Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

TENDER AND SUPPORT AGREEMENT 

This TENDER AND SUPPORT AGREEMENT (this “Agreement”), dated as of May 9, 2018, is entered into by and among Eli Lilly
and Company, an Indiana corporation (“Parent”), Bluegill Acquisition Corporation, a Delaware corporation and a direct wholly owned subsidiary of Parent (“Merger Sub”), and each of the individuals or entities set
forth on Schedule A hereto (each, a “Stockholder” and collectively, the “Stockholders”). All terms used but not otherwise defined in this Agreement shall have the respective meanings ascribed to such terms in
the Merger Agreement (as defined below). 
 WHEREAS, as of the date hereof, each Stockholder is the record and/or beneficial owner (as
defined in Rule 13d-3 under the Exchange Act) of the number of shares Company Common Stock and Company Stock Options, if any, in each case set forth opposite such Stockholder’s name on Schedule A
(all such shares of Company Common Stock and Company Stock Options set forth on Schedule A next to the Stockholder’s name, together with any shares of Company Common Stock or any other securities of the Company that are hereafter issued
to or otherwise directly or indirectly acquired by any Stockholder prior to the valid termination of this Agreement in accordance with Section 5.2, including for the avoidance of doubt any shares of Company Common Stock acquired by such
Stockholder upon the exercise of Company Stock Options after the date hereof, being referred to herein as the “Subject Shares”); 

WHEREAS, concurrently with the execution hereof, Parent, Merger Sub and ARMO BioSciences, Inc., a Delaware corporation (the
“Company”), are entering into an Agreement and Plan of Merger, dated as of the date hereof (as it may be amended from time to time pursuant to the terms thereof, the “Merger Agreement”), which provides, among other
things, for Merger Sub to commence an offer to purchase (subject to the Offer Conditions (as defined in the Merger Agreement)) all of the issued and outstanding shares of Company Common Stock, and, following completion of the Offer (as defined in
the Merger Agreement), for the Merger of Merger Sub with and into the Company, upon the terms and subject to the conditions set forth in the Merger Agreement; and 

WHEREAS, as a condition to their willingness to enter into the Merger Agreement, and as an inducement and in consideration for Parent and
Merger Sub to enter into the Merger Agreement, each Stockholder, severally and not jointly, and on such Stockholder’s own account with respect to the Subject Shares, has agreed to enter into this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth below and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 

ARTICLE I 
 AGREEMENT TO
TENDER AND VOTE 
 1.1 Agreement to Tender. Subject to the terms of this Agreement, each Stockholder hereby agrees to
validly and irrevocably tender or cause to be validly and irrevocably tendered in the Offer all of such Stockholder’s Subject Shares (other than Company Stock Options that are not 

 
exercised during the term of this Agreement) pursuant to and in accordance with the terms of the Offer, free and clear of all Liens except for Permitted Liens (as defined below). Without limiting
the generality of the foregoing, as promptly as practicable after, but in no event later than ten (10) business days after, the commencement (within the meaning of Rule 14d-2 under the Exchange Act) of
the Offer (or in the case of any shares of Company Common Stock or Company Options acquired by such Stockholder subsequent to such tenth (10th) business day, or in each case if such Stockholder
has not received the Offer Documents by such time, as promptly as practicable after the acquisition of such shares or receipt of the Offer Documents, as the case may be), each Stockholder shall deliver or cause to be delivered pursuant to the terms
of the Offer (a) a letter of transmittal with respect to all of such Stockholder’s Subject Shares complying with the terms of the Offer, (b) a certificate representing all such Subject Shares that are certificated or, in the case of a
book-entry share of any uncertificated Subject Shares, written instructions to such Stockholder’s broker, dealer or other nominee that such Subject Shares be tendered, including a reference to this Agreement, and requesting delivery of an
“agent’s message” (or such other evidence, if any, of transfer as the Paying Agent may reasonably request) with respect to such Subject Shares, and (c) all other documents or instruments that Parent or Merger Sub may reasonably
require or request in order to effect the valid tender of such Stockholder’s Subject Shares in accordance with the terms of the Offer (it being understood that this sentence shall not apply to Company Stock Options that are not exercised during
the term of this Agreement). Each Stockholder agrees that, once any of such Stockholder’s Subject Shares are tendered, such Stockholder will not withdraw and will cause not to be withdrawn such Subject Shares from the Offer at any time, unless
and until this Agreement shall have been validly terminated in accordance with Section 5.2. For clarity, no Stockholder shall be required, for purposes of this Agreement, to exercise any unexercised Company Stock Options
held by such Stockholder. 
 1.2 Agreement to Vote. Subject to the terms of this Agreement, each Stockholder hereby irrevocably
and unconditionally agrees that, during the time this Agreement is in effect, at any annual or special meeting of the stockholders of the Company, however called, including any adjournment or postponement thereof, and in connection with any action
proposed to be taken by written consent of the stockholders of the Company, such Stockholder shall, in each case to the fullest extent that such Stockholder’s Subject Shares are entitled to vote thereon: (a) appear at each such meeting or
otherwise cause all such Subject Shares to be counted as present thereat for purposes of determining a quorum; and (b) be present (in person or by proxy) and vote (or cause to be voted), or deliver (or cause to be delivered) a written consent
with respect to, all of its Subject Shares (i) against any action or agreement that is intended or would reasonably be expected to (A) result in a breach of any covenant, representation or warranty or any other obligation or agreement of
the Company contained in the Merger Agreement, or of any Stockholder contained in this Agreement, or (B) result in any of the conditions set forth in Article VII or Exhibit A of the Merger Agreement not being satisfied on or before the Outside
Date, (ii) against any Company Takeover Proposal, (iii) against any change in membership of the Company Board, (iv) against any other proposed action, agreement or transaction involving the Company that is intended, or would
reasonably be expected, to impede, interfere with, delay, postpone, adversely affect or prevent the consummation of the Offer, the Merger or the other Transactions, including (x) any extraordinary corporate transaction, such as a merger,
consolidation or other business combination involving the Company (other than the Merger); (y) a sale, lease, license or transfer of a material amount of assets (including, for the avoidance of doubt, intellectual property rights) of the Company or
any reorganization, recapitalization or liquidation of the Company; or (z) any change in the present 

  
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capitalization of the Company or any amendment or other change in the Company’s organizational documents; and (v) in favor of any other matter necessary to the consummation of the
Offer, the Merger and the other Transactions. Subject to the proxy granted under Section 1.3 below, each Stockholder shall retain at all times the right to vote such Stockholder’s Subject Shares in such
Stockholder’s sole discretion, and without any other limitation, on any matters other than those set forth in this Section 1.2 that are at any time or from time to time presented for consideration to the Company’s
stockholders generally. 
 1.3 Irrevocable Proxy. For so long as this Agreement has not been validly terminated in accordance
with Section 5.2, each Stockholder hereby irrevocably appoints Parent (and any Person or Persons designated by Parent) as its attorney-in-fact and proxy with full
power of substitution and resubstitution, to the full extent of such Stockholder’s voting rights with respect to all such Stockholder’s Subject Shares (which proxy is irrevocable (and as such shall survive and not be affected by the death,
incapacity, mental illness or insanity of such Stockholder) and which appointment is coupled with an interest, including for purposes of Section 212 of the DGCL) to vote (or issue instructions to the record holder to vote), and to execute (or
issue instructions to the record holder to execute) written consents with respect to, all such Stockholder’s Subject Shares in accordance with the provisions of Section 1.2. This proxy is coupled with an interest, was
given to secure the obligations of such Stockholder under Section 1.2, was given in consideration of and as an additional inducement of Parent and Merger Sub to enter into the Merger Agreement and shall be irrevocable, and
such Stockholder agrees to execute any further agreement or form reasonably necessary or appropriate to confirm and effectuate the grant of the proxy contained herein and hereby revokes any proxy previously granted by such Stockholder with respect
to the Subject Shares that covers matters addressed by this Agreement. Such proxy shall not be terminated by operation of any Law or upon the occurrence of any other event other than upon the valid termination of this Agreement in accordance with
Section 5.2. Parent may terminate this proxy with respect to a Stockholder at any time in its sole and absolute discretion by written notice provided to such Stockholder. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDERS 

