Document:

Exhibit
10.2

 

NEITHER
THIS SECURITY NOR THE SECURITIES AS TO WHICH THIS SECURITY MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION
OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON
EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON
STOCK PURCHASE WARRANT

 

SIMPLICITY
ESPORTS AND GAMING COMPANY

 

Warrant
Shares: 365,000

Date
of Issuance: August 4, 2021 (“Issuance Date”)

 

This
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received (in connection with the execution
by the Holder (as defined below) and Company (as defined below) of the fourth amendment to the series A-2 exchange convertible note originally
issued by Company to Holder on December 20, 2018) (the “Note”)), Maxim Group LLC, a New York limited liability company (including
any permitted and registered assigns, the “Holder”), is entitled, upon the terms and subject to the limitations on
exercise and the conditions hereinafter set forth, at any time on or after the date of issuance hereof, to purchase from SIMPLICITY ESPORTS
AND GAMING COMPANY, a Delaware corporation (the “Company”), 365,000 shares of Common Stock (the “Warrant
Shares”) (whereby such number may be adjusted from time to time pursuant to the terms and conditions of this Warrant) at the
Exercise Price per share then in effect.

 

Capitalized
terms used in this Warrant shall have the meanings set forth in the body of this Warrant or in Section 12 below. For purposes of this
Warrant, the term “Exercise Price” shall mean $13.00, subject to adjustment as provided herein (including but not limited
to cashless exercise), and the term “Exercise Period” shall mean the period commencing on the Issuance Date and ending on
5:00 p.m. eastern standard time on the date that is the earlier of (i) three (3) years from the effective date of a registration statement
registering for resale by the Holder or its assigns the Warrant Shares (provided that such registration statement remains in effect at
the end of the Exercise Period) and (ii) the forty-two (42) month anniversary after the Issuance Date.

 

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1.
EXERCISE OF WARRANT.

 

(a)
Mechanics of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be exercised in
whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached hereto as Exhibit
A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within two (2) Trading Days
following the date of exercise as aforesaid (the “Warrant Share Delivery Date”), the Holder shall deliver the aggregate Exercise
Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States
bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original
Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of
Exercise be required. The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Partial
exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the
effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Company’s transfer agent
to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company
through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system
and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant
Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered
in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder
is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the Warrant Share Delivery
Date. Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of
record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant
Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by the respective
Warrant Share Delivery Date. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise
by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each
$1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise),
$10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each
Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company
agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.
If this Warrant is submitted in connection with any exercise and the number of Warrant Shares represented by this Warrant submitted for
exercise is greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable
and in no event later than three business days after any exercise and at its own expense, issue a new Warrant (in accordance with Section
6) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this Warrant,
less the number of Warrant Shares with respect to which this Warrant is exercised.

 

If
the Company fails to cause its transfer agent to issue to the Holder the respective shares of Common Stock by the respective Warrant
Share Delivery Date, then the Holder will have the right to rescind such exercise in Holder’s sole discretion in addition to all
other rights and remedies at law, under this Warrant, or otherwise, and such failure shall also be deemed a material breach under this
Warrant.

 

In
addition to any other rights available to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder the
Warrant Shares in accordance with the provisions of Section 1(a) above pursuant to an exercise on or before the Warrant Share Delivery
Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s
brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which
the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder
the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of
Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required
to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase
obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant
Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number
of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.
For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted
exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A)
of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written
notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in
equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure
to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

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If
the Market Price of one share of Common Stock is greater than the Exercise Price, then, unless there is an effective non-stale registration
statement of the Company covering the Holder’s immediate resale of the Warrant Shares at prevailing market prices (and not fixed
prices) without any limitation, the Holder may elect to receive Warrant Shares pursuant to a cashless exercise, in lieu of a cash exercise,
equal to the value of this Warrant determined in the manner described below (or of any portion thereof remaining unexercised) by surrender
of this Warrant and a Notice of Exercise, in which event the Company shall issue to Holder a number of Common Stock computed using the
following formula:

 

X
= Y (A-B)

 

A

 

Where
X = the number of Shares to be issued to Holder.

 

Y
= the number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such calculation).

 

A
= the Market Price (at the date of such calculation).

 

B
= Exercise Price (as adjusted to the date of such calculation).

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant
Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this
Section 1(a).

 

(b)
No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment
pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated for purposes of determining
whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance
of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay the Holder otherwise entitled to such fraction
a sum in cash equal to the product resulting from multiplying the then-current fair market value of a Warrant Share by such fraction.

 

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(c)
Holder’s Exercise Limitations. Notwithstanding anything to the contrary contained herein, the Company shall not effect any
exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 1 or otherwise,
to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder
(together with the Holder’s affiliates (the “Affiliates”), and any other Persons acting as a group together with the
Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of
the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock
beneficially owned by the Holder and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of
this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would
be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company
(including, without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the
limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in
the preceding sentence, for purposes of this Section 1(c), beneficial ownership shall be calculated in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Holder is solely
responsible for any schedules required to be filed in accordance therewith. In addition, a determination as to any group status as contemplated
above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 1(c), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of
outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Securities
and Exchange Commission (the “SEC”), as the case may be, (B) a more recent public announcement by the Company or (C)
a more recent written notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock
outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to
the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall
be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or
its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The
“Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding at the time of the
respective calculation hereunder. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

 

2.
ADJUSTMENTS. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a)
Distribution of Assets. If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire
its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including without limitation any distribution
of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement or
other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such
case:

 

(i)
any Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of holders of
shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business on such record date,
to a price determined by multiplying such Exercise Price by a fraction (i) the numerator of which shall be the Closing Sale Price of
the shares of Common Stock on the Trading Day immediately preceding such record date minus the value of the Distribution (as determined
in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and (ii) the denominator of which shall
be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date; and

 

(ii)
the number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately
prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive
the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause (i); provided, however, that
in the event that the Distribution is of shares of common stock of a company (other than the Company) whose common stock is traded on
a national securities exchange or a national automated quotation system (“Other Shares of Common Stock”), then the
Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of an increase in the number of Warrant Shares,
the terms of which shall be identical to those of this Warrant, except that such warrant shall be exercisable into the number of shares
of Other Shares of Common Stock that would have been payable to the Holder pursuant to the Distribution had the Holder exercised this
Warrant immediately prior to such record date and with an aggregate exercise price equal to the product of the amount by which the exercise
price of this Warrant was decreased with respect to the Distribution pursuant to the terms of the immediately preceding clause (i) and
the number of Warrant Shares calculated in accordance with the first part of this clause (ii).

