Document:

Exhibit 10.5

   

  BARINGS PRIVATE
      CREDIT CORPORATION

   

  DIVIDEND REINVESTMENT PLAN

   

  Barings
    Private Credit Corporation, a Maryland corporation (the “Corporation”), hereby adopts the following plan (the “Plan”)
    with respect to dividends and distributions declared by its Board of Directors (the “Board of Directors”) on shares
    of its common stock, par value $0.001 per share (the “Common Stock”):

   

  1. Unless
    a stockholder specifically elects to receive cash as set forth below, all cash dividends and distributions hereafter declared by
    the Board of Directors shall be payable in shares of the Common Stock of the Corporation, and no action shall be required on such
    stockholder’s part to receive a distribution in stock.

   

  2. Such
    cash dividends and distributions shall be payable on such date or dates as may be fixed from time to time by the Board of Directors
    to stockholders of record at the close of business on the record date(s) established by the Board of Directors for the dividend and/or distribution
    involved.

   

  3. The
    Corporation intends to use newly-issued shares of its Common Stock to implement the Plan. The number of shares to be issued to
    a stockholder shall be determined by dividing the total dollar amount of the distribution payable to such stockholder by the net
    asset value per share of the Common Stock, as of the last day of the Corporation’s fiscal quarter immediately preceding the
    date such distribution was declared.

   

  4. A
    stockholder may, however, elect to receive his, her or its dividends and distributions in cash. To exercise this option, such stockholder
    shall notify the Corporation’s investor relations department at 1-888-401-1088 or bdcinvestorrelations@barings.com to request
    a change form. Such change form must be received by State Street Bank and Trust Company, the plan administrator (the “Plan
    Administrator”), no later than 10 business days prior to the distribution date fixed by the Board of Directors for such dividend.
    If such change form is received by the Plan Administrator less than 10 business days prior to the distribution date fixed by the
    Board of Directors for such dividend, then that dividend will be reinvested pursuant to the terms of the Plan and any subsequent
    dividends will be paid in cash.

   

  5. The
    Plan Administrator will set up an account for shares acquired pursuant to the Plan for each stockholder who has not so elected
    to receive dividends and distributions in cash (each a “Participant”). The Plan Administrator may hold each Participant’s
    shares, together with the shares of other Participants, in non-certificated form in the Plan Administrator’s name or that
    of its nominee.

   

  6. Those
    Stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their
    broker or other financial intermediary of their election so long as their broker or other financial intermediary notifies the Plan
    Administrator of the same by submitting the change form.

   

  7. The
    Plan Administrator will confirm to each Participant each acquisition made pursuant to the Plan as soon as practicable after the
    date of each acquisition. Each Participant may from time to time have an undivided fractional interest (computed to three decimal
    places) in a share of Common Stock of the Corporation, and such fractional shares will be credited to each Participant’s
    account. In the event of termination of a Participant’s account under the Plan, the Plan Administrator will adjust for any
    such undivided fractional interest in cash at the value of the Corporation’s shares as determined in accordance with Section 3
    hereof at the time of termination.

   

  8. In
    the event that the Corporation makes available to its stockholders rights to purchase additional shares or other securities, the
    shares held by the Plan Administrator for each Participant under the Plan will be added to any other shares held by the Participant
    in calculating the number of rights to be issued to the Participant.

   

  9. The
    Plan Administrator’s service fee, if any, for purchases made pursuant to the Plan, and expenses for administering the Plan
    will be paid for by the Corporation.

   

  
     

    
      

    

  

   

  10. Each
    Participant may terminate his, her or its account under the Plan by requesting a change form from the Corporation’s investor
    relations department at 1-888-401-1088 or bdcinvestorrelations@barings.com. Such termination will be effective immediately upon
    receipt by the Plan Administrator. The Plan may be terminated by the Corporation upon notice in writing mailed to each Participant
    at least 30 days prior to any record date for the payment of any dividend or distribution by the Corporation. Upon any termination,
    the Plan Administrator will cause whole shares of Common Stock of the Corporation held for the Participant under the Plan to be
    credited to the Participant in book-entry form with the Corporation’s transfer agent and a cash adjustment for any fractional
    shares to be paid to the Participant (the value of which will be calculated using the value of the Corporation’s shares determined
    in accordance with Section 3 hereof).

   

  11. Any
    shares issued in connection with a stock dividend or stock split declared by the Corporation will be added to the Participant’s
    account with the Plan Administrator. Transaction processing may be curtailed or suspended until the completion of such stock split
    or payment of such stock dividend.