Each Stockholder represents and warrants, on its own account with respect to the Subject Shares, to Parent and Merger Sub as to such
Stockholder on a several basis, that: 
 2.1 Authorization; Binding Agreement. If such Stockholder is not an individual, such
Stockholder is duly organized and validly existing in good standing under the Laws of the jurisdiction in which it is incorporated or constituted and the consummation of the transactions contemplated hereby are within such Stockholder’s entity
powers and have been duly authorized by all necessary entity actions on the part of such Stockholder, and such Stockholder has full power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the
transactions contemplated hereby. If such Stockholder is an individual, such Stockholder has full legal capacity, right and authority to execute and deliver this Agreement and to perform such Stockholder’s obligations hereunder. This Agreement
has been duly and validly executed and delivered by such Stockholder and constitutes a valid and binding obligation of such Stockholder enforceable against such Stockholder in accordance with its terms, subject to the Bankruptcy, Equity and
Indemnity Exception. If such Stockholder is married, and any of the 

  
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Subject Shares of such Stockholder constitute community property or otherwise need spousal or other approval for this Agreement to be legal, valid and binding, a spousal consent substantially in
the form attached as Exhibit A hereto has been duly executed and delivered by such Stockholder’s spouse and, assuming the due authorization, execution and delivery hereof by Parent and Merger Sub, is enforceable against such
Stockholder’s spouse in accordance with its terms, subject to the Bankruptcy, Equity and Indemnity Exception. 
 2.2 Non-Contravention. Neither the execution and delivery of this Agreement by such Stockholder nor the consummation of the transactions contemplated hereby nor compliance by such Stockholder with any provisions
herein will (a) if such Stockholder is not an individual, violate, contravene or conflict with or result in any breach of any provision of the certificate of incorporation or bylaws (or other similar governing documents) of such Stockholder,
(b) require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Entity on the part of such Stockholder, except for compliance with the applicable requirements of the Securities Act, the
Exchange Act or any other United States or federal securities laws and the rules and regulations promulgated thereunder, (c) violate, conflict with, or result in a breach of any provisions of, or require any consent, waiver or approval or
result in a default or loss of a benefit (or give rise to any right of termination, cancellation, modification or acceleration or any event that, with the giving of notice, the passage of time or otherwise, would constitute a default or give rise to
any such right) under any of the terms, conditions or provisions of any Contract or other legally binding instrument or obligation to which such Stockholder is a party or by which such Stockholder or any of its assets may be bound, (d) result
(or, with the giving of notice, the passage of time or otherwise, would result) in the creation or imposition of any Lien on any Subject Shares of such Stockholder (other than one created by Parent or Merger Sub), or (e) violate any Law or
Judgment applicable to such Stockholder or by which any of its Subject Shares are bound, except as would not, in the case of each of clauses (c), (d) and (e), adversely affect in any material respect such Stockholder’s ability to timely perform
its obligations under this Agreement. No trust of which the Stockholder is a trustee requires the consent of any beneficiary to the execution and delivery of this Agreement or to the consummation of the transactions contemplated hereby. 

2.3 Ownership of Subject Shares; Total Shares. As of the date hereof, such Stockholder is, and (except with respect to any
Subject Shares Transferred in accordance with Section 4.1 hereof or accepted for payment pursuant to the Offer) at all times during the Agreement Period (as defined below) will be, the record and/or beneficial owner (as
defined in Rule 13d-3 under the Exchange Act) of all such Stockholder’s Subject Shares and has good and marketable title to all such Subject Shares free and clear of any Liens, except for (a) any
such Lien that may be imposed pursuant to (i) this Agreement and (ii) any applicable restrictions on transfer under the Securities Act or any state securities law and (b) community property interests under applicable Law
(collectively, “Permitted Liens”). Except to the extent of any Subject Shares acquired after the date hereof (which shall become Subject Shares upon that acquisition), the number of Subject Shares listed on Schedule A
opposite such Stockholder’s name are the only equity interests in the Company beneficially owned or owned of record by such Stockholder as of the date hereof. Other than the Subject Shares, such Stockholder does not own any shares of Company
Common Stock, Company Stock Options or any other interests in, options to purchase or rights to subscribe for or otherwise acquire any securities of the Company and has no interest in or voting rights with respect to any securities of the Company.

  
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 2.4 Voting Power. Such Stockholder has full voting power with respect to all such
Stockholder’s Subject Shares, and full power of disposition, full power to issue instructions with respect to the matters set forth herein and full power to agree to all of the matters set forth in this Agreement, in each case with respect to
all such Stockholder’s Subject Shares. None of such Stockholder’s Subject Shares are subject to any stockholders’ agreement, proxy, voting trust or other agreement or arrangement with respect to the voting of such Subject Shares,
except as provided pursuant to this Agreement. 
 2.5 Reliance. Such Stockholder understands and acknowledges that Parent and
Merger Sub are entering into the Merger Agreement in reliance upon such Stockholder’s execution, delivery and performance of this Agreement. 

2.6 Absence of Litigation. With respect to such Stockholder, as of the date hereof, there is no Proceeding pending against, or,
to the knowledge of such Stockholder, threatened against such Stockholder or any of such Stockholder’s properties or assets (including any shares of Company Common Stock or Company Stock Options beneficially owned by such Stockholder) that
could reasonably be expected to prevent or materially delay or impair the consummation by such Stockholder of the transactions contemplated by this Agreement or otherwise materially impair such Stockholder’s ability to perform its obligations
hereunder. 
 2.7 Brokers. No broker, finder, financial advisor, investment banker or other person is entitled to any
brokerage, finder’s, financial advisor’s or other similar fee or commission from the Company in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of such Stockholder. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER 

Parent and Merger Sub represent and warrant to the Stockholders that: 

3.1 Organization and Qualification. Each of Parent and Merger Sub is a duly organized and validly existing corporation in good
standing under the Laws of the jurisdiction of its organization. 
 3.2 Authority for this Agreement. Each of Parent and Merger
Sub has all requisite entity power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement by Parent and Merger Sub have
been duly and validly authorized by all necessary entity action on the part of each of Parent and Merger Sub, and no other entity proceedings on the part of Parent and Merger Sub are necessary to authorize this Agreement. This Agreement has been
duly and validly executed and delivered by Parent and Merger Sub and, assuming the due authorization, execution and delivery by the Stockholder, constitutes a legal, valid and binding obligation of each of Parent and Merger Sub, enforceable against
each of Parent and Merger Sub in accordance with its terms, subject to the Bankruptcy, Equity and Indemnity Exception. 

