Document:

LICENSE AGREEMENT

 

This License Agreement (this “Agreement”)
is entered into on February 28, 2022 (the “Effective Date”) between Etheralabs LLC, a Delaware limited liability company
(“Licensor”), and Wikisoft Corp., a Nevada corporation (“Licensee”).  Each of Licensor and
Licensee is referred to as a “Party.”

 

RECITALS

 

A.                                    Licensor
and Licensee are parties to a Membership Interest Purchase Agreement of even date herewith (the “Purchase Agreement”),
pursuant to which Licensor sold to Licensee a Percentage Interest of 51% in Licensor in consideration for the purchase price, as contained
in the Purchase Agreement, which purchase price shall be deemed paid in partial consideration for the execution and delivery by the Licensor
of this Agreement.

 

B.                                    The
Parties enter into this Agreement to implement the license of Licensed IP from Licensor to Licensee in accordance with the terms and conditions
of the Purchase Agreement.

 

In consideration of $10
to be paid by Licensee to Licensor, the premises and the mutual representations, warranties, covenants and agreements contained in this
Agreement, the Parties to this Agreement agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section 1.1                                   The
terms set forth below have the meanings specified or referred to below.

 

Affiliate:  Of
a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under
common control with, such Person.  The term “control” of a Person (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of at least 50% of the outstanding voting securities
of the Person.

 

Business:  The
business of developing, manufacturing, and marketing Products operated by Licensor worldwide immediately before the Closing Date.

 

Business Day: 
Any day except Saturday, Sunday or any other day on which commercial banks located in the New York City, New Nork are authorized or required
by Law to be closed for business.

 

Closing Date: 
The Closing Date under the Purchase Agreement.

 

Governmental Authority: 
Any national, prefectural, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government
or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental authority
(to the extent that the rules, regulations or orders of such organization or authority have the force of Law), or any arbitrator, court
or tribunal of competent jurisdiction.

 

Intellectual Property: 
Any of the following rights in any jurisdiction: (a) patents and patent applications, (b) trademarks, service marks, trade dress,
and other proprietary indicia of goods and services, whether registered or unregistered, and the goodwill connected with the use of and
symbolized by any of the foregoing, (c) original works of authorship in any medium of expression, whether or not published, all copyrights
(whether registered or unregistered), all registrations and applications for registration of such copyrights all of the following and
similar intangible property and related proprietary rights, and (d) confidential information, formulas, designs, devices, technology,
know-how, research and development, inventions, methods, processes, compositions and other trade secrets, whether or not patentable.

 

Law:  Any statute,
law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law
of any Governmental Authority.

 

    	 		 

    	 

    

 

Licensed IP: 
The Intellectual Property listed in Schedule 1 and any know-how that is a nonpatentable improvement to Licensed Patents
or Licensed Know-how that is made or developed by Licensor after the Closing Date and that Licensor determines to be necessary for the
Business.

 

Licensed Know-how: 
The know-how listed in Schedule 1.

 

Licensed Patents: 
The patents and patent applications listed in Schedule 1, together with all patents that issue therefrom.

 

Losses:  Actual
out-of-pocket losses, damages, liabilities, costs or expenses.

 

Person:  An individual,
corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization, trust, association
or other entity.

 

Products:  The
products listed in Schedule 1.

 

Quarterly Period: 
Each three-month period starting on January 1, April 1, July 1, and October 1.

 

Representative: 
With respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants and other
agents of such Person.

 

Term:  As defined
in Section 9.3.

 

ARTICLE II

LICENSE GRANT

 

Section 2.1                                   License
Grant.  Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee, during the period starting
on the Closing Date and ending when the Term ends, a non-exclusive, non-transferable, sublicensable, worldwide license under the Licensed
IP to manufacture, have manufactured, sell, offer to sell, import and export Products under the Licensed IP.

 

ARTICLE III

COVENANTS

 

Section 3.1                                   Disclosure
of Licensed Know-How.  Licensor shall, as promptly as practically possible after the Closing Date, prepare and disclose to Licensee
a written manual that explains the Licensed Know-how necessary for the manufacture of Products.

