Document:

Exhibit 42

		

			Exhibit 4.2

		

		
			NCS MULTISTAGE HOLDINGS, INC.
		

		
			 EMPLOYEE STOCK PURCHASE PLAN 
		

		
			FOR NON-US EMPLOYEES
		

			
	
			
				 1.
			Purpose. This NCS Multistage Holdings, Inc. Employee Stock Purchase Plan (the “Plan”) is intended to provide employees of the Company and its Participating Subsidiaries with an opportunity to acquire a proprietary interest in the Company through the purchase of shares of Common Stock. 

			
	
			
				 2.
			Definitions.

		
			“Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 under the Exchange Act.
		

		
			“Board” means the Board of Directors of the Company.
		

		
			“Code” means the U.S. Internal Revenue Code of 1986, as it may be amended from time to time. Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder. 
		

		
			“Committee” means (i) the Compensation Committee of the Board, (ii) such other committee of the Board appointed by the Board to administer the Plan or (iii) the Board, as determined by the Board.
		

		
			“Common Stock” means the common stock of the Company, par value $0.01 per share.
		

		
			“Company” means NCS Multistage Holdings, Inc., including any successor thereto. 
		

		
			“Compensation” means base salary, wages, annual bonuses and overtime paid to an Eligible Employee by the Company or a Participating Subsidiary as compensation for services to the Company or Participating Subsidiary, before deduction for any salary deferral contributions made by the Eligible Employee to any tax-qualified or nonqualified deferred compensation plan.
		

		
			“Change of Control” shall mean the occurrence of one or more of the following events:
		

			
	
			
				 (a)
			Any Person becomes the Beneficial Owner, directly or indirectly, of more than fifty percent (50%) of the combined voting power, excluding any Excluded Persons or any person that is the Beneficial Owner, directly or indirectly, of more than fifty percent (50%) of the combined voting power on the Effective Date, of the then outstanding voting securities of the Company entitled to vote generally in the election of its directors (the “Outstanding Company Voting Securities”) including by way of merger, consolidation or otherwise; provided,  however, that for purposes of this definition, the following acquisitions shall not be taken into account in determining whether a Change of 
		

		 

 

			Control has occurred: (i) any acquisition of voting securities of the Company directly from the Company or (ii) any acquisition by the Company or any of its Subsidiaries of Outstanding Company Voting Securities, including an acquisition by any employee benefit plan or related trust sponsored or maintained by the Company, or any of its Subsidiaries.

			
	
			
				 (b)
			The following individuals (the “Incumbent Directors”) cease for any reason to constitute a majority of the number of directors then serving on the Board: individuals who, on the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent or proxy solicitation, relating to the election of directors of the Company by or on behalf of a Person other than the Board) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least a majority of the directors then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended.

			
	
			
				 (c)
			Consummation of a reorganization, merger, or consolidation to which the Company is a party or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, following such Business Combination: (i) any individuals and entities that were the Beneficial Owners of Outstanding Company Voting Securities immediately prior to such Business Combination are the Beneficial Owners, directly or indirectly, of more than fifty percent (50%) of the combined voting power of the outstanding voting securities entitled to vote generally in the election of directors (or election of members of a comparable governing body) of the entity resulting from the Business Combination (including, without limitation, an entity which as a result of such transaction owns all or substantially all of the Company or all or substantially all of the Company’s assets either directly or through one or more Subsidiaries) (the “Successor Entity”) in substantially the same proportions as their ownership immediately prior to such Business Combination; (ii) no Person (excluding any Successor Entity, any Excluded Person, any person that is the Beneficial Owner, directly or indirectly, of more than thirty percent (30%) of the combined voting power on the Effective Date or any employee benefit plan or related trust of the Company, such Successor Entity, or any of their Subsidiaries) is the Beneficial Owner, directly or indirectly, of more than thirty percent (30%) of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or comparable governing body) of the Successor Entity, except to the extent that such ownership existed prior to the Business Combination; and (iii) at least a majority of the members of the board of directors (or comparable governing body) of the Successor Entity were Incumbent Directors (including persons deemed to be Incumbent Directors) at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination.

		
			       “Designated Broker” means the financial services firm or other agent designated by the Company to maintain ESPP Share Accounts on behalf of Participants who have purchased shares of Common Stock under the Plan.
		

		

		

		 

		

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		“Effective Date” means the date as of which this Plan is adopted by the Board, subject to the Plan obtaining stockholder approval in accordance with Section 18.10 hereof.
		

		
			“Employee” means any person who renders services to the Company or a Participating Subsidiary as an employee pursuant to an employment relationship with such employer in accordance with Section 421 of the Code and the Treasury Regulations thereunder.
		

		
			“Eligible Employee” means an Employee other than (i) an Employee whose customary employment is for less than twenty (20) hours per week, (ii) an Employee whose customary employment is for not more than five (5) months in any calendar year and (iii) an Employee who has been employed for less than thirty (30) days prior to the beginning of an Offering Period, in each case unless any of such requirements are expressly waived for all Employees by the Committee for any Offering Period. Notwithstanding the foregoing, the Committee may exclude from participation in the Plan or any Offering, Employees who have been employed for less than two years or Employees who are “highly compensated employees” of the Company or a Participating Subsidiary (within the meaning of Section 414(q) of the Code) or a sub-set of such highly compensated employees.
		

		
			“Enrollment Form” means an agreement pursuant to which an Eligible Employee may elect to enroll in the Plan, to authorize a new level of payroll deductions, or to stop payroll deductions and withdraw from an Offering Period.
		

		
			“ESPP Share Account” means an account into which Common Stock purchased with accumulated payroll deductions at the end of an Offering Period are held on behalf of a Participant.
		

		
			“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 
		

		
			“Excluded Persons” means Advent International Corporation and its affiliates.
		

		
			“Fair Market Value” means the closing price as reported on the NASDAQ or other principal exchange on which the Common Stock is then listed on such date, or if the Common Stock was not traded on such date, then on the next preceding trading day that the Common Stock was traded on such exchange, as reported by such responsible reporting service as the Committee may select.
		

		
			 “Offering Date” means the first trading day of each Offering Period as designated by the Committee.
		

		
			“Offering or Offering Period” means the periods established in accordance with Section 5 during which options to purchase shares of Common Stock may be granted pursuant to the Plan and may be purchased on the Purchase Date.  
		

		

		

		 

		

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		“Participant” means an Eligible Employee who is actively participating in the Plan.
		

		
			“Participating Subsidiaries” means the Subsidiaries that have been designated as eligible to participate in the Plan by the Committee, or Board, from time to time in its sole discretion.
		

		
			“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof.
		

		
			“Plan” means this NCS Multistage Holdings, Inc. Employee Stock Purchase Plan, as set forth herein, and as amended from time to time.
		

		
			“Purchase Date” means the last trading day of each Offering Period.
		

		
			“Purchase Price” means an amount equal to the lesser of (i) eighty-five percent (85%) (or such greater percentage as designated by the Committee) of the Fair Market Value of a share of Common Stock on the Offering Date or (ii) eighty-five percent (85%) (or such greater percentage as designated by the Committee) of the Fair Market Value of a share of Common Stock on the Purchase Date; provided, that, the Purchase Price per share of Common Stock will in no event be less than the par value of the Common Stock.
		

		
			“Securities Act” means the Securities Act of 1933, as amended.
		

		
			“Subsidiary” means any corporation (other than the employer corporation) in an unbroken chain of corporations beginning with the employer corporation if, at the time of the granting of the option, each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. In all cases, the determination of whether an entity is a Subsidiary shall be made in accordance with Section 424(f) of the Code.
		

		
			“$” means United States Dollars.
		

			
	
			
				 3.
			Administration. The Plan shall be administered by the Committee which shall have the authority to construe and interpret the Plan, prescribe, amend and rescind rules relating to the Plan's administration and take any other actions necessary or desirable for the administration of the Plan including, without limitation, adopting sub-plans applicable to particular Participating Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Section 423 of the Code. The Committee may correct any defect or supply any omission or reconcile any inconsistency or ambiguity in the Plan. The decisions of the Committee shall be final and binding on all persons. All expenses of administering the Plan shall be borne by the Company.

		 

		

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				 4.
			Eligibility. Unless otherwise determined by the Committee in a manner that is consistent with Section 423 of the Code, any individual who is an Eligible Employee as of the first day of the enrollment period designated by the Committee for a particular Offering Period shall be eligible to participate in such Offering Period, subject to the requirements of Section 423 of the Code.

		
			Notwithstanding any provision of the Plan to the contrary, no Eligible Employee shall be granted an option under the Plan if (i) immediately after the grant of the option, such Eligible Employee (or any other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding options to purchase stock, in the aggregate, possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or any Subsidiary or (ii) such option would permit his or her rights to purchase stock under all employee stock purchase plans (described in Section 423 of the Code) of the Company and its Subsidiaries to accrue at a rate that exceeds $25,000 of the Fair Market Value of such stock (determined at the time the option is granted) for each calendar year in which such option is outstanding at any time.
		

			
	
			
				 5.
			Offering Periods. The Plan shall be implemented by a series of Offering Periods. Unless otherwise provided by the Committee, Offering Periods shall run from January 1st through December 31st; provided that the first Offering Period shall commence on October 16, 2017 and shall end on December 31, 2018. The Committee shall have the authority to change the duration, frequency, start and end dates of Offering Periods prior to their date of commencement (up to a maximum Offering Period of 27 months).

			
	
			
				 6.
			Participation.

			
	
			
				 6.1
			Enrollment; Payroll Deductions. An Eligible Employee may elect to participate in the Plan by properly completing an Enrollment Form, which may be electronic, and submitting it to the Company in accordance with the enrollment procedures established by the Committee. Participation in the Plan is entirely voluntary. By submitting an Enrollment Form, the Eligible Employee authorizes payroll deductions from his or her paycheck in an amount equal to at least 1%, but not more than 18% of his or her Compensation each pay day occurring during an Offering Period (or such other maximum percentage as the Committee may establish from time to time before an Offering Period begins), up to $25,000 per Offering Period (based on the applicable currency exchange rate on the first day of the Offering Period),  or such other amount as the Committee may establish from time to time before an Offering Period begins; provided that such limit shall be $50,000 for the first Offering Period (based on the applicable currency exchange rate on the first day of the Offering Period). Payroll deductions shall commence on the first payroll date following the Offering Date and end on the last payroll date on or before the Purchase Date. The Company shall maintain records of all payroll deductions but shall have no obligation to pay interest on payroll 
		

		 

		

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			deductions or to hold such amounts in a trust or in any segregated account. Unless expressly permitted by the Committee in writing, a Participant may not make any separate contributions or payments to the Plan.

			
	
			
				 6.2
			Election Changes. During an Offering Period, a Participant may not change the rate of his or her payroll deductions applicable to such Offering Period.  A Participant may decrease or increase his or her rate of payroll deductions for future Offering Periods by submitting a new Enrollment Form authorizing the new rate of payroll deductions at least thirty days before the start of the next Offering Period. However, a Participant may withdraw from the Plan in accordance with Section 9.

			
	
			
				 6.3
			Automatic Re-enrollment.  The deduction rate selected in the Enrollment Form shall remain in effect for subsequent Offering Periods unless the Participant (a) submits a new Enrollment Form authorizing a new level of payroll deductions in accordance with Section 6.2, (b) withdraws from the Plan in accordance with Section  9, or (c) terminates employment or otherwise becomes ineligible to participate in the Plan. 

			
	
			
				 6.4
			Grant of Option. On each Offering Date, each Participant in the applicable Offering Period shall be granted an option to purchase, on the Purchase Date, a number of shares of Common Stock determined by dividing the Participant's accumulated payroll deductions by the applicable Purchase Price; provided, however, that in no event shall any Participant purchase more than 2,083 shares of Common Stock per Offering Period; provided further that, for the first Offering Period a Participant may not purchase more than the number of shares of Common Stock equal to the number of full months in such first Offering Period multiplied by 173. Any amount remaining in the Participant’s notional account as of the Purchase Date in excess of the amount that may be applied to purchase shares as a result of the limitations set forth here in (or as designated by the administrator of the Plan) shall be carried over to the next Offering Period. 

			
	
			
				 7.
			Exercise of Option/Purchase of Shares. A Participant's option to purchase shares of Common Stock will be exercised automatically on the Purchase Date of each Offering Period. The Participant's accumulated payroll deductions will be used to purchase the maximum number of whole shares that can be purchased with the amounts in the Participant's notional account. If and to the extent provided by the Committee, for so long as such shares of Common Stock are maintained in ESPP Share Accounts, all dividends paid with respect to such shares of Common Stock shall be credited to each Participant’s ESPP Share Account, and will be automatically reinvested in whole  shares of Common Stock. No fractional shares may be purchased but notional fractional shares of Common Stock will be allocated to the Participant’s ESPP Shares Account to be aggregated with other notional fractional shares of Common Stock on future Purchase Dates, subject to earlier withdrawal by the Participant in accordance with Section 9 or termination of employment in accordance with Section 10.

		 

		

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				 8.
			Transfer of Shares. As soon as reasonably practicable after each Purchase Date, the Company will arrange for the delivery to each Participant of the shares of Common Stock purchased upon exercise of his or her option. The Committee may permit or require that the shares be deposited directly into an ESPP Share Account established in the name of the Participant with a Designated Broker. Participants will not have any voting, dividend or other rights of a stockholder with respect to the shares of Common Stock subject to any option granted hereunder until such shares have been delivered pursuant to this Section 8.

			
	
			
				 9.
			Withdrawal.

			
	
			
				 9.1
			Withdrawal Procedure. A Participant may withdraw from an Offering by submitting to the Company a revised Enrollment Form indicating his or her election to withdraw at least thirty days before the end of the Offering Period. The accumulated payroll deductions held on behalf of a Participant in his or her notional account (that have not been used to purchase shares of Common Stock) shall be paid to the Participant promptly following receipt of the Participant's Enrollment Form indicating his or her election to withdraw and the Participant's option shall be automatically terminated. If a Participant withdraws from an Offering Period, no payroll deductions will be made during any succeeding Offering Period, unless the Participant re-enrolls in accordance with Section 6.1 of the Plan.