  
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 ARTICLE IV 

ADDITIONAL COVENANTS OF THE STOCKHOLDERS 

Each Stockholder hereby covenants and agrees that until the valid termination of this Agreement in accordance with Section 5.2: 

4.1 No Transfer; No Inconsistent Arrangements. Except as provided hereunder or under the Merger Agreement, from and after the
date hereof and until this Agreement is validly terminated in accordance with Section 5.2, such Stockholder shall not, directly or indirectly, (a) create or permit to exist any Lien, other than Permitted Liens, on any of such
Stockholder’s Subject Shares, (b) transfer, sell (including short sell), assign, gift, hedge, pledge, grant a participation interest in, hypothecate or otherwise dispose of, or enter into any derivative arrangement with respect to
(collectively, “Transfer”), any of such Stockholder’s Subject Shares, or any right or interest therein (or consent to any of the foregoing), (c) enter into any Contract with respect to any Transfer of such Stockholder’s
Subject Shares or any interest therein, (d) grant or permit the grant of any proxy, power-of-attorney or other authorization or consent in or with respect to any
such Stockholder’s Subject Shares, (e) deposit or permit the deposit of any of such Stockholder’s Subject Shares into a voting trust or enter into a voting agreement or arrangement with respect to any of such Stockholder’s
Subject Shares, or (f) take or permit any other action that would in any way restrict, limit, impede, delay or interfere with the performance of such Stockholder’s obligations hereunder in any material respect, otherwise make any
representation or warranty of such Stockholder herein untrue or incorrect, or have the effect of preventing or disabling such Stockholder from performing any of its obligations under this Agreement. Any action taken in violation of the foregoing
sentence shall be null and void ab initio. Each Stockholder hereby authorizes Parent to direct the Company to impose stop orders to prevent the Transfer of any Subject Shares on the books of the Company in violation of this Agreement.
Notwithstanding the foregoing, (x) any Stockholder that is an individual may Transfer Subject Shares (i) to any member of such Stockholder’s immediate family, (ii) to a trust for the sole benefit of such Stockholder or any member
of such Stockholder’s immediate family, the sole trustees of which are such Stockholder or any member of such Stockholder’s immediate family, (iii) by will or under the laws of intestacy upon the death of such Stockholder or
(iv) to any charitable organization and (y) any Stockholder that is an entity may Transfer Subject Shares to any affiliate (as defined in the Merger Agreement) of such Stockholder; provided, that a transfer referred to in clause
(x) through (y) of this sentence shall be permitted only if all of the representations and warranties in this Agreement with respect to such Stockholder would be true and correct at the time of such transfer and the transferee shall have
executed and delivered to Parent and Merger Sub a counterpart to this Agreement pursuant to which such transferee shall be bound by all of the terms and provisions of this Agreement and agree and acknowledge that such person shall constitute a
Stockholder for all purposes of this Agreement. If any involuntary Transfer of any of such Stockholder’s Subject Shares in the Company shall occur (including, but not limited to, a sale by such Stockholder’s trustee in any bankruptcy, or a
sale to a purchaser at any creditor’s or court sale), the transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall take and hold such Subject Shares subject to all
of the restrictions, liabilities and rights under this Agreement, which shall continue in full force and effect until valid termination of this Agreement in accordance with Section 5.2. Each Stockholder agrees that it shall not, and shall cause
each of its affiliates not to, become a member of a “group” (as defined under Section 13(d) of the Exchange Act) for the purpose of taking any actions inconsistent with the 

  
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transactions contemplated by this Agreement or the Merger Agreement. Notwithstanding the foregoing, such Stockholder may make Transfers of its Subject Shares as Parent may agree in writing in its
sole discretion. Each Stockholder shall notify Parent as promptly as practicable (and in any event within 48 hours after receipt) in writing of the number of any additional shares of Common Stock of which such Stockholder acquires beneficial or
record ownership on or after the date hereof. 
 4.2 No Exercise of Appraisal Rights. Such Stockholder forever waives and
agrees not to exercise any appraisal rights or dissenters’ rights, including pursuant to Section 262 of the DGCL, in respect of such Stockholder’s Subject Shares that may arise in connection with the Offer or the Merger. 

4.3 Documentation and Information. Such Stockholder shall not make any public announcement regarding this Agreement and the
transactions contemplated hereby without the prior written consent of Parent (such consent not to be unreasonably withheld), except as may be required by applicable Law (provided that reasonable notice of any such disclosure will be provided to
Parent). Such Stockholder consents to and hereby authorizes Parent and Merger Sub to publish and disclose in all documents and schedules filed with the SEC, including, without limitation, Schedule 14D-9, and
any press release or other disclosure document that Parent or Merger Sub reasonably determines to be necessary in connection with the Offer, the Merger and any transactions contemplated by the Merger Agreement, such Stockholder’s identity and
ownership of the Subject Shares, the existence of this Agreement, the nature of such Stockholder’s commitments and obligations under this Agreement and any other information that Parent reasonably determines is required to be disclosed by Law,
and such Stockholder acknowledges that Parent and Merger Sub may, in Parent’s sole discretion, file this Agreement or a form hereof with the SEC or any other Governmental Entity. Such Stockholder agrees to promptly give Parent any information
it may reasonably request for the preparation of any such disclosure documents, and such Stockholder agrees to promptly notify Parent of any required corrections with respect to any information supplied by such Stockholder specifically for use in
any such disclosure document, if and to the extent that any such information shall have become false or misleading in any material respect. 

4.4 Adjustments. In the event of any stock split, stock dividend, merger, reorganization, recapitalization, reclassification,
combination, exchange of shares or the like of the capital stock of the Company affecting the Subject Shares, the terms of this Agreement shall apply to the resulting securities. 

4.5 Waiver of Certain Actions. Each Stockholder hereby agrees not to commence or participate in, and to take all actions
necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against the Company, Parent, Merger Sub or any of their respective successors, directors or officers relating to the negotiation, execution or
delivery of this Agreement or the Merger Agreement or the consummation of the Merger or the other Transactions, including any such claim (a) challenging the validity of, or seeking to enjoin or delay the operation of, any provision of this
Agreement or the Merger Agreement (including any claim seeking to enjoin or delay the acceptance of the Offer or the Merger Closing) or (b) alleging a breach of any duty of the Company Board in connection with the Merger Agreement, this
Agreement or the transactions contemplated thereby or hereby, but excluding any such claim brought by a Stockholder as a third party beneficiary under Section 9.07(a) of the Merger Agreement. 

  
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 4.6 No Solicitation. Each Stockholder, solely in its capacity as a stockholder of
the Company, shall not, and shall direct and cause its Representatives and affiliates and its and their respective directors, officers and employees not to, directly or indirectly, (a) solicit, initiate, knowingly facilitate or knowingly
encourage (including by way of providing information or taking any other action) any inquiries, proposals or offers, or the making of any submission or announcement of any inquiry, proposal or offer that constitutes or could reasonably be expected
to lead to any Company Takeover Proposal, (b) directly or indirectly engage in, enter into or participate in any discussions or negotiations with any Person regarding, or furnish to any Person any information or afford access to the business,
properties, assets, books or records of the Company to, or take any other action to assist, knowingly facilitate or knowingly encourage any effort by any Person, in each case in connection with or in response to any inquiry, offer or proposal that
constitutes, or could reasonably be expected to lead to any Company Takeover Proposal (other than, solely in response to an unsolicited inquiry, to refer the inquiring person to the restrictions of this Section 4.6 and of the Merger Agreement
and to limit such Stockholder’s conversation and other communication exclusively to such referral), (c) enter into any agreement in principle, letter of intent, term sheet, merger agreement, purchase agreement, acquisition agreement, option
agreement or other similar instrument relating to an Company Takeover Proposal, (d) knowingly encourage or recommend any other holder of Company Common Stock to vote against the Merger or to not tender shares of Company Common Stock into the
Offer or (e) resolve or agree to do any of the foregoing. Each Stockholder shall, and shall direct and cause its Representatives and affiliates and its and their respective directors, officers and employees to, immediately cease and cause to be
terminated all solicitations, discussions or negotiations regarding any inquiry, proposal or offer with any Person or groups that may be ongoing with respect to any Company Takeover Proposal or potential Company Takeover Proposal or that could
reasonably be expected to lead to a Company Takeover Proposal. For clarity, if such Stockholder is a venture capital or private equity investor, the term “Representative” (a) shall include any general partner of such Stockholder that is
still affiliated with such Stockholder, but (b) shall exclude (i) any limited partner, (ii) any general partner that is no longer affiliated with such Stockholder, and (iii) any employees or other Representatives, in each case of
clauses (i) to (iii), who do not have actual knowledge of the Transactions. 
 4.7 Notices of Certain Events. Each
Stockholder shall notify Parent of any development occurring after the date hereof that causes, or that would reasonably be expected to cause, any breach of any of the representations and warranties of such Stockholder set forth in Article
II. 
 ARTICLE V 

