Document:

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Exhibit 10.28
Execution Copy
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF DELAWARE
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	RICHARD G. PESTELL, M.D., PH.D.,
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	Plaintiff/Counterclaim
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	Defendant, v.
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	Civil Action No. 1:19-cv-01563-

	CYTODYN INC., et al.,
	RTD

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	Defendants/Counterclaims
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	Plaintiffs.
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SETTLEMENT AGREEMENT
This Settlement Agreement (“Agreement”) is entered into this 19th day of May 2022 (the “Effective Date”) by and between Plaintiff Richard G. Pestell, M.D., PH.D (“Plaintiff” or “Dr. Pestell”) on the one hand, and Defendants CytoDyn Inc. and CytoDyn Operations Inc. (collectively, “Defendants,” the “Company” or “CytoDyn”) on the other hand (each a “Party” and collectively, the “Parties”). By this Agreement, the Parties settle the above-captioned litigation (the “Litigation”) pending in the United States District Court for the District of Delaware (the “District Court”). 
BACKGROUND
A.CytoDyn Inc. is a biotechnology company focused on developing a biologic drug called Leronlimab or PRO 140.
B.Dr. Pestell is a physician and scientist specializing in oncology. In 2011, Dr. Pestell founded ProstaGene LLC (“ProstaGene”), a biotechnology start-up focused on developing gene-based prostate cancer testing technology.
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C.On August 27, 2018, CytoDyn, ProstaGene, and (solely with respect to certain sections) Dr. Pestell entered into a Transaction Agreement (the “Transaction Agreement”), pursuant to which CytoDyn agreed to purchase substantially all of the assets and rights, and to assume certain obligations and liabilities, associated with ProstaGene’s business (the “ProstaGene Transaction”).
D.In connection with the ProstaGene Transaction, Dr. Pestell entered into an Employment Agreement (the “Employment Agreement”) with CytoDyn and joined CytoDyn’s Board of Directors (the “Board”).
E.Closing on the ProstaGene Transaction occurred on November 16, 2018, the Employment Agreement was effective as of that date, and Dr. Pestell became the Company’s Chief Medical Officer.
F.Pursuant to the Transaction Agreement, CytoDyn’s consideration included 27,000,000 common shares of CytoDyn Inc. stock (the “Acquisition Shares”).
G.As an inducement for CytoDyn to enter into the Transaction Agreement, Dr. Pestell agreed to subject 8,342,000 of the Acquisition Shares distributed to Dr. Pestell by ProstaGene in accordance with ProstaGene’s Amended and Restated Operating Agreement (the “8,342,000 Shares”) to a Stock Restriction Agreement (the “Stock Restriction Agreement”) dated November 16, 2018.
H.The Company terminated Dr. Pestell’s employment on July 25, 2019.
I.On August 22, 2019, Dr. Pestell commenced the Litigation, in which he asserted claims for breach of the Employment Agreement, defamation, and declaratory judgment concerning his rights to the 8,342,000 Shares (collectively, the “Claims”). In response, CytoDyn asserted counterclaims against Dr. Pestell for breach of the Employment Agreement and related
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agreements, as well as for a declaratory judgment in its favor concerning the 8,342,000 Shares (collectively, the “Counterclaims”).
J.In accordance with a Stipulated Order entered in the Litigation (Document 87, filed 7/29/21), the parties entered into an Escrow Agreement dated August 3, 2021 (the “Escrow Agreement”), pursuant to which Delaware Trust Company serves as “Escrow Agent” for the 8,342,000 Shares pending a determination as to who—as between Dr. Pestell and the Company— is entitled to the 8,342,000 Shares.
K.The parties have agreed to settle and resolve the Litigation and all existing and potential disputes between them, upon the terms and conditions set forth in this Agreement.
NOW THEREFORE, the Parties, intending to be legally bound, hereby agree as follows:
1.Disposition of the 8,342,000 Shares.
1.1Upon execution of this Agreement, the Parties will execute and deliver to the Escrow Agent a joint written instruction, in the form attached hereto as Exhibit A (the “Escrow Release”), authorizing, and directing the Escrow Agent to forthwith release and/or deliver the certificate evidencing the 8,342,000 Shares to Dr. Pestell for his sole and exclusive benefit.
1.2CytoDyn hereby fully, finally, and forever waives, releases and relinquishes any and all claims, rights, title or interests in or to the 8,342,000 Shares.
1.3CytoDyn agrees to instruct its transfer agent, and provide such documents required by the transfer agent (including opinions of counsel), in each case as is necessary for removal of all restrictive legends currently applied to the 8,342,000 Shares.
2.Transfer of Transferred Assets to Dr. Pestell.
2.1Upon execution of this Agreement, CytoDyn shall execute and deliver to Dr. Pestell the Assignment and Assumption Agreement attached as Exhibit B (the “Assignment and
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Assumption Agreement”) that transfers and assigns to Dr. Pestell all of CytoDyn’s right, title and interest (if any) in and to the assets listed in the Assignment and Assumption Agreement (collectively, the “Transferred Assets”).
2.2For a period of six (6) months from the Effective Date, Dr. Pestell shall make no public statements as to his ownership, possession or intended use of the Transferred Assets.
3.Grant of Warrants to Dr. Pestell.
The Company shall grant warrants (the “Warrants”) to Dr. Pestell giving him the right to purchase 7,000,000 shares of CytoDyn common stock at an exercise price of $0.37, which is five cents ($.05) over the closing price of CytoDyn’s common stock on the Effective Date. The Warrants shall be exercisable over a period of three (3) years. The Company shall use commercially reasonable efforts to (a) prepare and file with the Securities and Exchange Commission (the “SEC”), and cause the SEC to declare effective, within ninety (90) days following the final closing of the offering described in the Company’s Form 8-K filed with the SEC on May 12, 2022, a registration statement under the Securities Act covering the resale of the stock receivable upon exercise of the Warrants and (b) keep such registration statement effective until at least two years after the Warrants are fully exercised. A copy of the Warrant grant is attached hereto as Exhibit C.
4.Press Release.
Promptly after execution of this Agreement, the Company shall issue a press release, in the form attached hereto as Exhibit D, announcing: (i) the settlement of the Litigation; (ii) that the Company regrets (a) Dr. Pestell’s prior departure from the Company and (b) the public statements made by the Company’s prior CEO about Dr. Pestell after such departure; and (iii) that Dr. Pestell
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and the Company are exploring ways in which Dr. Pestell can reengage with the Company to help realize Leronlimab’s potential in oncology.
5.Mutual Releases.
Dr. Pestell and CytoDyn hereby agree to dismiss all pending claims against each other with prejudice and fully, finally, forever, and irrevocably waive, discharge, and release each other from and against any and all actions, causes of action, contracts, agreements, obligations, liabilities, claims, suits, demands, and damages of every kind, nature, and description (whether contingent or matured, known or unknown, asserted or unasserted, and suspected or unsuspected, and whether arising under state statutory law, federal statutory law, state common law, federal common law or otherwise) that Dr. Pestell or CytoDyn or anyone claiming by, under or through either of them ever had, now have, or may in the future have against the other for or by reason of any matter, action, inaction, omission, statement, cause, or thing whatsoever, from the beginning of the world to the Effective Date, including but not limited to claims relating to or arising out of the Employment Agreement, the Confidential Information, Inventions And Noncompetition Agreement dated as of November 16, 2018 by and between the Company and Dr. Pestell (the “Covenants Agreement”) (including the post-employment noncompetition obligations of Dr. Pestell under Section 4 of the Covenants Agreement), the Transaction Agreement, the ProstaGene Transaction, Dr. Pestell’s prior employment with the Company, the Company’s use of the Transferred Assets, and all claims that were at any time asserted or could have been asserted in the Litigation, including those asserted in the Claims and Counterclaims (collectively, the “Released Claims”), EXCLUDING, HOWEVER FROM THE SCOPE OF THIS RELEASE, the rights and obligations of the Parties arising out of or in connection with this Agreement, the Escrow Release and/or the Assignment and Assumption Agreement, and any obligations Dr. Pestell has with