			
	
			
				 9.2
			Effect on Succeeding Offering Periods. A Participant's election to withdraw from an Offering Period will not have any effect upon his or her eligibility to participate in succeeding Offering Periods that commence following the completion of the Offering Period from which the Participant withdraws.

			
	
			
				 10.
			Termination of Employment; Change in Employment Status.  Upon termination of a Participant's employment for any reason, including death, disability or retirement, or a change in the Participant's employment status following which the Participant is no longer an Eligible Employee, which in either case occurs before the Purchase Date, the Participant will be deemed to have withdrawn from the Plan and the payroll deductions in the Participant's notional account (that have not been used to purchase shares of Common Stock) shall be returned to the Participant, or in the case of the Participant's death, to the person(s) entitled to such amounts under Section 16, and the Participant's option shall be automatically terminated. 

			
	
			
				 11.
			Interest. No interest shall accrue on or be payable with respect to the payroll deductions of a Participant in the Plan. 

			
	
			
				 12.
			Shares Reserved for Plan.

			
	
			
				 12.1
			Number of Shares.  Subject to adjustments as described below, a total of 2,000,000 shares of Common Stock have been reserved for issuance under the Plan and 
		

		 

		

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			the NCS Multistage Holdings, Inc. Employee Stock Purchase Plan for US Employees. Such share reserve shall be reduced by any shares of Common Stock issued under this Plan and/or the NCS Multistage Holdings, Inc. Employee Stock Purchase Plan for US Employees.

			
	
			
				 12.2
			Over-subscribed Offerings. The number of shares of Common Stock which a Participant may purchase in an Offering under the Plan may be reduced if the Offering is over-subscribed. No option granted under the Plan shall permit a Participant to purchase shares of Common Stock which, if added together with the total number of shares of Common Stock purchased by all other Participants in such Offering would exceed the total number of shares of Common Stock remaining available under the Plan. If the Committee determines that, on a particular Purchase Date, the number of shares of Common Stock with respect to which options are to be exercised exceeds the number of shares of Common Stock then available under the Plan, the Company shall make a pro rata allocation of the shares of Common Stock remaining available for purchase in as uniform a manner as practicable and as the Committee determines to be equitable.

			
	
			
				 13.
			Transferability. No payroll deductions credited to a Participant, nor any rights with respect to the exercise of an option or any rights to receive Common Stock hereunder may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution, or as provided in Section 16 hereof) by the Participant. Any attempt to assign, transfer, pledge or otherwise dispose of such rights or amounts shall be without effect.

			
	
			
				 14.
			Application of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose to the extent permitted by applicable law, and the Company shall not be required to segregate such payroll deductions or contributions.

			
	
			
				 15.
			Statements. Participants will be provided with and/or have access to statements at least annually which shall set forth the contributions made by the Participant to the Plan, the Purchase Price of any shares of Common Stock purchased with accumulated funds, the number of shares of Common Stock purchased, and any payroll deduction amounts remaining in the Participant's notional account.

			
	
			
				 16.
			Designation of Beneficiary. A Participant may file, on forms supplied by the Committee, a written designation of beneficiary who is to receive any shares of Common Stock and cash in respect of any fractional shares of Common Stock, if any, from the Participant's ESPP Share Account under the Plan in the event of such Participant's death. In addition, a Participant may file a written designation of beneficiary who is to receive any cash withheld through payroll deductions and credited to the Participant's notional account in the event of the Participant's death prior to the Purchase Date of an Offering Period. In the event that no such form or designation is filed, the shares of Common Stock or cash shall be distributed to the Participant’s estate. 

		 

		

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				 17.
			Adjustments.

			
	
			
				 17.1
			Adjustments. If there shall occur any change with respect to the outstanding shares of Common Stock by reason of any recapitalization, reclassification, stock dividend, extraordinary dividend, stock split, reverse stock split or other distribution with respect to the shares of Common Stock or any merger, reorganization, consolidation, combination, spin-off or other similar corporate change or any other change affecting the Common Stock (other than regular cash dividends to stockholders of the Company), then in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, the Committee will, in such manner as it deems equitable and subject to stockholder approval if required to comply with Section 423 of the Code, adjust the number and kind of shares of stock that may be delivered under the Plan, the Purchase Price per share and the number of shares of Common Stock covered by each outstanding option under the Plan, and the numerical limits of Section 6.4 and Section 12.

			
	
			
				 17.2
			Change of Control.  In the event of a Change of Control, the Committee shall have the power and discretion to (i) continue the Offering Period in effect on the date of such Change of Control,  (ii) shorten the Offering Period then in progress by setting a “New Purchase Date” which shall be before the date of the Company’s proposed Change of Control, (iii) substitute shares of Common Stock available under the Plan with shares of common stock of the surviving company or its parent, or (iv) terminate the Plan and return any payroll deductions in the Participant's notional account (that have not been used to purchase shares of Common Stock) to the Participant. In the event of prong (ii), the Committee shall notify each Participant in writing, at least ten (10) trading days prior to the New Purchase Date, that the Purchase Date for the Participant’s purchase right has been changed to the New Purchase Date and that shares of Common Stock shall be purchased automatically on the New Purchase Date, unless prior to such date the Participant has withdrawn from the Offering Period as describe in Section 9 above.

			
	
			
				 18.
			General Provisions.

			
	
			
				 18.1
			Equal Rights and Privileges.  Notwithstanding any provision of the Plan to the contrary and in accordance with Section 423 of the Code, all Eligible Employees who are granted options under the Plan shall have the same rights and privileges. 

			
	
			
				 18.2
			No Right to Continued Service. Neither the Plan nor any compensation paid hereunder will confer on any Participant the right to continue as an Employee or in any other capacity.

			
	
			
				 18.3
			Rights As Stockholder. A Participant will become a stockholder with respect to the shares of Common Stock that are purchased pursuant to options granted under the Plan when the shares are transferred to the Participant or the Participant's ESPP Share Account. A Participant will have no rights as a stockholder with respect to shares of 
		

		 

		

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			Common Stock for which an election to participate in an Offering Period has been made until such Participant becomes a stockholder as provided above.

			
	
			
				 18.4
			Successors and Assigns. The Plan shall be binding on the Company and its successors and assigns.

			
	
			
				 18.5
			Entire Plan. This Plan constitutes the entire plan with respect to the subject matter hereof and supersedes all prior plans with respect to the subject matter hereof.  

			
	
			
				 18.6
			Compliance With Law. The obligations of the Company with respect to payments under the Plan are subject to compliance with all applicable laws and regulations. Common Stock shall not be issued with respect to an option granted under the Plan unless the exercise of such option and the issuance and delivery of the shares of Common Stock pursuant thereto shall comply with all applicable provisions of law, including, without limitation, the Securities Act, the Exchange Act, and the requirements of any stock exchange upon which the shares may then be listed.

			
	
			
				 18.7
			Term of Plan. The Plan shall become effective on the Effective Date and shall remain in full force and effect until terminated pursuant to Section 18.8.

			
	
			
				 18.8
			Amendment or Termination. The Committee may, in its sole discretion, amend, suspend or terminate the Plan at any time and for any reason. If the Plan is terminated, the Committee may elect to terminate all outstanding Offering Periods either immediately or once shares of Common Stock have been purchased on the next Purchase Date (which may, in the discretion of the Committee, be accelerated) or permit Offering Periods to expire in accordance with their terms (and subject to any adjustment in accordance with Section 17). If any Offering Period is terminated before its scheduled expiration, all amounts that have not been used to purchase shares of Common Stock will be returned to Participants (without interest, except as otherwise required by law) as soon as administratively practicable. 

			
	
			
				 18.9
			Applicable Law.  The Plan and all rights hereunder shall be subject to and interpreted in accordance with the laws of the State of Delaware, without reference to the principles of conflicts of laws, and to applicable Federal or other securities laws.

			
	
			
				 18.10
			Stockholder Approval. The Plan shall be subject to approval by the stockholders of the Company within twelve (12) months before or after the date the Plan is adopted by the Board.

			
	
			
				 18.11
			Withholding. To the extent required by applicable Federal, state or local law, a Participant must make arrangements satisfactory to the Company for the payment of any withholding or similar tax obligations that arise in connection with the Plan.

			
	
			
				 18.12
			Severability.  If any provision of the Plan shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof 
		

		 

		

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			and thereof shall be severable and enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.

			
	
			
				 18.13
			Headings. The headings of sections herein are included solely for convenience and shall not affect the meaning of any of the provisions of the Plan.

		 

		

			11Exhibit

Exhibit 10.1

[***] Indicates a portion of the exhibit has been omitted based on a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted portions have been filed separately with the Commission.

This TERM LOAN AND SECURITY AGREEMENT (“Agreement”) dated August 23, 2017 (the “Effective Date”), between FIRST REPUBLIC BANK (“Lender”) and HAMILTON LANE ADVISORS, L.L.C., a Pennsylvania limited liability company (“Borrower”) provides the terms on which Lender will lend to Borrower and Borrower will repay Lender.  The parties agree as follows:   
ACCOUNTING AND OTHER TERMS
Subject to Section 1.2, accounting terms not defined in this Agreement will be construed following GAAP and calculations and determinations must be made following GAAP.  The term “financial statements” includes the notes and schedules.  The terms “including” and “includes” always mean “including (or includes) without limitation,” in this or any Loan Document. 
Notwithstanding the foregoing, if, after the date of this Agreement, there shall be a change in GAAP that would affect the calculation of any amounts included in any covenants or other provisions of this Agreement, then the parties shall negotiate in good faith an amendment to this Agreement to revise the covenant or other provision to give effect to the original intent of the parties and, until such amendment is effected, the calculation shall be based on GAAP as in effect prior to the change in GAAP and the Borrower shall provide the Lender with a reconciliation of the differences.
LOAN AND TERMS OF PAYMENT
Promise to Pay.
Borrower promises to pay Lender the unpaid principal amount of all Credit Extensions and interest on the unpaid principal amount of the Credit Extensions. 

2.1.1  Term Advances.  Subject to the terms and conditions of this Agreement, (i) on the date hereof the Lender shall advance $75,000,000 (the “Initial Term Advance” or “Facility I”) to Borrower and (ii) from the date hereof through August 21, 2020, Borrower may request advances at the sole discretion of the Lender (each, an “Additional Term Advance” and, collectively and with the Initial Term Advance, “Term Advances”), each Additional Term Advance collectively not exceeding $25,000,000.  As a condition precedent to any Additional Term Advance, Borrower and Lender shall agree to such additional terms and amendments hereto as are needed to facilitate such proposed Additional Term Advance.  After repayment, no Term Advance may be reborrowed.  Borrower shall make interest-only payments from the date of each Term Advance through, but excluding, November 1, 2017 (the “Amortization Date”).  Beginning with the payment due on the Amortization Date, Borrower shall repay the Term Advances (i) on the first calendar day of each calendar quarter in installments of principal as set forth in Schedule II hereof plus (ii) monthly payments of accrued interest.  All unpaid principal and interest on each Term Advance shall be due on November 1, 2024 (the “Term Maturity Date”). To obtain a Term Advance, Borrower shall notify Lender by delivering to Lender the Payment/Advance Form attached as Exhibit B by facsimile or electronic mail in portable document format (PDF) by 12:00 p.m. Pacific time on the Business Day before the Business Day that the Term Advance is to be made.  Each Payment/Advance Form will indicate whether such Term Advance is to be based on the Prime Rate or Index Rate.  Lender will credit Term Advances to Borrower’s deposit Account with Lender, as defined in Section 2.2(d).  Lender may make Term Advances under this Agreement based on instructions from a Designated Representative or his or her designee or without instructions if the Term Advances are necessary to meet Obligations that have become due, provided that Borrower may not use the proceeds of any Term Advances to repay principal owing to Lender.
Interest Rate, Payments. 

1
LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
USActive 37186022.14

Interest Rate.  Term Advances accrue interest on the outstanding principal balance, as set forth in the applicable Payment/Advance Form, elected by Borrower at: (a) with respect to Advances based on the Prime Rate, a floating per annum rate equal to the greater of (i) the Prime Rate minus 1.25% and (ii) 2.75%, or (b) with respect to Term Advances based on the Index Rate, the greater of (i) the Index Rate plus 1.75% and (ii) 2.75% (the “Note Rate”); provided that, if the aggregate principal amount of the outstanding Term Advances is equal to or less than $40,000,000 by the date that is three (3) years after the date hereof, then the applicable interest rate will be reduced by 0.25%.  The interest rate increases or decreases when the Prime Rate or Index Rate, as applicable, changes.  Interest is computed on a 360 day year for the actual number of days elapsed.  On the Effective Date, Borrower shall elect to use either the Prime Rate or Index Rate for the duration of this Agreement.
If Index Rate is chosen then if the Current Index on any Interest Change Date is different from the Current Index on the most recent Interest Change Date (or the Current Index on August 1, 2017), then Lender shall increase or decrease the Note Rate in accordance with this section 2.2(a) effective on each Interest Change Date.  The new Note Rate which becomes effective on each Interest Change Date shall be equal to the Current Index applicable on the Interest Change Date plus 1.50% per annum, rounded upward to the nearest 0.125%, subject to section 2.2(b) below.  
Default Rate.  After maturity or after the occurrence and during the continuance of an Event of Default, upon notice from the Lender (which notice may be retroactive to the date of the Event of Default or maturity), principal Lender Obligations accrue interest at 5 percent above the elected rate effective on the maturity date or immediately before the Event of Default, as applicable.
Interest Payments.  Interest due on the Advances is payable on the 15th calendar day of each month.  After an Event of Default, Lender may debit Borrower’s Account, as defined in 2.2(d), for principal and interest payments owing or any amounts Borrower owes Lender.  Payments received after 12:00 noon Pacific time are considered received at the opening of business on the next Business Day.  When a payment is due on a day that is not a Business Day, the payment is due the next Business Day.
 Automatic Payment Authorization.  Borrower authorizes Lender to make automatic deductions (“Auto Debit”) from the following deposit account (the “Account”) maintained by Borrower at Lender’s offices in order to pay, when and as due, all installment payments of interest, and/or principal, renewal, modification or other fees or payments (a “Payment”) that Borrower is required or obligated to pay Lender under the Loan Documents provided, that Lender shall notify Borrower of any amounts automatically deducted from Borrower’s Account (which notice may be delivered concurrently with any Auto Debit), and provided, further, that no Auto Debit shall be effected for any fees or payments that are not scheduled unless Borrower shall have received, prior to the making of the Auto Debit, a written invoice, which may be delivered via email, detailing the fees or payments that are due:
Account No:    
Without limiting any of the terms of the Loan Documents, Borrower acknowledges and agrees that if Borrower defaults in its obligation to make a Payment because the collected funds in the Account are insufficient to make such Payment in full on the date that such Payment is due, then Borrower shall be responsible for all late payment charges and other consequences of such default by Borrower under the terms of the Loan Documents.
Revocation of Authorization.  Subject to the Section immediately following this Section, this authorization shall continue in full force and effect until the date which is five (5) Business Days after the date on which Lender actually receives written notice from Borrower expressly revoking the authority granted to the Lender to charge the Account for Payments in connection with the Advances.  No such revocation by Borrower shall in any way release Borrower from or otherwise affect Borrower’s obligations under the Loan Documents, including Borrower’s obligations to continue to make all Payments required under the terms of the Loan Documents.
Termination by Lender.  The Lender, at its option and in its discretion, reserves the right to terminate the arrangement for Auto Debit pursuant to this Section at any time effective upon prior written notice of such election (a “Termination Notice”) given by Lender to Borrower.  Without limiting the generality of the immediately preceding sentence, the Lender may elect to give a Termination Notice to Borrower if Borrower fails to comply with any of the Lender’s rules, 

