Document:

EXHIBIT 10.2

 

DRIVEN BRANDS HOLDINGS INC.

2021 Omnibus
Incentive Plan

PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD
AGREEMENT

THIS RESTRICTED STOCK UNIT
AWARD AGREEMENT (this “Agreement”), is entered into as of [ DATE ] (the “Date of Grant”), by and
between Driven Brands Holdings Inc., a Delaware corporation (the “Company”), and ________
(the “Participant”). Capitalized terms used in this Agreement and not otherwise defined herein have the meanings
ascribed to such terms in the Driven Brands Holdings Inc. 2021 Omnibus Incentive Plan, as amended, restated or otherwise modified from
time to time in accordance with its terms (the “Plan”).

WHEREAS, the Company has
adopted the Plan, pursuant to which restricted stock units subject to service- and performance-vesting criteria (“PSUs”)
may be granted; and

WHEREAS, the Committee has
determined that it is in the best interests of the Company and its stockholders to grant the PSUs provided for herein to the Participant
on the terms and subject to the conditions set forth herein.

NOW, THEREFORE, for and
in consideration of the premises and the covenants of the parties contained in this Agreement, and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree as follows:

1.            Grant of Performance-Based Restricted
Stock Units.

(a)          Grant. The Company hereby grants to the Participant _____ PSUs (the “Target
PSUs”), on the terms and subject to the conditions set forth in this Agreement and as otherwise provided in the Plan. As more
fully described in Section 2, each PSU represents the right to receive one share of Common Stock, subject to (i) the achievement of the
applicable performance goals described in Section 2 and (ii) the Participant’s continued employment or service with the Company
through and including the Vesting Date (as defined below).

(b)          Incorporation by Reference. The provisions of the Plan are incorporated herein by reference. Except as otherwise expressly
set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any interpretations, amendments,
rules and regulations promulgated by the Committee from time to time pursuant to the Plan. The Committee shall have final authority to
interpret and construe the Plan and this Agreement and to make any and all determinations under them, and its decision shall be binding
and conclusive upon the Participant and the Participant’s beneficiary in respect of any questions arising under the Plan or this
Agreement. The Participant acknowledges that the Participant has received a copy of the Plan and has had an opportunity to review the
Plan and agrees to be bound by all the terms and provisions of the Plan.

 2.            Calculation of Amount Earned; Settlement.

(a)          The total number of PSUs earned, if any, shall be the amounts earned (rounded to the nearest integer) in respect of each of the
performance metrics for the applicable Performance Period as set forth in the chart below.

	Performance

                                                                        Level
	Cumulative 

Adjusted EBITDA	

Relative TSR	Performance Multiplier
	Below Threshold	Less than 90% of target	Less than the 25th Percentile	0%

 

    	 	 	 

     

    

 

	Threshold	90% of target	25th Percentile	50%
	Target	100% of target	50th Percentile	100%
	Maximum	Greater than or equal to 110% of target	Greater than or equal to the 75th Percentile	200%

	*Subject to adjustments as determined by the Committee in accordance with this
  Agreement and the Plan, the Cumulative Adjusted EBITDA target is $[ ]. No PSUs shall
  be earned in respect of a performance metric if the Company’s performance is less than the Threshold level. If the performance
  level in respect of a performance metric is between Threshold and Target, or between Target and Maximum set forth above, then the Performance
  Multiplier for that performance metric is determined by linear interpolation.

 

(b)          60% of the Target PSUs shall be earned (from 0-200%) in accordance with the Performance Multiplier determined above based on performance
compared to the Cumulative Adjusted EBITDA metric, and 40% of the Target PSUs shall be earned (from 0-200%) in accordance with the Performance
Multiplier determined above based on performance compared to the Relative TSR metric. The Performance Multiplier shall be determined independently
for each performance metric.

