Document:

Exhibit 10.1

 

 

Renovacare, inc.

 

Executive Services
CONSULTING AGREEMENT

 

This Executive Services Consulting Agreement (this “Agreement”)
is dated June 4, 2019, by and between RenovaCare, Inc., a Nevada corporation (the “Company”), and Roger Esteban-Vives,
an individual having his place of business in London, England (“Consultant”).

 

Recitals:

 

A.        The Company wishes
to engage Consultant to provide consulting services on the terms set forth on Exhibit A, attached hereto and incorporated
herein in full (collectively, the “Services”), and Consultant is willing to provide the Services on such terms;
and

 

B.        Since the introduction
of the parties there have been various discussions, negotiations, understandings and agreements between them relating to the terms
and conditions of the Services and, correspondingly, that it is their intention by the terms and conditions of this Agreement to
hereby replace, in their entirety, all such prior agreements, discussions, negotiations and understandings with respect to the
Services to be provided, all in accordance with the terms and conditions of this Agreement.

 

Accordingly, the Company and the Consultant agree as follows:

 

1.                 
Consulting Relationship. During the term of this Agreement, Consultant will provide consulting Services to
the Company as described in Exhibit A hereto. Consultant represents that Consultant is duly licensed (as applicable)
and has the qualifications, the experience and the ability to properly perform the Services.

 

2.                 
Fees and Benefits. As consideration for the Services to be provided by Consultant and other obligations, the
Company shall pay to Consultant the amounts specified in Exhibit B attached hereto and incorporated herein in
full, at the times specified therein. Consultant acknowledges and agrees that Consultant shall have only such benefits as are specified
in Exhibit B hereto.

 

3.                 
Expenses. Consultant shall not be authorized to incur on behalf of the Company any expenses and will be responsible
for all expenses incurred while performing the Services except as expressly specified in Exhibit C hereto unless
otherwise agreed to by the Company’s Chief Executive Officer, Chief Operating Officer, or Chief Financial Officer, which
consent shall be evidenced in writing for any such expenses in excess of $ 500. As a condition to receipt of reimbursement, Consultant
shall be required to submit to the Company reasonable evidence that the amount involved was both reasonable and necessary to the
Services provided under this Agreement.

 

4.                 
Term and Termination. Consultant shall serve as a consultant to the Company commencing on the Effective Date
(as defined below) and shall cease to provide such Services on the date that this Agreement is terminated as provided below (the
“Consulting Period”):

 

    -1-

     

    

 

This Agreement shall terminate (i) on a date which is 5 Business
Days’ following the date of written notice by either party to this Agreement terminating this Agreement. or (ii) at any time
by the mutual written consent of the Consultant and the Company. In the event of such termination, Consultant shall be paid for
any portion of the Services that have been performed prior to the date of termination. For purposes of this Agreement, the term
“Business Day” means any day on which the New York Stock Exchange is open for business.

 

Termination off this Agreement shall constitute the Consultant’s
notice of resignation from any and all directorships, officerships, or other positions held in the Company.

 

5.                 
Independent Contractor. Consultant’s relationship with the Company will be that of an independent contractor
and not that of an employee.

 

6.                 
Method of Provision of Services. Consultant shall provide the Services principally from his offices in London,
England, and from time to time, as required, in Berlin Germany, at the facilities of the Company’s contract engineering firm,
xxxxREDACTEDxxxxx, in the United States, and in
Canada.

 

(a)              
No Authority to Bind Company. Consultant acknowledges and agrees that Consultant has no authority to enter
into contracts that bind the Company or create obligations on the part of the Company without the prior written authorization of
the Company.

 

(b)              
Taxes; Indemnification. Consultant shall have full responsibility for all applicable taxes for all compensation
paid to Consultant or its Assistants under this Agreement, including any withholding requirements that apply to any such taxes,
and for compliance with all applicable labor and employment requirements with respect to Consultant’s self-employment, sole
proprietorship or other form of business organization, and with respect to the Assistants, including state worker’s compensation
insurance coverage requirements and any U.S., European, and Canadian immigration visa requirements. Consultant agrees to indemnify,
defend and hold the Company harmless from any liability for, or assessment of, any claims or penalties or interest with respect
to such taxes, labor or employment requirements, including any liability for, or assessment of, taxes imposed on the Company by
the relevant taxing authorities with respect to any compensation paid to Consultant or its Assistants or any liability related
to the withholding of such taxes.

 

7.                 
Supervision of Consultant’s Services. All of the services to be performed by Consultant, including but
not limited to the Services, will be as agreed between Consultant and the Company’s Chief Executive Officer or Chief Operating
Officer. Consultant will be required to report to the Company’s Chief Executive Officer or Chief Operating Officer concerning
the Services performed under this Agreement. The nature and frequency of these reports will be left to the discretion of the Chief
Operating Officer.

 

8.                 
Consulting or Other Services for Other Enities. Consultant represents and warrants that Consultant does not
presently perform nor will he perform, during the term of the Agreement, consulting or other services for, or engage in or intend
to engage in an employment relationship with, companies whose businesses or proposed businesses in any way, in the opinion of the
Company, involve products or services which would be competitive with the Company’s products or services, or those products
or services proposed or in development by the Company during the term of the Agreement or would adversely affect the Consult’s
ability to perform the Services hereunder. If, however, Consultant desire to perform such services for a third party, Consultant
agrees that, in advance of accepting such work, Consultant will promptly notify the Company in writing, specifying the organization
with which Consultant proposes to consult, provide services, or become employed by and to provide information sufficient to allow
the Company to determine if such work would conflict with the terms of this Agreement, including the terms of the Confidentiality
Agreement (defined below), the interests of the Company or further services which the Company might request of Consultant. If the
Company determines, in its so discretion, that such work conflicts with the terms of this Agreement, the Consultant shall not undertake
such engagements. Except as provided herein, the Services shall not be performed for the Company at the facilities of a third party
or using the resources of a third party. Non-Competition. During the for a period of time (the “Restriction Period”)

 

    -2-

     

    

 

9.              
Confidential Information and Invention Assignment Agreement. As a condition to the Consultant’s engagement
pursuant to this Agreement, Consultant shall sign, or has signed, a Confidential Information and Invention Assignment Agreement
in the form set forth as Exhibit D hereto (the “Confidentiality Agreement”), on or before
the date Consultant begins providing the Services.

 

10.             
Conflicts with this Agreement. Consultant represents and warrants that he is not under any pre-existing obligation
in conflict or in any way inconsistent with the provisions of this Agreement. Consultant represents and warrants that Consultant’s
performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired
by Consultant in confidence or in trust prior to commencement of this Agreement. Consultant warrants that Consultant has the right
to disclose and/or or use all ideas, processes, techniques and other information, if any, which Consultant has gained from third
parties, and which Consultant discloses to the Company or uses in the course of performance of this Agreement, without liability
to such third parties. Notwithstanding the foregoing, Consultant agrees that Consultant shall not bundle with or incorporate into
any deliveries provided to the Company herewith any third party products, ideas, processes, or other techniques, without the express,
written prior approval of the Company. Consultant represents and warrants that Consultant has not granted and will not grant any
rights or licenses to any intellectual property or technology that would conflict with Consultant’s obligations under this
Agreement. Consultant will not knowingly infringe upon any copyright, patent, trade secret or other property right of any former
client, employer or third party in the performance of the Services.

 

11.             
Trading In the Company’s Securities. Consultant acknowledges that the Company is a U.S. “public”
company with its common stock currently quoted for trading on the OTC Markets Group Inc. Pink Sheets. As the Company’s independent
contractor, the Consultant acknowledges that he may have access to certain material, non-public information of the Company that,
if used in connection with any transaction in the Company’s securities, could constitute a violation of the securities laws
of the United States. As such, the Consultant agrees that he shall not engage, directly or indirectly, in any transactions in the
Company’s securities on the basis of any such information, including, but not limited to, providing any other individual
with such information. Additionally, the Consultant acknowledges and agrees that in order to sell any Company securities he owns
he may be required to enter into an insider trading plan that complies with the requirements of, among others, Rule 10b-1 of the
Securities Act. Without limiting the foregoing, the Consultant agrees that during the term of this Agreement he will not, and will
not direct any broker, dealer or other individual on his behalf, to engage in any transactions related to the Company’s securities
except in compliance with applicable laws.

 

    -3-

     

    

 

12.             
Miscellaneous.

 

(a)       Entire Agreement.
This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and supersedes
all prior or contemporaneous discussions, understandings and agreements, whether oral or written, between them relating to the
subject matter hereof.

 

(b)       Further assurances.
The Parties will from time to time after the execution of this Agreement make, do, execute or cause or permit to be made, done
or executed, all such further and other acts, deeds, things, devices and assurances in law whatsoever as may be required to carry
out the true intention and to give full force and effect to this Agreement.

 

(c)       Amendments and Waivers.
No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless
in writing signed by the parties to this Agreement. No delay or failure to require performance of any provision of this Agreement
shall constitute a waiver of that provision as to that or any other instance.

 

(d)       Successors and Assigns.
Except as otherwise provided in this Agreement, this Agreement, and the rights and obligations of the parties hereunder, will be
binding upon and inure to the benefit of their respective successors, assigns, heirs, executors, administrators and legal representatives.
The Company may assign any of its rights and obligations under this Agreement. No other party to this Agreement may assign, whether
voluntarily or by operation of law, any of its rights and obligations under this Agreement, except with the prior written consent
of the Company.

 

(e)       Notices.
Any notice, demand or request required or permitted to be given under this Agreement shall be in writing and shall be deemed sufficient
when delivered personally or by overnight courier or sent by email, or 48 hours after being deposited in the U.S. mail as certified
or registered mail with postage prepaid, addressed to the party to be notified at such party’s address as set forth on the
signature page to this Agreement, as subsequently modified by written notice, or if no address is specified on the signature page,
at the most recent address set forth in the Company’s books and records.

 

(f)       Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for
such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall
be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance
with its terms.

 

    -4-

     

    

 

(g)       Construction. This Agreement is the result of negotiations
between and has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Agreement
shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any
one of the parties hereto.

 

(h)       Counterparts.
This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original,
and all of which together shall constitute one and the same agreement. Execution of a facsimile or scanned copy will have the same
force and effect as execution of an original, and a facsimile or scanned signature will be deemed an original and valid signature.

 

(i)       Electronic Delivery.
The Company may, in its sole discretion, decide to deliver any documents related to this Agreement or any notices required by applicable
law or the Company’s Certificate of Incorporation or Bylaws by email or any other electronic means. Consultant hereby consents
to (i) conduct business electronically (ii) receive such documents and notices by such electronic delivery and (iii) sign documents
electronically and agrees to participate through an on-line or electronic system established and maintained by the Company or a
third party designated by the Company.

 

(j)       Currency. Unless
otherwise stipulated, all payments required to be made pursuant to the provisions of this Agreement and all money amount references
contained herein are in lawful currency of the United States.

 

(k)       Voluntary Execution.
Consultant certifies and acknowledges that Consultant has carefully read all of the provisions of this Agreement, that Consultant
understands and has voluntarily accepted such provisions, and that Consultant will fully and faithfully comply with such provisions.

 

(l)       Public Comment. 
The Consultant, during the Consulting Period and at all times thereafter, shall not make any derogatory comment concerning the
Company or any of its current or former directors, officers, stockholders or employees.  Similarly, the then current (i) members
of the Board and (ii) members of the Company's senior management shall not make any derogatory comment concerning the Consultant.
Notwithstanding anything to the contrary herein, the Consultant understands that nothing in this Agreement restricts or prohibits
the Consultant from initiating communications directly with, responding to any inquiries from, providing testimony before, providing
confidential information to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an
investigation directly with a self-regulatory authority or a government agency or entity (collectively, “Government Agencies"),
or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation, and
pursuant to 18 USC § 1833(b), an individual may not be held liable under any criminal or civil federal or state trade secret
law for disclosure of a trade secret: (i) made in confidence to a government official, either directly or indirectly, or to an
attorney, solely for the purpose of reporting or investigating a suspected violation of law or (ii) in a complaint or other document
filed in a lawsuit or other proceeding, if such filing is made under seal.  Additionally, an individual suing an entity for
retaliation based on the reporting of a suspected violation of law may disclose a trade secret to the individual's attorney and
use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal
and the individual does not disclose the trade secret except pursuant to court order.  Nothing in this Agreement is intended
to conflict with 18 USC § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 USC
§ 1833(b).