   

  12. These
    terms and conditions may be amended or supplemented by the Corporation at any time but, except when necessary or appropriate to
    comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority,
    only by mailing to each Participant appropriate written notice at least 30 days prior to the effective date thereof. The amendment
    or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Administrator
    receives written notice of the termination of his, her or its account under the Plan. Any such amendment may include an appointment
    by the Plan Administrator in its place and stead of a successor agent under these terms and conditions, with full power and authority
    to perform all or any of the acts to be performed by the Plan Administrator under these terms and conditions. Upon any such appointment
    of any agent for the purpose of receiving dividends and distributions, the Corporation will be authorized to pay to such successor
    agent, for each Participant’s account, all dividends and distributions payable on shares of the Corporation held in the Participant’s
    name or under the Plan for retention or application by such successor agent as provided in these terms and conditions.

   

  13. The
    Plan Administrator will at all times act in good faith for all purchases and sales and will use its commercially reasonable best
    efforts to ensure its full and timely performance of all services to be performed by it under this Plan and to comply with applicable
    law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the
    Plan Administrator’s gross negligence, bad faith, or willful misconduct or that of its employees or agents.

   

  14. These
    terms and conditions shall be governed by the laws of the State of New York, including without limitation, Section 5-1401 of
    the New York General Obligations Law.

   

  Dated [●], 2021Exhibit 10.6

   

  FORM OF
    INDEMNIFICATION AGREEMENT

   

  THIS INDEMNIFICATION
    AGREEMENT (this “Agreement”) is made and entered into effective as of [●], 20[●] (the “Effective
    Date”), by and between Barings Private Credit Corporation, a Maryland corporation (collectively, with its affiliates and
    subsidiaries, the “Company”), and ______________ (“Indemnitee”).

   

  WHEREAS, at the request
    of the Company, Indemnitee currently serves as [a director][an officer] of the Company and may, therefore, be subjected to claims,
    suits or proceedings arising as a result of [his][her] service as [a director][an officer] of the Company;

   

  WHEREAS, as an inducement
    to Indemnitee [to continue] to serve as [a director][an officer] of the Company, the Company has agreed to indemnify and to advance
    expenses and costs incurred by Indemnitee in connection with any claims, suits or proceedings, to the maximum extent permitted
    by law;

   

  WHEREAS, the parties
    by this Agreement desire to set forth their agreement regarding indemnification and advancement of expenses; and

   

  WHEREAS, Indemnitee
    is relying upon the rights afforded under this Agreement in continuing to serve as [a director][an officer] of the Company.

   

  NOW, THEREFORE, in
    consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

   

  1.            Definitions. For purposes of this Agreement:

   

  a.             “Adjudged” shall mean adjudged finally by a court or
    arbitral or other authority of competent jurisdiction.

   

  b.           
    “Change in Control” means a change in control of the
      Company occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule
      14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange
      Act of 1934, as amended (the “Exchange Act”), whether or not the Company is then subject to such reporting requirement;
      provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective
      Date (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial
      owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
      50% or more of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in
      the election of directors without the prior approval of at least two-thirds of the members of the Board of Directors in office
      immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation,
      sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of
      Directors then in office, as a consequence of which members of the Board of Directors in office immediately prior to such transaction
      or event constitute less than a majority of the Board of Directors thereafter; (iii) at any time, a majority of the members of
      the Board of Directors are not comprised of (A) individuals who were directors as of the Effective Date and/or (B) individuals
      whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by the affirmative
      vote of at least two-thirds of the directors then in office who were directors as of the Effective Date or whose election or nomination
      for election was previously so approved; or (iv) the Company retains or engages an external investment adviser to manage its assets
      and business.

  
     

    
      

    

  

  c.            
    “Corporate Status” means the status of a person as a present or former director, officer, employee or agent
    of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other
    foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise
    that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the
    circumstances in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be at
    the request of the Company: (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member,
    fiduciary, employee or agent of any foreign or domestic corporation, partnership, limited liability company, joint venture, trust,
    employee benefit plan or other enterprise (A) of which a majority of the voting power or equity interest is or was owned directly
    or indirectly by the Company, or (B) the management of which is controlled directly or indirectly by the Company; or (ii) if, as
    a result of Indemnitee’s service to the Company, Indemnitee is subject to duties by, or required to perform services for,
    an employee benefit plan or its participants or beneficiaries, including as a deemed fiduciary thereof.

   

  d.           
    “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in
    respect of which indemnification and/or advancement of Expenses is sought by Indemnitee.

   

  e.            
    “Effective Date” has the meaning set forth in the first paragraph of this Agreement.

   

  f.            
    “Enterprise” shall mean (i) the Company and (ii) any other corporation, partnership, limited
    liability company, joint venture, trust, employee benefit plan or other enterprise which is an affiliate or wholly or partially
    owned subsidiary of the Company and of which the Indemnitee is or was serving as a director, trustee, general partner, managing
    member, officer, employee, agent or fiduciary; and (iii) any other corporation, partnership, limited liability company, joint
    venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company.