For illustrative purposes only:
if the Cumulative Adjusted EBITDA metric were achieved at 95% of the Target level, and the Relative TSR metric were achieved at 105% of
the Target Level, then:

(i)          The Performance Multiplier for the Cumulative Adjusted EBITDA metric would be 75%, and thus 45% of the Target PSUs (i.e., 75% x
60%) would be earned; and

(ii)         The Performance Multiplier for the Relative TSR metric would be 150%, and thus an additional 60% of the Target PSUs (i.e., 150%
x 40%) would be earned (for a total of 105% of the Target PSUs that would be earned.

(c)          Pursuant to its authority under the Plan, the Committee may in its discretion make appropriate adjustments (i) in the Cumulative
Adjusted EBITDA target (which may be adjusted annually or at other relevant times) to reflect any changes in business of the Company and
its Subsidiaries during the Performance Period, including without limitation, any or all acquisitions or divestitures, or (ii) in determining
TSR to reflect any changes in capitalization of the Company or any company in the Peer Group (e.g., spin-offs, stock splits), or (iii)
in the event of a Change in Control of the Company, and otherwise shall in its discretion make all determinations required under this
Agreement. If any of the companies in the Peer Group is acquired and ceases to be publicly traded during the Performance Period, any such
company shall be removed from the Peer Group (and treated as if it was never in the Peer Group). If any of the foregoing companies files
for (or is otherwise placed into) bankruptcy during the Performance Period, any such company’s TSR shall be treated as having (or
being tied for having) the lowest TSR in the Peer Group for the Performance Period.

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(d)           For purposes of this Agreement:

(i)          “Cumulative Adjusted EBITDA” means, for the Performance Period, earnings before interest expense, income
tax expense, and depreciation and amortization, with further adjustments for acquisition-related costs, straight-line rent, equity compensation,
loss on debt extinguishment and certain non-recurring, non-core, infrequent or unusual charges.

(ii)         “Ending Share Price” shall mean, with respect to any particular company, the VWAP of such company’s common
stock for the last 90 trading days of the Performance Period.

(iii)        “Initial Share Price” shall mean (A) with respect to any particular company (other than the Company), the VWAP
of such company’s common stock for the last 90 trading days prior to the first day of the Performance Period, and (B) with respect
to the Company, $22.00 per share.

(iv)        “Peer Group” means each of the constituent companies that comprise the S&P MidCap 400 Index as of the Date
of Grant, as adjusted pursuant to Section 2(c).

(v)         “Performance
Period” means (A) with respect to the Cumulative Adjusted EBITDA metric, the period beginning on the first day of the Company’s
202x fiscal year (________________ xx, 202x) and ending on the last day of the Company’s 202x fiscal year (December xx, 202x),
and (B) with respect to the Relative TSR metric, the period beginning on _________________ xx, 202x and ending on December xx, 202x.

(vi)         “Relative TSR” shall mean the percentile rank of the Company’s TSR determined by dividing (x) the Company’s
numerical position in the ranking of the TSRs calculated for each company in the Peer Group as of the end of the Performance Period (ranking
by lowest to highest TSR) by (y) the total number of companies included in the Peer Group as of the end of the Performance Period, rounding
to the nearest hundredth.

(vii)       “TSR” shall mean, with respect to any one company, the product of (1) the quotient obtained by dividing (x)
the Ending Share Price minus the Initial Share Price (assuming all dividends and other distributions made on such share are reinvested),
by (y) the Initial Share Price, multiplied by (2) 100.

(viii)      “VWAP” means, for any particular company, the volume weighted averages of the trading prices of such company’s
common stock on the applicable securities exchange on which such shares are traded (as reported by Bloomberg or, if not reported thereby,
in another authoritative source selected by the Company).

 

(e)          Subject to Section 4, each earned PSU shall be settled within 15 days following the Vesting Date in shares of Common Stock.