 

    -5-

     

    

 

(m)       Advice of Counsel.
Consultant acknowledges THAT, IN EXECUTING THIS AGREEMENT, Consultant
Has HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT LEGAL COUNSEL, AND Consultant
Has read and understands ALL OF THE TERMS AND PROVISIONS OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE CONSTRUED AGAINST
ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.

 

(n)       Effective Date.
Regardless of the date on which this Agreement is executed by the parties hereto, the effective date of this Agreement is June
1, 2019.

 

(o)       Non-Competition.
Non-Competition and Non-Solicitation and Non-Circumvention.

 

(i)       Non-Competition.
Except as authorized by the Company’s Board of Directors, during the Consulting Period and for a period of twelve (12) months
thereafter, the Consultant will not (except as an officer, director, stockholder, employee, agent or consultant of the Company
or any subsidiary or affiliate thereof) either directly or indirectly, whether or not for consideration, (i) in any way, directly
or indirectly, solicit, divert, or take away the business of any person who is or was a customer of the Company, or in any manner
influence such person to cease doing business in part or in whole with Company; (ii) engage in a Competing Business; or (iii) except
for investments or ownership in public entities, mutual funds and similar investments, none of which constitute more than 5% of
the ownership (provided such ownership interest is acquired solely for investment purposes) or control of such entities, own, operate,
control, finance, manage, advise, be employed by or engaged by, perform any services for, invest or otherwise become associated
in any capacity with any person engaged in a Competing Business; or (iv) engage in any practice the purpose or effect of which
is to intentionally evade the provisions of this covenant. For purposes of this section, “Competing Business”
means any company or business which is engaged directly or indirectly in any Company Business carried on or planned to be carried
on (if such plans were developed the term of the Relationship) by the Company; and “Company Business” means
the Company’s business activities and operations as conducted during the term of the Relationship and all products conceived,
planned, researched, developed, tested, manufactured, sold, licensed, leased or otherwise distributed or put into use by the Company,
together with all services provided or planned by the Company, during your relationship with the Company.

 

(ii)       Non-Solicitation
and Non-Circumvention. For a period of twelve (12) months following the termination of the Consulting Period, the Consultant
will not directly or indirectly, whether for your account or for the account of any other individual or entity, solicit or canvas
the trade, business or patronage of, or sell to, any individuals or entities that were investors, customers or employees of the
Company during the Consulting Period, or prospective customers with respect to whom a sales effort, presentation or proposal was
made by the Company or its affiliates, during the one year period prior to the termination of the Consulting Period. Without limiting
the foregoing, the Consultant shall not, directly or indirectly (i) solicit, induce, enter into any agreement with, or attempt
to influence any individual who was an employee or consultant of the Company at any time during the Consulting Period, to terminate
his or her employment relationship with the Company or to become employed or engaged by the Consultant or any individual or entity
by which the Consultant are employed or for which you are acting as a consultant or other advisory capacity, and/or (ii) interfere
in any other way with the employment, or other relationship, of any employee of, or consultant to, the Company.

 

    -6-

     

    

 

(iii)        Injunctive
Relief.  The Consultant acknowledges and agrees that the covenants and obligations of the Consultant set forth in
this Agreement relate to special, unique and extraordinary Services rendered by the Consultant to the Company and that a violation
of any of the terms of such covenants and obligations will cause the Company irreparable injury for which adequate remedies are
not available at law.  Therefore, the Consultant agrees that the Company shall be entitled to seek an injunction, restraining
order or other temporary or permanent equitable relief (without the requirement to post bond) restraining the Consultant from
committing any violation of the covenants and obligations contained herein.  These injunctive remedies are cumulative and
are in addition to any other rights and remedies the Company may have at law or in equity.

 

(p)       Governing Law.
The validity, interpretation, construction and performance of this Agreement, and all acts and transactions pursuant hereto and
the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the
state of Nevada without giving effect to principles of conflicts of law. Consultant acknowledges that he may not have the rights
and privileges under applicable Nevada law that he might otherwise have under the applicable laws of the United Kingdom with respect
to this Agreement which he hereby knowingly and willingly waives.

 

[Signature Page Follows]

 

 

 

 

 

    -7-

     

    

 

SIGNATURES

 

The parties have executed this Agreement as of the date first written
above.

 

the company:

 

renovacare, Inc.

 

 

By: /s/ Harmel S. Rayat__________________________

(Signature)

 

Name: Harmel S. Rayat

Title: Chief Executive Officer

 

Address:

RenovaCare, Inc.

9375 East Shea Blvd.,

Suite 107-A

Scottsdale, AZ 85260

Attention: Harmel S. Rayat

Facsimile: 604-336-8609

Email Address: hsr@renovacareinc.com

 

CONSULTANT:

 

Roger Esteban-Vives

(Print Name)

 

/s/ Roger Esteban-Vives___________________________

(Signature)Address:
 Roger Esteban-Vives

Flat 1, 3 Recovery St.

London, SW170DL, United Kingdom

 

Facsimile: ______________________

 

Email: ________________________________________

 

    -8-

     

    

 

EXHIBIT A

 

TO THE RENOVACARE, INC.—ROGER ESTEBAN-VIVES 

CONSULTING AGREEMENT

DATED

JUNE 4, 2019

****

 

DESCRIPTION OF CONSULTING
SERVICES

 

TO BE PROVIDED BY ROGER ESTEBAN-VIVES 

 

 

		1.	Description of Duties.

 

During the term of this Consulting Agreement, it is expected that
Consultant will expend 40 hours per week on behalf of the Company, as follows:

 

		a)	Reporting

 

		i.	Consultant will perform the Services in the capacity of Vice President, Research & Product Development; and, in such capacity
at all times, report to the Company’s Chief Executive Office or Chief Financial Officer as as directed by the Company’s
Board of Directors from time to time

 

		ii.	When required, prepare, deliver, and/or make reports and presentations for or to the Board of Directors

 

		b)	Record Keeping

 

		i.	Maintain accurate and complete records for delivery to the Company, including records such as meeting notes, lab notes, engineering
notes, project plans, data sets, sketches, concepts, and any other records related to all works undertaken by Consultant in providing
services under this Consulting Agreement

 

		ii.	Develop a competency and operating proficiency in use of the Company’s record-keeping systems, including but not limited
to Purchase order generation, Quality Management Systems, Document Control Systems, project tracking systems, etc.

 

		c)	Management, Oversight, and Support

 

		i.	Manage the development of new products, and provide oversight over ongoing research and development at xxxxREDACTEDxxxxx

		ii.	Support the development of new intellectual property, know-how, patents, trademarks, and/or protocols for devices, cell manipulation, products, and

                                                                therapies

 

    -1-

     

    

 

		iii.	Support the investigation, evaluation, and development of new clinical indications

 

		iv.	Support the investigation, evaluation, and development of clinical treatment protocols

 

		v.	Provide oversight and support to all current and future regulatory efforts

 

		vi.	Support all business development activities

 

		vii.	Support efforts to identify, pursue, plan, and execute opportunities for joint investigations into new and/or existing therapies
with academic groups, government agencies, companies, or others

 

		d)	Professional Presentations

 

		i.	At the direction of the Company, prepare and make presentations at scientific and medical conferences, and to investors, business
contacts, media, and others

 

		e)	Personnel Management and Training

 

		i.	Oversee the management of staff, as directed by the Company

 

		ii.	Identify, interview, and hire staff, from time to time, as directed by the Company

 

		iii.	Provide training to cell biologists, laboratory technicians, or others for their certification in the use of the Company’s
CellMistTM System, and where needed, make necessary improvements to related training and certification protocols

 

		2.	Place of Services.

 

The Company anticipates that Consultant will perform his services
principally from the Consultant’s offices located in London, England, and when required, at the Company’s contract
engineering partner in Berlin, Germany at xxxxREDACTEDxxxxx,
or from time-to-time, in the United States and Canada. Consultant shall use Consultant’s reasonable efforts to perform the
Services such that the results are satisfactory to the Company.

 

		3.	Code of Ethics.

 

Consultant agrees to abide by the Code of Ethics and Business Conduct,
a copy of which is attached as Appendix 1 to this Exhibit A hereto.

 

    -2-

     

    

 

APPENDIX 1 TO EXHIBIT A

TO THE RENOVACARE, INC.—ROGER ESTEBAN-VIVES 

CONSULTING AGREEMENT

DATED

JUNE 4, 2019

 

 

 

 

 

 

 

     

     

    

 

RenovaCare, Inc.

 

Code of Corporate Governance
And Ethics

 

This Employee Code of Corporate Governance and
Ethics applies to all employees, officers and directors of RenovaCare Technologies, Inc., its subsidiaries and affiliates (collectively,
“RenovaCare” or the “Company.”)

 

RenovaCare is proud of its reputation for integrity
and honesty and is committed to these core values. Personal responsibility is at the core of the Company’s principles and
culture. RenovaCare’s reputation depends on you maintaining the highest standards of conduct in all business endeavors. You
have a personal responsibility to protect this reputation, to “do the right thing,” and to act with honesty and integrity
in all dealings with customers, business partners and each other. You should not take unfair advantage of anyone through manipulation,
concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

 

The principles set forth in this document describe
how you should conduct yourself. This Code does not address every expectation or condition regarding proper and ethical business
conduct. Good common sense is your best guide. It does not substitute for Company policies and procedures. In every business-related
endeavor, you must follow the ethics and compliance principles set forth in this Code as well as all other applicable corporate
policies and procedures.

 

You are accountable for reading, understanding
and adhering to this Code. Further, compliance with all laws, rules and regulations related to Company activities is mandatory
and your conduct must be such as to avoid even the appearance of impropriety. Failure to so comply could result in disciplinary
action, up to and including termination of employment.

 

If you are uncertain about what to do, refer
to the relevant section of this Code. If you are still unsure, speak with your supervisor or, if you prefer,  a member
of the Company’s Corporate Ethics and Compliance Committee, if any.

 

In the Workplace

 

RenovaCare is committed to providing a diverse
and inclusive work environment, free of all forms of unlawful discrimination, including any type of harassment.

 

Respect

 

The Company’s greatest strength lies in
the talent and ability of its associates. Since working in partnership is vital to RenovaCare’s continued success, mutual
respect must be the basis for all work relationships. Engaging in behavior that ridicules, belittles, intimidates, threatens or
demeans, affects productivity, can negatively impact the Company’s reputation and may violate the law. You are expected to
treat others with the same respect and dignity that any reasonable person may wish to receive, creating a work environment that
is inclusive, supportive and free of harassment and unlawful discrimination. 

 

    -1-

     

    

 

Equal Employment Opportunity

 

The talents and skills needed to conduct business
successfully are not limited to any particular group of people. RenovaCare has a long-standing commitment to a meaningful policy of
equal employment opportunity. The Company’s policy is to ensure equal employment and advancement opportunity for all qualified
individuals without distinction or discrimination because of race, color, religion, gender, sexual orientation, gender identity,
age, national origin, disability, covered veteran status, marital status or any other unlawful basis. As part of this commitment,
RenovaCare will make reasonable accommodations for applicants and qualified employees.

 

Sexual Harassment and Other Discriminatory Harassment

 

Sexual harassment and other discriminatory harassment
are illegal and violate Company policies. Actions or words of a sexual nature that harass or intimidate others are prohibited.
Similarly, actions or words that harass or intimidate based on race, color, religion, gender, sexual orientation, gender identity,
age, national origin, disability, covered veteran status, marital status or any other unlawful basis are also prohibited.

 

Corporate Governance Certification Program

 

The responsibility for maintaining the Company’s
reputation for integrity and compliance rests in large measure on associates who guide its operations and others in particularly
sensitive positions. The Corporate Governance Certification Program is designed to have you affirm your compliance with the standards
contained in this Code and to help identify situations that may in fact, or in appearance, involve conflicts of interest or other
improper conduct. If you are required to complete or update a Corporate Governance Certificate, you must do so in a timely and
forthright manner with accurate responses. Above all, you must remember that any act that gives the appearance of being improper
can damage RenovaCare’s reputation and impair the public’s confidence in the Company. All such acts must be avoided.

 

You must acknowledge that you have read and
understand this Employee Code of Corporate Governance and Ethics.

