Document:

Exhibit 4.6 

 

SUTTER
ROCK Capital Corp.

 

2019 EQUITY INCENTIVE PLAN

Effective June 5, 2019

 

	1.	PURPOSE AND CERTAIN DEFINED TERMS

 

The purpose of this
2019 Equity Incentive Plan, effective June 5, 2019 (the “Plan”), is to advance the interests of the Company
(as defined below) by providing for the grant to employees and officers of options to acquire Shares (as defined below) (the “Awards”).
At all times during such periods as the Company qualifies or intends to qualify as a “business development company”
under the Investment Company Act of 1940, as amended (the “1940 Act”), the terms of the Plan shall be construed
so as to conform to the share-based compensation requirements applicable to “business development companies” under
the 1940 Act. Any employee or officer selected to receive an Award under the Plan is referred to as a “participant.”

 

The following terms,
when used in the Plan, will have the meanings and be subject to the provisions set forth below:

 

“Affiliate”
means any corporation or other entity that stands in a relationship to the Company that would result in the Company and such corporation
or other entity being treated as one employer under Section 414(b) or Section 414(c) of the Internal Revenue Code of 1986, as amended
(the “Code”), except that in determining eligibility for the grant of an Option by reason of service for an
Affiliate, Sections 414(b) and 414(c) of the Code shall be applied by substituting “at least 50%” for “at least
80%” under Section 1563(a)(l), (2) and (3) of the Code and Treas. Regs.§ 1.414(c)-2; provided, that to the extent permitted
under Section 409A, “at least 20%” shall be used in lieu of “at least 50%”; and further provided, that
the lower ownership threshold described in this definition (50% or 20% as the case may be) shall apply only if the same definition
of affiliation is used consistently with respect to all compensatory stock options or stock awards (whether under the Plan or another
plan). The Company may at any time by amendment provide that different ownership thresholds (consistent with Section 409A) apply.
Notwithstanding the foregoing provisions of this definition, except as otherwise determined by the Committee, a corporation or
other entity shall be treated as an Affiliate only if its employees would be treated as employees of the Company for purposes of
the rules promulgated under the Securities Act of 1933, as amended, with respect to the use of Form S-8.

 

“Board”
means the board of directors of the Company.

 

“Commission”
means the Securities and Exchange Commission.

 

“Committee”
means the Compensation Committee of the Board, or the Board.

  

“Compensation
Committee” means the compensation committee of the Board. The Compensation Committee shall have at least two (2) members,
each of whom shall be a “non-employee director” as defined in Rule16b-3 under the Securities Exchange Act of 1934,
as amended, and, if applicable, meets the independence requirements of the applicable stock exchange, quotation system or other
self-regulatory organization on which the common stock is traded.

 

“Company”
means Sutter Rock Capital Corp., a Maryland corporation.

 

“Disability”
means (i) a condition entitling the participant to receive income replacement benefits under a long-term disability plan of the
Company or an Affiliate, or, in the absence of such a plan, (ii) a condition entitling the participant to receive social security
disability benefits as determined by the Social Security Administration. Notwithstanding the foregoing, with respect to any Award
that constitutes a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Code, “Disability”
shall mean a “disability” as defined under Section 409A of the Code to the extent necessary to avoid the imposition
of any tax or interest or the inclusion of any amount in income thereunder. 

 

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“Effective
Date” means June 5, 2019, the date on which this Plan is adopted in accordance with a resolution of the Board and approved
by a vote of the Company’s shareholders.

 

“Performance
Criteria” or, in the singular, “Performance Criterion,” means specified criteria, other than the mere
continuation of employment or the mere passage of time, the satisfaction of which is a condition for the grant, exercisability,
vesting or full enjoyment of an Award. Examples of Performance Criteria (measured either absolutely or by reference to an index
or indices and determined either on a consolidated basis or, as the context permits, on a divisional, subsidiary, line of business,
project or geographical basis or in combinations thereof) include, but are not limited to: sales; revenues; assets; expenses; earnings
before or after deduction for all or any portion of interest, taxes, depreciation, or amortization, whether or not on a continuing
operations or an aggregate or per share basis; return on equity, investment, capital or assets; one or more operating ratios; borrowing
levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; stockholder return; sales
of particular products or services; customer acquisition or retention; acquisitions and divestitures (in whole or in part); joint
ventures and strategic alliances; spin-offs, split-ups and the like; reorganizations; or recapitalizations, restructurings, financings
(issuance of debt or equity) or refinancings. A Performance Criterion and any targets with respect thereto need not be based upon
an increase, a positive or improved result or avoidance of loss. The Committee may provide in the case of any Award intended to
qualify for such exception that one or more of the Performance Criteria applicable to such Award will be adjusted in an objectively
determinable manner to reflect events (for example, but without limitation, acquisitions or dispositions) occurring during the
performance period that affect the applicable Performance Criterion or Criteria. 