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regulations, or policies relating to the Account, including requirements regarding minimum balance, service charges, overdrafts, insufficient funds, uncollected funds, returned items, and limitations on withdrawals.
Increase in Interest Rate Upon Termination of Auto Debit.  The date on which the arrangement for Auto Debit for the Account is terminated at the election of the Borrower is referred to as the “Auto Debit Termination Date”.  Borrower acknowledges and agrees that the Lender would not have been willing to make the Advances at the interest rate or interest rates contained in the Loan Documents in the absence of the arrangement for Auto Debit from the Account pursuant to this authorization.  Therefore, if there is a termination resulting from Borrower’s revocation of the Auto Debit arrangement, effective on the first due date of a Payment following the Auto Debit Termination Date, Lender, at its option and in its discretion, shall have the right to increase the interest rate on the outstanding principal balance of the Loan Documents to a rate which is equal to one-half of one percent (0.50%) per annum (the “Percentage Rate Increase”) above the otherwise applicable interest rate from time to time under the terms of the Loan Documents.
Late Payments.  If any installment of interest is not paid within 10 Business Days after the date on which it is due, Borrower shall immediately pay a late charge equal to 5% of such installment to Lender to compensate the Lender for administrative costs and expenses incurred in connection with such late payment.  Borrower agrees that the actual damages suffered by Lender because of any late installment payment are extremely difficult and impracticable to ascertain, and the late charge described in this Section represents a reasonable attempt to fix such damages under the circumstances existing at the time this Agreement is executed.  Lender's acceptance of any late charge shall not constitute a waiver of any of the terms of this Agreement and shall not affect Lender's right to enforce any of its rights and remedies against any Person liable for payment of this Agreement.
Fees.  Borrower will pay:
Facility I Fee.  A fully earned, non-refundable facility fee in the amount agreed upon by the Borrower and the Lender on the Effective Date; 
Additional Term Advance Fee.  A fully earned, non-refundable facility fee, equal to the amount agreed upon by the Borrower and the Lender on the Effective Date, on the date each such Additional Term Advance is made; and
Lender Expenses.  Upon demand by Lender, all Lender Expenses reasonably incurred after the Effective Date.
CONDITIONS OF LOANS 
Conditions Precedent to Initial Credit Extension.  Lender’s obligation to make the initial Credit Extension is subject to the condition precedent that it receives, in form and substance satisfactory to Lender, such documents, and completion of such other matters, as Lender may reasonably deem necessary or appropriate, including, without limitation:  
duly executed original signatures to the Loan Documents;
certified Borrowing Resolutions of the Borrower authorizing entry into the transaction contemplated herein and in the other Loan Documents certified by a responsible officer of the Borrower as correct and complete copies thereof and in effect on the Effective Date;
a true and complete copy of Borrower’s certificate of formation and good standing (or other similar instruments), certified by the Pennsylvania Secretary of State, and in each case certified by a responsible officer of the Borrower to be correct and complete copies thereof and in effect on the Effective Date;
fully executed Loan Disbursement Instructions;
a legal opinion of Borrower’s legal counsel;
a true and complete copy of Borrower’s LLC Agreement certified by a responsible officer of the Borrower to be correct and complete copies thereof and in effect on the Effective Date;

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payment of the fees and Lender Expenses through the Effective Date; 
a fully executed payoff letter in form and substance reasonably acceptable to the Lender; 
copies of UCC-3 termination statements terminating all existing liens on the Collateral; and
delivery of a list of the Hamilton Lane subsidiaries.
Conditions Precedent to all Credit Extensions.  Lender’s obligation to make each Term Advance, including the Initial Term Advance, is subject to the following:
receipt of any Payment/Advance Form in accordance with Section 2.1.1;
the representations and warranties in this Agreement shall be true in all material respects on the date of the Payment/Advance Form and on the effective date of each Term Advance (except to the extent that a representation and warranty is as of a specified date, in which case it must be true in all material respects as of the date specified), and no Event of Default may have occurred and be continuing, or result from the Term Advance.  Each Term Advance is Borrower’s representation and warranty on that date (or as set forth above) that the representations and warranties in this Agreement remain true in all material respects; and
since the date of the most recently delivered financial statements, no Material Adverse Change shall have occurred.
CREATION OF SECURITY INTEREST
Grant of Security Interest.  Borrower grants to Lender a continuing security interest in the Collateral to secure all Lender Obligations and performance of Borrower’s duties under the Loan Documents.  Except for Permitted Liens and subject to Permitted Perfection Limitations, Borrower shall cause Lender to have a first priority security interest in the Collateral.  If this Agreement is terminated, Lender’s lien and security interest in the Collateral will continue until Borrower fully satisfies its obligations under this Agreement (other than indemnities that are unliquidated and survive termination).  If Borrower shall, at any time, acquire a commercial tort claim in excess of $500,000, Borrower shall promptly (but in any event no later than the date that the next Compliance Certificate is required to be delivered pursuant to Exhibit A) notify Lender in writing of the details thereof and grant to Lender in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory to Lender.  Borrower authorizes Lender to file financing statements with all appropriate jurisdictions as Lender deems appropriate in order to perfect or protect Lender’s interest in the Collateral.  
REPRESENTATIONS AND WARRANTIES
Borrower represents and warrants as follows: 
Due Organization and Authorization.  Borrower is a limited liability company duly existing and in good standing under the laws of the Commonwealth of Pennsylvania, and qualified and licensed to do business in, and in good standing in, any jurisdiction in which the conduct of its business or its ownership of property requires that it be qualified except where the failure to be qualified would not reasonably be expected to result in a Material Adverse Change.  Borrower has not changed its jurisdiction of formation or its organizational structure or type. The execution, delivery and performance of the Loan Documents have been duly authorized, and do not conflict with Borrower’s formation documents, nor constitute an event of default under any material agreement by which Borrower is bound.  Borrower is not in default under any material agreement to which or by which it is bound, except where such default would not reasonably be expected to result in a Material Adverse Change.
Charter Documents. The Charter Documents delivered to Lender as of the Effective Date are true and correct copies of all of Borrower’s formation, organizational documents and operating agreements.  The execution and delivery of the Loan Documents by the Borrower and the performance by the Borrower of its obligations under the Loan Documents are permitted by, and do not breach or conflict with any conditions or terms contained within the Charter Documents.  

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All necessary consents have been given, actions taken and conditions met or validly waived pursuant to the Charter Documents and the Loan Documents.  There are no restrictions in the Charter Documents on Borrower’s entering into and performing its obligations under this Agreement.
Management Agreements.  All Management Agreements respecting current Management Fees are in full force and effect.  Borrower has full power and authority to grant a first priority security interest to Lender in the Management Fees and Incentive Fees, there are no defenses to or setoffs (other than Incentive Fee claw-back provisions) against the payment of any Management Fees or Incentive Fees required for the Borrower to satisfy its obligations hereunder, and no disability or contractual obligation that would restrict Borrower from granting such security interest.
Litigation.  Except as disclosed in writing to Lender, there are no actions or proceedings pending by or against Borrower, that would reasonably be expected to result in a judgment in excess of $2,500,000.
No Material Adverse Change in Financial Statements.  All financial statements for Borrower delivered to Lender fairly present in all material respects Borrower’s financial condition and Borrower’s results of operations as of the dates specified therein.  There has not been any Material Adverse Change since the date of the most recent financial statements submitted to Lender.
Solvency.  The fair salable value of Borrower’s assets exceeds the fair value of its liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature.  No petition has been filed with a court for the opening of a judicial liquidation, bankruptcy, suspension of payments or similar proceedings against Borrower.  Borrower has not been granted a suspension of payments or declared bankrupt or been subject to any similar procedure and Borrower has not been, or is not subject to, any liquidation proceedings.
Investments.  Borrower owns only Permitted Investments. 
OFAC; Patriot Act Compliance.  Borrower is not a Person (i)  whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) who engages in any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such Person in any manner violative of such Section 2, or (iii) who is on the list of Specially Designated Nationals and Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign Assets Control regulation or executive order (“OFAC”).  Borrower is in compliance with the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).  No Advances will be used, directly or indirectly, for payments to any governmental official or employee, political party or its officials, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.
Regulatory Compliance.  Borrower is not an “investment company” or a company “controlled” by an “investment company” under the Investment Company Act of 1940.  Borrower is not engaged as one of its important activities in extending credit for margin stock, and no part of any Advance shall be used to purchase or carry margin stock (as defined under Regulations of the Federal Reserve Board of Governors).  Borrower has not violated in any material respect any material laws, ordinances or governmental rules.  Borrower has timely filed all required material federal, state and local tax returns and paid, or made adequate provision to pay, all material taxes, except those being contested in good faith with adequate reserves under GAAP.  Borrower has obtained all consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all government authorities that are necessary to continue its business as currently conducted, except where the failure to do so would not reasonably be expected to result in a Material Adverse Change.
Full Disclosure.  No written representation, warranty or other statement of Borrower in any certificate or written statement given to Lender contains any untrue statement of a material fact as of the time made or delivered or, taken together with all such representations, warranties and statements, omits to state a material fact necessary to make the 

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statements contained in the certificates or statements not misleading in light of the circumstances under which it was at the time made or delivered. 
Management Fees. Borrower represents that it is entitled to receive 100% of Management Fees and 75% of Incentive Fees from the Funds listed on Exhibit F hereto.
AFFIRMATIVE COVENANTS
Borrower shall do all of the following:
Government Compliance.  (a) Maintain its legal existence and good standing in its jurisdiction of formation and (b) maintain qualification in each jurisdiction in which qualification and good standing are necessary for the conduct of Borrower’s business, and (c) will comply in all material respects with all material laws, ordinances and regulations except in the case of (b) and (c) where the failure to do so would not reasonably be expected to result in a Material Adverse Change.
Financial Statements, Reports, Certificates.  Deliver to Lender (i) a reasonably prompt report of any legal actions pending against Borrower that would reasonably be expected to result in damages or costs to Borrower of $2,500,000 or more; (ii) prompt notice of the occurrence of an Event of Default; and (iii) such other information Lender reasonably requests in writing.
Covenants.  Comply with the covenants set forth on Exhibit A.
Taxes.  Make timely payment of all material federal, state, and local taxes or assessments except where contesting the same and will deliver to Lender, on demand, appropriate certificates attesting to the payment. 
Insurance.  Keep its business insured for risks and in amounts, at customary levels.
Bank Accounts.  Maintain its primary operating and depository accounts with Lender; provided that Borrower shall have 60 days (or such longer period as the Lender may agree to) to transition such accounts.  Borrower will direct all Management Fees into the Account.  Borrower will deposit all Management Fees it receives outside of the Account into the Account within two (2) Business Days of receipt. 
[Reserved.]
Charter Documents; Management Agreements.  (a) Cause the Charter Documents and Management Agreements to remain in full force and effect in the form presented to Lender as of the Effective Date, except for changes that would not reasonably be expected to affect materially and adversely (i) its right or ability to receive Management Fees or Incentive Fees or the amount of Management Fees or Incentive Fees otherwise payable thereunder or (ii) its ability to satisfy its obligations under this Agreement; (b) enforce all of its material rights and obligations under the Management Agreements; and (c) cause the Funds to maintain each Partnership Agreement in full force and effect in the form presented to Lender on the Effective Date, except for amendments that do not adversely affect the right or ability (i) to pay Management Fees or Incentive Fees in the amounts otherwise payable thereunder or make or enforce Capital Calls, (ii) to receive Capital Contributions and other payments from the Partners, or (iii) to satisfy Borrower’s obligations under this Agreement.  Notwithstanding the above, Borrower may take any action prohibited by this Section 6.8 so long as: (i) no Event of Default has occurred and is continuing or would result from such action, (ii) such action would not reasonably be expected to adversely affect the ability of Borrower to satisfy its obligations hereunder, and (iii) the aggregate Flexibility Actions do not exceed the Flexibility Cap at such time.
NEGATIVE COVENANTS
No Borrower shall do any of the following without the consent of the Lender:

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Dispositions.  Convey, transfer or otherwise dispose of any part of its business or property outside the ordinary course of its business.
Changes in Business, Management, Control.  Engage in any business other than the businesses currently engaged in by Borrower or reasonably related thereto or other business in accordance with the Charter Documents, or permit a Change in Control to occur, or dissolve, or permit any circumstance to occur that permits any Person(s) to seek the dissolution of Borrower.
Mergers or Acquisitions.  Merge or consolidate with or into any other Person, provided a Person may merge into the Borrower so long as the Borrower is the survivor and both immediately before and immediately after giving effect to such merger no Event of Default shall have occurred or be caused thereby.
Encumbrance.  (a) Create, incur, or allow any Lien on any of its property, or assign or convey any right to receive income, other than Permitted Liens, or (b) agree with any Person other than Lender not to do so other than a holder of a Permitted Lien (so long as the negative pledge with such other holder does not prevent the Lender’s Lien on the Collateral unless such Collateral is in Equipment subject to a financing lease or purchase money Lien), customary anti-assignment provisions and restrictions required by applicable law to be contained in any investment advisory agreement of Borrower and other restrictions under applicable law.
Investments; Distributions.  (a) Directly or indirectly acquire or own any Person, or make any Investment in any Person, other than Permitted Investments; or (b) pay any dividends or make any distribution or payment to its Partners or Members, as applicable, except pursuant to and in accordance with the Charter Documents, provided that no such payment or distribution (but, for the avoidance of doubt, excluding expense reimbursement and similar payments) other than tax distributions may be made at any time that an Event of Default has occurred and is continuing or would exist after giving effect to such dividend, distribution or payment.  
Transactions with Affiliates.  Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of Borrower except for dividends and distributions permitted hereunder, investments permitted hereunder, arrangements whereby a consolidated subsidiary serving as the general partner or manager of a client engages Borrower as an investment adviser, transactions pursuant to agreements in effect on the date hereof and transactions that are upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a nonaffiliated Person.
Charter Documents.  (a) Amend, modify or waive any provision in its Charter Documents in any way materially affecting Borrower’s ability to satisfy its obligations under this Agreement, or (b) allow any Person other than Borrower to acquire (i) the right to make Capital Calls on behalf of the Borrower or (ii) rights to receive any Capital Contributions from the Borrower’s Partners. 
Management Fees.  Permit any provision in any Charter Document or Management Agreement to be amended or waived in a way that reduces or postpones the payment of any Management Fees or Incentive Fees; direct Management Fees or Incentive Fees to any other Person; waive or defer payment of any Management Fees or Incentive Fees or permit any Affiliate to take any action with respect to Management Fees or Incentive Fees that could be reasonably likely to be adverse to Lender; provided, however, notwithstanding the above, Borrower may take any action prohibited by this Section 7.8 so long as: (i) no Event of Default has occurred and is continuing or would result from such action, (ii) such action would not reasonably be expected to adversely affect the ability of Borrower to satisfy its obligations hereunder, and (iii) the aggregate Flexibility Actions do not exceed the Flexibility Cap at such time.
Compliance.  Become an “investment company” registered or required to be registered under the Investment Company Act of 1940 or a company controlled by an “investment company” registered or required to be registered under the Investment Company Act of 1940 or undertake as one of its important activities extending credit to purchase or carry margin stock, or use the proceeds of any Advance for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; or fail to comply with, or violate in any material respect any material law or regulation. 

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Affiliates.  Borrower will not permit any Affiliate to take any action with respect to the Management Fees that the Borrower is not permitted to take hereunder, provided that Borrower may permit an Affiliate to agree (a) that such Affiliate may not create, incur, or allow any Lien on any of such Affiliate’s property, or assign or convey any right to receive income, (b) to customary anti-assignment provisions and restrictions required by applicable law to be contained in any investment advisory agreement of Borrower and (c) to other restrictions under applicable law.
EVENTS OF DEFAULT
Any one of the following is an Event of Default (“Event of Default”):
Payment Default.  If Borrower fails to pay any principal or interest constituting Lender Obligations when due or any other Lender Obligations within 2 Business Day of the date the same shall be due;
Covenant Default.  
If Borrower fails to perform any obligation under Section 6, or violates any of the covenants contained in Section 7 of this Agreement, or
If Borrower fails or neglects to perform, keep, or observe any other material term, provision, condition, covenant, or agreement contained in this Agreement, in any of the Loan Documents, or in any other present or future written agreement between Borrower and Lender and as to any default under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure such default within 10 days after Borrower becomes aware of such default;
[Reserved.]
Attachment.  If any of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or receiver and the attachment, seizure or levy is not stayed, bonded or removed in 10 Business Days, or if Borrower is enjoined, restrained, or prevented by court order from conducting a material part of its business or if a judgment or other claim becomes a Lien on a material portion of Borrower’s assets, or if a notice of lien, levy, or assessment is filed against any of Borrower’s assets by any government agency and not paid, bonded or stayed within 10 Business Days after Borrower receives notice (but no Advances will be made during the cure period); 
Insolvency.  If Borrower is not solvent or if Borrower begins an Insolvency Proceeding or an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within 60 days (but no Advance will be made before any Insolvency Proceeding is dismissed);
Other Agreements.  If there is a default in any agreement between Borrower and a third party that gives the third party the right to accelerate any Indebtedness exceeding $5,000,000 or that could reasonably be expected to cause a Material Adverse Change;
Judgments.  If a money judgment(s) is rendered against the Borrower (to the extent not satisfied, bonded or stayed for 60 days (it being understood that no Advances will be made before such judgment is stayed or satisfied)) and the aggregate amount of such judgment(s) (the “Judgment Amount”) is (a) less than $40,000,000 and the difference between the Judgment Amount and the amount of insurance coverage with respect thereto (if any) is greater than $5,000,000 (the “Insurance Gap”) (provided, that to the extent the Insurance Gap is less than $5,000,000, the Lender shall have received proof of such insurance in form and substance reasonably acceptable to the Lender) or (b) the Judgment Amount is in excess of $40,000,000; 
Circumstances Affecting Fund or General Partner.  If any Fund fails to receive 90% of its Capital Contributions within 10 Business Days of when due; 
Misrepresentations.  If Borrower or any Person acting for Borrower makes any material misrepresentation or material misstatement now or later in any warranty or representation in this Agreement or in any writing delivered to Lender or to induce Lender hereunder to enter this Agreement or any Loan Document; or

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Facility II.  If an Event of Default occurs under Facility II.
LENDER’S RIGHTS AND REMEDIES
General.  After the occurrence and during the continuance of an Event of Default, Lender shall have the following rights and powers and may, at its option, without notice of its election and without demand (except as provided herein or required by law), do any one or more of the following:  (i) declare any or all of the Lender Obligations to be immediately due and payable; (ii) discontinue advancing money or extending credit under this Agreement or under any other document or agreement between Lender and Borrower; (iii) obtain the appointment of a receiver to take possession of and, at the option of Lender, to collect, sell or dispose of the Collateral; or (iv) exercise any or all rights and remedies under this Agreement or any other Loan Document or applicable law, including without limitation the rights of a secured party under the Code.  Lender, at its option, may apply all payments made under this Agreement or other Loan Documents to principal, interest, fees and other Lender Expenses in such order and amounts as Lender may determine in its sole discretion.  The remedies of Lender, as provided herein, shall be cumulative and concurrent, and may be pursued singularly, successively or together, at the sole discretion of Lender, and may be exercised as often as occasion therefor shall arise.  Lender’s exercise of one right or remedy is not an election, and Lender’s waiver of any Event of Default is not a continuing waiver. Any delay by Lender in exercising any remedy is not a waiver, election, or acquiescence, and  no waiver is effective unless signed by Lender and then is only effective for the specific instance and purpose for which it was given.  Borrower shall remain liable for any deficiency, and Lender is not required to foreclose on any Collateral. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Lender on which Borrower is liable.
Rights to Payment.  After the occurrence of an Event of Default, Lender may:  (i) in Lender’s or Borrower’s name, demand, collect, receive and give receipts for any and all money and other property due or to become due in connection with the Investment Interests, including without limitation, a demand on the other parties for payment of amounts arising thereunder provided, however prior to making demand on any third parties, Lender shall provide written notice to the Borrower; and (ii) take possession of and endorse and collect any or all notes, checks, drafts, money orders, or other instruments of payment relating to the Investment Interests or any other Collateral.
Management Fees.  After the occurrence of an Event of Default, Lender may: (i) request payment of the Management Fees or Incentive Fees in accordance with the Management Agreements and Charter Documents and enforce the obligation of any Person to pay Management Fees or Incentive Fees; and (ii) collect all Management Fees or Incentive Fees owed under any of the Management Agreements or Charter Documents.  Lender may enforce such obligations and collect such amounts in its own name or that of Borrower or any Person with a right to effect such enforcement and collection directly from the parties obligated thereon and to apply the proceeds to the Lender Obligations.  
Power of Attorney.  Effective only when an Event of Default occurs and for the period it continues, Borrower irrevocably appoints Lender as its lawful attorney to:  (i) endorse Borrower’s name on any checks or other forms of payment or security; (ii) demand and collect Management Fees or Incentive Fees, and enforce any of Borrower’s rights under the Management Agreements and Charter Documents; (iii) make, settle, and adjust all claims under Borrower’s insurance policies; (iv) settle and adjust disputes and claims about the Accounts directly with account debtors, for amounts and on terms Lender determines reasonable; and (v) transfer the Collateral into the name of Lender or a third party as the Code permits.  Lender may exercise the power of attorney to sign Borrower’s name on any documents necessary to perfect or continue the perfection of any security interest regardless of whether an Event of Default has occurred.  Lender’s appointment as Borrower’s attorney in fact, and all of Lender’s rights and powers, coupled with an interest, are irrevocable until all Lender Obligations have been fully repaid and performed and Lender’s obligation to provide Advances terminates.  
NOTICES.  Any notice, demand or request required under the Loan Documents shall be given in writing (at the addresses set forth below) by any of the following means:  (i) personal service; (ii) electronic communication, whether by telecopier or other form of electronic communication; (iii) overnight courier; or (iv) registered or certified, first class U.S. mail, return receipt requested, or to such other addresses as Lender and Borrower may specify from time to time in writing.  Any notice, demand or request sent pursuant to either subsection (i) or (ii) above, shall be deemed received 

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upon such personal service or upon receipt by electronic means provided receipt at a time or on a day that is not a Business Day and between the hours of 9:00 a.m. and 5:00 p.m. (where the recipient is located) shall be deemed received on the next Business Day.  Any notice, demand or request sent pursuant to subsection (iii) above, shall be deemed received on the Business Day immediately following deposit with the overnight courier, and, if sent pursuant to subsection (iv) above, shall be deemed received forty-eight (48) hours following deposit into the U.S. mail.  The addresses are:  (a) for Lender, 111 Pine Street, San Francisco, CA  94111, Attn:  Commercial Loan Operations; and (b) for Borrower, Hamilton Lane Advisors, L.L.C., One Presidential Blvd., 4th Floor, Bala Cynwyd, PA 19004.  
CHOICE OF LAW; VENUE; JURY TRIAL WAIVER AND JUDICIAL REFERENCE
The Loan Documents shall be governed by and construed in accordance with New York law.  All actions or proceedings arising in connection with the Loan Documents shall be tried and litigated only in the state courts located in the County of New York, State of New York, or the federal courts located in the Northern District of New York.  Borrower waives any right Borrower may have to assert the doctrine of forum non conveniens or to object to such venue and hereby consents to any court-ordered relief. 
To the fullest extent permitted by law, Lender and Borrower waive trial by jury in any litigation or proceeding in a state or federal court with respect to, in connection with, or arising out of this Agreement or any other Loan Documents or the Lender Obligations or the transactions contemplated hereby, including without limitation claims relating to the application or the validity, protection, interpretation, collection or enforcement thereof, or any other claim or dispute (including tort and claims for breach of duty) between Lender and Borrower.  
If this jury waiver is not enforceable, then any and all disputes or controversies of any nature between them arising at any time shall be decided by a reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the New York County, New York Supreme Court). Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against collateral, or obtain provisional remedies.  The private judge shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph.
GENERAL PROVISIONS
Successors and Assigns.  This Agreement binds and is for the benefit of the successors and permitted assigns of each party.  No Borrower may assign this Agreement or any rights under it without Lender’s prior written consent which may be granted or withheld in Lender’s discretion.  Lender has the right to sell, transfer, negotiate, or grant participation in all or any part of, or any interest in, Lender’s obligations, rights and benefits under this Agreement, provided that, except during the occurrence of an Event of Default, Borrower shall have the right to consent to the foregoing if such transfer is to a party that is not a commercial lender regulated by a governmental authority, which consent shall not be unreasonably withheld. In the event of an assignment, Lender, acting solely for this purpose as an agent of the Borrower, shall maintain at one of its offices in the United States a copy of each assignment and a register for the recordation of the names and addresses of the assignees, and the Lender Obligations of, and principal amounts (and stated interest) of the Lender Obligations owing to, each assignee pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive absent manifest error.  The Register shall be available for inspection by the Borrower and the Lender (or any assignee), at any reasonable time and from time to time upon reasonable prior notice.  If Lender (or any assignee) sells a participation, it shall, acting solely for this purpose as an agent of Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Lender Obligations under this Agreement or any other Loan Document (the “Participant Register”); provided, that Lender (or such assignee)  shall not have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant’s interest in any Lender Obligations or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Obligation is in registered form under Section 5f.103-1(c) of the U.S. Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and Lender (or such assignee) shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement, including payments of interest and principal, notwithstanding any notice to the contrary.  The portion of the Participant Register relating to any participant requesting payment from 