 

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(b)
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 2(a) above, if at any time the Company grants,
issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the
Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation,
then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of
Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for
the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

(c)
Subdivision or Combination of Common Stock. If the Company at any time on or after the Issuance Date subdivides (by any stock
split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number
of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately reduced and the number of Warrant
Shares will be proportionately increased. If the Company at any time on or after the Issuance Date combines (by combination, reverse
stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares, the Exercise
Price in effect immediately prior to such combination will be proportionately increased and the number of Warrant Shares will be proportionately
decreased. Any adjustment under this Section 2(c) shall become effective at the close of business on the date the subdivision or combination
becomes effective. Each such adjustment of the Exercise Price shall be calculated to the nearest one-hundredth of a cent. Such adjustment
shall be made successively whenever any event covered by this Section 2(c) shall occur.

 

3.
FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the Company
with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor Entity”),
(ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender
offer or exchange offer (whether by the Company or by another individual or entity, and approved by the Company) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock for other securities, cash or property
and the holders of at least 50% of the Common Stock accept such offer, or (iv) the Company effects any reclassification of the Common
Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property (other than as a result of a subdivision or combination of shares of Common Stock) (in any such case, a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive the number of
shares of Common Stock of the Successor Entity or of the Company and any additional consideration (the “Alternate Consideration”)
receivable upon or as a result of such reorganization, reclassification, merger, consolidation or disposition of assets by a holder of
the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event (disregarding any limitation
on exercise contained herein solely for the purpose of such determination). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any Successor Entity in such Fundamental Transaction
shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise
such warrant into Alternate Consideration.

 

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4.
NON-CIRCUMVENTION. The Company covenants and agrees that it will not, by amendment of its certificate of incorporation, bylaws
or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, and will at
all times in good faith carry out all the provisions of this Warrant and take all action as may be required to protect the rights of
the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par value of any shares of Common
Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall take all such actions as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable shares of Common Stock
upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant is outstanding, have authorized and reserved, free from
preemptive rights, one (1) times the number of shares of Common Stock into which the Warrants are then exercisable into to provide for
the exercise of the rights represented by this Warrant (without regard to any limitations on exercise).

 

5.
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself, shall
not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained in this Warrant
shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise)
or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company.

 

6.
REISSUANCE.

 

(a)
Lost, Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on such terms as
to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the surrender thereof),
issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such
new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new Warrant which
is the same as the Issuance Date.

 

7.
TRANSFER.

 

(a)
This Warrant shall be binding upon the Company and its successors and assigns, and shall inure to be the benefit of the Holder and its
successors and assigns. Notwithstanding anything to the contrary herein, the rights, interests or obligations of the Company hereunder
may not be assigned, by operation of law or otherwise, in whole or in part, by the Company without the prior signed written consent of
the Holder, which consent may be withheld at the sole discretion of the Holder (any such assignment or transfer shall be null and void
if the Company does not obtain the prior signed written consent of the Holder).

 

(b)
This Warrant or any of the severable rights and obligations inuring to the benefit of or to be performed by Holder hereunder may be assigned
by Holder to a third party, in whole or in part, without the need to obtain the Company’s consent thereto. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees,
as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a
new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned
this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date
on which the Holder delivers an assignment form to the Company assigning this Warrant in full. This Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

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8.
NOTICES.

 

(a)
General. Whenever notice is required to be given under this Warrant, unless
otherwise provided herein, such notice shall be given in accordance with the notice provisions contained in the Note. The Company shall
provide the Holder with prompt written notice (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable
detail, the calculation of such adjustment and (ii) at least 20 days prior to the date on which the Company closes its books or takes
a record (A) with respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances
or sales of any stock or other securities directly or indirectly convertible into or exercisable or exchangeable for shares of Common
Stock or other property, pro rata to the holders of shares of Common Stock or (C) for determining rights to vote with respect to any
Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public prior
to or in conjunction with such notice being provided to the Holder.

 

(b)
Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 2 or Section 3,
the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment
and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

(c)
Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on
the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with
any reclassification of the Common Stock, any consolidation or merger to which the Company (and all of its Subsidiaries, taken as a whole)
is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the
Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or
email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record
is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the
date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants
are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected
to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to
exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall
not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this
Warrant constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise
this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except
as may otherwise be expressly set forth herein.

 

9.
AMENDMENT AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance and either
retroactively or prospectively) only with the written consent of the Company and the Holder.

 

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10. GOVERNING
LAW AND VENUE. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions
contemplated by this Warrant shall be brought only in the state courts located in the city of New York or federal courts located in
in the city of New York. The parties to this Warrant hereby irrevocably waive any objection to jurisdiction and venue of any action
instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non
conveniens. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER TRANSACTION DOCUMENT ENTERED INTO IN CONNECTION WITH OR ARISING OUT OF THIS
WARRANT, OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY. The prevailing party shall be entitled to recover from the other party
its reasonable attorney’s fees and costs. In the event that any provision of this Warrant or any other agreement delivered in
connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law.
Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any
other provision of any agreement. Each party hereby irrevocably waives personal service of process and consents to process being
served in any suit, action or proceeding in connection with this Warrant or any other transaction document entered into in
connection with this Warrant by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under the Note and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any other manner permitted by law.

