Document:

EX-10.4

 Exhibit 10.4 
  

 
 April 27, 2017 
 Dear
Dan: 
 CymaBay Therapeutics (the “Company”) is pleased to offer you employment as Vice President of Finance on the following terms: 

1.    Position, Duties and Responsibilities. Subject to the terms set forth herein, the Company agrees to
employ you in the position of as Vice President of Finance and you hereby accept such employment effective immediately. You will report to the Company’s President and Chief Executive Officer (“CEO”) and will perform the duties
customarily associated with this position and such other duties as are assigned to you by the CEO. You will devote your full business time and attention to the business affairs of the Company, except for reasonable vacations and periods of illness
or incapacity permitted by the Company’s general employment policies. The employment relationship between you and the Company shall also be governed by the general employment policies and practices of the Company, including those relating to
protection of confidential information and assignment of inventions, except that when the terms of this letter agreement differ from or are in conflict with the Company’s general employment policies or practices, this letter agreement shall
control. 
 2.    Compensation and Employee Benefits. 

2.1    Base Salary. Your base salary will be two hundred and fifty thousand dollars ($250,000) on an
annualized basis, less payroll deductions and required withholdings, paid according to the Company’s regular payroll schedule and procedures. Subject to the other terms of this letter agreement, your base salary may be modified by the Company
in its sole discretion. Your salary will be effective as of April 27, 2017. 
 2.2    Discretionary
Bonus. You will be eligible to participate in the Company’s annual bonus program pursuant to the terms of that program and you will be eligible to receive a bonus of up to thirty percent (30%) of your annual base salary. Your actual bonus,
if any, will be determined by the Company’s Board of Directors, or the Compensation subcommittee thereof (the “Board”), in its sole discretion, based upon its evaluation of your performance, the Company’s performance, and any
other considerations it deems relevant. You must be employed through the bonus payment date to be eligible for, and to earn, any such bonus. Any bonus payment will be subject to payroll deductions and required withholdings. 

  
 1. 

 2.3    Employee Benefits. You will be entitled to all employee
benefits, including vacation accrual of twenty (20) days per year and health and disability benefits for which you are eligible under the terms and conditions of the standard Company benefit plans which may be in effect from time to time and
provided by the Company to its senior executive-level employees generally. Currently, such benefits include twelve paid holidays, as well as paid sick leave of up to ten days per year. Notwithstanding the foregoing, the Company reserves the right to
adopt, amend or discontinue any employee benefit plan or policy, including changes required by applicable law. 

2.4    Stock Options. Subject to the approval of the Board pursuant to the Company’s equity incentive
plan you may from time to time be granted stock options of shares of Company common stock at a per share exercise price equal to the per share fair market value of the Company’s common stock on the date of grant as determined by the Board.
Option grants are made at regular Board meetings held approximately once each calendar quarter. Such stock options will vest as determined by the Board, as long as you remain in continuous service with the Company and a portion of the shares subject
to your outstanding options may vest on an accelerated basis pursuant to Sections 7 or 8. Except as provided herein, such stock option will be subject to the provisions of the equity incentive plan of the Company under which the options are granted
and the applicable form of stock option agreement there under (the “Plan Documents”). 
 3.    Other
Activities During Employment. 
 3.1    Activities. Except with the prior written consent of the CEO,
you will not, during your employment with the Company, undertake or engage in any other employment, occupation or business enterprise, other than ones in which you are a passive investor. You may engage in civic and not-for-profit activities so long as such activities do not interfere with the performance of your job duties for the Company. 

3.2    Investments and Interests. Except as permitted by the first sentence of Section 3.1 and by
Section 3.3, during your employment you agree not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by you to be adverse or antagonistic to the Company, or its business or prospects,
financial or otherwise. 
 3.3    Noncompetition. During the term of your employment by the Company,
except on behalf of the Company, you will not directly or indirectly, whether as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in any capacity whatsoever engage in, become financially interested
in, be employed by or have any business connection with any other person, corporation, firm, partnership or other entity whatsoever that competes with the Company anywhere in the world, in any line of business engaged in (or planned to be engaged
in) by the Company; provided, however, that anything above to the contrary notwithstanding, you may own, as a passive investor, securities of any entity, so long as your direct holdings in any one such corporation do not in the aggregate
constitute more than one percent (1%) of the voting stock of such corporation. 

  
 2. 

 4.    Company Policies; Confidential Information and Inventions
Agreement. You acknowledge your obligations under the Company’s Employee Agreement on Confidential Information and Inventions, a copy of which is attached as Exhibit A. You further acknowledge your obligation to abide by the Company’s
rules, policies and procedures. 
 5.    Immigration. The Immigration Reform and Control Act of 1986
requires that every person present proof to the Company of their identity and eligibility and/or authorization to accept employment with the Company. In order to comply with this law you must provide appropriate documentation to prove both your
identity and legal eligibility to be employed at the Company. 
 6.    Your Representations and
Warranties. 
 6.1    No Breach of Contract. You represent and warrant that the execution and delivery
of this letter agreement by you and the performance of your obligations hereunder will not conflict with or breach any agreement, order or decree to which you are a party or by which you are bound. You warrant that you are subject to no employment
agreement or restrictive covenant preventing full performance of your duties under this letter agreement. 

6.2    No Conflict of Interest. You warrant that you are not, to the best of your knowledge and belief,
involved in any situation that might create, or appear to create, a conflict of interest with your loyalty to or duties for the Company. 

6.3    Notification of Materials or Documents from Other Employers. You further warrant that you have not
brought and will not bring to the Company or use in the performance of your responsibilities at the Company any materials or documents of a former employer that are not generally available to the public, unless you have obtained express written
authorization from the former employer for their possession and use. 
 6.4    Notification of Other
Post-Employment Obligations. You also understand that, as part of your employment with the Company, you are not to breach any obligation of confidentiality that you have to former employers, and you agree to honor all such obligations to former
employers during your employment with the Company. 
 7.    Termination of Employment. 

7.1    At-Will Employment Relationship. Your employment with the
Company shall be at-will. Either you or the Company may terminate the employment relationship at any time, with or without Cause, and with or without advance notice. 

7.2    Termination for Cause. 

(a)    If the Company terminates your employment at any time for Cause (as defined below), your salary shall cease
on the date of termination and you shall not be entitled to severance pay, COBRA premium payments, pay in lieu of notice or any other such compensation other than payment of accrued salary and vacation and such other benefits as expressly required
by applicable law or the terms of applicable benefit plans. The continued vesting of any stock options held by you shall cease on your employment termination date, and your right to exercise vested options shall be governed by the Plan Documents.

  
 3. 

 (b)    Definition of Cause. For purposes of this agreement,
“Cause” means the occurrence of any one or more of the following: (i) your conviction of, or plea of no contest, with respect to any felony or any crime involving fraud, dishonesty or moral turpitude; (ii) your participation in a
fraud or act of dishonesty that results in material harm to the Company; (iii) your intentional material violation of any contract or agreement between you and the Company, including but not limited to this letter agreement or your Employee
Agreement on Confidential Information and Inventions, or your violation of any statutory duty that you owe to the Company, but only if you do not correct any such violation within thirty (30) days after written notice thereof has been provided
to you (if such notice is reasonably practicable); or (iv) your gross negligence or willful neglect of your job duties, as determined by the Board in good faith, but only if you do not correct such violation within thirty (30) days after
written notice thereof has been provided to you (if such notice is reasonably practicable). 

7.3    Severance Benefits For Termination Without Cause or Resignation for Good Reason. 

(a)    If the Company terminates your employment without Cause and other than as a result of your death or
disability, or if you resign your employment for Good Reason (defined below), and provided such termination constitutes a “separation from service” (as defined under Treasury Regulation
Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), you will be eligible to receive the severance benefits described in this
Section 7.3. 
 (b)    You will be eligible to receive, subject to payroll deductions and required
withholdings and net of any amounts earned by you pursuant to any employment or consulting arrangements obtained by you following such termination (other than the activities described in the last sentence of Section 3.1), continuation for nine
(9) months of the greater of: (i) your base salary in effect as of such termination date; or (ii) your base salary as set forth in Section 2.1. In addition, you will be eligible to receive your potential annual discretionary
bonus amount set forth in Section 2.2, determined as if all performance targets established by the Board have been satisfied, pro-rated for the number of months elapsed in the year in which your
employment terminates, but in no event will you receive a bonus pro-rated for greater than nine (9) months. You agree to notify the Company promptly of any amount earned by you from other employment or a
consulting engagement while you are receiving severance payments under this letter agreement. 
 (c)    If you
timely elect and remain eligible for continued coverage of your group health insurance under COBRA, the Company will pay your premiums for COBRA coverage for up to nine (9) months following your Separation from Service, provided that such
payments shall cease if you obtain full-time employment, or cease to be eligible for COBRA, within such period. You agree to notify the Company promptly if you obtain full-time employment while the Company is paying your COBRA premiums under this
letter agreement. On the 60th day following your Separation from Service, the Company will make the first payment under this clause equal to the aggregate amount of payments that the Company would

  
 4. 

 
have paid through such date had such payments commenced on the Separation from Service through such 60th day, with the balance of the payments
paid thereafter on the schedule described above. If you become eligible for coverage under another employer’s group health plan or otherwise cease to be eligible for COBRA during the period provided in this clause, you must immediately notify
the Company of such event, and all payments and obligations under this clause will cease. 
 (d)    You will
receive acceleration of vesting of all of your then-outstanding and then-unvested stock option grants as of the date of termination as to the number of shares that would have vested in their vesting schedules as if you had been in service for an
additional nine (9) months as of your Separation from Service. 
 (e)    Your receipt of any severance
benefits under this Section 7.3 is contingent upon your signing and making effective within sixty (60) days after the termination date, a full, general release of all claims against the Company in a form acceptable to the Company
containing the language set forth in the Release Agreement attached as Exhibit B on or after the termination date. The base salary and bonus severance will be paid in substantially equal installments over the nine (9) month period following
your Separation in Service according to the Company’s payroll procedures; provided, however, that no payments will be made to you prior to the 60th day following your Separation from Service. On the first payroll pay day following the 60th day
after your Separation from Service, the Company will pay you the cash severance amounts you would have received on or prior to such date in a lump sum in compliance with Code Section 409A and the effectiveness of the release, with the balance
of the cash payments being made as originally scheduled. 
 (f)    Definition of Good Reason. For
purposes of this letter agreement, “Good Reason” shall mean any one of the following events that occurs without your consent: (i) the material reduction in your responsibilities, authorities or functions as an employee of the Company
(but not merely a change in reporting relationships); (ii) a material reduction in your level of compensation (including base salary, fringe benefits and target bonus under any corporate-performance based bonus or incentive programs); (iii) a
material change of your place of employment that results in an increase to your round trip commute of more than fifty (50) miles; or (iv) the Company’s material breach of this letter agreement. Notwithstanding the foregoing, you must
provide written notice to the Chief Financial Officer of the Company within thirty (30) days after the date on which such event first occurs, and allow the Company thirty (30) days thereafter (the “Cure Period”) during which the
Company may attempt to rescind or correct the matter giving rise to Good Reason. If the Company does not rescind or correct the conduct giving rise to Good Reason to your reasonable satisfaction by the expiration of the Cure Period, your employment
will then terminate with Good Reason as of such thirtieth day. 
 7.4    Voluntary or Mutual Termination.
You may voluntarily terminate your employment with the Company at any time without Good Reason. If you terminate without Good Reason or if your employment terminates as a result of your death or disability, your salary shall cease on the date of
termination and you shall not be entitled to severance, pay in lieu of notice or any other such compensation other than payment of accrued salary and vacation and such other benefits as expressly required in such event by applicable law or the terms
of applicable benefit plans. The continued vesting of any compensatory equity awards held by you 

  
 5. 

 
shall cease on the termination date, and your right to exercise vested awards (or be issued shares under such vested awards) shall be governed by the terms of the Company’s applicable
compensatory equity plans and the corresponding award agreements. 
 7.5    Application of
Section 409A. If the Company (or, if applicable, the successor entity thereto) determines that the severance payments and benefits provided for in this letter agreement (the “Agreement Payments”) constitute
“deferred compensation” under Section 409A of the Internal Revenue Code (together, with any state law of similar effect, “Section 409A”) and you are a “specified employee” of the Company or any successor
entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) (a “Specified Employee”), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of
the Agreement Payments shall be delayed as follows: on the earliest to occur of (i) the date that is six months and one day after the termination date or (ii) the date of your death (such earliest date, the “Delayed Initial Payment
Date”), the Company (or the successor entity thereto, as applicable) shall (A) pay to you a lump sum amount equal to the sum of the Agreement Payments that you would otherwise have received through the Delayed Initial Payment Date if the
commencement of the payment of the Agreement Payments had not been delayed pursuant to this Section 7.5 and (B) commence paying the balance of the Agreement Payments in accordance with the applicable payment schedules set forth in this
letter agreement. For the avoidance of doubt, it is intended that (1) each installment of the Agreement Payments provided in this letter agreement is a separate “payment” for purposes of Section 409A, (2) all Agreement
Payments satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under of Treasury Regulation 1.409A-1(b)(4) and
1.409A-1(b)(9)(iii), and (3) the Agreement Payments consisting of COBRA premiums also satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under
Treasury Regulation 1.409A-1(b)(9)(v). 
 8.    Change in Control.

 8.1    Definitions. 

(a)    “Change in Control” shall mean an Ownership Change Event (as defined below) or a series of related
Ownership Change Events (collectively, a “Transaction”) wherein the stockholders of the Company immediately before the Transaction do not retain direct or indirect beneficial ownership of more than fifty percent (50%) of the total combined
voting power of the outstanding securities of the Company or, in the case of a Transaction described in Section 8.1(b)(iii), the corporation or other business entity to which the assets of the Company were transferred (the
“Transferee”), as the case may be. For purposes of the preceding sentence, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other
business entities that own the Company or the Transferee, as the case may be, either directly or through one or more subsidiary corporations or other business entities. 

(b)    An “Ownership Change Event” shall be deemed to have occurred if any of the following occurs with
respect to the Company: (i) the direct or indirect sale or exchange in a single or series of related transactions by the stockholders of the Company of more than fifty percent (50%) of the voting stock of the Company; (ii) a merger or
consolidation in which the Company is a party; or (iii) the sale, exchange or transfer of all or substantially all of the assets of the Company. 

  
 6. 