 

Section 3.2                                   Improvements. 
If Licensee makes any invention or improvement based on or related to the Licensed IP, Licensee shall promptly inform Licensor of that
improvement, and unless agreed otherwise in writing, Licensee and Licensor will jointly own that improvement.  The Parties shall
take all necessary actions to record and otherwise perfect the Parties’ joint ownership of that improvement.

 

ARTICLE IV

ENFORCEMENT OF LICENSED PATENTS AND LICENSED KNOW-HOW

AND THIRD-PARTY INFRINGEMENT CLAIMS

 

Section 4.1                                   Notice
of Infringement or Third-Party Claims.  If (a) either Party believes that the Licensed IP is being infringed or misappropriated
by a third Person or (b) if a third Person alleges that Licensed IP is invalid or unenforceable, or claims that a Product, or its
use, development, manufacture, or sale, infringes that third Person’s intellectual property rights, the Party possessing that belief
or awareness of those claims shall promptly provide written notice to the other Party and provide it with all details of that infringement
or claim, as applicable, that are known by the notifying Party.

 

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Section 4.2                                   Right
to Bring Action.

 

(a)                                 Licensor
has the sole right and discretion to prevent or abate any actual or threatened misappropriation or infringement by a third Person relating
to the Licensed IP.  Licensor has the right to prosecute any such proceeding in Licensor’s own name.  If Licensor brings
any such proceeding, upon Licensor’s request Licensee shall provide all reasonable cooperation and assistance required to prosecute
such proceedings.

 

(b)                                 Licensor
shall bear its own costs and expenses in all such proceedings and have the right to control the conduct thereof and be represented by
counsel of its own choice therein.

 

Section 4.3                                   No
Obligation to Sue.  Licensor has no obligation to bring any suit, action, or other proceeding against any alleged infringer of
any Licensed IP.

 

Section 4.4                                   Recovery
and Settlement.  If Licensor undertakes the enforcement, (a) any recovery, damages, or settlement derived from that suit,
action, or other proceeding will be retained in its entirety by Licensor and (b) Licensor may settle any such suit, action, or other
proceeding, whether by consent order, settlement, or other voluntary final disposition, without the advance written approval of Licensee,
to the extent such settlement does not harm Licensee’s any use of Licensed IP granted hereunder.

 

Section 4.5                                   Third
Person Claims.  If any claim alleging invalidity of or infringement by any Licensed IP itself is made against Licensee from any
third Person, Licensor shall indemnify Licensee against any losses, damages and liabilities arising out of any such claim alleging invalidity
of or infringement by any Licensed IP itself made by that third Person against Licensee.  For the avoidance of doubt, the indemnification
undertaking in this provision does not apply to any claim alleging infringement by a Product or any other good or product developed, manufactured,
or marketed by Licensee.

 

ARTICLE V

CONFIDENTIALITY

 

Section 5.1                                   Confidentiality
of Agreement.  Neither Party shall disclose any terms of this Agreement except to its Affiliates and Representatives who have
a need to know the terms of this Agreement.

 

Section 5.2                                   Confidentiality
Obligations; Confidentiality.  Each Party agrees not to disclose the other Party’s Confidential Information without the
other Party’s advance written consent.  “Confidential Information” of a Party means all non-public or sensitive
or proprietary information about or of that Party, and in the case of Licensor, includes the Licensed Know-how.  Confidential Information
does not include information (a) that has become publicly known through no breach by either Party of its confidentiality obligations
hereunder, (b) that is independently and lawfully developed or obtained by a Party without access to the other Party’s Confidential
Information, (c) is or becomes available to a Party on a non-confidential basis from a third Person, on condition that that third
Person is not and was not prohibited from disclosing that information, or (d) that was known by or in the possession of a Party before
the disclosure of that information to that Party pursuant to this Agreement, on condition that, in the case of each of (a) through
(d), the Party seeking to disclose such information has the burden of demonstrating that it is not Confidential Information.  The
Party receiving Confidential Information shall (i) not use the other Party’s Confidential Information other than as strictly
necessary to exercise its rights and perform its obligations under this Agreement and (ii) maintain the other Party’s Confidential
Information in strict confidence and, subject to Section 5.3, not disclose the other Party’s Confidential Information
without the other Party’s advance written consent, except that the receiving Party may disclose the Confidential Information to
its Affiliates or its and their Representatives who have a need to know the Confidential Information for purposes of the receiving Party’s
performance, or exercise of its rights concerning the Confidential Information, on condition that the Party making such disclosure cause
its Affiliates and its and their Representatives that have received any Confidential Information of the other Party to comply with this
provision and that the disclosing Party be responsible for any act by such Affiliate or Representative that would constitute a breach
of this provision had the act been undertaken by the disclosing Party.