 

11.
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions
contained herein.

 

12.
CHARGES, TAXES AND EXPENSES. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company
shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company
(or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

 

13.
REGISTRATION RIGHTS. To the extent the Company does not maintain an effective registration statement for the Warrant Shares and
in the further event that the Company files a registration statement with the Securities and Exchange Commission covering the sale of
its shares of Common Stock (other than a registration statement on Form S-4 or S-8, or on another form, or in another context, in which
such “piggyback” registration would be inappropriate), then the Company shall give written notice of such proposed filing
to the Holder as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice shall describe
the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed
managing underwriter or underwriters, if any, of the offering, and offer to the Holder in such notice the opportunity to register the
sale of such number of shares of Warrant Shares as such Holder may request in writing within five (5) days following receipt of such
notice (a “Piggyback Registration”). The Company shall cause such Warrant Shares to be included in such registration
and shall use its commercially reasonable efforts to cause the managing underwriter or underwriters of a proposed underwritten offering
to permit the Warrant Shares requested to be included in a Piggyback Registration on the same terms and conditions as any similar securities
of the Company and to permit the sale or other disposition of such Warrant Shares in accordance with the intended method(s) of distribution
thereof. All Holders proposing to distribute their securities through a Piggyback Registration that involves an underwriter or underwriters
shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such Piggyback Registration.
Furthermore, each Holder must provide such information as reasonably requested by the Company (which information shall be limited to
that which is required for disclosure under the Securities Act and the forms, rules and regulations promulgated thereunder) to be included
in the registration statement timely or the Company may elect to exclude such Holder from the registration statement.

 

    	8

     

    

 

14.
ISSUANCE OF SHARES WITHOUT A LEGEND. Certificates evidencing the Warrant Shares shall not contain any legend: (i) while a registration
statement covering the resale of the Warrant Shares is effective under the Securities Act, (ii) following any sale of the Warrant Shares
pursuant to Rule 144 (assuming cashless exercise of the Warrants), (iii) if such Warrant Shares are eligible for sale under Rule 144
(assuming cashless exercise of the Warrants), without the requirement for the Company to be in compliance with the current public information
required under Rule 144 as to such Warrant Shares and without volume or manner-of-sale restrictions or (iv) if such legend is not required
under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the
Commission). The Company shall cause its counsel to issue a legal opinion to its transfer agent or the Holder if required by the transfer
agent to effect the removal of the legend, or if requested by a Holder, respectively. If all or any portion of this Warrant is exercised
at a time when there is an effective registration statement to cover the resale of the Warrant Shares, or if such Warrant Shares may
be sold under Rule 144 without the requirement for the Company to be in compliance with the current public information required under
Rule 144 (assuming cashless exercise of the Warrants) as to such Warrant Shares and without volume or manner-of-sale restrictions or
if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations and
pronouncements issued by the staff of the Commission) then such Warrant Shares shall be issued free of all legends. The Company agrees
that at such time as such legend is no longer required under this Section 14, it will, no later than the Warrant Share Delivery Date,
deliver or cause to be delivered to such Holder a certificate representing such shares that is free from all restrictive and other legends.
The Company may not make any notation on its records or give instructions to the transfer agent that enlarge the restrictions on transfer
set forth herein. Certificates for Warrant Shares subject to legend removal hereunder shall be transmitted by the transfer agent to the
Purchaser by crediting the account of the Holder’s prime broker with the Depository Trust Company System as directed by the Holder.

 

15.
AUTHORIZED SHARES. The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized
and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The
Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein
without violation of any applicable law or regulation, or of any requirements of the trading market upon which the Common Stock may be
listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this
Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith,
be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in
respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). Except and to
the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but
will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the
foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise
immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company
may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof,
as may be, necessary to enable the Company to perform its obligations under this Warrant. Before taking any action which would result
in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain
all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.

 

    	9

     

    

 

16.
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)
“Nasdaq” means www.Nasdaq.com.

 

(b)
“Closing Sale Price” means, for any security as of any date, (i) the last closing trade price for such security on
the Principal Market, as reported by Nasdaq, or, if the Principal Market begins to operate on an extended hours basis and does not designate
the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Nasdaq, or (ii)
if the foregoing does not apply, the last trade price of such security in the over-the-counter market for such security as reported by
Nasdaq, or (iii) if no last trade price is reported for such security by Nasdaq, the average of the bid and ask prices of any market
makers for such security as reported by the OTC Markets. If the Closing Sale Price cannot be calculated for a security on a particular
date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined
by the Company and the Holder. All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination
or other similar transaction during the applicable calculation period.

 

(c)
“Common Stock” means the Company’s common stock, par value $0.001, and any other class of securities into which
such securities may hereafter be reclassified or changed.

 

(d)
“Common Stock Equivalents” means any securities of the Company that would entitle the holder thereof to acquire at
any time Common Stock, including without limitation any debt, preferred stock, rights, options, warrants or other instrument that is
at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

(e)
[Intentionally Omitted].

 

(f)
“Person” and “Persons” means an individual, a limited liability company, a partnership, a joint
venture, a corporation, a trust, an unincorporated organization, any other entity and any governmental entity or any department or agency
thereof.

 

(g)
“Principal Market” means the principal securities exchange or trading market where such Common Stock is listed or
quoted, including but not limited to any tier of the OTC Markets, any tier of the NASDAQ Stock Market (including NASDAQ Capital Market),
or the NYSE American, or any successor to such markets.

 

(h)
“Market Price” means the highest traded price of the Common Stock during the thirty Trading Days prior to the date
of the respective Exercise Notice.

 

(i)
“Trading Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal Market,
(ii) if the Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which trading occurs
on any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any Business Day.

