Document:

Hercules Technology Capital Growth, Inc. 2004 Equity Incentive Plan

 Exhibit 4.1 
 HERCULES TECHNOLOGY GROWTH CAPITAL, INC. 
 2004 EQUITY INCENTIVE PLAN 
 (2007 AMENDMENT AND RESTATEMENT) 
 1. PURPOSE.

 (A) General Purpose. The Plan has been established to advance the interests of the Company by providing for the grant of Awards
to Participants. At all times during such periods as the Company qualifies or is intended to qualify as a “business development company” under the 1940 Act, the terms of the Plan shall be construed so as to conform to the stock-based
compensation requirements applicable to “business development companies” under the 1940 Act. An Award or related transaction will be deemed to be permitted under the 1940 Act if permitted by any exemptive or “no-action”
relief granted by the Commission or its staff. 
 (B) Available Awards. The purpose of the Plan is to provide a means by which
eligible recipients of Awards may be given an opportunity to benefit from increases in the value of the Company’s Stock through the granting of Restricted Stock, Incentive Stock Options, Non-statutory Stock Options and Warrants. 
 (C) Eligible Participants. All key Employees and all Employee Directors are eligible to be granted Awards by the Board under the Plan; provided
that, no person shall be granted Awards of Restricted Stock unless such person is an Employee of the Company or an Employee of a wholly-owned consolidated subsidiary of the Company. 
 2. DEFINITIONS. 
 (A) “1940 Act” means the Investment Company Act of 1940, as
amended, and the rules and regulations promulgated thereunder. 
 (B) “Affiliate” means any corporation or other entity that
stands in a relationship to the Company that would result in the Company and such corporation or other entity being treated as one employer under Section 414(b) or Section 414(c) of the Code, except that in determining eligibility for the
grant of an Option by reason of service for an Affiliate, Sections 414(b) and 414(c) of the Code shall be applied by substituting “at least 50%” for “at least 80%” under Section 1563(a)(1), (2) and (3) of the
Code and Treas. Regs. § 1.414(c)-2; provided, that to the extent permitted under Section 409A, “at least 20%” shall be used in lieu of “at least 50%”; and further provided, that the lower
ownership threshold described in this definition (50% or 20% as the case may be) shall apply only if the same definition of affiliation is used consistently with respect to all compensatory stock options or stock awards (whether under the Plan or
another plan). The Company may at any time by amendment provide that different ownership thresholds (consistent with Section 409A) apply. Notwithstanding the foregoing provisions of this definition, except as otherwise determined by the Board,
a corporation or other entity shall be treated as an Affiliate only if its employees would be treated as employees of the Company for purposes of the rules promulgated under the Securities Act of 1933, as amended, with respect to the use of Form
S-8. 

 (C) “Award” means an award of Restricted Stock, Dividend Equivalent Rights, Options or
Warrants granted pursuant to the Plan. 
 (D) “Board” means the Board of Directors of the Company. 
 (E) “Code” means the Internal Revenue Code of 1986, as amended and in effect, or any successor statute as from time to time in effect.
Any reference to a provision of the Code shall be deemed to include a reference to any applicable guidance (as determined by the Board) with respect to such provision. 
 (F) “Commission” means the Securities and Exchange Commission. 
 (G)
“Committee” means a committee of two or more members of the Board appointed by the Board in accordance with Section 3(c). 
 (H) “Company” means Hercules Technology Growth Capital, Inc., a Maryland corporation. 
 (I) “Continuous
Service” means the Participant’s uninterrupted service with the Company or an Affiliate, whether as an Employee or Employee Director. 
 (J) “Covered Transaction” means any of (i) a consolidation, merger, stock sale or similar transaction or series of related transactions in which the Company is not the surviving corporation or which results in the
acquisition of all or substantially all of the Company’s then outstanding common stock by a single person or entity or by a group of persons and/or entities acting in concert, (ii) a sale or transfer of all or substantially all the
Company’s assets, (iii) a dissolution or liquidation of the Company or (iv) following such time as the Company has a class of equity securities listed on a national securities exchange or quoted on an inter-dealer quotation system, a
change in the membership of the Board for any reason such that the individuals who, as of the Effective Date, constitute the Board of Directors of the Company (the “Continuing Directors”) cease for any reason to constitute at least
a majority of the Board (a “Board Change”); provided, however, that any individual becoming a director after the Effective Date whose election or nomination for election by the Company’s shareholders was approved by a vote of
at least a majority of the Continuing Directors will be considered as though such individual were a Continuing Director, but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended) or other actual or threatened solicitation of proxies or consents by or on behalf of
any person or entity other than the Board. Where a Covered Transaction involves a tender offer that is reasonably expected to be followed by a merger described in clause (i) (as determined by the Board), the Covered Transaction shall be deemed
to have occurred upon consummation of the tender offer. 
 (K) “Dividend Equivalent Rights” has the meaning set forth in
Section 11. 