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respect to the maintenance of the confidentiality of CytoDyn proprietary and confidential information arising from the Covenants Agreement or otherwise, from the Effective Date forward.
6.Representations and Warranties.
Each Party hereby represents and warrants as to itself to the other Parties that: (a) the person(s) executing this Agreement, the Escrow Release and the Assignment and Assumption Agreement on behalf of such Party is duly authorized to do so and to bind such Party; (b) such Party has obtained all necessary approvals and/or consents required by applicable law and under its charter documents, and has the power and authority, to enter into, deliver and perform this Agreement, the Escrow Release and the Assignment and Assumption Agreement; (c) the execution, delivery and performance of this Agreement by such Party does not violate or conflict with such Party’s charter documents or any agreement to which such Party is a party or any law or court order binding on such Party or any of its assets; (d) upon the execution and delivery of this Agreement by all the Parties, this Agreement shall constitute the binding and enforceable obligation of such Party; and (e) such Party has not assigned any interest in the Released Claims.
7.Tax Treatment.
7.1.  The Parties shall treat the 8,342,000 Shares and the release from escrow for all tax purposes as purchase price paid by CytoDyn to ProstaGene in November 2018 pursuant to the Transaction Agreement and immediately distributed by ProstaGene to Dr. Pestell in accordance with ProstaGene’s Amended & Restated Operating Agreement. Unless such action is required pursuant to a “determination” within the meaning of Section 1313(a) of the Internal Revenue Code of 1986, as amended (the “Code”), that the 8,342,000 Shares were compensation, CytoDyn shall not issue an Internal Revenue Service (“IRS”) Form W-2, 1099 or similar tax forms to report the release of 8,342,000 Shares or the sale or transfer thereof as compensation to Dr. Pestell.
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7.2For all tax purposes, the Parties shall (a) treat the transfer of the Transferred Assets to be in respect of settlement of Dr. Pestell’s claims for damages arising from CytoDyn’s maintenance of the sale restrictions on the 8,342,000 Shares and (b) value the Transferred Assets at $10,000 (“Fair Market Value”). Unless such action is required pursuant to a “determination” within the meaning of Section 1313(a) of the Code, CytoDyn shall not issue an IRS Form W-2 to Dr. Pestell in respect of the Transferred Assets, but CytoDyn may issue an IRS Form 1099 to Dr. Pestell for the Transferred Assets in the amount of Fair Market Value.
7.3The Parties shall treat the Warrants for all tax purposes as issued in settlement of Dr. Pestell’s severance and employment compensation related claims. In this regard, the Parties agree that the Warrants are not taxable at the time of issuance and will generate taxable income, if at all, upon the earlier of a sale of the Warrants or each exercise of the Warrants. Unless such action is required pursuant to a “determination” within the meaning of Section 1313(a) of the Code, CytoDyn shall not an IRS Form W-2, 1099 or similar tax forms to Dr. Pestell in respect of the Warrants other than in connection with a sale or exercise of the Warrants.
7.4If the IRS or other tax authority (each, a “Tax Authority”) proposes to re-characterize any of the tax treatments set forth in Sections 7.1 through 7.3 (each such proposal and further correspondence from the Tax Authority in respect of such Proposal, a “Re-Characterization Proposal”), then CytoDyn shall: (a) promptly notify Dr. Pestell of such Re-Characterization Proposal and include with such notice all correspondence from the Tax Authority regarding such Re-Characterization Proposal; (b) keep Dr. Pestell reasonably informed of all material developments and events relating to such Re-Characterization Proposal (including promptly forwarding copies to Dr. Pestell of any related correspondence; (c) provide to Dr. Pestell all proposed responses to the Tax Authority related to each Re-Characterization Proposal (each, a
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“Response”) as far in advance of submitting the Response as is reasonably possible and reasonably implement Dr. Pestell’s comments to each Response to the extent consistent with counsel’s advice with the goal of prevailing on such issue (unless such comments are factually incorrect or take tax positions that are not supportable at a more likely than not level of authority); and (d) upon receipt of a fee deposit and agreement that Dr. Pestell will fund the costs associated with maintaining the tax controversy, not settle or enter into a closing agreement with the Tax Authority or consent to any re-characterization of any of the tax treatments set forth in Sections 7.1 through 7.3 except with the consent of Dr. Pestell (such consent not to be unreasonably conditioned, withheld or delayed). Notwithstanding the foregoing, Dr. Pestell may elect to assume and control the defense of each Re-Characterization Proposal at his own expense using counsel and tax professionals engaged directly by Dr. Pestell; provided that CytoDyn may continue to participate in (but not control) the defense of such Re-Characterization Proposal at its own expense using counsel and tax professionals of its choosing. Upon a final adverse determination, if any, which results in a re- characterization of any of the tax treatments set forth in Sections 7.1 through 7.3, Dr. Pestell will indemnify and hold CytoDyn harmless from and against any (i) taxes resulting from such re- characterization including any such taxes that the Tax Authority collects from CytoDyn but excluding the employer side of taxes payable pursuant to the Federal Insurance Contributions Act, as amended and (ii) penalties and interest resulting from such re-characterization.
8.Enforcement and Retention of Jurisdiction; Prevailing Party Counsel Fees.
In the Parties’ request for dismissal of this action, they shall request that the District Court retain jurisdiction to enforce this Agreement. If a Party claims a material breach of this Agreement, the Party claiming material breach shall provide written notice to the allegedly breaching Party of the claimed material breach and provide fourteen (14) days to cure the alleged material breach. In
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the event the Party claiming breach has not been satisfied that the other Party has cured the noticed breach within 14 days after providing such notice, then the Parties agree to the propriety of and waive objection to the commencement of expedited injunctive proceedings that may provide for, inter alia, specific performance (without waiving herein substantive objections or arguments to the merits of any such claim). A copy of the Stipulation of Dismissal to be executed by the Parties and filed in the Litigation is attached hereto as Exhibit E.
If litigation is commenced or prosecuted to enforce the terms of this Agreement pursuant to this section of this Agreement, the prevailing Party in any such legal action shall be entitled to reimbursement of reasonable attorneys’ fees and costs incurred in prosecuting or defending any claim(s) relating to the enforcement of this Agreement, in addition to any other relief to which it may be entitled. For the sake of clarity, other than for attorneys’ fees and expenses provided for in this Section of this Agreement pertaining to any action to enforce this Agreement, each Party agrees that it is responsible for its own fees and costs associated with the Litigation and this Agreement, including all attorneys’ fees incurred as a result, and each agrees that it will not seek from any other Party reimbursement for such attorneys’ fees or costs.
9.Miscellaneous.
9.1Background Paragraphs. Background paragraphs A. – K. above are incorporated into this Agreement by reference and are not merely recitals.
9.2Further​ ​Instruments/Assurances.  The  Partiesacknowledge  their  intent  to consummate this Agreement and the transactions contemplated herein and agree to cooperate to the extent reasonably necessary to effectuate and implement this Agreement, including, without limitation, executing any further documentation and taking such further action as may be reasonably necessary to effectuate or carry out this Agreement.
		9.3
	Choice of Law and Forum. This Agreement shall be governed by, and construed in