 

(j)
“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such
Rule.

 

*
* * * * * *

 

    	10

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly executed as of the Issuance Date set forth above.

 

	 	SIMPLICITY
    ESPORTS AND GAMING COMPANY
	 	 	 
	 	 	/s/ Roman Franklin
	 	Name:
    	Roman
    Franklin
	 	Title:	Chief
    Executive Officer

 

    	 

     

    

 

EXHIBIT
A

 

EXERCISE
NOTICE

 

(To
be executed by the registered holder to exercise this Common Stock Purchase Warrant)

 

THE
UNDERSIGNED holder hereby exercises the right to purchase_______________ of the shares of Common Stock (“Warrant Shares”) of SIMPLICITY
ESPORTS AND GAMING COMPANY, a Delaware corporation (the “Company”), evidenced by the attached copy of the Common Stock Purchase
Warrant (the “Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth
in the Warrant.

 

1.
Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as (check one):

 

☐
a cash exercise with respect to_____________ Warrant Shares; or

☐
by cashless exercise pursuant to the Warrant.

 

2.
Payment of Exercise Price. If cash exercise is selected above, the holder shall pay the applicable Aggregate Exercise Price in
the sum of $________________ to the Company in accordance with the terms of the Warrant.

 

3.
Delivery of Warrant Shares. The Company shall deliver to the holder______________Warrant Shares in accordance with the terms of the Warrant.

 

Date:______________________________

 

	 	
	 	(Print
    Name of Registered Holder)
	 	 	 
	 	By:	
	 	Name:	
	 	Title:
    	

 

    	 

     

    

 

EXHIBIT
B

 

ASSIGNMENT
OF WARRANT

 

(To
be signed only upon authorized transfer of the Warrant)

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto_____________________ the right to purchase__________________ shares of common stock of SIMPLICITY
ESPORTS AND GAMING COMPANY, to which the within Common Stock Purchase Warrant relates and appoints________ , as attorney-in- fact, to transfer
said right on the books of SIMPLICITY ESPORTS AND GAMING COMPANY with full power of substitution and re-substitution in the premises.
By accepting such transfer, the transferee has agreed to be bound in all respects by the terms and conditions of the within Warrant.

 

	Dated:_____________________________

    
	 
	 	
	 	(Signature)
    *

     

	 	
	 	(Name)
	 	 
	 	
	 	(Address)

     

	 	
	 	(Social
    Security or Tax Identification No.)

 

*
The signature on this Assignment of Warrant must correspond to the name as written upon the face of the Common Stock Purchase Warrant
in every particular without alteration or enlargement or any change whatsoever. When signing on behalf of a corporation, partnership,
trust or other entity, please indicate your position(s) and title(s) with such entity.Exhibit 4.2

 

THIRD SUPPLEMENTAL INDENTURE 

 

between 

 

TRINITY CAPITAL INC.

 

and 

 

U.S. BANK NATIONAL ASSOCIATION, 

 

as Trustee 

 

Dated as of August 24, 2021

 

 

 

THIRD SUPPLEMENTAL INDENTURE

 

THIS THIRD SUPPLEMENTAL INDENTURE
(this “Third Supplemental Indenture”), dated as of August 24, 2021, is between Trinity Capital Inc., a Maryland corporation
(the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms used herein
shall have the meaning set forth in the Base Indenture (as defined below) unless otherwise defined herein.

 

RECITALS OF THE COMPANY

 

The Company and the Trustee
executed and delivered an Indenture, dated as of January 16, 2020 (the “Base Indenture” and, as supplemented by this Third
Supplemental Indenture, collectively, the “Indenture”), to provide for the issuance by the Company from time to time of the
Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or
more series as provided in the Indenture.

 

The Company desires to issue
and sell $125,000,000 aggregate principal amount of the Company’s 4.375% Notes due 2026 (the “Notes”).

 

The Company previously entered
into the First Supplemental Indenture, dated as of January 16, 2020 (the “First Supplemental Indenture”) and the Second Supplemental
Indenture, dated as of December 11, 2020 (the “Second Supplemental Indenture”), which supplemented the Base Indenture. Neither
the First Supplemental Indenture, nor the Second Supplemental Indenture are applicable to the Notes.

 

Sections 9.01(iv) and 9.01(vi)
of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company,
when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture when there is no Security Outstanding
of any series created prior to the execution of a supplemental indenture that is entitled to the benefit of such provision and (ii) establish
the form or terms of Securities of any series as permitted by Section 2.01 and Section 3.01 of the Base Indenture.

 

The Company desires to establish
the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture for the benefit of
the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“Future Supplemental Indenture”)).

 

The Company has duly authorized
the execution and delivery of this Third Supplemental Indenture to provide for the issuance of the Notes and all acts and things necessary
to make this Third Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of
the Company, in accordance with its terms, have been done and performed.

 

    

    

    

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of
the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all
Holders of the Notes, as follows:

 

ARTICLE
I

TERMS OF THE NOTES

 

Section 1.01 Terms of the
Notes. The following terms relating to the Notes are hereby established:

 

(a) The Notes shall constitute
a series of Securities having the title “4.375% Notes due 2026” and shall be designated as Senior Securities under the Indenture.
The Notes shall bear a CUSIP number of 896442 AG5 and an ISIN number of US896442AG58.

 

(b) The aggregate principal
amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered
upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07
of the Base Indenture) shall be $125,000,000. Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an
indenture supplement, the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such
case “Additional Notes”) having the same ranking and the same interest rate, maturity, CUSIP number and other terms as the
Notes (except for the issue date, offering price and, if applicable, the initial interest payment date); provided that such Additional
Notes must either (i) be issued in a “qualified reopening” for U.S. Federal income tax purposes, with no more than a de
minimis amount of original issue discount, or otherwise (ii) be part of the same issue as the Notes for U.S. federal income tax purposes.
Any Additional Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes
herein shall include the Additional Notes unless the context otherwise requires.