MISCELLANEOUS 
 5.1
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given and received (a) upon receipt, if delivered personally, (b) two (2) business days after deposit in the
mail, if sent by registered or certified mail, (c) on the next business day after deposit with an overnight courier, if sent by overnight courier, (d) upon transmission and confirmation of receipt, if sent by facsimile or email
transmission prior to 6:00 p.m., local time on a business day, in the place of receipt, or (e) on the next business day following transmission and confirmation of receipt, if sent by facsimile or email transmission after 6:00

  
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p.m., local time on a business day, or on a day that is not a business day, in the place of receipt; provided that the notice or other communication is sent to the address, facsimile
number or email address set forth (i) if to Parent or Merger Sub, to the address, facsimile number or e-mail address set forth in Section 9.02 of the Merger Agreement and
(ii) if to a Stockholder, to such Stockholder’s address, facsimile number or e-mail address set forth on a signature page hereto, or to such other address, facsimile number or e-mail address as such party may hereafter specify for the purpose by notice to each other party hereto. 

5.2 Termination. This Agreement shall terminate automatically with respect to a Stockholder, without any notice or other action
by any Person, upon the first to occur of (a) the valid termination of the Merger Agreement in accordance with its terms, (b) the Effective Time, (c) the termination of this Agreement by written notice from Parent to the Stockholders,
, or (d) any amendment or change to the Merger Agreement or the Offer is effected without Stockholder’s consent that decreases the amount, or changes the form, of consideration payable to all stockholders of the Company pursuant to the
terms of the Merger Agreement (the period from the date hereof through such time being referred to as the “Agreement Period”). Upon the valid termination of this Agreement in accordance with Section 5.2, no party shall have any
further obligations or liabilities under this Agreement; provided, however, that (x) nothing set forth in this Section 5.2 shall relieve any party from liability for any willful breach of this Agreement
prior to termination hereof and (y) the provisions of this Article V shall survive any valid termination of this Agreement in accordance with Section 5.2. 

5.3 Amendments and Waivers. Any provision of this Agreement may be amended or waived if such amendment or waiver is in writing
and is signed, in the case of an amendment, by each party to this Agreement or, in the case of a waiver, by each party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. 

5.4 Expenses. All fees and expenses incurred in connection herewith and the transactions contemplated hereby shall be paid by the
party incurring such fees and expenses, whether or not the Offer or the Merger is consummated. 
 5.5 Entire Agreement;
Assignment. This Agreement, together with Schedule A, Exhibit A and the other documents and certificates delivered pursuant hereto, constitute the entire agreement, and supersede all prior agreements and understandings, both
written and oral, among the parties with respect to the subject matter of this Agreement. This Agreement shall not be assigned by any party (including by operation of law, by merger or otherwise) without the prior written consent of the other
parties; provided, that Parent or Merger Sub may assign any of their respective rights and obligations to one or more affiliates (as defined in the Merger Agreement) at any time, but no such assignment shall relieve Parent of its obligations
hereunder. However, each Stockholder is an intended third-party beneficiary of Section 6.05(c) of the Merger Agreement and entitled to enforce such provision in its defense. 

  
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 5.6 Enforcement of the Agreement. The parties agree that irreparable damage would
occur in the event that any Stockholder did not perform any of the provisions of this Agreement in accordance with their specific terms or otherwise breached any such provisions. It is accordingly agreed that Parent and Merger Sub shall be entitled
to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in addition to any other remedy to which they are entitled at law or in equity. Any and all remedies herein
expressly conferred upon Parent and Merger Sub will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by Law or equity upon Parent or Merger Sub, and the exercise by Parent or Merger Sub of any one remedy will not
preclude the exercise of any other remedy. 
 5.7 Jurisdiction; Waiver of Jury Trial. 

(a) Each Stockholder (i) consents to submit itself to the exclusive jurisdiction of the Court of Chancery of the State of Delaware or,
solely if such court lacks subject matter jurisdiction, the United States District Court sitting in New Castle County in the State of Delaware with respect to any dispute arising out of, relating to or in connection with this Agreement or any
transaction contemplated hereby, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (iii) agrees that it will not bring any action arising out of,
relating to or in connection with this Agreement or any transaction contemplated by this Agreement in any court other than any such court. Each Stockholder irrevocably and unconditionally waives any objection to the laying of venue of any Proceeding
arising out of this Agreement or the transactions contemplated hereby in the Court of Chancery of the State of Delaware or in any Federal court located in the State of Delaware, and hereby further irrevocably and unconditionally waives and agrees
not to plead or claim in any such court that any such Proceeding brought in any such court has been brought in an inconvenient forum. Each Stockholder hereby agrees that service of any process, summons, notice or document by U.S. registered mail in
accordance with Section 5.1 shall be effective service of process for any proceeding arising out of, relating to or in connection with this Agreement or the transactions contemplated hereby. 

(b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION ARISING OUT OF, RELATING TO OR IN CONNECTION WITH THIS AGREEMENT. EACH STOCKHOLDER CERTIFIES AND
ACKNOWLEDGES THAT (I) NO REPRESENTATIVE AGENT OR ATTORNEY OF PARENT OR MERGER SUB HAS REPRESENTED EXPRESSLY OR OTHERWISE, THAT PARENT OR MERGER SUB WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH
STOCKHOLDER UNDERSTANDS AND HAS CONSIDERED THE IMPLICATION OF THIS WAIVER, (III) EACH STOCKHOLDER MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH STOCKHOLDER HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

  
 - 10 - 

 5.8 Governing Law. This Agreement, and any dispute arising out of, relating
to or in connection with this Agreement shall be governed by and construed in accordance with the Laws of the State of Delaware, without giving effect to any choice or conflict of Law provision or rule (whether of the State of Delaware or any other
jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Delaware. 
 5.9 Descriptive
Headings. The descriptive headings herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. 

5.10 Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party hereto, and nothing
in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Agreement. 

5.11 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any
rule of Law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner. 

5.12 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of
which, taken together, shall constitute one and the same agreement. This Agreement or any counterpart may be executed and delivered by facsimile copies or delivered by electronic communications by portable document format (.pdf), each of which shall
be deemed an original. 
 5.13 Interpretation. The words “hereof,” “herein,” “hereby,”
“herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph and schedule references are to
the articles, sections, paragraphs and schedules of this Agreement unless otherwise specified. Whenever the words “include,” “includes” or “including” are used in this Agreement they shall be deemed to be followed by
the words “without limitation.” The words describing the singular number shall include the plural and vice versa, words denoting either gender shall include both genders and words denoting natural persons shall include all Persons and vice
versa. The phrases “the date of this Agreement,” “the date hereof,” “of even date herewith” and terms of similar import, shall be deemed to refer to the date set forth in the preamble to this Agreement. Any reference in
this Agreement to a date or time shall be deemed to be such date or time in New York City, unless otherwise specified. The parties agree that they participated jointly in the negotiation and drafting of this Agreement, have been represented by
counsel during the negotiation and execution of this Agreement and, therefore, waive the application of any Law or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such
agreement or document. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any
Person by virtue of the authorship of any provision of this Agreement. 

