided hereunder are  intended to comply with, or be exempt from, Code Section 409A. The Plan shall in  all respects be interpreted, operated, and administered in accordance with this  intent. Payments provided under the Plan may be made only upon an event and  in a manner that complies with Code Section 409A. Any payments provided under  the Plan to be made upon a termination of service that constitute deferred  compensation subject to Code Section 409A shall be made only if such termination  installment payment provided under the Plan shall be treated as a separate  identified payment for purposes of Code Section 409A. Neither the Company nor  PPL makes any representations or warranties that the payments provided under  the Plan comply with, or are exempt from, Code Section 409A, and in no event  shall the Company or PPL be liable for any portion of any taxes, penalties, interest,  or other expenses that may be incurred by a Participant on account of non- compliance with Code Section 409A.     

 

310670082.9       10    Business Use  This Plan is hereby adopted and effective as of February 24, 2022 and executed February  24, 2022.         PPL SERVICES CORPORATION    ______________________________________________  Angela K. Gosman  Senior Vice President & Chief Human Resources OfficerExhibit 10.27
FIRST AMENDMENT
TO SENIOR SECURED REVOLVING CREDIT AGREEMENT
THIS FIRST AMENDMENT TO SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of July 6, 2022 (this “Amendment”), is among BAIN CAPITAL SPECIALTY FINANCE, INC., a Delaware corporation (the “Borrower”), the LENDERS party hereto and SUMITOMO MITSUI BANKING CORPORATION (“SMBC”), as Administrative Agent (in such capacity, the “Administrative Agent”).
W I T N E S S E T H:
WHEREAS, the Borrower, the Lenders and Issuing Banks party thereto and the Administrative Agent, are parties to the Senior Secured  Revolving Credit Agreement, dated as of December 24, 2021 (the “Existing Credit Agreement”, and as amended by this Amendment and as the same may be further amended, supplemented, amended and restated or otherwise modified from time to time, the “Credit Agreement”);
WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent agree to amend the Existing Credit Agreement, and the Lenders party hereto and the Administrative Agent are willing, on the terms and subject to the conditions hereinafter set forth, to agree to the amendment set forth below and the other terms hereof; and
NOW, THEREFORE, the parties hereto hereby covenant and agree as follows:
ARTICLE I
DEFINITIONS
SECTION 1.1.  Certain Definitions.  The following terms when used in this Amendment shall have the following meanings (such meanings to be equally applicable to the singular and plural forms thereof):
“Administrative Agent” is defined in the preamble.
“Amendment” is defined in the preamble.
“Borrower” is defined in the preamble.
“Credit Agreement” is defined in the first recital.
“Existing Credit Agreement” is defined in the first recital.
“First Amendment Effective Date” is defined in Section 4.1.
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SECTION 1.2.  Other Definitions.  Capitalized terms for which meanings are provided in the Existing Credit Agreement are, unless otherwise defined herein or the context otherwise requires, used in this Amendment with such meanings.
ARTICLE II
JOINDER OF NEW LENDERS
SECTION 2.1.  New Lenders. Subject to the occurrence of the First Amendment Effective Date (as hereinafter defined), each of the parties hereto hereby agrees that each of the Lenders listed on Schedule I hereto (each, a “New Lender” and, collectively, the “New Lenders”) will (and does hereby) become a “Lender” under and for all purposes of the Credit Agreement with Commitments as set forth on Schedule I hereto and hereby agrees to be bound by and comply with all of the terms and provisions of the Credit Agreement applicable to it as a “Lender” thereunder and that it will perform all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender.  Each New Lender represents and warrants that it has full power and authority, and has taken all action necessary, to execute this Amendment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement.
ARTICLE III
AMENDMENT TO EXISTING CREDIT AGREEMENT
SECTION 3.1.  Subject to the occurrence of the First Amendment Effective Date (as hereinafter defined), the Existing Credit Agreement (including the Exhibits and Schedules thereto) is hereby amended in its entirety in the form of Exhibit A attached hereto.
ARTICLE IV
CONDITIONS TO EFFECTIVENESS
SECTION 4.1.  Effective Date.  This Amendment shall become effective on the date (the “First Amendment Effective Date”) when the Administrative Agent shall have received the following:
(a)from each party hereto either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this Amendment) that such party has signed a counterpart of this Amendment; and
(b)for the benefit of Administrative Agent and each of the Lenders party hereto, as applicable, fees and expenses owing by the Borrower in connection with this Amendment as of the date hereof.
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ARTICLE V
MISCELLANEOUS
