Document:

EX-10.1

 Exhibit 10.1 

SYNOPSYS, INC. 

EXECUTIVE SEVERANCE BENEFIT AND TRANSITION PLAN 

SECTION 1.    INTRODUCTION. 

The Synopsys, Inc. Executive Severance Benefit and Transition Plan (the “Plan”) was established effective
February 8, 2021. The purpose of the Plan is to provide for the payment of benefits to certain eligible executive employees of the Company if such employees are subject to qualifying employment terminations not in connection with a change of
control of the Company. The payment of benefits to Eligible Employees (as defined below) in connection with a change of control is separately provided for in the CoC Severance Plan. This Plan shall supersede, as to any Eligible Employee, any
severance benefit plan, policy, or practice previously maintained by the Company, other than the CoC Severance Plan or change of control or severance benefits set forth in an equity incentive plan. Any change of control and/or severance benefits set
forth in an equity incentive plan in respect of an equity award held by the Eligible Employee at the time of his or her Covered Termination (as defined below) shall apply as set forth in such plan, and, such awards shall also receive the benefits
described herein, provided that in no event will an Eligible Employee become vested as to more than 100% of the shares subject to his or her then-outstanding equity award. This Plan shall not supersede or otherwise amend any severance plan, policy,
or practice of the Company with respect to individuals who are not Eligible Employees. This document also constitutes the Summary Plan Description for the Plan. 

SECTION 2.    ELIGIBILITY FOR BENEFITS. 

(a)    General Rules. Subject to the limitations set forth in this Section 2, Section 3 and
Section 4, in the event of an Eligible Employee’s Involuntary Termination Without Cause or Termination for Good Reason, the Company shall provide the severance benefits described in Section 3 to each affected Eligible Employee. 

For purposes of this Plan, “Eligible Employee” means an employee of the Company (A) who is (i) a Section 16 Officer
or (ii) a Corporate Staff Member; (B) who has received, signed and timely returned a Participation Notice; and (C) whose employment with the Company terminates due to an Involuntary Termination Without Cause or Termination for Good
Reason. 
 (b)    Exceptions to Benefit Entitlement. An employee, including an employee who otherwise is
an Eligible Employee, will not receive benefits under the Plan (or will receive reduced benefits under the Plan) in the following circumstances: 

(i)    the employee’s employment terminates or is terminated for any reason other than an
Involuntary Termination Without Cause or a Termination for Good Reason; 
 (ii)    the employee
accepts employment with another entity that is controlled (directly or indirectly) by the Company or is otherwise an affiliate of the Company; 

(iii)    the employee does not confirm in writing that he or she shall be subject to the provisions
of the employee’s proprietary information and confidentiality agreement with the Company in such form as is requested by the Company; 

(iv)    the employee is rehired by the Company prior to the date benefits under the Plan are
scheduled to be paid or otherwise commence; 
 (v)    the employee (i) refuses to provide the
transition services contemplated by Section 3(a) hereof that are requested by the Company, if any, (ii) resigns from such services prior to the end of the transition services period requested by the Company or (iii) is terminated by
the Company during such transition services period for one of the reasons set forth in Section 6(m)(i) through 6(m)(iv) hereof; or 

(vi)    the employee’s Covered Termination would entitle such employee to be eligible to
receive benefits under the CoC Severance Plan. 

  
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 (c)    Termination or Return of Benefits. An Eligible
Employee’s right to receive benefits under this Plan shall terminate immediately (and, subject to applicable law, any benefits received pursuant to this Plan shall be immediately returned to the Company, including, without limitation, any stock
that has vested or been accelerated as described under the Plan and the cash proceeds from any sale or other disposition thereof) either (A) if the Company establishes (whether before or after the Eligible Employee’s termination of
employment) that the Eligible Employee engaged in any of the behavior described in Section 6(m)(i) through 6(m)(iv) of the Plan or (B) if, at any time prior to (including, without limitation during the transition services period, if any,
contemplated by Section 3(a) hereof) or during the twelve (12) month period following a Covered Termination, the Eligible Employee, without the prior written approval of the Plan Administrator: 

(i)    willfully breaches a material provision of the Eligible Employee’s proprietary
information and confidentiality agreement with the Company, as referenced in Section 2(b)(iii); 

(ii)    either directly or indirectly, on Eligible Employee’s own behalf or on behalf of any
other person or entity, by or through any means including but not limited to social media: (i) solicits, invites, induces, causes, or encourages any director, officer, employee, agent, representative, consultant, or contractor of the Company to
alter or terminate his, her, or its employment, relationship, or affiliation with the Company; (ii) interferes or attempts to interfere with any aspect of the relationship between the Company and any such director, officer, employee, agent,
representative, consultant, or contractor; or (iii) engages, hires, or employs, or causes to be engaged, hired, or employed, in any capacity whatsoever, any such director, officer, employee, agent, representative, consultant, or contractor;

 (iii)    for any reason, on Eligible Employee’s own behalf or on behalf of any other
person or entity, by or through any means including but not limited to social media: solicits, invites, induces, causes or encourages any of the Company’s then current clients, customers, suppliers, vendors, distributors, licensors, licensees
or other third party (or any such person or entity whose business the Company was then soliciting or attempting to solicit) to terminate or materially diminish their existing business relationship with the Company or interferes in any other manner
with any existing business relationship between the Company and any then current client, customer, supplier, vendor, distributor, licensor, licensee or other third party (or any such person or entity whose business the Company was then soliciting or
attempting to solicit); 
 (iv)    directly or indirectly, through any means including but not
limited to social media, makes any derogatory, disparaging or negative comments about the products, officers, directors, consultants or employees of the Company or any joint venture partner of the Company (other than providing information to any
governmental agency to the extent required by law, or giving truthful testimony in response to direct questions asked pursuant to a lawful subpoena or other legal process); or 

(v)    breaches Section 4(e). 

SECTION 3.    AMOUNT OF BENEFITS. 