 

Conflicts of Interest

 

Company policy prohibits conflicts of interest.
A “conflict of interest” occurs when your private interest interferes in any way with the interests of RenovaCare.
In addition to avoiding conflicts of interest, you should also avoid even the appearance of a conflict. A conflict situation can
arise when you or a member of your family takes actions or has interests that may make it difficult for you to perform your
work for the Company objectively and effectively. A conflict of interest can also arise when you or a member of your family receives
improper personal benefits as a result of your position at RenovaCare. Though it is impossible to list every activity or situation
that could present a problem, certain of the more obvious ones are noted below.

 

    -2-

     

    

 

Corporate Opportunities

 

You owe a duty to RenovaCare to advance its
legitimate interests. You are prohibited from competing with the Company and from using corporate property, information or position
for personal opportunities or gain. You may not use or offer for use RenovaCare resources (time, technology, property or information)
for non-RenovaCare business.

 

Outside Activities

 

Officer or Director of Another Business

 

Officers and employees may not serve as a director,
officer, trustee, partner or in any other principal position of another for-profit or publicly held organization or company without
the prior approval of RenovaCare’s Chief Executive Officer (or a designee). Such requests for approval should be directed
through the office of the Chief Compliance Officer. You should obtain approval from RenovaCare’s Chief Executive Officer
(or a designee), before agreeing to serve on the board or in a principal position of a trade or professional association or of
a non-profit organization. In any event, these outside activities must not impact in any way your daily job responsibilities in
your current position.

 

Second Job

 

Your first loyalty as an employee is to the
Company. Because employment outside of RenovaCare could interfere with your responsibilities to RenovaCare or be detrimental to
the Company, you are encouraged to discuss the situation with the Chief Executive Officer or the Chairperson of the Corporate Ethics
and Compliance Committee.

 

Communication of Conflicts

 

All potential and actual conflicts of interest
or material transactions or relationships that reasonably could be expected to give rise to such a conflict or the appearance of
such a conflict must be disclosed. If you have any doubt about whether a conflict of interest exists after consulting this Code,
you should seek assistance from the Corporate Ethics and Compliance Committee.

 

Compliance with Laws, Rules and Regulations

 

You are required to comply fully with all laws,
rules and regulations affecting RenovaCare’s business and its conduct in business matters. Regarding international operations,
it is expected that the Company will comply with the laws of the countries in which we operate. Where Company policy differs from
local law or custom, you should follow the more restrictive policy. Because the laws that are applicable to the Company’s
businesses are often very complex and penalties for violations are severe, you should consult the Chief Executive Officer, who
may direct you to our legal counsel, if you have any questions or concerns. If you suspect or become aware of a violation by an
employee or the Company, it is your responsibility to report this immediately. Certain key laws are listed below.

 

    -3-

     

    

 

Insider Trading

 

It is unlawful to buy or sell securities on
the basis of material, non-public information (whether such information is gained in the course of employment or otherwise) for
Company-owned or managed accounts, for personal accounts, or for any accounts that associates may influence, including, but not
limited to, accounts of family members. This type of activity is known as “insider trading” and is prohibited by securities
laws and Company policy.

 

Information may be material if there
is a substantial likelihood that the information would affect the price of the security or that a reasonable investor would consider
the information significant in deciding whether to buy or sell a security. Information is considered to be non-public if
it has not been disclosed to the public. Generally, information is considered disclosed to the public if it has been published
in newspapers or other media, has been the subject of a press release or a public filing with the SEC and, in all cases, at least
48 hours has passed since the publication, release or filing.

 

Substantial penalties may be assessed against
people who trade while in possession of material inside information and can also be imposed upon companies and so-called controlling
persons such as officers and directors, who fail to take appropriate steps to prevent or detect insider trading violations by their
employees or subordinates. If you violate the Company’s insider trading policy, sanctions imposed by law enforcement officials,
as well as Company-imposed sanctions, up to and including termination of employment, could result.

 

Antitrust

 

Antitrust laws are designed to preserve and
foster free and open competition and thereby assure reasonable prices, efficient services and a productive economy. Any activity
that reduces or limits free and open competition is subject to antitrust scrutiny. Deliberate or even accidental violations of
these laws must not occur. For example, the Company may not agree with competitors to fix prices or terms of financial services,
to designate pre-determined geographical areas where each will do business or to boycott anyone.

 

Money Laundering

 

Money laundering involves an attempt to conceal
the true source of funds and typically takes one of two forms. There are transactions used to transform the proceeds from illicit
activities into funds with an apparently legal source and there are transactions that take legitimate funds and funnel them through
organizations to fund illegitimate activities, such as terrorism. Money laundering often involves complex financial transactions
and encompasses many different types of financial products and services.

 

    -4-

     

    

 

Under the existing money laundering laws of
the U.S., it is a crime if you engage knowingly in a financial transaction that involves proceeds from criminal activities or is
intended to promote illegal activity. Such knowledge includes “willful blindness” to the legitimacy of the source of
the funds. Severe penalties, including substantial fines and even imprisonment, can be imposed on companies and their associates
for involvement in or failure to report actual or even suspicious activities relating to money laundering.

 

Foreign Corrupt Practices Act

 

The Foreign Corrupt Practices Act (FCPA) prohibits
the giving or offering of money or anything of value, including gifts or services:

 

	 	·	directly or indirectly to a foreign official, a foreign political party or an official or candidate of that party, an officer or employee of the United Nations or other public international organization or a representative of any foreign official,

 

	 	·	for the purpose of influencing any act or decision by a foreign official, or for the purpose of persuading a foreign official to use the official’s influence to affect any act or decision of a foreign government or agency or public international organization, or for the purpose of securing any improper advantage, and

 

	 	·	to assist the Company in doing business.

 

The FCPA does not prohibit any of the following:

 

	 	·	payments of reasonable and bona fide expenses, such as travel and lodging, that are directly related to the promotion, demonstration or explanation of a product or service, so long as the payment is not for a corrupt purpose,

 

	 	·	payments that are legal under a foreign country’s written laws or regulations, and

 

	 	·	“facilitating” or “expediting” payments of small value to effect routine, non-discretionary governmental action (unrelated to the process of awarding business), such as obtaining visas, arranging for utility hookups or the like, where the practice is usual or customary in the country concerned.

 

While the law allows certain payments to foreign
officials to facilitate routine government actions, determining what is a permissible “facilitating” payment involves
difficult legal judgments. Therefore, except for legally prescribed fees and similar payments, no payment or gift may be made to
a foreign official related to business activities unless the transaction is approved in advance by the General Counsel or a designee.
You should make every effort to eliminate or minimize such payments. If such payments are approved, they must be properly recorded
in the Company’s books and records.

 

    -5-

     

    

 

RenovaCare and its associates will not directly
or indirectly engage in bribery, kickbacks, payoffs or other corrupt business practices, in their relations with governmental agencies
or customers.

 

Boycotts

 

U.S. anti-boycott laws and regulations prohibit
or severely restrict the Company from participating in boycotts against countries friendly to the U.S. and require us to report
both legal and illegal boycott requests to the government.

 

Financial Management and Disclosure

 

The Company’s goal and intention is to
comply with the laws, rules and regulations by which we are governed. In fact, we strive to comply not only with requirements of
the law but also with recognized compliance practices. All illegal activities or illegal conduct are prohibited whether or not
they are specifically set forth in this Code. Where law does not govern a situation or where the law is unclear or conflicting,
you should discuss the situation with the Chief Financial Officer or Chief Executive Officer and management should seek advice
from the Company’s General Counsel. Business should always be conducted in a fair and forthright manner. Directors, officers
and employees are expected to act according to high ethical standards.

 

The continuing excellence of the Company’s
reputation depends upon our full and complete disclosure of important information about the Company that is used in the securities
marketplace. Our financial and non- financial disclosures and filings with the SEC must be transparent, accurate and timely. Proper
reporting of reliable, truthful and accurate information is a complex process involving cooperation between many departments and
disciplines. We must all work together to insure that reliable, truthful and accurate information is disclosed to the public. The
Company must disclose to the SEC, current security holders and the investing public information that is required, and any additional
information that may be necessary to ensure the required disclosures are not misleading or inaccurate. The Company requires you
to participate in the disclosure process, which is overseen by the Chief Financial Officer and/or Chief Executive Officer.

 

The disclosure process is designed to record,
process, summarize and report material information as required by all applicable laws, rules and regulations. Participation in
the disclosure process is a requirement of a public company, and full cooperation and participation by Chief Financial Officer,
Chief Executive Officer and, upon request, other employees in the disclosure process is a requirement of this Code.

 

Officers and employees must fully comply with
their disclosure responsibilities in an accurate and timely manner or be subject to discipline of up to and including termination
of employment.

 

    -6-

     

    

 

Accounting Standards

 

RenovaCare maintains its accounting records and prepares its financial
statements in accordance with accounting principles generally accepted in the U.S. (GAAP) and with statutory accounting principles,
as promulgated by the Securities and Exchange Commission and other regulating authorities. If you are aware or have reason to believe
that there are violations of either law or policy regarding the Company’s financial records or operations, you are obligated
to report such information promptly.

 

Audits and Outside Examinations

 

There may be occasions when the operations of RenovaCare are subject
to audit or examination. These reviews may be conducted by the Company’s external auditor, state and federal regulatory agencies.
Both the law and RenovaCare policy require that you cooperate fully with all appropriate requests for information, and prohibit
attempting to influence, interfere with or provide inaccurate information in response to a legitimate audit or examination request.
You may not fraudulently influence, mislead, manipulate or coerce outside auditors if you know or you are unreasonable in not knowing
that by doing so you could render the financial statements materially misleading or affect the auditors in other ways. If you are
contacted by an outside agency regarding a financial examination or audit, you must immediately notify the Chief Executive Officer
or the Chief Financial Officer before responding. If the contact is initiated by a state or federal agency you should contact the
Corporate Ethics & Compliance Committee.

 

Protection and Proper Use of Company Assets

 

Safeguarding and appropriately using Company assets, whether those
assets take the form of paper files, electronic data, computer resources, trademarks or otherwise, is critical.

 

Confidentiality

 

RenovaCare is committed to preserving customer and employee trust.
All information, whether it is business, customer or employee-related, must be treated in a confidential manner, and disclosing
it is limited to those people who have an appropriate business or legal reason to have access to the information. You need to take
special precautions when transmitting information via e-mail, fax, the Internet or other media. Remember to treat all such communications
as if they were public documents and printed on letterhead.

 

In addition, Company meetings are confidential. You may not use audio
or video equipment to record these meetings without the specific prior authorization of the head of your department.

 

Technology

 

Safeguarding computer resources is critical because the Company relies
on technology to conduct daily business. Software is provided to enable you to perform your job and is covered by federal copyright
laws. You cannot duplicate, distribute or lend software to anyone unless permitted by the license agreement.

 

    -7-

     

    

 

RenovaCare provides electronic mail (e-mail) and Internet access
to assist and facilitate business communications. All information stored, transmitted, received, or contained in these systems
is the Company’s sole property and is subject to its review at any time. All e-mail and Internet use must be consistent with
RenovaCare’s policies, practices and commitment to ensuring a work environment where all persons are treated with respect
and dignity. Because these systems provide access to a worldwide audience, you should act at all times as if you are representing
RenovaCare to the public, and should preserve RenovaCare’s system security and protect its name and trademarks. You must
act responsibly and adhere to all laws and Company policies when using e-mail or the Internet.

 

You must use your computer appropriately in accordance with Company
standards and be sure to secure both the computer and all data from loss, damage or unauthorized access.

 

Intellectual Property: Patents, Copyrights and Trademarks

 

Except as otherwise agreed to in writing between the Company and
an officer or employee, all intellectual property you conceive or develop during the course of your employment shall be the sole
property of the Company. The term intellectual property includes any invention, discovery, concept, idea, or writing whether protectable
or not by any United States or foreign copyright, trademark, patent, or common law including, but not limited to designs, materials,
compositions of matter, machines, manufactures, processes, improvements, data, computer software, writings, formula, techniques,
know-how, methods, as well as improvements thereof or know-how related thereto concerning any past, present, or prospective activities
of the Company. Officers and employees must promptly disclose in writing to the Company any intellectual property developed or
conceived either solely or with others during the course of your employment and must render any and all aid and assistance, at
our expense to secure the appropriate patent, copyright, or trademark protection for such intellectual property.