 

“Shares”
means the common stock, $.01 par value per share, of the Company. 

 

	2.	ADMINISTRATION

 

The Board has delegated
administration of the Plan to the Committee; provided that a “required majority,” as defined in Section 57(o)
of the 1940 Act, must approve each issuance of Awards in accordance with Section 61(a)(4)(B)(i)(I) of the 1940 Act. The Board
may rescind its delegation of authority to the Committee at any time and revest in the Board the administration of the Plan, in
which case references herein to the Committee shall be to the Board. The Committee shall have discretionary authority, subject
to the express provisions of the Plan, (a) to grant Awards to such Eligible Persons (defined below in Section 5 hereof) as the
Committee may select; (b) to determine the time or times when Awards shall be granted and the number of Shares subject to each
Award; (c) to determine the terms and conditions of each Award; (d) to prescribe the form or forms of any instruments evidencing
Awards and any other instruments required under the Plan and to change such forms from time to time; (e) to adopt, amend, and rescind
rules and regulations for the administration of the Plan; and (f) to interpret the Plan and to decide any questions and settle
all controversies and disputes that may arise in connection with the Plan. Subject to Section 9 hereof, the Committee shall also
have the authority, both generally and in particular instances, to waive compliance by a participant with any obligation to be
performed by him or her under an Award, to waive any condition or provision of an Award, and to amend or cancel any Award (and
if an Award is canceled, to grant a new Award on such terms as the Committee shall specify), except that the Committee may not
take any action with respect to an outstanding Award that would adversely affect the rights of the participant under such Award
without such participant’s consent. Nothing in the preceding sentence shall be construed as limiting the power of the Committee
to make adjustments required by Sections 4(d) and 6(h) hereof or by applicable law.

  

Determinations, interpretations
and constructions made by the Committee in good faith shall not be subject to review by any person and shall be final, binding
and conclusive on all persons. 

 

Notwithstanding anything
to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards and
administer the Plan with respect to such Awards and amend, suspend or terminate the Plan as provided in Section 9 of the Plan.
Any such actions by the Board shall be subject to the applicable rules of any stock exchange or national market system on which
the Shares of common stock are listed, or if not listed quoted. In any such case, the Board shall have all the authority granted
to the Committee under the Plan. 

 

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	3.	EFFECTIVE DATE AND TERM OF PLAN

 

This Plan is effective
as of the Effective Date.

 

No Awards shall be
granted under the Plan after the tenth anniversary of the Effective Date, but Awards previously granted may extend beyond that
date.

 

	4.	SHARES SUBJECT TO THE PLAN

 

(a)          Number
of Shares. Subject to Section 4(c) and adjustment as provided in Section 4(d), the aggregate number of Shares that may be the
subject of Awards granted under the Plan (which may be granted in the form of incentive stock options or non-statutory stock) shall
be 1,976,264. If an option Award granted under the Plan terminates without having been exercised in full, the number of Shares
as to which such Award was not exercised shall be available for future grants provided, however, that in the case of an
incentive stock option, the forgoing shall be subject to any limitations under the Code. Any Shares subject to an Award that are
applied towards the exercise price of an option or to satisfy any tax withholding obligation with respect to an Award shall not
again be available for future grants.

 

The maximum number
of Shares for which any option Award may be granted to any person in any calendar year shall be 988,132. The foregoing provision
will be construed in a manner consistent with Section 61 of the 1940 Act.

 

(b)          Shares
to be Delivered. Shares delivered under the Plan shall be authorized but unissued Shares, or if the Committee so decides in
its sole discretion, previously issued Shares acquired by the Company and held in its treasury. Any Shares acquired by the Company
will be acquired in accordance with the 1940 Act, including Section 23 of the 1940 Act. No fractional Shares shall be delivered
under the Plan.

 

(c)        
Limits on Number of Awards. The combined maximum amount of Shares that may be issued under the Plan will be 10% of the outstanding
Shares on the Effective Date, plus 10% of the number of Shares issued or delivered by the Company (other than pursuant to compensation
plans) during the term of the Plan. No one person shall be granted more than 25% of the Shares reserved for issuance under this
Plan. The amount of voting securities that would result from the exercise of all of the Company’s outstanding warrants, options
and rights, together with any Shares issued pursuant to the Plan, at the time of issuance shall not exceed 25% of the outstanding
voting securities of the Company, except that if the amount of voting securities that would result from the exercise of all the
Company’s outstanding warrants, options and rights issued to the Company’s officers and employees, together with any
Shares issued pursuant to the Plan, would exceed 15% of the outstanding voting securities of the Company, the total amount of voting
securities that would result from the exercise of all outstanding warrants, options and rights, together with any Shares issued
pursuant to the Plan, at the time of issuance shall not exceed 20% of the outstanding voting securities of the Company. 