 

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Section 5.3                                   Mandatory
Disclosure.  A Party may disclose Confidential Information of the other Party if required pursuant to applicable law, regulation
or a valid order issued by a court or governmental agency of competent jurisdiction, on condition that the Party (a) first make commercially
reasonable efforts to provide the other Party (i) prompt written notice of such requirement so that the other Party may seek, at
its sole cost and expense, a protective order or other remedy, and (ii) reasonable assistance, at the other Party’s sole cost
and expense, in opposing such disclosure or seeking a protective order or other limitations on disclosure, and (b) disclose only
the portion of the Confidential Information that it is legally required to disclose.

 

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

 

Section 6.1                                   Licensor’s
Representations and Warranties.

 

(a)                                 Licensor
represents and warrants to Licensee that (i) on the Closing Date, Licensor has the exclusive authority to grant the license contemplated
hereunder and enforce the Licensed IP, and (ii) if and when Licensor shall grant to Licensee a license in patents it may acquire
after the Closing Date, as required under this Agreement, Licensor will own legal title to such licensed patents on the date of such license
grant.

 

(b)                                 Licensor
represents and warrants that: as of the Closing Date, (i) Licensed IPs are owned exclusively by Licensor, (ii) are necessary
for manufacture, sale, and use of the Products and (iii) Licensor has valid legal title to or contractual rights in the Licensed
IP, as specified in Schedule 1.

 

Section 6.2                                   Disclaimer
of Licensor Representations and Warranties.  WITH THE EXCEPTION OF THE REPRESENTATIONS AND WARRANTIES IN SECTION 8.1,
LICENSOR EXPRESSLY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, WHETHER WRITTEN, ORAL, EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE,
CONCERNING THE VALIDITY, ENFORCEABILITY, AND SCOPE OF THE LICENSED PATENTS, THE ACCURACY, COMPLETENESS, SAFETY, USEFULNESS FOR ANY PURPOSE,
OR LIKELIHOOD OF SUCCESS OF THE PRODUCTS, LICENSED KNOW-HOW, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, QUALITY, FITNESS
FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

 

Section 6.3                                   EXCLUSION
OF CONSEQUENTIAL AND OTHER INDIRECT DAMAGES; LIMITATION ON DAMAGES.  TO THE FULLEST EXTENT PERMITTED BY LAW AND EXCEPT FOR DAMAGES
ARISING FROM LICENSOR’S INTENTIONAL MISCONDUCT OR GROSS NEGLIGENCE, LICENSOR WILL NOT BE LIABLE TO LICENSEE OR ANY OTHER PERSON
FOR ANY INJURY TO OR LOSS OF GOODWILL, REPUTATION, BUSINESS, PRODUCTION, REVENUES, PROFITS, ANTICIPATED PROFITS, CONTRACTS, OR OPPORTUNITIES
(REGARDLESS OF HOW THESE ARE CLASSIFIED AS DAMAGES), OR FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, PUNITIVE,
OR ENHANCED DAMAGES WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, PRODUCT LIABILITY, OR OTHERWISE
(INCLUDING THE ENTRY INTO, PERFORMANCE, OR BREACH OF THIS AGREEMENT), REGARDLESS OF WHETHER SUCH LOSS OR DAMAGE WAS FORESEEABLE OR LICENSOR
HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE, AND NOTWITHSTANDING THE FAILURE OF ANY AGREED OR OTHER REMEDY OF ITS ESSENTIAL
PURPOSE.  UNDER NO CIRCUMSTANCES WILL LICENSOR BE LIABLE TO LICENSEE FOR DAMAGES IN EXCESS OF THE AMOUNT OF CONSIDERATION PAID IN
CONNECTION WITH THIS AGREEMENT AND THE PURCHASE AGREEMENT.