 8.2    Severance. On the consummation of any Change in Control
(i) any remaining unvested portion of your stock options will be accelerated such that fifty percent (50%) of your outstanding and then-unvested options become fully vested and exercisable as of the date of the Change in Control (the
“Acceleration”) and (ii) 100% of the shares subject to the Incentive Award shall accelerate and be fully exercisable immediately prior to the consummation of any Change of Control. If on or within twelve (12) months following a Change
in Control, the Company or a successor corporation terminates your employment without Cause and other as a result of your death or disability, or you resign for Good Reason (a “Change in Control Termination”), and provided that such
termination constitutes a Separation from Service, then subject to your obligations below, and in lieu of any severance benefits set forth in Section 7.3 herein, you will be entitled to receive (collectively, the “Change in Control
Severance Benefits”): 
 (a)    Subject to payroll deductions and required withholdings and net of any
amounts earned by you pursuant to any employment or consulting arrangements obtained by you following such termination (other than the activities described in the last sentence of Section 3.1), continuation for twelve (12) months of the
greater of: (i) your base salary in effect as of such termination date; or (ii) your base salary as set forth in Section 2.1. In addition, you will be eligible to receive 100% of your potential annual discretionary bonus amount set
forth in Section 2.2, determined as if all performance targets established by the Board have been satisfied. 

(b)    You will receive acceleration of vesting of all of your then-outstanding and then-unvested stock option
grants as of the date of termination such that the remaining fifty percent (50%) of your unvested options following the Acceleration become fully vested and exercisable. 

(c)    If you timely elect and remain eligible for continued coverage of your group health insurance under COBRA,
the Company will pay your premiums for COBRA coverage for up to twelve (12) months following your Separation from Service, provided that such payments shall cease if you obtain full-time employment, or cease to be eligible for COBRA, within
such period. You agree to notify the Company promptly if you obtain full-time employment while the Company is paying your COBRA premiums under this letter agreement. On the 60th day following your
Separation from Service, the Company will make the first payment under this clause equal to the aggregate amount of payments that the Company would have paid through such date had such payments commenced on the Separation from Service through such
60th day, with the balance of the payments paid thereafter on the schedule described above. If you become eligible for coverage under another employer’s group health plan or otherwise cease
to be eligible for COBRA during the period provided in this clause, you must immediately notify the Company of such event, and all payments and obligations under this clause will cease. 

(d)    As a precondition of receiving the Change in Control Severance Benefits, you must first sign and make
effective on or after the termination date a full, general release of claims against the Company in a form acceptable to the Company containing the language set forth in the Release Agreement attached as Exhibit B. 

  
 7. 

 8.3    Parachute Payments. 

(a)    If any payment or distribution in the nature of compensation (within the meaning of Section 280G(b)(2)
of the Code) to you or for your benefit, whether under this letter agreement or otherwise (a “Payment”), would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the
“Code”) (together with any interest or penalties imposed with respect to such excise tax, the “Excise Tax”), then you will be entitled to receive from the Company an additional payment (the
“Gross-Up Payment”) in an amount equal to (i) all Excise Taxes (including any interest or penalties imposed with respect to such taxes) on the Payment (the “First Reimbursement
Payment”), (ii) all federal, state and local income taxes and employment taxes on the First Reimbursement Payment, and (iii) all Excise Taxes (including any interest or penalties imposed with respect to such taxes) on the First
Reimbursement Payment. 
 (b)    All determinations required to be made under this Section 8.3 including
whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be
made by the nationally recognized certified public tax accounting firm used by the Company or, if such firm declines to serve, such other nationally recognized certified public tax accounting firm as you may designate (the “Accounting
Firm”). The Accounting Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good-faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Accounting
Firm shall provide its calculations, together with detailed supporting documentation, to the Company and you within thirty (30) calendar days after the date on which your right to a Payment is triggered (if requested at that time by the Company
or you) and/or at such other times as requested by the Company or you. If the Accounting Firm determines that no Excise Tax is payable with respect to a Payment, it shall furnish the Company and you with an opinion reasonably acceptable to you that
no Excise Tax will be imposed with respect to such Payment. If the Accounting Firm determines that an Excise Tax is payable with respect to a Payment, it shall furnish to the Company and you an opinion reasonably acceptable to you of the amount of
Excise Tax payable with respect to the Payments and the amount of Gross-Up Payment due to you. The Company will pay the Gross-Up Payment to you within thirty
(30) days of the date the Company receives the Accounting Firm’s opinion, but in no event later than the end of your tax year following your tax year in which you pay the Excise Tax. The Company shall bear all reasonable expenses with
respect to the determinations by the Accounting Firm required to be made hereunder. Any determination by the Accounting Firm shall be binding upon the Company and you. 

9.    General Provisions. 

9.1    Dispute Resolution. To aid in the rapid and economical resolution of any disputes which may arise
under this Agreement, the parties agree that any and all claims, disputes or controversies of any nature whatsoever arising from or regarding the interpretation, performance, negotiation, execution, enforcement or breach of this Agreement, or your
relationship with the Company, including statutory claims, shall be resolved by confidential, final and binding arbitration conducted before a single arbitrator with Judicial Arbitration and Mediation Services, Inc. (“JAMS”) in San
Francisco, California, in accordance with JAMS’ 

  
 8. 

 
then-applicable employment arbitration rules (which may be reviewed at www.jamsadr.com/rules-employment-arbitration/). The parties acknowledge that by agreeing to this arbitration
procedure, they waive the right to resolve any such dispute through a trial by jury, judge or administrative proceeding. The parties will have the right to be represented by legal counsel at any arbitration proceeding. The arbitrator shall:
(i) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be available under applicable law in a court proceeding; and (ii) issue a written statement signed by the
arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which the award is based. The Company shall bear all
JAMS’ arbitration fees and administrative costs in excess of the amount of administrative fees (e.g., filing fees) that you would otherwise be required to pay if the dispute were decided in a court of law. Nothing in this Agreement shall
prevent any party from obtaining injunctive or other provisional relief in court to prevent irreparable harm pending the conclusion of any arbitration proceeding. 

9.2    Severability. Whenever possible, each provision of this letter agreement will be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this letter agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality
or unenforceability will not affect any other provision or any other jurisdiction, but such invalid, illegal or unenforceable provision will be reformed, construed and enforced in such jurisdiction so as to render it valid, legal, and enforceable
consistent with the intent of the parties insofar as possible. 
 9.3    Notices. Any notices provided
hereunder must be in writing and shall be deemed effective upon the earlier of personal delivery (including personal delivery by fax) or the next day after sending by overnight courier, to the Company at its primary office location and to you at
your address as listed on the Company payroll. 
 9.4    Waiver. If either party should waive any breach
of any provisions of this letter agreement, you or the Company shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this letter agreement. 

9.5    Entire Agreement. This letter agreement, together with its exhibits, constitutes the entire and
exclusive agreement between you and the Company, and it supersedes any prior agreement, promise, representation, or statement, written or otherwise, between you and the Company with regard to this subject matter. It is entered into without reliance
on any promise, representation, statement or agreement other than those expressly contained or incorporated herein, and it cannot be modified or amended except in a writing signed by you and a duly authorized officer of the Company. 

9.6    Counterparts. This letter agreement may be executed in separate counterparts, any one of which need
not contain signatures of more than one party, but all of which taken together will constitute one and the same letter agreement. 

9.7    Headings. The headings of the sections hereof are inserted for convenience only and shall not be
deemed to constitute a part hereof nor to affect the meaning thereof. 

  
 9. 

 9.8    Successors and Assigns. This letter agreement is
intended to bind and inure to the benefit of and be enforceable by you, the Company and your and its respective successors, assigns, heirs, executors and administrators, except that you may not assign any of your duties hereunder and you may not
assign any of your rights hereunder without the written consent of the Company. 
 9.9    Governing Law.
All questions concerning the construction, validity and interpretation of this letter agreement will be governed by the law of the State of California as applied to contracts made and to be performed entirely within California. 

9.10    Attorneys’ Fees. If either party hereto brings any action to enforce your or its rights
hereunder, the prevailing party in such action shall be entitled to be paid by the other party such prevailing party’s reasonable attorneys’ fees and costs incurred in such action. 

Enclosed is your Employee Agreement on Confidential Information and Inventions, which you should read carefully. 

To indicate your acceptance of the Company’s offer, please sign this letter agreement in the space provided below and return it to me. 

 

			
	Sincerely,
	
	CYMABAY THERAPEUTICS
		
	By:	 	 /s/ Sujal Shah

		 	Sujal Shah
		 	Interim President and Chief Executive Officer
	
	Accepted and agreed:
	
	 /s/ Dan Menold

	Dan Menold

  
 10. 

 EXHIBIT A - Employee Agreement on Confidential Information and Inventions 

EXHIBIT B - Release Agreement 

  
 11. 

 EXHIBIT A 

CymaBay Therapeutics, Inc. 

7999 Gateway Blvd., Suite 130 

Newark, CA 94560-1144 
 Phone 510 293-8800        Fax 510 293-9090 

April 27, 2017 
 EMPLOYEE
AGREEMENT ON CONFIDENTIAL 
 INFORMATION AND INVENTIONS 

THIS AGREEMENT is between CymaBay Therapeutics, Inc. a Delaware Corporation (“the Company”), and Dan Menold, (the “Employee”). 

PURPOSE OF AGREEMENT 
 I want to
be employed by the Company, and the Company wants to employ me, provided that, in so doing, it can protect its trade secrets and inventions, ideas, information, business, and good will. 

In consideration of this purpose, and the mutual promises in this Agreement, I agree with the Company as follows: 

1.    Term 

(A)    My employment with the Company is an at-will relationship that may be
terminated by either the Company or me with or without cause for any reason whatsoever at any time upon notice to the other party. 

(b)    If my employment is terminated for any reason, I will be entitled only to the compensation earned by me as of the
date of termination. 
 2.    Confidential Information. I will hold in confidence and use only for the benefit of
the Company during the term of my employment and for five years after the termination of my employment all Confidential Information of the Company, its Affiliates, and all Confidential Information of companies or persons other than the Company given
to the Company under an agreement prohibiting its disclosure. “Confidential Information” refers to valuable technical or business information that is not known by the public. By way of example, Confidential Information may include
information relating to: inventions or products, including unannounced products; research and development activities; requirements and specifications of specific customers and potential customers; nonpublic financial information; and quotations or
proposals given to customers. 

  
 12. 

 These restrictions on disclosure do not apply if the information is or becomes publicly known
through no wrongful act on my part or the information is explicitly approved for release under such circumstances by an officer of the Company. 

3.    Disclosure and Assignment of Inventions. I hereby assign to the Company my entire right, title and interest
in all inventions. “Inventions” refer to (a) all technical or business innovations, whether or not patentable or copyrightable, made by me during the term of my employment; and (b) all technical or business innovations, whether
or not patentable, based upon the Company’s Confidential Information and made by me after leaving the Company’s employ. I will keep adequate written records of all inventions made by me, such as notebooks, sketches, program listings and
the like, which are the property of the Company. Notwithstanding the foregoing, I am not required to assign to the Company, although I must disclose, any inventions: (a) for which no equipment, supplies, facilities or Confidential Information
of the Company were used and which was developed entirely on my own time; (b) which at the time of conception or reduction to practice did not relate directly to the business of the Company or the Company’s actual or demonstrably
anticipated research or development and (c) which did not result from any work I performed for the Company. The disclosure of such inventions must be made so that the parties can make a determination whether such inventions do in fact qualify
for exclusion from assignment to the Company. The Company will keep confidential any such information I disclose. I will take all steps necessary to assist the Company in securing any patents, copyrights or other protection for inventions which I am
required to assign to the Company as provided above. If I am unable or unwilling, whether during my employment or after termination, to sign any papers needed to apply for or pursue any patent or copyright registrations for inventions, I agree that
the Company is my attorney-in-fact for that purpose and can sign such papers as my agent and take any other actions necessary to pursue these registrations. 

4.    List of Inventions I Own. I have attached as Exhibit A a list of inventions I own, which is a complete list
of all technical or business innovations I own either alone or jointly with others on the date of this Agreement. I agree that I will not incorporate any of these prior inventions into products being developed for the Company without the prior
knowledge and written consent of the Company. Should the Company wish to use any of my inventions in its business, the Company will negotiate with me for a purchase of or license to use such invention on mutually agreeable terms. If no such list is
attached, or if no such inventions are listed thereon, I represent that I do not own any inventions at the time of signing this Agreement. 

5.    Tangible Materials. All tangible materials that incorporate Confidential Information are the Company’s
property, and I will give all of these materials and any other documents and materials which are the property of the Company, including but not limited all notes of any research or other work which I have performed for the Company and all biological
materials created, used or held by me in the course of my work for the Company, back to the Company at the termination of my employment or earlier upon the Company’s request. 

6.    Solicitation of Employees. I understand that information about the Company’s employees, such as their
skills, performance ratings, and salary histories, constitutes Confidential Information owned by the Company. I agree that, for a period of twelve (12) months after termination of my employment for any reason, I will not, either directly or
indirectly, solicit, 

  
 13. 

 
induce, recruit or encourage any of the Company’s employees to leave their employment, or take away such employees, or attempt to do any of these things, whether on my own behalf or on
behalf of any other person, since to do so would necessarily involve using Confidential Information. 

8.    Termination. In the event of termination of my employment for any reason, I agree that, as requested by the
Company, I will sign and deliver a “Termination Certification” in the form attached to this Agreement as Exhibit B. I also agree that the Company may give notice to my new employer of my duties under this Agreement. 

9.    Duty of Loyalty. During my employment with the Company, I will not engage in any business activity (either
for my own profit or for anyone else) that competes with the Company’s business. 
 10.    Duties to Third
Parties. I represent that, to the best of my knowledge, compliance with the terms of this Agreement will not violate any duty that I may have to anyone other than the Company (such as a former employer) to keep such person’s proprietary
information in confidence or to refrain from using that person’s patents or copyrights. If at any time during my employment with the Company, I am asked by the Company to perform work which I believe may cause me to violate a duty I have to
someone other than the Company, I will immediately inform an officer of the Company so that an assessment of the situation may be made. I also agree that I will not, during my employment with the Company, bring onto the Company’s premises, use
or disclose to the Company any proprietary information or trade secrets of any former employer or any other person without that person’s consent. 