In the event an Eligible Employee incurs a Covered Termination, the Eligible Employee shall receive the benefits set forth in this
Section 3, subject, however, to the requirement to provide transition services, if any, requested by the Company described in this Section 3, satisfying the release requirements described in this Section 3, the payment provisions set
forth in Section 5 and the other limitations and exclusions set forth in this Plan. 
 (a)    Transition
Services. In recognition of the special, unique, unusual, extraordinary, or intellectual character of the services provided by Eligible Employee, the Company (through the action of its Chief Executive Officer(s)) may, in the case of a Covered
Termination, request, as a condition of receiving benefits under the Plan, that an Eligible Employee provide transition services to the Company in the capacity of an employee for up to nine (9) months after (i) notice of the Covered
Termination has been given by the Company to the Eligible Employee in the case of an Involuntary Termination Without Cause or (ii) the Company has failed to cure the conduct that is the basis for the Termination for Good Reason in the case of
such a termination, as applicable. Such transition services will require that the Eligible Employee continue to actively work at a rate greater than fifty percent (50%) of full-time employment status, and shall not constitute a Separation from
Service for purposes of this Plan. During such transition services period, the Eligible Employee’s status will change and the Eligible Employee will cease to be a Section 16 Officer or Corporate Staff Member and, except as described in
Section 3(c), shall cease to participate in any Company cash incentive or bonus plan. During such transition services period, the Eligible Employee will continue to (i) receive a base salary at the rate then currently in effect (or such
higher rate in effect immediately prior to a reduction that is a basis of the Eligible Employee’s Termination for Good Reason), in each case, 

  
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proportionately reduced to reflect the Eligible Employee’s part-time employment during such transition services period, (ii) be eligible for coverage under the Company’s employee
benefit plans subject to the terms thereof, and (iii) vest in Eligible Employee’s then-outstanding compensatory equity awards. Notwithstanding the foregoing, during such transition services period, the Eligible Employee shall not be
eligible to make any deferred compensation elections under any Company plan or arrangement, but any elections already made shall be implemented in accordance with their terms. In the event that the Company requests the transition services
contemplated by this Section 3(a) in connection with a Covered Termination, in addition to the release described below in Section 3(g), the Eligible Employee must execute and not revoke an effective transition and general release agreement
(reflecting the terms contemplated by this Section 3(a) and otherwise having such terms and conditions as determined in the Company’s sole discretion) in order to be eligible to receive benefits under the Plan. The Company must provide a
copy of such agreement to the Eligible Employee not more than ten (10) days after such transition services commence. 

(b)    Cash Severance Benefits. The Company shall make a single lump sum payment equal to one year of the
Eligible Employee’s Base Salary, subject to applicable tax withholdings, on the sixtieth (60th) day following his or her Separation from Service (which, in the case of an Eligible Employee
who provides the transition services contemplated by Section 3(a) hereof, is expected to occur at the end of the transition services period). 

(c)    Pro-Rated Annual Bonus. In the event that, in the third or
fourth quarter of the Company’s fiscal year (i) notice of a Covered Termination is given by the Company to an Eligible Employee in the case of an Involuntary Termination Without Cause or (ii) the Company has failed to cure the conduct
that is the basis for the Termination for Good Reason in the case of such a termination, as applicable, the Eligible Employee shall be eligible to receive a pro-rated annual bonus for the fiscal year of the
Company in which such notification or failure to cure occurs, subject to applicable tax withholdings, based on actual results achieved or, if lower, target, which pro-ration shall be based on a fraction
(x) the numerator of which is the number of months of service actually served by the Eligible Employee during such fiscal year (excluding employment during the transition services period, if any contemplated by Section 4(b) hereof) and
(y) the denominator of which is twelve (12). For this purpose only, a month of service shall mean any calendar month in which an Eligible Employee so serves at least fifteen (15) days. Such pro-rated
annual bonus shall be payable at the same time as annual bonuses are paid to the Company’s active employees, but in no event later than the fifteenth (15th) day of the third (3rd) month following the end of the applicable fiscal year of the Company. 

(d)    Health Continuation Coverage. The Company shall provide Eligible Employee with a lump sum payment
equivalent to 100% of the cost of twelve (12) months of COBRA premiums for Eligible Employee’s medical and/or dental coverage in effect under the Company’s benefit plans as of immediately prior to Eligible Employee’s employment
termination, whether or not the Eligible Employee elects COBRA continuation coverage. Such payment shall be made subject to applicable tax withholding on the sixtieth (60th) day following his or
her Separation from Service (which, in the case of an Eligible Employee who provides the transition services contemplated by Section 3(a) hereof, is expected to occur at the end of the transition services period). If Eligible Employee chooses
to continue health coverage under COBRA, Eligible Employee is responsible for making a valid COBRA election and timely payment of applicable COBRA premiums when due. 

(e)    Vesting Acceleration. Effective upon the Covered Termination (or, if applicable and later, on the
last day of the transition services period contemplated by Section 3(a) hereof), the Company shall accelerate the vesting and exercisability of all of the Eligible Employee’s then-outstanding Company stock-based awards (including options,
restricted stock, stock appreciation rights and restricted stock units) that remain subject only to time-based vesting conditions (excluding, for the avoidance of doubt, stock-based awards that remain subject to performance-based vesting conditions)
but only to the extent that such awards would have vested had Employee’s employment with the Company continued for an additional six (6) months (subject, if applicable, to the exercise period post-termination set forth in the applicable
award agreement, or if none is stated, in the plan(s) pursuant to which such awards were granted). Any Company stock-based awards that are subject to, and not exempt from Code Section 409A, shall be settled at the time set forth in the
applicable award agreement or plan but only to extent necessary to avoid adverse tax consequences under Code Section 409A. 

(f)    Other Employee Benefits. All other benefits (such as life insurance, disability coverage, and 401(k)
plan coverage) shall terminate as of the Eligible Employee’s termination date, except to the extent that a conversion privilege may be available thereunder. Any such conversion coverage shall be at the Eligible Employee’s sole expense.