 

(c) The entire Outstanding
principal amount of the Notes shall be payable on August 24, 2026, unless earlier redeemed or repurchased in accordance with the provisions
of this Third Supplemental Indenture.

 

(d) The rate at which the
Notes shall bear interest shall be 4.375% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue
on the Notes shall be August 24, 2021, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest
Payment Dates for the Notes shall be February 15 and August 15 of each year, commencing February 15, 2022 (if an Interest Payment Date
falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day with
the same force and effect as if made on the scheduled Interest Payment Date and no additional interest will accrue as a result of such
delayed payment); the initial interest period will be the period from and including August 24, 2021 (or the most recent Interest Payment
Date to which interest has been paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest
periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated
Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be
paid to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record
Date for such interest, which shall be February 1 and August 1 (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate
Trust Office of the Paying Agent, which shall initially be the Trustee, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts; provided, however, that in the case of Notes that
are not in global form, at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of
twelve 30-day months. The Trustee will have no obligation to calculate or verify the calculation of the accrued and unpaid interest payable
on the Notes.

 

    2

    

    

 

(e) The Notes shall be initially
issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s certificate of authentication
thereon shall be substantially in the form of Exhibit A to this Third Supplemental Indenture. Each Global Note shall represent
the Outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate amount of Outstanding
Notes from time to time endorsed thereon and that the aggregate amount of Outstanding Notes represented thereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount
of any increase or decrease in the amount of Outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar,
in accordance with Sections 2.03 and 3.05 of the Base Indenture.

 

(f) The depositary for such
Global Notes shall be the Depositary Custodian. The Security Registrar with respect to the Global Notes shall be the Trustee.

 

(g) The Notes shall be defeasible
pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance contained in Section 14.03 of the Base Indenture
shall apply to the covenants contained in Sections 10.07, 10.08 and 10.09 of the Indenture.

 

(h) The Notes shall be redeemable
pursuant to Section 11.01 of the Base Indenture and as follows:

 

(i) The Notes will
be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, at a Redemption Price equal to the
greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption Date:

 

A. 100% of the principal
amount of the Notes to be redeemed, or

 

B. the sum of the
present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the Redemption
Date) on the Notes to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) using the applicable Treasury Rate plus 50 basis points;

 

provided, however, that
if the Company redeems any Notes on or after July 24, 2026, the Redemption Price for the Notes will be equal to 100% of the principal
amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 

For purposes of
calculating the Redemption Price in connection with the redemption of the Notes, on any Redemption Date, the following terms have the
meanings set forth below:

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of
the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The
Redemption Price and the Treasury Rate will be determined by the Company. The Trustee shall have no duty to calculate the Redemption Price
or the Treasury Rate nor shall it have any duty to review or verify the Company’s calculations of the Redemption Price and Treasury
Rate.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable
to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financing
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes being redeemed.

 

“Comparable
Treasury Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.

 

    3

    

    

 

“Quotation
Agent” means a Reference Treasury Dealer selected by the Company.

 

“Reference
Treasury Dealer” means Goldman Sachs & Co. LLC, and a primary U.S. government securities dealer in the United States (a
 “Primary Treasury Dealer”) selected by Keefe, Bruyette & Woods, Inc. or any of its respective affiliates which is a Primary
Treasury Dealer, and each of their respective successors, and any other treasury dealers selected by the Company; provided, however,
that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall select another Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day
preceding such Redemption Date.

 

All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be final and
binding absent manifest error.

 

(ii) Notice of redemption
shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent electronically
in accordance with Applicable Procedures with respect to Notes in global form, to each Holder of the Notes to be redeemed, not less than
30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of
redemption shall contain the information set forth in Section 11.04 of the Base Indenture. If the Redemption Price is not known at the
time such notice is to be given, the actual Redemption Price, calculated as described in the terms of the Notes, will be set forth in
an Officers’ Certificate of the Company delivered to the Trustee no later than two Business Days prior to the Redemption Date.

 

(iii) Any exercise
of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act, to the extent applicable.

 

(iv) If the Company
elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected by the Trustee on a pro rata
basis to the extent practicable, or, if a pro rata basis is not practicable for any reason, by lot or in such other manner as the
Trustee shall deem fair and appropriate, and in any case in accordance with the applicable procedures of the Depositary and in accordance
with the Investment Company Act as directed by the Company; provided, however, that no such partial redemption shall reduce
the portion of the principal amount of a Note not redeemed to less than $2,000.

 

(v) Unless the Company
defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes called for redemption
hereunder.

 

(i) The Notes shall not be
subject to any sinking fund pursuant to Section 12.01 of the Base Indenture.

 

(j) The Notes shall be issuable
in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

(k) Holders of the Notes will
not have the option to have the Notes repaid prior to the Stated Maturity other than in accordance with Article Thirteen of the Indenture.

 

    4

    

    

 

ARTICLE
II

 

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 2.01 Except as may
be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the
Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following
defined terms to Section 1.01 of the Base Indenture in appropriate alphabetical sequence, as follows:

 

“Below Investment
Grade Rating Event” means the Notes are downgraded below Investment Grade by all three Rating Agencies on any date from the
date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice
of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced
consideration for possible downgrade by any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise
arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control
(and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event
hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly
confirm or inform the Company in writing that the reduction was the result, in whole or in part, of any event or circumstance comprised
of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall
have occurred at the time of the Below Investment Grade Rating Event).

 

“Change of Control”
means the occurrence of any of the following:

 

(1) the direct or
indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related
transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person”
or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; provided
that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries
shall not be deemed to be any such sale, lease, transfer, conveyance or disposition;

 

(2) the consummation
of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or
 “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding
Voting Stock of the Company, measured by voting power rather than number of shares; or

 

(3) the approval
by the Company’s stockholders of any plan or proposal relating to the liquidation or dissolution of the Company.