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Borrower under the Loan Documents shall be made available to Borrower upon reasonable request.  Lender shall have no liability to any party, including but not limited to Borrower, arising from the maintenance of, or any failure to maintain, the Register or the Participant Register as provided in this Section 12.1.
Indemnification.  Borrower will indemnify, defend and hold harmless Lender and its directors, officers, employees, agents, attorneys, or any other Person affiliated with or representing Lender (collectively, “Indemnified Parties”) against:  (a) all obligations, demands, claims, and liabilities asserted against Lender by any other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or Lender Expenses incurred, or paid by Lender from, following, or consequential to transactions between Lender and Borrower (including reasonable attorneys’ fees and expenses) in connection with the transactions contemplated by the Loan Documents, except in the case of (a) or (b) for obligations, demands, claims, liabilities and losses caused by Lender’s or any Indemnified Party’s gross negligence or willful misconduct and provided, that such indemnity shall not, as to any Indemnified Party, be available to the extent that obligations, demands, claims, and liabilities result from (x) such Indemnified Party’s violation of law or (y) a claim brought by Borrower against an Indemnified Party for breach of that Indemnified Party’s obligations hereunder or under any other Loan Document, if such Borrower has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. This Section 12.2 shall not apply with respect to taxes other than any taxes that represent obligations, demands, claims, liabilities, and losses arising from any non-tax claim.
Time of Essence.  Time is of the essence for the performance of all obligations in this Agreement.
Severability of Provisions.  Each provision of this Agreement is severable from every other provision in determining the enforceability of any provision.
Amendments in Writing, Integration.  Any amendment or waiver relating to any Loan Document shall be in writing, signed by the parties thereto.  No oral statement, nor any action, inaction, delay, failure to require performance or course of conduct shall operate as an amendment or waiver or have any other effect on any Loan Document.  Any waiver shall be limited to the circumstance described in it, and shall not apply to any other circumstance, or give rise to any obligation to grant any further waiver.  The Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements, which merge into the Loan Documents.
Counterparts; Electronic Signatures.  This Agreement may be executed in counterparts, each of which shall constitute an original, and all of which together shall constitute one and the same agreement.  A signed copy of this Agreement transmitted by a party to another party via facsimile or an emailed “pdf” version shall be binding on the signatory thereto.  Notwithstanding the delivery of the faxed or emailed copy, Borrower agrees to deliver to Lender original executed copies of this Agreement.
Survival.  All covenants, representations and warranties made in this Agreement continue in full force while any Lender Obligations remain outstanding (other than indemnities which survive termination and are unliquidated).  The obligations of Borrower in Section 12.2 to indemnify Lender will survive until all statutes of limitations for actions that may be brought against Lender have run. 
Certificates.  Whether or not expressly stated herein or in any other Loan Document, all certifications delivered, from time to time, by an officer of the Borrower in a document delivered to Lender pursuant to this Agreement or any other Loan Document shall be made by such officer in his or her capacity as an officer and not in his or her individual capacity regardless of whether the certification expressly so states.
DEFINITIONS
In this Agreement:
“Account” has the meaning provided in Section 2.2(d).

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“Adjusted EBITDA” means the net income of the Borrower and its consolidated subsidiaries excluding interest expenses, income tax expenses, depreciation and amortization, equity based compensation expense, other non-operating income (loss), and transaction costs and expenses related to an IPO, acquisitions and refinancings.
“Affiliate” of a Person means a Person that owns or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, and partners and, for any Person that is a limited liability company, that Person’s managers and members, provided, however, no Fund or subsidiary shall be deemed to be an Affiliate of the Borrower.
“Auto Debit” has the meaning provided in Section 2.2(c).
“Auto Debit Termination Date” has the meaning provided in Section 2.2(c)(iii).
“Borrower's Books” means all of Borrower's books and records including ledgers, records regarding Borrower's assets or liabilities, the Collateral, business operations or financial condition and all computer programs or discs or any equipment containing the information.
“Borrowing Resolutions” means resolutions substantially in the form attached hereto or as otherwise approved by Lender.
“Business Day” means any day that is not a Saturday, Sunday or a day on which the Lender is closed.
“Capital Call” means a request for a Capital Contribution made pursuant to a Person’s Charter Documents.
“Capital Commitment(s)” means the total amount of cash agreed to be contributed by a Person to the capital of a Fund pursuant to the Charter Documents of such Fund.
“Capital Contribution(s)” means the sum of the cash to be contributed to the capital of a Person pursuant to one or more Capital Calls.
“Change in Control” means (i) the occurrence of any circumstance would permit any Person to seek to dissolve Borrower (excluding, for the avoidance of doubt, the rights of equity holders and the board of directors to do so pursuant to applicable law and the Charter Documents), or (ii) if Hamilton Lane Incorporated ceases to be the general partner or manager, as applicable, of Borrower. As of the Effective Date, the equity holders and the board of directors of Borrower have not taken any action in furtherance of such rights.
“Charter Documents” means the LLC Agreement of Borrower and the LLC Agreement of General Partner, and any other organizational, formation, or operational documents of a party.  
“Code” means the Uniform Commercial Code as adopted in the State of New York and any other state from time to time, as amended, which governs creation or perfection (and the effect thereof) of security interests in any Collateral.
“Collateral” means the property described on Exhibit C.
“Compliance Certificate” means the form attached as Exhibit D.

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[***] Indicates a portion of this page has been omitted based on a request for confidential treatment submitted to the Securities and Exchange Commission. The omitted portions have been filed separately with the Commission.

“Contingent Obligation” means, for any Person, any direct or indirect liability, contingent or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation directly or indirectly guaranteed, endorsed, co made, discounted or sold with recourse by that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement, interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices.  The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under the guarantee or other support arrangement. 

“Credit Extension” means each Advance or any other extension of credit by Lender pursuant to this Agreement to or for the benefit or account of Borrower.
“Current Index” means, with respect to each Interest Change Date, the Index Rate figure most recently available as of such Interest Change Date.

“Designated Representative” means each of Persons listed on the Borrowing Resolutions.
“Dollars,” “dollars” or use of the sign “$” means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United States.
“Effective Date” means the date assigned in the preamble to this Agreement.
“ERISA” means the Employment Retirement Income Security Act of 1974, as amended, and its regulations. 
“Excluded Assets” has the meaning set forth on Exhibit C hereto.
“Facility II” means the Revolving Loan and Security Agreement dated as of the Effective Date, between First Republic Bank, as the lender, and Hamilton Lane Advisors, L.L.C., as the borrower.
“Flexibility Action” means any action Borrower is prohibited from taking pursuant to Section 6.8 or 7.8 hereof, but for the exception for such action in the final sentence of such section.
“Flexibility Cap” means, as to Flexibility Actions taken by the Borrower, [***].
“Fund” is any Person from whom Borrower receives Management Fees or other fees for the provision of services, whether those fees are paid pursuant to such Fund’s limited partnership agreement or a Management Agreement.
“GAAP” means generally accepted accounting principles.
“General Partner” means a general partner or manager of Fund.
“Incentive Fees” means fees (including any carried interest) payable by the Funds to the Borrower or its consolidated subsidiaries, which are contingent based on the performance of the Funds’ Investment returns. 
“Indebtedness” means (a) indebtedness for borrowed money or the deferred price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations and (d) Contingent Obligations in respect of the foregoing. Notwithstanding the foregoing, in no event shall “Indebtedness” include any liability of a general partner of a Fund, with respect to the liabilities of such Fund.
“Index Rate” means the one (1) month London Interbank Offered Rate (LIBOR) as published in the “Money Rates” column of The Wall Street Journal.  If The Wall Street Journal publishes more than one Index, then the term “Index” 

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shall mean the higher or highest of such indices.  If The Wall Street Journal publishes a retraction or correction of the Index, then the term “Index” shall mean the Index reported in such retraction or correction.
“Insolvency Proceeding” means any proceeding by or against any Person under the United States Bankruptcy Code, or any other bankruptcy, insolvency or similar law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or a proceeding seeking reorganization, arrangement, or other relief.
“Interest Change Date” means the first (1st) day of August 2017 and the first (1st) day of every month thereafter until the Term Maturity Date.
“Investment” means any beneficial ownership of (including stock, partnership interest or other securities) any Person, or any loan, advance or capital contribution to any Person.
“Investment Interests” means all of Borrower’s interests in: (i) all partnerships, limited liability companies or other investment vehicles (collectively the “Funds”); (ii) all organizational agreements relating to the Funds; and (iii) all investment property, including without limitation, securities, securities entitlements, securities accounts, and financial assets.
“Lender Expenses” means all reasonable, audit fees and expenses and reasonable and documents costs and out-of-pocket expenses (including attorneys’ fees and expenses) for preparing, negotiating, administering, defending and enforcing the Loan Documents for Facility I and Facility II (including any of the foregoing incurred in connection with any appeals or Insolvency Proceedings).
“Lender Obligations” are any Obligations owing to Lender hereunder and under the other Loan Documents and, as applicable in respect of Facility II, including debts, principal, interest, Lender Expenses and other amounts Borrower owes Lender now or later in respect of the Loan Documents and, as applicable Facility II, including Contingent Obligations, cash management services, letters of credit and foreign exchange contracts, if any, interest accruing after Insolvency Proceedings begin. 
“Lien” means a mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance.
“Limited Partner(s)” means those individuals or entities denominated limited partners under or by reason of a Partnership Agreement. 
“LLC Agreement” means the operating agreement or limited liability company agreement of a Person that is a limited liability company.
“Loan Disbursement Instruction” means an instruction from Borrower to Lender on the application of the initial Advance which instruction shall be substantially in the form of Exhibit E.
“Loan Documents” means, collectively, this Agreement, any note, or notes or guaranties executed by Borrower, and any other present or future written agreement between Borrower and/or for the benefit of Lender in connection with this Agreement, all as amended, extended or restated.
“Management Agreement” is any agreement as may exist from time to time pursuant to which Management Fees and Incentive Fees are paid (but shall not include a Fund’s partnership or operating agreement).
“Management Fees” means fees (other than Incentive Fees) or rights to payment arising from all consulting, advising, investment or management services provided by, or through, Borrower or any of its Affiliates or any other Person to or for the benefit of Borrower, whether due and payable now or in the future, with respect to any Fund.
 “Material Adverse Change” is (a) a material adverse change in the business, operations, or financial condition of Borrower, or (b) a material impairment of the prospect of repayment of any portion of the Obligations, or (c) a material impairment of the value of the Collateral or priority of Lender’s security interests in such Collateral.

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“Member” means any Person denominated as a member under an LLC Agreement.
“Note Rate” has the meaning provided in Section 2.2(a).
“Obligations” means all liabilities that Borrower now or hereafter owes to any Person, including Contingent Obligations and Lender Obligations. 
“Partner” means any General Partner or Limited Partner under a Partnership Agreement.
“Partnership Agreement” means the limited partnership agreement of any Person that is a limited partnership.
“Payment” has the meaning provided in Section 2.2(c).
“Payment/Advance Form” means the form attached as Exhibit B.
“Percentage Rate Increase” has the meaning provided in Section 2.2(c)(iii).
“Permitted Investments” means:
(a)    Investments shown on the Schedule I and existing on the Effective Date and add-on Investments in the Persons referenced on such Schedule;
(b)    (i) marketable direct obligations issued or unconditionally guaranteed by the United States or its agency or any State maturing within 1 year from its acquisition, (ii) commercial paper maturing no more than 1 year after its creation and having the highest rating from either Standard & Poor’s Corporation or Moody’s Investors Service, Inc., and (iii) Lender’s certificates of deposit issued maturing no more than 1 year after issue; 
(c)    Investments made in accordance with the Charter Documents, including Investments in Portfolio Companies and/or share purchases / awards in accordance with Borrower’s 2017 Incentive Compensation Plan and additional direct investments in technology companies and acquisitions; 
(d)    de minimis investments in a Fund, not to exceed ten percent of the net asset value of any Fund; and
(e)    Investment of Borrower maintained with Lender or any of its affiliates.
“Permitted Liens” means: 
(a)    Liens existing on the Effective Date and shown on Schedule I or arising under this Agreement or other Loan Documents;
(b)    Liens for taxes, fees, assessments or other government charges or levies, either not delinquent or being contested in good faith and for which Borrower maintains adequate reserves on its books, if they have no priority over any of Lender’s security interests;
(c)    Purchase money Liens and capital or financing leases (i) on equipment acquired or held by Borrower incurred for financing the acquisition or lease  of the equipment, or (ii) existing on equipment when acquired or leased (or a reasonable time thereafter), if the Lien is confined to the property and improvements and the proceeds of the equipment;
(d)    Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in (a) through (c), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase.
(e)     customary set off rights of depositary institutions and securities intermediaries with respect to accounts maintained with them; 

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(f)    Liens arising out of judgments that do not constitute an Event of Default so long as the holder thereof has taken no steps to exercise remedies against such Lien other than the filing of the same of record; and
(g)     Liens created under this Agreement or other Loan Documents.
“Permitted Perfection Limitations” means any of the following: no action must be taken under any law other than the laws of the United States or any State thereof; no landlord waivers or consents of any parties to leases, licenses, rights or contracts must be obtained; and no leasehold mortgages must be granted.
“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, company association, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency.
“Portfolio Company” means any Person in which Borrower has an interest.
“Prime Rate” means the “prime rate” that appears in the Western Edition of The Wall Street Journal on any date.  Such rate may not be Lender’s lowest rate.
“Separate Account” means an account established for a single client or group of legally related clients.
“Specialized Management Fees” means any fees (other than Incentive Fees) earned by the Borrower from funds established by it.

“Tangible Net Worth” means the total member’s equity minus non-controlling interests in general partnerships.    

“Term Maturity Date” is specified in Section 2.1.1.
“Termination Notice” has the meaning provided in Section 2.2(c)(ii).