 

(d)        
Changes in Shares. In the event of a Share dividend, Share split or combination of Shares, recapitalization, or other change
in the Shares, the number and kind of Shares or securities of the Company subject to Awards then outstanding or subsequently granted
under the Plan, the maximum number of Shares or securities that may be delivered under the Plan, the exercise price of outstanding
awards, and other relevant provisions shall be appropriately adjusted by the Committee, whose determination shall be binding on
all persons.

 

The Committee may also
adjust the number of Shares subject to outstanding Awards and the terms of outstanding Awards, to take into consideration material
changes in accounting practices or principles, extraordinary dividends, consolidations or mergers (except those described in Section
6(h)), acquisitions or dispositions of securities or property, or any other event if it is determined by the Committee that such
adjustment is appropriate to avoid distortion in the operation of the Plan. No action shall be taken without shareholder approval
that would be treated as a repricing under the rules and regulations of any stock exchange or national market system on which the
shares of common stock are listed, or if not listed quoted, or is otherwise prohibited by the 1940 Act. References in the Plan
to Shares will be construed to include any units, any stock or any other securities resulting from an adjustment pursuant to this
Section 4(d).

 

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	5.	AWARDS; ETC.

 

Persons eligible to
receive Awards under the Plan (“Eligible Persons”) shall be those key employees, officers of the Company and,
to the extent permitted by exemptive or other relief that may be granted by the Commission or its staff, employees of wholly-owned
consolidated subsidiaries of the Company who, in the opinion of the Committee, are in a position to make a significant contribution
to the success of the Company and its subsidiaries. A subsidiary for purposes of the Plan shall be a corporation, limited liability
company or other entity in which the Company owns, directly or indirectly, equity securities possessing 50% or more of the total
combined voting power of all classes of equity securities. Notwithstanding the foregoing, in the case of an Award that is an incentive
stock option, an Eligible Person shall only be those employees of the Company or of a “parent corporation” or “subsidiary
corporation” of the Company as those terms are defined in Section 424 of the Code. No option shall be treated as an incentive
stock option unless the Plan has been approved by the stockholders of the Company in a manner intended to comply with the stockholder
approval requirements of Section 422(b)(1) of the Code; provided, however, that any option intended to be an incentive stock
option shall not fail to be effective solely on account of a failure to obtain such approval, but rather such option shall be treated
as a nonqualified stock option unless and until such approval is obtained.

 

In the case of an incentive
stock option, the terms and conditions of such grant shall be subject to and comply with such rules as may be prescribed by Section
422 of the Code; provided, however, that to the extent the aggregate fair market value (determined at the time the incentive stock
option is granted) of the Shares with respect to which all incentive stock options are exercisable for the first time by an employee
during any calendar year (under all plans described in of Section 422(d) of the Code of the employee's employer corporation and
its parent and Affiliates) exceeds $100,000, such options shall be treated as nonqualified stock options. If for any reason an
option intended to be an incentive stock option (or any portion thereof) shall not qualify as an incentive stock option, then,
to the extent of such non-qualification, such option or portion thereof shall be regarded as a nonqualified stock option appropriately
granted under the Plan. No incentive stock option may be granted more than ten (10) years from the date the Plan is adopted, or
the date the Plan is approved by the stockholders, whichever is earlier.

 

	6.	TERMS AND CONDITIONS OF AWARDS

 

(a)        
Code Section 409A Exemption. Except as the Committee otherwise determines, no option shall have deferral features, or shall
be administered in a manner, that would cause such option to fail to qualify for exemption from Section 409A of the Code. Any option
resulting in a deferral of compensation subject to Section 409A of the Code shall be construed to the maximum extent possible,
as determined by the Committee, consistent with the requirements of Section 409A of the Code.

 

(b)         
Exercise Price of Options. The exercise price of each option shall be determined by the Committee. The exercise price of
an option will not be less than the current market value of, or if no such market value exists, the current net asset value of,
the Shares as determined in good faith by the Committee on the date of grant; provided, however, that in the case of an
incentive stock option granted to an employee who, at the time of the grant of such option, owns stock representing more than ten
percent (10%) of the voting power of all classes of stock of the Company or the Company’s present or future parent or subsidiary
corporations, as defined in Section 424(e) or (f) of the Code, or other Affiliates the employees of which are eligible to receive
incentive stock options under the Code (the “10% Shareholders”), the Exercise Price per share shall be no less
than one hundred ten percent (110%) of the fair market value per share on the date of grant. Current fair market value shall be
the closing price of the Shares on the NASDAQ Capital Market on the date of grant.