 

ARTICLE VII

TERM AND TERMINATION

 

Section 7.1                                   Term. 
This Agreement commences on the Effective Date and, unless terminated earlier in accordance with Section 7.3, will remain
in force until the tenth (10th) anniversary of the Effective Date.

 

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Section 7.2                                   Termination
of or Amendments to the Agreement.  If any Licensed Patents are transferred by Licensor or are determined to be invalid and such
transfers or invalidity have a material effect on the Licensed IP or Licensee’s ability to operate the Business, the Parties shall
discuss in good faith the effect of the transfers or invalidity on the Licensed IP and the appropriateness of steps going forward. 
If the Parties are not able to reach agreement despite good-faith discussions, Licensee may terminate this Agreement.  If any Licensed
IP is transferred by Licensor or are determined to be invalid (but otherwise the effect of such transfer or invalidity is not material),
both Parties shall discuss in good faith the appropriate amendment to the Agreement to address these circumstances.

 

Section 7.3                                   Termination
for Cause.  Each Party may terminate this Agreement immediately by giving written notice to the other Party if:

 

(b)                                 The
other Party materially breaches this Agreement and, if such breach is curable, fails to cure such breach within 15 Business Days of the
other Party’s written notice of such breach; or

 

(c)                                  The
other Party: (i) becomes insolvent or its liabilities exceeds its assets; (ii) becomes subject, voluntarily or involuntarily,
to any bankruptcy, civil rehabilitation, corporate reorganization, or other legal procedure for debt restructuring or work-out (out-of-court
procedure for its debts); or (iii) is dissolved or liquidated or takes any corporate action for such purpose; or

 

Section 7.4                                   Effect
of Termination.  Within 30 days after termination or expiration of this Agreement, Licensee shall immediately cease all
activities concerning, including all practice and use of, the Licensed IP.  Each Party shall, within five days after termination
or expiration: (i) return to the other Party all documents and tangible materials (and any copies) containing, reflecting, incorporating,
or based on Confidential Information; (ii) permanently erase such Confidential Information from its computer systems; and (iii) certify
in writing to the other Party that it has complied with the requirements of this Section 7.4.

 

Section 7.5                                   Survival. 
Any right, obligation, or required performance of the Parties in this Agreement which, by its express terms or nature and context is intended
to survive termination or expiration of this Agreement, shall survive any such termination or expiration.

 

ARTICLE VIII

MISCELLANEOUS

 

Section 8.1                            Expenses. 
Except as otherwise expressly provided herein, all costs and expenses, including, without limitation, fees and disbursements of counsel,
financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby will be paid by
the Party incurring such costs and expenses.

 

Section 8.2                            Further
Assurances.  In connection with this Agreement and the transactions contemplated hereby, each Party shall, at the request of
the other Party, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions
as may be required to carry out the provisions hereof and give effect to the transactions contemplated hereby.

 

Section 8.3                            Notices
All notices, requests, consents and other communications to be given, delivered or otherwise made hereunder to any party shall be deemed
to be sufficient if contained in a written instrument delivered in person, by overnight courier, by email, or duly sent by first class
registered or certified mail, postage prepaid, addressed to such party to the address set forth below or such other address as may hereafter
be designated in writing by either party by notice to the other:

 

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(a) If to the
Licensor, to:

 

Etheralabs LLC

 144 E 44th
St

 New York NY 10017

 Email: Zephyr@etheralabs.io

 

(b) If to Licensee,
to:

 

315 Montgomery Street

San Francisco, CA 94104

Attn: Carsten Falk, CEO

Email: cf@wikisoft.com

 

with a copy to The Doney Law Firm,
which will not constitute notice

4955 S. Durango Rd. Ste. 165

Las Vegas, NV 89113

Email: cott@doneylawfirm.com

 

All such notices and other communications shall
be deemed to have been received on the date of delivery.

 

Section 8.4                            Headings. 
The headings in this Agreement are for reference only and do not affect its interpretation.

 

Section 8.5                            Severability. 
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, that invalidity, illegality or unenforceability
will not affect any other term or provision of this Agreement or invalidate or render unenforceable that term or provision in any other
jurisdiction.  Upon determination that any term or other provision is invalid, illegal or unenforceable, the Parties shall negotiate
in good faith to modify this Agreement so as to effect the Parties’ original intent as closely as possible in a mutually acceptable
manner so that the transactions contemplated hereby may be consummated as originally contemplated to the greatest extent possible.

