Document:

Amended and Restated Investment Advisory Management Agreement

 Exhibit 10.2 
 AMENDED AND RESTATED 
 INVESTMENT ADVISORY MANAGEMENT AGREEMENT

 BETWEEN 
 PENNANTPARK FLOATING RATE CAPITAL LTD. 
 AND 

PENNANTPARK INVESTMENT ADVISERS, LLC 
 AMENDED AND RESTATED AGREEMENT (this “Agreement”) made this
7th day of August, 2012, by and between PENNANTPARK
FLOATING RATE CAPITAL LTD., a Maryland corporation (the “Corporation”), and PENNANTPARK INVESTMENT ADVISERS, LLC, a Delaware limited liability company (the “Adviser”). 

WHEREAS, the Corporation operates as a closed-end management investment company; 

WHEREAS, the Corporation has filed an election to be treated as a business development company under the Investment Company Act of 1940,
as amended (the “1940 Act”); 
 WHEREAS, the Corporation and the Adviser are party to that certain investment advisory
management agreement dated April 7, 2011 by and between the Corporation and the Adviser (the “Prior Agreement”); and 
 WHEREAS, the Corporation and the Adviser desire to amend and restate the Prior Agreement to set forth the terms and conditions for the continued provision by the Adviser of investment advisory services to
the Corporation. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties
hereby agree as follows: 
 1. Duties of the Adviser. 

(a) The Corporation hereby employs the Adviser to act as the investment adviser to the Corporation and to manage the investment and
reinvestment of the assets of the Corporation, subject to the supervision of the Board of Directors of the Corporation, for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and
restrictions that are set forth in the Corporation’s registration statement, as the same may be amended from time to time, (ii) in accordance with the 1940 Act and (iii) during the term of this Agreement in accordance with all other
applicable federal and state laws, rules and regulations, and the Corporation’s charter and by-laws. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement,
(i) determine the composition of the portfolio of the Corporation, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of

 
the investments made by the Corporation; (iii) close and monitor the Corporation’s investments; determine the securities and other assets that the Corporation will purchase, retain, or
sell; perform due diligence on prospective portfolio companies; and (vi) provide the Corporation with such other investment advisory, research and related services as the Corporation may, from time to time, reasonably require for the investment
of its funds. The Adviser shall have the power and authority on behalf of the Corporation to effectuate its investment decisions for the Corporation, including the execution and delivery of all documents relating to the Corporation’s
investments and the placing of orders for other purchase or sale transactions on behalf of the Corporation. In the event that the Corporation determines to acquire debt financing, the Adviser will arrange for such financing on the Corporation’s
behalf, subject to the oversight and approval of the Corporation’s Board of Directors. If it is necessary for the Adviser to make investments on behalf of the Corporation through a special purpose vehicle, the Adviser shall have authority to
create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle in accordance with the 1940 Act. 
 (b) The Adviser hereby accepts such employment and agrees during the term hereof to render the services described herein for the compensation provided herein. 

(c) Subject to the requirements of the 1940 Act, the Adviser is hereby authorized to enter into one or more sub-advisory agreements with
other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a
Sub-Adviser to recommend specific securities or other investments based upon the Corporation’s investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or
disposition of such investments and monitoring investments on behalf of the Corporation, subject to the oversight of the Adviser and the Corporation. The Adviser, and not the Corporation, shall be responsible for any compensation payable to any
Sub-Adviser. Any sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the 1940 Act and other applicable federal and state law. 
 (d) The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the
Corporation in any way or otherwise be deemed an agent of the Corporation. 
 (e) The Adviser shall keep and preserve, in the
manner and for the period that would be applicable to investment companies registered under the 1940 Act any books and records relevant to the provision of its investment advisory services to the Corporation and shall specifically maintain all books
and records with respect to the Corporation’s portfolio transactions and shall render to the Corporation’s Board of Directors such periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that
it maintains for the Corporation are the property of the Corporation and will surrender promptly to the Corporation any such records upon the Corporation’s request, provided that the Adviser may retain a copy of such records. 