 

(c)         
Duration of Options. An option shall be exercisable during such period or periods as the Committee may specify. The latest
date on which an option may be exercised (the “Expiration Date”) shall be the date that is ten years from the
date the option was granted or such earlier date as may be specified by the Committee at the time the option is granted, except
that for 10% Shareholders, the Expiration Date shall be the date that is five years from the date the option was granted or such
earlier date as may be specified by the Committee.

 

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(d)         
Exercise of Options.

 

	 	(1)	An option shall vest or become exercisable at such time or times and upon such conditions as the Committee shall specify. In the case of an option not immediately exercisable in full, the Committee may at any time accelerate the time at which all or any part of the option may be exercised regardless of any adverse or potentially adverse tax consequences resulting from such acceleration.

 

	 	(2)	Any exercise of an option shall be in writing, signed by the proper person and furnished to the Company, accompanied by (i) such documents as may be required by the Committee and (ii) payment in full as specified below in Section 6(e) for the number of Shares for which the option is exercised.

 

	 	(3)	If an option is exercised by the executor or administrator of a deceased participant, or by the person or persons to whom the option has been transferred by the participant’s will or the applicable laws of descent and distribution, the Company shall be under no obligation to deliver Shares pursuant to such exercise until the Company is satisfied as to the authority of the person or persons exercising the option.

 

(e)         
Payment for and Delivery of Shares. Shares purchased upon exercise of an option under the Plan shall be paid for as follows:
(i) in cash, (ii) by check or money order payable to the order of the Company, (iii) by delivery and assignment to the Company
of shares of the common stock owned by the participant (provided that such shares have been held by the participant for at least
6 months prior to delivery if so required for accounting purposes) having a fair market value on the last business day preceding
the date of exercise equal to the Option Price, (iv) if so permitted by the Committee (which, in the case of an incentive option,
shall specify such method of payment at the time of grant) and to the extent permitted by the 1940 Act and otherwise legally permissible,
by delivery of an unconditional and irrevocable undertaking by a broker to deliver promptly to the Company sufficient funds to
pay the exercise price, (v) through a reduction in the number of shares received through the exercise of the Award (net any share
settlements), or (vi) by any combination of the foregoing. Notwithstanding the foregoing, an option may not be exercised by delivery
and assignment to the Company of shares of Company stock to the extent that such delivery and assignment would constitute a violation
of the provisions of any law, or related regulation or rule, or any agreement or Company policy, restricting the transfer or redemption
of the Company’s stock.

 

(f)          
Delivery of Shares. A participant shall not have the rights of a Shareholder with regard to Awards under the Plan except
as to Shares actually received by him or her under the Plan. For this purpose, Shares are received by a participant on the date
of record issuance of such Shares in the books of the Company or the issuance to participant of a stock certificate with respect
to such Shares.

 

(g)        
Nontransferability of Awards. No option, Share, or other Award may be transferred other than by will or by the laws of descent
and distribution, and during a participant’s lifetime an Award may be exercised only by him or her.

 

(h)         
Mergers, etc. Subject to the terms of subsection (1) below, to the extent permitted under the 1940 Act and except as otherwise
provided in an Award agreement or an employment agreement between the participant and the Company or an Affiliate, in the event
of a Change in Control, as defined in subsection (2) below, the Committee shall accelerate the vesting of all Awards granted under
this Plan that are not so assumed or substituted.

 

	 	(1)	
        With respect to an outstanding Award held
        by a participant who, following the Change in Control, will be employed by or otherwise providing services to an entity which is
        a surviving or acquiring entity in the covered transaction or any affiliate of such an entity, the Board may at or prior to the
        effective time of the Change in Control, in its sole discretion and in lieu of the action described in Section 6(h) above, arrange
        to have such surviving or acquiring entity or affiliate assume any Award held by such participant outstanding hereunder or grant
        a replacement Award which, in the judgment of the Board is substantially equivalent to any Award being replaced.