 (g)    Release. In order to be eligible to receive benefits under the Plan, an Eligible Employee must
execute the Company’s standard (and then-current) severance agreement and general release, and such release must become effective in accordance with its terms within sixty (60) days following the Eligible Employee’s Separation from
Service (or within such 

  
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shorter time period set forth in such release). The Company, in its sole discretion, may modify the form of the required release to comply with applicable law and shall determine the form of the
required release and follow any necessary procedure under applicable law, which may be incorporated into a termination agreement or other agreement with the Eligible Employee. The Company or any successor thereto must provide a copy of the release
to the Eligible Employee not more than ten (10) days after the Eligible Employee’s Separation from Service. 

(h)    Additional Benefits. Notwithstanding the foregoing, the Plan Administrator may, in its sole
discretion, provide benefits in addition to those pursuant to Sections 3(a), 3(b), 3(c), 3(d) and 3(e) to Eligible Employees. In addition, the Plan Administrator may, in its sole discretion, provide benefits to employees who are not Eligible
Employees but for whom there has been a termination of employment that would be a Covered Termination if such employee were an Eligible Employee. In this situation, the provision of any such benefits shall in no way obligate the Company to provide
such benefits to any other person, even if similarly situated. If benefits under the Plan are provided to a non-Eligible Employee, references in the Plan to “Eligible Employee” (with the exception of
Sections 3(a), 3(b), 3(c), 3(d) and 3(e) if provided by the Plan Administrator) shall be deemed to refer to such non-Eligible Employee. Any benefits paid pursuant to this Section 3(h) shall be paid
not later than the fifteenth (15th) day of the third (3rd) month following the end of the year in which the Eligible Employee’s or non-Eligible Employee’s rights to such benefits are no longer subject to a substantial risk of forfeiture, as determined under Treasury Regulation
Section 1.409A-1(b)(4). 
 SECTION 4.    LIMITATIONS ON BENEFITS. 

(a)    Certain Reductions. An Eligible Employee’s severance benefits under this Plan will be reduced, to
the greatest extent possible, by any other statutory or contractual severance benefits, pay in lieu of notice, or other similar benefits payable to the Eligible Employee by the Company that become payable in connection with the Eligible
Employee’s termination of employment pursuant to (i) any applicable legal requirement, including, without limitation, the WARN Act, (ii) a written employment or severance agreement or offer letter with the Company, (iii) any
Company policy or local practice providing for the Eligible Employee to remain on the payroll for a limited period of time after being given notice of the termination of the Eligible Employee’s employment, or (iv) any required salary
continuation, notice pay, statutory severance payment, or other payments either required by local law, or owed pursuant to a collective labor agreement, as a result of the termination of the Eligible Employee’s employment. The benefits provided
under this Plan are intended to satisfy, to the greatest extent possible, any and all statutory, contractual, and collective agreement obligations that may arise out of an Eligible Employee’s termination of employment, and the Company shall so
construe and implement the terms of the Plan. 
 (b)    Parachute Payments. Except as otherwise provided
in an agreement between an Eligible Employee and the Company, if any Payment would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the
“Excise Tax”, then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise
Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state, provincial and local employment taxes, income taxes, and the Excise Tax (all computed at
the highest applicable marginal rate), results in the Eligible Employee’s receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may
be subject to the Excise Tax. If a reduction in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: (1) reduction of cash
payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits paid to an Eligible Employee. Within any such
category of payments and benefits (that is, (1)-(4)), a reduction shall occur first with respect to amounts that are not “deferred compensation” within the meaning of Code Section 409A and then with respect to amounts that are
“deferred compensation”. If acceleration of vesting of compensation from an Eligible Employee’s equity awards is to be reduced, such acceleration of vesting shall be cancelled, subject to the immediately preceding sentence, by first
canceling such acceleration for the vesting installment that will vest last and continuing by canceling as a first priority such acceleration for vesting installment with the latest vesting; provided, however, that if Code Section 409A
is not applicable by law to an Eligible Employee, the Company may determine whether any similar law in the Eligible Employee’s jurisdiction applies and may be taken into account. 

(c)    Mitigation. Except as otherwise specifically provided herein, an Eligible Employee shall not be
required to mitigate damages or the amount of any payment provided under this Plan by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Plan be reduced by any compensation earned by an Eligible
Employee as a result of employment by another employer or any retirement benefits received by such Eligible Employee after the date of the Eligible Employee’s termination of employment with the Company. 

  
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 (d)    Non-Duplication
of Benefits. Except as otherwise specifically provided for herein, no Eligible Employee is eligible to receive benefits under this Plan more than one time. In addition, if an Eligible Employee’s Covered Termination makes him or her eligible
to receive benefits under the CoC Severance Plan, then the Eligible Employee will not be eligible to receive benefits under this Plan for such Covered Termination. If an Eligible Employee’s transition period, if any, has commenced under
Section 3(a) hereof and such Eligible Employee’s termination of employment is scheduled to occur at a time that would otherwise entitle the Eligible Employee to benefits under the CoC Severance Plan, the Eligible Employee shall not be
eligible to receive benefits under the CoC Severance Plan and shall instead receive benefits under this Plan. The payments pursuant to this Plan are in addition to, and not in lieu of, any unpaid salary, bonuses or benefits to which an Eligible
Employee may be entitled for the period ending prior to the Eligible Employee’s Covered Termination. 

(e)    Noncompetition. During the transition services period contemplated by Section 3(a) hereof, if
applicable, an Eligible Employee shall not serve as an officer, board member, board advisor, stockholder, owner, employee, partner, proprietor, investor, joint venture partner, affiliate, agent, representative or consultant of any other person,
corporation, firm, partnership or other entity whatsoever that competes directly or indirectly with the Company anywhere in the world, in any line of business engaged in (or reasonably planned to be engaged in) by the Company; provided,
however, that the Eligible Employee may hold, as a passive investment, up to (i) 2% of any class of securities of any private enterprise (but without active participation in the activities of such enterprise); or (ii) 1% of any class
of securities of any publicly-traded enterprise (but without active participation in the activities of such enterprise). 