   

  g.           
    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

   

  h.           
    “Expenses” means any and all disbursements or expenses incurred by Indemnitee in connection with prosecuting,
    defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in
    a Proceeding, including, without limitation, reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs,
    arbitration and mediation costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing
    and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee
    as a result of the actual or deemed receipt of any payments under this Agreement and any ERISA excise taxes and penalties. Expenses
    shall also include (i) expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation,
    the premium for, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or its equivalent,
    (ii) expenses incurred in connection with recovery under any directors’ and officers’ liability insurance policies
    maintained by the Company, and (iii) expenses incurred by Indemnitee in establishing or enforcing [his][her] right to indemnification
    or reimbursement under this Agreement.

  
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  i.             
    “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation
    law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material
    to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under
    similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim
    for indemnification or advancement of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
    shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
    of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

   

  j.            
    “Jointly Indemnifiable Claims” shall mean any Proceeding for which the Indemnitee shall be entitled to indemnification,
    advancement of expenses or insurance from (i) the Company and/or any Enterprise pursuant to this Agreement, the charter or Bylaws
    or other governing documents of the Company or any Enterprise, any agreement or a resolution of the stockholders of the Company
    entitled to vote generally in the election of directors or of the Board of Directors, or otherwise, on the one hand, and (ii) any
    Third-Party Indemnitor pursuant to any agreement between any Third-Party Indemnitor and the Indemnitee pursuant to which the Indemnitee
    is indemnified, the laws of the jurisdiction of incorporation or organization of any Third-Party Indemnitor and/or the certificate
    of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate
    of limited partnership or other organizational or governing documents of any Third-Party Indemnitor, on the other hand.

   

  k.            
    “Proceeding” means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute
    resolution mechanism, investigation, inquiry, administrative hearing, claim, demand or discovery request or any other actual, threatened
    or completed proceeding, whether brought by or in the right of the Company or otherwise and whether of a civil (including intentional
    or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom.
    If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation
    shall also be considered a Proceeding. The term “Proceeding” shall be broadly construed and shall include, without
    limitation, the investigation, preparation, defense, settlement, arbitration or appeal of, and the giving of testimony in or related
    to, any threatened, pending or completed claim, action, suit or other proceeding, whether of a civil, criminal, administrative
    or investigative nature.

  
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  l.            
    “Third-Party Indemnitor” means any person or entity that has or may in the future provide to the Indemnitee
    any indemnification, exoneration, hold harmless or Expense advancement rights and/or insurance benefits other than (i) the Company,
    (ii) any Enterprise and (iii) any entity or entities through which the Company maintains liability insurance applicable to the
    Indemnitee.

   

  2.            Services by Indemnitee. The Company
    expressly confirms and agrees that it has entered into this Agreement and assumed
    the obligations imposed on it hereby in order to induce the Indemnitee to [continue to] serve as [a director/an officer] of the
    Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in [continuing to serve/serving] in such capacity.
    However, this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s
    service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.
    This Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

   

  3.            Indemnification. The Company shall indemnify
    and hold harmless, and advance Expenses to, Indemnitee (a) as provided
    in this Agreement and (b) otherwise to the maximum extent not prohibited by (and not merely to the extent affirmatively permitted
    by) Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in Maryland
    law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the
    Effective Date. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in
    the other sections of this Agreement, including any additional indemnification permitted by the charter or bylaws of the Company
    or Section 2-418(b) of the Maryland General Corporation Law (the “MGCL”).

   

  4.            Standard for Indemnification. If, by reason
    of Indemnitee’s Corporate Status, Indemnitee is, or is threatened
    to be, made a party to any Proceeding, the Company shall indemnify and hold harmless Indemnitee against all judgments, penalties,
    fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf
    in connection with any such Proceeding unless (and only to the extent) it is ultimately Adjudged that (i) the act or omission of
    Indemnitee was material to the matter giving rise to the Proceeding and (A) was committed in bad faith or (B) was the result of
    active and deliberate dishonesty; (ii) Indemnitee actually received an improper personal benefit in money, property or services;
    or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that [his][her] conduct was unlawful.

   

  5.            Certain Limitations. Indemnitee shall not be
    entitled to:

   

  a.           
    indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is Adjudged to be liable
    to the Company;

   

  b.           
    indemnification hereunder if Indemnitee is Adjudged to be liable on the basis that personal benefit was improperly received
    in any Proceeding charging improper personal benefit to Indemnitee; or

  
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  c.           
    indemnification or advancement of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding
    was brought to establish or enforce indemnification rights under this Agreement, and then only to the extent in accordance with
    and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter or bylaws, a resolution of the stockholders
    entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors
    to which the Company is a party, expressly provides otherwise.