[SIGNATURE PAGE FOLLOWS.]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the Effective Date. 
BORROWER:
HAMILTON LANE ADVISORS, L.L.C.
By: /s/Randy Stilman
Name: Randy Stilman
Title: Chief Financial Officer

LENDER:
FIRST REPUBLIC BANK
By: /s/ Derrick Cornelious
Name: Derrick Cornelious
Title: Vice President 

EXHIBIT A

Financial Statements.  Borrower shall deliver to Lender annual financial statements (including balance sheet and income statements) within ninety (90) days after the end of each of Borrower’s fiscal years, which financial statements shall be audited by Ernst & Young LLP or other independent certified public accountant reasonably acceptable to Lender.
Financial Statements.   Borrower shall deliver to Lender annual financial statements (including balance sheet and income statements) within one hundred eighty (180) days after the end of each Fund’s fiscal years for such Fund, which financial statements shall be audited by an independent certified public accountant reasonably acceptable to Lender.
Interim Financial Statements.  Borrower shall deliver to Lender company-prepared quarterly financial statements (including balance sheet and income statements) within forty-five (45) days after the end of each quarter referenced below certified by Borrower’s chief financial officer or another officer or representative acceptable to Lender.  Quarterly financials shall be delivered for the first three (3) fiscal quarters.
Compliance Certificate.  Within forty-five (45) days after the end of the first three (3) fiscal quarters and  ninety (90) days after the end of each of Borrower’s fiscal years, deliver to Lender a Compliance Certificate signed by a Designated Representative in the form of Exhibit D. 
Other Financial Statements.  Upon filing of any financial statements or reporting as required to be publicly filed by Borrower, a copy of such financial statement or reporting.
Flexibility Actions.  Borrower shall give written notice to Lender of any Flexibility Action promptly after such Flexibility Action is taken.  Any Flexibility Action taken by Borrower will be deemed a representation by Borrower that the conditions precedent therefore were satisfied.
Minimum Annual Management Fees.  Borrower shall receive, on a consolidated basis, Fund Management Fees of not less than $150,000,000, including $130,000,000 from Separate Account and Specialized Fund Management Fees, in each of Borrower’s fiscal years commencing with fiscal year 2017, which ends March 31, 2018.
Minimum Adjusted EBITDA.  Borrower shall maintain at least a minimum trailing six month Adjusted EBITDA minus dividend distributions (other than tax distributions) equal to or greater than $12,500,000, tested semi-annually.
Minimum Tangible Net Worth.  Minimum Tangible Net Worth shall be greater than or equal to the amount set forth in the column “Tangible Net Worth” as at the end of the applicable fiscal year.
	
		
	Fiscal year1
	Tangible Net Worth

	2017
	$25,000,000

	2018
	$31,800,000

	2019
	$39,700,000

	2020
	$49,600,000

	2021
	$62,000,000

	2022
	$77,500,000

	2023
	$96,900,000

	2024
	$121,100,000

	
	
	 

1Borrower’s fiscal year ends each March 31st.  Thus, fiscal year 2017’s Tangible Net Worth test of greater than or equal to $25,000,000 covers the Tangible Net Worth for the period from March 31, 2017 until March 30, 2018.

No Additional Indebtedness.  Without the prior written consent of Lender, Borrower (a) shall not directly or indirectly incur indebtedness for borrowed money excluding (i) debts as of the date of this Agreement that were previously 

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disclosed in writing to Lender (other than those that are being paid substantially concurrently with the funding of the Loan), (ii) other borrowing from Lender, including for the avoidance of doubt Facility II, (iii) unsecured debt incurred in the normal course of business and (iv) purchase money debt and capital leases in the ordinary course of business, and (b) shall not directly or indirectly make, create, incur, assume or permit to exist any guaranty of any kind of any Indebtedness of any other person during the term of this Agreement, excluding any guaranties as of the date of this Agreement previously disclosed in writing to Lender.
Notification of Transfers.  Borrower shall notify Lender within 30 days of any transfer of Partner’s interests in any Funds whose Capital Commitment is greater than $10,000,000.

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EXHIBIT B
LOAN PAYMENT/ADVANCE REQUEST FORM
Deadline for next business day processing is Noon Pacific Time

Fax To:      Date: _____________________

BORROWER:      

LOAN PAYMENT:

From Account #________________________________    To Account ______________________________________
(Deposit Account #)                    (Loan Account #)

Principal $___________________________    and/or Interest $_____________________________________________

Authorized Signature:            Phone Number:     

Print Name/Title:                 

LOAN ADVANCE:

From Account #________________________________    To Account ______________________________________
(Loan Account #)                        (Deposit Account #)

Amount of Advance $___________________________

Prime Rate or Index Rate2: __________________________

All Borrower’s representations and warranties in the Agreement are true, correct and complete in all material respects on the date of the request for an Advance.

Authorized Signature:            Phone Number:     

Print Name/Title:                 

	
	
	 

2 Prime Rate or Index Rate as determined by Borrower on the Effective Date.

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EXHIBIT C
COLLATERAL DESCRIPTION

The Collateral consists of all of Borrower’s personal property now owned or hereafter acquired, including without limitation all equipment, contract rights, intellectual property, general intangibles, commercial tort claims, accounts, Management Fees, Incentive Fees, inventory, documents, cash, instruments, deposit accounts, securities, securities entitlements, securities accounts, Account, investment property, financial assets, letters of credit, letter of credit rights, certificates of deposit, instruments and chattel paper and electronic chattel paper; all Borrower's Books relating to the foregoing, and any and all claims, rights and interests in any of the above and all substitutions for, additions and accessions to and proceeds thereof, provided, however, Collateral shall exclude Excluded Assets.

Notwithstanding the foregoing, in no event shall the Collateral include or the security interest granted under this Agreement attach to any of the following (“Excluded Assets”)  (a) any lease, license, contract or agreement to which Borrower is a party, and any of its rights or interest thereunder, if and to the extent that a security interest is prohibited by or in violation of (i) any law, rule or regulation applicable to the Borrower or (ii) a term, provision or condition of any such lease, license, contract or agreement (unless such law, rule, regulation, term, provision or condition would be rendered ineffective with respect to the creation of the security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity); provided, however, that the Collateral shall include (and such security interest shall attach) immediately at such time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, shall attach immediately to any portion of such lease, license, contract or agreement not subject to the prohibitions specified in (i) or (ii) above; provided further that the exclusions referred to in clause (a) of this paragraph shall not include any Proceeds of any such lease, license, contract or agreement; (b) in the case of a foreign subsidiary that is treated as a “controlled foreign corporation” for U.S. federal income tax purposes, any of the outstanding capital stock of such foreign subsidiary entitled to vote representing in excess of 65% of the voting power of all classes of capital stock of such foreign subsidiary entitled to vote, so long as a pledge in excess of 65% of the voting power of such foreign subsidiary would result in adverse tax consequences to Borrower or its beneficial owners under Section 956 of the Internal Revenue Code (or any successor provision); provided that immediately upon the amendment of the Internal Revenue Code to allow the pledge of a greater percentage of the voting power of capital stock in a foreign subsidiary without adverse tax consequences, the Collateral shall include, and the security interest granted by the Borrower shall attach to, such greater percentage of capital stock of each foreign subsidiary; and provided, further, that in no event shall the Collateral include capital stock of a foreign subsidiary or controlled foreign corporation to the extent that the grant of a security interest therein would require the approval of, or consultation with, a local securities regulator or other regulatory or governmental authority, or otherwise result in any burdensome undertaking or obligation by the Borrower, pursuant to local law or otherwise; (c) any margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System) ; (d) for avoidance of doubt, equity interests, general partnership interests or assets of Funds, including any assets of a Fund held by Borrower or any assets of Borrower , to the extent the grant of a security interest therein would violate or otherwise result in a default under any organizational or governing document of any Fund or the general partner thereof; (e) any rights or interests in Funds required or deemed necessary to be held by Borrower pursuant to the terms of the applicable Fund organizational documents, any related agreement or applicable law, rule or regulation; (f) equity interests, including general partnership interests, in any joint venture or other non-wholly owned subsidiary to the extent the grant of a security interest therein would violate or otherwise result in a default under any organizational document, governing document or agreement among equity holders of such joint venture or non-wholly owned subsidiary or require the consent of any other equity holder thereof or other third party (unless (x) such document, agreement or requirement of a consent would be rendered ineffective with respect to the creation of the security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Code) or principles of equity, and (y) no adverse consequence to the Borrower under such organizational document, governing document or agreement among equity holders would result from such grant of security); (g) any “intent-to-use” application for registration of a Trademark filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, prior to the filing of a “Statement of Use” pursuant to Section 1(d) of the Lanham Act or an “Amendment to Allege Use” pursuant to Section 1(c) of the Lanham Act with respect thereto, solely to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of any registration that issues from such intent-to-use application under applicable federal law; or (h) 

LOAN NO.:  21-595099-3 /  AFS No.:  0210690058 
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those assets as to which the Lender and Borrower reasonably agree in writing that the cost of obtaining such a security interest or perfection thereof is excessive in relation to the benefit to the Lender of the security to be afforded thereby.

2
LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
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EXHIBIT D
COMPLIANCE CERTIFICATE

TO:        First Republic Bank                    Date:              

FROM:      Hamilton Lane Advisors, L.L.C. 
The undersigned authorized officer certifies on behalf of all Borrower that under the terms and conditions of the Term Loan and Security Agreement between Borrower and Lender (the “Agreement”), (1) Borrower is in complete compliance for the period ending _______________ with all required covenants except as noted below, (2) there are no Events of Default, (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below;.  Attached are the required documents supporting the certification.  The undersigned certifies that these are prepared in accordance with GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes.  The undersigned acknowledges that no Credit Extensions may be requested at any time or date of determination that Borrower is not in compliance with any of the terms of the Agreement.  Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement.
	
			
	Please indicate compliance status by circling Yes/No under “Complies” column.

	 

	Reporting Covenant
	Required
	Complies

	Internally prepared financial statement
	Quarterly within 45 days (other than Q4)
	Yes   No

	Annual financial statement (Borrower)
	FYE within 90 days
	Yes   No

	Annual financial statement (Funds)
	FYE within 180 days
	Yes   No

	Partnership interest transfer (>$10,000,000)
	Within 30 days from transfer
	Yes   No

	List of Capital Contributions delinquent for more than 30 days (>$1,000,000)
	Immediately
	Yes   No

	Compliance certificate
	[Annually][Quarterly] within [90][45] days
	Yes   No

	Flexibility Action taken?  Yes   No
	If Yes, provide amount:: $[__________]
	Under Flexibility Cap? Yes   No

	
				
	Financial Covenant
	Required
	Actual
	Complies

	Minimum Annual Management Fees
	$150,000,000
	$_____
	Yes    No

	No Additional Debt
	None
	$_____
	Yes    No

	Minimum Adjusted EBITDA
	$12,500,000
	$_____
	Yes    No

	Minimum Tangible Net Worth
	$_____
	$_____
	Yes    No

---------------------------------------------------------------------------------------------------------------------------------

HAMILTON LANE ADVISORS, L.L.C.
    
By: __________________________________
    
Name:________________________________
    
Title:_________________________________

LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
 
USActive 37186022.14

EXHIBIT E
LOAN DISBURSEMENT INSTRUCTIONS
(Just In Time)
These Loan Disbursement Instructions (the “Instructions”), dated [DATE] for reference purposes only, are executed by HAMILTON LANE ADVISORS, L.L.C. (the “Borrower”), to First Republic Bank (the “Lender”), with reference to the following facts:
Borrower has requested a loan or loans from the Lender in the total principal amount of [LOAN AMOUNT] (collectively, the “Loan”). 
Borrower desires to authorize the Lender to close the Loan in accordance with these Instructions and the other documents executed by Borrower and delivered to the Lender at the Lender's request in connection with the Loan (collectively, the “Loan Documents”).
THEREFORE, Borrower agrees and instructs the Lender as follows:
Allocation of Loan Proceeds.  At the Closing, the Loan proceeds shall be disbursed in accordance with the Loan Disbursement Schedule attached as Exhibit E-1 to these Instructions (the “Loan Disbursement Schedule”).
Disbursements for Closing and Additional Costs.  Upon closing the Loan, Borrower authorizes Lender to disburse funds from the Loan proceeds for payment of those items shown in the Loan Disbursement Schedule as “Closing Disbursements” (collectively, the “Closing Disbursements”). All proceeds of the Loan remaining after the disbursement of the Closing Disbursements shall be disbursed and made available to Borrower pursuant to the terms of the Loan Documents. Borrower acknowledges that certain of the costs and charges shown in the Loan Disbursement Schedule are estimates, and that the actual Closing Disbursements may vary from the estimates shown in the Loan Disbursement Schedule. If for any reason the Loan proceeds allocated for the Closing Disbursements as shown in the Loan Disbursement Schedule are insufficient to pay the actual cost of all such items, Lender, at its option, shall have the right to either (a) require Borrower to immediately deposit with Lender an amount necessary to cover such deficiency, as determined by Lender; or (b) disburse an amount necessary to cover such deficiency, as determined by Lender, from the portion, if any, of the Loan proceeds otherwise remaining or from Borrower’s checking account with Lender. Any disbursements of the proceeds of the Loan which are to be paid to third parties under the terms of these Instructions may be disbursed by Lender by such method as  Lender may designate, including disbursement by Lender's check or by wire transfer.
Counterparts.  These Instructions may be executed in counterparts, each of which shall constitute an original, and all of which shall constitute one and the same document.
BORROWER: 
 
HAMILTON LANE ADVISORS, L.L.C.

By:                       

Name:                     

Title:                      

ACCEPTED AND AGREED: 
 
First Republic Bank 
 
By:                       

Name:                     

Title:                      

EXHIBIT E - 1
Loan Disbursement Instructions
LOAN DISBURSEMENT SCHEDULE
	
			
	ITEM
	DEBITS
	CREDITS

	Loan Amount
	 
	[   ]

	CLOSING DISBURSEMENTS:

	Loan Fee**
	[   ]
	 

	Legal Fee**
	TBD
	 

	BALANCE OF LOAN PROCEEDS AVAILABLE TO BE DISBURSED PER LOAN DOCUMENTS:

	Balance of Loan Proceeds Available to be Disbursed in Accordance with Loan Documents:
	[   ]
	 

	Total (Debits) and Credits
	[   ]
	[   ]

**Fees to be debited from Account number _____________.

LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
 
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EXHIBIT F
LIST OF FUNDS

LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
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EXHIBIT 21

SUBSIDIARIES OF REGISTRANT

The following table lists the direct and indirect subsidiaries of Hamilton Lane Incorporated as of June 26, 2017.