(f)    Representations. Eligible Employee represents, warrants, agrees, and understands that: (i) the
covenants and agreements set forth in Sections 4(e) and 2(c) hereof are reasonable in their geographic scope, temporal duration, and the type and scope of activities they restrict; (ii) the Company’s agreement to employ Eligible Employee,
and a portion of the compensation to be paid to Eligible Employee hereunder, are in consideration for such covenants and Eligible Employee’s continued compliance therewith, and constitute adequate and sufficient consideration for such
covenants; (iii) Eligible Employee shall not raise any issue of, nor contest or dispute, the reasonableness of the geographic scope, temporal duration, or content of such covenants and agreements in any proceeding to enforce such covenants and
agreements; (iv) the enforcement of any remedy hereunder will not prevent Eligible Employee from earning a livelihood, because Eligible Employee’s past work history and abilities are such that Eligible Employee can reasonably expect to
find work in other areas and lines of business; (v) the covenants and agreements set forth in Sections 4(e) and 2(c) hereof are essential for the Company’s reasonable protection, are designed to protect the Company’s legitimate
business interests, and are necessary and implemented for legitimate business reasons; and (vi) in entering into these agreements, the Company has relied upon Eligible Employee’s representation that Eligible Employee will comply in full
with the covenants and agreements set forth in Sections 4(e) and 2(c) hereof. 
 SECTION 5.    TIME OF PAYMENT AND FORM OF BENEFITS.

 (a)    General Rules. Except as otherwise provided herein, the payment of benefits in Section 3
shall be made in accordance with and subject to the Company’s normal payroll practices. In no event shall payment of Plan benefits be made prior to the Eligible Employee’s Separation from Service (other than the base salary, employee
benefits and continued vesting of stock-based awards described in Section 3(a)) or prior to the effective date of the applicable release(s) described in Section 3(a) and Section 3(g). For the avoidance of doubt, in the event of an
acceleration of the exercisability of an option or other equity award pursuant to Section 3(e), such option or other equity award shall not be exercisable or vested with respect to such acceleration unless and until the applicable release(s)
described in Section 3(a) and Section 3(g) have become effective. 
 (b)    Application of
Section 409A. It is intended that all of the severance benefits and other payments payable under this Plan satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under
Treasury Regulation Sections 1.409A 1(b)(4), 1.409A 1(b)(5) and 1.409A 1(b)(9), and this Plan will be construed to the greatest extent possible as consistent with those provisions, to the extent applicable. The Company will determine whether any
similar law in the Eligible Employee’s jurisdiction applies and how such law will be taken into account. For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A
2(b)(2)(iii)), an Eligible Employee’s right to receive any installment payments under this Plan shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be
considered a separate and distinct payment. Notwithstanding any provision to the contrary in this Plan, if an Eligible Employee is deemed by the Company at the time of his or her Separation from Service to be a “specified employee” for
purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth herein and/or under any other agreement with the Company are deemed to be “deferred compensation,” then to the extent delayed
commencement of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Code Section 409A, such payments shall not be provided to the
Eligible Employee prior to the earliest 

  
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of (i) the expiration of the six-month period measured from the date of the Eligible Employee’s Separation from Service with the Company,
(ii) the date of his or her death or (iii) such earlier date as permitted under Code Section 409A without the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code
Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph shall be paid in a lump sum to the Eligible Employee, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No
interest shall be due on any amounts so deferred. 
 (c)    Withholding. All payments under the Plan will
be subject to all applicable withholding obligations of the Company, without limitation, obligations to withhold for federal, state, provincial and local income and employment taxes. 

(d)    Indebtedness of Eligible Employees. If an Eligible Employee is indebted to the Company on the
effective date of his or her Covered Termination, the Company reserves the right to offset any severance payments under the Plan by the amount of such indebtedness to the maximum extent permitted by applicable law. 

SECTION 6.    DEFINITIONS. 

For purposes of the Plan, the following terms are defined as follows: 

(a)    “Base Salary” means the Eligible Employee’s annual base pay (excluding
incentive pay, premium pay, commissions, overtime, bonuses and other forms of variable compensation), at the rate in effect during the last regularly scheduled payroll period immediately preceding the date of the Eligible Employee’s Covered
Termination, ignoring any reduction in Base Salary that forms the basis for a Termination for Good Reason or that occurs on account of the transition services period contemplated by Section 3(a). 

(b)    “Board” means the Board of Directors of the Company. 

(c)    “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended. 
 (d)    “CoC Severance Plan” means the Synopsys, Inc. Amended
and Restated Executive Change of Control Severance Benefit Plan, as amended from time to time or any other severance plan maintained by the Company or its Subsidiaries that provides for severance benefits in connection with a sale or other change of
control of the Company, as determined by the Plan Administrator in its sole discretion. 

(e)    “Code” means the Internal Revenue Code of 1986, as amended. 

(f)    “Company” means Synopsys, Inc. or any Subsidiary or affiliate of the
Company or any successor thereof. 
 (g)    “Corporate Staff Member” means a
member of the Company’s corporate staff as certified by the Company. 
 (h)     “Covered
Termination” means either (A) an Involuntary Termination Without Cause, or (B) a Termination for Good Reason. Termination of employment of an Eligible Employee due to death or disability shall not constitute a Covered
Termination unless a voluntary termination of employment by the Eligible Employee immediately prior to the Eligible Employee’s death or disability would have qualified as a Termination for Good Reason. For purposes of the Plan, an event
constituting a Termination for Good Reason must also constitute a Separation from Service. 

(i)    “Eligible Employee” means an employee of the Company (A) who has been
designated by the Board as (i) an “officer” under Section 16 of the Securities Exchange Act of 1934, as amended or (ii) a Corporate Staff Member; (B) who has received, signed and timely returned a Participation Notice;
and (C) whose employment with the Company terminates due to a Covered Termination. 

(j)    “Entity” means a corporation, partnership or other entity. 

(k)    “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 (l)    “Excise Tax” means the excise tax imposed by Section 4999 of the
Code. 