 

Section 8.6                            Entire
Agreement.  This Agreement and the Purchase Agreement constitute the sole and entire agreement of the Parties with respect to
the subject matter contained herein and supersede all prior and contemporaneous understandings, agreements, representations and warranties,
both written and oral, with respect to this subject matter.

 

Section 8.7                            Successors
and Assigns; Assignment.  This Agreement is binding upon and will inure to the benefit of the parties and their respective successors
and permitted assigns.  Neither Party shall assign its rights or obligations hereunder without the advance written consent of the
other Party, which consent must not be unreasonably withheld or delayed by either Party.  No assignment will relieve the assigning
Party of any of its obligations hereunder.

 

Section 8.8                            No
Third-party Beneficiaries.  This Agreement is for the sole benefit of the Parties (and their respective heirs, executors, administrators,
successors and assigns) and nothing herein, express or implied, is intended to or will confer upon any other Person, any legal or equitable
right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 8.9                     Amendment
and Modification; Waiver.  This Agreement may be amended, modified or supplemented only by an agreement in writing signed by
each Party.  No waiver by either Party of any of the provisions hereof will be effective unless explicitly set forth in writing and
signed by that Party.  No waiver by either Party will be, or will be construed as, a waiver in respect of any failure, breach or
default not expressly identified by that written waiver, whether of a similar or different character, and whether occurring before or
after that waiver.  No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement
will be, or will be construed as, a waiver thereof; nor will any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

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Section 8.10                     Governing
Law; Forum. This Agreement shall be governed by New York law applicable to agreements made and to be fully performed in the State
of New York. The parties agree that any and all claims arising under this Agreement or relating thereto shall be heard and determined
exclusively in the United States District Court for the Southern District of New York or in the courts of the State of New York located
in the City and County of New York, and the parties agree to submit themselves to the personal jurisdiction of those courts and not to
raise any objection to venue being had in those courts. 

 

Section 8.11                     Specific
Performance.  The Parties agree that irreparable damage will occur if any provision of this Agreement is not performed in accordance
with its terms and that the Parties are entitled to specific performance of its terms, in addition to any other remedy to which they are
entitled at law or in equity.

 

Section 8.12                     Attorneys’
Fees.  If any action at law or in equity is necessary to enforce or interpret the terms of the Agreement, the prevailing Party
will be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which that
Party may be entitled.

 

Section 8.13                     Counterparts. 
This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will be deemed to
be one and the same agreement.  A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
will be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

IN WITNESS WHEREOF, the Parties execute this License
Agreement on the date stated in the introductory clause.

 

	 	Etheralabs LLC
	 	 
	 	 
	 	By:	/s/
    Bryan J. Feinberg
	 	Name:	Bryan J. Feinberg
	 	Title:	Sole Member

 

 

	 	Wikisoft Corp.
	 	 
	 	 
	 	By:	/s/
    Carsten Falk
	 	 	Name:	Carsten Falk
	 	 	Title:	CEO

 

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Schedule 1

 

Licensed IP

 

(i) Licensed Patents

 

None

 

(ii) Licensed Know-how

 

All intangible assets of Seller, including but
not limited to:

 

•Full unrestricted access to all Source
codes behind the Etheralabs LLC framework

•Ownership Rights on Etheralabs.io

•License to use and capitalize on the
Etheralabs name, likeness Platform and technology.

•System Automations,

•Back-end and Customer Relationship Management
(CRM)

•Including Source codes for Databases

•Syndication network including ACN newswire

•All electronic customer lists and accounts

 

    	 	8Document

As of December 31, 2021, Blackstone Secured Lending Fund (“we,” “our” or the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common shares of beneficial interest, par value $0.001 (the “common shares”). In this exhibit, references to “we,” “us” and “our” refer only to the Company and not any of its subsidiaries. Our common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “BXSL.”