 

Works of authorship including literary works such as books, articles,
and computer programs; musical works, including any accompanying words; dramatic works, including any accompanying music; pantomimes
and choreographic works; pictorial, graphic, and sculptural works; motion pictures and other audiovisual works; sound recordings;
and architectural works are protected by United States and foreign copyright law as soon as they are reduced to a tangible medium
perceptible by humans with or without the aid of a machine. A work does NOT have to bear a copyright notice in order to be protected
and without the copyright owner’s permission, no one may make copies of the work, create derivative works, distribute the
work, perform the work publicly, or display the work publicly.

 

Copyright laws may protect items posted on a website. Unless a website
grants permission to download the Internet content you generally only have the legal right to view the content. If you do not have
permission to download and distribute specific website content you should contact the Company’s General Counsel. If you are
unclear as to the application of this Intellectual Property Policy, or if questions arise, please consult with the Company’s
General Counsel.

 

    -8-

     

    

 

Additional Matters Pertaining to Directors

 

Annex A hereto, which is incorporated herein by reference, applies
to the Company’s directors.

 

Administration

 

Reporting of Any Illegal or Unethical Behavior; Points of Contact

 

If you are aware of any illegal or unethical behavior or if you believe
that an applicable law, rule or regulation or this Code has been violated, the matter must be promptly reported to the Chief Executive
Officer, the Chief Financial Officer or the Corporate Ethics & Compliance Committee. In addition, if you have a concern about
the Company’s accounting practices, internal controls or auditing matters, you should report your concerns to these same
persons or entities. If you have questions about anything in this Code or if you believe RenovaCare or an associate is violating
the law or Company policy or engaging in conduct that appears unethical you may contact anyone of the foregoing entities.  You
should take care to report violations to a person who you believe is not involved in the alleged violation. All reports of alleged
violations will be promptly investigated and, if appropriate, remedied, and if legally required, immediately reported to the proper
governmental authority.

 

You will be expected to cooperate in assuring that violations of
this Code are promptly addressed. RenovaCare has a policy of protecting the confidentiality of those making reports of possible
misconduct to the maximum extent permitted by law. In no event will there be any retaliation against someone for reporting an
activity that he or she in good faith believes to be a violation of any law, rule, regulation, internal policy or this Code.
Any supervisor intimidating or imposing sanctions on someone for reporting a matter will be subject to discipline up to and including
termination.

 

You should know that it is unlawful to retaliate against a person,
including with respect to their employment, for providing truthful information to a law enforcement officer relating to the possible
commission of any federal offense. Employees who allege that they have been retaliated against for providing information to a federal
agency, Congress or a person with supervisory authority over the employee about suspected fraud may file a complaint with the Department
of Labor, or in federal court if the Department of Labor does not take action.

 

Responding to Improper Conduct

 

This Code will be enforced on a uniform basis for everyone without
regard to his or her position. Violators of this Code will be subject to disciplinary action. Supervisors and managers of a disciplined
employee or an employee reporting a violation may also be subject to disciplinary action for failure to properly oversee an employee’s
conduct, or for retaliation against an employee who reports a violation.

 

    -9-

     

    

 

The response will depend upon a number of factors including whether
the improper behavior involved illegal conduct. Disciplinary action may include, but is not limited to, reprimands and warnings,
probation, suspension, demotion, reassignment, reduction in compensation or termination. In any disciplinary action arising from
violations of this Code, prior truthful disclosure, or the failure to fully disclose the issue and all pertinent information with
respect to the issue, will weigh heavily in the disposition of the matter. Certain actions and omissions prohibited by the Code
might also be unlawful and could lead to individual criminal prosecution and, upon conviction, to fines and imprisonment.

 

Waivers of or exceptions to this Code will be granted only under
exceptional circumstances. There shall be no amendment or modification to this Code except by a vote of the Board of Directors
or a designated board committee that will ascertain whether an amendment or modification is appropriate. In case of any amendment
or modification of this Code that applies to an officer or director of the Company, the amendment or modification shall be made
publicly available.

 

 

 

 

 

 

    -10-

     

    

 

Annex A

To

RENOVCARE, INC.

 

Amended Code of Corporate
Governance And Ethics

 

Provisions Related to Directors

 

 

1. Responsibilities and Functions of Board of Directors

 

The Board of Directors, elected each year by
the Company’s stockholders at an annual meeting of stockholders, fosters and encourages an environment of strong disclosure
controls and procedures, including internal controls, financial accountability, high ethical standards and compliance with applicable
policies, laws and regulations. The primary responsibility of members of the Company's Board of Directors is to uphold the best
interests of the Company and its stockholders as a whole by overseeing the management of the Company's business and affairs. While
the Board may call special meetings in order to address specific needs of the Company from time to time, it is generally expected
that the Board of Directors will meet at regular intervals and are expected to hold approximately four meetings or more per fiscal
year during which the Board will perform a number of specific functions, including but not limited to:

 

	 	a.	Reviewing and discussing the performance of the Company, as well as any immediate issues facing the company;
	 	b.	Reviewing, approving and monitoring fundamental financial and business strategies and major corporate actions;

	 	c.	Ensuring processes are in place for maintaining the integrity of its financial statements, the integrity of compliance with law and ethics and
	 	d.	Assessing and reviewing major risks facing the Company and planning options, if any, for their mitigation.

 

Board members are encouraged to suggest the
inclusion of item(s) for the agenda for each quarterly meeting of the Board of Directors in consultation with each other and senior
management of the Company. It is expected that each Director will make every effort to attend each Board meeting. While attendance
in person is preferred, attendance by teleconference is permitted if necessary under the circumstances. The proceedings and deliberations
of the Board are confidential. Each Director will maintain the confidentiality of information received in connection with his or
her service as a Director.

 

2. Board Access to Management

 

At all times, Board members shall be able to
freely access Company management without hindrance or undue delay while ensuring that such contact is not distracting to the business
operations of the Company and that such contact, if in writing, is copied to the Chairman and Chief Executive Officer. In addition,
management may be invited to attend Board meetings, during which time management may brief the Board on items of particular interest
and/or concern. Senior management is encouraged to offer presentations at such meetings by individuals who can provide additional
insight into items being considered or who may have potential for greater responsibility and should be given exposure to the Board.

 

    -11-

     

    

 

3. Board Access to Independent/Outside
Advisors

 

As may be required by applicable law or rule,
the Board of Directors has the authority, when it should be deemed necessary to carry out its duties, to retain independent legal,
financial or other advisors and to approve each such advisor's fees and other retention terms at the expense of the Company.

 

4. Size of Board

 

The Company's Bylaws provides that the number
of Directors shall be fixed from time to time by the Board of Directors, but in no event shall be less than the minimum required
by law. The Board should be large enough to maintain the Company’s required expertise but not too large to function efficiently.
At this time, the Board of Directors believes that the optimal number of Board members is five (5), while recognizing and allowing
however, for changing circumstances that may warrant a higher or lower number from time to time.

 

5. Ethics and Conflicts of Interest of
the Board

 

All Directors, as well as officers and employees,
are expected to act ethically at all times and to acknowledge their adherence to the policies comprising the Company's Code of
Ethics. At any time that a Board member develops an actual or potential conflict of interest with the Company, the conflict should
be reported without delay to the Chairman of the Board and Chief Executive Officer. In the event that a conflict of interest cannot
be effectively resolved, the Board member shall resign. Should a member of the Board or any member of his or her immediate family
have a matter before the Board in which they have a personal interest, then this interest and the material facts and relationships
relating thereto must be disclosed promptly. Furthermore, if a Board member becomes aware of a business opportunity that could
be of potential benefit to the Company, then he or she must first introduce this opportunity to the Board of Directors for consideration
and not endeavor to profit personally from the opportunity unless the Company declines to pursue it.

 

6. Criteria and Selection of Board Membership

 

The Board of Directors is responsible to the
Company’s stockholders for identifying and recommending the most qualified Director candidates to fill newly created directorship
positions and vacancies and further recommend these candidates for election by stockholders. Directors should possess the highest
personal and professional ethics, responsibility, fairness, integrity and values and be committed to representing the long-term
interests of the Company’s stockholders. They must also have an inquisitive and objective perspective, practical wisdom and
mature judgment. The Company’s general counsel or its Chief Financial Officer shall be responsible for providing an orientation
for all new Directors and for periodically providing materials or briefing sessions on subjects that would assist Directors in
discharging their duties. Each new Director shall, within six weeks of election to the Board, spend a reasonable amount of time
at corporate headquarters for an in-depth overview of the Company's strategic plans, its financial statements and key policies
and practices. Directors must be willing to devote sufficient time to carrying out their duties and responsibilities effectively
and should be committed to serve on the Board for an extended period of time. Directors should offer their resignation in the event
of any significant change in their personal circumstances, including a change in their principal job responsibilities or in the
event that a conflict of interest cannot be effectively resolved.

 

    -12-

     

    

 

7. Term Limits for Board Members

 

There is no time term-limit for service to the
Board, nor does the Board believe that a term limit should be established. By abstaining from term limits, the Company believes
it can successfully retain Board members who, over time, have been able to garner industry knowledge and are intimate with the
Company’s operations. Such Directors are able to significantly contribute to the Board’s function since they have helped
to foster the Company’s corporate vision and better understand industry trends.

 

8. Outside Board Directorships

 

Directors must be willing to devote sufficient
time to carrying out their duties and responsibilities effectively. Since service to the Company’s Board of Directors may
require significant time and responsibility commitments, although not mandatory, Board members are encouraged to limit the number
of public company boards that they may concurrently serve on to four. Board members shall notify the Chairman and Chief Executive
Officer of any and/or all other public company boards on which they may serve or to which they have received an invitation to serve
prior to accepting such positions.

 

9. Board Performance Assessment and Review

 

Meaningful Board evaluation may require a self-assessment
of the effectiveness of the full Board and individual Directors. Accordingly, the Board shall perform an annual self-evaluation
through its Directors. This review may require establishing protocols and procedures for evaluation of individual Board members
in order to ensure that each sitting member brings expertise that is relevant to the Company’s needs at that time and that
the skills and contributions of the Directors are conducive to the Board’s function as a group. While individual Board member
review may be of value, the purpose of this evaluation is to increase the effectiveness of the Board, not to focus on the performance
of individual Board members.

 

10. Stock Option Grants and Cash Compensation

 

Directors, Officers, employees of and consultants
to the Company, selected by the Board of Directors may be eligible to receive stock grants in accordance with the terms of the
Company’s Incentive Stock Compensation Plan, as in effect from time to time. The grant may be in the form of a stock award,
restricted stock purchase offer, incentive stock option or a non-statutory option. The Board of Directors designates the times
at which the grant will be made, the type and number of options (and the number of shares subject to those options) or stock awards
to be granted. In addition Board members may be eligible for cash compensation in accordance with the Company’s compensation
guidelines. All Board members will be reimbursed for travel and related meeting attendance expenses.

 

    -13-

     

    

 

11. Prohibition on Personal Loans

 

The Company and the Board of Directors will
not engage in offering or making available credit or loan arrangements to any member of the Board or the Company’s executive
management.

 

 

 

 

 

 

 

 

 

 

 

 

    -14-

     

    

 

Acknowledgment

of

 

Receipt Of Code of Corporate
Governance And Ethics

 

I have received and read the Company's Code
of Corporate Governance and Ethics (including to the extent applicable, Annex A thereto). I understand the standards and policies
contained in the Company Code of Corporate Governance and Ethics and understand that there may be additional policies or laws specific
to my job. I further agree to comply with the Company Code of Corporate Governance and Ethics. If I have questions concerning the
meaning or application of the Company Code of Corporate Governance and Ethics, any Company policies, or the legal and regulatory
requirements applicable to my job, I know I can consult the Chief Executive Officer, Chief Financial Officer or a member of the
Corporate Ethics & Compliance Committee, if any, knowing that my questions or reports to these sources will be maintained in
confidence.

 

 

	Signature:	  /s/ Roger Esteban-Vives______________	 	Date: June 4, 2019	 	 
	 	 	 	 	 	 
	Name (print):	  Roger Esteban-Vives	 	Position:   Vice President, Research & Product Development	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

 

 

 

 

    -15-

     

    

 

EXHIBIT B

 

TO THE RENOVACARE, INC.—ROGER ESTEBAN-VIVES 

CONSULTING AGREEMENT

DATED

JUNE 4, 2019

****

 

COMPENSATION

 

The parties agree that fees for the Services and any subsequently
agreed upon Services to be provided shall be paid to Consultant as follows:

 

1. Cash Compensation. The Consultant
will be paid an annual fee of US$120,000 payable in arrears equal monthly installments of US$10,000. The monthly installment will
be prorated for any period during the term of the Consulting Agreement which is less than a full month.