3.            Dividend Equivalents. In the event of any issuance of a cash dividend on the shares of Common Stock (a “Dividend”),
the Participant shall be credited, as of the payment date for such Dividend, with an amount (a “Dividend Equivalent”)
equal to the product of (i) the number of Target PSUs granted pursuant to this Agreement and outstanding as of the record date for
such Dividend multiplied by (ii) the amount of the Dividend per share. The aggregate amount of the Dividend Equivalents (as adjusted
to reflect the earned PSUs) (the “Distributable Amount”) shall be distributed to the Participant in connection with
the settlement

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of the earned PSUs either in cash or, at the
discretion of the Committee, in a number of shares of Common Stock with a Fair Market Value (as determined on the Vesting Date) equal
to the Distributable Amount. To the extent any PSUs are forfeited prior to vesting, the corresponding Dividend Equivalents in respect
thereof shall be forfeited immediately thereupon.

4.            Termination of Employment or Services. If the Participant’s employment with, membership on the board of directors of,
or engagement to provide services to the Company or any of its Affiliates terminates for any reason prior to the last day of the Performance
Period (the “Vesting Date”), all PSUs shall be canceled immediately and the Participant shall not be entitled to receive
any payments with respect thereto.

5.            Rights as a Stockholder. The Participant shall not be deemed for any purpose to be the owner of any shares of Common Stock
underlying the PSUs unless, until and to the extent that (i) the Company shall have issued and delivered to the Participant the shares
of Common Stock underlying the PSUs and (ii) the Participant’s name shall have been entered as a stockholder of record with
respect to such shares of Common Stock on the books of the Company. The Company shall cause the actions described in clauses (i) and
(ii) of the preceding sentence to occur promptly following settlement as contemplated by this Agreement, subject to compliance with
applicable laws.

6.            Compliance with Legal Requirements.

(a)          Generally. The granting and settlement of the PSUs, and any other obligations of the Company under this Agreement, shall
be subject to all applicable U.S. federal, state and local laws, rules and regulations, all applicable non-U.S. laws, rules and regulations
and to such approvals by any regulatory or governmental agency as may be required. The Participant agrees to take all steps that the Committee
or the Company determines are reasonably necessary to comply with all applicable provisions of U.S. federal and state securities law and
non-U.S. securities law in exercising the Participant’s rights under this Agreement.

(b)          Tax Withholding. Vesting and settlement of the PSUs shall be subject to the Participant’s satisfying any applicable
U.S. federal, state and local tax withholding obligations and non-U.S. tax withholding obligations. The Company shall have the right and
is hereby authorized to withhold from any amounts payable to the Participant in connection with the PSUs or otherwise the amount of any
required withholding taxes in respect of the PSUs, their settlement or any payment or transfer of the PSUs or under the Plan and to take
any such other action as the Committee or the Company deem necessary to satisfy all obligations for the payment of such withholding taxes
(up to the maximum permissible withholding amounts), including the right to sell the number of shares of Common Stock that would otherwise
be available for delivery upon settlement of the PSUs necessary to generate sufficient proceeds to satisfy withholding obligations. The
Participant may elect to satisfy, and the Company may in all events require the Participant to satisfy, in whole or in part, the tax obligations
by withholding shares of Common Stock that would otherwise be deliverable to the Participant upon settlement of the PSUs with a Fair Market
Value equal to such withholding liability.

7.            Clawback. Notwithstanding anything to the contrary contained herein, the Committee may cancel the PSU award if the Participant,
without the consent of the Company, has engaged in or engages in activity that is in conflict with or adverse to the interests of the
Company or any Affiliate while employed by, serving as a director of, or otherwise providing services to the Company or any Subsidiary,
including fraud or conduct contributing to any financial restatements or irregularities, or violates a non-competition, non-solicitation,
non-disparagement or non-disclosure covenant or agreement with the Company or any Subsidiary (after giving effect to any applicable cure
period set forth therein), as determined by the Committee. In such event, the Participant will forfeit any compensation, gain or other
value realized

    	 	4	 

     

    

thereafter on the vesting or settlement of
the PSUs, the sale or other transfer of the PSUs, or the sale of shares of Common Stock acquired in respect of the PSUs (provided that
the PSUs vested during the 12-month period immediately prior to the Participant’s adverse activity), and must promptly repay such
amounts to the Company. If the Participant receives any amount in excess of what the Participant should have received under the terms
of the PSUs for any reason (including without limitation by reason of a financial restatement, mistake in calculations or other administrative
error), all as determined by the Committee, then the Participant shall promptly repay any such excess amount to the Company. To the extent
required by applicable law or the rules and regulations of the NASDAQ or any other securities exchange or
inter-dealer quotation system on which the Common Stock is listed or quoted, or if so required pursuant to a written policy adopted by
the Company, the PSUs shall be subject (including on a retroactive basis) to clawback, forfeiture or similar requirements (and such requirements
shall be deemed incorporated by reference into this Agreement).