  
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 2. Corporation’s Responsibilities and Expenses Payable by the Corporation. All
investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to
such services, will be provided and paid for by the Adviser and not by the Corporation. The Corporation will bear all other costs and expenses of its operations and transactions, including (without limitation) those relating to: organization and
offering; calculating the Corporation’s net asset value (including the cost and expenses of any independent valuation firm); expenses incurred by the Adviser payable to third parties, including agents, consultants or other advisors, in
monitoring financial and legal affairs for the Corporation and in monitoring the Corporation’s investments and performing due diligence (including related legal expenses) on its prospective portfolio companies; interest payable on debt, if any,
incurred to finance the Corporation’s investments and expenses related to unsuccessful portfolio acquisition efforts; offerings of the Corporation’s common stock and other securities; investment advisory and management fees; administration
fees payable under the Administration Agreement (the “Administration Agreement”) between the Corporation and PennantPark Investment Advisers, LLC (the “Administrator”), the Corporation’s administrator; fees payable to third
parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments, including costs associated with meeting potential financial sponsors; transfer agent and custodial fees; federal and state
registration fees; all costs of registration and listing the Corporation’s shares on any securities exchange; federal, state and local taxes; independent directors’ fees and expenses; costs of preparing and filing reports or other
documents required by the Securities and Exchange Commission; costs of any reports, proxy statements or other notices to stockholders, including printing costs; costs associated with individual or group stockholders; the Corporation’s allocable
portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; direct costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial
and other staff, independent auditors and outside legal costs; and all other expenses incurred by the Corporation or the Administrator in connection with administering the Corporation’s business, including payments under the Administration
Agreement between the Corporation and the Administrator based upon the Corporation’s allocable portion of the Administrator’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable
portion of the cost of the Corporation’s chief compliance officer and chief financial officer and their respective staffs. 

3. Compensation of the Adviser. The Corporation agrees to pay, and the Adviser agrees to accept, as compensation for the services
provided by the Adviser hereunder, a base management fee (“Base Management Fee”) and an incentive fee (“Incentive Fee”) as hereinafter set forth. The Corporation shall make any payments due hereunder to the Adviser or to the
Adviser’s designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect, or adopt a deferred compensation plan pursuant to which it may elect, to defer all or a portion of its fees hereunder for
a specified period of time. 

  
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 (a) The Base Management Fee shall be calculated at an annual rate of 1.00% of the
Corporation’s gross assets (net of U.S. Treasury Bills, temporary draws under any credit facility and/or repurchase agreements or other balance sheet transactions undertaken at the end of a fiscal quarter for purposes of preserving investment
flexibility for the next quarter). For services rendered under this Agreement, the Base Management Fee will be payable quarterly in arrears. For the first calendar quarter of the Corporation’s operations, the Base Management Fee will be
calculated based on the initial value of the Corporation’s gross assets. Subsequently, the Base Management Fee will be calculated based on the average value of the Corporation’s gross assets at the end of the two most recently completed
calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. Base Management Fees for any partial month or quarter will be appropriately pro rated. 

(b) The Incentive Fee shall consist of two parts, as follows: 

 

	 	(i)	 One part will be calculated and payable quarterly in arrears based on the pre-Incentive Fee net investment income for the immediately preceding
calendar quarter. For this purpose, pre-Incentive Fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination,
structuring, diligence and consulting fees and fees for providing significant managerial assistance or other fees that the Corporation receives from portfolio companies) accrued by the Corporation during the calendar quarter, minus the
Corporation’s operating expenses for the quarter (including the Base Management Fee, expenses payable under the Corporation’s Administration Agreement to the Administrator, and any interest expense and dividends paid on any issued and
outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kind interest
and zero coupon securities), accrued income that the Corporation has not yet received in cash. Pre-Incentive Fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or
depreciation. Pre-Incentive Fee net investment income, expressed as a rate of return on the value of the Corporation’s net assets at the end of the immediately preceding calendar quarter, will be compared to a “hurdle rate” of
1.75% per quarter (7.00% annualized). The Corporation’s net investment income used to calculate this part of the Incentive Fee is also included in the amount of its gross assets used to calculate the 1.00% Base Management Fee. The
Corporation will pay the Adviser an Incentive Fee with respect to the Corporation’s pre-Incentive Fee net investment income in each calendar quarter as follows: (1) no Incentive Fee in any calendar quarter in which the Corporation’s
pre-Incentive Fee net investment income does not exceed the hurdle rate of 