 (L) “Effective Date” has the meaning set forth in Section 14. 
 (M) “Employee” means any person employed by the Company or an Affiliate. 
 (N) “Employee Director” means a member of the Board of Directors of the Company that is also an Employee of the Company. 
 (O) “Family Member” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece,
nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Participant’s household (other than a tenant or employee), a trust in which these
persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any other entity in which these persons (or the Participant) own more than fifty percent
of the voting interests. 
 (P) “Incentive Stock Option” means an Option intended to qualify as an incentive stock option
within the meaning of Section 422 of the Code and the regulations promulgated thereunder. 
 (Q) “Non-employee Director
Plan” means the 2006 Non-employee Director Plan, as from time to time amended and in effect. 
 (R) “Non-statutory Stock
Option” means an Option that is not an Incentive Stock Option. 
 (S) “Option” means an Incentive Stock Option or a
Non-statutory Stock Option granted pursuant to the Plan. 
 (T) “Participant” means a person to whom an Award is granted
pursuant to the Plan. 
 (U) “Permitted Transferee” means a Family Member of a Participant to whom an Award has been
transferred by gift. 
 (V) “Plan” means this 2004 Equity Incentive Plan, as from time to time amended and in effect.

 (W) “Restricted Stock” means an Award of Stock for so long as the Stock remains subject to restrictions requiring that it
be forfeited to the Company if specified conditions are not satisfied. 
 (X) “Securities Act” means the Securities Act of
1933, as amended. 
 (Y) “Stock” means the common stock of the Company, par value $.001 per share. 
 (Z) “Warrant” means a warrant to purchase Stock of the Company granted pursuant to the Plan and having such terms and conditions as the
Board shall deem appropriate. 

 3. ADMINISTRATION. 
 (A) Administration By Board. The Board shall administer the Plan unless and until it delegates administration to a Committee, as provided in Section 3(c). 
 (B) Powers of Board. The Board shall have the power, subject to the express provisions of the Plan and applicable law: 
 To determine from time to time which of the persons eligible under the Plan shall be granted Awards; when and how each Award shall be
granted and documented; what type or combination of types of Awards shall be granted; the provisions of each Award granted, including the time or times when a person shall be permitted to exercise an Award; and the number of shares of Stock with
respect to which an Award shall be granted to each such person. 
 To construe and interpret the Plan and Awards granted under
it, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award documentation, in such manner and to such
extent as it shall deem necessary or expedient to make the Plan fully effective. 
 To amend the Plan or an Award as provided
in Section 12. 
 To terminate or suspend the Plan as provided in Section 13. 
 Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the
Company and that are not in conflict with the provisions of the Plan. 
 (C) Delegation to Committee. The Board may delegate
administration of the Plan to a Committee or Committees of two (2) or more members of the Board, and the term “Committee” shall apply to any persons to whom such authority has been delegated; provided that a “required
majority,” as defined in Section 57(o) of the 1940 Act, must approve each issuance of Awards and Dividend Equivalent Rights in accordance with Section 61(a)(3)(A)(iv) of the 1940 Act. If administration is delegated to a Committee, the
Committee shall have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and
references in this Plan to the Board, other than the Board reference at the end of this sentence and the Board references in the last sentence of this subsection (c), shall thereafter be to the Committee or subcommittee), subject, however, to
such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. 
 (D) Effect of Board’s Decision. Determinations, interpretations and constructions made by the Board in good faith shall not be subject to
review by any person and shall be final, binding and conclusive on all persons. 