   

  6.            Court-Ordered Indemnification.
    Notwithstanding any other provision of this Agreement (other than Section 16), a court
    of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification
    of Indemnitee by the Company in the following circumstances:

   

  a.            
    if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall
    order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

   

  b.           
    if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant
    circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii)
    has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such
    indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the
    Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be
    limited to Expenses.

   

  7.            Partial Success. In addition to any other
    right to indemnification under any provision of this Agreement, and without
    limiting any such provision, if Indemnitee is not wholly successful in a Proceeding but is successful, on the merits or otherwise,
    as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under
    this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with
    each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section
    7, and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice,
    shall be deemed to be a successful result as to such claim, issue or matter. For the avoidance of doubt, in the event that Indemnitee
    is not wholly successful and is Adjudged liable, the Company shall indemnify Indemnitee to the maximum extent not prohibited by
    (and not merely to the extent affirmatively permitted by) Maryland law and as permitted by Sections 3, 4 5 and 6 of this Agreement.

   

  8.            Advancement of Expenses. If Indemnitee was,
    is, or is threatened to be, made a party to (or otherwise becomes a participant
    in) any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement
    to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with such Proceeding.
    Such advance or advances shall be made within fifteen (15) days after the receipt by the Company of a statement or statements requesting
    such advance or advances from time to time, whether prior to or after final disposition of such Proceeding, and may be in the form
    of, in the reasonable discretion of Indemnitee (but without duplication): (i) payment of such Expenses directly to third parties
    on behalf of Indemnitee; (ii) advancement to Indemnitee of funds in an amount sufficient to pay such Expenses; or (iii) reimbursement
    to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably evidence the Expenses
    incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation and undertaking by or on behalf
    of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under
    applicable law as in effect at the time of the execution thereof, to reimburse the portion (if any) of any Expenses advanced to
    Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately be Adjudged by clear and convincing
    evidence, that the standard of conduct has not been met by Indemnitee and which have not been successfully resolved as described
    in Section 7 of this Agreement. For so long as the Company is subject to the Investment Company Act of 1940 (the “Investment
    Company Act”), any advancement of Expenses shall be subject to at least one of the following as a condition of the advancement:
    (a) Indemnitee shall provide appropriate security for [his][her] undertaking, (b) the Company shall be insured against losses arising
    by reason of any lawful advances or (c) a majority of a quorum of the Disinterested Directors, or Independent Counsel in a written
    report based on a review of readily available facts, shall determine that there is no reason to believe that Indemnitee ultimately
    will be found to not be entitled to indemnification. To the extent that Expenses advanced to Indemnitee do not relate to a specific
    claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking
    required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without
    reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security
    therefor.

  
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  9.            Indemnitee as Witness or Other Participant.
    Notwithstanding any other provision of this Agreement, to the extent
    that Indemnitee was, is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate
    in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall
    be advanced all reasonable Expenses and indemnified and held harmless against all Expenses actually and reasonably incurred by
    Indemnitee or on Indemnitee’s behalf in connection therewith within fifteen (15) days after the receipt by the Company of
    a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition
    of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. In connection with
    any such advancement of Expenses, the Company may require Indemnitee to provide a written affirmation and undertaking substantially
    in the form attached hereto as Exhibit A.

   

  10.          Procedure for Determination of Entitlement to
      Indemnification.

   

  a.            
    To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein
    or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate
    to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests
    from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the
    Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the
    Board of Directors of the Company that Indemnitee has requested indemnification by the Company.

  
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  b.           
    Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by
    applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change
    in Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be
    delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Directors in accordance
    with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control shall
    not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors or, if such
    a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Directors consisting solely
    of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance with
    Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, by
    Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if
    so directed by at least a majority of the members of the Board of Directors, the stockholders of the Company. If it is so determined
    that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within fifteen (15) days after such determination.
    Indemnitee shall cooperate with the Company (including Independent Counsel selected by the Company) in making such determination
    with respect to Indemnitee’s entitlement to indemnification, including providing to the Company, upon reasonable advance
    written request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
    available to Indemnitee and reasonably necessary or appropriate to such determination in the discretion of the Board of Directors
    or Independent Counsel, as applicable; provided, however Indemnitee shall not be required to waive any applicable privilege or
    work product protection. Any Expenses incurred by Indemnitee in so cooperating with the Company or Independent Counsel shall be
    borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company
    shall indemnify and hold Indemnitee harmless therefrom.

   

  c.            
    The Company agrees to pay the reasonable fees and expenses of any Independent Counsel and to fully indemnify such counsel
    against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant
    hereto. In no event shall the Indemnitee be required or requested to pay any such fees or expenses or to provide any such indemnification.

   

  11.         
    Presumptions and Effect of Certain Proceedings.

   

  a.           
    In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making
    such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted
    a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden to overcome
    that presumption in connection with the making of any determination contrary to that presumption.