11.    Miscellaneous. This is the only agreement between the Company and myself about confidential information and
the ownership of inventions, and may not be modified, amended or terminated, in whole or in part, except in a writing signed by me and by an officer of the Company. Any later change in my title, compensation or duties will not affect this Agreement.
This Agreement will survive termination of my employment for any reason, and will continue for the benefit of and will be binding upon the successors, assigns, heirs and legal representatives of the Company and myself. Any waiver by the Company of a
breach of any of the obligations of this Agreement by me will not operate or be construed as a waiver of any other or subsequent breach by me. In the event any provision of this Agreement is held to be invalid, void or unenforceable, the remaining
provisions will nevertheless continue in full force and effect without being impaired or invalidated in any way. The prevailing party in any legal action brought by one party against the other and arising out of this Agreement shall be entitled, in
addition 

  
 14. 

 to any other rights and remedies it may have, to reimburse for its expenses, including court costs and reasonable
attorney’s fees. This Agreement will be governed by the laws of the State of California governing contracts between residents to be performed in the State of California. 
  

									
		 	CymaBay Therapeutics, Inc.	 		 		 	Employee
					
	By:	 	 /s/ Sujal Shah
	 		 	By:	 	 /s/ Dan Menold

		 	Sujal Shah	 		 		 	Dan Menold
		 	Interim President and Chief Executive Officer	 		 		 	
					
		 	 June 26, 2017
	 		 		 	 August 2, 2017

		 	Date	 		 		 	Date

  
 15. 

 
EXHIBIT A 
 List of Inventions I Own (see para. 4.) 

  
 16. 

 EXHIBIT B 

Termination Certificate 

This is to certify that I do not have in my possession, nor have I failed to return, any devices, records, data, notes, reports, proposals,
lists, equipment, computer programs or listings, other documents or property or any reproductions of any of these materials belonging to CymaBay Therapeutics, Inc., a Delaware corporation, its subsidiaries, successors or assigns (collectively, the
“Company”). 
 I further certify that I have complied with all the terms of the Company’s Employee Confidential Information
and Inventions Agreement signed by me, including the reporting of any inventions and original works of authorship (as defined in that agreement) conceived or made buy me (solely or jointly with others) covered by that agreement. 

I further agree that, in compliance with the Employee Confidential Information and Inventions Agreement, I will preserve as confidential all
trade secrets, confidential knowledge, data or other proprietary information relating to inventions or products, including but not limited to unannounced products, research and development activities, requirements and specifications of specific
customers and potential customers, nonpublic financial information, and quotations or proposals given to customers, including any information disclosed to the Company in confidence by any third party. 

I further agree that for twelve (12) months from this date, I will not solicit, induce, recruit or encourage any of the Company’s
employees to leave their employment. 
  

	
	  

	Signature
	
	  

	Dan Menold
	
	  

	Date

  
 17. 

 EXHIBIT B 

RELEASE AGREEMENT 

(To be signed on or after the Separation Date) 

I understand that my employment with CymaBay Therapeutics (the “Company”) terminated effective
            ,          (the “Separation Date”). The Company has agreed that if I choose to sign this Release Agreement
(“Release”), the Company will provide certain severance benefits (minus the required withholdings and deductions) pursuant to the terms of the employment agreement dated
                     (as amended, the “Letter Agreement”). I understand that I am not entitled to such severance benefits unless I sign
this Release, and it becomes fully effective. 
 I understand that this Release, together with the Letter Agreement, constitutes the
complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated therein. 

I hereby confirm my obligations under my Employee Agreement on Confidential Information and Inventions with the Company. 

I hereby represent that I have been paid all compensation owed and for all hours worked, have received all the leave and leave benefits and
protections for which I am eligible, pursuant to the Family and Medical Leave Act or otherwise, and have not suffered any on-the-job injury for which I have not already
filed a claim. 
 In exchange for the consideration provided to me by this Release that I am not otherwise entitled to receive, I hereby
generally and completely release Company and its current and former directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns from any and
all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release. This general release includes, but is not limited to:
(a) all claims arising out of or in any way related to my employment with the Company or the termination of that employment; (b) all claims related to my compensation or benefits from the Company, including salary, bonuses, commissions,
vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good
faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for
discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of
1967 (as amended) (“ADEA”), and the California Fair Employment and Housing Act (as amended). 

  
 18. 

 Nothing in this Release shall prevent me from filing, cooperating with, or participating in any
proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or the California Department of Fair Employment and Housing, except that I hereby acknowledge and agree that I shall not recover any monetary benefits in
connection with any such proceeding. 
 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under
the ADEA (“ADEA Waiver”). I also acknowledge that the consideration given for the ADEA Waiver is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this
writing, as required by the ADEA, that: (a) my ADEA Waiver does not apply to any rights or claims that arise after the date I sign this Release; (b) I should consult with an attorney prior to signing this Release; (c) I have twenty-one (21) days to consider this Release (although I may choose to voluntarily sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the ADEA Waiver; and
(e) the ADEA Waiver will not be effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after I sign this Release. 

I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general
release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the
debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims hereunder. 

I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than twenty-one (21) days following the date it is provided to me. 
 I accept and agree to the terms and conditions
stated above: 
  

					
	  
	 		 	  

	Date	 		 	Dan Menold

  
 19.Exhibit 4.1

 

 

Form of Subscription Documents for

 

RUNWAY GROWTH CREDIT FUND INC.

 

Confidential

  

    	 	 	 

     

    

 

DIRECTIONS FOR THE COMPLETION 

OF THE SUBSCRIPTION DOCUMENTS 

 

Prospective investors
must complete the Subscription Agreement (the “Subscription Agreement”), the Investor Questionnaire (the “Investor
Questionnaire”) and any necessary attachments (the Subscription Agreement, the Investor Questionnaire and all such attachments
collectively, the “Subscription Documents”) contained in this package in the manner described below. Capitalized terms
not defined herein are used as defined in the Private Placement Memorandum of Runway Growth Credit Fund Inc. (f/k/a GSV Growth
Credit Fund Inc.), a Maryland Corporation (as amended, restated and/or supplemented from time to time). For purposes of these Subscription
Documents, the “Investor” is the person or entity for whose account the common stock is being purchased and that can
satisfy the representations and warranties set forth in the Subscription Documents. Another person or entity with investment authority
may execute the Subscription Documents on behalf of the Investor, but should indicate the capacity in which it is doing so and
the name of the Investor.

 

1. Subscription Agreement:

 

(a) Each Investor
should fill in the amount of the Capital Commitment, date, print the name of the Investor and sign (and print name, capacity and
title of signatory, if applicable) on page 14.

 

2. Investor Questionnaire:

 

		(a)	In Section A, each Investor should fill in its name, type
of entity, address, tax identification or social security number, contact person(s), telephone and facsimile numbers, email address,
and the other requested information.

 

		(b)	Each Investor should check the box or boxes in Section
B which are next to the category or categories under which the Investor qualifies as an “accredited investor”.

 

		(c)	Each Investor that is an individual should respond to the
question in Section C.

 

		(d)	Each Investor that is an entity should provide the information
and respond to the questions in Section D.

 

		(e)	Each Investor should respond to the questions in Section
E.

 

		(f)	Each Investor should respond to the questions in Section
F.

 

		(g)	Print the name of the Investor and sign (and print name,
capacity and title of signatory, if applicable) on page 11 of the Investor Questionnaire.

 

3. Customer
Identification Program — Documentation Requirements (if the documentation may have previously been submitted,
please contact the Company to confirm.)

 

(a) Formation:

 

Organized entities, including corporations,
partnerships, limited liability companies, and trusts: provide a certificate of formation and formation agreement.

 

(b) Identification:

 

Investors who are natural persons:
provide a current (i.e., non-expired) copy of a government issued photo identification.

 

Corporations, partnerships, limited
liability companies, and trusts: provide a current (i.e., non-expired) copy of a government issued photo identification
of natural persons who ultimately, directly or indirectly, benefit from 10% or more of the proceeds of the entity or hold 10% or
more of the control rights.

 

Upon review of the above documents,
the Company may require additional documentation in order to satisfy its requirements for Know Your Customer and Anti-Money Laundering.

 

    	 	i 	 

     

    

 

4. Tax Forms:

 

Each U.S. Investor is required to
fill in and sign and date the attached Form W-9 and each non-U.S. investor is required to fill in and date the relevant Form(s)
W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, in accordance with the instructions to such Form, and in the event
that any applicable reduction or exemption from U.S. federal withholding tax is claimed, is required to provide all applicable
attachments or addendums as required to claim such exemption or reduction.

 

5. Evidence of Authorization:

 

Each Investor must provide valid
evidence of authorization, such as a list of authorized agents, and a current copy of a government issued photo identification
for the individual(s) authorized to sign the Subscription Documents.

 

		(a)	For Corporations:

 

Generally, Investors which are corporations
must submit certified corporate resolutions authorizing the subscription and identifying the corporate officer empowered to sign
the Subscription Documents.

 

		(b)	For Partnerships:

 

Partnerships must submit a certified
copy of the partnership certificate (in the case of limited partnerships) or partnership agreement identifying the general partners.

 

		(c)	For Limited Liability Companies:

 

Limited liability companies must
submit a certified copy of the limited liability operating agreement or certificate of formation identifying the manager or managing
member, as applicable, empowered to sign the Subscription Documents.

 

		(d)	For Trusts:

 

Trusts must submit a copy of the
trust agreement.

 

		(e)	For Employee Benefit Plans:

 

Employee benefit plans must submit
a certificate of an appropriate fiduciary certifying that the subscription has been authorized and identifying the individual empowered
to sign the Subscription Documents.

 

6. Delivery of Subscription
Documents:

  

Two (2) original completed and
executed copies of the Subscription Agreement and the Investor Questionnaire, together with the Form W-9 or W-8, (W-8BEN, W-8BEN-E,
W-8IMY, W-8ECI or W-8EXP), as applicable, and any required evidence of authorization, should be delivered to the Company at the
following address:

 

Runway Growth Credit Fund Inc.

Attn: David Spreng

205 N. Michigan Ave., Suite 930

Chicago, IL 60601

 

In addition, please send (i) the
completed and executed Subscription Agreement, (ii) the completed and executed Investor Questionnaire, (iii) the completed Form
W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, and (iv) any required evidence of authorization to Runway
Growth Credit Fund Inc., by electronic mail to the attention of “David Spreng” at ds@runwaygrowth.com as soon as possible.

 

Inquiries regarding subscription
procedures (including if the Investor Questionnaire indicates that any Investor’s response to a question requires further
information) should be directed to David Spreng at ds@runwaygrowth.com. If the Investor’s subscription is accepted (in whole
or in part) by the Company, a fully executed set of the Subscription Documents will be returned to the Investor.

 

    	 	ii 	 

     

    

 

7. Wire Instructions:

 

In connection with an Investor’s
investment, the Investor shall be required to contribute capital pursuant to Funding Notices (as defined below). Upon receipt of
a Funding Notice, payment shall be sent by wire transfer pursuant to the wire instructions set forth below. Notwithstanding the
foregoing, wire instructions may change in the sole discretion of the Company. Therefore, Investors should wire funds in accordance
with the wire instructions set forth in any Funding Notice issued by the Company. To the extent there is any discrepancy in the
wire instructions set forth below and the wire instructions set forth in a Funding Notice, the wire instructions in such Funding
Notice shall prevail.

 

Please wire funds to:

 

	Bank:	 	The PrivateBank
	ABA #:	 	071006486
	Account Name:	 	Runway Growth Credit Fund Inc.
	Account #:	 	2477424
	Notation:	 	«Investor Name»

 

[Remainder of Page Intentionally Left Blank]

 

    	 	iii 	 

     

    

 

SUBSCRIPTION AGREEMENT

 

Runway Growth Credit Fund Inc.

205 N. Michigan Ave., Suite 930

Chicago, IL 60601

 

Ladies and Gentlemen:

 

1. Subscription.

 

(a) The undersigned (the
“Investor”) subscribes for and agrees to purchase shares of common stock, par value $0.01 per share (“Shares”),
in Runway Growth Credit Fund Inc. (f/k/a GSV Growth Credit Fund Inc.) (“Runway Growth Credit Fund” or the “Company”)
with a capital commitment (“Capital Commitment”) in the amount set forth on the signature page below. The Investor
acknowledges and agrees that this subscription (i) is irrevocable on the part of the Investor, (ii) is conditioned upon acceptance
by or on behalf of the Company, and (iii) may be accepted or rejected in whole or in part by the Company in its sole discretion.
The Investor agrees to be bound by all the terms and provisions of the Company’s Private Placement Memorandum, as amended,
restated and/or supplemented from time to time (the “Memorandum”) related to the Company’s private offering of
Shares (the “Offering”), the Company’s Bylaws, substantially in the form attached hereto as Appendix A, as amended
from time to time (the “Bylaws”), the Company’s Articles of Amendment and Articles of Amendment and Restatement,
substantially in the form attached hereto as Appendix B, as amended from time to time (collectively, the “Charter”),
the Investment Advisory Agreement with Runway Growth Capital LLC (f/k/a GSV Growth Credit LLC), our investment adviser (the “Adviser”),
substantially in the form attached hereto as Appendix C, as amended from time to time (the “Advisory Agreement”),
the Administration Agreement between the Company and Runway Administrator Services LLC (f/k/a GSV Credit Service Company, LLC),
our administrator (the “Administrator”), substantially in the form attached hereto as Appendix D, as amended from time
to time (the “Administration Agreement,” and together with the Memorandum, the Bylaws, the Charter and the Advisory
Agreement, the “Operative Documents”), together with this Subscription Agreement (the “Subscription Agreement”).
Capitalized terms not defined herein are used as defined in the Memorandum. The Company expects to enter into separate Subscription
Agreements (the “Other Subscription Agreements,” and, together with this Subscription Agreement, the “Subscription
Agreements”) with other investors (the “Other Investors,” and together with the Investor, the “Investors”),
providing for the sale of Shares to the Other Investors. This Subscription Agreement and the Other Subscription Agreements are
separate agreements, and the sales of Shares to the undersigned and the Other Investors are separate sales.

 

(b) The Investor agrees
to purchase Shares in this Offering for an aggregate purchase price equal to its Capital Commitment, payable at such times and
in such amounts as required by the Company, under the terms and subject to the conditions set forth herein. On each Capital Drawdown
Date (as defined below), the Investor agrees to purchase from the Company, and the Company agrees to issue to the Investor, a number
of Shares equal to the Drawdown Share Amount (as defined below) at an aggregate price equal to the Drawdown Purchase Price (as
defined below); provided, however, that in no circumstance will an Investor be required to purchase Shares for an amount
in excess of its Unused Capital Commitment (as defined below).

 

“Drawdown Purchase Price” shall
mean, for each Capital Drawdown Date, an amount in U.S. dollars determined by multiplying (i) the aggregate amount of Capital Commitments
being drawn down by the Company from all Investors on that Capital Drawdown Date, by (ii) a fraction, the numerator of which is
the Unused Capital Commitment of the Investor and the denominator of which is the aggregate Unused Capital Commitments of all Investors
that are not Defaulting Investors or Excluded Investors (as defined below).