         

 

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	 	(2)	
        For purposes of this Section 6(h), a “Change
        in Control” means:

         

        (i)    the
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”)
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty-five percent (25%) or
more of either (i) the then outstanding shares of the Company (the “Outstanding Company Shares”) or (ii) the combined
voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors
(the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection
(i), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company; (B) any
acquisition by the Company; (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any corporation controlled by the Company; or (D) any acquisition pursuant to a transaction which complies with clauses
(A), (B) and (C) of subsection (iii) below;

         

        (ii)   during any period of twenty-four (24) months, individuals who, at the beginning of such period, constitute the Board (the
        “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any
        person becoming a director subsequent to the date hereof, whose election or nomination for election was approved by a vote of at
        least two-thirds (2/3) of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement
        of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be
        an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company
        as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under
        the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents
        by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

         

        (iii)  consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the
        assets of the Company or the acquisition of assets of another entity (each, a “Corporate Transaction”), in each case,
        unless, following such Corporate Transaction, (A) all or substantially all of the individuals and entities who were the beneficial
        owners, respectively, of the Outstanding Company Shares and Outstanding Company Voting Securities immediately prior to such Corporate
        Transaction beneficially own, directly or indirectly, more than fifty percent (50%) of, respectively, the then outstanding shares
        and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors,
        as the case may be, of the corporation or other entity resulting from such Corporate Transaction (including, without limitation,
        a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets
        either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior
        to such Corporate Transaction of the Outstanding Company Shares and Outstanding Company Voting Securities, as the case may be,
        (B) no Person (excluding any employee benefit plan or related trust of the Company or of such corporation resulting from such Corporate
        Transaction) beneficially owns, directly or indirectly, twenty-five percent (25%) or more of, respectively, the then outstanding
        shares of the corporation resulting from such Corporate Transaction or the combined voting power of the then outstanding voting
        securities of such corporation except to the extent that such ownership existed prior to the Corporate Transaction and (C) at least
        a majority of the members of the board of directors of the corporation (or other governing board of a non-corporate entity) resulting
        from such Corporate Transaction were members of the Incumbent Board at the time of the execution of the initial agreement, or of
        the action of the Board, providing for such Corporate Transaction;

         

        (iv) 
        approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

 

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Notwithstanding the
foregoing, an event described above shall be a Change in Control with respect to an Award that constitutes a “nonqualified
deferred compensation plan” within the meaning of Section 409A of the Code only if such event is also a change in the ownership
or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within the
meaning of Section 409A of the Code to the extent necessary to avoid the imposition of any tax or interest or the inclusion of
any amount in income thereunder.

 

(i)         
No Grants in Contravention of the 1940 Act. At all times during such periods as the Company qualifies or intends to qualify
as a “business development company,” no Award may be granted under the Plan if the grant or terms of such Award would
cause the Company to violate Section 61 of the 1940 Act (or any other provision of the 1940 Act applicable to “business development
companies”), and, if approved for grant, such an Award will be void and of no effect.

 

(j)          Tax
Withholding. The delivery of any Shares shall be subject to the participant’s satisfaction of all applicable federal,
state and local income and employment tax withholding obligations. A participant may satisfy such obligation(s) in whole or in
part, by (i) delivering to the Company a check for the amount required to be withheld, or (ii) if permitted under the 1940 Act
and as the Committee in its sole discretion approves in any specific or general case, having the Company withhold Shares issuable
to the participant under the Plan or delivering to the Company already-owned Shares, in either case having a fair market value
equal to the amount required to be withheld, as determined by the Committee. In addition, to the extent that the Company so chooses,
the Company can hold back 100% of the participant’s compensation earned after such obligations arose and such held back amount
shall be applied by the Company to satisfy such obligations.

 

(k)         Cancellation
and/or Repayment. All Awards hereunder shall be subject to any executive compensation policies adopted by the Company regarding
Award cancellation and/or repayment upon financial restatements or other events, hedging, and similar matters, as established or
modified from time to time.

 

(l)          Minimum
Vesting. Awards granted after the Effective Date shall be subject to a minimum vesting period of no less than 12 months
from the date of grant. Notwithstanding the foregoing, the minimum vesting schedule shall not apply to: (i) Awards that vest
in connection with a participant’s death or cessation of employment pursuant to Section 7 herein; and (ii) Awards with underlying
shares totaling less than five percent of the total number of shares available for issuance under the Plan pursuant to Section
4 immediately following the Effective Date.

  

	7.	TERMINATION OF EMPLOYMENT

 

(a)         Unless
the Committee expressly provides otherwise, and except as otherwise provided in an Award agreement or an employment agreement between
the participant and the Company or an Affiliate, immediately upon the cessation of the participant’s employment or services
an Award requiring exercise will cease to be exercisable and will terminate, and all other Awards to the extent not already vested
will be forfeited, except that:

 

	 	(1)	subject to (2) and (3) below, all vested options held by the participant immediately prior the cessation of the participant’s employment, to the extent then exercisable, will remain exercisable for the lesser of (i) a period of 90 days or (ii) the period ending on the latest date on which such option could have been exercised without regard to this Section 7(a)(l), and will thereupon terminate;

 