  
 - 11 - 

 5.14 Further Assurances. Each Stockholder will execute and deliver, or cause to be
executed and delivered, all further documents and instruments and use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws and
regulations, to perform its obligations under this Agreement. 
 5.15 Capacity as Stockholder. Each Stockholder signs this
Agreement solely in such Stockholder’s capacity as a stockholder of the Company, and not, if applicable, in such Stockholder’s capacity as a director, officer or employee of the Company. Nothing herein shall in any way restrict a director
or officer of the Company in the taking of any actions (or failure to act) in his or her capacity as a director or officer of the Company, or in the exercise of his or her fiduciary duties as a director or officer of the Company, or prevent or be
construed to create any obligation on the part of any director or officer of the Company from taking any action in his or her capacity as such director or officer, and no action taken in any such capacity as an officer or director of the Company
shall be deemed to constitute a breach of this Agreement, provided, that, for the avoidance of doubt, nothing herein shall be understood to relieve any party to the Merger Agreement of any obligation under, or of any liability for breach of any
provision of, the Merger Agreement. 
 5.16 Representations and Warranties. The representations and warranties contained in
this Agreement and in any certificate or other writing delivered pursuant hereto shall not survive the Effective Time or the valid termination of this Agreement in accordance with Section 5.2. 

5.17 No Agreement Until Executed. This Agreement shall not be effective unless and until (i) the Merger Agreement is
executed by all parties thereto and (ii) this Agreement is executed by all parties hereto. 
 5.18 Stockholder Obligation Several
and Not Joint. The obligations of each Stockholder hereunder shall be several and not joint, and no Stockholder shall be liable for any breach of the terms of this Agreement by any other Stockholder. Further, Parent and Merger Sub agree that
no Stockholder will be liable for claims, losses, damages, liabilities or other obligations of, or incurred by, the Company resulting from the Company’s breach of the Merger Agreement except to the extent that breach of such Stockholder’s
obligations hereunder was also involved in such breach by the Company. 
 [Remainder of Page Intentionally Left Blank. Signature Pages
Follow.] 

  
 - 12 - 

 The parties are executing this Agreement on the date set forth in the introductory clause. 

 

			
	ELI LILLY AND COMPANY
		
	By:	 	 /s/ David A. Ricks

		 	 Name:  David A. Ricks

		 	 Title:   Chairman, President and Chief Executive Officer

	
	BLUEGILL ACQUISITION CORPORATION
		
	By:	 	 /s/ Darren J. Caroll

		 	Name: Darren J. Caroll
		 	Title: President

  
 [Signature Page to
Tender and Support Agreement] 

 
			
	KPCB Holdings, Inc., as Nominee
		
	By:	 	 /s/ Scott A Ryles

	Name:	 	Scott A. Ryles
	Title:	 	President and Chairman
		
	Address:	 	
	
	 2750 Sand Hill Road
 Menlo Park,
California 94025

  
 [Signature Page to
Tender and Support Agreement] 

 
			
	OrbiMed Private Investments IV, LP
	
	 By: OrbiMed Capital GP IV LLC.
 its
General Partner

	
	 By: OrbiMed Advisors LLC,
 its
Managing Member

		
	By:	 	 /s/ Carl L. Gordon

	Name: Carl L. Gordon
	Title: Member
	
	OrbiMed Private Investments V, LP
	
	 By: OrbiMed Capital GP V LLC.
 its
General Partner

	
	 By: OrbiMed Advisors LLC,
 its
Managing Member

		
	By:	 	 /s/ Carl L. Gordon

	Name: Carl L. Gordon
	Title: Member
	
	Address:
	
	601 Lexington Avenue, 54th Floor
	New York, NY 10022

  
 [Signature Page to
Tender and Support Agreement] 

 
			
	QUAN VENTURE FUND I, L.P.
	
	By: Quan Venture Partners I, L.L.C.
	Its: General Partner
		
	By:	 	 /s/ Stella Xu

	Name: Stella Xu
	Title: Managing Director
	
	Address:
	
	 Jinchuang Plaza
 4560 Jinke Rd.,
Bldg. 1N, Suite 401
 Zhangjiang Hi-tech Park, Pudong New Area

Shanghai, China 201210

  
 [Signature Page to
Tender and Support Agreement] 

 
			
	 DECHENG CAPITAL CHINA LIFE

SCIENCES USD FUND II, L.P.

	
	By: its General Partner,
	Decheng Capital Management II (Cayman), LLC
		
	By:	 	 /s/ Xiangmin Cui

		 	Xiangmin Cui
		 	Managing Director
	
	Address:
	
	3000 Sand Hill Road, Building 2, Suite 110
	Menlo Park, CA 94025

  
 [Signature Page to
Tender and Support Agreement] 

 
	
	 /s/ Peter Van Vlasselaer, Ph.D.

	Peter Van Vlasselaer, Ph.D.
	
	Address:
	
	3445 Woodside Road
	Woodside, CA 94062

  
 [Signature Page to
Tender and Support Agreement] 

 EXHIBIT A 

FORM OF SPOUSAL CONSENT 

The undersigned represents that the undersigned is the spouse of Stockholder and that the undersigned is familiar with the terms of the Tender
and Support Agreement (the “Agreement”), entered into as of May 9, 2018, by and among Eli Lilly and Company, an Indiana corporation (“Parent”), Bluegill Acquisition Corporation, a Delaware corporation and a
wholly-owned subsidiary of Parent (“Merger Sub”), and the undersigned’s spouse (the “Stockholder”). All capitalized terms that are used but not defined herein shall have the respective meanings ascribed to them
in the Agreement. The undersigned hereby agrees that the interest of Stockholder in all property which is the subject of such Agreement shall be irrevocably bound by the terms of such Agreement and by any amendment, modification, waiver or
termination signed by Stockholder. The undersigned further agrees that the undersigned’s community property interest in all property which is the subject of such Agreement shall be irrevocably bound by the terms of such Agreement, and that such
Agreement shall be binding on the executors, administrators, heirs and assigns of the undersigned. The undersigned further authorizes Stockholder to amend, modify or terminate such Agreement, or waive any rights thereunder, and that each such
amendment, modification, waiver or termination signed by Stockholder shall be binding on the community property interest of undersigned in all property which is the subject of such Agreement and on the executors, administrators, heirs and assigns of
the undersigned, each as fully as if the undersigned had signed such amendment, modification, waiver or termination. 
  