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accordance with, the laws of the State of Delaware, without regard to its conflicts of law rules. The Parties hereby further agree that the District Court shall have exclusive jurisdiction and venue to enforce and award damages or other relief in any dispute that may arise from or relate to this Agreement. Should the District Court fail to have jurisdiction to enforce this Agreement at the time of any such dispute, then exclusive jurisdiction and venue shall vest in the state courts of the State of Delaware.
9.4Joint Drafting. This Agreement shall be treated as jointly drafted by the Parties and shall not be construed in favor of or against any Party.
9.5Time. Time is of the essence in the performance of the Parties’ obligations hereunder.
9.6Severability. If any provision of this Agreement or the application of such provision to any person or circumstance shall be held invalid, the remainder of this Agreement and the application of such provision to persons or circumstances other than those to which it is held invalid shall remain in effect and valid.
9.7Waiver of Right to Jury Trial. THE PARTIES HEREBY KNOWINGLY AND VOLUNTARILY WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, CLAIM, COUNTERCLAIM, CROSS-CLAIM, THIRD-PARTY CLAIM, DISPUTE, DEMAND, SUIT OR PROCEEDING ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY, AND AGREE THAT ANY SUCH ACTION, CLAIM, SUIT OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY.
9.8Successors and Assigns. This Agreement shall be binding on and inure to the benefit of each of the Parties and their respective heirs, legatees, executors, estates, legal representatives,
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successors and assigns. This Agreement provides no rights to any third party except to the extent expressly set forth herein.
9.9Entire Agreement. This Agreement is the complete and accurate expression of the
terms of the settlement between the Parties and supersedes all prior or contemporaneous written or oral term sheets, statements, or other representations or negotiations. In its entry into and performance of this Agreement, neither Party is relying on any statements, representations or warranties made by the other Party that are not expressly set forth herein or in the Assignment and Assumption Agreement.
9.10No Admissions, Prevailing Party or Evidentiary Effect. Each Party denies and disclaims any wrongdoing or liability of any kind whatsoever, and/or the lack thereof, and enters into this Agreement solely for the purpose of avoiding further expense, uncertainty and inconvenience. No Party shall be deemed to be a prevailing party for any purpose. Neither this Agreement, nor the execution and acceptance of this Agreement, nor anything contained in this Agreement, shall constitute, be presumed, construed, or deemed to be, or shall be cited or used by any Party as an admission of any kind, or evidence as to the strength or merit or lack of merit of any claim of liability, fault, wrongdoing, misconduct or impropriety of any kind by any Party to this Agreement or any other person.
9.11Amendment; Waiver.  This Agreement may not be amended except by a written document duly executed and delivered by all Parties and no provision or obligation hereunder may be waived except by a written document duly executed by the Party bound by such waiver.
9.12Counterparts. This Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be deemed an original and all of which together
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shall constitute one and the same Agreement. Signatures obtained by facsimile or email in PDF format or other electronic transmission shall be deemed to be original signatures.
9.13Section Titles. Article, section, and subsection titles contained in this Agreement
shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the Parties.
WHEREFORE, the Parties have executed this Agreement as of the date first set forth above.
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	CYTODYN INC.

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	By:
	/s/ Antonio Migliarese

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	Name:
	Antonio Migliarese

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	Title:
	CFO & Interim President

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	CYTODYN OPERATIONS INC.

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	By:
	/s/ Antonio Migliarese

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	Name:
	Antonio Migliarese

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	Title:
	CFO & Interim President

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	/s/ Richard G. Pestell

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	RICHARD G. PESTELL, M.D., PH.D

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12Exhibit 10.7

 

 

Subscription
Agreement Electronic Consent

 

Clarity of text in this document may be affected
by the screen on which it is displayed.

 

Electronic Signature (Optional)

 

☐ By
checking this box, I elect to execute any offering documents, subscription package and other documents (documents) electronically
and I understand that should I execute the documents, my electronic signature, whether digital or encrypted, included in the documents
is intended to authenticate the documents and to have the same force and effect as a manual signature. Electronic signature means
any electronic sound, symbol, or process attached to or logically associated with a record and executed and adopted by an investor
with the investor’s intent to sign such record.

 

☐ I
acknowledge that my consent to the execute any documents electronically may be updated or cancelled at any time by calling S2K
Financial LLC at 877.227.4141 from 9:00 am to 5:00 pm EST Monday-Friday.

 

    1

     

    

 

 

	Steele Creek Capital Corporation	Subscription Agreement 

 

1. INVESTMENT

 

	Gross Amount*:	$	 	 ̈  Check this box if investor is intending to waive commission paid to registered representative or is purchasing through an RIA or participating in a wrap account or fee-only account approved by the broker-dealer or RIA.
	 
	* Net
    amount invested will be provided in your Confirmation and Account Summary statement and will be equal to the gross amount invested
    above less applicable selling commissions.
	Investment Type:	☐	 Initial Investment ($25,000 minimum)	☐	 Additional
Investment ($5,000 minimum)  State of Sale: ____
	 	 	 	 	 	 

2. OWNERSHIP TYPE (Select only one.)

 

	 	 	 	 	 	 	 
	 	 	Non-Custodial Accounts	 	 	
    Custodial Accounts

    (The Custodian must sign and provide a Medallion
    Signature Guarantee in Section 12)
	 
	 	 	 	 	 	 	 
	 	☐	Individual	 	☐	Traditional IRA	 
	 	☐	Individual or Joint TOD1	 	 	 	 
	 	 	 	 	 	 	 
	 	☐	Tenants in Common (All parties must sign.)	 	☐	ROTH IRA	 
	 	 	 	 	 	 	 
	 	☐	Community Property (All parties must sign.)	 	☐	SEP IRA	 
	 	 	 	 	 	 	 
	 	☐	Joint Tenants w/ Rights of Survivorship (All parties must sign.)	 	☐	KEOGH Plan	 
	 	 	 	 	 	 	 
	 	☐	Partnership (Authorized signature required.)2	 	☐	
    Other (including

    Beneficiary IRA)       ______________________
	 
	 	 	 	 	 	 	 
	 	☐	Corporate Ownership (Authorized signature required.)3	 	 	Custodian Information	 
	 	 	 	 	 	 	 
	 	☐	Limited Liability Company (Authorized signature required.)4	 	 	Name of Custodian _____________________	 
	 	 	 	 	 	 	 
	 	☐	Estate (Personal representative.)5	 	 	Mailing Address   _____________________	 
	 	 	 	 	 	 	 
	 	☐	Qualified Pension Plan (Authorized signature required.)	 	 	_____________________	 
	 	 	 	 	 	 	 
	 	☐	Trust6	 	 	_____________________	 
	 	 	 	 	 	 
	 	☐	Other       __________________________	 	Custodian Tax ID Number _____________________	 
	 	 	 	 	 	 
	 	 	 	 	Custodian Account Number _________________	 
	Required documentation: 1) Fill out Transfer on Death information in Section 3D to effect designation 2) Title and signature pages of the partnership agreement. 3) Articles of incorporation 4) LLC Agreement 5) Letters of testamentary or letters of administration or a small estate affidavit 6)Title and signature pages of the trust or a trust certification form. 7) Fill out deceased’s information in Section 3C	 	Custodian Telephone Number _______________	 

  

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	3.	SUBSCRIBER INFORMATION
	 	 
	A.	Entity Name – Partnership/LLC/Corporation/Trust/Other
	 	(Trustee(s) and/or authorized signatory(s) information MUST be provided in Sections 3B and 3C.)
	 	 