 

“Drawdown Share Amount” shall mean,
for each Capital Drawdown Date, a number of Shares determined by dividing (i) the Drawdown Purchase Price for that Capital Drawdown
Date by (ii) the applicable Per Share Price (as defined below), with the resulting quotient adjusted to the nearest whole number
to avoid the issuance of fractional shares.

 

    	 	1	 

     

    

 

“Per Share NAV” shall mean, for
any Capital Drawdown Date or Catch-Up Date (as defined below), the net asset value per Share, as determined by the Company’s
Board of Directors (including any committee of the Board, the “Board”), as of the end of the most recent calendar quarter
prior to the date of the Funding Notice (as defined below).

 

“Per Share Price” shall mean, for
any Capital Drawdown Date or Catch-Up Date (as defined below), an amount in U.S. dollars equal to the greater of (i) $15.00 or
(ii) the Per Share NAV; provided, that the Per Share Price shall be subject to the limitations of Section 23 under the Investment
Company Act of 1940, as amended (the “1940 Act”).

 

“Unused Capital Commitment” shall
mean, with respect to an Investor, the amount of such Investor’s Capital Commitment as of any date reduced by the aggregate
amount of contributions made by that Investor at all previous Capital Drawdown Dates and any Catch-Up Date pursuant to Section
1(b) and Section 2(c), respectively.

 

2. Closings.

 

(a) The initial closing
of this Offering will take place as soon as practicable in the sole discretion of the Adviser upon the receipt of aggregate Capital
Commitments totaling at least $50 million (such date being the “Initial Closing Date,” and the date on which each subsequent
closing occurs, a “Subsequent Closing Date,” and each Subsequent Closing Date with the Initial Closing Date shall be
referred to herein as the “Closing Date”). The Company may accept additional Capital Commitments on one or more Subsequent
Closing Dates until December 31, 2017 (the last of which Subsequent Closing Dates shall be referred to herein as the “Final
Closing”).

 

(b) The Investor agrees
to provide any information reasonably requested by the Company to verify the accuracy of the representations contained herein,
including without limitation the investor questionnaire (the “Investor Questionnaire”). Promptly after the Closing
Date, the Company will deliver to the Investor or its representative, if the Investor’s subscription has been accepted, a
countersigned copy of this Subscription Agreement and other documents and instruments necessary to reflect the Investor’s
status as an investor in the Company, including any documents and instruments to be delivered pursuant to this Subscription Agreement.

 

(c) The Company may enter
into Other Subscription Agreements with Other Investors on a Subsequent Closing Date and any Other Investor whose subscription
has been accepted at such Subsequent Closing Date referred to as a “Subsequent Investor.” Notwithstanding the provisions
of Sections 1(b) and 3, on one or more dates to be determined by the Company that occur on or following the Subsequent Closing
Date but no later than the next succeeding Capital Drawdown Date (each, a “Catch-Up Date”), each Subsequent Investor
shall be required to purchase from the Company a number of Shares with an aggregate purchase price necessary to ensure that, upon
payment of the aggregate purchase price for such Shares by the Subsequent Investor in the aggregate for all Catch-Up Dates, such
Subsequent Investor’s Invested Percentage (as defined below) shall be equal to the Invested Percentage of all prior Investors
(other than any Defaulting Investors or Excluded Investors) (the “Catch-Up Purchase Price”). Upon payment of the Catch-Up
Purchase Price by the Investor on a Catch-Up Date and payment by Other Investors of the requisite amount, the Company shall issue
to each such Subsequent Investor a number of Shares determined by dividing (x) the Catch-Up Purchase Price for such Subsequent
Investor by (y) the Per Share Price for such Subsequent Investor as of a Catch-Up Date. For the avoidance of doubt, in the event
that the Catch-Up Date and a Capital Drawdown Date occur on the same calendar day, such Catch-Up Date (and the application of the
provisions of this Section 2(c)) shall be deemed to have occurred immediately prior to the relevant Capital Drawdown Date.

 

“Invested Percentage” means, with
respect to an Investor, the quotient determined by dividing (i) the aggregate amount of contributions made by such Investor pursuant
to Section 1(b) and this Section 2(c) by (ii) such Investor’s Capital Commitment.

 

(d) At each Capital Drawdown
Date following any Subsequent Closing Date, all Investors, including Subsequent Investors, shall purchase Shares in accordance
with the provisions of Section 1(b); provided, however, that notwithstanding the foregoing, the definitions of Drawdown
Share Amount and Per Share Price and the provisions of Section 3(b), nothing in this Subscription Agreement shall prohibit the
Company from issuing Shares to Subsequent Investors whose subscriptions are accepted after the Closing Date at a Per Share Price
greater than the Per Share NAV at the time of issuance.

 

    	 	2	 

     

    

 

(e) In the event that
any Investor is permitted by the Company to make an additional capital commitment to purchase Shares on a date after its initial
subscription has been accepted, such Investor will be required to enter into a separate Subscription Agreement with the Company,
it being understood and agreed that such separate Subscription Agreement will be considered to be an Other Subscription Agreement
for the purposes of this Subscription Agreement.

 

3. Capital Drawdowns.

 

(a) Purchases of Shares
will take place on dates selected by the Company in its sole discretion (each, a “Capital Drawdown Date”) and shall
be made in accordance with the provisions of Section 1(b).

 

(b) The Company shall
deliver to the Investor by electronic mail, at least ten (10) Business Days prior to each Capital Drawdown Date, a notice (each,
a “Funding Notice”) setting forth (i) the Capital Drawdown Date, (ii) the aggregate number of Shares to be sold to
all Investors on the Capital Drawdown Date and the aggregate purchase price for such Shares, (iii) the applicable Drawdown Share
Amount, Drawdown Purchase Price and Per Share Price and (iv) the account to which the Drawdown Purchase Price should be wired.
For the purposes of this Subscription Agreement, the term “Business Day” shall have the meaning ascribed to it in Rule
14d-1(g)(3) under the Securities Exchange Act of 1934, as amended (the “1934 Act”). Notwithstanding the 10 Business
Day notice requirement set forth in the previous sentence, the Investor agrees to satisfy the Funding Notice set forth in Appendix
E for the initial Capital Drawdown Date upon at least five (5) Business Days prior to the initial Capital Drawdown Date.

 

(c) The delivery of a
Funding Notice to the Investor shall be the sole and exclusive condition to the Investor’s obligation to pay the Drawdown
Share Purchase Price identified in each Funding Notice, and shall represent the Company’s acceptance of the Investor’s
irrevocable and ongoing offer to purchase Shares.

 

(d) On each Capital Drawdown
Date, the Investor shall pay the Drawdown Purchase Price to the Company by bank wire transfer in immediately available funds in
U.S. dollars to the account specified in the Funding Notice.

 

(e) Notwithstanding anything
to the contrary contained in this Subscription Agreement, the Company shall have the right (a “Limited Exclusion Right”)
to exclude any Investor (such Investor, an “Excluded Investor”) from purchasing Shares from the Company on any Capital
Drawdown Date or participating in a Spin-Off transaction (as defined below) if, in the reasonable discretion of the Company, there
is a substantial likelihood that such Investor’s purchase or exchange of Shares at such time would (i)(A) result in a violation
of, or noncompliance with, any law or regulation to which such Investor, the Company, the Adviser, any Other Investor or a portfolio
company would be subject or (B) cause the assets of the Company to be considered “plan assets” under the U.S. Employee
Retirement Income Security Act of 1974, as amended (“ERISA”), or Section 4975 of the U.S. Internal Revenue Code of
1986, as amended (the “Code”), because investments of “Benefit Plan Investors” (within the meaning of Section
3(42) of ERISA and certain Department of Labor regulations) are deemed to be significant or (ii) cause any new fund formed in connection
with a Spin-Off transaction to (A) be in violation of, or noncompliance with, any law or regulation to which such fund would be
subject or (B) be deemed to hold “plan assets” under ERISA or Section 4975 of the Code because the investments of Benefit
Plan Investors are deemed to be significant.

 

For purposes of this Subscription
Agreement, a “Spin-Off transaction” includes a transaction whereby the Company offers Investors the option to elect
to either (i) retain their ownership of Shares; (ii) exchange their Shares for shares of common stock in a newly formed
entity (the “Public Fund”) that will elect to be regulated as a business development company under the 1940 Act and
treated as a regulated investment company under Subchapter M of the Code, and which will use its commercially reasonable best efforts
to complete an initial public offering of shares of its common stock not later than three years after the Final Closing; or (iii)
exchange their Shares for interests of one or more newly formed entities (each, a “Liquidating Fund”) that will each
be organized as a limited liability company, and which will, among other things, seek to complete an orderly wind down and/or liquidation
of any such Liquidating Fund; provided, however, that in no event will an Investor be obligated to exchange his, her or its Shares
for shares of common stock in the Public Fund or interests in a Liquidating Fund.

 

4. Pledging. Without
limiting the generality of the foregoing, the Investor specifically agrees and consents that the Company may, at any time, and
without further notice to or consent from the Investor (except to the extent otherwise provided in this Subscription Agreement),
grant security over and, in connection therewith, Transfer (as defined in Section 8(d)) its right to draw down capital from the
Investor pursuant to Section 3, and the Company’s right to receive the Drawdown Share Purchase Price (and any related rights
of the Company), to lenders or other creditors of the Company, in connection with any indebtedness, guarantee or surety of the
Company; provided, that, for the avoidance of doubt, any such grantee’s right to draw down capital shall be subject
to the limitations on the Company’s right to draw down capital pursuant to Section 3.

 

    	 	3	 

     

    

 

5. Dividends; Dividend Reinvestment Program.

 

(a) As described more
fully in the Memorandum, the Company generally intends to distribute, out of assets legally available for distribution, substantially
all of its available earnings, on a quarterly basis, subject to the discretion of the Board. The Company has adopted a plan in
which the Company will reinvest all cash dividends declared by the Board on behalf of Investors who do not elect to receive their
dividends in cash, crediting to each such Investor a number of Shares equal to: the quotient determined by dividing the cash value
of the dividend or distribution payable to such Investor by the net asset value per Share determined as of the valuation date fixed
by the Board for such dividend. The Investor may elect to receive any or all such dividends in cash by notifying the Adviser, or,
in the case of Investors whose shares are held by a broker or other financial intermediary, such broker or other financial intermediary,
in writing no later than ten (10) days prior to the record date for the first dividend that the Investor wishes to receive in that
form. The Investor and the Company agree and acknowledge that any dividends received by the Investor or reinvested by the Company
on the Investor’s behalf shall have no effect on the amount of the Investor’s Unused Capital Commitment.

 

(b) The Company represents
and warrants that it shall not make any in-kind distributions consisting of securities that are not Marketable Securities or common
stock of the Company except in connection with liquidation distributions conducted in connection with the dissolution of the Company
in accordance with the Maryland General Corporation Law. “Marketable Securities” means securities which are traded
or quoted on the New York Stock Exchange, American Stock Exchange or the Nasdaq Global Market or on a comparable securities market
or exchange now or in the future.

 

6. Remedies upon Investor
Capital Drawdown Default.

 

(a) Except as otherwise
provided in this Subscription Agreement, upon any failure by an Investor to pay all or any portion of the purchase price due from
such Investor on any Capital Drawdown Date (such amount, together with the full amount of such Investor’s remaining Capital
Commitment, a “Defaulted Commitment”), interest will accrue at the Default Rate (as defined below) on the outstanding
unpaid balance of such purchase price, from and including the date such purchase price was due until the earlier of the date of
payment of such purchase price by such Investor (or a transferee) or the date on which such Share is transferred. The Default Rate
with respect to any period shall be the lesser of (a) a variable rate equal to the prime rate of interest in effect (as reported
in the Wall Street Journal) during such period plus 6% or (b) the highest interest rate for such period permitted by applicable
law (the “Default Rate”). The Company, in its discretion, may waive the requirement to pay interest, in whole or in
part.

 

(b) In the event a Defaulted
Commitment remains uncured for a period of ten (10) Business Days, the Company shall be permitted to declare such Investor to be
in default of its obligations under this Subscription Agreement (any such Investor, a “Defaulting Investor”) and shall
be permitted to pursue one or any combination of the following remedies:

 

(i) Cause the
Defaulting Investor to forfeit, at each Capital Drawdown Date, such number of its Shares as is necessary to prevent any increase
in such Defaulting Investor’s Shares’ aggregate net asset value as a result of the contribution of capital by Other
Investors with respect to their Shares, which forfeited Shares may be cancelled on the Company’s books and records or may
be transferred to the Other Investors (other than any defaulting Other Investor), in each case without any action by the Defaulting
Investor;

 

(ii) Impose
a Default Charge upon the Defaulting Investor pursuant to Section 6(c);

 

    	 	4	 

     

    

 

(iii) Offer
all of the Defaulting Investor’s Shares to the Other Investors (other than any defaulting Other Investor) or third parties
for purchase at a price equal to the lesser of the then net asset value of such Shares or the highest price reasonably obtainable
by the Company, subject to such other terms as the Company in its discretion shall determine, which offer(s) shall be binding upon
the Defaulting Investor if the purchasing Other Investors or third parties agree to assume the related Capital Commitment with
respect to such Shares of the Defaulting Investor, including any portion then due and unpaid, and the Company pursuant to its authority
under Section 10 may execute on behalf of the Defaulting Investor any documents necessary to effect the Transfer (as defined in
Section 8(d)) of the Defaulting Investor’s Shares pursuant to this Section 6(b)(iii); provided, however, that notwithstanding
anything to the contrary contained in this Subscription Agreement, no Shares shall be transferred to any Other Investor pursuant
to this Section 6(b)(iii) in the event that such Transfer (as defined in Section 8(d)) would (x) violate the Securities Act of
1933, as amended (the “1933 Act”), 1940 Act or any state (or other jurisdiction) securities or “Blue Sky”
laws applicable to the Company or such Transfer (as defined in Section 8(d)), (y) constitute a non-exempt “prohibited transaction”
under Section 406 of ERISA or Section 4975 of the Code or (z) cause all or any portion of the assets of the Company to constitute
“plan assets” under ERISA or Section 4975 of the Code (it being understood that this proviso shall operate only to
extent necessary to avoid the occurrence of the consequences contemplated herein);

 

(iv)
Assist the Defaulting Investor in selling its Shares (subject to applicable law), with the
full assumption by the buyer of the Defaulting Investor’s Capital Commitments thereto, including any portion then due and
unpaid;

 

(v) Accept
a late contribution from the Defaulting Investor, with interest (if any), in satisfaction of its then-outstanding obligation to
contribute hereunder; or

 

(vi) Pursue
and enforce all of the Company’s other rights and remedies against the Defaulting Investor under this Subscription Agreement
and applicable law and/or at equity, including but not limited to the commencement of a lawsuit to collect the unpaid Capital Commitment,
interest, costs, and reimbursement (with interest at the Default Rate) for any other damages suffered by the Company.