Description of Common shares of Beneficial Interest

The following description of our common shares is a summary of the material terms and provisions that apply to our common shares. The summary does not purport to be complete. The summary is subject to and qualified in its entirety by reference to our Fourth Amended and Restated Agreement and Declaration of Trust (“Declaration of Trust”), which is incorporated by reference into our Annual Report on Form 10-K and is incorporated by reference herein. We encourage you to carefully review our Declaration of Trust for additional information. Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Common shares of Beneficial Interest is attached as an exhibit.
General
The terms of the Declaration of Trust authorize an unlimited number of shares, which may include preferred shares. 
None of our shares are subject to further calls or to assessments, sinking fund provisions, obligations of the Company or potential liabilities associated with ownership of the security (not including investment risks). In addition, except as may be provided by the Board in setting the terms of any class or series of common shares, no shareholder of the Company (“Shareholder”) will be entitled to exercise appraisal rights in connection with any transaction.

Common Shares
Under the terms of the Declaration of Trust, we retain the right to issue common shares. In addition, Shareholders are entitled to one vote for each share held on all matters submitted to a vote of Shareholders and do not have cumulative voting rights in the election or removal of the trustees. Accordingly, subject to the rights of any outstanding preferred shares, holders of a majority of the shares entitled to vote in any election of trustees may elect all of the trustees standing for election. Shareholders are entitled to receive proportionately any dividends declared by the Board, subject to any preferential dividend rights of outstanding preferred shares. Upon our liquidation, dissolution or winding up, the Shareholders will be entitled to receive ratably our net assets available after the payment of all debts and other liabilities and will be subject to the prior rights of any outstanding preferred shares. Shareholders have no redemption or preemptive rights. The rights, preferences and privileges of Shareholders are subject to the rights of the holders of any series of preferred shares that we may designate and issue in the future.

Redemptions by the Company
Each share is subject to redemption (out of the assets of the Company) by the Company at the redemption price equal to the then current net asset value per share of the Company determined in accordance with the Declaration of Trust at any time if the trustees determine in their sole discretion that a Shareholder has breached any of its representations or warranties contained in such Shareholder’s subscription agreement with the Company, and upon such redemption the holders of the shares so redeemed will have no further right with respect thereto other than to receive payment of such redemption price. 
Limitation on Liability of Trustees and Officers; Indemnification and Advance of Expenses
Delaware law permits a Delaware statutory trust to include in its declaration of trust a provision to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever with the exception of any act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing. Our Declaration of Trust provides that no Shareholder will be subject in such capacity to any personal liability whatsoever to any Person (as defined in the Declaration of Trust) in connection with Trust Property (as defined in the Declaration of Trust) or the acts, obligations or affairs of the Company. Shareholders will have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No trustee or officer of the Company will be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Company or its Shareholders arising from bad faith, willful misconduct, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons will look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Company. If any 

Shareholder, trustee or officer, as such, of the Company, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he will not, on account thereof, be held to any personal liability. Any repeal or modification of the applicable section of the Declaration of Trust will not adversely affect any right or protection of a trustee or officer of the Company existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

Pursuant to our Declaration of Trust, the Company will indemnify each person who at any time serves as a trustee, officer or employee of the Company (each such person being an “indemnitee”) against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in the applicable section of the Declaration of Trust by reason of his having acted in any such capacity, except with respect to any matter as to which he will not have acted in good faith in the reasonable belief that his action was in the best interest of the Company or, in the case of any criminal proceeding, as to which he will have had reasonable cause to believe that the conduct was unlawful, provided, however, that no indemnitee will be indemnified thereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misconduct, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as “disabling conduct”). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification will be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Board or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in the Declaration of Trust will continue as to a person who has ceased to be a trustee or officer of the Company and will inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of the Declaration of Trust or repeal of any of its provisions will limit or eliminate any of the benefits provided to any person who at any time is or was a trustee or officer of the Company or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.
Notwithstanding the foregoing, the Company will not indemnify an indeminitee unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those trustees who are neither Interested Persons of the Company (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding (“Disinterested Non-Party Trustees”), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding will be authorized and made in accordance with the immediately succeeding paragraph below.
In addition, the Declaration of Trust permits the Company to make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Company receives a written affirmation by the indemnitee of the indemnitee’s good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Company unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee will provide adequate security for his undertaking, (ii) the Company will be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, will conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.
Subject to any limitations provided by the 1940 Act and the Declaration, the Company will have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Company or serving in any capacity at the request of the Company or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Board.
Delaware Law and Certain Declaration of Trust Provisions