	 	Entity Name	Tax ID Number	Date of Trust
	 	 	 	 
	 	Entity Type (Select one. Required)	 	 
	 	 	 	 

	 	 ̈ Retirement Plan	 ̈ Trust	 ̈ S-Corp	 ̈ C-Corp	 ̈ LLC	 ̈ Partnership	 ̈ Other___________
	 	 	 	 	 	 	 	 

 

	B.	Investor (Investor/Trustee/Executor/Authorized Signatory Information)

	 	First Name	Middle Name	Last Name	Daytime Phone Number
	 	 	 	 	 
	 	 	 	 	 
	 	Social Security Number	Date of Birth (MM/DD/YYYY)	E-mail Address
	 	 	 	 	 

 

	 	Mailing Address (if PO Box or Principal Place of Business, complete residential address section is required)	City	State	Zip Code
	 	 	 	 	 
	 	 	 	 	 
	 	Residential Address (Leave blank if Residential/Mailing Address are the same)	City	State	Zip Code
	 	 	 	 	 

 

	 	If Non-U.S. Citizen, Specify Country of Citizenship and select one below (Required)
	 	 

	 	 ̈ Resident
    Alien	 ̈  Non-Resident Alien (Attach a completed  Form W8-BEN)	 
	 	 	 	 

 

	C.	Co-Investor (Co-Investor/Co-Trustee/Co-Authorized Signatory Information, if applicable.
	 	Beneficiary IRA: complete deceased’s Name, Social Security Number, Date of Birth and Date of Death)
	 	 

	 	First Name	Middle Name	Last Name	Daytime Phone Number
	 	 	 	 	 

 

	 	Social Security Number	Date of Birth (MM/DD/YYYY)	Date of Death (MM/DD/YYYY)	E-mail Address
	 	 	 	 	 

 

	 	Mailing Address (if PO Box or Principal Place of Business, complete residential address section is required)	City	State	Zip Code
	 	 	 	 	 
	 	 	 	 	 
	 	Residential Address (Leave blank if Residential/Mailing  Address are the same)	City	State	Zip Code
	 	 	 	 	 

 

	 	If Non-U.S. Citizen, Specify Country of Citizenship and select one below (Required)
	 	 

	 	 ̈ Resident
    Alien	 ̈ Non-Resident
    Alien (Attach a completed Form W8-BEN)	 

 

    3

     

    

 

 

	3.	SUBSCRIBER
    INFORMATION (continued)
	 	 
	 	D. Transfer
    on Death Beneficiary Information (Individual or Joint Account with rights of survivorship only.)
	 	(Not
    available for Louisiana residents. Beneficiary Date of Birth required. Whole percentages only; must equal 100%.)

 

	 	First
    Name	(MI)	Last
    Name	SSN:	Date
    of Birth (MM/DD/YYYY)	☐	Primary
	 	 	 	 	 	 	☐	Secondary	 	%
	 	Relationship:	 	 	 	 	 	 	 	 

 

	 	First
    Name	(MI)	Last
    Name	SSN:	Date
    of Birth (MM/DD/YYYY)	☐	Primary
	 	 	 	 	 	 	☐	Secondary	 	%
	 	Relationship:	 	 	 	 	 	 	 	 

 

	 	First
    Name	(MI)	Last
    Name	SSN:	Date
    of Birth (MM/DD/YYYY)	☐	Primary
	 	 	 	 	 	 	☐	Secondary	 	%
	 	Relationship:	 	 	 	 	 	 	 	 

 

	4.	DISTRIBUTIONS
    (Select only one for Non-Custodial accounts. For Custodial-held accounts,
the funds must be sent to the Custodian. )
	 	 
	 	Complete
    this section to elect how to receive cash distributions. If this section is not completed, distributions will be
    sent to address of record set forth above.
	 	
	 	I
    hereby elect the distribution option indicated below:
	 	 

	 	A.	☐ 	Check
    Mailed to the address set forth above (Available for Non-Custodial Investors only.)
	 	B.	☐	Check
    Mailed to Third Party
	 	 	 	 

	 	Name/Entity
    Name/Financial Institution	Mailing
    Address
	 	 	 
	 	 	 

	 	City	State	Zip
    Code	Account
    Number (Required)
	 	 	 	 	 

 

	 	C.	☐ 	Direct
    Deposit. Attach a pre-printed voided check. (Non-Custodial Investors Only)

 

	 	I
    authorize Steele Creek Capital Corporation (the Company) or its agent to deposit my distribution into my checking or savings
    account. This authority will remain in force until I notify the Company in writing to cancel it. In the event that the Company
    deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount
    of the erroneous deposit.
	 	 

	 	Name/Entity
    Name/Financial Institution	Mailing
Address
	 	 	 

	 	City	State	Zip
    Code	 
	 	 	 	 	 

	 	ABA/Routing
    Number	Account
    Number	☐ Checking
    Account	☐ Savings
    Account

 

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	5.	ELECTRONIC DELIVERY

 

		 ̈	Check here for electronic delivery and complete this Section
5.

 

Electronic delivery of stockholder communication
is available and if you would prefer to receive such communications and statements electronically for the Company, please affirmatively
elect to do so by signing below where indicated.

 

The Company encourages you to reduce printing
and mailing costs and to conserve natural resources by electing to receive electronic delivery of stockholder communications. By
consenting below to electronically receive stockholder communications, including your account information, you authorize the Company
to either (i) email stockholder notifications to you directly or (ii) make them available on the Company’s website and notify
you by email when such documents are available and how to access the documents.

 

Your email address will be held in confidence
and used only for matters relating to your investment.

 

You will not receive paper copies of these
electronic materials unless specifically requested, the delivery of electronic materials is prohibited or the Company, in its sole
discretion, elects to send paper copies of the materials.

 

Sign below if you consent to the electronic
delivery of documents for the Company, including annual reports, proxy materials and any other documents that may be required to
be delivered under federal or state securities laws as well as account-specific information such as tax information. Your consent
will be effective until you revoke it. In addition, by consenting to electronic access, you will be responsible for your customary
Internet Service Provider charges in connection with access to these materials. An email address in the section below is required.
Please carefully read the following representations before consenting to receive documents electronically.

 

Joint Accounts: If your Social Security
number is the primary number on a joint account and you opt-in for electronic delivery, each consenting stockholder must have access
to the email account provided.

 

By signing below and consenting to receive
documents electronically, you represent the following:

 

		(a)	I acknowledge that access to both the Internet and email is required in order to access documents
electronically. I may receive by email notification access to a document in electronic format. The notification email will contain
a web address (or hyperlink) where the document can be found. By entering this address into my web browser, I can view, download
and print the document from my computer. I acknowledge that there may be costs associated with the electronic access, such as usage
charges from my Internet Service Provider and telephone provider, and that these costs are my responsibility.