 4. SHARES SUBJECT TO THE PLAN; CERTAIN LIMITS. 
 (A) Share Reserve. The maximum aggregate number of shares of Stock that may be issued under the Plan pursuant to grants of Restricted Stock or the
exercise of Awards (and in the case of Warrants, exercise or exchange of Warrants) is seven million (7,000,000) shares. 
 (B)
Reversion of Shares to the Share Reserve. If any Award shall for any reason expire or otherwise terminate, in whole or in part, the shares of Stock not acquired under such Award shall revert to and again become available for issuance under
the Plan. To the extent any Warrants are exchanged at any time for shares of Stock pursuant to the terms of the certificates governing such Warrants, that number of shares equal to the difference between the number of shares for which such Warrants
were exercisable immediately prior to such exchange and the number of shares of Stock for which such Warrants are, in fact, exchanged shall revert to and again become available for issuance under the Plan. 
 (C) Type of Shares. The shares of Stock subject to the Plan may be unissued shares or reacquired shares bought on the market or otherwise. No
fractional shares of Stock will be delivered under the Plan. 
 (D) Limits on Individual Grants. The maximum number of shares of Stock
for which any Employee or Employee Director may be granted Awards in any calendar year is one million (1,000,000) shares. 
 (E)
Limits on Grants of Restricted Stock. The combined maximum amount of Restricted Stock that may be issued under the Plan and the Non-employee Director Plan will be 10% of the outstanding shares of Stock on the effective date of the plans plus
10% of the number of shares of Stock issued or delivered by the Company (other than pursuant to compensation plans) during the term of the plans. No one person shall be granted Awards of Restricted Stock relating to more than 25% of the shares
available for issuance under this Plan. 
 (F) No Grants in Contravention of 1940 Act. At all times during such periods as the Company
qualifies or is intended to qualify as a “business development company,” no Award may be granted under the Plan if the grant of such Award would cause the Company to violate Section 61(a)(3) of the 1940 Act, and, if otherwise approved
for grant, shall be void and of no effect. 
 (G) Limits on Number of Awards. The amount of voting securities that would result from
the exercise of all of the Company’s outstanding warrants, options, and rights, together with any Restricted Stock issued pursuant to this Plan and the Non-employee Director Plan, at the time of issuance shall not exceed 25% of the outstanding
voting securities of the Company, except that if the amount of voting securities that would result from the exercise of all of the Company’s outstanding warrants, options, and rights issued to the Company’s directors, officers, and
employees, together with any Restricted Stock issued pursuant to this Plan and the Non-employee Director Plan, would exceed 15% of the outstanding voting securities of the Company, then the total amount of voting securities that would result from
the exercise of all outstanding warrants, options, and rights, together with any Restricted Stock issued pursuant to this Plan and the Non-employee Director Plan, at the time of issuance shall not exceed 20% of the outstanding voting securities of
the Company. 

 (H) Date of Award’s Grant: The date on which the “required majority,” as defined in
Section 57(o) of the 1940 Act, approves the issuance of an Award will be deemed the date on which such Award is granted. 
 5. ELIGIBILITY.

 Incentive Stock Options may be granted to Employees or Employee Directors of the Company or a “parent” or
“subsidiary” corporation of the Company as those terms are used in Section 424 of the Code. Awards other than Incentive Stock Options may be granted to both Employees and Employee Directors. By accepting any Award granted hereunder,
the Participant agrees to the terms of the Award and the Plan. Notwithstanding any provision of this Plan to the contrary, awards of an acquired company that are converted, replaced or adjusted in connection with the acquisition may contain terms
and conditions that are inconsistent with the terms and conditions specified herein, as determined by the Board. 
 6. OPTION PROVISIONS. 

Each Option shall contain such terms and conditions as the Board shall deem appropriate. All Options shall be separately designated Incentive Stock
Options or Non-statutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates shall be issued for shares of Stock purchased on exercise of each type of Option. The provisions of separate Options
need not be identical, but, to the extent relevant, each Option shall include (through incorporation by reference or otherwise) the substance of each of the following provisions: 
 (A) Time and Manner of Exercise. Unless the Board expressly provides otherwise, an Option will not be deemed to have been exercised until the Board
receives a notice of exercise (in form acceptable to the Board) signed by the appropriate person and accompanied by any payment required under the Award. If the Option is exercised by any person other than the Participant, the Board may require
satisfactory evidence that the person exercising the Option has the right to do so. No Option shall be exercisable after the expiration of ten (10) years from the date on which it was granted. 
 (B) Exercise Price of an Option. The exercise price of each Option shall be not less than the current market value of, or if no such market value
exists, the current net asset value of, the stock subject to the Option as determined in good faith by the Board on the date the Option is granted. In the case of an Option granted to a 10% Holder and intended to qualify as an Incentive Stock
Option, the exercise price will not be less than 110% of the current market value determined as of the date of grant. A “10% Holder” is an individual owning stock possessing more than 10% of the total combined voting power of all
classes of stock of the Company or its parent or subsidiary corporations. No such Stock Option, once granted, may be repriced other than in accordance with the 1940 Act and the applicable stockholder approval requirements of the Nasdaq National
Market. 