	 	(2)	all vested options held by a participant immediately prior to the participant’s death, to the extent then exercisable, will remain exercisable for the lesser of (i) the 180 day period ending following the participant’s death or (ii) the period ending on the latest date on which such option could have been exercised without regard to this Section 7(a), and will thereupon terminate;

 

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	 	(3)	all options (whether or not vested) held by a participant immediately prior to the cessation of the participant’s employment for “Cause” will immediately terminate; for this purpose “Cause” shall have the same meaning as provided in the employment agreement between the participant and the Company or its Affiliate, provided that (i) if the participant is not a party to any such agreement, “Cause” shall mean the participant’s repeated material failure to perform (other than by reason of Disability), or gross negligence in the performance of, participant’s duties and responsibilities to the Company or any of its Affiliates which failure is not cured within thirty (30) days after written notice of such failure or negligence is delivered to participant; (ii) participant’s material breach of any written employment agreement between participant and the Company or any of its Affiliates which breach is not cured within thirty (30) days after written notice of such breach is delivered to participant; (iii) commission by participant of a felony involving moral turpitude or fraud with respect to the Company or any of its Affiliates; (iv) participant being sanctioned by a federal or state government or agency with violations of federal or state securities laws in any judicial or administrative process or proceeding, or having been found by any court to have committed any such violation; or (v) participant’s failure to comply with (A) any material Company policy, including without limitation, all Company Codes of Ethics, policies, procedures and handbooks, applicable to such participant or (B) any legal or regulatory obligations or requirements of participant, including, without limitation, failure of participant to provide any certifications as may be required by law which is not cured within thirty (30) days after written notice of such violation is delivered to participant; and

 

	 	(4)	Except as otherwise provided in an Award, after completion of the 90-day (or 180-day) period, such Awards shall terminate to the extent not previously exercised, expired, or terminated.

 

No option shall be exercised
or surrendered in exchange for a cash payment after the Expiration Date.

 

(b)        
In particular but not in limitation of the foregoing, the Committee may provide in the case of any Award for post-termination exercise
provisions different from those expressly set forth in this Section 7, including without limitation terms allowing a later exercise
by a former employee (or, in the case of a former employee who is deceased, the person or persons to whom the Award is transferred
by will or the laws of descent and distribution) as to all or any portion of the Award not exercisable immediately prior to termination
of employment or other service, but in no case may an Award be exercised after the Expiration Date.

 

	8.	EMPLOYMENT RIGHTS

 

Neither the adoption
of the Plan nor the grant of Awards shall confer upon any participant any right to continue as an employee of the Company, its
parent, or any subsidiary or affect in any way the right of the Company, its parent, or a subsidiary to terminate the participant’s
relationship at any time. Except as specifically provided by the Committee in any particular case, the loss of existing or potential
profit in Awards granted under this Plan shall not constitute an element of damages in the event of termination of the relationship
of a participant even if the termination is in violation of an obligation of the Company to the participant by contract or otherwise.

 

	9.	DISCONTINUANCE, CANCELLATION, AMENDMENT, AND TERMINATION

 

The Board may at any
time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any
time terminate the Plan as to any future grants of Awards; provided that, except as otherwise expressly provided in the Plan the
Board may not, without the participant’s consent, alter the terms of an Award so as to affect adversely the participant’s
rights under the Award, unless the Board expressly reserved the right to do so at the time of the Award. Any amendments to the
Plan shall be conditioned upon Shareholder approval only to the extent, if any, such approval is required by law (including the
Code), as determined by the Board.

 

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	10.	LIMITATION OF LIABILITY

 

Notwithstanding anything
to the contrary in the Plan, neither the Company, any subsidiary, nor the Board, nor the Committee, nor any person acting on behalf
of the Company, any subsidiary, or the Board, or the Committee, shall be liable to any participant or to the estate or beneficiary
of any participant or to any other holder of an option by reason of any acceleration of income, or any additional tax, asserted
by reason of the failure of an option to satisfy the requirements of Section 409A or by reason of Section 4999 of the Code; provided,
that nothing in this Section 10 shall limit the ability of the Board or the Committee to provide by separate express written agreement
with a participant for a gross-up payment or other payment in connection with any such tax or additional tax. 

 

	11.	WAIVER OF JURY TRIAL

 

By accepting an Award
under the Plan, each participant waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights
under the Plan and any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or which
in the future may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim shall be tried
before a court and not before a jury. By accepting an Award under the Plan, each participant certifies that no officer, representative,
or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding
or counterclaim, seek to enforce the foregoing waivers.