 

If a Defaulting Investor’s
Shares are sold pursuant to Sections 6(b)(iii) or 6(b)(iv) above, or if the Company exercises its discretion to accept a late contribution
pursuant to Section 6(b)(v) above, the Company shall not impose a Default Charge pursuant to Section 6(c) below. Otherwise, to
the maximum extent permitted by law, the remedies set forth above shall be cumulative, and the use by the Company of one or more
of them against a Defaulting Investor shall not preclude the use of any other such remedy. The Company may pursue and enforce all
rights and remedies it may have against a Defaulting Investor. Notwithstanding anything to the contrary in this Subscription Agreement,
the Company will hold the Defaulting Investor responsible for all fees and expenses, including without limitation, attorneys’
fees or sales commissions, incurred as a result of the default. The Investor agrees that this Section 6 is solely for the benefit
of the Company and shall be interpreted by the Company against a Defaulting Investor in the discretion of the Company. The Investor
further agrees that the Investor cannot and will not seek to enforce this Section 6 against the Company or any other investor in
the Company.

 

(c) The Investors agree
that the damages suffered by the Company as the result of a Defaulted Commitment will be substantial and that such damages cannot
be estimated with reasonable accuracy. To the maximum extent permitted by applicable law, as a penalty, and subject to Section
6(b) above, the Company may cause a Defaulting Investor to forfeit up to an additional amount of Shares equal to 50% of the Shares
such Defaulting Investor subscribed for, respectively (the “Default Charge”) after application of Section 6(b)(i),
which forfeited Shares may be cancelled on the Company’s books and records without any action by the Defaulting Member.

 

(d) Subject to any Default
Charge imposed pursuant to Section 6(c), the Company may withhold any distributions that otherwise would be made to a Defaulting
Investor until such time as the Company makes its final liquidating distribution, or until such earlier time as the Company may
determine. Any distributions so withheld, or the proceeds thereof, shall be placed in a separate escrow account and may only be
used by the Company to offset obligations of such Defaulting Investor. Upon the final liquidating distribution or such earlier
time as the Company determines, if there are funds remaining in the escrow account after paying or reserving for all possible current
and future obligations of such Defaulting Investor, such funds shall be distributed to such Defaulting Investor. If the Company
has withheld in-kind distributions from an Investor pursuant to this Section 6(d) and subsequently determines to pay the withheld
distributions to such Investor, it may elect to (i) pay cash to such Investor in lieu of any distributions which were made to non-defaulting
Investors in kind and withheld from such Investor, but the Company shall not, in such event, be liable to such Investor for any
subsequent increase in the value of any securities that would have been distributed to such Investor had such Investor not defaulted,
or (ii) deliver to such Investor the securities or other assets (or substantially identical securities or assets) such Investor
would have received had the distribution to such Investor not been withheld, but the Company shall not, in such event, be liable
for any diminution in the value of such securities or other assets subsequent to the date such securities would have been distributed.
Any losses incurred by the Company upon the disposition of the securities or other assets that would otherwise have been distributed
to the Defaulting Investor in kind shall be for the account of the Defaulting Investor.

 

    	 	5	 

     

    

 

(e)(i) The Company, in
its sole discretion, may determine that no additional capital contribution shall be accepted from a Defaulting Investor, in which
case the Company shall so notify the Defaulting Investor and, following the date that such notice is given to the Defaulting Investor,
the Company shall not call for additional capital contributions from such Defaulting Investor.

 

(ii) If the Company has
given the notice described in Section 6(e)(i) and such Defaulting Investor’s aggregate amount of contributions with respect
to its Shares has been reduced to zero (by application of the Default Charge or otherwise), then the Defaulting Investor’s
Shares shall be forfeited without compensation and the Defaulting Investor shall no longer be a stockholder of the Company, and
the Company shall have no further obligation to the Defaulting Investor.

 

(iii) If a portion or all
of the Shares of a Defaulting Investor are forfeited, then for purposes of the Advisory Agreement, the Defaulting Investor’s
Capital Commitment shall be correspondingly reduced; provided, however, that for purposes of determining the management
fee payable by the Company under the Advisory Agreement (the “Management Fee”), such adjustment to the Defaulting Investor’s
original Capital Commitment shall take effect only as of the end of the fiscal year in which such unpaid Capital Commitment is
reduced to zero or its Shares are extinguished. For purposes of any other provision of the Operative Documents for which the Defaulting
Investor’s Capital Commitment with respect to each of its Shares is relevant, the Company shall determine the amount of such
Capital Commitment, in its reasonable discretion, so as to carry out the purposes of such provision.

 

7. Key Person Event.
If, at any time prior to the consummation of the initial Spin-Off transaction (the period ending on such date being the “Commitment
Period”), David Spreng, the Company’s President and CEO (the “Key Person”), fails to provide duties to
the Company consistent with the standards set forth in the Advisory Agreement for any consecutive period exceeding 60 days, the
Company’s stockholders will be promptly notified and the Commitment Period for each stockholder shall be suspended unless
and until a plan of operations is agreed upon by the Board and approved by the affirmative vote of the Company’s stockholders
entitled to cast a majority of all the votes entitled to be cast on the matter.

 

8. Representations
and Warranties of the Investor. To induce the Company to accept this subscription, the Investor represents and warrants as
follows:

 

(a) This Subscription
Agreement has been duly authorized, executed and delivered by the Investor and, upon due authorization, execution and delivery
by the Company, will constitute the valid and legally binding agreement of the Investor enforceable in accordance with its terms
against the Investor, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium or other laws of general application relating to or affecting the enforcement of creditors’ rights and remedies,
as from time to time in effect; (ii) application of equitable principles (regardless of whether such enforceability is considered
in a proceeding in equity or at law); and (iii) considerations of public policy or the effect of applicable law relating to fiduciary
duties.

 

(b) The Shares to be acquired
hereunder are being acquired by the Investor for the Investor’s own account for investment purposes only and not with a view
to resale or distribution.

 

(c) The Investor understands
that the Company intends to file elections to be: (i) regulated as a business development company under the 1940 Act and (ii) treated
as a regulated investment company within the meaning of Section 851 of the Code, for U.S. federal income tax purposes; pursuant
to those elections, the Investor will be required to furnish certain information to the Company as required under Treasury Regulations
§ 1.852-6(a) and other regulations. If the Investor is unable or refuses to provide such information directly to the Company,
the Investor understands that it will be required to include additional information on its income tax return as provided in Treasury
Regulation § 1.852-7. The Company has filed a registration statement on Form 10 (the “Form 10 Registration Statement”)
related to its common stock with the U.S. Securities and Exchange Commission (the “SEC”) under the 1934 Act. The Form
10 Registration Statement is not the offering document pursuant to which the Company is conducting this Offering and may not include
all information regarding the Company contained in the Memorandum; accordingly, Investors should rely exclusively on information
contained in the Operative Documents in making their investment decisions.

 

    	 	6	 

     

    

 

(d)(i) The Investor understands
that the offering and sale of the Shares in this Offering are intended to be exempt from registration under the 1933 Act, applicable
U.S. state securities laws and the laws of any non-U.S. jurisdictions by virtue of the private placement exemption from registration
provided in Section 4(2) of the 1933 Act, exemptions under applicable U.S. state securities laws and exemptions under the
laws of any non-U.S. jurisdictions, and it agrees that any Shares acquired by the Investor may not be sold, offered for sale, exchanged,
transferred, assigned, pledged, hypothecated or otherwise disposed of (each, a “Transfer”) in any manner that would
require the Company to register the Shares under the 1933 Act, under any U.S. state securities laws or under the laws of any non-U.S.
jurisdictions. The Investor understands that the Company requires each investor in the Company to be an “accredited investor”
as defined in Rule 501(a) of Regulation D of the 1933 Act (“Accredited Investor”) and the Investor represents and warrants
that it is an Accredited Investor.

 

(ii) The Investor understands
that the offering and sale of the Shares in this Offering in non-U.S. jurisdictions may be subject to additional restrictions and
limitations, and represents and warrants that it is acquiring its Shares in compliance with all applicable laws, rules, regulations
and other legal requirements applicable to the Investor including, without limitation, the legal requirements of jurisdictions
in which the Investor is resident and in which such acquisition is being consummated. Furthermore, the Investor understands that
all offerings and sales made outside of the United States will be made pursuant to Regulation S under the 1933 Act.

 

(e)(i) The Investor may
not Transfer its Capital Commitment or, other than in connection with a Spin-Off transaction, any of its Shares unless (a) the
Company provides its prior written consent, (b) the Transfer is made in accordance with applicable securities laws and (c) the
Transfer is otherwise in compliance with the transfer restrictions set forth in Appendix F. No Transfer will be effectuated except
by registration of the Transfer on the Company books. Each transferee must agree to be bound by these restrictions and all other
obligations as an investor in the Company.

 

(ii) The Investor acknowledges
that the Investor is aware and understands that there are other substantial restrictions on the transferability of Shares or Capital
Commitment under this Subscription Agreement, the Operative Documents and under applicable law including, but not limited to, the
fact that (a) there is no established market for the Shares and it is possible that no public market for the Shares will develop;
(b) the Shares are not currently, and Investors have no rights to require that the Shares be, registered under the 1933 Act or
the securities laws of the various states or any non-U.S. jurisdiction and therefore cannot be Transferred unless subsequently
registered or unless an exemption from such registration is available; and (c) the Investor may have to hold the Shares herein
subscribed for and bear the economic risk of this investment indefinitely, and it may not be possible for the Investor to liquidate
its investment in the Company.

 

(f) The Investor has been
furnished and has carefully read this Subscription Agreement, each Operative Document, in each case as amended, restated and/or
supplemented through the closing date of the Investor’s subscription for Shares, a current copy of the Proxy Voting Policies
and Procedures of the Adviser and, to the extent the Investor is a natural person, a current copy of the Runway Growth Credit Fund
Inc. Privacy Notice. The Investor has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of an investment in the Shares, is able to bear the risks of an investment in the Shares and understands the
risks of, and other considerations relating to, a purchase of Shares, including the matters set forth under the caption “Risk
Factors” in the Memorandum.

 

(g) To the full satisfaction
of the Investor, the Investor has been furnished any materials the Investor has requested relating to the Company, the Offering
of Shares or any statement made in the Memorandum, and the Investor has been afforded the opportunity to ask questions of representatives
of the Company concerning the terms and conditions of the Offering and to obtain any additional information necessary to verify
the accuracy of any representations or information set forth in the Memorandum.

 

(h)
Other than as set forth in this Subscription Agreement, the Operative Documents and any separate agreement in writing with the
Company executed in conjunction with the Investor’s subscription for Shares, the Investor is not relying upon any other information
(including, without limitation, any advertisement, article, notice or other communication published in any newspaper, magazine,
website or similar media or broadcast over television or radio, and any seminars or meetings whose attendees have been invited
by any general solicitation or advertising), representation or warranty by the Company, its Adviser or any affiliate of the foregoing
or any agent of them, written or otherwise, in determining to invest in the Company and the Investor understands that the Memorandum
is not intended to convey tax or legal advice. The Investor has consulted to the extent deemed appropriate by the Investor with
the Investor’s own advisers as to the financial, tax, legal, accounting, regulatory and related matters concerning an investment
in Shares and on that basis understands the financial, tax, legal, accounting, regulatory and related consequences of an investment
in Shares, and believes that an investment in the Shares is suitable and appropriate for the Investor. The Investor has not received,
nor has the Investor relied upon, any recommendation (as defined under 29 C.F.R. 2510.3-21(b))
from the Adviser, the Administrator, or the Company regarding the advisability of acquiring, holding, disposing or exchanging securities
or other investment property including, but not limited to, the Shares.

 

    	 	7	 

     

    

 

(i) If the Investor is
not a natural person, (i) the Investor was not formed or recapitalized for the specific purpose of acquiring any Shares in the
Company, (ii) the Investor has the power and authority to enter into this Subscription Agreement and each other document required
to be executed and delivered by the Investor in connection with this subscription for Shares, and to perform its obligations hereunder
and thereunder and consummate the transactions contemplated hereby and thereby and (iii) the person signing this Subscription Agreement
on behalf of the Investor has been duly authorized to execute and deliver this Subscription Agreement and each other document required
to be executed and delivered by the Investor in connection with this subscription for Shares. If the Investor is a natural person,
the Investor has all requisite legal capacity to acquire and hold the Shares and to execute, deliver and comply with the terms
of each of the documents required to be executed and delivered by the Investor in connection with this subscription for Shares.
The execution and delivery by the Investor of, and compliance by the Investor with, this Subscription Agreement and each other
document required to be executed and delivered by the Investor in connection with this subscription for Shares does not violate,
represent a breach of, or constitute a default under, any instruments governing the Investor, any law, regulation or order, or
any agreement to which the Investor is a party or by which the Investor is bound.

 

(j) The Investor: (i)
is not registered or required to be registered as an investment company under the 1940 Act; (ii) has not elected to be regulated
as a business development company under the 1940 Act; and (iii) either (A) is not relying on the exception from the definition
of “investment company” under the 1940 Act set forth in Section 3(c)(1) or 3(c)(7) thereunder or (B) is otherwise
permitted to acquire and hold more than 3% of the outstanding voting securities of a business development company.

 

(k) Representations
for Non-U.S. Persons.

 

(i) If the
Investor is not a “United States Person,” as defined below (a “non-U.S. Person”), the Investor has heretofore
notified the Company in writing of such status. For this purpose, “United States Person” means a citizen or resident
of the United States, a corporation, partnership or other entity created or organized in or under the laws of the United States
or any political subdivision thereof, an estate the income of which is subject to United States federal income taxation regardless
of its source, or any trust (i) the administration of which may be subject to the primary supervision of a U.S. court and (ii)
the authority to control all of the substantial decisions of which is held by one or more U.S. persons.

 

(ii) The Investor
will notify the Company immediately if the Investor becomes a United States Person.

 

(iii) The
Investor is acquiring the Shares for its own account for investment purposes only and is not subscribing on behalf of or funding
its commitment with funds obtained from a United States Person.