 

2. Equity
Compensation. At the discretion of the Company’s Board of Directors, Consultant shall be eligible for equity
stock options or equity awards pursuant to the Company’s equity incentive compensation plans in effect from time
to time.

 

3. Other Benefits. It is understood
and agreed that the Consultant will have a paid vacation of four weeks per full year of the Consulting Relationship.

 

 

 

 

 

    -1-

     

    

 

EXHIBIT C

 

TO THE RENOVCARE, INC.—ROGER ESTEBAN-VIVES 

CONSULTING AGREEMENT

DATED

JUNE 4, 2019

****

 

 

ALLOWABLE Expenses

 

 

The Company shall reimburse the Consultant
for reasonable costs associated with the Consultant’s travel on behalf of the Company and for such other reasonable expenses
incurred by the Executive on behalf of the Company; provided, however, that any expenditure in excess of $500 will first require
the Company’s approval.

 

 

 

 

 

 

    -1-

     

    

 

EXHIBIT D

 

TO THE RENOVACARE, INC.—ROGER ESTEBAN-VIVES 

CONSULTING AGREEMENT

DATED

JUNE 4, 2019

****

 

 

Confidential information
and

invention assignment agreement

 

RENOVACARE, INC.

 

CONFIDENTIAL INFORMATION
AND

INVENTION ASSIGNMENT AGREEMENT

 

Confidential
Information and Invention Assignment Agreement is dated as of June 4, 2019 by and between RenovaCare, Inc., a Nevada corporation
(the “RCAR”),
and Roger Esteban-Vives, an individual having his place of business in London, England (“Consultant”).

 

As a condition of becoming retained (or Consultant’s consulting
relationship being continued) by RCAR, or any of its current or future subsidiaries, affiliates, successors or assigns (collectively,
the “Company”), and in consideration of Consultant’s consulting relationship with the Company and receipt
of the compensation now and hereafter paid by the Company, the receipt of Confidential Information (as defined below) while associated
with the Company, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Consultant
hereby agrees to the following:

 

1.                 
Relationship. This Confidential Information and Invention Assignment Agreement (this “Agreement”)
will apply to Consultant’s consulting relationship with the Company. If that relationship ends and the Company, within one
(1) year thereafter, either employs Consultant or re-engages Consultant as a consultant, this Agreement will also apply to such
later employment or consulting relationship, unless the parties hereto otherwise agree in writing. Any employment or consulting
relationship between the parties hereto, whether commenced prior to, upon or after the date of this Agreement, is referred to herein
as the “Relationship.”

 

    -2-

     

    

 

2.                 
Applicability to Past Activities. The Company and Consultant acknowledge that Consultant may have performed
work, activities, services or made efforts on behalf of or for the benefit of the Company, or related to the current or prospective
business of the Company in anticipation of Consultant’s involvement with the Company, that would have been “Services”
if performed during the term of this Agreement, for a period of time prior to the Effective Date of this Agreement (the “Prior
Consulting Period”). Accordingly, if and to the extent that, during the Prior Consulting Period: (i) Consultant received
access to any information from or on behalf of the Company that would have been Confidential Information (as defined below) if
Consultant received access to such information during the term of this Agreement; or (ii) Consultant (a) conceived, created, authored,
invented, developed or reduced to practice any item (including any intellectual property rights with respect thereto) on behalf
of or for the benefit of the Company, or related to the current or prospective business of the Company in anticipation of Consultant’s
involvement with the Company, that would have been an Invention (as defined below) if conceived, created, authored, invented, developed
or reduced to practice during the term of this Agreement; or (b) incorporated into any such item any pre-existing invention, improvement,
development, concept, discovery or other proprietary information that would have been a Prior Invention (as defined below) if incorporated
into such item during the term of this Agreement; then any such information shall be deemed “Confidential Information”
hereunder and any such item shall be deemed an “Invention” or “Prior Invention” hereunder,
and this Agreement shall apply to such activities, information or item as if disclosed, conceived, created, authored, invented,
developed or reduced to practice during the term of this Agreement.

 

3.                 
Executive Services Consulting Agreement. Consultant has entered into an agreement with the Company on or about
the date hereof to provide various services to the Company (the “Consulting Agreement”). The services rendered
by Consultant under the Consulting Agreement are referred to herein as the “Services” and this Agreement is
intended to supplement and form an integral part of the Consulting Agreement.

 

4.                 
Confidential Information.

 

(a)              
Protection of Information. Consultant understands that during the Relationship, the Company intends to provide
Consultant with certain information, including Confidential Information (as defined below), without which Consultant would not
be able to perform Consultant’s duties to the Company. At all times during the term of the Relationship and thereafter, Consultant
shall hold in strictest confidence, and not use, except for the benefit of the Company to the extent necessary to perform the Services,
and not disclose to any person, firm, corporation or other entity, without written authorization from the Company in each instance,
any Confidential Information that Consultant obtains from the Company or otherwise obtains, accesses or creates in connection with,
or as a result of, the Services during the term of the Relationship, whether or not during working hours, until such Confidential
Information becomes publicly and widely known and made generally available through no wrongful act of Consultant or of others who
were under confidentiality obligations as to the item or items involved. Consultant shall not make copies of such Confidential
Information except as authorized by the Company or in the ordinary course of the provision of Services.

 

    -3-

     

    

 

(b)              
Confidential Information. Consultant understands that “Confidential Information” means
any and all information and physical manifestations thereof not generally known or available outside the Company and information
and physical manifestations thereof entrusted to the Company in confidence by third parties, whether or not such information is
patentable, copyrightable or otherwise legally protectable. Confidential Information includes, without limitation: (i) Company
Inventions (as defined below); and (ii) technical data, trade secrets, know-how, research, product or service ideas or plans, software
codes and designs, algorithms, developments, inventions, patent applications, laboratory notebooks, processes, formulas, techniques,
biological materials, mask works, engineering designs and drawings, hardware configuration information, agreements with third parties,
lists of, or information relating to, employees and consultants of the Company (including, but not limited to, the names, contact
information, jobs, compensation, and expertise of such employees and consultants), lists of, or information relating to, suppliers
and customers (including, but not limited to, customers of the Company on whom Consultant called or with whom Consultant became
acquainted during the Relationship), price lists, pricing methodologies, cost data, market share data, marketing plans, licenses,
contract information, business plans, financial forecasts, historical financial data, budgets or other business information disclosed
to Consultant by the Company either directly or indirectly, whether in writing, electronically, orally, or by observation.

 

The Consultant understands that the above list is not exhaustive,
and that Confidential Information also includes other information that is marked or otherwise identified as confidential or proprietary,
or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which
the information is known or used. The Consultant understands and agrees that Confidential Information developed by him or her in
the course of his engagement with the Company shall be subject to the terms and conditions of this Agreement as if the Company
furnished the same Confidential Information to the Consultant in the first instance. Confidential Information shall not include
information that is generally available to and known by the public, provided that such disclosure to the public is through no direct
or indirect fault of the Consultant or person(s) acting on the Consultant’s behalf.

 

(c)              
Third Party Information. Consultant’s agreements in this Section 4 are intended to be for
the benefit of the Company and any third party that has entrusted information or physical material to the Company in confidence.
During the term of the Relationship and thereafter, Consultant will not improperly use or disclose to the Company any confidential,
proprietary or secret information of Consultant’s former clients or any other person, and Consultant will not bring any such
information onto the Company’s property or place of business.

 

(d)              
Other Rights. This Agreement is intended to supplement, and not to supersede, any rights the Company may have
in law or equity with respect to the protection of trade secrets or confidential or proprietary information.

 

(e)              
U.S. Defend Trade Secrets Act. Notwithstanding the foregoing, the U.S. Defend Trade Secrets Act of 2016 (“DTSA”)
provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the
disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government official, either directly
or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or
(iii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition,
DTSA provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law
may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if
the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except
pursuant to court order.

 

    -4-

     

    

 

(f)               
Disclosure Required by Law. Nothing herein shall be construed to prevent disclosure of Confidential Information
as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized
government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation or order.
The Consultant shall provide written notice of any such order to the Company’s Chief Executive Officer or Chief Operating
Officer within forty-eight (48) hours of receiving such order, but in any event sufficiently in advance of making any disclosure
to permit the Company to contest the order or seek confidentiality protections, as determined in the Company’s sole discretion.

 

5.                 
Ownership of Inventions.

 

(a)              
Inventions Retained and Licensed. Consultant has attached hereto, as Exhibit A, a complete list
describing with particularity all Inventions (as defined below) that, as of the Effective Date: (i) have been created by or on
behalf of Consultant, and/or (ii) are owned exclusively by Consultant or jointly by Consultant with others or in which Consultant
has an interest, and that relate in any way to any of the Company’s actual or proposed businesses, products, services, or
research and development, and which are not assigned to the Company hereunder (collectively “Prior Inventions”);
or, if no such list is attached, Consultant represents and warrants that there are no such Inventions at the time of signing this
Agreement, and to the extent such Inventions do exist and are not listed on Exhibit A, Consultant hereby forever
waives any and all rights or claims of ownership to such Inventions. Consultant understands that Consultant’s listing of
any Inventions on Exhibit A does not constitute an acknowledgement by the Company of the existence or extent
of such Inventions, nor of Consultant’s ownership of such Inventions.

 

(b)              
Use or Incorporation of Inventions. Consultant shall not use, disclose or disseminate any of the Company’s
Confidential Information except as specifically permitted in this Section 5. Consultant may use the Confidential Information of
the Company solely to perform his obligations under this Agreement for the benefit of the Company. Consultant will exercise the
same degree of care as it takes to protect his own confidential information, but in no event less than reasonable care. The Consultant
may not incorporate any Inventions into any business, venture, academic, other pursuit that Consultant may engage in during or
following the termination of the Relationship. If in the course of the Relationship, Consultant uses or incorporates into any of
the Company’s products, services, processes or machines any Invention not assigned to the Company pursuant to Section 5(d)
of this Agreement in which Consultant has an interest, Consultant will promptly so inform the Company in writing. Whether or not
Consultant gives such notice, Consultant hereby irrevocably grants to the Company a nonexclusive, fully paid-up, royalty-free,
assumable, perpetual, worldwide license, with right to transfer and to sublicense, to practice and exploit such Invention and to
make, have made, copy, modify, make derivative works of, use, sell, import, and otherwise distribute such Invention under all applicable
intellectual property laws without restriction of any kind. The Consultant may not incorporate any Inventions into any business,
venture, academic, other pursuit that Consultant may engage in during or following the termination of the Relationship.

 

    -5-

     

    

 

(c)              
Inventions. Consultant understands that “Inventions” means discoveries, developments, concepts,
designs, ideas, know how, modifications, improvements, derivative works, inventions, trade secrets and/or original works of authorship,
whether or not patentable, copyrightable or otherwise legally protectable. Consultant understands this includes, but is not limited
to, any new product, machine, article of manufacture, biological material, method, procedure, process, technique, use, equipment,
device, apparatus, system, compound, formulation, composition of matter, design or configuration of any kind, or any improvement
thereon. Consultant understands that “Company Inventions” means any and all Inventions that Consultant or Consultant’s
personnel may solely or jointly author, discover, develop, conceive, or reduce to practice in connection with, or as a result of,
the Services performed for the Company or otherwise in connection with the Relationship, except as otherwise provided in Section 5(i)
below.

 

(d)              
Assignment of Company Inventions. Consultant will promptly make full written disclosure to the Company, will
hold in trust for the sole right and benefit of the Company, and hereby assigns to the Company, or its designee, all of Consultant’s
right, title and interest throughout the world in and to any and all Company Inventions and all patent, copyright, trademark, trade
secret and other intellectual property rights and other proprietary rights therein. Consultant hereby waives and irrevocably quitclaims
to the Company or its designee any and all claims, of any nature whatsoever, that Consultant now has or may hereafter have for
infringement of any and all Company Inventions. Any assignment of Company Inventions includes all rights of attribution, paternity,
integrity, modification, disclosure and withdrawal, and any other rights throughout the world that may be known as or referred
to as “moral rights,” “artist’s rights,” “droit moral,” or the like (collectively, “Moral
Rights”). To the extent that Moral Rights cannot be assigned under applicable law, Consultant hereby waives and agrees
not to enforce any and all Moral Rights, including, without limitation, any limitation on subsequent modification, to the extent
permitted under applicable law. If Consultant has any rights to the Company Inventions, other than Moral Rights, that cannot be
assigned to the Company, Consultant hereby unconditionally and irrevocably grants to the Company during the term of such rights,
an exclusive, irrevocable, perpetual, worldwide, fully paid and royalty-free license, with rights to sublicense through multiple
levels of sublicensees, to reproduce, distribute, display, perform, prepare derivative works of and otherwise modify, make, have
made, sell, offer to sell, import, practice methods, processes and procedures and otherwise use and exploit, such Company Inventions.
.