  
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 (m)    “Involuntary Termination Without
Cause” means a termination by the Company of an Eligible Employee’s employment relationship with the Company for any reason other than death, disability, or any of the following: 

(i)    the Eligible Employee has committed an act of personal dishonesty in connection with the
Eligible Employee’s responsibilities as a Company employee; 
 (ii)    the Eligible Employee
commits a felony or any act of moral turpitude; 
 (iii)    the Eligible Employee commits any
willful or grossly negligent act that constitutes gross misconduct and/or injures, or is reasonably likely to injure, the Company; or 

(iv)    the Eligible Employee substantially fails to perform the Eligible Employee’s job duties
and/or willfully and materially violates (A) any written policies or procedures of the Company or (B) the Eligible Employee’s obligations to the Company and that violation, if curable, continues for a period of thirty (30) days
after the Company provides the Eligible Employee written notice that describes the basis for the Company’s belief that the Eligible Employee has not substantially performed the Eligible Employee’s duties and/or willfully and materially
violated (x) any written policies or procedures of the Company or (y) the Eligible Employee’s obligations to the Company. 

(n)    “Own,” “Owned,” “Owner,” “Ownership” A person
or Entity shall be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership” of securities if such person or Entity, directly or indirectly, through any contract, arrangement,
understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities. 

(o)    “Participation Notice” means the latest notice delivered by the Company to an
employee informing the employee that the employee is a participant in the Plan. A Participation Notice shall be in such form as may be determined by the Company, which notice may be amended by the Company at any time. 

(p)    “Payment” means for purposes of Section 4(b), a payment or benefit the Eligible
Employee would receive from the Company or otherwise. 
 (q)    “Plan Administrator”
means the compensation committee of the Board. The Board may at any time administer the Plan, in whole or in part, notwithstanding that the Board has previously appointed such committee to act as the Plan Administrator. Notwithstanding the
foregoing, the Chief Executive Officer(s) of the Company shall be the Plan Administrator with the authority to approve benefits under Section 3(h) of the plan and administer such benefits with respect to
non-Eligible Employees that are neither “officers” under Section 16 of the Securities Exchange Act of 1934, as amended nor Corporate Staff Members. 

(r)    “Plan” shall mean the Synopsys, Inc. Executive Severance Benefit and Transition
Plan. 
 (s)    “Section 16 Officer” means an employee
of the Company who has been designated by the Board as means an “officer” under Section 16 of the Securities Exchange Act of 1934, as amended. 

(t)    “Separation from Service” means a “separation from service” within the
meaning of Code Section 409A and Treasury Regulation Section 1.409A-1(h), without regard to any alternative definitions thereunder. 

(u)    “Subsidiary” means, with respect to the Company, (A) any corporation of
which more than fifty percent (50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such
corporation shall have or might have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (B) any partnership in which the Company has a direct or indirect interest
(whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%). 

(v)    “Termination for Good Reason” means a termination of employment by an
Eligible Employee within sixty (60) days (or, if applicable and later, on the last day of the transition services period contemplated by Section 3(a)) after one of the following is undertaken: 

  
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 (i)    without the Eligible Employee’s
express written consent, the Company reduces the Eligible Employee’s Base Salary by more than 20%, unless such reduction is made in connection with an
across-the-board reduction of substantially all executives’ annual base salaries; or 

(ii)    without the Eligible Employee’s express written consent, a Company required relocation
of an Eligible Employee’s primary business office to a location more than seventy-five (75) miles from the location at which the Eligible Employee predominately performs duties, except for required travel by the Eligible Employee on the
Company’s business to an extent substantially consistent with the Eligible Employee’s business travel obligations. 

Notwithstanding the foregoing, a termination shall not constitute a Termination for Good Reason based on conduct described above unless
(A) within the thirty (30) day period following the occurrence of the conduct, the Eligible Employee provides the Chief Executive Officer(s) of the Company with written notice specifying (x) the particulars of the conduct and
(y) that the Eligible Employee deems such conduct to be described in (i) or (ii) of this Section 6(v), (B) the conduct described has not been cured within thirty (30) days following receipt by the Chief Executive
Officer(s) of such notice, and (C) such Eligible Employee’s resignation from all positions he or she then holds with the Company is effective not later than (i) sixty (60) days after the first occurrence of such conduct or
(ii) if applicable and later, the last day of the transition services period contemplated by Section 3(a) hereof. 

(w)    “WARN Act” means the Worker Adjustment and Retraining Notification Act. 

SECTION 7.    RIGHT TO INTERPRET PLAN; AMENDMENT AND TERMINATION. 

(a)    Exclusive Discretion. The Plan Administrator shall have the exclusive discretion and authority to
establish rules, forms, and procedures for the administration of the Plan, and to construe and interpret the Plan and to decide any and all questions of fact, interpretation, definition, computation or administration arising in connection with the
operation of the Plan, including, but not limited to, the eligibility to participate in the Plan and amount of benefits paid under the Plan, as well as any adjustments that need to be made in accordance with the laws applicable to an Eligible
Employee. The rules, interpretations, computations and other actions of the Plan Administrator shall be binding and conclusive on all persons. 

(b)    Amendment or Termination. The Company reserves the right to amend or terminate this Plan or the
benefits provided hereunder at any time. Any action amending or terminating the Plan shall be in writing and executed by the Chief Executive Officer(s) or General Counsel of the Company. 

SECTION 8.    NO IMPLIED EMPLOYMENT CONTRACT. 

The Plan shall not be deemed (i) to give any employee or other person any right to be retained in the employ of the Company, or
(ii) to interfere with the right of the Company to discharge any employee or other person at any time, with or without cause, which right is hereby reserved. 

SECTION 9.    LEGAL CONSTRUCTION. 

Subject to applicable law, this Plan is intended to be governed by and shall be construed in accordance with ERISA and, to the extent not
preempted by ERISA, the laws of the State of California. 
 SECTION 10.    CLAIMS, INQUIRIES AND APPEALS. 

(a)    Applications for Benefits and Inquiries. Any application for benefits, inquiries about the Plan or
inquiries about present or future rights under the Plan must be submitted to the Plan Administrator in writing by an applicant (or his or her authorized representative). The Plan Administrator is set forth in Section 12(d). 