 

“Change of Control
Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 

“Controlled Subsidiary”
means any Subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by the Company and its direct
or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct or cause the direction of the
management or policies, whether through the ownership of voting equity interests, by agreement or otherwise.

 

“Depositary”
means, with respect to each Note in global form, The Depository Trust Company, until a successor shall have been appointed and becomes
such person, and thereafter, Depositary shall mean or include such successor.

 

“Egan Jones” means
Egan-Jones Rating Company.

 

    5

    

    

 

“Investment Grade”
means a rating of BBB- or better by Egan Jones (or its equivalent under any successor rating categories of Egan Jones), (or, in each case,
if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade credit
rating from any Rating Agency selected by the Company as a replacement Rating Agency).

 

“Permitted Holders”
means (i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries.

 

“Rating Agency”
means (1) Egan Jones; and (2) if Egan Jones ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons
outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62)
of the Exchange Act selected by the Company as a replacement agency for Egan Jones.

 

“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X under the
Exchange Act, as such regulation is in effect on the original date of this Indenture (but excluding any Subsidiary which is (a) a non-recourse
or limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with the Company for purposes
of GAAP).

 

“Voting Stock”
as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however designated)
in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other
than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

 

ARTICLE
III

 

REMEDIES

 

Section 3.01 Except as may
be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the
Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by replacing clause (ii)
thereof with the following:

 

“(ii) default
in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity, including upon any
Redemption Date or required repurchase date; or”

 

Section 3.02 Except as may
be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the
Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by adding the following
language as clause (ix):

 

“(ix): default
by the Company or any of its Significant Subsidiaries, after giving effect to any applicable grace periods and any applicable extensions,
with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or
evidenced, any indebtedness for money borrowed in excess of $10 million in the aggregate of the Company and/or any such Significant Subsidiary,
whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and
payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity,
upon required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such
acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to the
Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then
Outstanding.”

 

    6

    

    

 

Section 3.03 Except as may
be provided in in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding, Section 5.02 of the Base Indenture shall be amended by replacing the first
paragraph of Section 5.02 with the following:

 

“If an Event of Default with respect
to the Notes occurs and is continuing, then and in every such case (other than an Event of Default specified in Section 5.01(v) or 5.01(vi)),
the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal of all the Outstanding
Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon
any such declaration such principal shall become immediately due and payable; provided that 100% of the principal of, and accrued
and unpaid interest on, the Notes will automatically become due and payable in the case of an Event of Default specified in Section 5.01(v)
or 5.01(vi) hereof.”

 

ARTICLE
IV

 

COVENANTS

 

Section 4.01 Except as may
be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the
Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following
new Sections 10.07, 10.08 and 10.09 thereto, each as set forth below:

 

“Section 10.07 Section
18(a)(1)(A) of the Investment Company Act.

 

The Company hereby agrees
that for the period of time during which Notes are Outstanding, the Company will not violate, whether or not it is subject to, Section
18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act or any successor provisions thereto of the Investment Company Act,
giving effect to any exemptive relief granted to the Company by the Commission.”

 

“Section 10.08 Section 18(a)(1)(B) of
the Investment Company Act.

 

The
Company hereby agrees that for the period of time during which Notes are outstanding, the Company shall not violate Section 18(a)(1)(B) as
modified by Section 61(a)(1) of the Investment Company Act, as may be applicable to the Company from time to time, or any successor
provisions thereto, whether or not the Company is subject to such provisions of the Investment Company Act, and after giving effect to
any exemptive relief granted to the Company by the Commission, except that the Company may declare a cash dividend or distribution, notwithstanding
the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(1) of the Investment Company Act, as
may be applicable to the Company from time to time, or any successor provisions thereto, but only up to such amount as is necessary in
order for the Company to maintain its status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986;
provided, however, that the prohibition in this Section 10.08 shall not apply unless and until such time as the Company’s asset
coverage has been below the minimum asset coverage required pursuant to Section 18(a)(1)(B) as modified by Section 61(a)(1) of
the Investment Company Act, as may be applicable to the Company from time to time, or any successor provisions thereto (after giving effect
to any exemptive relief granted to the Company by the Commission) for more than six (6) consecutive months. Notwithstanding Section 18(g) of
the Investment Company Act regarding the use of the term “senior security” in Section 18(a)(1)(B) of the Investment
Company Act, for the purposes of determining “asset coverage” as used in this Section 10.08, any and all indebtedness
of the Company, including any promissory note or other evidence of indebtedness issued in consideration of any loan, extension, or renewal
thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed, shall be deemed a “senior
security” of the Company.”

 

“Section 10.09 Commission
Reports and Reports to Holders.

 

If, at any time, the Company
is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the Commission,
the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which the Notes are Outstanding: (i)
within 90 days after the end of the each fiscal year of the Company, audited annual consolidated financial statements of the Company and
(ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited
interim consolidated financial statements of the Company. All such financial statements shall be prepared, in all material respects, in
accordance with GAAP, as applicable.

 

    7

    

    

 

Delivery of such reports,
information, and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on Officers’
Certificates).”

 

ARTICLE
V

THE TRUSTEE

 

Section 5.01 Neither the Trustee
nor any Paying Agent shall be responsible for determining whether any Change of Control or Below Investment Grade Rating Event has occurred
and whether any Change of Control offer with respect to the Notes is required.

 

ARTICLE
VI

OFFER TO REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT

 

Section 6.01 Except as may
be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the
Indenture, whether now or hereafter issued and Outstanding, Article Thirteen of the Base Indenture shall be amended by replacing Sections
13.01 to 13.05 thereto with the following:

 

“Section 13.01 Change
of Control.