   

  b.           
    The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction,
    upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption
    that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

  
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  c.           
    The knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the Company or any
    other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic
    corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not
    be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement.

   

  d.           
    For purposes of any determination as to Indemnitee’s entitlement to indemnification, Indemnitee shall be presumed
    to have met the standard of conduct for indemnification if, among other things and without limitation, Indemnitee relied on any
    information, opinion, report or statement, including any financial statement or other financial data or the records or books of
    account of the Company or any Enterprise, prepared or presented by an officer or employee of the Company or any Enterprise whom
    Indemnitee reasonably believed to be reliable and competent in the matters presented, by a lawyer, certified public accountant,
    appraiser or other person, as to a matter which Indemnitee reasonably believed to be within the person’s professional or
    expert competence, or, if Indemnitee was serving on the Board of Directors of the Company or as a member of any similar body of
    any Enterprise, by a committee of the Board of Directors or such other body on which Indemnitee does not serve, as to a matter
    within its designated authority, if Indemnitee reasonably believes the committee to merit confidence. The provisions of this Section
    11(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee met, or be presumed
    to have met, the applicable standard of conduct set forth in this Agreement.

   

  e.           
    For purposes of this Agreement, Indemnitee shall be considered to have been wholly successful with respect to any Proceeding
    if such Proceeding is disposed of, on the merits or otherwise (including a disposition without prejudice), without (i) the disposition
    being adverse to Indemnitee, (ii) it being Adjudged that Indemnitee was liable to the Company, (iii) a plea of guilty by Indemnitee,
    (iv) it being Adjudged that an act or omission of Indemnitee was material to the matter giving rise to the Proceeding and was (A)
    committed in bad faith or (B) the result of Indemnitee’s active and deliberate dishonesty, (v) it being Adjudged that Indemnitee
    actually received an improper personal benefit in money, property or services or (vi) with respect to any criminal proceeding,
    it being Adjudged that Indemnitee had reasonable cause to believe the act or omission was unlawful.

   

  12.          Remedies of Indemnitee.

   

  a.             If (i) a determination is made pursuant to Section
    10(b) of this Agreement that Indemnitee is not entitled to indemnification
    under this Agreement; (ii) advancement of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement; (iii) no determination
    of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within sixty (60) days after
    receipt by the Company of the request for indemnification; (iv) payment of indemnification is not made pursuant to Sections 7 or
    9 of this Agreement within fifteen (15) days after receipt by the Company of a written request therefor; or (v) payment of indemnification
    pursuant to any other section of this Agreement or the charter or bylaws of the Company is not made within fifteen (15) days after
    a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in
    an appropriate court located in the State of Maryland or in any other court of competent jurisdiction, with regard to Indemnitee’s
    entitlement to indemnification or advancement of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an
    award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration
    Association. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within one hundred eighty
    (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a);
    provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce [his][her] rights
    under Section 7 of this Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts
    of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication
    or award in arbitration.

  
    8 

    
      

    

  

  b.             In any judicial proceeding or arbitration commenced
    pursuant to this Section 12, Indemnitee shall be presumed to be entitled
    to indemnification or advancement of Expenses, as the case may be, under this Agreement and the Company shall have the burden of
    proving that Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. If Indemnitee commences
    a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for
    any advances pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement
    to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not
    prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12
    that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court
    or before any such arbitrator that the Company is bound by all of the provisions of this Agreement.

   

  c.             If a determination shall have been made pursuant to
    Section 10(b) of this Agreement that Indemnitee is entitled to indemnification,
    the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12,
    absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
    statement not materially misleading, in connection with the request for indemnification that was not disclosed in connection with
    the determination.

   

  d.             In the event that Indemnitee, pursuant to this
    Section 12, seeks a judicial adjudication of or an award in arbitration to
    enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to advancement
    from the Company, and shall be indemnified and held harmless by the Company for, any and all Expenses actually and reasonably incurred
    by [him][her] in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration
    that Indemnitee is entitled to receive part but not all of the indemnification or advancement of Expenses sought, the Expenses
    incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

   

  e.             Interest shall be paid by the Company to Indemnitee
    at the maximum rate allowed to be charged for judgments under the Courts
    and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for
    the period (i) commencing with either the 10th day after the date on which the Company was requested to advance
    Expenses in accordance with Sections 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested
    to make the determination of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) ending
    on the date such payment is made to Indemnitee by the Company.

  
    9 

    
      

    

  

  13.         
    Defense of Underlying Proceeding.

   

  a.            
    Indemnitee shall notify the Company promptly in writing upon being served with or receiving any summons, citation, subpoena,
    complaint, indictment, notice, request or other document relating to any Proceeding which may result in the right to indemnification
    or the advancement of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a
    summary of the facts underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right,
    or otherwise affect in any manner any right of Indemnitee, to indemnification or the advancement of Expenses under this Agreement
    unless the Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially
    and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced.