 8.            Miscellaneous.

(a)          Transferability. The PSUs may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered
(a “Transfer”) by the Participant other than by will or by the laws of descent and distribution, pursuant to a qualified
domestic relations order or as otherwise permitted under Section 14(b) of the Plan. Any attempted Transfer of the PSUs contrary to
the provisions hereof, and the levy of any execution, attachment or similar process upon the PSUs, shall be null and void and without
effect.

(b)          Waiver. Any right of the Company contained in this Agreement may be waived in writing by the Committee. No waiver of any
right hereunder by any party shall operate as a waiver of any other right, or as a waiver of the same right with respect to any subsequent
occasion for its exercise, or as a waiver of any right to damages. No waiver by any party of any breach of this Agreement shall be held
to constitute a waiver of any other breach or a waiver of the continuation of the same breach.

(c)          Section 409A. The PSUs are intended to be exempt from, or compliant with, Section 409A of the Code. Notwithstanding
the foregoing or any provision of the Plan or this Agreement, if any provision of the Plan or this Agreement contravenes Section 409A
of the Code or could cause the Participant to incur any tax, interest or penalties under Section 409A of the Code, the Committee
may, in its sole discretion and without the Participant’s consent, modify such provision to (i) comply with, or avoid being
subject to, Section 409A of the Code, or to avoid the incurrence of taxes, interest and penalties under Section 409A of the
Code, and/or (ii) maintain, to the maximum extent practicable, the original intent and economic benefit to the Participant of the
applicable provision without materially increasing the cost to the Company or contravening the provisions of Section 409A of the
Code. This Section 9(c) does not create an obligation on the part of the Company to modify the Plan or this Agreement and does not
guarantee that the PSUs will not be subject to interest and penalties under Section 409A.

(d)          General Assets. All amounts credited in respect of the PSUs to the book-entry account under this Agreement shall continue
for all purposes to be part of the general assets of the Company. The Participant’s interest in such account shall make the Participant
only a general, unsecured creditor of the Company.

(e)          Notices. Any notices provided for in this Agreement or the Plan shall be in writing and shall be deemed sufficiently given
if either hand delivered or if sent by fax, pdf/email or overnight courier, or by postage-paid first-class mail. Notices sent by mail
shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed,
if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, to the attention
of the General Counsel at the Company’s principal executive office.

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(f)            Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent
permitted by law.

(g)          No Rights to Employment, Directorship or Service. Nothing contained in this Agreement shall be construed as giving the Participant
any right to be retained, in any position, as an employee, consultant or director of the Company or any of its Affiliates or shall interfere
with or restrict in any way the rights of the Company or any of its Affiliates, which are hereby expressly reserved, to remove, terminate
or discharge the Participant at any time for any reason whatsoever.

(h)          Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to this Agreement, and the
Committee shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional shares
of Common Stock, or whether such fractional shares of Common Stock or any rights thereto shall be canceled, terminated or otherwise eliminated.

(i)           Beneficiary. The Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed
by the Committee and may, from time to time, amend or revoke such designation.

(j)           Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the Company and its successors
and assigns, and of the Participant and the beneficiaries, executors, administrators, heirs and successors of the Participant.

(k)          Entire Agreement. This Agreement and the Plan contain the entire agreement and understanding of the parties hereto with
respect to the subject matter contained herein and supersede all prior communications, representations and negotiations in respect thereto,
other than any other non-competition, non-solicitation, non-disparagement or non-disclosure or other similar agreement to which the Participant
may be a party, the covenants of which shall continue to apply to the Participant in accordance with the terms of such agreement. No change,
modification or waiver of any provision of this Agreement shall be valid unless the same be in writing and signed by the parties hereto,
except for any changes permitted without consent under Section 11 or 13 of the Plan.