 

	12.	LEGAL CONDITIONS ON DELIVERY OF SHARES

 

The Company will not
be obligated to deliver any Shares pursuant to the Plan until: (i) the Company is satisfied that all legal matters in connection
with the issuance and delivery of such Shares have been addressed and resolved; (ii) if the outstanding Shares are, at the time
of delivery, listed on any stock exchange or national market system, the Shares to be delivered have been listed or authorized
to be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the Award have been satisfied
or waived. If the sale of Shares has not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), the Company may require, as a condition to exercise of the Award, such representations or agreements as counsel
for the Company may consider appropriate to avoid violation of the Securities Act. The Company may require that certificates evidencing
Shares issued under the Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Shares, and the
Company may hold the certificates pending lapse of the applicable restrictions.

 

	13.	APPLICABLE LAW

 

The Plan and all Awards made and actions
taken thereunder shall be governed by and construed in accordance with the laws of the State of California, excluding any conflicts
or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law
of another jurisdiction. Unless otherwise provided in an Award, recipients of an Award under the Plan are deemed to submit to the
exclusive jurisdiction and venue of the federal or state courts of California to resolve any and all issues that may arise out
of or relate to the Plan or any related Award.

 

    9Exhibit 4.7

 

SUTTER
ROCK Capital Corp.

 

2019 EQUITY INCENTIVE PLAN

 

SUTTER ROCK CAPITAL CORP. STRONGLY ENCOURAGES YOU TO SEEK
THE ADVICE OF YOUR OWN LEGAL AND FINANCIAL ADVISORS WITH RESPECT TO YOUR AWARD AND ITS TAX CONSEQUENCES. THANK YOU.

 

Form
of

Sutter
Rock Capital Corp.

Non-Qualified
Stock Option Award

 

This Award evidences a stock option (the
“Option”) granted by Sutter Rock Capital Corp., a Maryland corporation (the “Company”), to ______________
(the “Optionee”), pursuant to, and subject to the terms of the Sutter Rock Capital Corp. 2019 Equity Incentive Plan
(the “Plan”), which is incorporated herein by reference and of which the Optionee acknowledges receipt. In particular,
but not in limitation of the foregoing, all terms not specifically defined herein shall have the same definitions as provided in
the Plan.

 

		1.	Grant, Exercisability and Term of Option.

 

(a) This award (“Award”) evidences
the grant by the Company to the Optionee the option to purchase, in whole or in part, from the Company upon the terms and conditions
hereinafter set forth ____ shares (“Shares”) of the common stock of the Company, $.01 par value (“Common Stock”)
at the purchase price per Share of $____ (the “Option Price”). The date of grant of this Option is _____________, 2019
(the “Option Date”). The final exercise date of the Option is the tenth anniversary date of the Option Date (the “Expiration
Date”). This Option is intended to be a nonstatutory stock option; it is not intended that this Option shall be an incentive
stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”);

(b) This Option is exercisable in the following
installments prior to the Expiration Date (each an “Installment Period”) at the Option Price (per share) set forth
above:

 

__% of the Shares on and after ____________,
20__.

 

__% of the Shares on and after ____________,
20__.

 

__% of the Shares on and after ____________,
20__.

 

__% of the Shares on and after ____________,
20__.

 

The right of exercise shall be cumulative,
so that if an Option is not exercised to the maximum extent permissible during an Installment Period, it shall be exercisable,
in whole or in part, with respect to all Shares not so purchased at any time prior to the Expiration Date, subject to earlier
termination as set forth in this Award and the Plan. Only whole Shares may be purchased pursuant to this option.

 

    1 

     

    

 

		2.	Conditions and Limitations.

 

(a) The Option shall not be transferable
other than by will or by the laws of descent and distribution, and except as provided in the following sentence, the Option shall
be exercisable during the lifetime of the Optionee by the Optionee only; provided, however, that the Option may be transferred
pursuant to a qualified domestic relations order (as defined in Rule 16b-3 under the Securities Exchange Act of 1934). Notwithstanding
the foregoing, however, if the Optionee is determined to be mentally incompetent and a guardian or conservator (or other similar
person) is appointed by a court of competent jurisdiction to manage the Optionee’s affairs, the guardian or conservator (or
other similar person) may exercise the Option on behalf of the Optionee, provided that such exercise is made within the time limits
prescribed herein.

 

(b) The Option evidenced by this Award
is subject to the terms, conditions and definitions of the Plan. The Option is expressly conditioned on the availability of shares
authorized under the Plan. To the extent that the terms, conditions and definitions of this Award are inconsistent with those
of the Plan, those of the Plan shall govern. All decisions under, and interpretations of, such provisions of the Plan by the Board
or the Committee, as defined in the Plan, shall be final, binding and conclusive upon the Optionee and his or her heirs. On and
after the commencement of the Committee’s duties under the Plan, all references to the Board in this Award shall mean and
relate to such Committee.