 

(iv) Except
for offers and sales to discretionary or similar accounts held for the benefit or account of a non-U.S. Person by a U.S. dealer
or other professional fiduciary, all offers to sell and offers to buy the Interest were made to or by the Investor while the Investor
was outside the United States and at the time the Investor’s order to buy the Shares originated (and at the time this Subscription
Agreement was executed by the Investor) the Investor was outside the United States.

 

    	 	8	 

     

    

 

(l) If the Investor is,
or is acting (directly or indirectly) on behalf of, a “Plan” (defined below) which is subject to Title I of ERISA or
Section 4975 of the Code, or any provisions of any other federal, state, local, non-U.S. or other laws or regulations that are
similar to those provisions contained in such portions of ERISA or the Code (collectively, “Other Plan Laws”): (1)
the decision to invest in the Company was made by a fiduciary (within the meaning of Section 3(21) of ERISA and the regulations
thereunder, or as defined under applicable Other Plan Laws) (a “Fiduciary”) of the Plan which is unrelated to the Adviser
or any of its employees, representatives or affiliates and which is duly authorized to make such an investment decision on behalf
of the Plan (the “Plan Fiduciary”); (2) the Plan Fiduciary has taken into consideration its fiduciary duties under
ERISA or any applicable Other Plan Law, including the diversification requirements of Section 404(a)(1)(C) of ERISA (if applicable),
in authorizing the Plan’s investment in the Company, and has concluded that such investment is prudent; (3) the Plan’s
subscription to invest in the Company and the purchase of Shares contemplated hereby is in accordance with the terms of the Plan’s
governing instruments and complies with all applicable requirements of ERISA, the Code and all applicable Other Plan Laws and does
not constitute a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or a similar violation under any applicable
Other Plan Laws; and (4) the Plan Fiduciary acknowledges and agrees that neither the Adviser nor any of its employees, representatives
or affiliates will be a fiduciary with respect to the Plan as a result of the Plan’s investment in the Company, pursuant
to the provisions of ERISA or any applicable Other Plan Laws, or otherwise, and the Plan Fiduciary has not relied on, and is not
relying on, the investment advice of any such person with respect to the Plan’s investment in the Company. “Plan”
includes (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA), whether or not such plan is subject to Title
I of ERISA, (ii) a plan, individual retirement account or other arrangement that is described in Section 4975 of the Code, whether
or not such plan, individual retirement account or other arrangement is subject to Section 4975 of the Code, (iii) an insurance
company using general account assets, if such general account assets are deemed to include the assets of any of the foregoing types
of plans, accounts or arrangements for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A) of ERISA
or the regulations promulgated thereunder and (iv) an entity which is deemed to hold the assets of any of the foregoing types of
plans, accounts or arrangements, pursuant to ERISA or otherwise.

 

(m) The Investor agrees
to notify the Company in writing in the event (i) the Investor either becomes or ceases to be a “benefit plan investor”
within the meaning of Section 3(42) of ERISA, as modified by 29 C.F.R. 2510.3-101(f)(2) or under any Other Plan Law (a “Benefit
Plan Investor”), (ii) the Investor reasonably expects that the Investor will become or cease to be a Benefit Plan Investor,
or (iii) if the Investor is an entity that is deemed to hold the assets of any of Plan pursuant to ERISA or any Other Plan Law,
the percentage of such Investor’s assets attributable to Plans either increases or decreases. The Investor also agrees to,
within 15 business days of the receipt of a written request from the Company, provide a written update to the Company with regard
to any of the foregoing. If the Company, in its sole discretion, determines that so doing would be useful in ensuring that equity
participation in the Company is not significant within the meaning of 29 C.F.R. 2510.3-101(f), the Company may require any Benefit
Plan Investor to transfer some or all of its common stock for fair market value (as determined by the Company in its sole discretion)
to an Investor other than a Benefit Plan Investor (whether an existing Investor or a new Investor). The Investor shall have no
claim against the Company, the Adviser, the Administrator or any of their respective affiliates for any form of damages or liability
as a result of any such transfer.

 

(n)
If the investment in the Shares is being made on behalf of an employee benefit plan maintained outside of the United States primarily
for the benefit of persons substantially all of whom are nonresident aliens (as described in Section 4(b)(4) of ERISA), (i)
there is no provision in the instruments governing such plan or any federal, state or local or foreign
law, rule, regulation or constitutional provision applicable to the plan that could in any respect affect the operation of the
Company, including operations of the Adviser as contemplated by the Advisory Agreement, or prohibit any action contemplated by
the Operative Documents and related disclosure of the Company, including, without limitation, the investments which may be made
pursuant to the Company’s investment strategies, the concentration of investments for the Company and the payment by the
plan of incentive or other fees, and (ii) the plan’s investment in the Company will not conflict with or violate the instruments
governing such plan or any federal, state or local or foreign law, rule, regulation or constitutional provision applicable to the
plan. 

 

(o) The Investor was offered
the Shares through private negotiations, not through any general solicitation or general advertising, and in the state listed in
the Investor’s permanent address set forth in the Investor Questionnaire.

 

    	 	9	 

     

    

 

(p)(i) Neither the Investor,
nor any of its affiliates, nor any beneficial owner(s) of the Investor or the Investor’s affiliates, (A) appears on the Specially
Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control (“OFAC”) of the U.S. Department
of the Treasury, nor are they otherwise a party with which any entity is prohibited to deal under the laws of the United States,
or (B) is a person identified as, or affiliated with, a terrorist organization on any other relevant lists maintained by governmental
authorities. The Investor further represents and warrants that the monies used to fund the investment in the Shares are not derived
from, invested for the benefit of, or related in any way to, the governments of, or persons within, any country (1) under a U.S.
embargo enforced by OFAC, (2) that has been designated as a “non-cooperative country or territory” by the Financial
Action Task Force on Money Laundering or (3) that has been designated by the U.S. Secretary of the Treasury as a “primary
money laundering concern.” The Investor further represents and warrants that the Investor: (I) has conducted thorough due
diligence with respect to all of its beneficial owners, (II) has established the identities of all beneficial owners and the source
of each of the beneficial owner’s funds and (III) will retain evidence of any such identities and status of any such source
of funds and any such due diligence and will maintain such information for at least five years from the date of complete withdrawal
from the Company. Pursuant to anti-money laundering laws and regulations, including rules issued by the Financial Crimes Enforcement
Network (“FinCEN”) under authority granted it by the U.S. Department of the Treasury, the Company may be required to
collect documentation verifying the Investor’s identity and the source of funds used to acquire an Interest before, and from
time to time after, acceptance by the Company of this Subscription Agreement. The Investor further represents and warrants that
the Investor does not know or have any reason to suspect that (x) the monies used to fund the Investor’s investment in the
Shares have been or will be derived from or related to any illegal activities, including, but not limited to, money laundering
activities, and (y) the proceeds from the Investor’s investment in the Shares will be used to finance any illegal activities.

 

(ii) The Investor
will provide to the Company at any time such information as the Company determines to be necessary or appropriate (A) to comply
with the anti-money laundering laws, rules and regulations issued by FinCEN, any other governmental authority, self-regulatory
organization, or applicable jurisdiction and (B) to respond to requests for information concerning the identity of Investors from
any governmental authority, self-regulatory organization or financial institution in connection with its anti-money laundering
compliance procedures, or to update such information.

 

(iii) To comply
with applicable U.S. anti-money laundering laws and regulations, all payments and contributions by the Investor to the Company
and all payments and distributions to the Investor from the Company will only be made in the Investor’s name and to and from
a bank account of a bank based or incorporated in or formed under the laws of the United States or that is regulated in and either
based or incorporated in or formed under the laws of the United States and that is not a “foreign shell bank” within
the meaning of 31 U.S.C. § 5318(j)(1) under the U.S. Bank Secrecy Act, as amended, and the regulations promulgated thereunder
by the U.S. Department of the Treasury, as such regulations may be amended from time to time.

 

(iv) The representations
and warranties set forth in this Section 8(p) shall be deemed repeated and reaffirmed by the Investor to the Company as of each
date that the Investor is required to make a capital contribution to, or receives a distribution from, the Company. If at any time
during the term of the Company, the representations and warranties set forth in this Section 8(p) cease to be true, the Investor
shall promptly so notify the Company in writing.

 

(v) The Investor
understands and agrees that the Company may not accept any amounts from a prospective Investor if such prospective Investor cannot
make the representations set forth in this Section 8(p).

 

(q) The Investor acknowledges
that, in order to comply with the provisions of the U.S. Foreign Account Tax Compliance Act (“FATCA”) and avoid the
imposition of U.S. federal withholding tax, the Company may, from time to time, require further information and/or documentation
from the Investor and, if and to the extent required under FATCA, the Investor’s direct and indirect beneficial owners (if
any), relating to or establishing any such owner’s identity, residence (or jurisdiction of formation), income tax status,
and other required information and may provide or disclose such information and documentation to the U.S. Internal Revenue Service.
The Investor agrees that it shall provide such information and documentation concerning itself and its beneficial owners, if any,
as and when requested by the Company sufficient for the Company to comply with its obligations under FATCA. The Investor acknowledges
that, if the Investor does not provide the requested information and documentation, the Company may, at its sole option and in
addition to all other remedies available at law or in equity, prohibit additional investments, decline or delay any redemption
requests by the Investor and/or deduct from such Investor’s account and retain amounts sufficient to indemnify and hold harmless
the Company from any and all withholding taxes, interest, penalties and other losses or liabilities suffered by the Company on
account of the Investor’s not providing all requested information and documentation in a timely manner. The Investor shall
have no claim against the Company, the Administrator, the Adviser or any of their respective affiliates for any form of damages
or liability as a result of any of the aforementioned actions.

 

(r) The Investor acknowledges
that the Company intends to enter into one or more credit facilities with one or more syndicates of banks or to incur indebtedness
in lieu of or in advance of capital contributions. In connection therewith, each Investor hereby agrees to cooperate with the Company
and provide financial information and other documentation reasonably and customarily required to obtain such facilities.

 

    	 	10	 

     

    

 

(s) None of the information
concerning the Investor nor any statement, certification, representation or warranty made by the Investor in this Subscription
Agreement or in any document required to be provided under this Subscription Agreement (including, without limitation, the Investor
Questionnaire and any forms W-9 or W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, contains any untrue statement
of a material fact or omits to state a material fact necessary in order to make the statements contained therein or herein not
misleading.

 

(t) The Investor agrees
that the foregoing certifications, representations, warranties, covenants and agreements shall survive the acceptance of this Subscription
Agreement, each Capital Drawdown Date and the dissolution of the Company, without limitation as to time. Without limiting the foregoing,
the Investor agrees to give the Company prompt written notice in the event that any statement, certification, representation or
warranty of the Investor contained in this Section 8 or any information provided by the Investor herein or in any document required
to be provided under this Subscription Agreement (including, without limitation, the Investor Questionnaire and any forms W-9 or
W-8 (W-8BEN, W-8BEN-E, W-8IMY, W-8ECI or W-8EXP), as applicable, ceases to be true at any time following the date hereof.

 

(u) The Investor agrees
to provide such information and execute and deliver such documents as the Company may reasonably request to verify the accuracy
of the Investor’s representations and warranties herein or to comply with any law or regulation to which the Company, the
Adviser, the Administrator or a portfolio company may be subject.

 

(v) The execution, delivery
and performance of this Subscription Agreement by the Investor do not and will not result in a breach of any of the terms, conditions
or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence
of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which the Investor is a
party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or
pursuant to any of the foregoing, violate the organizational documents of the Investor, or violate any statute, regulation, law,
order, writ, injunction or decree to which the Investor is subject. The Investor has obtained all authorizations, consents, approvals
and clearances of all courts, governmental agencies and authorities and such other persons, if any, required to permit the Investor
to enter into this Subscription Agreement and to consummate the transactions contemplated hereby and thereby.

 

9. Further Advice and
Assurances. All information which the Investor has provided to the Company, including the information in the Investor Questionnaire,
is true, correct and complete as of the date hereof, and the Investor agrees to notify the Company immediately if any representation,
warranty or information contained in this Subscription Agreement or any of the information in the Investor Questionnaire, becomes
untrue at any time. The Investor agrees to provide such information and execute and deliver such documents with respect to itself
and its direct and indirect beneficial owners as the Company may from time to time reasonably request to verify the accuracy of
the Investor’s representations and warranties herein, establish the identity of the Investor and the direct and indirect
participants in its investment in Shares, to the extent applicable, to effect any transfer and admission and/or to comply with
any law, rule or regulation to which the Company may be subject, including, without limitation, compliance with anti-money laundering
laws and regulations or for any other reasonable purpose.

 

10. Power of Attorney.
(a) The Investor, by its execution hereof, hereby irrevocably makes, constitutes and appoints the Company as its true and lawful
agent and attorney-in-fact, with full power of substitution and full power and authority in its name, place and stead, to make,
execute, sign, acknowledge, swear to, record and file:

 

		(i)	any and all filings required to be made by the Investor
under the 1934 Act with respect to any of the Company’s securities which may be deemed to be beneficially owned by the Investor
under the 1934 Act;

 

		(ii)	all certificates and other instruments deemed advisable
by the Company in order for the Company to enter into any borrowing or pledging arrangement;

 

		(iii)	all certificates and other instruments deemed advisable
by the Company to comply with the provisions of this Subscription Agreement and applicable law or to permit the Company to become
or to continue as a business development corporation; and

 

		(iv)	all other instruments or papers not inconsistent with the
terms of this Subscription Agreement which may be required by law to be filed on behalf of the Company.

 

    	 	11	 

     

    

 

(b) With respect to the
Investor and the Company, the foregoing power of attorney:

 

		(i)	is coupled with an interest and shall be irrevocable;

 

		(ii)	may be exercised by the Company either by signing separately
as attorney-in-fact for the Investor or, after listing all of the Investors executing an instrument, by a single signature of
the Company acting as attorney-in-fact for all of them;

 

		(iii)	shall survive the assignment by the Investor of the whole
or any fraction of its Shares;

 

		(iv)	shall be suspended concurrently with any suspension of
the Commitment Period; and

 

		(v)	may not be used by the Company in any manner that is inconsistent
with the terms of this Subscription Agreement and any other written agreement between the Company and the Investor.

 

11. Indemnity.
The Investor understands that the information provided herein (including the Investor Questionnaire) will be relied upon by the
Company for the purpose of determining the eligibility of the Investor to purchase Shares in the Company. The Investor agrees to
provide, if requested, any additional information that may reasonably be required to determine the eligibility of the Investor
to purchase Shares in the Company. To the fullest extent permitted under applicable law, the Investor agrees to indemnify and hold
harmless the Company, the Adviser, the Administrator, and their affiliates and each partner, member, officer, director, employee,
and agent thereof, from and against any loss, damage or liability due to or arising out of a breach of any representation, warranty
or agreement of the Investor contained in this Subscription Agreement (including the Investor Questionnaire) or in any other document
provided by the Investor to the Company or in any agreement executed by the Investor in connection with the Investor’s investment
in Shares.