 (C) Consideration. The purchase price for Stock acquired pursuant to an Option shall be paid in
full at the time of exercise either (i) in cash, or, if so permitted by the Board and if permitted by the 1940 Act and otherwise legally permissible, (ii) through a broker-assisted exercise program acceptable to the Board, (iii) by
such other means of payment as may be acceptable to the Board, or (iv) in any combination of the foregoing permitted forms of payment. 
 (D) Transferability of an Incentive Stock Option. An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Participant only by
the Participant. 
 (E) Transferability of a Non-statutory Stock Option. A Non-statutory Stock Option shall be transferable by will or
by the laws of descent and distribution, or, to the extent provided by the Board, by gift to a Permitted Transferee, and a Non-statutory Stock Option that is nontransferable except at death shall be exercisable during the lifetime of the Participant
only by the Participant. 
 (F) Limitation on Repurchase Rights. If an Option gives the Company the right to repurchase shares of
Common Stock issued pursuant to the Plan upon termination of employment of such Participant, the terms of such repurchase right must comply with Section 260.140.41(k) of the California Code of Regulations and the 1940 Act. 
 (G) Exercisability. The Board may determine the time or times at which an Option will vest or become exercisable and the terms on which an Option
requiring exercise will remain exercisable. Notwithstanding the foregoing, vesting shall take place at the rate of at least 20% per year over not more than five years from the date the award is granted, subject to reasonable conditions such as
continued employment; provided, however, that options may be subject to such reasonable forfeiture conditions as the Board may choose to impose and which are not inconsistent with Section 260.140.41 of the California Code of Regulations.

 (H) Termination of Continuous Service. Unless the Board expressly provides otherwise, immediately upon the cessation of a
Participant’s Continuous Service that portion, if any, of any Option held by the Participant or the Participant’s Permitted Transferee that is not then exercisable will terminate and the balance will remain exercisable for the lesser of
(i) a period of three months or (ii) the period ending on the latest date on which such Option could have been exercised without regard to this Section 6(h), and will thereupon terminate subject to the following provisions (which
shall apply unless the Board expressly provides otherwise): 
 if a Participant’s Continuous Service ceases by reason of
death, or if a Participant dies following the cessation of his or her Continuous Service but while any portion of any Option then held by the Participant or the Participant’s Permitted Transferee is still exercisable, the then exercisable
portion, if any, of all Options held by the Participant or the Participant’s Permitted Transferee immediately prior to the Participant’s death will remain exercisable for the lesser of (A) the one year period ending with the first
anniversary of the Participant’s death or (B) the period ending on the latest date on which such Option could have been exercised without regard to this Section 6(h)(i), and will thereupon terminate; and 

 if the Board in its sole discretion determines that the cessation of a Participant’s
Continuous Service resulted for reasons that cast such discredit on the Participant as to justify immediate termination of his or her Options, all Options then held by the Participant or the Participant’s Permitted Transferee will immediately
terminate. 
 Notwithstanding anything in the foregoing to the contrary, in the case of a Participant residing in California, unless such Participant’s
employment is terminated for cause (as defined in any contract of employment between the Company and such Participant, or if none, in the instrument evidencing the grant of such Participant’s option), in the event of termination of employment
of such Participant, he or she shall have the right to exercise an option, to the extent that he or she was otherwise entitled to exercise such option on the date employment terminated, as follows: (i) at least six months from the date of
termination, if termination was caused by such Participant’s death or “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code) and (ii) at least 30 days from the date of termination, if
termination was caused other than by such Participant’s death or “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code). 
 7. RESTRICTED STOCK PROVISIONS. 
 Each grant of Restricted Stock shall contain such terms and
conditions as the Board shall deem appropriate. The provisions of separate grants of Restricted Stock need not be identical, but, to the extent relevant, each grant shall include (through incorporation by reference or otherwise) the substance of
each of the following provisions: 
 (A) Consideration. To the extent permitted by the 1940 Act, Awards of Restricted Stock may be made
in exchange for past services or other lawful consideration. 
 (B) Transferability of Restricted Stock. Except as the Board otherwise
expressly provides, Restricted Stock shall not be transferable other than by will or by the laws of descent and distribution. 
 (C)
Vesting. The Board may determine the time or times at which shares of Restricted Stock will vest or become exercisable and the terms on which shares of Restricted Stock will remain exercisable. 
 (D) Termination of Continuous Service. Unless the Board expressly provides otherwise, immediately upon the cessation of a Participant’s
Continuous Service that portion, if any, of any Restricted Stock held by the Participant or the Participant’s Permitted Transferee that is not then vested will thereupon terminate and the unvested shares will be returned to the Company and will
be available to be issued as Awards under this Plan. 
 8. WARRANT PROVISIONS. 
 Warrants granted prior to January 1, 2006 shall be governed by the applicable terms of the Plan as then in effect. 