  
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1.75%; (2) 50% of the Corporation’s pre-Incentive Fee net investment income with respect to that portion of such pre-Incentive Fee net investment income, if any, that exceeds the hurdle
rate but is less than 2.9167% in any calendar quarter (11.67% annualized); this portion of the pre-Incentive Fee net investment income (which exceeds the hurdle but is less than 2.9167%) is referred to herein as the “catch-up.” The
“catch-up” is meant to provide the Adviser with approximately 20% of the Corporation’s pre-Incentive Fee net investment income as if a hurdle did not apply if this net investment income exceeds 2.9167% in any calendar quarter; and
(3) 20% of the amount of the Corporation’s pre-Incentive Fee net investment income, if any, that exceeds 2.9167% in any calendar quarter (11.67% annualized) payable to the Adviser (once the hurdle is reached and the catch-up is achieved,
20% of all pre-Incentive Fee investment income thereafter is allocated to the Adviser). These calculations will be appropriately pro rated for any period of less than three months and adjusted for any share issuances or repurchases during the
relevant quarter. 

  

	 	(ii)	The second part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears as of the end of each calendar year (or
upon termination of this Agreement as set forth below), commencing with December 31, 2011, and will equal 20.0% of the Corporation’s realized capital gains, if any, on a cumulative basis from inception through the end of each calendar
year, computed net of all realized capital losses and net unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain Incentive Fees, with respect to each of the investments in the
Corporation’s portfolio; provided that the Incentive Fee determined as of December 31, 2011 will be calculated for a period of shorter than twelve calendar months to take into account any realized capital gains computed net of all realized
capital losses and unrealized capital depreciation from inception. In the event that this Agreement shall terminate as of a date that is not a calendar year end, the termination date shall be treated as though it were a calendar year end for
purposes of calculating and paying a Capital Gains Fee. 

 4. Covenants of the Adviser. The Adviser
covenants that it is registered as an investment adviser under the Advisers Act. The Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations
and investments. 
 5. Excess Brokerage Commissions. The Adviser is hereby authorized, to the fullest extent now or
hereafter permitted by law, to cause the Corporation to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such
exchange, broker or 

  
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dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or
dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the
brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Corporation’s portfolio, and constitutes the best net
results for the Corporation. 
 6. Limitations on the Employment of the Adviser. The services of the Adviser to the
Corporation are not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or
commingled pools of capital, however structured, having investment objectives similar to those of the Corporation, so long as its services to the Corporation hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict
the right of any manager, partner, officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or
compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Corporation’s portfolio companies, subject to applicable law). So long as this Agreement or any
extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for the Corporation, subject to the Adviser’s right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this
Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees and stockholders of the Corporation are or may become interested in the Adviser and its affiliates, as directors, officers,
employees, partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the
Corporation as stockholders or otherwise. 
 7. Responsibility of Dual Directors, Officers and/or Employees. If any
person who is a manager, partner, officer or employee of the Adviser or the Administrator is or becomes a director, officer and/or employee of the Corporation and acts as such in any business of the Corporation, then such manager, partner, officer
and/or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity solely for the Corporation, and not as a manager, partner, officer or employee of the Adviser or the Administrator or under the control or direction of
the Adviser or the Administrator, even if paid by the Adviser or the Administrator. 
 8. Limitation of Liability of the
Adviser; Indemnification. The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its general partner and the
Administrator) shall not be liable to the Corporation for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under 

  
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this Agreement or otherwise as an investment adviser of the Corporation, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary
duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Corporation shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees,
controlling persons, members and any other person or entity affiliated with the Adviser, including without limitation its general partner and the Administrator, each of whom shall be deemed a third party beneficiary hereof, collectively, the
“Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by
reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Corporation or its security holders) arising out of or otherwise based upon the performance of any
of the Adviser’s duties or obligations under this Agreement or otherwise as an investment adviser of the Corporation. Notwithstanding the preceding sentence of this Paragraph 8 to the contrary, nothing contained herein shall protect or be
deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Corporation or its security holders to which the Indemnified Parties would otherwise
be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement (as the same shall be
determined in accordance with the 1940 Act and any interpretations or guidance by the Securities and Exchange Commission or its staff thereunder). 
 9. Effectiveness, Duration and Termination of Agreement. This Agreement shall become effective as of the first date above written. This Agreement shall remain in effect for two years, and
thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Corporation’s Board of Directors, or by the vote of a majority of the
outstanding voting securities of the Corporation and (b) the vote of a majority of the Corporation’s directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the
1940 Act) of any such party, in accordance with the requirements of the 1940 Act. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding
voting securities of the Corporation, or by the vote of the Corporation’s Directors or by the Adviser. This Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of
Section 15(a)(4) of the 1940 Act). The provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further,
notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration and Section 8 shall continue in force and effect
and apply to the Adviser and its representatives as and to the extent applicable. 
 10. Notices. Any notice under this
Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office. 