 

12. Miscellaneous.
This Subscription Agreement is not transferable or assignable by the Investor. Any purported assignment of this Subscription Agreement
will be null and void. The representations and warranties made by the Investor in this Subscription Agreement (including the Investor
Questionnaire) shall survive the closing of the transactions contemplated hereby and any investigation made by the Company. The
Investor Questionnaire, including without limitation the representations and warranties contained therein, is an integral part
of this Subscription Agreement and shall be deemed incorporated by reference herein. This Subscription Agreement may be executed
in one or more counterparts, all of which together shall constitute one instrument. Notwithstanding the place where this Subscription
Agreement may be executed by any of the parties hereto, the parties expressly agree that this Subscription Agreement shall be governed
by and construed in accordance with the laws of the State of Delaware, without giving effect to the choice of law principles thereof.
To the fullest extent permitted by law, the sole and exclusive forum for any action, suit or proceeding with respect to this Subscription
Agreement shall be a federal or state court located in the state of Delaware, provided that to the extent the appropriate court
located in the state of Delaware determines that it does not have jurisdiction over such action, then the sole and exclusive forum
shall be any federal or state court located in the state of Maryland, and each party hereto, to the fullest extent permitted by
law, hereby irrevocably waives any objection that it may have, whether now or in the future, to the laying of venue in,
or to the jurisdiction of, any and each of such courts for the purposes of any such action, suit or proceeding and further waives
any claim that any such action, suit or proceeding has been brought in an inconvenient forum, and each party hereto hereby submits
to such jurisdiction and consents to process being served in any such action, suit or proceeding, without limitation, by United
States mail addressed to the party at the parties address specified herein or in the Investor Questionnaire. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS SUBSCRIPTION
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, TO THE FULLEST EXTENT PERMITTED BY LAW.

 

13. Confidentiality.
The Investor acknowledges that the Memorandum and other information relating to the Company have been submitted to the Investor
on a confidential basis for use solely in connection with the Investor’s consideration of the purchase of Shares. The Investor
agrees that, without the prior written consent of the Company (which consent may be withheld at the sole discretion of the Company),
the Investor shall not (a) reproduce the Memorandum or any other information relating to the Company, in whole or in part, or (b)
disclose the Memorandum or any other information relating to the Company to any person who is not an officer or employee of the
Investor who is involved in its investments, or partner (general or limited) or affiliate of the Investor (it being understood
and agreed that if the Investor is a pooled investment fund, it shall only be permitted to disclose the Memorandum or other information
related to the Company if the Investor has required its investors to enter into confidentiality undertakings no less onerous than
the provisions of this Section 13), except to the extent (1) such information is in the public domain (other than as a result of
any action or omission of Investor or any person to whom the Investor has disclosed such information) or (2) such information is
required by applicable law or regulation to be disclosed. The Investor further agrees to return the Memorandum and any other information
relating to the Company if no purchase of Shares is made or upon the Company’s request therefore. The Investor acknowledges
and agrees that monetary damages would not be sufficient remedy for any breach of this section by it, and that in addition to any
other remedies available to the Company in respect of any such breach, the Company shall be entitled to specific performance and
injunctive or other equitable relief as a remedy for any such breach.

 

    	 	12	 

     

    

 

14. Necessary Acts,
Further Assurances. The parties shall at their own cost and expense execute and deliver such further documents and instruments
and shall take such other actions as may be reasonably required or appropriate to evidence or carry out the intent and purposes
of this Subscription Agreement or to show the ability to carry out the intent and purposes of this Subscription Agreement.

 

15. No Joint Liability
Among the Company, the Adviser, and the Administrator. The Company shall not be liable for the fulfillment of any obligation
or the accuracy of any representation of the Adviser or the Administrator under or in connection with this Subscription Agreement.
The Adviser shall not be liable for the fulfillment of any obligation or the accuracy of any representation of the Company or the
Administrator under or in connection with this Subscription Agreement. The Administrator shall not be liable for the fulfillment
of any obligation or the accuracy of any representation of the Company or the Adviser under or in connection with this Subscription
Agreement. There shall be no joint and several liability of the Company, the Adviser, and the Administrator for any obligation
under or in connection with this Subscription Agreement.

 

16. Independent Nature
of Investors’ Obligations and Rights. Third-Party Beneficiaries. The obligations of the Investor hereunder are several
and not joint with the obligations of any Other Investor. Nothing contained herein or in any other agreement or document delivered
at any closing, and no action taken by the Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as
a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any
way acting in concert with respect to such obligations or the transactions contemplated by this Agreement. This Agreement is not
intended to confer upon any person, other than the parties hereto, except as provided in Sections 4 and 11, any rights or remedies
hereunder.

 

[Remainder of Page Intentionally
Left Blank]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the undersigned has executed
this Subscription Agreement as a deed on the date set forth below.

 

	Date:______________________________	Amount of Capital Commitment	 
	 	 	 	 
	 	$	 	 
	 	 	 
	 	INDIVIDUAL INVESTOR:	 
	 	 	 
	 	 	 
	 	(Print Name)	 
	 	 	 
	 	 	 
	 	(Signature)	 
	 	 	 
	 	PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER INVESTOR:
	 	 	 
	 	 	 
	 	(Print Name of Entity)	 
	 	 	 
	 	By:	 	 
	 	 	(Signature)	 
	 	 	 
	 	 	 
	 	(Print Name and Title)	 

 

Agreed and accepted as of the date set forth below:

 

	RUNWAY GROWTH CREDIT FUND INC.
	 	 
	By: ______________________________	Date:______________________________
	Name:	 
	Title:	 

 

    	 	14	 

     

    

 

INVESTOR QUESTIONNAIRE 

 

	Note:	Questions regarding this questionnaire should be directed to David Spreng at ds@runwaygrowth.com. 

 

	A.	General Information 

 

	1. Print Full Name of Investor	 	Individual:
	 	 	 
	 	 	First Middle Last
	 	 	 
	 	 	Entity Name
	 	 	 
	 	 	Entity: To assist the Company in preparing the its tax filings, please check the category into which you fall:

 

	 	 	Partnership	 	 ̈
	 	 	C-Corporation	 	 ̈
	 	 	S-Corporation	 	 ̈
	 	 	Estate	 	 ̈
	 	 	Grantor Trust	 	 ̈
	 	 	
        Trust-EIN (a trust with an

        EIN in this format: 12-3456789)
	 	 ̈
	 	 	
        Trust-SSN (a trust with an

        EIN in this format: 123-45-6789)
	 	 ̈
	 	 	IRA-EIN	 	 ̈
	 	 	IRA-SSN	 	 ̈
	 	 	Exempt Organization	 	 ̈
	 	 	LLP	 	 ̈
	 	 	LLC	 	 ̈
	 	 	Nominee-EIN	 	 ̈
	 	 	Nominee-SSN	 	 ̈
	 	 	Other	 	 ̈

 

	2. U.S. Taxpayer Identification or 

Social Security Number:	 
	 	 
	3. Date of Birth:	 
	 	 
	4. Primary Contact Person For This Account and for General Notices:
	 	 
	Name:  ________________________	 
	 	 
	
        Address: _______________________

         

        _______________________________
	 
	 	 
	
        E-mail: _________________________

         

        Telephone: ______________________
	 
	 	 
	Fax: ___________________________	 

 

    	 	1	 

     

    

 

		5.	Contact Person(s) For This
Account for Financial Information and Reporting (including quarterly and annual financial reports and capital account statements):

 

	Name:  ________________________	 	Name:  ________________________
	 	 
	Address: ________________________	 	Address: ________________________
	 	 
	Telephone: ______________________	 	Telephone: ______________________
	 	 
	Fax: ____________________________	 	Fax: ____________________________
	 	 
	E-mail: ___________________________	 	E-mail: __________________________

 

		6.	Contact Person(s) For This
Account for Capital Call and Distribution Notices:

 

	Name:  ________________________	 	Name:  ________________________
	 	 
	Address: ________________________	 	Address: ________________________
	
         

        _______________________________
	
         

        ________________________________

	 	 	 
	Telephone: ______________________	 	Telephone: ______________________
	 	 
	Fax: ____________________________	 	Fax: ____________________________
	 	 
	E-mail: ___________________________	 	E-mail: ___________________________

 

		7.	Contact Person For This Account
for Legal Documentation (please limit to one contact):

 

Name: ________________________

 

Address: ________________________

 

_______________________________

 

Telephone: ______________________

 

Fax: ____________________________

 

E-mail: ___________________________

 

		8.	Contact Person For This Account for Tax Matters (including
Form 1099 distribution) (please limit to one contact):

 

Name: ________________________

 

Address: ________________________

 

_______________________________

 

Telephone: ______________________

 

Fax: ____________________________

 

E-mail: ___________________________

 

    	 	2	 

     

    

 

		9.	For distributions of cash, please wire funds to the following
bank account:

 

Bank Name: ___________________________

 

Bank Location: ___________________________

 

Account Number: ___________________________

 

Account Name: ___________________________

 

Bank’s Routing No.: ___________________________

 

For further credit to (if any): __________________________

 

Reference: __________________________

 

SWIFT Code: __________________________

 

		10.	For distributions in-kind, please:

 

Credit securities to my brokerage account at the following
firm: __________________________

 

Firm Name: __________________________

 

Address: __________________________

 

Account Name: __________________________

 

Account Number: __________________________

 

DTC Number: __________________________

 

		11.	Permanent Address of Investor:

(if different from address

for Notices above) __________________________

 

_________________________________________

 

___________________________________

 

    	 	3	 

     

    

    

	B.	Accredited Investor Status 

 

The Investor represents and warrants that the
Investor is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act of 1933,
as amended (the “1933 Act”), and has checked the box or boxes below which are next to the category or categories under
which the Investor qualifies as an accredited investor:

 

FOR INDIVIDUALS:

 

	 ̈	 	(A)	 	A natural person with individual net worth (or joint net worth with spouse) in excess of $1 million. For purposes of this item, “net worth” means the excess of total assets at fair market value, including automobiles and other personal property and property owned by a spouse, but excluding the value of the primary residence of such natural person, over total liabilities. For this purpose, the amount of any mortgage or other indebtedness secured by an Investor’s primary residence should not be included as a “liability”, except to the extent the fair market value of the residence is less than the amount of such mortgage or other indebtedness.
	 	 	 	 	 
	 ̈	 	(B)	 	A natural person with individual income (without including any income of the Investor’s spouse) in excess of $200,000, or joint income with spouse in excess of $300,000, in each of the two most recent years and who reasonably expects to reach the same income level in the current year.

 

FOR ENTITIES:

 

	 ̈	 	(A)	 	An entity, including a grantor trust, in which all of the equity owners are accredited investors (for this purpose, a beneficiary of a trust is not an equity owner, but the grantor of a grantor trust may be an equity owner).
	 	 	 	 	 
	 ̈	 	(B)	 	A bank as defined in Section 3(a)(2) of the 1933 Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the 1933 Act whether acting in its individual or fiduciary capacity.
	 	 	 	 	 
	 ̈	 	(C)	 	An insurance company as defined in Section 2(a)(13) of the 1933 Act.
	 	 	 	 	 
	 ̈	 	(D)	 	A broker-dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the “1934 Act”).
	 	 	 	 	 
	 ̈	 	(E)	 	An investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”).
	 	 	 	 	 
	 ̈	 	(F)	 	A business development company as defined in Section 2(a)(48) of the 1940 Act.
	 	 	 	 	 
	 ̈	 	(G)	 	A Small Business Investment Company licensed by the Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended.
	 	 	 	 	 
	 ̈	 	(H)	 	A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the “Advisers Act”).

 

    	 	4	 

     

    

 

	 ̈	 	(I)	 	A corporation, an organization described in Section 501(c)(3) of the United States Internal Revenue Code of 1986, as amended, Massachusetts or similar business trust, or partnership, in each case not formed for the specific purpose of acquiring Shares, with total assets in excess of $5 million.
	 	 	 	 	 
	 ̈	 	(J)	 	A trust with total assets in excess of $5 million not formed for the specific purpose of acquiring Shares, whose purchase is directed by a person with such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares.
	 	 	 	 	 
	 ̈	 	(K)	 	An employee benefit plan within the meaning of the United States Employee Retirement Income Security Act of 1974, as amended (“ERISA”) if the decision to invest in the Shares is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5 million or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.
	 	 	 	 	 
	 ̈	 	(L)	 	A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if the plan has total assets in excess of $5 million.

 

		C.	Supplemental Data for
Individuals

 

		1.	Please indicate whether you are investing the assets of
any retirement plan, employee benefit plan or other similar agreement (such as an IRA or “Keogh” plan).

 

 ̈
Yes  ̈ No

 

If the above question was answered
“Yes,” please contact the Company for additional information that will be required.

 

		2.	Please indicate whether you are investing assets that have
been distributed or transferred from an employee benefit plan or other similar agreement (such as an IRA or “Keogh”
plan)

 

 ̈
Yes  ̈ No

 

If the above question was answered
“Yes,” please contact the Company for additional information that will be required.

 

		3.	If the above questions were answered “No,”
are you a person who has discretionary authority or control with respect to the Company’s assets or provides investment
advice for a fee (direct or indirect) with respect to such assets, or a person directly or indirectly through one or more intermediaries,
controlling any such person?

 

 ̈
Yes  ̈ No

 

    	 	5	 

     

    

 

	D.	Supplemental Data for Entities 

 

		1.	If the Investor is not a natural person, the Investor must
furnish the following supplemental data (Natural persons may skip this Section of the Investor Questionnaire):

 

	 	Legal form of entity (trust, corporation, partnership, limited liability company, etc.):
	 	 
	 	 
	 	 
	 	Jurisdiction of organization and location of domicile: 	    

 

Is the Investor (a) a trust any portion
of which is treated (under subpart E of part I of subchapter J of chapter 1 of subtitle A of the Code) as owned by a natural person
(e.g., a grantor trust), (b) an entity disregarded for U.S. federal income tax purposes and owned (or treated as owned)
by a natural person or a trust described in clause (a) of this sentence (e.g., a limited liability company with a single
member), (c) an organization described in Sections 401(a) or 501 of the Code or (d) a trust permanently set aside or to be used
for a charitable purpose?