(l)           Governing Law and Venue. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware,
without regard to principles of conflicts of laws thereof, or principles of conflicts of laws of any other jurisdiction that could cause
the application of the laws of any jurisdiction other than the State of Delaware.

(i)          Dispute Resolution; Consent to Jurisdiction. All disputes between or among any Persons arising out of or in any way connected
with the Plan, this Agreement or the PSUs shall be solely and finally settled by the Committee, acting in good faith, the determination
of which shall be final. Any matters not covered by the preceding sentence shall be solely and finally settled in accordance with the
Plan, and the Participant and the Company consent to the personal jurisdiction of the United States federal and state courts sitting in
Wilmington, Delaware, as the exclusive jurisdiction with respect to matters arising out of or related to the enforcement of the Committee’s
determinations and resolution of matters, if any, related to the Plan or this Agreement not required to be resolved by the Committee.
Each such Person hereby irrevocably consents to the service of process of any of the aforementioned courts in any such suit, action or
proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to the last known address of such Person,
such service to become effective 10 days after such mailing.

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(ii)         Waiver
of Jury Trial. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial
by jury in any legal proceeding directly or indirectly arising out of or relating to this Agreement or the transactions contemplated
(whether based on contract, tort or any other theory). Each party hereto (A) certifies that no representative, agent or attorney
of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce
the foregoing waiver and (B) acknowledges that it and the other parties hereto have been induced to enter into this Agreement by,
among other things, the mutual waivers and certifications in this section.

(m)         Headings. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for
interpretation or construction, and shall not constitute a part, of this Agreement.

(n)          Counterparts. This Agreement may be executed in one or more counterparts (including via facsimile and electronic image scan
(pdf)), each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument and shall
become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties.

(o)          Electronic Signature and Delivery. This Agreement may be accepted by return signature or by electronic confirmation. By
accepting this Agreement, the Participant consents to the electronic delivery of prospectuses, annual reports and other information required
to be delivered by U.S. Securities and Exchange Commission rules (which consent may be revoked in writing by the Participant at any time
upon three business days’ notice to the Company, in which case subsequent prospectuses, annual reports and other information will
be delivered in hard copy to the Participant).

(p)          Electronic Participation in Plan. The Company may, in its sole discretion, decide to deliver any documents related to current
or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery
and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party
designated by the Company.

[Remainder of page intentionally blank]

 

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IN WITNESS WHEREOF, this Performance-Based Restricted
Stock Unit Award Agreement has been executed by the Company and the Participant as of the day first written above.

 

 

	 	DRIVEN BRANDS HOLDINGS INC.	 
	 	 	 
	 	By: 		 
	 	 	Name:
Title:	 

 

 

	 	PARTICIPANT	 
	 	 	 
	 	 	
	 	Insert Name	 
	 	 	        	 

 

 

 

 

 

 

[Signature Page to Performance-Based
Restricted Stock Unit Award Agreement]Document

Exhibit 4.1

DESCRIPTION OF SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES
EXCHANGE ACT OF 1934