 9. MISCELLANEOUS. 
 (A) Acceleration. The Board shall have the power to accelerate the time at which an Award or any portion thereof vests or may first be exercised, regardless of the tax or other consequences to the Participant
or the Participant’s Permitted Transferee resulting from such acceleration. 
 (B) Stockholder Rights. No Participant or other
person shall be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Stock subject to an Option or Warrant unless and until such Award has been delivered to the Participant or other person upon exercise
of the Award (or, in the case of Warrants, upon exercise or exchange of the Warrant). Holders of Restricted Stock shall have all the rights of a holder upon issuance of the Restricted Stock Award. 
 (C) No Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall confer upon any
Participant any right to continue in the employment of, or to continue to serve as a director of, the Company or an Affiliate or shall affect the right of the Company or an Affiliate to terminate (i) the employment of the Participant (if the
Participant is an Employee) with or without notice and with or without cause or (ii) the service of an Employee Director (if the Participant is an Employee Director) pursuant to the Bylaws of the Company or an Affiliate and any applicable
provisions of the corporate law of the state in which the Company or the Affiliate is incorporated. Nothing in the Plan will be construed as giving any person any rights as a stockholder except as to shares of Stock actually issued under the Plan.
The loss of existing or potential profit in Awards will not constitute an element of damages in the event of termination of service for any reason, even if the termination is in violation of an obligation of the Company or an Affiliate to the
Participant. 
 (D) Legal Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Stock pursuant
to the Plan or to remove any restriction from shares of Stock previously delivered under the Plan until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares have been addressed and
resolved; (ii) if the outstanding Stock is at the time of delivery listed on any stock exchange or national market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official notice of
issuance; and (iii) all conditions of the Award have been satisfied or waived. If the sale of Stock has not been registered under the Securities Act, the Company may require, as a condition to the grant or the exercise of the Award (or, in the
case of Warrants, as a condition to exercise or exchange of the Warrant), such representations or agreements as counsel for the Company may consider appropriate to avoid violation of the Securities Act. The Company may require that certificates
evidencing Stock issued under the Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may hold the certificates pending lapse of the applicable restrictions. 
 (E) Withholding Obligations. Each grant or exercise of an Award granted hereunder (or, in the case of Warrants, exercise or exchange of a Warrant)
shall be subject to the Participant’s having made arrangements satisfactory to the Board for the full and timely satisfaction of all federal, state, local and other tax withholding requirements applicable to such grant, exercise or exchange.
Without 

 
limiting the generality of the foregoing, the Participant may satisfy such withholding requirements by tendering a check (acceptable to the Board) for the
full amount of such withholding. In the event the Company or an Affiliate becomes liable for tax withholding with respect to an Option prior to the date of exercise (or, in the case of Warrants, exercise or exchange), the Company may require the
Participant to remit the required tax withholding by separate check acceptable to the Company or may make such other arrangements (including withholding from other payments to the Participant) for the satisfaction of such withholding as it
determines. 
 (F) Section 409A. Awards under the Plan are intended either to qualify for an exemption from Section 409A or
to comply with the requirements thereof, and shall be construed accordingly. 
 10. ADJUSTMENTS UPON CHANGES IN STOCK. 
 (A) Capitalization Adjustments. In the event of a stock dividend, stock split or combination of shares (including a reverse stock split),
recapitalization or other change in the Company’s capital structure, the Board will make appropriate adjustments to the maximum number of shares specified in Section 4(a) that may be delivered under the Plan, to the maximum per-participant
share limit described in Section 4(d) and will also make appropriate adjustments to the number and kind of shares of stock or securities subject to Awards then outstanding or subsequently granted, any exercise prices relating to Awards and any
other provision of Awards affected by such change. To the extent consistent with qualification of Incentive Stock Options under Section 422 of the Code and with the performance-based compensation rules of Section 162(m), where applicable,
the Board may also make adjustments of the type described in the preceding sentence to take into account distributions to stockholders other than those provided for in such sentence, or any other event, if the Board determines that adjustments are
appropriate to avoid distortion in the operation of the Plan and to preserve the value of Awards granted hereunder; provided, however, that the exercise price of Awards granted under the Plan will not be adjusted unless the Company receives an
exemptive order from the Securities and Exchange Commission or written confirmation from the staff of the Securities and Exchange Commission that the Company may do so. 
 (B) Covered Transaction. Except as otherwise provided in an Award, in the event of a Covered Transaction in which there is an acquiring or surviving entity, the Board may provide for the assumption of some or
all outstanding Awards, or for the grant of new awards in substitution therefor, by the acquiror or survivor or an affiliate of the acquiror or survivor, in each case on such terms and subject to such conditions as the Board determines. In the
absence of such an assumption or if there is no substitution, except as otherwise provided in the Award, each Award will become fully vested or exercisable prior to the Covered Transaction on a basis that gives the holder of the Award a reasonable
opportunity, as determined by the Board, to participate as a stockholder in the Covered Transaction following vesting or exercise, and the Award will terminate upon consummation of the Covered Transaction. 