		(b)	I acknowledge that the documents distributed electronically may be provided in Adobe’s Portable
Document Format (PDF). The Adobe Reader® software is required to view documents in PDF format. The Reader software is available
free of charge from Adobe’s website at www.adobe.com. The Reader software must be correctly installed on my system before
I will be able to view documents in PDF format. Electronic delivery also involves risks related to system or network outage that
could impair my timely receipt of or access to stockholder communications.

		(c)	I acknowledge that I may receive at no cost from the Company a paper copy of most documents delivered
electronically by calling Investor Services at 877-227-4141.

		(d)	I acknowledge that if the email notification is returned to the Company as “undeliverable,”
the Company will resume sending paper copies of materials to my address of record.

		(e)	I acknowledge that my consent may be canceled by sending
a signed written request to the email address or mailing address for the Company provided on the signature page of this Subscription
Agreement.

 

Electronic Delivery Acknowledgment Only

 

	X	 	 	 	X	 	 	 
	 	Signature of Investor	 	Date	 	Signature of Co-Investor	 	Date

 

	 	Investor E-mail
	 	 

 

    5

     

    

  

 

	6.	ACCREDITED INVESTOR STATUS

 

The
undersigned hereby certifies that the Investor is an “accredited investor” as such term is defined under Regulation D
promulgated under the Securities Act, pursuant to the following representations, and agrees to promptly notify the Company and
the  Registered Representative if the undersigned no longer remains an “accredited investor” as such term
is defined under Regulation D promulgated under the Securities Act:

 

For
Individuals, Individual Retirement Accounts, and Keogh Plans: (Please check all that apply)

 

	 	☐ 	

I have an individual net worth, or my spouse/spousal equivalent and
I have a combined net worth, in excess of $1,000,000.1

	 	☐ 	I
    had individual income (exclusive of any income attributable to my spouse) of more than $200,000 in each of the past two years,
    or joint income with my spouse /spousal equivalent of more than $300,000 in each of those years, and I reasonably expect to reach the same income
    level in the current year.
	 	☐ 	The
    Investor is an individual retirement account or Keogh plan, the individual for whose benefit the investment in the Company
    is being made has directed such investment, and such individual is an accredited investor because such individual has a net
    worth or income as described above.
	 	☐ 	I
    am a director or executive officer of the Company.
	 	☐	I am a natural person holding in good standing one or more of the following
qualifying professional certifications: the General Securities Representative license (Series 7), the Private Securities Offerings Representative
license (Series 82), and the Licensed Investment Adviser Representative (Series 65).
	 	☐	I am a natural person who is a “knowledgeable employee”
as defined in Rule 3c-5 under the Investment Company Act because I am (i) an executive officer (president, any vice president in charge
of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making
function, or any other person who performs similar policy-making functions), director, trustee, general partner, advisory board member,
or person serving in a similar capacity, of the Company or the Investment Manager or (ii) an employee of the Company or the Investment
Manager (other than an employee performing solely clerical, secretarial or administrative functions with regard to the Partnership or
its investments) who, in connection with his or her regular functions or duties, participates in the investment activities of (a) the
Company, (b) another Section 3(c)(1) or Section 3(c)(7) company, or (c) an investment company managed by the Investment Manager, provided
that such employee has been performing such functions and duties for or on behalf of the Company or the Investment Manager, or substantially
similar functions or duties for or on behalf of another company, for at least twelve (12) months.

 

For
Trusts: (Please check all that apply)

 

	 	☐	The
    Investor is a trust with total assets in excess of $5,000,000, was not formed for the specific purpose of acquiring Shares,
    and its purchase is directed by a person who has such knowledge and experience in financial and business matters that it is
    capable of evaluating the merits and risk of the prospective investment.
	 	☐	The
    Investor is a trust having as its trustee or co-trustee a bank as defined in Section 3(a)(2) of the Securities Act, a
    savings and loan association, or another institution as defined in Section 3(a)(5)(A) of the Securities Act, which makes
    or participates in the investment decision.
	 	☐	The
    Investor is a revocable trust which may be amended or revoked at any time by the grantors thereof and all of the grantors
    are accredited investors.
	 	 
	 	For
    Corporations, Foundations, Endowments, Partnerships, LLCs or Massachusetts or Similar Business Trusts: (Please check all that
    apply.)
	 	 
	 	☐	The
    Investor has total assets in excess of $5,000,000 and was not formed for the specific purpose of acquiring Shares.
	 	☐	All
        of the Investor’s equity owners are accredited investors.

        Note:
        A trust (other than a business trust, real estate investment trust or other similar entities) may not claim this basis
        for being an accredited investor.

	 	☐	The Investor is an entity, of a type not listed elsewhere in this Accredited
Investor questionnaire, that was not formed for the specific purpose of acquiring the Interests and that owns “investments”2
in excess of $5,000,000.

 

 

	1	“Spousal equivalent” means a cohabitant occupying
a relationship generally equivalent to that of a spouse.

	2	For purposes of
                                    this Accredited Investor questionnaire, the term “investments” means any or all: (i) securities (as defined in the 1933
                                    Act), except for securities of issuers controlled by the Investor (“Control Securities”), unless (A) the issuer of the
                                    Control Securities is itself a registered or private investment company or is exempted from the definition of investment company by
                                    Rule 3a-6 or Rule 3a-7 under the Investment Company Act, (B) the Control Securities represent securities of an issuer that files
                                    reports pursuant to Section 13 or 15(d) of the Exchange Act, (C) the issuer of the Control Securities has a class of securities
                                    listed on a designated offshore securities market under Regulation S under the 1933 Act, or (D) the issuer of the Control Securities
                                    is a private company with shareholders’ equity not less than $50 million determined in accordance with generally accepted
                                    accounting principles, as reflected in the company’s most recent financial statements (provided such financial statements were
                                    issued within 16 months of the date of the Investor’s acquisition of the Interests), (ii) futures contracts or options thereon
                                    held for investment purposes, (iii) commodity interests and physical commodities held for investment purpose, (iv) swaps and other
                                    similar financial contracts entered into for investment purposes, (v) real estate held for investment purposes, and (vi) cash and
                                    cash equivalents held for investment purposes.

 

                                    Note:
                                    Investments can be valued at cost or fair market value as of a recent date. If investments have been
                                    acquired with indebtedness, the amount of the indebtedness must be deducted in determining whether
                                    the threshold has been met.

 

    6

     

    

 

 

 

	6.	ACCREDITED
INVESTOR STATUS (continued)

 

For
Employee Benefit Plans: (Please check all that apply)

 

	 	☐	The
    Investor is an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended
    (“ERISA”), and the decision to invest in the Company was made by a plan fiduciary (as defined in Section 3(21)
    of ERISA), which is either a bank, savings and loan association, insurance company or registered investment advisor.
	 	☐	The
    Investor is an employee benefit plan within the meaning of ERISA and has total assets in excess of $5,000,000.
	 	☐ 	The
    Investor is a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of
    a state or its political subdivisions for the benefit of its employees and has total assets in excess of $5,000,000.
	 	 
	 	For
    Participant-Directed or Self Directed Plans: (Please check all that apply)
	 	 
	 	☐	The
    Investor is a participant-directed or self-directed plan (i.e., a tax-qualified defined contribution plan in which a participant
    may exercise control over the investment of assets credited to his or her account), the participant for whose benefit the
    investment in the Company is being made has directed such investment, and such participant is an accredited investor because
    such participant has a net worth or income as described above for Individuals.
	 	 	 