(b)    Denial of Claims. In the event that any application for benefits is denied in whole or in part, the
Plan Administrator must provide the applicant with written or electronic notice of the denial of the application, and of the applicant’s right to review the denial. Any electronic notice will comply with the regulations of the U.S. Department
of Labor. The notice of denial will be set forth in a manner designed to be understood by the applicant and will include the following: 

(i)    the specific reason or reasons for the denial; 

  
 8 

 (ii)    references to the specific Plan
provisions upon which the denial is based; 
 (iii)    a description of any additional information
or material that the Plan Administrator needs to complete the review and an explanation of why such information or material is necessary; and 

(iv)    an explanation of the Plan’s review procedures and the time limits applicable to such
procedures, including a statement of the applicant’s right to bring a civil action under Section 502(a) of ERISA following a denial on review of the claim, as described in Section 10(d) below. 

This notice of denial will be given to the applicant within ninety (90) days after the Plan Administrator receives the application,
unless special circumstances require an extension of time, in which case, the Plan Administrator has up to an additional ninety (90) days for processing the application. If an extension of time for processing is required, written notice of the
extension will be furnished to the applicant before the end of the initial ninety (90) day period. 
 This notice of extension will
describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the application. 

(c)    Request for a Review. Any person (or that person’s authorized representative) for whom an
application for benefits is denied, in whole or in part, may appeal the denial by submitting a request for a review to the Plan Administrator within sixty (60) days after the application is denied. A request for a review shall be in writing and
shall be addressed to: 
 Synopsys, Inc. 

c/o: General Counsel 
 690 East
Middlefield Road 
 Mountain View, CA 94043 
 A
request for review must set forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant feels are pertinent. The applicant (or his or her representative) shall have the opportunity to
submit (or the Plan Administrator may require the applicant to submit) written comments, documents, records, and other information relating to his or her claim. The applicant (or his or her representative) shall be provided, upon request and free of
charge, reasonable access to, and copies of, all documents, records and other information relevant to his or her claim. The review shall take into account all comments, documents, records and other information submitted by the applicant (or his or
her representative) relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

(d)    Decision on Review. The Plan Administrator will act on each request for review within sixty
(60) days after receipt of the request, unless special circumstances require an extension of time (not to exceed an additional sixty (60) days), for processing the request for a review. If an extension for review is required, written
notice of the extension will be furnished to the applicant within the initial sixty (60) day period. This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator
is to render its decision on the review. The Plan Administrator will give prompt, written or electronic notice of its decision to the applicant. Any electronic notice will comply with the regulations of the U.S. Department of Labor. In the event
that the Plan Administrator confirms the denial of the application for benefits in whole or in part, the notice will set forth, in a manner calculated to be understood by the applicant, the following: 

(i)    the specific reason or reasons for the denial; 

(ii)    references to the specific Plan provisions upon which the denial is based; 

(iii)    a statement that the applicant is entitled to receive, upon request and free of charge,
reasonable access to, and copies of, all documents, records and other information relevant to his or her claim; and 

(iv)    a statement of the applicant’s right to bring a civil action under Section 502(a)
of ERISA. 
 (e)    Rules and Procedures. The Plan Administrator will establish rules and procedures,
consistent with the Plan and with ERISA, as necessary and appropriate in carrying out its responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional information in connection with an
appeal from the denial of benefits to do so at the applicant’s own expense. 

  
 9 

 (f)    Exhaustion of Remedies. No legal action for
benefits under the Plan may be brought until the applicant (i) has submitted a written application for benefits in accordance with the procedures described by Section 10(a) above, (ii) has been notified by the Plan Administrator that
the application is denied, (iii) has filed a written request for a review of the application in accordance with the appeal procedure described in Section 10(c) above, and (iv) has been notified that the Plan Administrator has denied
the appeal. Notwithstanding the foregoing, if the Plan Administrator does not respond to an applicant’s claim or appeal within the relevant time limits specified in this Section 10, the applicant may bring legal action for benefits under
the Plan pursuant to Section 502(a) of ERISA. 
 SECTION 11.    BASIS OF PAYMENTS TO AND FROM PLAN. 

The Plan shall be unfunded, and all benefits hereunder shall be paid only from the general assets of the Company. 

SECTION 12.    OTHER PLAN INFORMATION. 

(a)    Employer and Plan Identification Numbers. The Employer Identification Number assigned to the Company
(which is the “Plan Sponsor” as that term is used in ERISA) by the Internal Revenue Service is 56-1546236. The Plan Number assigned to the Plan by the Plan Sponsor pursuant to the instructions of the
Internal Revenue Service and the Department of Labor is 506. 
 (b)    Ending Date for Plan’s Fiscal
Year. The date of the end of the fiscal year for the purpose of maintaining the Plan’s records is the fiscal year ending on the Saturday that is closest to October 31. 

(c)    Agent for the Service of Legal Process. The agent for the service of legal process with respect to
the Plan is: 
 Synopsys, Inc. 

Attn: General Counsel 
 690 East
Middlefield Road 
 Mountain View, CA 94043 

(d)    Plan Sponsor and Administrator. The “Plan Sponsor” is Synopsys, Inc. and the “plan
administrator” of the Plan is the Plan Administrator both of which can be contacted at the address below: 
 Synopsys, Inc. 

c/o: General Counsel 
 690 East
Middlefield Road 
 Mountain View, CA 94043 

The Plan Sponsor’s and Plan Administrator’s telephone number is (650) 584-5000. The
Plan Administrator is the named fiduciary charged with the responsibility for administering the Plan. 
 SECTION 13.    STATEMENT OF
ERISA RIGHTS. 
 Participants in this Plan (which is a welfare benefit plan sponsored by Synopsys, Inc.) are entitled to certain
rights and protections under ERISA. If you are an Eligible Employee, you are considered a participant in the Plan for the purposes of this Section 13 and, under ERISA, you are entitled to: 

(a)    Receive Information About Your Plan and Benefits 

(i)    Examine, without charge, at the Plan Administrator’s office and at other specified
locations, such as worksites, all documents governing the Plan and a copy of the latest annual report (Form 5500 Series), if applicable, filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the
Employee Benefits Security Administration; 
 (ii)    Obtain, upon written request to the Plan
Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series), if applicable, and an updated (as necessary) Summary Plan Description. The Administrator may make a reasonable
charge for the copies; and 

  
 10 

 (iii)    Receive a summary of the Plan’s
annual financial report, if applicable. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report. 