 11. DIVIDEND EQUIVALENT RIGHTS. 
 The Board may provide for the payment of amounts in lieu of cash dividends or other cash distributions (“Dividend Equivalent Rights”) with respect to Stock subject to an Award; provided, however, that
grants of Dividend Equivalent Rights must be approved by order of the Securities and Exchange Commission. The Board may impose such terms, restrictions and conditions on Dividend Equivalent Rights, including the date such rights will terminate, as
it deems appropriate, and may terminate, amend or suspend such Dividend Equivalent Rights at any time without the consent of the Participant or Participants to whom such Dividend Equivalent Rights have been granted, if any. 
 12. AMENDMENT OF THE PLAN AND AWARDS. 
 The Board may
at any time or times amend the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any time terminate the Plan as to any future grants of Awards; provided, that except as otherwise expressly provided
in the Plan the Board may not, without the Participant’s consent, alter the terms of an Award so as to affect substantially and adversely the Participant’s rights under the Award, unless the Board expressly reserved the right to do so at
the time of the grant of the Award. Any amendments to the Plan shall be conditioned upon stockholder approval only to the extent, if any, such approval is required by law (including the Code and applicable stock exchange requirements), as determined
by the Board. 
 13. TERMINATION OR SUSPENSION OF THE PLAN. 
 (A) Plan Term. The Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on the day before the tenth (10th) anniversary of the date the Plan is initially
adopted by the Board or approved by the stockholders of the Company, whichever is earlier. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated. 
 (B) No Impairment of Rights. Suspension or termination of the Plan shall not impair rights and obligations under any Awards granted while the Plan
is in effect except with the written consent of the Participant. 
 14. EFFECTIVE DATE OF PLAN. 
 The Plan shall become effective upon approval by the stockholders of the Company, which approval shall be within twelve (12) months before or after
the date the Plan is adopted by the Board; provided, however, that the Plan shall not be effective with respect to an Award of Restricted Stock or the grant of Dividend Equivalent Rights unless the Company has received an order of the Commission
that permits such Award or grant (the “Effective Date”). 

 15. 1940 ACT. 
 No provision of this Plan shall contravene any portion of the 1940 Act, and in the event of any conflict between the provisions of the Plan or any Award and the 1940 Act, the applicable Section of the 1940 Act shall control and all Awards
under the Plan shall be so modified. All Participants holding such modified Awards shall be notified of the change to their Awards and such change shall be binding on such Participants. 
 16. INFORMATION RIGHTS OF PARTICIPANTS 
 The Company shall provide to each Participant who acquires
Stock pursuant to the Plan, not less frequently than annually, copies of annual financial statements (which need not be audited). The Company shall not be required to provide such statements to key employees whose duties in connection with the
Company assure their access to equivalent information. 
 17. SEVERABILITY. 
 If any provision of this Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any
Participant or Award, or would disqualify this Plan or any Award under any applicable law, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be construed or deemed amended without, in the
determination of the Board, materially altering the intent of this Plan or the Award, such provision shall be stricken as to such jurisdiction, Participant or Award and the remainder of this Plan and any such Award shall remain in full force and
effect. 
 18. OTHER COMPENSATION ARRANGEMENTS 
 The existence of the Plan or the grant of any Award will not in any way affect the Company’s right to award a person bonuses or other compensation in addition to Awards under the Plan. 
 19. WAIVER OF JURY TRIAL. 
 By accepting an Award
under the Plan, each Participant waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan and any Award, or under any amendment, waiver, consent, instrument, document or other agreement
delivered or which in the future may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim shall be tried before a court and not before a jury. By accepting an Award under the Plan, each Participant
certifies that no officer, representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding or counterclaim, seek to enforce the foregoing waivers. 
 20. LIMITATION ON LIABILITY. 
 Notwithstanding
anything to the contrary in the Plan, neither the Company nor the Board, nor any person acting on behalf of the Company or the Board, shall be liable to any Participant or to the estate or beneficiary of any Participant by reason of any acceleration
of income, or any additional tax, asserted by reason of the failure of an Award to satisfy the requirements of Section 422 or Section 

 
409A or by reason of Section 4999 of the Code; provided, that nothing in this Section 12(b) shall limit the ability of the Board or the Company to
provide by express agreement with a Participant for a gross-up payment or other payment in connection with any such tax or additional tax.EXHIBIT 10.1 

THIRD MODIFICATION
AGREEMENT 

     This
THIRD MODIFICATION AGREEMENT (this "Agreement") is made and entered into
as of April 30, 2007, by and between ENTERPRISE FINANCIAL SERVICES CORP., a
Delaware corporation (the "Borrower"), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the "Lender"). 