	 	For Family Offices and Family Clients: (Please check all that apply)
	 	 	 
	 	☐	The Investor is a “family office,” as defined in Rule 202(a)(11)(G)-1
under the U.S. Investment Advisers Act of 1940 (the “Advisers Act”): (i) with assets under management in excess of $5,000,000,
(ii) that is not formed for the specific purpose of acquiring the investment, and (iii) whose prospective investment is directed by a
person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits
and risks of the prospective investment.
	 	☐	The Investor is a “family client,” as defined in Rule 202(a)(11)(G)-1
under the Advisers Act, of a family office meeting the requirements in above and whose prospective investment in the Company is directed
by such family office pursuant to Item (iii) above.
	 	 	 

I
declare that the information supplied above is true and correct and may be relied upon by the Company.

 

    7

     

    

 

 

	7.	SUBSCRIPTION
FOR SHARES

 

	 	(A)	The
    offer and sale of Shares in the Company is being made pursuant to a private placement exemption provided in Section 4(2) of
    the Securities Act and Rule 506 promulgated thereunder, by means of a private placement memorandum dated December 14, 2020, as
    supplemented or amended (the “Memorandum”). Investor hereby irrevocably subscribes for and agrees to purchase
    Shares on the terms provided for herein and in the Memorandum, and is delivering the Investment Amount set forth in Section
    1 above with this subscription agreement as payment for the Shares. The Investor agrees to and understands the terms and conditions
    upon which the Shares are being offered, including, without limitation, the risk factors referred to in the Memorandum.
	 	(B)	Shares
    will be purchased and sold, and the Investor admitted as a shareholder of the Company, when the Company accepts the Investor’s
    subscription for Shares and payment for the Shares is received by the Company (the “Closing”). The Closing will
    be as of such date (the “Closing Date”) as is specified by the Company in a notice to the Investor whose subscription
    for Shares is accepted as of such Closing Date. Shares subscribed for herein shall not be deemed to be issued to, or owned
    by, the Investor prior to the Closing.
	 	(C)	The
    Investor understands and agrees that the Company has the right, to be exercised in its sole discretion, to accept or reject
    any subscription in whole or in part for a period of 30 days after receipt of the subscription. Any subscription not accepted
    within 30 days of receipt shall be deemed rejected. In the event of rejection of this subscription, this Subscription Agreement
    shall have no force or effect.
	 	(D)	The
    effectiveness of this Subscription Agreement and the obligation of the Investor to be bound hereunder shall be subject to
    the satisfaction of the following conditions at Closing:

	 	(1)	On
    the Closing Date, the Investor’s subscription hereunder shall be permitted by the laws and regulations of each jurisdiction
    to which the Investor is subject.

	 	(2)	If
on the Closing Date any of the conditions specified in this Subscription Agreement shall not have been fulfilled, the Investor
shall, upon delivery of written notice to the Company prior to the Closing Date, be relieved of all further obligations under
this Subscription Agreement.

         

	8.	REPRESENTATIONS
AND WARRANTIES OF INVESTOR

 

By
executing the Subscription Agreement, Investor represents, warrants and agrees as follows:

 

	 	(A)	The
    Investor will not sell or otherwise transfer the Shares, directly or indirectly, without the consent of the Company (which
    consent may be withheld for any or no reason by the Company in its sole and absolute discretion) without registration under
    the Securities Act or an exemption therefrom, and the Investor fully understands and agrees that it must bear the economic
    risk of its investment for an indefinite period of time because, among other reasons, the Shares have not been registered
    under the Securities Act or under the securities laws of certain states of the United States or other jurisdictions in reliance
    on exemptions from such registration and, therefore, cannot be resold, pledged, assigned or otherwise disposed of unless they
    are subsequently registered under the Securities Act and under applicable securities laws of such states of the United States
    or other jurisdictions or an exemption from such registration is available. The Investor understands that the Company is not
    under any obligation to register the Shares on its behalf or to assist it in complying with any exemption from such registration
    under the Securities Act or otherwise. The Investor understands that there is no established market for the Shares and no
    public market for the Shares is likely to develop. It also understands that sales or transfers of the Shares are further restricted
    by the securities laws of the states of the United States and of other jurisdictions. The Company may condition any consent
    on receipt from the Investor of an opinion of counsel and certificates, covenants, representations or warranties reasonably
    acceptable to the Company. Any such transfer made without the consent of the Company shall be void and shall not at any time
    have any force or effect.
	 	(B)	The
    Investor has received and carefully read a copy of the Memorandum outlining, among other things, the organization and investment
    objectives and policies of, and the risks of an investment in, the Company as well as the fees and conflicts of interest to
    which the Company is subject. The Investor acknowledges that in making a decision to subscribe for Shares, the Investor has
    relied solely upon the Memorandum. The Investor agrees that the contents of the Memorandum and related documents is to be
    kept confidential and the Investor has not reproduced, duplicated or delivered the Memorandum or this Subscription Agreement
    to any other person, except to professional advisors of the Investor.

 

    8

     

    

 

 

	8.	REPRESENTATIONSAND
WARRANTIES OF INVESTOR (continued)

 

	 	(C)	The
    Investor has been given the opportunity to ask questions of, and receive answers from, the Company concerning the business
    to be conducted by the Company and the terms and conditions of the offering and has been given the opportunity to obtain such
    additional information necessary to verify the accuracy of the information contained in the Memorandum and other materials
    authorized by the Company received from the Company or the Investor’s  Registered Representative, including
    all Company documents, records and books, or that which was otherwise provided in order for the Investor to evaluate the merits
    and risks of the purchase of Shares to the extent the Company possesses such information or can acquire it without unreasonable
    efforts or expense, and has not relied on any offering literature except as mentioned herein or in the Memorandum.
	 	(D)	The
    Investor has not been furnished with any oral or written representation in connection with the offering of the Shares which
    is not contained herein, in the Memorandum, or in other materials authorized by the Company received from the Company or the
    Investor’s  Registered Representative.
	 	(E)	The
    Investor is not relying on the Company with respect to individual tax and other economic considerations involved in this investment.
    Regarding the tax and other economic considerations related to this investment, the Investor has relied on the advice of,
    or has consulted with, only its own advisors. An Investor in the Company who is a tax-exempt entity acknowledges that the
    Company may generate unrelated business taxable income (“UBTI”) and that neither the Company nor any of its affiliates
    will have any liability to such Investor by reason of the Company generating UBTI.
	 	(F)	The
    Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the
    merits and risks of the Investor’s investment in the Shares and is able to bear such risks, and has obtained, in the
    Investor’s judgment, sufficient information from the Investor’s  Registered Representative, the Company
    or its authorized representatives to evaluate the merits and risks of such investment. The Investor has evaluated the risks
    of investing in the Shares and has determined that the Shares are a suitable investment for the Investor.
	 	(G)	The
    Investor has the financial ability to bear the economic risk of its investment in the Shares, has adequate means for providing
    for its current needs and personal or other contingencies and has no need for liquidity with respect to its investment in
    the Shares. The Investor has determined that it could bear a complete loss of this investment.
	 	(H)	The
    Investor is acquiring the Shares subscribed for herein for its own account, for investment purposes only and not with a view
    to distribute or resell such Shares in whole or in part, no other Person has a direct or indirect ownership interest in the
    Shares other than as a stockholder in, partner or member of, or, if the Investor is a trust, beneficiary of, the Investor,
    and there are no put, call, or similar arrangements with respect to the Shares.
	 	(I)	If
    the undersigned is, or is investing on behalf of, a tax-exempt entity (including an IRA), a qualified pension, profit sharing,
    or stock bonus plan or a tax-exempt educational organization, the undersigned represents that the undersigned and the Investor
    have each consulted with knowledgeable, independent tax and ERISA advisors in evaluating an investment in the Company as a
    permissible and an appropriate investment after taking into consideration, among other factors, the diversification requirements
    of Section 404(a)(3) of ERISA and the illiquidity of the investment, and have concluded it is an appropriate investment under
    the plan documents, including that the investment will not result in a non exempt prohibited transaction under Section 406
    of ERISA or Section 4975 of the Code if applicable, and is consistent with any fiduciary obligations the undersigned and the
    governing body of such Investor may have under ERISA or other applicable law. The undersigned represents that it is independent
    of the Company or any of its affiliates and that neither the undersigned nor the Investor is relying on any advice with respect
    to such matters from the Company or its representatives or agents but, rather, has made an independent evaluation of the risks
    and benefits of such an investment. The Investor deliver to the Company in writing all of the information that the Company
    may request in order to avoid violations of any provision of ERISA or any other laws applicable to the Investor, and promptly
    will notify the Company, in writing, of any change in the information so furnished.