As of December 31, 2021, T Series Middle Market Loan Fund (“we,” “our,” or the “Company”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common units (the “Common Units”). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is attached as an exhibit (the “Form 10-K”).
The following description is based on relevant portions of the Delaware Act and of our LLC Agreement.  This summary is a description of the material terms of, and is qualified in its entirety by, our LLC Agreement, which is incorporated by reference as an exhibit to the Form 10-K, and may not contain all of the information that is important to you.  We refer you to the Delaware Act and our LLC Agreement for a more detailed description of the provisions summarized below.
Description of Our Units
Common Units
Under the terms of the LLC Agreement, we retain the right to accept subscriptions for Capital Commitments to purchase our Common Units during the Investment Period. In addition, holders of Common Units are entitled to one vote for each Common Unit held on all matters submitted to a vote of unitholders and do not have cumulative voting rights. Unitholders are entitled to receive proportionately any distributions declared by the Board of Directors, subject to any preferential dividend rights of outstanding Preferred Units. Upon our liquidation, dissolution or winding up, the unitholders will be entitled to receive ratably our net assets available after the payment of (or establishment of reserves for) all debts and other liabilities and will be subject to the prior rights of any outstanding Preferred Units. Unitholders have no redemption or preemptive rights. The rights, preferences and privileges of unitholders are subject to the rights of the holders of any Preferred Units that we may designate and issue in the future.
Preferred Units
Under the terms of the LLC Agreement, our Board of Directors is authorized to issue one class of Preferred Units without approval of the common unitholders, which Preferred Units would have rights senior to those of the Common Units, and such other characteristics as our Board of Directors may determine, but, for so long as the Company operates as a BDC, in a manner that complies with the legal requirements applicable to a BDC. Prior to the issuance of a series of Preferred Units, the Board of Directors is required by the LLC Agreement to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms or conditions of redemption. The 1940 Act limits our flexibility as certain rights and preferences of the Preferred Units require, among other things: (i) immediately after issuance and before any distribution is made with respect to the Preferred Units, we must meet an asset coverage ratio of total assets to total senior securities, which includes any Preferred Units; and (ii) the holders of Preferred Units, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if and for so long as distributions on the Preferred Units are unpaid in an amount equal to two full years of distributions on the Preferred Units.

Exhibit 4.1

Transfer and Resale Restrictions
We intend to sell our Common Units in private offerings in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, Regulation S under the Securities Act and other exemptions from the registration requirements of the Securities Act. Investors who acquire our Common Units in such private offerings are required to complete, execute and deliver a Subscription Agreement, a joinder to our LLC Agreement and related documentation, which includes customary representations and warranties, certain covenants and restrictions and indemnification provisions. Additionally, such investors may be required to provide due diligence information to us for compliance with certain legal requirements. We may, from time to time, engage offering or distribution agents and incur offering or distribution fees or sales commissions in connection with the private offering of our Common Units in certain jurisdictions outside the United States. The cost of any such offering or distribution fees may be borne by an affiliate of the Adviser. We will not incur any such fees or commissions if our net proceeds received upon a sale of our Common Units after such costs would be less than the net asset value per Common Unit.
No transfer of our investors’ Capital Commitments or all or any portion of our investors’ Common Units (including a transfer of solely an economic interest in us) may be made without (a) registration of the transfer on our books and (b) our prior written consent, which may be given or withheld in our sole discretion for any or no reason. In any event, our consent may be withheld including, without limitation, (1) if the creditworthiness of the proposed transferee, as determined by us in our sole discretion, is not sufficient to satisfy all obligations under the Subscription Agreement or (2) if we do not receive an opinion of counsel (who may be counsel for the Company) satisfactory in form and substance to us that provides:
(i) such transfer would not violate the Securities Act or any state (or other jurisdiction) securities or “blue sky” laws applicable to us or the Common Units to be transferred; and
(ii) in the case of a transfer to:
a.an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to the fiduciary responsibility provisions of Title I of ERISA;
b.a “plan” described in Section 4975(e)(1) of the Code, that is subject to Section 4975 of the Code;
c.an entity that is, or is deemed to be, using (for purposes of ERISA or Section 4975 of the Code) “plan assets” to purchase or hold its investments; or
d.a person (including an entity) that has discretionary authority or control with respect to our assets or a person who provides investment advice with respect to our assets or an “affiliate” of such person,
such transfer would not be a non-exempt “prohibited transaction” under ERISA or Section 4975 of the Code or cause all or any portion of our assets to constitute “plan assets” under ERISA or Section 4975 of the Code.
Limited Liability of the Members
No common unitholder or former common unitholder, in its capacity as such, will be liable for any of our debts, liabilities or obligations except as provided hereunder and to the extent otherwise required by law. Each common unitholder will be required to pay to us any Capital Commitments that they have agreed to make to us and the unpaid balance of any other 