RECITALS 

     A. Pursuant
to that certain Amended and Restated Credit Agreement dated July 28, 2006, by
and between Borrower and Lender (the "Credit
Agreement"), Lender extended the following
credit facilities to Borrower: (i) a revolving loan in the principal amount of
$11,000,000.00, the proceeds of which are to be used solely to finance
Borrower's general working capital purposes (the "Revolving Loan"), and (ii) a term loan
in the principal amount of $4,000,000.00, the proceeds of which were to be used
to finance Borrower's acquisition of NorthStar Bancshares, Inc (the
"Term Loan"). 

     B. The
Revolving Loan is evidenced by an Amended and Restated Revolving Credit Note
dated July 28, 2006, executed by Borrower, as maker, and payable to Lender in a
maximum principal amount equal to the Revolving Credit Commitment (the
"Revolving Note"). 

     C. The Term
Loan is evidenced by a Promissory Note dated July 28, 2006, executed by
Borrower, as maker, and payable to Lender in a maximum principal amount equal to
the Term Credit Commitment (the "Term
Note" and, together with the Revolving Note,
the "Notes"). 

     D. On
December 6, 2006, Borrower and Lender entered into a First Modification
Agreement pursuant to which the parties agreed to add certain financial
covenants to the Credit Agreement (the "First
Modification"). 

     E. On
February 23, 2007, Borrower and Lender entered into a Second Modification
Agreement pursuant to which the parties agreed to amend certain covenants
contained in the Credit Agreement (the "Second
Modification"). 

     F. This
Agreement, the Credit Agreement, the Notes, the First Modification, the Second
Modification and any and all other documents executed and delivered or relating
in any manner to the Loan are collectively referred to herein as the
"Loan Documents". 

     G. The
parties enter into this Agreement for the following purposes: (i) to increase
the Revolving Credit Commitment from $11,000,000.00 to $16,000,000.00, (ii) to
extend the Revolving Credit Termination Date from April 30, 2007 to April 30,
2008, and (iii) to amend the definition of the term Fixed Charge Coverage Ratio
contained in the Credit Agreement. 

     H. Capitalized terms used in this Agreement and not otherwise defined in
this Agreement have the meaning assigned to them in the Credit
Agreement.

     NOW THEREFORE, Lender and Borrower,
for good, sufficient and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, agree as follows: 

     1.
Modifications to the Revolving Note. The Revolving Note is modified as follows: 

          (a) The reference to "$11,000,000.00" contained in the upper
left-hand corner of the Revolving Note is deleted and replaced with a reference
to "$16,000,000.00". 

          (b) The reference to "ELEVEN MILLION AND NO/100 DOLLARS
($11,000,000.00)" appearing in the first paragraph is deleted and replaced with
a reference to "SIXTEEN MILLION AND NO/100 DOLLARS ($16,000,000.00)".

     2.
Modifications to the Credit Agreement. The Credit Agreement is modified as follows: 

          (a) The reference to "ELEVEN MILLION AND NO/100 DOLLARS
($11,000,000.00)" contained in the recitals is deleted and replaced with a
reference to SIXTEEN MILLION AND NO/100 DOLLARS ($16,000,000.00)".

          (b) The definition of the term "Fixed Charge Coverage Ratio"
appearing in Section 1.1 is deleted and replaced with the following: 

"Fixed
Charge Coverage Ratio" shall mean the sum of (i) Borrower's net income minus
(ii) dividends plus (iii) interest expense including trust preferred securities
and subordinated indebtedness, if any (each of such items being determined for
the 12-month period immediately preceding the measurement date); divided by the
sum of (x) 1/12 of the Revolving Credit Commitment and (y) 1/12 of the original
amount of the Term Loan plus (z) interest expense (including interest expense
related to trust preferred securities and subordinated indebtedness) over the
12-month period immediately preceding the measurement date. 

          (c) The reference to "$11,000,000.00" contained in the
definition of the term "Revolving Credit Commitment" appearing in Section 1.1 is
deleted and replaced with a reference to "$16,000,000.00".