	 	(J)	The
    Investor agrees and is aware that:

	 	(1)	no
    U.S. federal or state agency has passed upon the Shares or made any findings or determination as to the fairness of this investment;
	 	(2)	there
    are substantial risks of loss of investment (including the risk of loss of the entire amount invested) incidental to the purchase
    of the Shares, including those summarized in the Memorandum;
	 	(3)	any
    statements, estimates or projections that have been provided are forward-looking statements and are based on estimates and
    assumptions that may prove incorrect, and actual results could differ materially from forward-looking statements and targeted
    results; and
	 	(4)	the
    Company and its affiliates may provide similar services to investment funds in which the Investor will have no interest and
    there may be other potential conflicts as described in the Memorandum.

	 	(K)	The
    execution, delivery and performance by the Investor of this Subscription Agreement are within the powers of the Investor,
    have been duly authorized and will not constitute or result in a breach or default under, or conflict with, any order, ruling
    or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking,
    to which the Investor is a party or by which the Investor is bound, and, if the Investor is not an individual, will not violate
    any provisions of the organizational documents of the Investor. The signature on this Subscription Agreement is genuine, and
    the signatory, if the Investor is an individual, has legal competence and capacity to execute the same, or, if the Investor
    is not an individual, the signatory has been duly authorized to execute the same, and this Subscription Agreement constitutes
    a legal, valid and binding obligation of the Investor, enforceable against the Investor in accordance with its terms.

 

    9

     

    

 

 

	8.	REPRESENTATIONSAND
WARRANTIES OF INVESTOR (continued)

 

	 	(L)	The
    Investor agrees to timely furnish additional information or documentation regarding its ownership structure and the Investor’s
    suitability if the Company reasonably requests such information or documentation.
	 	(M)	The
    Investor represents and covenants that (i) the Investor is not (1) identified on the U.S. Department of Treasury Office of
    Foreign Assets Control (“OFAC”) list of Specially Designated Nationals and Blocked Persons (the “SDN List”);
    (2) owned or controlled by or acting on behalf of any person or entity listed on the SDN List; (3) to the best of Investor’s
    knowledge, the target of any sanction, regulation, or law promulgated by OFAC or any other U.S. governmental entity (such
    sanctions, regulations and laws, together with any supplement or amendment thereto, the “U.S. Sanctions Laws”)
    such that the entry into this Agreement or the performance of any of the transactions contemplated hereby would contravene
    such U.S. Sanctions Laws; or (4) to the best of Investor’s knowledge, owned or controlled by or acting on behalf of
    any person or entity that is the target of any U.S. Sanctions Laws such that the entry into this Agreement or the performance
    of any of the transactions contemplated hereby would contravene such U.S. Sanctions Laws; (ii) the monies used to fund the
    Investor’s investment in the K Shares and/or Units have not been and will not be derived from or related to any illegal
    activities, including but not limited to, money laundering activities, and the proceeds from the Investor’s investment
    in the Units will not be used to finance any illegal activities; and (iii) the acceptance of this Agreement, together with
    related payments, will not breach any applicable money laundering or related rules or regulations (including, without limitation,
    any statutes, rules or regulations in effect under the laws of the United States pertaining to prohibitions on money laundering
    or anti-terrorist financing or to transacting business or dealing in property that may be blocked or may belong to Specially
    Designated Nationals as those terms are used by OFAC).
	 	(N)	Investor
    acknowledges and agrees that the Company and its affiliates may release confidential information given by the Investor to
    the Company about the Investor to regulatory or law enforcement authorities, if the Company, in its sole and absolute discretion,
    determines that it is in the best interest of the Company to do so, or to such parties as the Company may deem advisable if
    it is called upon to establish the availability under any applicable law of an exemption from registration of the Shares or
    the Company, to demonstrate compliance or to comply with any laws, rules or regulations to which the Company or any other
    service provider providing services to any of the foregoing is or becomes subject, or if the contents thereof are relevant
    to any issue in any action, suit, or proceeding to which the Company is a party or by which it is or may be bound, or to lenders,
    attorneys, accountants, prospective Investors and service providers and other representatives or advisors in the ordinary
    course of business.
	 	(O)	If
    the undersigned is acquiring the Shares in a fiduciary capacity: (i) the foregoing representations, warranties and agreements
    shall be deemed to have been made on behalf of the person or persons for whose benefit such Shares are being acquired; (ii)
    the name of such person or persons is indicated herein; and (iii) such further information as the Company deems appropriate
    shall be furnished regarding such person or persons.
	 	(P)	The
    Investor shall indemnify, defend and hold harmless the Company and any of its managers, officers, employees, partners, agents,
    directors or controlling persons (each, an “Indemnified Party” and collectively, the “Indemnified Parties”)
    who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
    whether civil, criminal, administrative or investigative, against losses, liabilities and expenses of each Indemnified Party
    (including attorneys’ fees, judgments, fines and amounts paid in settlement, payable as incurred) incurred by such person
    or entity in connection with such action, arbitration, suit or proceeding, by reason of or arising from (i) any misrepresentation
    or misstatement of facts or omission to represent or state facts made by the undersigned, including, without limitation, the
    information in this Subscription Agreement, or (ii) litigation or other proceeding brought by the undersigned against an Indemnified
    Party wherein the Indemnified Party is the prevailing party.
	 	(Q)	The
    Investor agrees and is aware that the Company, Steele Creek Investment Management LLC (“Investment Advisor”) and
    S2K Financial LLC (the “Dealer Manager”), and their respective officers, directors, employees and affiliates are
    not undertaking to provide impartial investment advice or to give advice in a fiduciary capacity in connection with the offering
    of the Shares, and that the Company, the Investment Advisor and the Dealer Manager have financial interests associated with
    the purchase of the Shares, as described in the Memorandum, including fees, expense reimbursements and other payments they
    anticipate receiving from the Company in connection with the purchase of the Shares.
	 	(R)	The
    foregoing representations, warranties and agreements shall survive the Closing and the termination of the Company. The Investor
    agrees to notify the Company of any changes prior to Closing.

 

I
declare that the information supplied above is true and correct and may be relied upon by the Company.