   

  b.           
    Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall have
    the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder using a law firm of the Company’s
    choice, subject to the prior written approval of the Indemnitee, which shall not be unreasonably withheld; provided, however, that
    the Company shall notify Indemnitee in writing of any such decision to defend within fifteen (15) calendar days following receipt
    of notice of any such Proceeding under Section 13(a) above. Indemnitee shall have the right to retain a separate law firm in any
    such Proceeding at Indemnitee’s sole expense. The Company shall not, without the prior written consent of Indemnitee, which
    shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement
    or compromise of a claim against Indemnitee which (i) includes an admission of fault of Indemnitee; (ii) does not include, as an
    unconditional term thereof, (A) the full release with prejudice of Indemnitee from all liability in respect of such Proceeding,
    which release shall be in form and substance reasonably satisfactory to Indemnitee and (B) the complete dismissal of all claims
    against the Indemnitee with prejudice; or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee.
    This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement, a Proceeding by or
    in the right of the Company or in the case of clause (ii) of Section 13(c).

   

  c.            
    Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party, (i) Indemnitee
    reasonably concludes, based upon advice of counsel approved by the Company, which approval shall not be unreasonably withheld or
    delayed, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent
    with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon advice of counsel approved by the Company,
    which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict
    of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in
    a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject,
    except in the case of (ii) or (iii) above, to the prior approval of the Company, which approval shall not be unreasonably withheld
    or delayed, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement
    or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes
    any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall
    have the right to retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall
    not be unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent
    Indemnitee in connection with any such matter.

  
    10 

    
      

    

  

  14.          Jointly Indemnifiable Claims. Given that
    certain Jointly Indemnifiable Claims may arise, the Company acknowledges
    and agrees that the Company shall, and to the extent applicable shall cause any Enterprise to (i) be fully and primarily responsible
    for, and be the indemnitor of first resort with respect to, payment to or payment on behalf of the Indemnitee in respect of indemnification
    or advancement of Expenses in connection with any such Jointly Indemnifiable Claim, irrespective of any right of recovery the Indemnitee
    may have from the Third-Party Indemnitors, and (ii) be required to advance the full amount of Expenses incurred by the Indemnitee
    and shall be liable for the full amount of all Expenses, judgments, fines, penalties and amounts paid in settlement to the extent
    not prohibited by (and not merely to the extent affirmatively permitted by) applicable law and as required by the terms of this
    Agreement, without regard to any rights the Indemnitee may have against the Third-Party Indemnitors. Under no circumstance shall
    the Company or any Enterprise be entitled to, and the Company hereby irrevocably waives, relinquishes and releases, any claims
    against the Third-Party Indemnitors for subrogation, contribution or recovery of any kind and no right of advancement or recovery
    the Indemnitee may have from the Third-Party Indemnitors shall reduce or otherwise alter the rights of the Indemnitee or the obligations
    of the Company or any Enterprise. The Company further agrees that no advancement or payment by any Third-Party Indemnitor on behalf
    of Indemnitee with respect to any Proceeding for which Indemnitee has sought indemnification, exoneration or hold harmless rights
    from the Company shall affect the foregoing and the Third-Party Indemnitor(s) shall have a right to receive from the Company, contribution
    and/or be subrogated, to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.
    The Company and the Indemnitee agree that each of the Third-Party Indemnitors shall be third-party beneficiaries with respect to
    this Agreement entitled to enforce this Section 14 as though each such Third-Party Indemnitor were a party to this Agreement.

   

  15.          Non-Exclusivity; Survival of Rights; Subrogation.

   

  a.            
    The rights of indemnification and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of
    any other rights to which Indemnitee may at any time be entitled under (i) applicable law (including, but not limited to, the MGCL),
    (ii) the charter or bylaws of the Company, (iii) any agreement or (iv) a resolution of (A) the stockholders entitled to vote generally
    in the election of directors or (B) the Board of Directors, or otherwise. Unless consented to in writing by Indemnitee, no amendment,
    alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement
    in respect of any action taken or omitted by such Indemnitee in [his][her] Corporate Status prior to such amendment, alteration
    or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment,
    alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other
    right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing
    at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent
    assertion or employment of any other right or remedy.

  
    11 

    
      

    

  

  b.            Except as set forth in Section 14, in the event of
    any payment under this Agreement, the Company shall be subrogated to
    the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action
    necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to
    enforce such rights.