          (d) The reference to "April 30, 2007" contained in the
definition of the term "Revolving Credit Termination Date" appearing in Section
1.1 is deleted and replaced with a reference to "April 30, 2008".

          (e) The definition of the "Revolving Note" is deleted and
replaced with the following: 

"Revolving Note" shall mean the Amended and Restated Revolving Credit Note of
even date herewith with a face amount equal to the Revolving Credit Commitment
from the Borrower, as maker, payable to the Lender, substantially in the form of
Exhibit A.

2 

     3.
Modification to the Other Loan
Documents. Each of the other Loan Documents
is hereby modified such that references to the Credit Agreement and the
Revolving Note shall refer to the Credit Agreement and the Revolving Note,
respectively, as modified by this Agreement. 

     4.
No Other Modifications. Except as expressly set forth herein, all other terms and
conditions of the Loan Documents shall remain unmodified and in full force and
effect, and Borrower hereby confirms and ratifies such terms and conditions and
agrees to perform and comply with the same.

     5.
Accuracy of Representations and
Warranties. Borrower represents and warrants
to Lender that Borrower is duly authorized and has all requisite power to
execute and deliver this Agreement. Borrower further represents and warrants
that each the representations and warranties contained in the Loan Documents is
true and correct in all material respects as of the date of this Agreement
(except to the extent such representations and warranties are expressly made as
of a particular date, in which event such representations and warranties were
true and correct as of such date). 

     6.
No Impairment. Nothing in this Agreement shall be deemed to, or shall in any manner,
prejudice or impair Lender's rights under the Loan Documents. This Agreement
shall not be deemed to be nor shall it constitute any alteration, waiver,
annulment or variation of the Loan Documents or the terms and conditions of or
any rights, powers or remedies under the Loan Documents, except as expressly set
forth in this Agreement. 

     7.
Waiver of Claims and Defenses. Borrower hereby waives and releases any and all claims,
defenses or rights of set-off, known or unknown, existing as of the date of this
Agreement, which in any manner arise out of or relate to the Loan or any of the
Loan Documents. 

     8.
Further Acts and Assurances. Borrower agrees to comply with any and all requirements of
Lender hereafter made by Lender from time to time so long as the Loan is
outstanding, and Borrower agrees to make, execute and deliver to Lender any and
all further instruments, documents and agreements required by Lender.

     9.
Entire Agreement. This Agreement and the other Loan Documents embody the entire agreement
and understanding between the parties hereto and supersede all prior agreements
and understandings relating to the subject matter hereof. 

     10.
Binding Agreement. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns. 

     11.
Applicable Law. This Agreement shall be governed by and construed in accordance with
the laws of the state of Missouri, except to the extent superseded by Federal
law. 

     12.
Counterparts. This Agreement may be executed in any number of counterparts, all of
which taken together shall constitute one agreement, and any party hereto may
execute this Agreement by signing any such counterpart. In making proof of this
Agreement, it shall not be necessary to produce or account for more than one
such counterpart. 

3 

     13.
NO ORAL AGREEMENTS. ORAL AGREEMENTS OR COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR
TO FORBEAR FROM ENFORCING REPAYMENT OF A DEBT INCLUDING PROMISES TO EXTEND OR
RENEW SUCH DEBT ARE NOT ENFORCEABLE, REGARDLESS OF THE LEGAL THEORY UPON WHICH
IT IS BASED, THAT IS IN ANY WAY RELATED TO THE CREDIT AGREEMENT. TO PROTECT YOU
(BORROWER) AND US (LENDER) FROM MISUNDERSTANDING OR DISAPPOINTMENT, ANY
AGREEMENTS WE REACH COVERING SUCH MATTERS ARE CONTAINED IN THIS WRITING, WHICH
IS THE COMPLETE AND EXCLUSIVE STATEMENT OF THE AGREEMENT BETWEEN US, EXCEPT AS
WE MAY LATER AGREE IN WRITING TO MODIFY IT. 

     IN
WITNESS WHEREOF, the parties hereto have caused their duly authorized officers
to execute and deliver this Agreement as of the date set forth above.

	 	BORROWER:  
		  
		ENTERPRISE FINANCIAL SERVICES CORP.,  
		a
      Delaware corporation  
		  
		  
		By:  	 /s/ Frank H. Sanfilippo	 
		      
          Frank H.
      Sanfilippo  
		           Chief Financial Officer  
		  
		  
		LENDER:  
		  
		U.S. BANK NATIONAL ASSOCIATION,  
		a
      national banking association  
		  
		  
		By: 
    	 /s/ Jaycee D. Greene  	 
		           Jaycee D. Greene  
		           Vice President  

4

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