							
	Dated: May 9, 2018	 		 	SPOUSE:
				
		 		 	Signature:	 	 /s/ Anne Van Camp

				
		 		 	Print name:	 	 Anne Van Camp

  
 [Signature Page to
Tender and Support Agreement] 

 Schedule A 

 

									
	 Name of Stockholder
	  	Number of Shares
of Company
Common Stock	 	  	Company
Stock Options	 
	 Kleiner Perkins Caufield & Byers XIV, LLC (signed for by KPCB Holdings, Inc., as
Nominee)
	  	 	3,475,576	 	  	 	—  	 
	 KPCB XIV Founders Fund, LLC (signed for by KPCB Holdings, Inc., as Nominee)
	  	 	294,029	 	  	 	—  	 
	 Kleiner Perkins Caufield & Byers XVI, LLC (signed for by KPCB Holdings, Inc., as
Nominee)
	  	 	480,625	 	  	 	—  	 
	 KPCB XVI Founders Fund, LLC (signed for by KPCB Holdings, Inc., as Nominee)
	  	 	16,453	 	  	 	—  	 
	 OrbiMed Private Investments IV, LP
	  	 	3,709,356	 	  	 	—  	 
	 OrbiMed Private Investments V, LP
	  	 	409,547	 	  	 	—  	 
	 Decheng Capital China Life Sciences USD Fund II, L.P.
	  	 	1,214,700	 	  	 	—  	 
	 Quan Venture Fund I, L.P.
	  	 	404,900	 	  	 	—  	 
	 Peter Van Vlasselaer, Ph.D.
	  	 	809,865	 	  	 	1,025,528	 

  
 [Schedule A to Tender
and Support Agreement] 

 EXHIBIT A 

FORM OF SPOUSAL CONSENT 

The undersigned represents that the undersigned is the spouse of Stockholder and that the undersigned is familiar with the terms of the Tender
and Support Agreement (the “Agreement”), entered into as of May 9, 2018, by and among Eli Lilly and Company, an Indiana corporation (“Parent”), Bluegill Acquisition Corporation, a Delaware corporation and a
wholly-owned subsidiary of Parent (“Merger Sub”), and the undersigned’s spouse (the “Stockholder”). All capitalized terms that are used but not defined herein shall have the respective meanings ascribed to them
in the Agreement. The undersigned hereby agrees that the interest of Stockholder in all property which is the subject of such Agreement shall be irrevocably bound by the terms of such Agreement and by any amendment, modification, waiver or
termination signed by Stockholder. The undersigned further agrees that the undersigned’s community property interest in all property which is the subject of such Agreement shall be irrevocably bound by the terms of such Agreement, and that such
Agreement shall be binding on the executors, administrators, heirs and assigns of the undersigned. The undersigned further authorizes Stockholder to amend, modify or terminate such Agreement, or waive any rights thereunder, and that each such
amendment, modification, waiver or termination signed by Stockholder shall be binding on the community property interest of undersigned in all property which is the subject of such Agreement and on the executors, administrators, heirs and assigns of
the undersigned, each as fully as if the undersigned had signed such amendment, modification, waiver or termination. 
  

							
	Dated: [•]	 		 	SPOUSE:	 	
				
		 		 	Signature:	 	          

				
		 		 	Print name:EX-10.17

 Exhibit 10.17 

FS Investment Corporation 

201 Rouse Boulevard 
 Philadelphia,
PA 19112 
 March 16, 2018 
 ING Capital
LLC, as Administrative Agent 
 1133 Avenue of the Americas 

New York, NY 10036 
 and the Lenders (as defined below) 

Re: FS Investment Corporation – Consent and Modification in relation to Transition Events 

Ladies and Gentlemen, 
 Reference is hereby made
to the Senior Secured Revolving Credit Agreement, dated as of April 3, 2014 (as amended by that certain Amendment No. 1 and Waiver to Senior Secured Revolving Credit Agreement, dated as of May 6, 2016, and by that certain Amendment
No. 2 to Senior Secured Revolving Credit Agreement, dated as of March 16, 2017, and as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms not
otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement), among FS INVESTMENT CORPORATION, a Maryland corporation (“us” or “we”), the several banks and other financial institutions
or entities from time to time party to the Credit Agreement as lenders (the “Lenders”), and ING CAPITAL LLC, as administrative agent for the Lenders under the Credit Agreement (in such capacity, together with its successors in such
capacity, the “Administrative Agent”). 
 FB Income Advisor, LLC (“FB Income Advisor”) currently provides
investment advisory and administrative services to us pursuant to (a) the Amended and Restated Investment Advisory Agreement, dated July 17, 2014, by and between us and FB Income Advisor (the “Current Investment Advisory
Agreement”) and (b) the Administration Agreement, dated April 16, 2014, by and between us and FB Income Advisor (the “Current Administration Agreement”). GSO / Blackstone Debt Funds Management LLC
(“GDFM”) currently serves as our investment sub-advisor pursuant to the Investment Sub-Advisory Agreement, dated as of April 3, 2008, by and
between GDFM and FB Income Advisor (the “Current Investment Sub-Advisory Agreement”). 

On (i) December 11, 2017, we filed a current report with the U.S. Securities and Exchange Commission on Form 8-K (a copy of which is attached hereto as Exhibit A, the “Filing”) and (ii) January 18, 2018, we filed a definitive proxy report statement with the U.S. Securities and Exchange
Commission on Schedule 14A (a copy of which is attached hereto as Exhibit B, the “Proxy”) announcing, among other things (collectively, the “Proposed Transition”), (a) GDFM’s intended resignation as our
investment sub-advisor and termination of the Current Investment Sub-Advisory Agreement in April 2018 and (b) a proposed transition of our investment advisory
services to a new joint venture relationship between affiliates of 

 
Franklin Square Holdings, L.P. (“FS Investments”) and KKR Credit Advisors (US) LLC (“KKR”), which is proposed to ultimately take the form of a newly formed
entity jointly operated by one or more affiliates of FS Investments and KKR (such proposed new joint investment advisor entity, the “Joint Advisor”). 

In furtherance of the Proposed Transition, we, FB Income Advisor, KKR and the Joint Advisor have taken or intend to take one or more of the
following actions, each as more fully described in the Filing and the Proxy and subject to the terms and conditions set forth in the applicable definitive documents (collectively and together with all other transactions reasonably necessary to
achieve the Proposed Transition, the “Transition Events”): 
  

	 	(a)	the renewal of the Current Investment Advisory Agreement and the Current Administration Agreement for an additional one-year term commencing on December 10, 2017;

  

	 	(b)	the entry into that certain Engagement Letter, dated as of December 13, 2017, by and among FB Income Advisor, other affiliated investment advisors, KKR and KKR’s broker-dealer affiliate (the “Sourcing
and Administrative Services Agreement”); 

  

	 	(c)	the entry into an interim investment advisory agreement that meets the applicable requirements of Rule 15a-4 under the Investment Company Act by and between us and KKR,
substantially in the form of that certain Interim Investment Advisory Agreement by and between us and KKR delivered to the Administrative Agent by us on January 18, 2018 (the “Interim Advisory Agreement”); 

 

	 	(d)	the termination of the Current Investment Sub-Advisory Agreement; 

  

	 	(e)	the entry into investment advisory and/or administration agreements by and between us and one or each of FB Income Advisor and/or KKR, substantially in the form of (i) that certain Investment Advisory Agreement
between us and FB Income Advisor, attached as Exhibit A to the Proxy and (ii) that certain Investment Advisory Agreement between us and KKR, attached as Exhibit B to the Proxy (together, the
“Co-Advisory Agreements”); 

  

	 	(f)	the entry into investment advisory and/or administration agreements by and between us and the Joint Advisor, substantially in the form of that certain Investment Advisory Agreement between us and FS/KKR Advisor, LLC,
attached as Exhibit C to the Proxy (the “Joint Advisor Advisory Agreement”); 

  

	 	(g)	the resignation of GDFM as our investment sub-advisor; 

  

	 	(h)	the provision by KKR and/or KKR’s broker-dealer affiliate of certain origination, administrative and other services to FB Income Advisor; 

 

	 	(i)	FB Income Advisor and KKR serving as our co-investment advisors (“Co-Advisory Status”); 

  
 2 

	 	(j)	the Joint Advisor serving as our investment advisor (“Joint Advisory Status”); 

  

	 	(k)	upon or after the effectiveness of Joint Advisory Status, the resignation of FB Income Advisor as our investment advisor or the resignation of FB Income Advisor and/or KKR as our
co-investment advisors, as applicable; 

  

	 	(l)	changes to the size and composition of our board of directors; and/or 

  

	 	(m)	the receipt by one or more of FB Income Advisor, KKR and/or the Joint Advisor of management and/or incentive fees from us in connection with or arising from any of the foregoing. 