 

    -6-

     

    

 

(e)              
Work for Hire.  The Consultant agrees that all marketing, operating and training ideas, sourcing data,
processes and materials, including all inventions, discoveries, improvements, enhancements, written materials and development related
to the business of the Company (“Proprietary Materials”) to which the Consultant may have access or that the
Consultant may develop or conceive while employed by the Company shall be considered works made for hire for the Company and prepared
within the scope of employment and shall belong exclusively to the Company.  Any Proprietary Materials developed by the Consultant
that, under applicable law, may not be considered works made for hire, are hereby assigned to the Company without the need for
any further consideration, and the Consultant agrees to take such further action, including executing such instruments and documents
as the Company may reasonably request, to evidence such assignment.

 

(f)               
No License. The Consultant understands that this Agreement does not, and shall not be construed to, grant
the Consultant any license or right of any nature with respect to any Proprietary Materials, Moral Rights, any Confidential Information,
materials, software or other tools made available to him or her by the Company, or other intellectual property rights relating
thereto.

 

(g)              
Maintenance of Records. Consultant shall keep and maintain adequate and current written records of all Company
Inventions made or conceived by Consultant or Consultant’s personnel (solely or jointly with others) during the term of the
Relationship. The records may be in the form of notes, sketches, drawings, flow charts, electronic data or recordings, laboratory
notebooks, or any other format. The records will be available to and remain the sole property of the Company at all times. Consultant
shall not remove such records from the Company’s place of business or systems except as expressly permitted by Company policy
which may, from time to time, be revised at the sole election of the Company for the purpose of furthering the Company’s
business. Consultant shall deliver all such records (including any copies thereof) to the Company at the time of termination of
the Relationship as provided for in Section 6 and Section 7.

 

(h)              
Intellectual Property Rights. Consultant shall assist the Company, or its designee, at its expense, in every
proper way in securing the Company’s, or its designee’s, rights in the Company Inventions and any copyrights, patents,
trademarks, mask work rights, Moral Rights, or other intellectual property rights relating thereto in any and all countries, including
the disclosure to the Company or its designee of all pertinent information and data with respect thereto, the execution of all
applications, specifications, oaths, assignments, recordations, and all other instruments which the Company or its designee shall
deem necessary in order to apply for, obtain, maintain and transfer such rights, or if not transferable, waive and shall never
assert such rights, and in order to assign and convey to the Company or its designee, and any successors, assigns and nominees
the sole and exclusive right, title and interest in and to such Company Inventions, and any copyrights, patents, mask work rights
or other intellectual property rights relating thereto. Consultant’s obligation to execute or cause to be executed, when
it is in Consultant’s power to do so, any such instrument or papers shall continue during and at all times after the end
of the Relationship and until the expiration of the last such intellectual property right to expire in any country of the world.
Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Consultant’s
agent and attorney-in-fact, to act for and in Consultant’s behalf and stead to execute and file any such instruments and
papers and to do all other lawfully permitted acts to further the application for, prosecution, issuance, maintenance or transfer
of letters patent, copyright, mask work and other registrations related to such Company Inventions. This power of attorney is coupled
with an interest and shall not be affected by Consultant’s subsequent incapacity.

 

    -7-

     

    

 

(i)                
Exception to Assignments. Subject to the requirements of applicable state law, if any, exempting certain Company
Inventions, from the assignment provisions of this Agreement, Consultant understands that all Company Inventions must be, and are,
assigned to the Company pursuant to this Agreement In order to assist in the determination of which inventions qualify for such
state law exclusion, Consultant will advise the Company promptly in writing, during and for a period of forty-eight (48) months
immediately following the termination of the Relationship, of all Inventions solely or jointly conceived or developed or reduced
to practice by Consultant or Consultant’s personnel during the period of the Relationship.

 

6.                 
Company Property; Returning Company Documents. Consultant acknowledges that Consultant has no expectation
of privacy with respect to the Company’s telecommunications, networking or information processing systems (including, without
limitation, files, e-mail messages, and voice messages) and that Consultant’s activity and any files or messages on or using
any of those systems may be monitored or reviewed at any time without notice. Consultant further acknowledges that any property
situated on the Company’s premises or systems and owned by the Company, including disks and other storage media, filing cabinets
or other work areas, is subject to inspection by Company personnel at any time with or without notice. At the time of termination
of the Relationship, Consultant will deliver to the Company (and will not keep in Consultant’s possession, recreate or deliver
to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings,
blueprints, sketches, laboratory notebooks, materials, flow charts, equipment, other documents or property, or reproductions of
any of the aforementioned items developed by Consultant or Consultant’s personnel pursuant to the Relationship or otherwise
belonging to the Company, its successors or assigns.

 

7.                 
Termination Certification. In the event of the termination of the Relationship, Consultant shall sign and
deliver the “Termination Certification” attached hereto as Exhibit B; however, Consultant’s
failure to sign and deliver the Termination Certification shall in no way diminish Consultant’s continuing obligations under
this Agreement.

 

8.                 
Notice to Third Parties. During the periods of time during which Consultant is restricted in taking certain
actions by the terms of Section 9 of this Agreement (the “Restriction Period”), Consultant shall
inform any entity or person with whom Consultant may seek to enter into a business relationship (whether as an owner, employee,
independent contractor or otherwise) of Consultant’s contractual obligations under this Agreement. Consultant acknowledges
that the Company may, with or without prior notice to Consultant and whether during or after the term of the Relationship, notify
third parties of Consultant’s agreements and obligations under this Agreement. Upon written request by the Company, Consultant
will respond to the Company in writing regarding the status of Consultant’s engagement or proposed engagement with any party
during the Restriction Period.

 

    -8-

     

    

 

9.                 
Solicitation of Employees, Consultants and Other Parties. As described above, Consultant acknowledges that
the Company’s Confidential Information includes information relating to the Company’s employees, consultants, customers
and others, and Consultant will not use or disclose such Confidential Information except as authorized by the Company in advance
in writing. Consultant further agrees as follows:

 

(a)              
Employees, Consultants. During the term of the Relationship, and for a period of twelve (12) months immediately
following the termination of the Relationship for any reason, whether with or without cause, Consultant shall not, directly or
indirectly, solicit any of the Company’s employees or consultants to terminate their relationship with the Company, or attempt
to solicit employees or consultants of the Company, either for Consultant or for any other person or entity.

 

(b)              
Other Parties. During the term of the Relationship, Consultant will not influence any of the Company’s
clients, licensors, licensees or customers from purchasing Company products or services or solicit or influence or attempt to influence
any client, licensor, licensee, customer or other person either directly or indirectly, to direct any purchase of products and/or
services to any person, firm, corporation, institution or other entity in competition with the business of the Company. 

 

10.             
No Change to Duration of Relationship. Consultant understands and acknowledges that this Agreement does not
alter, amend or expand upon any rights Consultant may have to continue in the consulting relationship with, or in the duration
of Consultant’s consulting relationship with, the Company under any existing agreements between the Company and Consultant,
including without limitation the Consulting Agreement, or under applicable law.

 

11.             
Representations and Covenants.

 

(a)       Facilitation of
Agrement. Consultant shall execute promptly, both during and after the end of the Relationship, any proper oath, and to
verify any proper document, required to carry out the terms of this Agreement, upon the Company’s written request to do so.

 

(b)       No Conflicts.
Consultant represents and warrants that Consultant’s performance of all the terms of this Agreement does not and will
not breach any agreement Consultant has entered into, or will enter into, with any third party, including without limitation any
agreement to keep in confidence proprietary information or materials acquired by Consultant in confidence or in trust prior to
or during the Relationship. Consultant will not disclose to the Company or use any inventions, confidential or non-public proprietary
information or material belonging to any previous client, employer or any other party. Consultant will not induce the Company to
use any inventions, confidential or non-public proprietary information, or material belonging to any previous client, employer
or any other party. Consultant represents and warrants that Consultant has listed on Exhibit C all agreements (e.g.,
non-competition agreements, non-solicitation of customers agreements, non-solicitation of employees agreements, confidentiality
agreements, inventions agreements, etc.), if any, with a current or former client, employer, or any other person or entity, that
may restrict Consultant’s ability to perform services for the Company or Consultant’s ability to recruit or engage
customers or service providers on behalf of the Company, or otherwise relate to or restrict Consultant’s ability to perform
Consultant’s duties for the Company or any obligation Consultant may have to the Company. Consultant shall not enter into
any written or oral agreement that conflicts with the provisions of this Agreement.

 

    -9-

     

    

 

(c)       No Other Consulting
Agreements. Consultant represents and warrants that Consultant does not presently perform nor will he perform, during the
term of the Agreement, consulting or other services for, or engage in or intend to engage in an employment relationship with, companies
whose businesses or proposed businesses in any way, in the opinion of the Company, involve products or services which would be
competitive with the Company’s products or services, or those products or services proposed or in development by the Company
during the term of the Agreement or would adversely affect the Consult’s ability to perform the Services hereunder. If, however,
Consultant desire to perform such services for a third party, Consultant agrees that, in advance of accepting such work, Consultant
will promptly notify the Company in writing, specifying the organization with which Consultant proposes to consult, provide services,
or become employed by and to provide information sufficient to allow the Company to determine if such work would conflict with
the terms of this Agreement, including the terms of the Confidentiality Agreement (defined below), the interests of the Company
or further services which the Company might request of Consultant. If the Company determines, in its so discretion, that such work
conflicts with the terms of this Agreement, the Consultant shall not undertake such engagements. Nothing herein shall be deemed
to release the Consultant with respect to his obligations with respect to the Confidential Information pursuant to this Agreement.

 

(d)      Non-Competition and Non-Solicitation
and Non-Circumvention.

 

(i)       Non-Competition.
 Except as authorized by the Company’s Board of Directors, during the term of the Relationship and for a period of
twelve (12) months thereafter, the Consultant will not (except as an officer, director, stockholder, employee, agent or
consultant of the Company or any subsidiary or affiliate thereof) either directly or indirectly, whether or not for
consideration, (i) in any way, directly or indirectly, solicit, divert, or take away the business of any person who is or was
a customer of the Company, or in any manner influence such person to cease doing business in part or in whole with Company;
(ii) engage in a Competing Business; or (iii) except for investments or ownership in public entities, mutual funds and
similar investments, none of which constitute more than 5% of the ownership (provided such ownership interest is acquired
solely for investment purposes) or control of such entities, own, operate, control, finance, manage, advise, be employed by
or engaged by, perform any services for, invest or otherwise become associated in any capacity with any person engaged in a
Competing Business; or (iv) engage in any practice the purpose or effect of which is to intentionally evade the provisions of
this covenant. For purposes of this section, “Competing Business” means any company or business which is
engaged directly or indirectly in any Company Business carried on or planned to be carried on (if such plans were developed
the term of the Relationship) by the Company; and “Company Business” means the Company’s business
activities and operations as conducted during the term of the Relationship and all products conceived, planned, researched,
developed, tested, manufactured, sold, licensed, leased or otherwise distributed or put into use by the Company, together
with all services provided or planned by the Company, during your relationship with the Company.

 

    -10-

     

    

 

(ii)       Non-Solicitation
and Non-Circumvention. For a period of twelve (12) months following the termination of the Relationship, the Consultant
will not directly or indirectly, whether for your account or for the account of any other individual or entity, solicit or canvas
the trade, business or patronage of, or sell to, any individuals or entities that were investors, customers or employees of the
Company during the term of this Agreement, or prospective customers with respect to whom a sales effort, presentation or proposal
was made by the Company or its affiliates, during the one year period prior to the termination of the Relationship. Without limiting
the foregoing, the Consultant shall not, directly or indirectly (i) solicit, induce, enter into any agreement with, or attempt
to influence any individual who was an employee or consultant of the Company at any time during the term of Relationship, to terminate
his or her employment relationship with the Company or to become employed or engaged by the Consultant or any individual or entity
by which the Consultant are employed or for which you are acting as a consultant or other advisory capacity, and/or (ii) interfere
in any other way with the employment, or other relationship, of any employee of, or consultant to, the Company.