  
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 11. Amendments. This Agreement may be amended by mutual consent, but the consent of
the Corporation must be obtained in conformity with the requirements of the 1940 Act. 
 12. Entire Agreement; Governing
Law. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the
State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control. 

[The remainder of this page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the
date above written. 
  

					
	PENNANTPARK FLOATING RATE CAPITAL LTD.
		
	By:	 	/s/ Arthur Penn
		 	Name:	 	Arthur Penn
		 	Title:	 	Chief Executive Officer and Chairman of the Board of Directors
	
	PENNANTPARK INVESTMENT ADVISERS, LLC
		
	By:	 	/s/ Arthur Penn
		 	Name:	 	Arthur Penn
		 	Title:	 	Managing Member

  
 - 9 -Second Amendment Agreement to the Administrative Agency Agreement

 Exhibit 10.1 
 AMENDMENT NO. 2 TO ADMINISTRATIVE AGENCY AGREEMENT 
 This Amendment
No. 2 to the Administrative Agency Agreement dated as of July 30, 2012, is entered into among UNITED STATES NATURAL GAS FUND, LP, a limited partnership organized under the laws of the State of Delaware (the “Fund”),
UNITED STATES COMMODITY FUNDS LLC, formerly Victoria Bay Asset Management, LLC, a Delaware limited liability company and General Partner of the Fund (the “General Partner”), and BROWN BROTHERS HARRIMAN & CO.,
a limited partnership formed under the laws of the State of New York (“BBH & Co.” or the “Administrator”), 
 WITNESSETH: 
 WHEREAS, the Fund, General Partner and
BBH & Co. entered into an Administrative Agency Agreement dated as of March 5, 2007 (the “Agreement”); 

WHEREAS, the Agreement was amended by the Fund, General Partner and BBH & Co. as of October 27, 2008; and 

WHEREAS, the Fund, General Partner and BBH & Co. wish to amend the Custodian Agreement; 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the Fund, General Partner and
BBH & Co. hereby agree as follows: 
  

	 	1.	 Expenses and Compensation. Item 6 of the Agreement “Expenses and Compensation” is deleted in its entirety and replaced
with the following: 

 Expenses and Compensation. For the services to be rendered
and the facilities to be furnished by the Administrator as provided for in this Agreement, the General Partner shall pay the Administrator, a fee based on such fee schedule as may from time to time be agreed upon in writing among the General
Partner, the Fund and the Administrator. Additional services performed by the Administrator as requested by the General Partner on behalf of the Fund shall be subject to additional fees as mutually agreed from time to time. In addition to any such
fees, the Administrator shall bill the General Partner separately for any out-of-pocket disbursements of the Administrator based on an out-of-pocket disbursement schedule as may from time to time be agreed upon in writing among the General Partner,
the Fund and the Administrator. The foregoing fees and disbursements shall be billed to the General Partner for the Fund by the Administrator and shall be paid promptly by wire transfer or other appropriate means to the Administrator. 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment No. 2 to be
duly executed as of the date first above written. 
 UNITED STATES NATURAL GAS FUND, LP 

By: United States Commodity Funds LLC, as General Partner 

 

	
	/s/ Howard Mah
	Name: Howard Mah
	Title: Management Director

 UNITED STATES COMMODITY FUNDS LLC 

 

	
	/s/ Howard Mah
	Name: Howard Mah
	Title: Management Director

 BROWN BROTHERS HARRIMAN & CO. 

 

	
	/s/ James R. Kent
	Name: James R. Kent
	Title: Managing Director

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