   

  16.         
    Insurance.

   

  a.            
    The Company shall purchase and maintain a policy or policies of directors and officers insurance with reputable insurance
    companies. The Company shall continue to provide such insurance coverage to Indemnitee and such insurance policies shall have coverage
    terms and policy limits at least as favorable to Indemnitee as the insurance coverage provided to any other director or officer
    of the Company. If the Company has such insurance in effect at the time it receives from Indemnitee any notice of the commencement
    of an action, suit, proceeding or other claim, the Company shall give prompt notice of the commencement of such action, suit, proceeding
    or other claim to the insurers and take such other actions in accordance with the procedures set forth in the policy as required
    or appropriate to secure coverage of Indemnitee for such action, suit, proceeding or other claim. The Company shall thereafter
    take all reasonably necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as
    a result of such action, suit, proceeding or other claim in accordance with the terms of such policy. In the event of a Change
    in Control that would result in a loss or cancellation of the Company directors’ and officers’ insurance policy or
    policies, the Company shall purchase a directors and officers “Tail” insurance policy or policies to provide coverage
    to the Company’s directors and officers for a period of six (6) years after such Change in Control, but only with respect
    to coverage for claims arising from wrongful acts, errors or omissions occurring before such Change in Control.

   

  b.           
    Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment
    by Indemnitee which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the
    amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection
    with a Proceeding over the coverage of any insurance referred to in Section 16(a). The purchase, establishment and maintenance
    of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement
    except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in
    any way limit or affect the rights or obligations of the Company under any such insurance policies. If, at the time the Company
    receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise), the
    Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the
    insurers in accordance with the procedures set forth in the respective policies.

  
    12 

    
      

    

  

  17.         
    Other Sources; Investment Company Act. Notwithstanding any other provision of this Agreement, the Company shall not
    be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder
    if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement
    or otherwise, except as otherwise provided in Section 14 to this Agreement, or (ii) for so long as the Company is subject to the
    Investment Company Act, indemnification or payment or reimbursement of Expenses would not be permissible under the Investment Company
    Act, whether pursuant to Section 17(h) of the Investment Company Act or otherwise. In addition, for so long as the Company is subject
    to the Investment Company Act of 1940, the presumptions, considerations and similar provisions set forth in Section 11(d) and (e)
    of this Agreement shall be of no force or effect to the extent inconsistent with the Investment Company Act and shall otherwise
    be construed in a manner to include any additional conditions, restrictions or references required to be contained therein by the
    Investment Company Act, including, without limitation, the disabling conduct set forth in Section 17(h) of the Investment Company
    Act.

   

  18.          
    Contribution. If the indemnification provided in this Agreement is unavailable in whole or in part and may not be
    paid to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the
    provisions of Section 5, then, with respect to any Proceeding in which the Company is jointly liable with Indemnitee (or would
    be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying
    and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether for Expenses,
    judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee
    to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time
    against Indemnitee.

   

  19.         
    Miscellaneous.

   

  a.            
    This Agreement shall be effective as of the Effective Date and may apply to acts or omissions of Indemnitee taken in or
    in connection with Indemnitee’s Corporate Status which occurred prior to such date if Indemnitee was an officer, director,
    employee or agent of the Company or was a director, trustee, officer, partner, manager, managing member, fiduciary, employee or
    agent of any Enterprise at the time such act or omission occurred.

   

  b.           
    This Agreement shall continue until and terminate on the later of: (i) the date that Indemnitee shall have ceased to serve
    as a director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member,
    fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture,
    trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company
    and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto
    and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

   

  c.            
    The indemnification and advancement of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon
    and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor
    by purchase, merger, consolidation or otherwise to all, substantially all or a substantial part, of the business and/or assets
    of the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company
    or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic
    corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such
    person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s
    spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

  
    13 

    
      

    

  

  d.           
    If, by reason of Indemnitee’s Corporate Status, Indemnitee’s spouse is made a party to any Proceeding, the Company
    shall indemnify and hold harmless Indemnitee’s spouse against all judgments, penalties, fines and amounts paid in settlement
    and all Expenses actually and reasonably incurred by Indemnitee’s spouse in connection with any such Proceeding unless
    (and only to the extent) it is ultimately Adjudged that (a) the act or omission of Indemnitee was material to the matter giving
    rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty; (b) Indemnitee
    actually received an improper personal benefit in money, property or services; or (c) in the case of any criminal Proceeding, Indemnitee
    had reasonable cause to believe that [his][her] conduct was unlawful. Further, Indemnitee’s spouse shall not be entitled
    to (x) indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is Adjudged to be liable
    to the Company; (y) indemnification hereunder if Indemnitee is Adjudged to be liable on the basis that personal benefit was improperly
    received in any Proceeding charging improper personal benefit to Indemnitee; or (z) indemnification or advancement of Expenses
    hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to establish or enforce indemnification
    rights under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement,
    or (ii) the Company’s charter or bylaws, a resolution of the stockholders entitled to vote generally in the election of directors
    or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party, expressly provides
    otherwise. The foregoing right to indemnification shall include, without limitation, any Proceeding that seeks damages recoverable
    from marital community property, jointly-owned property or property purported to have been transferred from the Indemnitee to his
    or her spouse (or former spouse); provided that Indemnitee is indemnified and held harmless for the same pursuant to this Agreement.
    The Indemnitee’s spouse or former spouse also shall be entitled to advancement of Expenses to the same extent that Indemnitee
    is entitled to advancement of Expenses herein. The Company may maintain insurance to cover its obligation hereunder with respect
    to Indemnitee’s spouse (or former spouse) or set aside assets in a trust or escrow fund for that purpose.