 

(iii)        Injunctive
Relief.  The Consultant acknowledges and agrees that the covenants and obligations of the Consultant set forth in
this Agreement relate to special, unique and extraordinary Services rendered by the Consultant to the Company and that a violation
of any of the terms of such covenants and obligations will cause the Company irreparable injury for which adequate remedies are
not available at law.  Therefore, the Consultant agrees that the Company shall be entitled to seek an injunction, restraining
order or other temporary or permanent equitable relief (without the requirement to post bond) restraining the Consultant from committing
any violation of the covenants and obligations contained herein.  These injunctive remedies are cumulative and are in addition
to any other rights and remedies the Company may have at law or in equity.

 

    -11-

     

    

 

(e)       Voluntary Execution.
Consultant certifies and acknowledges that Consultant has carefully read all of the provisions of this Agreement, that Consultant
understands and has voluntarily accepted such provisions, and that Consultant will fully and faithfully comply with such provisions.

 

12.             
Electronic Delivery. Nothing herein is intended to imply a right to participate in any of the Company’s
equity incentive plans, however, if Consultant does participate in such plan(s), the Company may, in its sole
discretion, decide to deliver any documents related to Consultant’s participation in the Company’s equity incentive
plan(s) by electronic means or to request Consultant’s consent to participate in such plan(s) by electronic means. Consultant
hereby consents to receive such documents by electronic delivery and agrees, if applicableto participate in such
plan(s) through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

 

13.             
Miscellaneous.

 

(a)              
Governing Law. The validity, interpretation, construction and performance of this Agreement, and all acts
and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted
in accordance with the laws of the state of Nevada, without giving effect to principles of conflicts of law. Consultant acknowledges
that he may not have the rights and privileges under applicable Nevada law that he might otherwise have under the applicable laws
of the United Kingdom with respect to this Agreement which he hereby knowingly and willingly waives.

 

(b)              
Entire Agreement. Except as described in Section 3, this Agreement sets forth the entire agreement
and understanding between the Company and Consultant relating to its subject matter and merges all prior discussions between the
parties to this Agreement. No amendment to this Agreement will be effective unless in writing signed by both parties to this Agreement.
The Company shall not be deemed hereby to have waived any rights or remedies it may have in law or equity, nor to have given any
authorizations or waived any of its rights under this Agreement, unless, and only to the extent, it does so by a specific writing
signed by a duly authorized officer of the Company. Any subsequent change or changes in Consultant’s duties, obligations,
rights or compensation will not affect the validity or scope of this Agreement.

 

(c)              
Successors and Assigns. This Agreement will be binding upon Consultant’s successors and assigns, and
will be for the benefit of the Company, its successors, and its assigns.

 

(d)              
Notices. Any notice, demand or request required or permitted to be given under this Agreement shall be in
writing and shall be deemed sufficient when delivered personally or by overnight courier or sent by email, or 48 hours after being
deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such
party’s address as set forth on the signature page, as subsequently modified by written notice, or if no address is specified
on the signature page, at the most recent address set forth in the Company’s books and records.

 

    -12-

     

    

 

(e)              
Severability. If one or more of the provisions in this Agreement are deemed void or unenforceable to any extent
in any context, such provisions shall nevertheless be enforced to the fullest extent allowed by law in that and other contexts,
and the validity and force of the remainder of this Agreement shall not be affected. The Company and Consultant have attempted
to limit Consultant’s right to use, maintain and disclose the Company’s Confidential Information, and to limit Consultant’s
right to solicit employees and customers only to the extent necessary to protect the Company from unfair competition. Should a
court of competent jurisdiction determine that the scope of the covenants contained in Section 9 and 11 exceeds the
maximum restrictiveness such court deems reasonable and enforceable, the parties intend that the court should reform, modify and
enforce the provision to such narrower scope as it determines to be reasonable and enforceable under the circumstances existing
at that time. In the event that any court or government agency of competent jurisdiction determines that, notwithstanding the terms
of the Consulting Agreement specifying Consultant’s Relationship with the Company as that of an independent contractor, Consultant’s
provision of services to the Company is not as an independent contractor but instead as an employee under the applicable laws,
then solely to the extent that such determination is applicable, references in this Agreement to the Relationship between Consultant
and the Company shall be interpreted to include an employment relationship, and this Agreement shall not be invalid and unenforceable
but shall be read to the fullest extent as may be valid and enforceable under the applicable laws to carry out the intent and purpose
of this Agreement.

 

(f)               
Remedies. Consultant acknowledges that violation of this Agreement by Consultant may cause the Company irreparable
harm, and therefore Consultant agrees that the Company will be entitled to seek extraordinary relief in court, including, but not
limited to, temporary restraining orders, preliminary injunctions and permanent injunctions without the necessity of posting a
bond or other security (or, where such a bond or security is required, that a $1,000 bond will be adequate), in addition to and
without prejudice to any other rights or remedies that the Company may have for a breach of this Agreement.

 

(g)              
Advice of Counsel. Consultant acknowledges THAT, IN EXECUTING
THIS AGREEMENT, Consultant Has HAD THE OPPORTUNITY TO SEEK THE ADVICE OF INDEPENDENT
LEGAL COUNSEL, AND Consultant Has read and understands ALL OF THE TERMS AND PROVISIONS
OF THIS AGREEMENT. THIS AGREEMENT SHALL NOT BE CONSTRUED AGAINST ANY PARTY BY REASON OF THE DRAFTING OR PREPARATION HEREOF.

 

(h)              
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed
and delivered shall be deemed an original, and all of which together shall constitute one and the same agreement. Execution of
a facsimile or scanned copy will have the same force and effect as execution of an original, and a facsimile or scanned signature
will be deemed an original and valid signature.

 

    -13-

     

    

 

(i)                
Effective Date. Regardless of the date on which this Agreement is executed by the parties hereto, the effective
date of this Agreement is June 1, 2019.

 

[Signature Page Follows]

 

 

 

 

 

 

    -14-

     

    

 

SIGNATURES

 

The parties have executed this Confidential Information
and Invention Assignment Agreement on the respective dates set forth below, to be effective as of the Effective Date first above
written.

 

the company:

 

renovacare, Inc.

 

 

By: /s/ Harmel S. Rayat_________________________

(Signature)

 

Name: Harmel S. Rayat

Title: Chief Executive Officer

 

Address:

RenovaCare, Inc.

9375 East Shea Blvd.,

Suite 107-A

Scottsdale, AZ 85260

Attention: Harmel S. Rayat

Facsimile: 604-336-8609

Email Address: hsr@renovacareinc.com

 

 

CONSULTANT:

 

Roger Esteban-Vives

(Print Name)

 

 

/s/ Roger Esteban-Vives__________________________

(Signature)

 

Address:

Roger Esteban_Viives

Flat 1, 3 Recovery St.

London, SW170DL, United Kingdom

 

Email: ________________________

 

Facsimile: ______________________

 

 

    -15-

     

    

 

EXHIBIT A

 

to the Confidential Information
and Invention Assignment Agreement dated June 4, 2019 by and between Renovacare, Inc., and Roger Esteban-Vives

 

 

 

 

 

 

 

 

    -1-

     

    

 

LIST
OF PRIOR INVENTIONS

AND ORIGINAL WORKS OF AUTHORSHIP

EXCLUDED UNDER SECTION 5(a)

 

The following is a list of all Inventions that, as of the Effective Date: (A) have been
created by Consultant or on Consultant’s behalf, and/or (B) are owned exclusively by Consultant or jointly by Consultant
with others or in which Consultant has an interest, and that relate in any way to any of the Company’s actual or proposed
businesses, products, services, or research and development, and which are not assigned to the Company hereunder:

 

	

        Title        	

   Date   	Identifying Number

or Brief Description
	 	 	 

 

 

NONE

 

 

 

Except as indicated above on this Exhibit, Consultant has no inventions, improvements
or original works to disclose pursuant to Section 5(a) of this Agreement.

 

___ Additional sheets attached

 

Signature of Consultant: /s/ Roger
Esteban-Vives______________________

 

Print Name of Consultant: Roger Esteban-Vives

 

Date: June 4, 2019

 

 

 

 

    -2-

     

    

 

 

EXHIBIT B

 

to the Confidential Information
and Invention Assignment Agreement dated June 4, 2019 by and between Renovacare, Inc., and Roger Esteban-Vives

 

 

 

 

 

 

 

    -1-

     

    

 

TERMINATION CERTIFICATION

 

This is to certify that Consultant does not have in Consultant’s
possession, nor has Consultant failed to return, any devices, records, data, notes, reports, proposals, lists, correspondence,
specifications, drawings, blueprints, sketches, laboratory notebooks, flow charts, materials, equipment, other documents or property,
or copies or reproductions of any aforementioned items belonging to [Company Name], a Nevada corporation, its subsidiaries, affiliates,
successors or assigns (collectively, the “Company”).

 

Consultant further certifies that Consultant has complied with all
the terms of the Company’s Confidential Information and Invention Assignment Agreement (the “Confidentiality Agreement”)
signed by Consultant, including the reporting of any Inventions (as defined therein), conceived or made by Consultant or Consultant’s
personnel (solely or jointly with others) covered by the Confidentiality Agreement, and Consultant acknowledges Consultant’s
continuing obligations under the Confidentiality Agreement.

 

Consultant further agrees that, in compliance with the Confidentiality
Agreement, Consultant will preserve as confidential all trade secrets, confidential knowledge, data or other proprietary information
relating to products, processes, know-how, designs, formulas, developmental or experimental work, computer programs, data bases,
other original works of authorship, customer lists, business plans, financial information or other subject matter pertaining to
any business of the Company or any of its employees, clients, consultants or licensees.

 

Consultant further agrees that for twelve (12) months immediately
following the termination of Consultant’s Relationship with the Company, Consultant shall not either directly or indirectly
solicit any of the Company’s employees or consultants to terminate their relationship with the Company, or attempt to solicit
employees or consultants of the Company, either for Consultant or for any other person or entity.

 

Further, Consultant agrees that Consultant shall not use any Confidential
Information of the Company to influence any of the Company’s clients or customers from purchasing Company products or services
or to solicit or influence or attempt to influence any client, customer or other person either directly or indirectly, to direct
any purchase of products and/or services to any person, firm, corporation, institution or other entity in competition with the
business of the Company.

 

	 	 	 
	Date: June 4, 2019_______________	 	Consultant:
	 	 	/s/ Roger Esteban-Vives_________________
	 	 	 
	 	 	Roger Esteban-Vives_______________
	 	 	(Signature)

 

 

    -2-

     

    

 

EXHIBIT C

 

to the Confidential Information
and Invention Assignment Agreement dated June 4, 2019 by and between Renovacare, Inc., and Roger Esteban-Vives

 

 

 

 

 

 

 

    -1-

     

    

 

LIST OF COMPANIES

EXCLUDED UNDER

SECTION 11(b)

 

 

 

NONE

 

 

 

__X__ No conflicts

 

__X__ No agreements under Section 11(b)

 

___ Additional sheets attached

 

 

	Consultant agrees:	/s/ Roger Esteban-Vives	 	 
	 	(Signature)	 	 
	 	 	 	 
	Print Name: Roger Esteban-Vives	Date: June 4, 2019

 

 

 

 

 

 

-2-Exhibit 4.1

 

TENTH SUPPLEMENTAL INDENTURE

 

between

 

ARES CAPITAL CORPORATION

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

Dated as of June 10, 2019

 

 

TENTH SUPPLEMENTAL INDENTURE

 

THIS TENTH SUPPLEMENTAL INDENTURE (this “Tenth Supplemental Indenture”), dated as of June 10, 2019, is between Ares Capital Corporation, a Maryland corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the Base Indenture (as defined below) unless otherwise defined herein.

 

RECITALS OF THE COMPANY

 

The Company and the Trustee executed and delivered an Indenture, dated as of October 21, 2010 (the “Base Indenture” and, as supplemented by this Tenth Supplemental Indenture, together, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in the Indenture.

 

The Company desires to issue and sell $650,000,000 aggregate principal amount of the Company’s 4.200% Notes due 2024 (the “Notes”).