Organization and Duration
We were formed in Delaware on March 26, 2018, and will remain in existence until dissolved in accordance with our Declaration of Trust or pursuant to Delaware law.
Purpose
Under the Declaration of Trust, we are permitted to conduct, operate and carry on the business of a BDC within the meaning of the 1940 Act and engage in any business activity that lawfully may be conducted by a statutory trust organized under Delaware law and, in connection therewith, to exercise all of the rights and powers conferred upon us pursuant to the agreements relating to such business activity.
Term and Election; Certain Transactions
The Company’s Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Company or to change the composition of our Board. This could have the effect of depriving shareholders of an opportunity to sell their common shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control over the Company. Such attempts could have the effect of increasing the expenses of the Company and disrupting the normal operation of the Company. On October 18, 2021 the Board was divided into three classes, with the terms of one class expiring at each annual meeting of shareholders. At each annual meeting, one class of trustees is elected to a three-year term. This provision could delay for up to two years the replacement of a majority of the Board. A trustee may be removed from office for cause only, and not without cause, and only by the action of a majority of the remaining trustees followed by a vote of the holders of a majority of the shares then entitled to vote for the election of the respective trustee.
The Declaration of Trust grants special approval rights with respect to certain matters to members of the Board who qualify as “Continuing Trustees,” which term means trustees who either (i) have been members of the Board for a period of at least thirty-six months (or since the commencement of the Company’s operations, if less than thirty-six months) or (ii) were nominated to serve as members of the Board by a majority of the Continuing Trustees then members of the Board.
The Declaration of Trust requires the affirmative vote or consent of at least seventy-five percent (75%) of the trustees and holders of at least seventy-five percent (75%) of the Company’s outstanding shares (including common shares and preferred shares, if any) to authorize certain Company transactions not in the ordinary course of business, including a merger, conversion or consolidation, certain issuances or transfers by the Company of the Company’s shares (except as may be pursuant to a public offering, the Company’s dividend reinvestment plan or upon exercise of any stock subscription rights), certain sales, transfers or other dispositions of Company assets, or any shareholder proposal regarding specific investment decisions, unless the transaction is authorized by both a majority of the trustees and seventy-five percent (75%) of the Continuing Trustees (in which case no shareholder authorization would be required by the By-Laws and Declaration of Trust, but may be required in certain cases under the 1940 Act).
The overall effect of these provisions is to render more difficult the accomplishment of a merger or the assumption of control by a third party. These provisions also provide, however, the advantage of potentially requiring persons seeking control of the Company to negotiate with its management regarding the price to be paid and facilitating the continuity of the Company’s investment objective and policies. The provisions of the Declaration of Trust described above could have the effect of discouraging a third party from seeking to obtain control of the Company in a tender offer or similar transaction. The Board has considered the foregoing anti-takeover provisions and concluded that they are in the best interests of the Company and its shareholders.
Action by Shareholders
The Shareholders will only have voting rights as required by the 1940 Act or as otherwise provided for in the Declaration of Trust. Under the Declaration of Trust, the Company will hold annual meetings. A special meeting of the Shareholders may be called at any time by a majority of the Board or the Chief Executive Officer and will be called by any trustee for any proper purpose upon written request of Shareholders holding in the aggregate not less than thirty-three and one-third percent (331/3%) of the outstanding shares of the Company, such request specifying the purpose or purposes for which such meeting is to be called, provided that in the case of a meeting called by any trustee at the request of Shareholders for the purpose of electing trustees or removing the Adviser, written request of Shareholders holding in the aggregate not less than fifty-one percent (51%) of the outstanding shares of the Company or class or series of shares having voting rights on the matter will be required. For a special Shareholder meeting to be called for a proper purpose (as used in the preceding sentence), it is not a requirement that such purpose relate to a matter on which Shareholders are entitled to vote, provided that if such meeting is called for a 

purpose for which Shareholders are not entitled to vote, no vote will be taken at such meeting. Any shareholder meeting, including a special meeting, will be held within or without the State of Delaware on such day and at such time as the Board will designate, and may be held virtually.