Exhibit 4.1

payments that he, she or it is expressly required to make to us pursuant to the LLC Agreement or pursuant to such common unitholder’s Subscription Agreement, as the case may be.
Delaware Law and Certain Limited Liability Company Agreement Provisions 
Organization and Duration
We were formed as a Delaware limited liability company on September 14, 2021 with the name “MS BDC 4 LLC”. We changed our name to “T Series Middle Market Investment Loan Fund LLC” on September 21, 2021 and to “T Series Middle Market Loan Fund LLC” on October 4, 2021. We will remain in existence until dissolved in accordance with the LLC Agreement or pursuant to Delaware law.
Purpose
Under the LLC Agreement, we are permitted to engage in any business activity that lawfully may be conducted by a limited liability company organized under Delaware law and, in connection therewith, to exercise all of the rights and powers conferred upon it pursuant to the agreements relating to such business activity.
Agreement to be Bound by the LLC Agreement, Power of Attorney
By executing the Subscription Agreement (which signature page constitutes a counterpart signature page to the LLC Agreement), each investor accepted by the Company agrees to be admitted as a member of the Company and bound by the terms of the LLC Agreement. Pursuant to the LLC Agreement, each common unitholder and each person who acquires Common Units from a common unitholder grants to certain of our officers (and, if appointed, a liquidator) a power of attorney to, among other things, execute and file documents required for our qualification, continuance or dissolution. The power of attorney also grants the Board of Directors the authority to make certain amendments to, and to make consents and waivers under and in accordance with, the LLC Agreement.
Drawdowns
From time to time in our discretion, we may issue drawdowns on all or any portion of the common unitholders’ undrawn commitments. The undrawn commitments will equal total Capital Commitments minus amounts that common unitholders have contributed to purchase Common Units on previous Drawdown Dates.
Drawdown notices will be issued at least ten business days prior to the Drawdown Date in an amount not to exceed the common unitholders’ undrawn commitments. Purchases will generally be made at a price per Common Unit as determined by the Board of Directors or an appropriately designated committee of the Board of Directors prior to the issuance of such Common Units and in accordance with the limitations under Section 23 of the1940 Act. The obligation of common unitholders to fund undrawn commitments is without defense, counterclaim or offset of any kind.
During the Investment Period, drawdowns may be issued at any time for any permitted purpose. Following the end of the Investment Period, we may draw down Capital Commitments to the extent necessary: (i) to pay, and/or establish reserves for, our actual or anticipated expenses, liabilities, including the payment or repayment of financings, or other obligations, contingent or otherwise (including the fees payable to the Adviser pursuant to the Investment Advisory Agreement), whether incurred before or after the end of the Investment Period, (ii) to fulfill investment commitments made or approved by the Adviser prior to the expiration of the Investment Period or complete investments or obligations (including guarantees) in any 