One or more of the Transition Events may require your consent under the Credit Agreement and the other Loan Documents. Accordingly, we hereby
request your consent under the Credit Agreement and the other Loan Documents to the undertaking of one or more of the Transition Events, and the Lenders signatory hereto and the Administrative Agent hereby so consent on the terms and subject to the
conditions contained in this consent and modification letter. 
 Effective as of the date hereof, and subject to the terms and conditions
set forth herein, you hereby consent to the following (items (1) through (4) collectively, the “Consent”): 
 1. The
resignation of GDFM as our sub-advisor and the termination of the Current Investment Sub-Advisory Agreement; provided that, 

a. the definition of “Advisory Fees” in Section 1.01 of the Credit Agreement shall be amended by deleting “and/or the Sub-Advisor”; 
 b. the definition of “Sub-Advisor”
in Section 1.01 of the Credit Agreement shall be amended by deleting such definition in its entirety; and 
 c. clause (n) of
Article VII shall be amended by deleting subclause (i) in its entirety. 
 2. The entry into one or more of the Sourcing and
Administrative Services Agreement, the Interim Advisory Agreement, the Co-Advisory Agreements and/or the Joint Advisor Advisory Agreement; provided that (x) any of the Interim Advisory Agreement,
the Co-Advisory Agreements or the Joint Advisory Agreements, once entered into, shall be deemed an “Affiliate Agreement” for all purposes under the Credit Agreement; provided that, for the
purposes of Section 6.11(b) of the Credit Agreement, we may freely terminate one or both of the Interim Advisory Agreement and/or the Co-Advisory Agreements to the extent such termination is in connection
with the effectiveness of Co-Advisory Status or Joint Advisory Status, as applicable and (y) any base management fees and incentive fees due and owing by the Borrower or any other Obligor to the
Investment Advisor under any of the Interim Advisory Agreement, the Co-Advisory Agreements and/or the Joint Advisor Advisory Agreement shall be deemed “Advisory Fees” under the Credit Agreement
(other than any incentive fee on unrealized gains unless and until such gain is realized or otherwise required to be paid pursuant to the terms of the applicable investment advisory agreement). 

  
 3 

 3. The entry into the Co-Advisory Status pursuant to the Co-Advisory Agreements; provided that, upon entry into any such status, 
 a. the definition of
“Investment Advisor” in Section 1.01 of the Credit Agreement shall be deemed to be: “(x) FB Income Advisor, LLC, a Delaware limited liability company, or an Affiliate thereof, in each case so long as it is a Controlled Affiliate
of Franklin Square Holdings, L.P. and (y) KKR Credit Advisors (US) LLC or an Affiliate thereof, in each case so long as it is a Controlled Affiliate of KKR & Co. LP, as co-advisors”; 

b. each reference to “Affiliate” in Sections 3.17, 3.19 and 5.02(b) of the Credit Agreement shall be deemed to be a reference to
“Affiliate (other than KKR or any of its Affiliates (except the Investment Advisor) to the extent such entity satisfies the definition of “Affiliate” solely as a result of the entry into the
Co-Advisory Status)”; 
 c. clause (vii) of Section 6.08 of the Credit Agreement
shall be deemed to be a reference to “transactions with one or more Affiliates permitted by (i) the exemptive relief order (Release No. 30548) dated June 4, 2013 granted by the SEC to the Borrower (the “FS
Order”) or (ii) the exemptive relief order (Release No. 32683) dated June 19, 2017 granted by the SEC to Corporate Capital Trust, Inc., et al. (the “KKR Order”), as either may be amended from time to time,
and any future exemptive relief order granting relief to the Borrower from the same provisions of, and rules promulgated under, the Investment Company Act of 1940 as the FS Order and/or the KKR Order, in each case on substantially similar terms;

 d. the reference to “FB Income Advisor LLC (so long as it is a Controlled Affiliate of Franklin Square Holdings, L.P.)” in
clause (n) of Article VII of the Credit Agreement shall be deemed to be a reference to “both FB Income Advisor LLC or one of its Affiliates (in each case, so long as it is a Controlled Affiliate of Franklin Square Holdings, L.P.) and KKR
Credit Advisors (US) LLC or one of its Affiliates (in each case, so long as it is a Controlled Affiliate of KKR & Co. LP)”; 

e. the definition of “Information” in Section 9.13 of the Credit Agreement shall be deemed to also include information received
from the Investment Advisor relating to the Investment Advisor, the Borrower, any of its Subsidiaries, any of their respective businesses or any Portfolio Investment (including its Value), other than any such information that is available to the
Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to the disclosure by the Investment Advisor; 
 f.
(i) the reference to “an Exemptive Order” in paragraph 6 of Schedule 1.01(d) of the Credit Agreement shall be deemed to be a reference to “the FS Order” and (ii) paragraph 6 of Schedule 1.01(d) of the
Credit Agreement shall not apply to any Investment that (x) is made in accordance with the KKR Order or (y) KKR or any of its Affiliates, or any entity advised by any of KKR or any of its Affiliates, owned or managed immediately prior to
the first date on which KKR or any of its Affiliates would be deemed an “Affiliate” under the Credit Agreement (the “KKR Affiliation Date”); 

g. a Portfolio Investment shall be deemed to be eligible for purposes of paragraph 19 of Schedule 1.01(d) of the Credit Agreement, so
long as (x) (i) such Portfolio Investment is held by the Borrower as of the date hereof and (ii) KKR or its Affiliates owns or controls more than 25% of the voting Equity Interests of such Portfolio Investment or (y) such Portfolio
Investment is made in accordance with the KKR Order. 

  
 4 

 4. The entry into the Joint Advisory Status pursuant to the Joint Advisor Advisory Agreement and,
upon or after entry into any such status, the resignation of FB Income Advisor as our investment advisor or the resignation of FB Income Advisor and/or KKR as our co-investment advisors, as applicable;
provided that, upon entry into any such status, 
 a. the definition of “Investment Advisor” in Section 1.01 of the
Credit Agreement shall be deemed to be “FS/KKR Advisor, LLC (so long as it is jointly managed by (i) Franklin Square Holdings, L.P. and/or one or more of its Controlled Affiliates and (ii) KKR & Co. LP and/or one or more of
its Controlled Affiliates)”; 
 b. each reference to “Affiliate” in Sections 3.17, 3.19 and 5.02(b) of the Credit Agreement
shall be deemed to be a reference to “Affiliate (other than KKR or any of its Affiliates (except the Investment Advisor) to the extent such entity satisfies the definition of “Affiliate” solely as a result of the entry into the Co-Advisory Status and/or the Joint Advisory Status)”; 
 c. clause (vii) of Section 6.08
of the Credit Agreement shall be deemed to be a reference to “transactions with one or more Affiliates permitted by (i) the exemptive relief order (Release No. 30548) dated June 4, 2013 granted by the SEC to the Borrower (the
“FS Order”), (ii) the exemptive relief order (Release No. 32683) dated June 19, 2017 granted by the SEC to Corporate Capital Trust, Inc., et al. (the “KKR Order”) or (iii) an exemptive relief order to
be obtained from the U.S Securities and Exchange Commission that would permit the Borrower to co-invest in privately negotiated investment transactions with certain accounts managed by KKR, which relief shall
be on substantially similar terms to the FS Order and/or the KKR Order (the “Joint Advisor Exemptive Order”), as any may be amended from time to time, and any future exemptive relief order granting relief to the Borrower from the
same provisions of, and rules promulgated under, the Investment Company Act of 1940 as the FS Order or the Joint Advisor Exemptive Order, in each case on substantially similar terms; 