 

If a Change of Control Repurchase
Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make an offer to each Holder
of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal amount thereabove)
of that Holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any
accrued and unpaid interest on the Notes repurchased to the date of purchase. Within 30 days following any Change of Control Repurchase
Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the
Company will send a notice to each Holder and the Trustee describing the transaction or transactions that constitute or may constitute
the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be
no earlier than 30 days and no later than 60 days from the date such notice is sent. The notice shall, if sent prior to the date of consummation
of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior
to the payment date specified in the notice. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase
of the Notes as a result of a Change of Control Repurchase Event.

 

To the extent that the provisions
of any securities laws or regulations conflict with this Section 13.01, the Company shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached its obligations under this Section 13.01 by virtue of such conflict.

 

On the Change of Control Repurchase
Event payment date, subject to extension if necessary to comply with the provisions of the Investment Company Act, the Company shall,
to the extent lawful:

 

(1) accept for payment
all Notes or portions of Notes properly tendered pursuant to its offer;

 

(2) deposit with
the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and

 

(3) deliver or cause
to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate principal
amount of Notes being purchased by the Company.

 

    8

    

    

 

The Paying Agent will promptly
remit to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate upon receipt
of a Company Order and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased
portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount of $2,000 or an integral multiple
of $1,000 in excess thereof.

 

If any Repayment Date upon
a Change of Control Repurchase Event falls on a day that is not a Business Day, then the required payment will be made on the next succeeding
Business Day and no additional interest will accrue as a result of such delayed payment.

 

The Company will not be required
to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in respect of the Notes
in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases
all Notes properly tendered and not withdrawn under its offer.”

 

ARTICLE
VII

MISCELLANEOUS

 

Section 7.01 This Third Supplemental
Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles
of conflicts of laws that would cause the application of laws of another jurisdiction. This Third Supplemental Indenture is subject to
the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed
by such provisions. If any provision of the Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the
Trust Indenture Act, the imposed duties will control.

 

Section 7.02 In case any provision
in this Third Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 7.03 This Third Supplemental
Indenture may be executed in any number of counterparts, each of which will be an original, but such counterparts will together constitute
but one and the same Third Supplemental Indenture. The exchange of copies of this Third Supplemental Indenture and of signature pages
by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Third Supplemental
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means
shall be deemed to be their original signatures for all purposes. For the avoidance of doubt, all notices, approvals, consents, requests
and any communications hereunder or with respect to this Third Supplemental Indenture and the Notes must be in writing (provided that
any communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature
provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to Trustee by the authorized representative),
in English.  The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to
submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of
interception and misuse by third parties.

 

Section 7.04 The Base Indenture,
as supplemented and amended by this Third Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and
this Third Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions
included in this Third Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the
Notes, unless not permitted by law. The Trustee accepts the trusts created by the Indenture, as supplemented by this Third Supplemental
Indenture, and agrees to perform the same upon the terms and conditions of the Indenture, as supplemented by this Third Supplemental Indenture.
All of the provisions contained in the Base Indenture in respect of the rights, privileges, immunities, indemnities, powers, and duties
of the Trustee shall be applicable in respect of this Third Supplemental Indenture as fully and with like force and effect as though fully
set forth in full herein.

 

Section 7.05 The provisions
of this Third Supplemental Indenture shall become effective as of the date hereof.

 

    9

    

    

 

Section 7.06 Notwithstanding
anything else to the contrary herein, the terms and provisions of this Third Supplemental Indenture shall apply only to the Notes and
shall not apply to any other series of Securities under the Indenture and this Third Supplemental Indenture shall not and does not otherwise
affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the Indenture, whether now
or hereafter issued and Outstanding.

 

Section 7.07 The recitals
contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to and shall not be responsible for the validity or sufficiency of this Third Supplemental
Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this
Third Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall
not be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof.

 

[Signature Page Follows]

 

    10

    

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Third Supplemental Indenture to be duly executed as of the date first above written.

 

	 	TRINITY CAPITAL INC.
	 	 
	 	/s/ Steven L. Brown
	 	Name:	Steven L. Brown
	 	Title:	Chief Executive Officer
	 	 
	 	 
	 	
    

    U.S. BANK NATIONAL ASSOCIATION, as Trustee

	 	 
	 	/s/ Stacy L. Mitchell
	 	Name:	Stacy L. Mitchell
	 	
    Title:
	Vice President

    

 

[Signature Page to Third Supplemental Indenture]

 

    

    

    

 

Exhibit A – Form of Global Note

 

THIS SECURITY IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR
IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer,
exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co., or such
other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other use hereof for
value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest herein. 

 

Trinity Capital Inc. 

 

	No. 	 	Initially $ 
	 	 	CUSIP No. 896442 AG5 
	 	 	ISIN No. US896442AG58

4.375% Notes due 2026

 

Trinity Capital Inc., a corporation
duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of [__] dollars (U.S. $[__]), or such other principal sum as shall be set forth in the Schedule of Increases or Decreases
attached hereto, on August 24, 2026, and to pay interest thereon from August 24, 2021 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually on February 15 and August 15 in each year, commencing February 15, 2022,
at the rate of 4.375% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this
Security is registered at the close of business on the Regular Record Date for such interest, which shall be February 1 and August 1 (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Company, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. This Security may be issued as part of a series.

 

Payment of the principal of
(and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Paying Agent, which shall
initially be the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; provided, further,
however, that so long as this Security is registered to Cede & Co., such payment will be made by wire transfer in accordance
with the procedures established by the Depository Trust Company and the Trustee.

 

    

    

    

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-2

    

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

 

	Dated:	 
	 	TRINITY CAPITAL INC. 
	 	 
	 	By:	 
	 	 	Name:	Kyle Brown
	 	 	
    Title:
	 President and Chief Investment Officer

 

 

	Attest:	 	 
	 	Name:	Sarah Stanton	 
	 	Title:	Secretary	 

 

    A-3

    

    

 

This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.