(b)    Prudent Actions By Plan Fiduciaries. In addition to creating rights for Plan participants, ERISA
imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan
participants and beneficiaries. No one, including your employer, your union or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit or exercising your rights under ERISA. 

(c)    Enforce Your Rights. 

(i)    If your claim for a Plan benefit is denied or ignored, in whole or in part, you have a right
to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 

(ii)    Under ERISA, there are steps you can take to enforce the above rights. For instance, if you
request a copy of Plan documents or the latest annual report from the Plan, if applicable, and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the
materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. 

(iii)    If you have a claim for benefits which is denied or ignored, in whole or in part, you may
file suit in a state or Federal court. 
 (iv)    If you are discriminated against for asserting
your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to
pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous. 

(d)    Assistance With Your Questions. If you have any questions about the Plan, you should contact the Plan
Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security
Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C.
20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 

SECTION 14.    GENERAL PROVISIONS. 

(a)    Notices. Any notice, demand or request required or permitted to be given by either the Company or an
Eligible Employee pursuant to the terms of this Plan shall be in writing and shall be deemed given when delivered personally, when received electronically (including email addressed to the Eligible Employee’s Company email account and to the
Company email account of the Company’s General Counsel) or deposited in the U.S. mail, First Class with postage prepaid, and addressed to the parties, in the case of the Company, at the address set forth in Section 12(d) and, in the
case of an Eligible Employee, at the address as set forth in the Company’s employment file maintained for the Eligible Employee as previously furnished by the Eligible Employee or such other address as a party may request by notifying the other
in writing. 
 (b)    Transfer and Assignment. The rights and obligations of an Eligible Employee under
this Plan may not be transferred or assigned without the prior written consent of the Company. This Plan shall be binding upon any person who is a successor by merger, acquisition, consolidation or otherwise to the business formerly carried on by
the Company without regard to whether or not such person or entity actively assumes the obligations hereunder. 

(c)    Waiver. Any Party’s failure to enforce any provision or provisions of this Plan shall not in any
way be construed as a waiver of any such provision or provisions, nor prevent any Party from thereafter enforcing each and every other provision of this Plan. The rights granted the Parties herein are cumulative and shall not constitute a waiver of
any Party’s right to assert all other legal remedies available to it under the circumstances. 

  
 11 

 (d)    Severability. Should any provision of this Plan (or
portion thereof) be declared or determined to be invalid, illegal or unenforceable under the laws of the applicable jurisdiction, then the validity, legality and enforceability of the remaining provisions (or portion(s) thereof) shall not in any way
be affected or impaired. 
 (e)    At-Will Employment. Nothing in
this Plan shall affect the at-will employment of any Eligible Employee or any other person. 

(f)    Section Headings. Section headings in this Plan are included for convenience of reference only and
shall not be considered part of this Plan for any other purpose. 
 SECTION 15.    EXECUTION. 

To record the amendment and restatement of the Plan as set forth herein, Synopsys, Inc. has caused its duly authorized officer to execute
the same. 
  

			
	SYNOPSYS, INC.
		
	By:	 	 /s/ Jan Collinson

		 	 Jan Collinson
 Human Resources and
Facilities Officer

  
 12 

 SYNOPSYS, INC. 

EXECUTIVE SEVERANCE BENEFIT AND TRANSITION PLAN 

PARTICIPATION NOTICE 
  

			
	To:	 	
		
	Date:	 	  

 Synopsys, Inc. (the “Company”) has adopted the Synopsys, Inc. Executive
Severance Benefit and Transition Plan (the “Plan”). The Company is providing you with this Participation Notice to inform you that you qualify as a participant in the Plan. A copy of the Plan document is attached to this
Participation Notice. [Except as provided below, the][The] terms and conditions of your participation in the Plan are as set forth in the Plan, and in the event of any conflict between this Participation Notice and the Plan, the terms of the Plan
shall prevail. [In order to qualify as a participant in the Plan, you must execute and return to the Company, together with this Participation Notice, a proprietary information and confidentiality agreement in such form as is requested by the
Company.] 
 [Your participation in the Plan is modified as
follows:                ] 
 Please retain a copy of this
Participation Notice, along with the Plan document, for your records. 
  

			
	SYNOPSYS, INC.

 
			
		
	By:	 	  

	Its:	 	  

 ACKNOWLEDGEMENT 

The undersigned hereby acknowledges receipt of the foregoing Participation Notice. The undersigned acknowledges that the undersigned has been
advised to obtain tax and financial advice regarding the consequences of participating in the Plan, including the effect, if any, of Sections 409A and 4999 of the Internal Revenue Code. The undersigned further acknowledges that the undersigned
has no severance benefits [(other than with respect to awards under an equity incentive plan or the CoC Severance Plan )] except as provided by the attached Plan. 

 

	
	  

	  

	Print nameExhibit 4.1

      

      

      THIRD SUPPLEMENTAL INDENTURE

      

      

      between

      

      

      BLACKROCK TCP CAPITAL CORP.

      

      

      and

      

      

      U.S. BANK NATIONAL ASSOCIATION,

      

      

      as Trustee

      

      

      Dated as of February 9, 2021

      

      

      THIRD SUPPLEMENTAL INDENTURE

      

      

      THIS THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), dated as of February 9, 2021, is between BlackRock TCP Capital Corp., a Delaware 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 August 11, 2017 (the “Base Indenture” and, as supplemented by this Third 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 $175,000,000 aggregate principal amount of the Company’s 2.850% Notes due 2026 (the “Notes”).

      

      

      Sections 9.01(4) and 9.01(6) of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the Indenture, the Company, when authorized by or
        pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture when there is no Security
        Outstanding of any series created prior to the execution of a supplemental indenture that is entitled to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 2.01 and Section 3.01 of
        the Base Indenture.