 

 ̈
Yes  ̈ No

 

Is the Investor acting on behalf of an unrelated third
party (e.g., nominee arrangement)?

 

 ̈
Yes  ̈ No

 

If “Yes,” please describe the arrangement:
___________________________________________

 

Does the Investor have one or more ultimate beneficiaries
who (a) are entitled to 10% or more of the proceeds from this investment or (b) hold 10% or more of the control rights of the Investor?

 

 ̈
Yes1  ̈ No

 

Is the Investor or any of the ultimate beneficiaries
publicly traded?

 

 ̈
Yes*  ̈ No

 

Is the Investor or any of the ultimate beneficiaries
a regulated entity?

 

 ̈
Yes*  ̈ No

 

If the response to any of the above questions
is “yes,” please complete the below chart.

 

 

1 If yes, please
provide further information in the chart above or, if there is insufficient space in the chart, please include additional sheets
of paper with the relevant information.

 

    	 	6	 

     

    

 

	Name of Investor and Each

        10% Beneficial Owner
	 	If the Investor or Any
        of

        the 10% Beneficial

        Owners Is Publicly

        Traded, Please Identify

        the Exchange for the

        Public Trading.
	 	If the Investor or Any
        of the

        10% Beneficial Owners Is a

        Regulated Entity, Please

        Identify Regulator

        and Jurisdiction.

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 2. Was the Investor organized for the specific purpose of acquiring Shares?

 

 ̈
Yes  ̈ No

 

If the above question was answered “Yes,”
please contact the Company for additional information that will be required.

 

 

 3.a. Is the Investor a grantor trust, a partnership or an S-Corporation for U.S. federal income tax purposes?

 

 ̈
Yes  ̈ No

 

 3.b. If the question above was answered “Yes,” please indicate whether or not:

 

(i) more than 50 percent of the
value of the ownership interest of any beneficial owner in the Investor is (or may at any time during the term of the Entities
be) attributable to the Investor’s (direct or indirect) interest in the Entities; or

 

 ̈
Yes  ̈ No

 

(ii) it is a principal purpose of the Investor’s
participation in the Company to permit any Entity to satisfy the 100 partner limitation contained in U.S. Treasury Regulation Section
1.7704-l(h)(3).

 

 ̈
Yes  ̈ No

 

If either question above was answered “Yes,”
please contact the Company for additional information that will be required.

 

4. Are shareholders, partners or other holders
of equity or beneficial interests in the Investor able to decide individually whether to participate, or the extent of their participation,
in the Investor’s investment in the Company (i.e., can shareholders, partners or other holders of equity or beneficial
interests in the Investor determine whether their capital will form part of the capital invested by the Investor in the Company)?

 

 ̈
Yes  ̈ No

 

If the above question was answered “Yes,”
please contact the Company for additional information that will be required.

 

    	 	7	 

     

    

 

5.a. Please indicate whether or not the Investor
is, or is acting (directly or indirectly) on behalf of, (i) an employee benefit plan (within the meaning of Section 3(3) of ERISA),
whether or not such plan is subject to Title I of ERISA, (ii) a plan, individual retirement account or other arrangement that is
described in Section 4975 of the Code, whether or not such plan, account or arrangement is subject to Section 4975 of the Code,
(iii) an insurance company using general account assets, if such general account assets are deemed to include the assets of any
of the foregoing types of plans, accounts or arrangements for purposes of Title I of ERISA or Section 4975 of the Code under Section 401(c)(1)(A)
of ERISA or the regulations promulgated thereunder, or (iv) an entity which is deemed to hold the assets of any of the foregoing
types of plans, accounts or arrangements (each of the foregoing described in clauses (i), (ii), (iii) and (iv) being referred to
as a “Plan Investor”).

 

 ̈
Yes  ̈ No

 

5.b. If the Investor is, or is acting (directly
or indirectly) on behalf of, such a Plan Investor, please indicate whether or not the Plan Investor is subject to Title I of ERISA
or Section 4975 of the Code.

 

 ̈
Yes  ̈ No

 

5.c. If the answer to question 5.b. above is
“Yes”, please indicate what percentage of the Plan Investor’s assets invested in the Entities are the assets
of “benefit plan investors” within the meaning of Section 3(42) of ERISA as modified by 29 C.F.R. 2510.3-101(f):

 

Percentage: __________

 

5.d. If the Investor is investing the assets
of an insurance company general account, please indicate what percentage of the insurance company general account’s assets
invested in the Entities are the assets of “benefit plan investors” within the meaning of Section 401(c)(1)(A) of ERISA
or the regulations promulgated thereunder:

 

Percentage: __________

 

5.e. If the Plan Investor is not subject to
Title I of ERISA or Section 4975 of the Code, please indicate whether or not such Plan Investor is subject to any other federal,
state, local, non-U.S. or other laws or regulations that could cause the underlying assets of the Company to be treated as assets
of the Plan Investor by virtue of its investment in the Company and thereby subject the Company and the Adviser (or other persons
responsible for the investment and operation of the Company’s assets) to laws or regulations that are similar to the fiduciary
responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code.

 

 ̈
Yes  ̈ No

 

5.f. If the answer to question 5.a. above is
“No,” please indicate whether the Investor is a person who has discretionary authority or control with respect to the
Company’s assets or provides investment advice for a fee (direct or indirect) with respect to such assets, or an affiliate
of any such person. For this purpose, an “affiliate” of a person includes any person, directly or indirectly, through
one or more intermediaries, controlling, controlled by, or under common control with, such person. “Control” with respect
to a person other than an individual means the power to exercise a controlling influence over the management or policies of such
person.

 

 ̈
Yes  ̈ No

 

6.a. Is the Investor a private investment company which is not registered
under the 1940 Act in reliance on:

 

Section 3(c)(1) thereof?  ̈
Yes  ̈ No

 

Section 3(c)(7) thereof?  ̈
Yes  ̈ No

 

    	 	8	 

     

    

 

6.b. Does the amount of the Investor’s subscription for Shares
in the Company exceed 40% of the total assets (on a consolidated basis with its subsidiaries) of the Investor?

 

 ̈
Yes  ̈ No

  

6.c. If either part of question 6.a. was answered “Yes,”
please indicate whether or not the Investor was formed on or before April 30, 1996.

 

 ̈
Yes  ̈ No

 

6.d. If question 6.c. was answered “Yes,” please indicate
whether or not the Investor has obtained the consent of its direct and indirect beneficial owners to be treated as a “qualified
purchaser” as provided in Section 2(a)(51)(C) of the 1940 Act and the rules and regulations thereunder.

 

 ̈
Yes  ̈ No

 

If question 6.d. was answered “No,” please
contact the Company for additional information that will be required.

 

7. Is the Investor an “investment company” registered
or required to be registered under the 1940 Act, as amended?

 

 ̈
Yes  ̈ No

 

8. If the Investor’s tax year ends on a date other than December
31, please indicate such date below:

 

________________________________

 

9. Is the Investor subject to the U.S. Freedom
of Information Act, 5 U.S.C. § 552, (“FOIA”), any state public records access laws, any state or other jurisdiction’s
laws similar in intent or effect to FOIA, or any other similar statutory or regulatory requirement that might result in the disclosure
of confidential information relating to the Company?

 

 ̈
Yes  ̈ No

 

If the question above was answered “Yes,”
please indicate the relevant laws to which the Investor is subject and provide any additional explanatory information in the space
below:

 

_____________________________________________________________________________

 

_____________________________________________________________________________

 

_____________________________________________________________________________

 

    	 	9	 

     

    

 

	E.	Related Parties/Other Beneficial Parties: 

 

1. To the best of the Investor’s knowledge, does the Investor
control, or is the Investor controlled by or under common control with, any other investor or prospective investor in the Company?

 

 ̈
Yes  ̈ No

 

If the question above was answered “Yes,”
please indicate the name of such other investor in the space below:

 

______________________________

 

2. Will any other person or persons have a
beneficial interest in the Shares to be acquired hereunder (other than as a shareholder, partner, policy owner or other beneficial
owner of equity interests in the Investor)? (By way of example, and not limitation, “nominee” Investors or Investors
who have entered into swap or other synthetic or derivative instruments or arrangements with regard to the Shares to be acquired
herein would check “Yes”)

 

 ̈
Yes  ̈ No

 

If either question above was answered “Yes,”
please contact the Company for additional information that will be required.

 

	F.	BHC Investor Status: 

 

Is the Investor a “BHC Investor”?2

 

 ̈
Yes  ̈ No

 

[Remainder of Page Intentionally Left Blank]

 

 

2 A “BHC Investor”
is defined as an Investor that is a bank holding company, as defined in Section 2(a) of the Bank Holding Company Act of 1956,
as amended (the “BHC Act”), a non-bank subsidiary (for purposes of the BHC Act) of a bank holding company, a foreign
banking organization, as defined in Regulation K of the Board of Governors of the Federal Reserve System (12 C.F.R. § 211.23)
or any successor regulation, or a non-bank subsidiary (for purposes of the BHC Act) of a foreign banking organization which subsidiary
is engaged, directly or indirectly in business in the United States and which in any case holds Shares for its own account. 

 

    	 	10	 

     

    

 

The Investor understands
that the foregoing information will be relied upon by the Company for the purpose of determining the eligibility of the Investor
to purchase and own Shares in the Company. The Investor agrees to notify the Company immediately if any representation or warranty
contained in this Subscription Agreement or any of the information in the Investor Questionnaire becomes untrue at any time. The
Investor agrees to provide, if requested, any additional information that may reasonably be required to substantiate the Investor’s
status as an accredited investor or to otherwise determine the eligibility of the Investor to purchase Shares in the Company. To
the fullest extent permitted by law, the Investor agrees to indemnify and hold harmless the Company, the Adviser and the Administrator
and each partner or member thereof, from and against any loss, damage or liability due to or arising out of a breach of any representation,
warranty or agreement of the Investor contained herein.

 

 

	 	Signatures:
	 	 	 
	 	INDIVIDUAL:
	 	 	 
	 	 
	 	(Signature)
	 	 	 
	 	 
	 	(Print Name)
	 	 	 
	 	PARTNERSHIP, CORPORATION, LIMITED LIABILITY COMPANY, TRUST, CUSTODIAL ACCOUNT, OTHER:
	 	 	 
	 	 
	 	(Name of Entity)
	 	 	 
	 	By: 	 
	 	 	(Signature)
	 	 	 
	 	 
	 	(Print Name and Title)

 

    	 	11	 

     

    

 

APPENDIX E

 

FORM OF FUNDING NOTICE

 

Runway Growth Credit Fund Inc.

 

205 N. Michigan Ave., Suite 930

Chicago, IL 60601

TEL 312-281-6270

E-MAIL ds@runwaygrowth.com

 

	TO: 	«Investor Name»
	FROM: 	[ ]
	RE: 	Notice of Capital Call — Due [ ], 201[ ] 
	DATE: 	[ ], 201[ ]

 

In accordance with Section 3(b) of the Subscription Agreement (the
“Subscription Agreement”) of Runway Growth Credit Fund Inc. (the “Company”), you are hereby given notice
of a call for capital contribution. The purpose of this capital contribution is to fund your share of proposed investments to be
made by the Company.

 

The total amount due from you is $<<Drawdown Purchase Price>>.
Details of this capital call and your portion thereof are as follows:

 

	Aggregate number of Shares to be sold to all Investors: 	 	[•]
	Aggregate purchase price for such Shares: 	 	[•]
	Drawdown Share Amount: 	 	[•]
	Drawdown Purchase Price: 	 	[•]
	Per Share Price 	 	[•]

 

We request that you wire your total amount due on or before the
due date in accordance with the following instructions:

 

	Bank: 	 	The PrivateBank
	ABA #: 	 	071006486
	Account Name: 	 	Runway Growth Credit Fund Inc.
	Account #: 	 	2477424
	Notation: 	 	«Investor Name»

 

If you have any questions, please contact David Spreng at ds@runwaygrowth.com
or by phone at 312-281-6270.

 

    	 	 	 

     

    

 

APPENDIX F

 

TRANSFER RESTRICTIONS 

 

No Transfer of the Investor’s Capital
Commitment or, other than in connection with a Spin-Off transaction, all or any fraction of the Investor’s Shares may be
made without (i) registration of the Transfer on the Company books and (ii) the prior written consent of the Company. In any event,
the consent of the Company may be withheld (x) if the creditworthiness of the proposed transferee, as determined by the Company
in its sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement or (y) unless, in the opinion
of counsel (who may be counsel for the Company or the Investor) satisfactory in form and substance to the Company:

 

		•	such Transfer would
not violate the 1933 Act, the 1940 Act or any state (or other jurisdiction) securities or “Blue Sky” laws applicable
to the Company or the Shares to be Transferred; and

 

		•	such Transfer would
not be a “prohibited transaction” under ERISA or the Code or the regulations promulgated thereunder or cause all or
any portion of the assets of the Company to constitute “plan assets” under ERISA, certain Department of Labor regulations
or Section 4975 of the Code.

 

The Investor agrees that it will pay all reasonable
expenses, including attorneys’ fees, incurred by the Company in connection with any Transfer of its Capital Commitment or
all or any fraction of its Shares, prior to the consummation of such Transfer.

 

Any person that acquires all or any fraction
of the Shares of the Investor in a Transfer permitted under this Appendix F shall be obligated to pay to the Company the appropriate
portion of any amounts thereafter becoming due in respect of the Capital Commitment committed to be made by its predecessor in
interest. The Investor agrees that, notwithstanding the Transfer of all or any fraction of its Shares, as between it and the Company,
it will remain liable for its Capital Commitment and for all payments of any Drawdown Purchase Price required to be made by it
(without taking into account the Transfer of all or a fraction of such Shares) prior to the time, if any, when the purchaser, assignee
or transferee of such Shares, or fraction thereof, becomes a holder of such Shares.

 

The Company shall not recognize for any purpose
any purported Transfer of all or any fraction of the Shares and shall be entitled to treat the transferor of Shares as the absolute
owner thereof in all respects, and shall incur no liability for distributions or dividends made in good faith to it, unless the
Company shall have given its prior written consent thereto and there shall have been filed with the Company a dated notice of such
Transfer, in form satisfactory to the Company, executed and acknowledged by both the seller, assignor or transferor and the purchaser,
assignee or transferee, and such notice (i) contains the acceptance by the purchaser, assignee or transferee of all of the terms
and provisions of this Subscription Agreement and its agreement to be bound thereby, and (ii) represents that such Transfer was
made in accordance with this Subscription Agreement, the provisions of the Memorandum and all applicable laws and regulations applicable
to the transferee and the transferor.

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