 

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

 

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

 

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

 

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE I
 TERMS OF THE NOTES

 

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

 

(a)                                 The Notes shall constitute a series of Securities having the title “4.200% Notes due 2024” and shall be designated as Senior Securities under the Indenture. The Notes shall bear a CUSIP number of 04010L AX1 and an ISIN number of US04010LAX10.

 

(b)                                 The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture) shall be $650,000,000. Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate, maturity, CUSIP number and other terms as the Notes; provided that such Additional Notes must be part of the same issue as the Notes for U.S. federal income tax purposes. Any Additional Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise requires.

 

(c)                                  The entire Outstanding principal amount of the Notes shall be payable on June 10, 2024, unless earlier redeemed or repurchased in accordance with the provisions of this Tenth Supplemental Indenture.

 

(d)                                 The rate at which the Notes shall bear interest shall be 4.200% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue on the Notes shall be June 10, 2019, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be June 10 and December 10 of each year, commencing December 10, 2019 (if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including June 10, 2019 (or the most recent Interest Payment Date to which interest has been paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be May 26 and November 25 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the Corporate Trust Office of the Trustee in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. Interest on the Notes will be computed on the basis of a 360-day year of twelve 30-day months.

 

2

 

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

 

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

 

(g)                                  The Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance contained in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.06, 10.08 and 10.09 of the Indenture.

 

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

 

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

 

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

 

(b)                                 the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the Redemption Date) on the Notes to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 40 basis points; provided, however, that if the Company redeems any Notes on or after May 10, 2024, the Redemption Price for the Notes will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

 

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

 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Redemption Price and the Treasury Rate will be determined by the Company.

 

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

 

3

 

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

 

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

 

“Reference Treasury Dealer” means each of (1) BofA Securities, Inc., (2) J.P. Morgan Securities LLC and (3) Wells Fargo Securities, LLC or their respective affiliates which are primary U.S. government securities dealers and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”), the Company shall select another Primary Treasury Dealer.

 

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

 

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

 

(ii)                                  Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.

 

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

 

(iv)                              If the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected in accordance with the applicable procedures of the Trustee and, so long as the Notes are registered to the Depositary or its nominee, the Depositary; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000.

 

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

 

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

 

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

 

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

 

4

 

ARTICLE II
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

5

 

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

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any statute successor thereto, in each case as amended from time to time and the rules and regulations of the Commission promulgated thereunder.

 

“Fitch” means Fitch, Inc., also known as Fitch Ratings, or any successor thereto.

 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time.

 

“Investment Company Act” means the Investment Company Act of 1940, as amended, and the rules, regulations and interpretations promulgated thereunder, to the extent applicable, and any statute successor thereto.

 

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

 

“Permitted Holders” means (i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries and (iii) Ares Capital Management LLC or any Affiliate of Ares Capital Management LLC that is organized under the laws of a jurisdiction located in the United States of America and in the business of managing or advising clients.

 

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

 

“S&P” means Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc., or any successor thereto.

 

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

 

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

 

6

 

Section 2.02.                          Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by amending the definition of “Subsidiary” in Section 1.01 to add the following sentence at the end of such definition:

 

“In addition, for purposes of this definition, “Subsidiary” shall exclude any investments held by the Company in the ordinary course of business which are not, under GAAP, consolidated on the financial statements of the Company and its Subsidiaries.”

 

Section 2.03.                          Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by amending the definition of “Company Request” and “Company Order” in Section 1.01 as follows:

 

“Company Request” and “Company Order” mean, respectively, a written request or order signed in the name of the Company by the Chairman (or a Co-Chairman, if applicable), the Chief Executive Officer, the President (or a Co-President, if applicable) or a Vice President, and by the Chief Financial Officer, the Chief Operating Officer, if any, the Treasurer, the Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee.

 

Section 2.04.                          Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by amending the definition of “Officers’ Certificate” in Section 1.01 as follows:

 

“Officers’ Certificate” means a certificate signed by the Chairman (or a Co-Chairman, if applicable), the Chief Executive Officer, the President (or a Co-President, if applicable) or any Vice President and by the Chief Financial Officer, the Chief Operating Officer, if any, the Treasurer, the Secretary or an Assistant Secretary of the Company, and delivered to the Trustee.

 

ARTICLE III
 SECURITIES FORMS

 

Section 3.01.                          Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Two of the Base Indenture shall be amended by adding the following new Section 2.04 thereto, as set forth below:

 

“Section 2.04.                    Certificated Notes. Notwithstanding anything to the contrary in the Indenture, Notes in physical, certificated form will be issued and delivered to each person that the Depositary identifies as a beneficial owner of the related Notes only if:

 

(a)                                 the Depositary notifies the Company at any time that it is unwilling or unable to continue as depositary for the Notes in global form and a successor depositary is not appointed within 90 days;

 

(b)                                 the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days; or

 

(c)                                  an Event of Default with respect to the Notes has occurred and is continuing and such beneficial owner requests that its Notes be issued in physical, certificated form.”

 

7

 

ARTICLE IV
 REMEDIES

 

Section 4.01.                          Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by replacing clause (ii) thereof with the following:

 

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

 

Section 4.02.                          Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by replacing (iv) thereof with the following:

 

“(iv)                        the Company’s failure for 60 consecutive days after written notice from the Trustee or the Holders of at least 25% in principal amount of the Notes then Outstanding has been received to comply with any of the Company’s other agreements contained in the Notes or this Indenture;”

 

Section 4.03.                          Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended by adding the following language as clause (ix):

 

“(ix):                    default by the Company or any of its Significant Subsidiaries, with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $100 million in the aggregate of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.”

 

Section 4.04.                          Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.02 of the Base Indenture shall be amended by replacing the first paragraph of Section 5.02 with the following:

 

“If an Event of Default with respect to the Notes occurs and is continuing, then and in every such case (other than an Event of Default specified in Section 5.01(v) or 5.01(vi)), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal of all the Outstanding Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such

 

8

 

principal shall become immediately due and payable; provided that 100% of the principal of, and accrued and unpaid interest on, the Notes will automatically become due and payable in the case of an Event of Default specified in Section 5.01(v) or 5.01(vi) hereof.

 

Section 4.05.                          Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 5.12 of the Base Indenture shall be amended by replacing clause (iii) thereof with the following:

 

“the Trustee need not take any action that it determines in good faith may involve it in personal liability or be unjustly prejudicial to the Holders of Notes not consenting.”

 

ARTICLE V
 COVENANTS

 

Section 5.01.                          Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following new Sections 10.08, and 10.09 thereto, each as set forth below:

 

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

 

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

 

“Section 10.09  Commission Reports and Reports to Holders.

 

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

 

ARTICLE VI
 SUCCESSOR COMPANIES

 

Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Eight of the Base Indenture shall be amended by replacing Section 8.01 with the following:

 

“Section 8.01  Merger, Consolidation or Sale of Assets.

 

The Company shall not merge or consolidate with or into any other Person (other than a merger of a wholly owned Subsidiary of the Company into the Company) or sell, transfer, lease, convey or otherwise dispose of all or substantially all of its property (provided that, for the avoidance of doubt, a

 

9

 

pledge of assets pursuant to any secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, transfer, lease, conveyance or disposition) in one transaction or series of related transactions unless:

 

(a)                                 the Company shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company) formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation or limited liability company organized and existing under the laws of the United States of America or any state or territory thereof;

 

(b)                                 the Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes Outstanding, and the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed by the Company;

 

(c)                                  immediately before and immediately after giving effect to such transaction or series of related transactions, no Default or Event of Default shall have occurred and be continuing; and

 

(d)                                 the Company shall deliver, or cause to be delivered, to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto comply with this Section 8.01 and that all conditions precedent in this Indenture relating to such transaction have been complied with.

 

For the purposes of this Section 8.01, the sale, transfer, lease, conveyance or other disposition of all the property of one or more Subsidiaries of the Company, which property, if held by the Company instead of such Subsidiaries, would constitute all or substantially all the property of the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all the property of the Company.”

 

ARTICLE VII
 OFFER TO REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT

 

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

 

“Section 13.01                Change of Control.

 

If a Change of Control Repurchase Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make an offer to each Holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof) of that Holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will mail a notice to each Holder describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control

 

10

 

Repurchase Event occurring on or prior to the payment date specified in the notice. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VIII
 MISCELLANEOUS

 

Section 8.01.                          This Tenth Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction. This Tenth Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision of the Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture Act, the imposed duties will control.

 

Section 8.02.                          In case any provision in this Tenth Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

11

 

Section 8.03.                          This Tenth Supplemental Indenture may be executed in any number of counterparts, each of which will be an original, but such counterparts will together constitute but one and the same Tenth Supplemental Indenture. The exchange of copies of this Tenth Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute effective execution and delivery of this Tenth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their original signatures for all purposes.

 

Section 8.04.                          The Base Indenture, as supplemented and amended by this Tenth Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Tenth Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions included in this Tenth Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Indenture, as supplemented by this Tenth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Indenture, as supplemented by this Tenth Supplemental Indenture.

 

Section 8.05.                          The provisions of this Tenth Supplemental Indenture shall become effective as of the date hereof.

 

Section 8.06.                          Notwithstanding anything else to the contrary herein, the terms and provisions of this Tenth Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under the Indenture and this Tenth Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the Indenture, whether now or hereafter issued and Outstanding.

 

Section 8.07.                          The recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Tenth Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Tenth Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof.

 

12

 

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

 

	
 
    	
ARES   CAPITAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Penni F. Roll
    
	
 
    	
Name:
    	
Penni   F. Roll
    
	
 
    	
Title:
    	
Chief   Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
U.S.   BANK NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Karen R. Beard
    
	
 
    	
Name:
    	
Karen   R. Beard
    
	
 
    	
Title:
    	
Vice   President
    
					

 

[Signature Page to Tenth Supplemental Indenture]

 

 

Exhibit A — Form of Global Note

 

This Security is a Global Note within the meaning of the Indenture hereinafter referred to and is registered in the name of The Depository Trust Company or a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered, in the name of any Person other than The Depository Trust Company or a nominee thereof, except in the limited circumstances described in the Indenture.

 

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

 

Ares Capital Corporation

 

	
No.     
    	
$          
    
	
 
    	
CUSIP No. 04010L AX1
    
	
 
    	
 
    
	
 
    	
ISIN No. US04010LAX10
    

 

4.200% Notes due 2024

 

Ares Capital Corporation, a corporation duly organized and existing under the laws of Maryland (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of                  (U.S. $            ) on June 10, 2024, and to pay interest thereon from June 10, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 10 and December 10 in each year, commencing December 10, 2019, at the rate of 4.200% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be May 26 and November 25 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series.

 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Trustee in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

 

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

 

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

 

2

 

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

 

	
Dated:
    	
    
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARES CAPITAL   CORPORATION
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    

 

3

 

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

 

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

 

4

 

Ares Capital Corporation

4.200% Notes due 2024

 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of October 21, 2010 (herein called the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by the Tenth Supplemental Indenture, relating to the Securities, dated as of June 10, 2019, by and between the Company and the Trustee (herein called the “Tenth Supplemental Indenture”; and the Tenth Supplemental Indenture and the Base Indenture together are herein called the “Indenture”).  In the event of any conflict between the Base Indenture and the Tenth Supplemental Indenture, the Tenth Supplemental Indenture shall govern and control.

 

This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $            .  Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking and the same interest rate, maturity, CUSIP number and other terms as the Securities, provided that such Additional Securities must be part of the same issue as the Securities for U.S. federal income tax purposes.  Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to the relevant Securities herein shall include the Additional Securities unless the context otherwise requires.  The aggregate amount of Outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.

 

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

 

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

 

(b)                                 the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 40 basis points; provided, however, that if the Company redeems any Securities on or after May 10, 2024, the Redemption Price for the Securities will be equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding the Redemption Date.

 

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

 

5

 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.  The Redemption Price and the Treasury Rate will be determined by the Company.

 

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

 

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

 

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

 

“Reference Treasury Dealer” means each of (1) BofA Securities, Inc., (2) J.P. Morgan Securities LLC and (3) Wells Fargo Securities, LLC or their affiliates which are primary U.S. government securities dealers and their respective successors; provided, however, that if any of the foregoing or their affiliates shall cease to be a primary U.S. government securities dealer in the United States (a “Primary Treasury Dealer”), the Company shall select another Primary Treasury Dealer.

 

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

 

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

 

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

 

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

 

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

 

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

 

6

 

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

 

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

 

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

 

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

 

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

 

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

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his

 

7

 

attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

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

 

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

 

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

 

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

 

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

 

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

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]