 

	Dated:	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-4

    

    

 

[BACK OF NOTE]

 

Trinity Capital Inc.

 

4.375% Notes due 2026

 

This Security is one of a
duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more
series under an Indenture, dated as of January 16, 2020 (herein called the “Base Indenture”, which term shall have the meaning
assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”,
which term includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the
Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by the Third Supplemental
Indenture, relating to the Securities, dated as of August 24, 2021, by and between the Company and the Trustee (herein called the “Third
Supplemental Indenture”; and together with the Base Indenture, the “Indenture”). In the event of any conflict between
the Base Indenture and the Third Supplemental Indenture, the Third Supplemental Indenture shall govern and control.

 

This Security is one of the
series designated on the face hereof, initially limited in aggregate principal amount to $125,000,000. Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders
of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking
and the same interest rate, maturity, CUSIP number and other terms as the Securities, provided that such Additional Securities
must either (i) be issued in a “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis
amount of original issue discount, or otherwise (ii) be part of the same issue as the Securities for U.S. federal income tax purposes.
Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant
Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of Outstanding Securities
represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.

 

The Securities of this series
are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, at a Redemption Price equal
to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption Date:

 

	 	(a)	100% of the principal amount of the Securities to be redeemed, or

 

	 	(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if the Company redeems any Securities on or after July 24, 2026, the Redemption Price for the Securities will be equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 

For purposes of calculating
the Redemption Price in connection with the redemption of the Securities, on any Redemption Date, the following terms have the meanings
set forth below:

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable
Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Redemption
Price and the Treasury Rate will be determined by the Company. The Trustee shall have no duty to calculate the Redemption Price or the
Treasury Rate nor shall it have any duty to review or verify the Company’s calculations of the Redemption Price and Treasury Rate.

 

    A-5

    

    

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financing
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities being redeemed.

 

“Comparable Treasury
Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding the
highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.

 

“Quotation Agent”
means a Reference Treasury Dealer selected by the Company.

 

“Reference Treasury
Dealer” means Goldman Sachs & Co. LLC, and a primary U.S. government securities dealer in the United States (a “Primary
Treasury Dealer”) selected by Keefe, Bruyette & Woods, Inc. or any of its respective affiliates which is a Primary Treasury
Dealer, and each of their respective successors, and any other treasury dealers selected by the Company; provided, however, that if any
of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall select another Primary Treasury Dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time on the third Business Day
preceding such Redemption Date.

 

All determinations made by
any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be final and binding
absent manifest error.

 

Notice of redemption shall
be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent electronically
in accordance with Applicable Procedures with respect to Notes in global form, to each Holder of the Securities to be redeemed, not less
than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices
of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.

 

Any exercise of the Company’s
option to redeem the Securities will be done in compliance with the Investment Company Act, to the extent applicable.

 

If the Company elects to redeem
only a portion of the Securities, the particular Securities to be redeemed will be selected by the Trustee in accordance with the applicable
procedures of the Depositary and in accordance with the Investment Company Act. In the event of redemption of this Security in part only,
a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof; provided, however, that no such partial redemption shall reduce the portion of the
principal amount of a Security not redeemed to less than $2,000.

 

Unless the Company defaults
in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities called for redemption.

 

Holders will have the right
to require the Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set forth in the
Indenture.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect
to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

    A-6

    

    

 

If an Event of Default with
respect to Securities of this series shall occur and be continuing (other than Events of Default related to certain events of bankruptcy,
insolvency or reorganization as set forth in the Indenture), the principal of the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture. In the case of certain events of bankruptcy, insolvency or reorganization
described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities will automatically become due and
payable.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to
be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

As provided in and subject
to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously
given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity and/or security satisfactory to
it against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received
from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity
and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment
of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin
or currency, herein prescribed.

 

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium
and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to
the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one
or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will
be issued to the designated transferee or transferees.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the
Holder surrendering the same.

 

No service charge shall be
made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

    A-7

    

    

 

Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

To the extent any provision
of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

The Indenture and this Security
shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of
laws.

 

    A-8

    

    

 

Assignment
Form 

 

To assign this Note, fill in the form below:

	(I) or (we) assign and transfer this Note to: 	 
	 	(Insert Assignee’s Legal Name)

 

(Insert assignee’s soc. sec. or tax I.D.
no.)

(Print or type assignee’s name, address and
zip code)

 

	
     

    and irrevocably appoint
	 

to transfer this Note on the books of the Company. The agent may substitute
another to act for him.

	Date:	 	 

 

	Your Signature: 	 
	 	(Sign exactly as your name appears on the face of this Note)

 

	Signature Guarantee*:	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

    A-9

    

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to
have this Note purchased by the Company pursuant to Section 13.01 of the Indenture, check the box below:

 ̈
Section 13.01

 

If you want to elect to
have only part of the Note purchased by the Company pursuant to Section 13.01 of the Indenture, state the amount you elect to have purchased:

	$	 	 

 

	Date:	 	 

 

	
     

    Your Signature:
	 
	 	(Sign exactly as your name appears on the face of this Note)

 

	
     

    Tax Identification No.:
	 

 

	Signature Guarantee*:	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

    A-10

    

    

 

SCHEDULE OF INCREASES AND DECREASES OF GLOBAL NOTE

 

The initial principal amount
of this Global Note is $______. The following increases and decreases to this Global Note have been made:

 

	
    Date of Increase or

     

    Decrease

     
	 	Amount of Decrease in

Principal Amount at

Maturity

of this Global Note	 	Amount of Increase in

Principal Amount at

Maturity

of this Global Note	 	Principal Amount at

Maturity

of this Global Note

Following such

decrease (or increase)	 	Signature of

Authorized Signatory

of Trustee or DTC

Custodian
	 	 	 	 	 	 	 	 	 

 

    A-11

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