	
		
	Name of Subsidiary
	Jurisdiction/State of Incorporation

	Alpha Z GP LLC
	Delaware

	Alpha Z II GP LLC
	Delaware

	Alpha Z Private Equity Fund II, LP
	Cayman Islands

	Alpha Z Private Equity Fund, LP
	Cayman Islands

	AUSPE Fund GP LLC
	Delaware

	AUSPE Fund L.P.
	Cayman Islands

	Capital Yuan Tao Associates, L.P.
	Cayman Islands

	Capital Yuan Tao GP, LLC
	Delaware

	COPTL, LP
	Delaware

	CT Private Investments GP LLC
	Delaware

	CT Private Investments LP
	Delaware

	Epsilon Investment GP LLC
	Delaware

	Epsilon Pension Investment Canada LP
	Cayman Islands

	Finance Street AIV Splitter L.P.
	Delaware

	Finance Street GP LLC
	Delaware

	Finance Street, LP
	Cayman Islands

	First Stockholm Global Private  Equity L.P.
	Delaware

	Florida Growth Fund II LLC
	Delaware

	Florida Growth Fund LLC
	Delaware

	Fourth Stockholm Co-Investment Blocker LP
	Cayman Islands

	Fourth Stockholm Co-Investment SPV L.P.
	Delaware

	Fourth Stockholm Global Private  Equity L.P.
	Delaware

	Fourth Stockholm Pyramid Blocker Corp.
	Delaware

	Golden State Investment Fund LLC
	Delaware

	Green Core Fund L.P.
	Cayman Islands

	Green Core GP LLC
	Delaware

	Hamilton Lane (Australia) Pty Limited
	Australia

	Hamilton Lane (Hong Kong) Limited
	Hong Kong

	Hamilton Lane (Israel) Limited
	Israel

	Hamilton Lane (Japan) GK
	Japan

	Hamilton Lane (UK) Limited
	United Kingdom

	Hamilton Lane Advisors, Inc.
	Pennsylvania

	Hamilton Lane Advisors, L.L.C.
	Pennsylvania

	Hamilton Lane AIFM LTD
	United Kingdom

	Hamilton Lane Amitim US Fund RH  Blocker LP
	Delaware

	Hamilton Lane Brasil Fundo de Investmento em Quotas de Fundo de    Investimento Multimercado
	Brazil

	Hamilton Lane Capital Opportunities Fund LP
	Delaware

	Hamilton Lane CI2 AIV-A LP
	Delaware

	Hamilton Lane CI2 AIV-B LP
	Delaware

	Hamilton Lane CI2 AIV-C  LP
	Delaware

	Hamilton Lane CI2 Offshore SIV-A L.P.
	Cayman Islands

	Hamilton Lane Co-Investment Feeder Fund III LP
	Delaware

	Hamilton Lane Co-Investment Feeder Fund  IV LP
	Cayman Islands

	Hamilton Lane Co-Investment Feeder Fund  IV LP
	Cayman Islands

	Hamilton Lane Co-Investment Fund II CH DE  Blocker L.P.
	Delaware

	Hamilton Lane Co-Investment Fund II  Holdings LP
	Delaware

	Hamilton Lane Co-Investment Fund  II L.P.
	Delaware

	Hamilton Lane Co-Investment Fund III (U.S.) Blocker LP
	Delaware

	Hamilton Lane Co-Investment Fund III (U.S.) Blocker-2 LP
	Delaware

	Hamilton Lane Co-Investment Fund III (U.S.) Blocker-3 LP
	Delaware

	Hamilton Lane Co-Investment Fund III (U.S.) Blocker-4 LP
	Delaware

	Hamilton Lane Co-Investment Fund III (U.S.) Blocker-5 LP
	Delaware

	Hamilton Lane Co-Investment Fund III (U.S.) Blocker-6   JJ LP
	Delaware

	Hamilton Lane Co-Investment Fund III (U.S.) Blocker-7 WWEX LP
	Delaware

	Hamilton Lane Co-Investment Fund III Cayman Blocker-2 LP
	Cayman Islands

	Hamilton Lane Co-Investment Fund III  Holdings LP
	Delaware

LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
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	Hamilton Lane Co-Investment Fund III Holdings-2 LP
	Delaware

	Hamilton Lane Co-Investment Fund III LP
	Delaware

	Hamilton Lane Co-Investment Fund IV  Holdings LP
	Delaware

	Hamilton Lane Co-Investment Fund IV  Holdings-2 LP
	Delaware

	Hamilton Lane Co-Investment Fund IV LP
	Delaware

	Hamilton Lane Co-Investment Fund, LP
	Delaware

	Hamilton Lane Co-Investment GP II LLC
	Delaware

	Hamilton Lane Co-Investment GP III LLC
	Delaware

	Hamilton Lane Co-Investment GP  IV LLC
	Delaware

	Hamilton Lane Co-Investment GP, LLC
	Delaware

	Hamilton Lane Co-Investment Offshore Fund II L.P
	Cayman Islands

	Hamilton Lane Co-Investment Offshore Fund IV LP
	Cayman Islands

	Hamilton Lane Co-Investment Offshore  Fund L.P.
	Cayman Islands

	Hamilton Lane COPTL, LLC
	Pennsylvania

	Hamilton Lane European Investors SCA SICAV-RAIF
	Luxembourg

	Hamilton Lane European Investors SCA SICAV-RAIF - CI IV Parallel Sub-Fund
	Luxembourg

	Hamilton Lane European Investors SCA SICAV-RAIF - PEF X Parallel Sub-Fund
	Luxembourg

	Hamilton Lane European Partners SICAV-SIF
	Luxembourg

	Hamilton Lane European Partners SICAV-SIF CI-III Parallel Sub-Fund
	Luxembourg

	Hamilton Lane European Partners SICAV-SIF PEF IX Parallel Sub-Fund
	Luxembourg

	Hamilton Lane Fundo de Investmento em Participacoes Co-Investimento
	Brazil

	Hamilton Lane Fundo de Investmento em Quotas de Fundos de Investimento em Participacoes
	Brazil

	Hamilton Lane GP IX, LLC
	Delaware

	Hamilton Lane GP S.à r.l.
	Luxembourg

	Hamilton Lane GP VI, LLC
	Delaware

	Hamilton Lane GP VII, LLC
	Delaware

	Hamilton Lane GP VIII, LLC
	Delaware

	Hamilton Lane GP X LLC
	Delaware

	Hamilton Lane Investimentos Ltda.
	Brazil

	Hamilton Lane Investment Holdings, LLC
	Delaware

	Hamilton Lane Investors GP LLC
	Delaware

	Hamilton Lane Investors LP
	Delaware

	Hamilton Lane Investors LP,  Series HA-P
	Delaware

	Hamilton Lane Investors LP,  Series PN-P
	Delaware

	Hamilton Lane Investors LP,  Series PT
	Delaware

	Hamilton Lane Investors LP,  Series RD-P
	Delaware

	Hamilton Lane Investors LP, Series VR-P
	Delaware

	Hamilton Lane IX GP LLC
	Delaware

	Hamilton Lane Market Street Opportunities Fund LP
	Delaware

	Hamilton Lane Market Street Opportunities Offshore Fund LP
	Cayman Islands

	Hamilton Lane New York Co-Investment II, LLC
	Delaware

	Hamilton Lane New York Co-Investment III, LLC
	Delaware

	Hamilton Lane New York Co-Investment, LLC
	Delaware

	Hamilton Lane New York II, LLC
	Delaware

	Hamilton Lane New York LLC
	Pennsylvania

	Hamilton Lane NM Fund I LP
	Delaware

	Hamilton Lane Parallel Investors (AS) LP, Series AS
	Delaware

	Hamilton Lane Parallel Investors LP,  Series HA
	Cayman Islands

	Hamilton Lane Parallel Investors LP,  Series PN
	Cayman Islands

	Hamilton Lane Parallel Investors LP,  Series RD
	Cayman Islands

	Hamilton Lane Parallel Investors LP, Series VR
	Cayman Islands

	Hamilton Lane Parallel Investors, LP
	Delaware

	Hamilton Lane PMOF PH DE Blocker LP
	Delaware

	Hamilton Lane Private Equity Feeder Fund S.C.A. SICAV-SIF
	Luxembourg

	Hamilton Lane Private Equity Feeder Fund S.C.A. SICAV-SIF
	 

	HL PE Fund VII Series A Sub-Fund
	Luxembourg

	Hamilton Lane Private Equity Feeder Fund S.C.A. SICAV-SIF
	 

	HL PE Fund VII Series B Sub-Fund
	Luxembourg

	Hamilton Lane Private Equity Fund For the Benefit of  Marco
	 

	Consulting Group Clients, LP
	Delaware

	Hamilton Lane Private Equity Fund  IV, LP
	Guernsey

	Hamilton Lane Private Equity Fund IX DE Blocker 1 LP
	Delaware

	Hamilton Lane Private Equity Fund IX  Holdings LP
	Delaware

LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
USActive 37186022.14

	
		
	Hamilton Lane Private Equity Fund IX LP
	Delaware

	Hamilton Lane Private Equity  Fund plc
	Ireland

	Hamilton Lane Private Equity Fund  V, LP
	Guernsey

	Hamilton Lane Private Equity Fund  VI LP
	Delaware

	Hamilton Lane Private Equity Fund VII L.P., Series A
	Delaware

	Hamilton Lane Private Equity Fund VII L.P., Series B
	Delaware

	Hamilton Lane Private Equity Fund VIII LP, Global Series
	Delaware

	Hamilton Lane Private Equity Fund X LP
	Delaware

	Hamilton Lane Private Equity Offshore Fund IX LP
	Cayman Islands

	Hamilton Lane Private Equity Offshore Fund  VI LP
	Cayman Islands

	Hamilton Lane Private Equity Offshore Fund VII, LP,  Series A
	Cayman Islands

	Hamilton Lane Private Equity Offshore Fund VII, LP, Series B
	Cayman Islands

	Hamilton Lane Private Equity Offshore Fund  VIII LP
	Cayman Islands

	Hamilton Lane Private Equity Offshore Fund X LP
	Cayman Islands

	Hamilton Lane Private Equity Partners LP
	British Virgin Islands

	Hamilton Lane Private Markets Opportunity Feeder Fund (Fund-of-Funds   Series) LP
	British Virgin Islands

	Hamilton Lane Secondary Feeder Fund IV-A LP
	Delaware

	Hamilton Lane Secondary Feeder Fund IV-B LP
	Cayman Islands

	Hamilton Lane Secondary Fund II GP LLC
	Delaware

	Hamilton Lane Secondary Fund II LP
	Delaware

	Hamilton Lane Secondary Fund III GP LLC
	Delaware

	Hamilton Lane Secondary Fund III LP
	Delaware

	Hamilton Lane Secondary Fund III-A  Blocker LP
	Delaware

	Hamilton Lane Secondary Fund III-A Cayman Blocker L.P.
	Cayman Islands

	Hamilton Lane Secondary Fund III-A LP
	Delaware

	Hamilton Lane Secondary Fund III-B  Blocker LP
	Delaware

	Hamilton Lane Secondary Fund III-B Cayman  Blocker L.P.
	Cayman Islands

	Hamilton Lane Secondary Fund III-B LP
	Delaware

	Hamilton Lane Secondary Fund IV GP LLC
	Delaware

	Hamilton Lane Secondary Fund IV LP
	Delaware

	Hamilton Lane Secondary Fund IV-EU LP
	United Kingdom

	Hamilton Lane Secondary Fund, LP
	Delaware

	Hamilton Lane Secondary Fund, LP, Series A
	Delaware

	Hamilton Lane Secondary Fund, LP, Series B
	Delaware

	Hamilton Lane Secondary Fund, LP, Series C
	Delaware

	Hamilton Lane Secondary Fund, LP, Series D
	Delaware

	Hamilton Lane Secondary Fund, LP, Series E
	Delaware

	Hamilton Lane Secondary GP, LLC
	Delaware

	Hamilton Lane Secondary Offshore Fund  II L.P.
	Cayman Islands

	Hamilton Lane Securities, LLC
	Delaware

	Hamilton Lane SF2 AIV-A Inc.
	Delaware

	Hamilton Lane SF2 AIV-A LP
	Delaware

	Hamilton Lane SF2 GP Nominee  Holdco Inc.
	Delaware

	Hamilton Lane SF2 Offshore AIV-A LP
	Cayman Islands

	Hamilton Lane SMID Fund, L.P.
	Delaware

	Hamilton Lane SOMPO Investments Ltd.
	Cayman Islands

	Hamilton Lane SPV GP LLC
	Delaware

	Hamilton Lane Strategic Opportunities 2015 Fund LP
	Delaware

	Hamilton Lane Strategic Opportunities 2015  GP LLC
	Delaware

	Hamilton Lane Strategic Opportunities 2015 Offshore Fund LP
	Cayman Islands

	Hamilton Lane Strategic Opportunities 2016 Fund LP
	Delaware

	Hamilton Lane Strategic Opportunities 2016  GP LLC
	Delaware

	Hamilton Lane Strategic Opportunities 2016 Offshore Fund LP
	Cayman Islands

	Hamilton Lane Strategic Opportunities 2017 Fund  Holdings LP
	Delaware

	Hamilton Lane Strategic Opportunities 2017 Fund LP
	Delaware

	Hamilton Lane Strategic Opportunities 2017 Fund PH DE Blocker LP
	Delaware

	Hamilton Lane Strategic Opportunities 2017  Fund S.C.S.
	Luxembourg

	Hamilton Lane Strategic Opportunities 2017  GP LLC
	Delaware

	Hamilton Lane Strategic Opportunities 2017 GP  S.à r.l.
	Luxembourg

	Hamilton Lane Strategic Opportunities 2017 Offshore Fund LP
	Cayman Islands

	Hamilton Lane Venture Capital Fund GP, LLC
	Delaware

	Hamilton Lane Venture Capital Fund LP, Series 2009
	Delaware

	Hamilton Lane Venture Capital Fund LP, Series 2010
	Delaware

	Hamilton Lane Venture Capital Fund LP, Series 2011
	Delaware

LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
USActive 37186022.14

	
		