 

    10

     

    

 

 

 

	9.	MISCELLANEOUS

  

	 	(A)	This
    Subscription Agreement, and the documents referenced in this Subscription Agreement, constitute the entire agreement among
    the parties hereto with respect to the subject matter hereof and supersede any prior or contemporaneous understandings, representations,
    warranties or agreements (whether oral or written) and may be amended only by a writing executed by all parties.
	 	(B)	This
    Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Maryland, without reference
    to conflict of law or choice of law rules.

 

	10.	Texas
        Residents Only - Designation of Representative for Notice Request (Form 98-1036) (Optional)

        Texas
        Property Code, Title 6, Section 74.1011 requires businesses, financial institutions and other holders of unclaimed property
        to mail a written notice to the last known address of known owners of property to inform them that, due to inactivity,
        their accounts may be delivered to the Texas Comptroller. Effective Sept. 1, 2017, Texas Property Code, Title 6, sections
        72.1021 and 73.103 allow the owners of financial accounts, mutual funds or contents of a safe deposit box to designate
        representatives for their accounts, for the purpose of receiving the notice required in Section 74.1011. The owner of
        the account(s) may, but is not required to, designate the name and a mailing or email address of a representative of the
        owner only for the purpose of receiving the notice required in Section 74.1011. To designate a representative to receive
        notices for your account(s), please complete the Designation of Representative for Notice Request form.

 

	11.	SUBSCRIBER
SIGNATURE TO SUBSCRIPTION AGREEMENT

 

	 	(A)	The
    Company is required by law to obtain, verify and record certain personal information from you or persons on your behalf in
    order to admit you as a Shareholder of the Company. Required information includes name, date of birth, permanent residential
    address and social security/taxpayer identification number. The Company may also ask to see other identifying documents. If
    you do not provide the information, the Company may not be able to admit you as a Shareholder of the Company. By signing the
    Subscription Agreement, you agree to provide this information and confirm that this information is true and correct. If the
    Company is unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if the Company
    believes it has identified potentially criminal activity, the Company reserves the right to take action as it deems appropriate,
    which may include removing you as a Shareholder.
	 	(B)	IN
    WITNESS WHEREOF, intending to irrevocably bind the undersigned and the personal representatives, successors, and assigns of
    the undersigned, by signing below on the date indicated, the undersigned hereby executes, adopts and agrees to be bound by
    all of the terms, conditions, representations, and agreements of this Subscription Agreement and is delivering with this Subscription
    Agreement the Investment Amount set forth in Section 1 above as payment for the Shares.

 

TAXPAYER
IDENTIFICATION/SOCIAL SECURITY NUMBER CONFIRMATION (required): The Investor signing below, under penalties of perjury, certifies
that: (i) the number shown on this Subscription Agreement is my correct taxpayer identification number (or I am waiting for
a number to be issued to me); (ii) I am not subject to backup withholding because (a) I am exempt from backup withholding,
(b) I have not been notified by the Internal Revenue Service (“IRS”) that I am subject to backup withholding
as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject
to backup withholding; and (iii) I am a U.S. person (including a resident alien).

 

		NOTE:	You
must cross out (ii) above if you have been notified by the IRS that you are currently subject to backup withholding because you
have failed to report all interest and dividends on your tax return.

 

The
IRS does not require consent to any provision of this document other than the certifications required to avoid backup withholding.

  

	
        X

         
	 	 	 	 X	 	 	 
	 	Signature of Investor	 	Date	 	
        Signature of Co-Investor or Custodian

        (If applicable.)
	 	Date

  

Medallion Signature Guarantee (custodial accounts):

  

 

 

    11

     

    

 

 

	12.	BROKER-DEALER/REGISTERED
REPRESENTATIVE/REGISTERED INVESTMANT ADVISOR INFORMATION (Required Information. All fields must be completed.)

 

The Registered Representative (RR) or Registered Investment
Advisor (RIA) must sign below to complete the order. Please note that unless previously agreed to in writing by the Company, all
sales of securities must be made through a broker-dealer, including when an RIA has introduced the sale. In all cases, this Section 6
must be completed. The Registered Representative must sign below. The RR or RIA and broker-dealer hereby warrants that he/she is
duly licensed and may lawfully sell Shares in the state designated as the investor’s legal residence, or the state in which
the sale was made, if different.

 

	Broker-Dealer/RIA Firm

                                                                                 
	Registered Representative/RIA Name
	Mailing Address

                                                                                 
	City	State	Zip Code
	Registered Representative/RIA Number

                                                                                 
	Branch Number	 	Telephone Number
	E-mail Address

                                                                                 
	 	Fax Number
	 	 	 	 	 	 	 

The undersigned confirm(s), which confirmation is made on behalf of
the Broker-Dealer with respect to sales of securities made through a Broker-Dealer, that they (i) have a substantive, pre-existing
relationship with the Investor, and have reasonable grounds to believe that the information and representations concerning the Investor
identified herein are true, correct and complete in all respects; (ii) have discussed such Investor’s prospective purchase
of Shares with such Investor; (iii) have advised such Investor of all pertinent facts with regard to the lack of liquidity and marketability
of the Shares, and apprised the Investor of the risks of an investment in the Shares as described in the Memorandum (as defined herein);
(iv) have delivered the Memorandum and related supplements, if any, to such Investor; (v) have reasonable grounds to believe
that the Investor is purchasing these Shares for his or her own account; (vi) is in compliance with any applicable enhanced standard of
conduct, including, but not limited to, the “best interest” standard applicable to broker-dealers under Rule 15l-1 under the
Securities Exchange Act of 1934 and (vii) have reasonable grounds to believe that the purchase of Shares is a suitable investment
for such Investor and that such Investor is in a financial position to enable such Investor to realize the benefits of such an investment
and to suffer any loss that may occur with respect thereto.

 

The undersigned Registered
Representative certifies and agrees that:

 

“I am not and have
not been the subject of a “disqualifying event” as described in Rule 506(d) promulgated under the Securities Act
of 1933, as amended (the “Securities Act”), that would require disclosure in the Memorandum or that would
adversely affect the Company’s reliance on any federal or state securities registration exemption. I agree that I shall promptly
notify the Company and my Broker-Dealer home office if I become the subject of a disqualifying event after the date hereof and
through the termination of the offering of Shares.”

  

The undersigned Registered Representative further represents
and certifies that, in connection with this subscription for Shares, he or she has complied with and has followed all applicable
policies and procedures under his or her firm’s existing Anti-Money Laundering Program and Customer Identification Program,
including OFAC compliance.

 

	X	 	 	 	 X	 	 	 
	 	Representative/RIA Signature	 	Date	 	
        Signature of Authorized Principal

        (If required by Broker-Dealer)
	 	Date

 

    12

     

    

 

 

13. SUBSCRIPTION AND PAYMENT INSTRUCTIONS

 

Return to:

 

Steele Creek Capital Corporation

Mailing Address:

 

USBGFS c/o Steele Creek

615 E. Michigan Ave

Milwaukee, WI 53202

 

Checks should be made payable
to: Steele Creek Capital Corporation

 

Subscription agreements that
do not require a Medallion Signature Guarantee (non-custodial accounts) may be emailed directly to alternativefundsupport@usbank.com.

 

Wire transfers:

 

	ABA Routing Number	   	  075000022
	Account Number	 	1-823-8356-9791

	Account Name	 	U.S. BANCORP FUND SERVICES, LLC FBO STEELE CREEK CAPITAL

  

Please include
investor’s name in the reference field

 

 

IF YOU NEED FURTHER ASSISTANCE, PLEASE CALL S2K FINANCIAL LLC
AT (877) 227-4141.

 

 

13

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