   

  e.            
    The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise)
    to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and
    substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same
    extent that the Company would be required to perform if no such succession had taken place.

   

  f.            
    The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
    impracticable and difficult to prove, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
    parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof,
    without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance,
    Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall
    further be entitled to such injunctive relief and/or specific performance, including temporary restraining orders, preliminary
    injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The
    Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the
    Company hereby waives any such requirement of such a bond or undertaking.

  
    14 

    
      

    

  

  g.           
    If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or otherwise unenforceable for
    any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions of this Agreement (including,
    without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to
    be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or
    impaired thereby and shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall be
    deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties
    hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion
    of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
    that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

   

  h.           
    No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties
    hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
    hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing waiver.

   

  i.            
    All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly
    given if (i) delivered by hand or overnight courier service and receipted for by the party to whom said notice, request, demand
    or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with
    postage prepaid, on the third business day after the date on which it is so mailed: (i) if to Indemnitee, to the address set forth
    on the signature page hereto; or (ii) if to the Company, to Barings Private Credit Corporation, 300 South Tryon Street, Suite 2500,
    Charlotte, NC 28202, Attn: Corporate Secretary; or to such other address as may have been furnished in writing to Indemnitee by
    the Company or to the Company by Indemnitee, as the case may be.

   

  j.             
    This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without
    regard to its conflicts of laws rules.

  
    15 

    
      

    

  

  k.            
    This Agreement may be executed in one or more counterparts (delivery of which may be in electronic format), each of which
    shall for all purposes be deemed to be an original and all of which together shall constitute one and the same Agreement. One such
    counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

   

  [Signature Page Follows]

  
    16 

    
      

    

  

  IN WITNESS WHEREOF,
    the parties hereto have executed this Agreement as of the day and year first above written:

   

  	 	BARINGS PRIVATE CREDIT CORPORATION
	 	 	 
	 	By:	    
	 	Name:	  
	 	Title:	  

   

  	 	[INDEMNITEE]
	 	 
	 	Address:
	 	 
	 	 
	 	 
	 	 

   

  
     

    
      

    

  

  EXHIBIT
    A

   

  AFFIRMATION
    AND UNDERTAKING TO REPAY EXPENSES ADVANCED

   

  		To:	The Board of Directors of Barings Private Credit Corporation

   

  		Re:	Affirmation and Undertaking

   

  Ladies and Gentlemen:

   

  This Affirmation and
    Undertaking is being provided pursuant to the Indemnification Agreement, dated as of [●], 2021, by and between Barings Private
    Credit Corporation, a Maryland corporation (the “Company”), and me as the undersigned Indemnitee (the “Indemnification
    Agreement”), pursuant to which I am entitled to advancement of Expenses in connection with [Description of Proceeding]
    (the “Proceeding”).

   

  Terms used herein and
    not otherwise defined shall have the meanings specified in the Indemnification Agreement.

   

  I am subject to the
    Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm
    my good faith belief that at all times, insofar as I was involved as [a director][an officer] of the Company, in any of the facts
    or events giving rise to the Proceeding, I (i) did not act with will misfeasance,*
    bad faith, gross negligence,* active and deliberate dishonesty or reckless disregard of duties,* (ii) did not receive any improper
    personal benefit in money, property or services and (iii) in the case of any criminal proceeding, had no reasonable cause to believe
    that any act or omission by me was unlawful.

   

  In consideration of
    the advancement of Expenses by the Company for Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”),
    I hereby agree that if, in connection with the Proceeding, it is Adjudged that (i) an act or omission by me was material to the
    matter giving rise to the Proceeding and (A) was committed in bad faith or (B) was the result of willful misfeasance,* gross negligence,*
    active and deliberate dishonesty or reckless disregard of duty,* (ii) I actually received an improper personal benefit in money,
    property or services, or (iii) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission
    was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in
    the Proceeding as to which the foregoing findings have been established.

   

  IN WITNESS WHEREOF,
    I have executed this Affirmation and Undertaking on this _____ day of _______________, 20____.

   

  	 	Name	 	 

   

  
  
     

  

  
  	*	These references can be deleted in any Affirmation and Undertaking if at the time of the submission
          thereof the Company is no longer subject to the Investment Company Act of 1940.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]