 

(c) The Company is not obligated to deliver
any shares of Common Stock pursuant to the Plan until: (i) the Company is satisfied that all legal matters in connection with
the issuance and delivery of such shares have been addressed and resolved; (ii) if the outstanding shares are, at the time of
delivery, listed on any stock exchange or national market system, the shares to be delivered have been listed or authorized to
be listed on such exchange or system upon official notice of issuance; and (iii) all conditions of the Award have been satisfied
or waived.

 

		3.	Exercise of Option: Withholding Taxes.

 

(a) Written notice of the exercise of the
Option or any installment thereof shall be given to the Company specifying the number of Shares for which the Option is exercised
and accompanied by payment in full of the Option Price. Payment shall be made (i) in cash, (ii) by check or money order payable
to the order of the Company, (iii) by delivery and assignment to the Company of shares of the Common Stock owned by the Optionee
(provided, where required for accounting purposes, that such shares have been held by the Optionee for at least 6 months prior
to delivery) having a fair market value on the last business day preceding the date of exercise equal to the Option Price, (iv)
by delivery of an unconditional and irrevocable undertaking by a broker to deliver promptly to the Company sufficient funds to
pay the exercise price, or (v) by any combination of the foregoing. Notwithstanding the foregoing, this Option may not be exercised
by delivery and assignment to the Company of shares of Company stock to the extent that such delivery and assignment would constitute
a violation of the provisions of any law, or related regulation or rule, or any agreement or Company policy, restricting the transfer
or redemption of the Company’s stock.

 

(b) The Company’s obligation to deliver
Shares upon exercise of an Option shall be subject to the Optionee’s satisfaction of all applicable federal, state and local
income and employment tax withholding obligations. The Optionee may satisfy such obligation(s), in whole or in part, by (i) delivering
to the Company a check for the amount required to be withheld or (ii) if permitted under the 1940 Act and as the Committee in
its sole discretion approves in any specific or general case, having the Company withhold Shares or delivering to the Company
already-owned shares of Common Stock, in either case having a fair market value equal to the amount required to be withheld, as
determined by the Committee.

 

    2 

     

    

 

4. Termination of Option. In the
event that the Optionee ceases to be employed by the Company at any time prior to the exercise of this Option in full, this Option
shall terminate according to the following provisions:

 

(a) If the Optionee ceases to be employed
by the Company for Cause, then the Option may not be exercised after the date of such employment termination and shall automatically
terminate;

 

(b) If the Optionee ceases to be employed
for any reason other than death, the Optionee may at any time within a period of ninety (90) days after the date of such cessation
of employment, exercise the Option to the extent that the Option was exercisable on the date of such cessation, and to the extent
that the Option is not so exercised or exercisable, shall automatically terminate; and

 

(c) If the Optionee ceases to be employed
because of death, the Option, to the extent that the Optionee was entitled to exercise it on the date of death, may be exercised
within a period of one hundred eighty days (180) days after the Optionee’s death by the person or persons to whom the Optionee’s
rights under the Option shall pass by will or by the laws of descent and distribution and to the extent not so exercised or exercisable,
shall automatically terminate; provided, however, that this Option may not be exercised to any extent by anyone after the Expiration
Date as set forth in Section 1(a) hereof.

 

5. Notices. All notices or demands
given to the Company pursuant to this Award and the Plan shall be in writing and shall be deemed to have been sufficiently given
if delivered by hand or sent by certified or registered mail, postage prepaid, addressed to Sutter Rock Capital Corp., Attn: Chief
Financial Officer at the principal office of the Company.

 

6. No Employment Commitment; Tax Treatment;
Status as Stockholder. Nothing herein contained shall be deemed to be or constitute an agreement or commitment by the Company,
its parent, or any subsidiary to continue the Optionee in its employ. The Company makes no representation about the tax treatment
to the Optionee with respect to receipt or exercise of the Option or acquiring, holding or disposing of the Shares. The Optionee
shall have no rights as a stockholder with respect to the Shares subject to the Option until the exercise of the Option and the
issuance of a stock certificate for the Shares with respect to which the Option shall have been exercised.

 

[Signature Page Follows]

 

    3 

     

    

 

IN WITNESS WHEREOF the Company has caused this Option to be
executed under the corporate seal by its duly authorized officer. This Option shall take effect as a sealed instrument.

 

	 	 	SUTTER ROCK CAPITAL CORP.
	 	 	 
	 	 	By:	                 
	 	 	Name:	                  
	 	         	Title:	                
	Acknowledged and Agreed	 	 
	 	 	 
	 	 	 
	Optionee	 	 

 

    4

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