d. the reference to “FB Income Advisor LLC (so long as it is a Controlled Affiliate of Franklin Square Holdings, L.P.)” in clause
(n) of Article VII of the Credit Agreement shall be deemed to be a reference to “FS/KKR Advisor, LLC (so long as it is jointly managed by (i) Franklin Square Holdings, L.P. and/or one or more of its Controlled Affiliates and
(ii) KKR & Co. LP and/or one or more of its Controlled Affiliates)”; 
 e. the definition of “Information” in
Section 9.13 of the Credit Agreement shall be deemed to also include information received from the Investment Advisor relating to the Investment Advisor, the Borrower, any of its Subsidiaries, any of their respective businesses or any Portfolio
Investment (including its Value), other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to the disclosure by the Investment Advisor; 

  
 5 

 f. (i) the reference to “an Exemptive Order” in paragraph 6 of Schedule
1.01(d) of the Credit Agreement shall be deemed to be a reference to “the FS Order” and (ii) paragraph 6 of Schedule 1.01(d) of the Credit Agreement shall not apply to any Investment that (x) is made in accordance with
the KKR Order or the Joint Advisor Exemptive Order or (y) KKR or any of its Affiliates, or any entity advised by any of KKR or any of its Affiliates, owned or managed immediately prior to the KKR Affiliation Date; and 

g. a Portfolio Investment shall be deemed to be eligible for purposes of paragraph 19 of Schedule 1.01(d) of the Credit Agreement, so
long as (x) (i) such Portfolio Investment is held by the Borrower as of the date hereof and (ii) KKR or its Affiliates owns or controls more than 25% of the voting Equity Interests of such Portfolio Investment or (y) such Portfolio
Investment is permitted under the Joint Advisor Exemptive Order. 
 The Consent will remain effective (i) during the eighteen
(18) month period following the date hereof, so long as one of either the Sourcing and Administrative Services Agreement or the Interim Advisory Agreement is in full force and effect at such time or (ii) at any time, if one of either the Co-Advisory Status or Joint Advisory Status has become effective. 
 Additionally, you and we hereby
agree, upon the effectiveness of Co-Advisory Status or Joint Advisory Status (or earlier upon the request of the Administrative Agent or us), to take such actions (including entering into mutually agreeable
amendments, supplements or other modifications to the Loan Documents) that are reasonably requested by the Administrative Agent or us to document the advisory relationship and the other matters contemplated in this consent and modification letter
and to otherwise effectuate the purposes and objectives of this consent and modification letter, in each case, on a going-forward basis. 

To induce the other parties hereto to enter into this consent and modification letter, the Borrower represents and warrants to the
Administrative Agent and each Lender that, as of the date hereof and after giving effect to this consent and modification letter, (i) the representations and warranties set forth in Article 3 of the Credit Agreement and each other Loan Document
are true and correct in all material respects (other than any representation or warranty already qualified by materiality or Material Adverse Effect, which shall be true and correct in all respects) on and as of the date hereof or, as to any such
representations and warranties that refer to a specific date, as of such specific date, with the same effect as though made on the date hereof and (ii) no Default or Event of Default has occurred or is continuing. 

Except as expressly modified hereby, all of the representations, warranties, terms, covenants, conditions and other provisions of the Credit
Agreement and the other Loan Documents and the Liens granted thereunder shall remain unchanged and shall continue to be, and shall remain, in full force and effect in accordance with their respective terms. The consents and modifications set
forth herein shall be limited precisely as provided for herein and shall not be deemed to be an amendment to, waiver of, consent to or modification of any other terms or provisions of the Credit Agreement or any other Loan Document or of any
transaction or further or future action on the part of the Borrower. Upon and after the execution of this consent and modification letter by each of the parties hereto, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of like
import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified hereby. 

  
 6 

 The contemporaneous exchange and release of executed signature pages by each of the Persons
contemplated to be a party hereto shall render this consent and modification letter effective. This consent and modification letter may not be amended or any provision hereof or thereof waived or modified except by an instrument in writing signed by
each of the parties hereto. This consent and modification letter may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This consent and modification letter constitutes the entire contract between and among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. Delivery of an executed counterpart of this consent and modification letter by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this consent and
modification letter. 
 THIS CONSENT AND MODIFICATION LETTER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK. 
 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 CONSENT AND MODIFICATION LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY (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 CONSENT AND MODIFICATION LETTER BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

The provisions of Sections 9.01, 9.07, 9.09 and 9.12 of the Credit Agreement are hereby incorporated by reference mutatis mutandis as
if fully set forth herein. 
 [Signature pages follow] 
  

  
 7 

 If you are in agreement with the foregoing, please sign and return the enclosed counterpart of
this consent and modification letter. 
  

			
	FS INVESTMENT CORPORATION, as Borrower

 
			
		
	By:	 	   /s/ William Goebel

	Name: William Goebel
	Title: Chief Financial Officer

  
 [Consent and Modification
Letter] 

 
			
	ING CAPITAL LLC, as Administrative Agent and a Lender

 
			
		
	By:	 	   /s/ Patrick Frisch

	Name: Patrick Frisch
	Title: Managing Director
		
	By:	 	   /s/ Dominik Breuer

	Name: Dominik Breuer
	Title: Vice President

  
 [Consent and Modification
Letter] 

 
			
	 BANK OF AMERICA, N.A., as a
Lender

 
			
		
	By:	 	   /s/ Derek Miller

	 Name: Derek Miller

	 Title: Vice President

  
 [Consent and Modification
Letter] 

 
			
	 CIT FINANCE LLC, as a
Lender

 
			
		
	By:	 	   /s/ Robert L. Klein

	Name: Robert L. Klein
	Title: Director

  
 [Consent and Modification
Letter] 

 
			
	 COMERICA BANK, as a
Lender

 
			
		
	By:	 	   /s/ Timothy O’Rourke

	Name: Timothy O’Rourke
	Title: Vice President

  
 [Consent and Modification
Letter] 

 
			
	GOLDMAN SACHS BANK USA, as a Lender

 
			
		
	By:	 	   /s/ Chris Lam

	Name: Chris Lam
	Title: Authorized Signatory

  
 [Consent and Modification
Letter] 

 
			
	HSBC BANK USA, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Myles Bae

	Name: Myles Bae
	Title: Senior Vice President

  

  
 [Consent and Modification
Letter] 

 
			
	MIZUHO BANK, LTD., as a Lender
		
	By:	 	 /s/ James Fayen

	Name: James Fayen
	Title: Managing Director

  

  
 [Consent and Modification
Letter] 

 
			
	STATE STREET BANK AND TRUST COMPANY, as a Lender
		
	By:	 	 /s/ Emma Wallace

	Name: Emma Wallace
	Title: Managing Director

  

  
 [Consent and Modification
Letter] 

 Exhibit A 

[See Attached] 

 Exhibit B 

[See Attached]

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