Exhibit 4.1

transactions for which we have entered into a letter of intent, memorandum of understanding, written bid letter, written agreement in principle, or binding written agreement as of the end of the Investment Period (including investments that are funded in phases), (iii) to fund follow-on investments made in existing portfolio companies (including transactions to hedge interest rates relating to such additional investment) and/or (iv) for us to comply with applicable laws and regulations, including the1940 Act and the Code. 
Resignation and Removal of Directors; Procedures for Vacancies
Any director may resign at any time by submitting his or her written resignation to the Board of Directors or secretary of the Company. Such resignation will take effect at the time of its receipt by the Company unless another time be fixed in the resignation, in which case it will become effective at the time so fixed. The acceptance of a resignation is not required to make it effective. Any or all of the directors may be removed by (a) the affirmative vote of a majority of the full Board of Directors or (b) the affirmative vote of a majority of all our then-outstanding Units entitled to vote thereon, voting together as a single class; provided, that any or all directors appointed by preferred unitholders may be removed pursuant to clause (b) only by the affirmative vote of at least 66 2/3% in voting power of all our then-outstanding preferred units.
Except as otherwise provided by applicable law, including the 1940 Act, any newly created directorship on the Board of Directors that results from an increase in the number of directors, and any vacancy occurring in the Board of Directors that results from the death, resignation, retirement, disqualification or removal of a director or other cause, will be filled by (i) the appointment and affirmative vote of a majority of the remaining directors in office, although less than a quorum (with a quorum being a majority of the total number of directors), or by a sole remaining director, and (ii) by the affirmative vote of a majority of all our then-outstanding Units, voting together as a single class. Any director elected to fill a vacancy or newly created directorship will hold office for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is duly elected and qualified, or until his or her death, resignation, retirement, disqualification or removal. 
Subject to any applicable law, including any requirement that certain directors be elected by preferred unitholders, a director elected to fill a vacancy or newly created directorship will be subject to ratification by the holders of a majority of the Common Units and Preferred Units (if any), voting together as a single class, which must be obtained within one year of such directors’ initial election to the Board of Directors.
Action by Unitholders
Under the LLC Agreement, unitholder action can be taken only at a meeting of unitholders or by written consent in lieu of a meeting by unitholders representing at least the number of units required to approve the matter in question.
Only our Board of Directors, the Chair of the Board of Directors or our Chief Executive Officer may call a meeting of unitholders. Only business specified in our notice of meeting (or supplement thereto) may be conducted at a meeting of unitholders.
Amendment of the LLC Agreement; No Approval by Unitholders
Except as otherwise provided in the LLC Agreement, the terms and provisions of the LLC Agreement may be amended with the consent of the Board of Directors (which term includes any waiver, modification, or deletion of the LLC Agreement) during or after the term of the Company, together with the prior written consent of:

Exhibit 4.1

a.If no Preferred Units have been issued and are outstanding, the holders of a majority of the Common Units; and
b.If Preferred Units have been issued and are outstanding, (i) in the case of an amendment not affecting the rights of preferred unitholders, the holders of a majority of the Common Units, (ii) in the case of an amendment not affecting the rights of the common unitholders (including rights or protections with respect to tax consequences of common unitholders), the holders of a majority of the Preferred Units, and (iii) in case of an amendment affecting the rights (including rights or protections with respect to tax consequences of common unitholders) of both the common unitholders and preferred unitholders, the holders of a majority of the Common Units and the holders of a majority of the Preferred Units.
Notwithstanding clauses (a) or (b) above, certain limited amendments, as set forth in the LLC Agreement, may be made with the consent of the Board of Directors and without the need to seek the consent of any common unitholder or preferred unitholder.
Merger, Sale or Other Disposition of Assets
Subject to any restrictions of the 1940 Act and applicable law, the Board of Directors may, without the approval of our unitholders, cause us to, among other things, sell, exchange or otherwise dispose of all or substantially all of our assets in a single transaction or series of transactions, or approve on our behalf, the sale, exchange or disposition of all or substantially all of our assets. Our Board of Directors may also cause the sale of all or substantially all of our assets under a foreclosure or other realization without unitholder approval. Unitholders are not entitled to dissenters’ rights of appraisal under the LLC Agreement or applicable Delaware law in the event of a merger or consolidation, a sale of all or substantially all of our assets or any other similar transaction or event.
Waiver of Jury Trial
Pursuant to the LLC Agreement, unitholders waive the right to a jury trial for any claim or cause of action directly or indirectly based upon or arising out of the LLC Agreement.
Term of the Company
The term of the Company shall continue until the fourth anniversary of the expiration of the Investment Period, subject to extension for up to an additional one-year period pursuant to the Adviser’s recommendation with the approval of the Board of Directors and the approval of the unitholders unless the Company is sooner dissolved, or by operation of law. Unless the term is extended, the Board of Directors, to the extent consistent with its fiduciary duties, will use its commercially reasonable efforts to wind down or liquidate and dissolve the Company.
Books and Reports
We are required to keep appropriate books of our business at our principal offices. The books will be maintained for both tax and financial reporting purposes on an accrual basis in accordance with U.S. GAAP. For financial reporting purposes, our fiscal year is a calendar year ending December 31.

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