      

      

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

      
        
          

      

      
      

      

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

      

      

      NOW, THEREFORE, THIS INDENTURE WITNESSETH:

      

      

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

      

      

      ARTICLE I

      TERMS OF THE NOTES

      

      

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

      

      

      (a)          The Notes shall constitute a series of Securities having the title “2.850% Notes due 2026” and shall be designated as Senior Securities under the Indenture. The Notes shall bear a CUSIP number of 09259E
        AB4 and an ISIN number of US09259EAB48.

      

      

      (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 $175,000,000. 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 February 9, 2026 (the “Stated Maturity”), unless earlier redeemed or repurchased in accordance with the
        provisions of this Third Supplemental Indenture.

      

      

      (d)          The rate at which the Notes shall bear interest shall be 2.850% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue on the Notes shall be
        February 9, 2021, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be February 9 and August 9 of each year, commencing August 9, 2021 (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 February 9, 2021 (or the most recent Interest Payment Date to which interest has been paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods
        from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid
        to the Person in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be January 26 and August 26 (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 Third Supplemental Indenture. Each Global Note shall represent the Outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate amount of
        Outstanding Notes from time to time endorsed thereon and that the aggregate amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a
        Global Note to reflect the amount of any increase or decrease in the amount of Outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 2.03 and 3.05 of the Base Indenture.

      

      

      (f)          The depositary for such Global Notes shall be the Depositary. 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.

      
        3

        
          

      

      

      

      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.

      

      

      “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 BofA Securities, Inc. or its affiliates which are primary U.S. government securities dealers and their respective successors; provided, however, that if BofA Securities, Inc. or its 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.

      
        4

        
          

      

      

      

      (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.

      

      

      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 the Rating Agency 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 the Rating Agency); 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 Agency 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:

      
        5

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      “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.

      

      

      “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.

      
        6

        
          

      

      

      

      “Investment Grade” means a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, if S&P 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) Tennenbaum Capital Partners, LLC or any Affiliate of Tennenbaum Capital
        Partners, 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) S&P; and (2) if 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 S&P.

      

      

      “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.

      

      

      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.”

      

      

      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:

      
        7

        
          

      

      

      

      “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.”

      

      

      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) 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 $50 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.”

            

      
        8

        
          

      

      

      

      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 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)(1) of the Investment Company Act or any successor provisions thereto of the Investment Company Act, giving effect to any exemptive relief granted to the Company by the Commission.”

      

      

      “Section 10.09 Commission Reports and Reports to Holders.

      
        9

        
          

      

      

      

      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 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.

      
        10

        
          

      

      

      

      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 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

      
        11

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      
        12

        
          

      

      

      

      Section 8.05          The provisions of this Third 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 Third Supplemental Indenture shall apply only to the Notes and shall not apply to any
        other series of Securities under the Indenture and this Third Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under the Indenture,
        whether now or hereafter issued and Outstanding.

      

      

      Section 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 Third Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Third Supplemental
        Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof. The
        rights, protections, indemnities and immunities of the Trustee and its agents as enumerated under the Base Indenture are incorporated by reference into this Third Supplemental Indenture.

      
        13

        
          

      

      

      

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

      

      

      	 	
              BLACKROCK TCP CAPITAL CORP.

            
	 	 	 
	 	
              By:

            	
              /s/ Howard M. Levkowitz

            
	 	 	
              Name: 

              

            	Howard M. Levkowitz 

            
	 	 	
              Title:   

              

            	Chief Executive Officer 

            
	 	 	 
	 	
              U.S. BANK NATIONAL ASSOCIATION,

            
	 	
              as Trustee

            
	 	 	 
	 	
              By:

            	
              /s/ Beverly A. Freeney

            
	 	 	
              Name: 

              

            	Beverly A. Freeney 

            
	 	 	
              Title: 

              

            	Vice President 

            

      

      

      [Signature Page to Third Supplemental Indenture]

      
        14

        
          

      

      

      

      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.

      

      

      BlackRock TCP Capital Corp.

      

      

      	
              No. ___

            	 	
              $____________

            
	 	 	
              CUSIP No. 09259E AB4

            
	 	 	 
	 	 	
              ISIN No. US09259EAB48

            

      

      

      2.850% Notes due 2026

      

      

      BlackRock TCP Capital Corp., a corporation duly organized and existing under the laws of Delaware (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 February 9, 2026, and to pay interest thereon from February 9, 2021 or from the
        most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on February 9 and August 9 in each year, commencing August 9, 2021, at the rate of 2.850% 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 January 26 and July 26 (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.

      
        15

        
          

      

      

      

      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.

      
        16

        
          

      

      

      

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

      

      

      Dated:___________

      

      

      	 	
              BLACKROCK TCP CAPITAL CORP.

            
	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            
	 	 	
              Title:

            

      

      

      
        17

        
          

      

      

      

      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

            

      
        18

        
          

      

      

      

      BlackRock TCP Capital Corp.

      2.850% Notes due 2026

      

      

      This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
        August 11, 2017 (herein called the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term
        includes any successor trustee under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the
        Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by the Third Supplemental Indenture, relating to the Securities, dated as of February 9, 2021, by and between the
        Company and the Trustee (herein called the “Third Supplemental Indenture”; and the Third Supplemental Indenture and the Base Indenture together are herein called the “Indenture”). In the event of any conflict between the Base
        Indenture and the Third Supplemental Indenture, the Third Supplemental Indenture shall govern and control.

      

      

      This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $175,000,000. Under a Board Resolution, Officers’ Certificate pursuant to Board
        Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking and
        the same interest rate, maturity, CUSIP number and other terms as the Securities, provided that such Additional Securities must 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.

            

      

      

      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:

      
        19

        
          

      

      

      

      “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 BofA Securities, Inc. and its affiliates which are primary U.S. government securities dealers and their respective successors; provided, however, that if
        BofA Securities, Inc. or its 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.

      
        20

        
          

      

      

      

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

      

      

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

      

      

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

      

      

      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.

      
        21

        
          

      

      

      

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

      

      

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

      

      

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

      

      

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

      

      

      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 that would cause the
        application of laws of another jurisdiction.

    

     

    

  

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