Amendment of the Declaration of Trust; No Approval by Shareholders
The Board may, without Shareholder vote, amend or otherwise supplement the Declaration of Trust by making an amendment, a Declaration of Trust supplemental thereto or an amended and restated Declaration of Trust. Shareholders will only have the right to vote on any amendment: (i) which would eliminate their right to vote granted in the Declaration of Trust, (ii) to the amendment provision of the Declaration of Trust, (iii) that would adversely affect the powers, preferences or special rights of the shares as determined by the Board Trustees in good faith and (iv) submitted to them by the Board. A proposed amendment to the Declaration of Trust requires the affirmative vote of a majority of the Board for adoption.
An amendment duly adopted by the requisite vote of the Board and, if required, the Shareholders as aforesaid, will become effective at the time of such adoption or at such other time as may be designated by the Board or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Board setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Board, will be conclusive evidence of such amendment when lodged among the records of the Company or at such other time designated by the Board.
Merger, Consolidation, Incorporation
Notwithstanding anything else in the Declaration of Trust, the Board may, without Shareholder approval unless such approval is required by the 1940 Act or the NYSE rules, or if such transaction is reasonably anticipated to result in a material dilution of the NAV per Share of the Company, cause and approve a merger, conversion, reorganization or consolidation of the Company, (ii) cause the shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by law, (iii) cause the Company to incorporate under the laws of a state, commonwealth, possession or colony of the United States, (iv) sell or convey all or substantially all of the assets of the Company or (v) at any time sell or convert into money all or any part of the assets of the Company. Any agreement of merger, reorganization, consolidation, exchange or conversion or certificate of merger, certificate of conversion or other applicable certificate may be signed by a majority of the Board or an authorized officer of the Company and facsimile signatures conveyed by electronic or telecommunication means will be valid.
Derivative Actions
No person, other than a Trustee, who is not a Shareholder will be entitled to bring any derivative action, suit or other proceeding on behalf of the Company. No Shareholder may maintain a derivative action on behalf of the Company unless holders of at least ten percent (10%) of the outstanding shares join in the bringing of such action.
In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Statute, a Shareholder may bring a derivative action on behalf of the Company only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Board to bring the subject action unless an effort to cause the Board to bring such an action is not likely to succeed; and a demand on the Board will only be deemed not likely to succeed and therefore excused if a majority of the Board, or a majority of any committee established to consider the merits of such action, is composed of Board who are not “independent trustees” (as that term is defined in the Delaware Statutory Trust Statute); and (ii) unless a demand is not required under clause (i) above, the Board must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Board will be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Company for the expense of any such advisors in the event that the Board determine not to bring such action. For purposes of this paragraph, the Board may designate a committee of one or more trustees to consider a Shareholder demand.
For the avoidance of doubt, Section 6.10 of the Company’s Declaration of Trust, which prohibits derivative actions as set forth above, shall not apply to any claims asserted under the U.S. federal securities laws, including, without limitation, the 1940 Act.
Exclusive Delaware Jurisdiction

Each Trustee, each officer and each person legally or beneficially owning a Share or an interest in a Share of the Company (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Statute, (i) irrevocably agrees that any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Company, the Delaware Statutory Trust Statute, the Company’s By-Laws or the Declaration of Trust (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Declaration of Trust, or (B) the duties (including fiduciary duties), obligations or liabilities of the Company to the Shareholders or the Board, or of officers or the Board to the Company, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Company, the officers, the Board or the Shareholders, or (D) any provision of the Delaware Statutory Trust Statute or other laws of the State of Delaware pertaining to trusts made applicable to the Company pursuant to Section 3809 of the Delaware Statutory Trust Statute, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Statute or the Declaration of Trust relating in any way to the Company (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), will be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service will constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof will affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. For the avoidance of doubt, Section 13.3 of the Company’s Declaration of Trust shall not apply to any claims asserted under the U.S. federal securities laws, including, without limitation, the 1940 Act.
Term of the Company
The Company may be dissolved by the affirmative vote or consent of at least a majority of the Board and 75% of the Continuing Trustees, without the vote of the Shareholders.

Books and Reports
We are required to keep appropriate books of our business at our principal offices. The books will be maintained for both tax and financial reporting purposes on an accrual basis in accordance with U.S. GAAP.

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