SECTION 5.1.  Representations.  The Borrower hereby represents and warrants that (i) this Amendment constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms, (ii) no Default has occurred and is continuing on the First Amendment Effective Date or after giving effect to this Amendment and (iii) the representations and warranties made by the Borrower contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects (or, in the case of any portion of the representations and warranties already subject to a materiality qualifier, true and correct in all respects) on and as of the date hereof (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date).
SECTION 5.2.  Cross-References.  References in this Amendment to any Article or Section are, unless otherwise specified, to such Article or Section of this Amendment.
SECTION 5.3.  Loan Document Pursuant to Existing Credit Agreement.  This Amendment is a Loan Document executed pursuant to the Existing Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with all of the terms and provisions of the Existing Credit Agreement, as amended hereby, including Article IX thereof.
SECTION 5.4.  Successors and Assigns.  The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
SECTION 5.5.  Counterparts.  This Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or electronically (e.g. pdf) shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 5.6.  Governing Law.  This Amendment shall be governed by and construed in accordance with the laws of the State of New York.
SECTION 5.7.  Full Force and Effect; Limited Amendment.  Except as expressly amended hereby, all of the representations, warranties, terms, covenants, conditions and other provisions of the Existing Credit Agreement and the other Loan Documents shall remain unchanged and shall continue to be, and shall remain, in full force and effect in accordance with their respective terms.  The amendment set forth herein shall be limited precisely as provided for herein to the provisions expressly amended herein and shall not be deemed to be an amendment to, waiver of, consent to or modification of any other terms or provisions of the Existing Credit Agreement or any other Loan Document or of any transaction or further or future action on the part of the Borrower.  Upon and after the execution of this Amendment by each of the parties hereto, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”,
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“thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Existing Credit Agreement as modified hereby.  This Amendment does not constitute a novation or termination of the Credit Agreement Obligations (as defined in the Guarantee and Security Agreement) under the Existing Credit Agreement, which remain outstanding.
SECTION 5.8.  Assignment and Reallocation of Existing Commitments and Existing Loans.
(a)On the First Amendment Effective Date, the Borrower shall (A) prepay the outstanding Loans and (B) simultaneously borrow new Loans in an amount equal to such prepayment; provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing from, any Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be subsequently borrowed from such Lender, and (y) the Lenders shall make and receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans of each Class are held ratably by the Lenders of such Class in accordance with each Lender’s Applicable Percentage of Commitments and portion of Loans, which, for the purposes of the Credit Agreement and each other Loan Document, will be as set forth opposite such Person’s name on Schedule 1.01(b) to the Credit Agreement, and (z) each Lender party hereto hereby agrees that no amounts shall be required to be paid to such Lender under Section 2.15 in connection with the reallocation described in this Section 5.8(a).  Concurrently therewith, the Lenders of each Class shall be deemed to have adjusted their participation interests in any outstanding Letters of Credit of such Class so that such interests are held ratably in accordance with their Applicable Percentage of Commitments of such Class.
(b)Each of the Lenders hereby acknowledges and agrees that (i) no Lender nor the Administrative Agent has made any representations or warranties or assumed any responsibility with respect to (A) any statements, warranties or representations made by any Obligor in or in connection with this Amendment, the Credit Agreement or any other Loan Document or, with respect to any Obligor, the execution, legality, validity, enforceability, genuineness or sufficiency of this Amendment, the Credit Agreement or any other Loan Document or (B) the financial condition of any Obligor or the performance by any Obligor of its obligations hereunder or under the Credit Agreement or any other Loan Document; (ii) it has received such information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment; and (iii) it has made and continues to make its own credit decisions in taking or not taking action under the Loan Documents, independently and without reliance upon the Administrative Agent or any other Lender.
SECTION 5.9.  Reaffirmation.  Each of the Borrower, ADT BCSF Investments, LLC, BCC BCSF DCB Investments, LLC, BCSF Abracon Holding, LLC, BCSF Grammer Holdings (E), LLC, BCSF Insigneo Holdings, LLC, BCSF ServiceMaster Investments, LLC, BCSF WSP, LLC, BCSF I, LLC, BCSF Complete Financing Solution Holdco LLC and BCSF Complete Financing Solution LLC, the Administrative Agent and the Lenders (i) hereby consents to the terms of this Amendment and the Credit Agreement, (ii) solely in the case of ADT BCSF Investments, LLC, BCC BCSF DCB Investments, LLC, BCSF Abracon Holding, LLC, BCSF Grammer Holdings (E), LLC, BCSF Insigneo Holdings, LLC, BCSF ServiceMaster Investments,
​