	Hamilton Lane Venture Capital Fund LP, Series 2012
	Delaware

	Hamilton Lane Venture Capital Fund LP, Series 2013
	Delaware

	Hamilton Lane Venture Capital Fund LP, Series 2014
	Delaware

	Hamilton Lane Venture Capital Fund LP, Series 2015
	Delaware

	Hamilton Lane Venture Capital Fund LP, Series 2016
	Delaware

	Hamilton Lane Venture Capital Fund LP, Series 2017
	Delaware

	Hamilton Lane Venture Capital Fund LP, Series CL
	Delaware

	Hamilton Lane Venture Capital Offshore Fund LP, Series 2009
	Cayman Islands

	Hamilton Lane Venture Capital Offshore Fund LP, Series 2010
	Cayman Islands

	Hamilton Lane Venture Capital Offshore Fund LP, Series 2011
	Cayman Islands

	Hamilton Lane Venture Capital Offshore Fund LP, Series 2012
	Cayman Islands

	Hamilton Lane Venture Capital Offshore Fund LP, Series 2013
	Cayman Islands

	Hamilton Lane Venture Capital Offshore Fund LP, Series 2014
	Cayman Islands

	Hamilton Lane Venture Capital Offshore Fund LP, Series 2015
	Cayman Islands

	Hamilton Lane Venture Capital Offshore Fund LP, Series 2016
	Cayman Islands

	Hamilton Lane Venture Capital Offshore Fund LP, Series 2017
	Cayman Islands

	Hamilton Lane Venture Capital Offshore Fund LP, Series CL
	Cayman Islands

	Hamilton Lane/BNP CI AIV-A UK LP
	United Kingdom

	Hamilton Lane/BNP CI AIV-B UK LP
	United Kingdom

	Hamilton Lane/BNP CI AIV-C UK LP
	United Kingdom

	Hamilton Lane/BNP Co-Investment Vehicle  UK LP
	United Kingdom

	Hamilton Lane/BNP Co-Investment Fund GenPar  GP LLC
	Delaware

	Hamilton Lane/BNP Co-Investment Fund  GP LP
	Delaware

	Hamilton Lane-Carpenters Partnership Fund II L.P
	Delaware

	Hamilton Lane-Carpenters Partnership Fund  III L.P.
	Delaware

	Hamilton Lane-Carpenters Partnership Fund  IV L.P.
	Delaware

	Hamilton Lane-Carpenters Partnership  Fund, L.P.
	Delaware

	HL Account Management LLC
	Delaware

	HL Amitim GP LLC
	Delaware

	HL Amitim US LP
	Delaware

	HL AP7 Manager LLC
	Delaware

	HL/BNP Co-Investment Vehicle UK GP LLP
	United Kingdom

	HL Capital Opportunities GP LLC
	Delaware

	HL EMD LLC
	Delaware

	HL European Partners GP S.à r.l.
	Luxembourg

	HL Evergreen Secondary Fund GP LLC
	Delaware

	HL Florida Growth LLC
	Delaware

	HL General Partner V Limited
	Pennsylvania

	HL Global SMID GP LLC
	Delaware

	HL Golden State, LLC
	Delaware

	HL International Clal DE  Blocker LP
	Delaware

	HL International Clal Feeder LP
	Cayman Islands

	HL International Clal SMID Feeder LP
	Cayman Islands

	HL International Investors (Series H1  Feeder) LP
	Cayman Islands

	HL International Investors (Series H1  Feeder-A) LLC
	Delaware

	HL International Investors (Series H2  Feeder LP
	Cayman Islands

	HL International Investors (Series I  Feeder) LP
	Cayman Islands

	HL International Investors GP LLC
	Delaware

	HL International Investors LP
	Delaware

	HL International Investors LP, Secondary  Opportunities Series
	Delaware

	HL International Investors LP,  Series A
	Delaware

	HL International Investors LP, Series B
	Delaware

	HL International Investors LP, Series C
	Delaware

	HL International Investors LP,  Series D
	Delaware

	HL International Investors LP,  Series E
	Delaware

	HL International Investors LP,  Series F
	Delaware

	HL International Investors LP, Series G
	Delaware

	HL International Investors LP,  Series H
	Delaware

	HL International Investors LP,  Series H1
	Delaware

	HL International Investors LP,  Series H2
	Delaware

	HL International Investors LP,  Series H3
	Delaware

	HL International Investors LP,  Series I
	Delaware

	HL International Investors LP,  Series J
	Delaware

	HL International Investors LP,  Series K
	Delaware

LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
USActive 37186022.14

	
		
	HL International Investors LP,  Series L
	Delaware

	HL International Investors LP,  Series M
	Delaware

	HL International Investors LP,  Series N
	Delaware

	HL International Investors LP,  Series O
	Delaware

	HL International Investors LP,  Series P
	Delaware

	HL Large Buyout Club Fund GP S.à.r.l.
	 

	HL Large Club Buyout Fund SCS
	Luxembourg

	HL Large Club Buyout Fund SCS
	Luxembourg

	HL Management Investors, LLC
	Delaware

	HL Market Street GP LLC
	Delaware

	HL Miras Secondary Fund LP
	Cayman Islands

	HL Multi Co-Invest S.à r.l.
	Luxembourg

	HL MVPE16 GP LLC
	Delaware

	HL Nevada Fund Manager, LLC
	Delaware

	HL Newco 1 Cayman Fund LP
	Cayman Islands

	HL Newco 1 GP LLC
	Delaware

	HL Newco 3 Fund LP
	Delaware

	HL Newco 3 GP LLC
	Delaware

	HL Newco 4 GP LLC
	Delaware

	HL NM Fund I GP LLC
	Delaware

	HL NPS Co-Investment Fund III Cayman  Blocker LP
	Cayman Islands

	HL NPS Co-Investment Fund LP
	Delaware

	HL NPS Co-Investment GP LLC
	Delaware

	HL NPS Co-Investment Master  Fund LP
	Delaware

	HL Offshore Holdings GP, LLC
	Delaware

	HL Offshore Holdings, LP
	Cayman Islands

	HL Parallel Investors Cayman Blocker (Series  HA) LP
	Cayman Islands

	HL Parallel Investors Cayman Blocker (Series  PN) LP
	Cayman Islands

	HL Parallel Investors Cayman Blocker (Series  RD) LP
	Cayman Islands

	HL Parallel Investors Cayman Blocker (Series VR) LP
	Cayman Islands

	HL Parallel Investors Delaware Blocker (Series HA) LP
	Delaware

	HL Parallel Investors Delaware Blocker (Series  PN) LP
	Delaware

	HL Parallel Investors Delaware Blocker (Series RD) LP
	Delaware

	HL Parallel Investors Delaware Blocker (Series VR) LP
	Delaware

	HL PE Fund for the Benefit of MCG Clients GP LLC
	Delaware

	HL PMOF GP LLC
	Delaware

	HL Reformation GP LLC
	Delaware

	HL Second Stockholm GP LLC
	Delaware

	HL Secondary Investment SPV-10 Wolf LP
	Delaware

	HL Secondary Investment SPV-5 L.P.
	Delaware

	HL Secondary Investment SPV-6 L.P.
	Delaware

	HL Secondary Investment SPV-6A L.P.
	Delaware

	HL Secondary Investment SPV-7 L.P.
	Delaware

	HL Secondary Investment SPV-8 L.P.
	Delaware

	HL Secondary Investment SPV-9 L.P.
	Delaware

	HL SIHL-2 LLC
	Delaware

	HL SMID GP LLC
	Delaware

	HL Technology Services LLC
	Delaware

	HL Wyoming Nowood Fund GP, LLC
	Delaware

	HLA Carpenters II, LLC
	Delaware

	HLA Carpenters III, LLC
	Delaware

	HLA Carpenters IV, LLC
	Delaware

	HLA Carpenters, LLC
	Pennsylvania

	HLSA Holdings II, LLC
	Delaware

	HLSA Holdings, LLC
	Delaware

	HLSF IV Holdings LP
	Delaware

	HLSF IV-A Blocker (Cayman) LP
	Cayman Islands

	HLSF IV-A Blocker (DE) LP, Series 1
	Delaware

	HLSF IV-B Blocker (Cayman) LP
	Cayman Islands

	HLSF IV-B Blocker (DE) LP, Series 1
	Delaware

	HLSF IV-C Blocker (DE) LP
	Delaware

	HLSF IV-EU Blocker (Cayman) LP
	Cayman Islands

	HLSF IV-EU GP LLP
	United Kingdom

	HLSF Silver Cup, LP
	Cayman Islands

LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
USActive 37186022.14

	
		
	HLSK, LLC
	Delaware

	HLSP Investment Management II Limited
	Guernsey

	HLSP Investment Management III Limited
	Guernsey

	HLSP Investment Management L.L.C.
	Colorado

	HLUS Holdings LLC
	Delaware

	Hudson River Co-Investment Fund II, L.P.
	Delaware

	Hudson River Co-Investment Fund III, L.P.
	Delaware

	Hudson River Co-Investment Fund, L.P.
	Delaware

	JATI GP LLC
	Delaware

	JATI Private Equity Fund II, LP
	Cayman Islands

	JATI Private Equity Fund, LP
	Cayman Islands

	KAY-Hamilton Lane GP LLC
	Delaware

	KAY-Hamilton Lane LP
	Cayman Islands

	MVPE16 PH DE Blocker LP
	Delaware

	New York Credit Co-Investment Fund GP II LLC
	Delaware

	New York Credit Co-Investment Fund GP LLC
	Delaware

	New York Credit Co-Investment Fund II L.P.
	Delaware

	New York Credit Co-Investment Fund L.P.
	Delaware

	New York Credit SBIC Fund GP LLC
	Delaware

	New York Credit SBIC Fund L.P.
	Delaware

	NJHL European Buyout Investment Fund L.P.
	Delaware

	NJHL Investments GP LLC
	Delaware

	NS Private Equity Fund, LP
	Cayman Islands

	NS Private Equity GP LLC
	Delaware

	Private Market Connect LLC
	Delaware

	Reformation Private Fund GP LLC
	Delaware

	Reformation Private Fund LP
	Cayman Islands

	Second Stockholm Global Private Equity L.P.
	Delaware

	Secondary Investment SPV-1 GP LLC
	Delaware

	Secondary Investment SPV-1, L.P.
	Delaware

	Secondary Investment SPV-2 GP LLC
	Delaware

	Secondary Investment SPV-2 L.P.
	Delaware

	Secondary Investment SPV-3 GP LLC
	Delaware

	Secondary Investment SPV-3 L.P.
	Delaware

	Secondary Investment SPV-4 GP LLC
	Delaware

	Secondary Investment SPV-4 LP
	Delaware

	Silver State Opportunities Fund, LLC
	Nevada

	SR HL PE 1 GP LLC
	Delaware

	SRE HL PE 1 (Master) LP
	Delaware

	SRE HL PE 1 LP
	Cayman Islands

	SREH HL PE 1 (Master) LP
	Delaware

	SREH HL PE 1 LP
	Cayman Islands

	SRZ HL PE 1 (Master) LP
	Delaware

	SRZ HL PE 1 LP
	Cayman Islands

	Tarragon GP, LLC
	Delaware

	Tarragon LP
	Cayman Islands

	Tarragon Master Fund LP
	Delaware

	The Hudson River Fund II, LP
	Delaware

	The Hudson River Fund L.P.
	Delaware

	The Markaz/Hamilton Lane Technology Fund, LP
	Guernsey

	Third Stockholm Global Private  Equity L.P.
	Delaware

	Wyoming Nowood Fund, LP
	Delaware

LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
USActive 37186022.14

Schedule I to Term Loan and Security Agreement
The name of Borrower is (attach a copy of the formation documents): Hamilton Lane Advisors, L.L.C.
Borrower’s State of formation:  Pennsylvania
Borrower has operated under only the following other names (if none, so state):  
None    
Borrower has deposit accounts and/or investment accounts located only at the following institutions:
Please see attached.    
List Acct. Numbers:  Please see attached.    
Liens existing on the Effective Date and disclosed to and accepted by Lender in writing:
None    
    
    
Investments existing on the Effective Date and disclosed to and accepted by Lender in writing:
Ipreo (iLevel), Deal Cloud, Bison, Black Mountain Systems, and Private Market Connect    
    
    
Indebtedness on the Effective Date and disclosed to and consented to by Lender in writing:

Morgan Stanley senior secured term loan principal amount outstanding - $85,450,000    
    
    
Borrower is not subject to litigation which would have a material adverse effect on the Borrower’s financial condition, except the following (attach additional comments, if needed):
 None    
    
    
Tax ID Number 23-2962336
Organizational Number, if any:  2816405                    

1
LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
 USActive 37186022.14

Schedule II to Term Loan and Security Agreement

	
		
	Payment Date
	Percentage of aggregate Term Advances to be paid

	November 1, 2017
	0.625%

	February 1, 2018
	0.625%

	May 1, 2018
	0.625%

	August 1, 2018
	0.625%

	November 1, 2018
	1.25%

	February 1, 2019
	1.25%

	May 1, 2019
	1.25%

	August 1, 2019
	1.25%

	November 1, 2019
	2.5%

	February 1, 2020
	2.5%

	May 1, 2020
	2.5%

	August 1, 2020
	2.5%

	November 1, 2020
	4.375%

	February 1, 2021
	4.375%

	May 1, 2021
	4.375%

	August 1, 2021
	4.375%

	November 1, 2021
	4.375%

	February 1, 2022
	4.375%

	May 1, 2022
	4.375%

	August 1, 2022
	4.375%

	November 1, 2022
	5.625%

	February 1, 2023
	5.625%

	May 1, 2023
	5.625%

	August 1, 2023
	5.625%

1
LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
 USActive 37186022.14

	
		
	November 1, 2023
	6.25%

	February 1, 2024
	6.25%

	May 1, 2024
	6.25%

	August 1, 2024
	6.25%

2
LOAN NO.:  21-595099-3 /  AFS No.:  0210690058
 
USActive 37186022.14

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