4

LLC, BCSF WSP LLC, BCSF I, LLC, BCSF Complete Financing Solution Holdco LLC and BCSF Complete Financing Solution LLC, hereby confirms that, after giving effect to this Amendment and the transactions contemplated hereby, its Guarantee under the Guarantee and Security Agreement remains unaltered and in full force and effect and continue to guarantee the Guaranteed Obligations as amended hereby, and (iii) hereby reaffirms, ratifies and confirms that, after giving effect to this Amendment and the transactions contemplated hereby, the Liens and other security interests granted by it pursuant to, and the terms and conditions of, the Guarantee and Security Agreement remain unaltered and in full force and effect and secure the Secured Obligations as amended hereby.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
​
​

5

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the date first above written.
​
	Borrower:
	BAIN CAPITAL SPECIALTY FINANCE, INC.

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

​
​

SIGNATURE PAGE TO FIRST AMENDMENT –  BAIN

	​

	​

	​

	Administrative Agent and Lender:
	SUMITOMO MITSUI BANKING CORPORATION

	​
	​

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

​
​

SIGNATURE PAGE TO FIRST AMENDMENT –  BAIN

	​

	​

	​

	Lender:
	MUFG UNION BANK, N.A

	​
	​

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

​
​

SIGNATURE PAGE TO FIRST AMENDMENT –  BAIN

	​

	​

	​

	Lender:
	[•]

	​
	​

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

​
​
​

SIGNATURE PAGE TO FIRST AMENDMENT –  BAIN

	​

	​

	​

	Solely with respect to Section 5.9:
	​

	​
	​

	​
	ADT BCSF INVESTMENTS, LLC

	​
	​

	​
	By: Bain Capital Specialty Finance, Inc., its sole member

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	​

	​
	By:
	​

	​
	Name:

	​
	Title:

	​
	​

	​
	BCC BCSF DCB INVESTMENTS, LLC

	​
	​

	​
	By: Bain Capital Specialty Finance, Inc., its sole member

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

	​
	​

	​
	BCSF ABRACON HOLDING, LLC

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	​

	​
	By: Bain Capital Specialty Finance, Inc., its sole member

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	​

	​
	By:
	​

	​
	Name:

	​
	Title:

	​
	​

	​
	BCSF GRAMMER HOLDINGS (E), LLC

	​
	​

	​
	By: Bain Capital Specialty Finance, Inc., its sole member

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

	​
	​

	​
	BCSF INSIGNEO HOLDINGS, LLC

	​
	​

	​
	By: Bain Capital Specialty Finance, Inc., its sole member

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

​
​

SIGNATURE PAGE TO FIRST AMENDMENT –  BAIN

	​

	​

	​

	​
	BCSF SERVICEMASTER INVESTMENTS, LLC

	​
	​

	​
	By: Bain Capital Specialty Finance, Inc., its sole member

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

	​
	​

	​
	BCSF WSP, LLC

	​
	​

	​
	By: Bain Capital Specialty Finance, Inc., its sole member

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

	​
	​

	​
	BCSF I, LLC

	​
	​

	​
	By: Bain Capital Specialty Finance, Inc., its sole member

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

	​
	​

	​
	BCSF COMPLETE FINANCING SOLUTION HOLDCO LLC

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

	​
	​

	​
	BCSF COMPLETE FINANCING SOLUTION LLC

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

​
​

SIGNATURE PAGE TO FIRST AMENDMENT –  BAIN

	​

	​

	​

	​
	Consented to and Agreed to by:

	​
	​

	​
	SUMITOMO MITSUI BANKING

	​
	CORPORATION,

	​
	as an Issuing Bank

	​
	​

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

	​
	​

	​
	MUFG UNION BANK, N.A,

	​
	as an Issuing Bank

	​
	​

	​
	​

	​
	By:
	​

	​
	Name:

	​
	Title:

​
​

SIGNATURE PAGE TO FIRST AMENDMENT –  BAIN

Schedule I
COMMITMENTS
​
	​

	​

	​

	​

	​

	​

	​

	​

	​

	​

	​

	Lender
	    
	Dollar
Commitment
	   
	Multicurrency
Commitment
	   
	Aggregate
Commitment
	 

	Apple Bank for Savings
	​
	$
	35,000,000
	​
	$
	0
	​
	$
	35,000,000
	​

	BNP Paribas
	​
	$
	0
	​
	$
	50,000,000
	​
	$
	50,000,000
	​

​
​

​

Exhibit A
[Attached]

​

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