Document:

Prepared by MERRILL CORPORATION

STRATEGIC RELATIONSHIP

AGREEMENT

 

 

 

This STRATEGIC

RELATIONSHIP AGREEMENT (this "Agreement") is entered into as of

September __, 2001, by and among AMERICAN CAPITAL STRATEGIES, LTD., a

Delaware corporation ("ACAS"), and GLADSTONE CAPITAL CORPORATION, a

Maryland corporation ("GLAD").

 

W I T N E S S E T H

WHEREAS, GLAD is a business development company

that is in the business of purchasing debentures and similar debt instruments

from medium-sized businesses, particularly those sponsored by buyout funds; and

WHEREAS, ACAS, which is also a business

development company, is a buyout and mezzanine fund primarily in the business

of providing mezzanine and subordinated debt to and making equity investments

in middle market non-public companies; and

WHEREAS, considering their complementary

business plans, ACAS and GLAD believe that there can be substantial mutual

benefit to referrals of investment opportunities and other cooperative

activities.

NOW,

THEREFORE, for

good and valuable consideration, the receipt and sufficiency of which is hereby

acknowledged, the parties hereto, intend to be legally bound, hereby agree as

follows:

1.             Referral

of Investment Opportunities.

(a)    In recognition of the mutual benefits to

ACAS and GLAD from the referral of investment opportunities:

i)      ACAS hereby agrees to refer to GLAD

selected investment placement opportunities for senior debt and senior

subordinated debt involving portfolio companies and prospective portfolio

companies of ACAS promptly upon ACAS becoming aware of such opportunities; and

ii)     GLAD hereby agrees to refer to ACAS

selected investment placement opportunities for senior subordinated debt and

junior subordinated debt and equity investments involving portfolio companies

and prospective portfolio companies of GLAD promptly upon GLAD becoming aware

of such opportunities.

(b)   The referrals subject to this

paragraph 1 shall be on a non-exclusive basis and shall be further subject

to the terms of any confidentiality agreements or understandings to which ACAS

or GLAD, respectively, may be a party. 

Subject to the foregoing, ACAS agrees to provide to GLAD and GLAD agrees

to provide to ACAS appropriate information that may be in their respective

possession regarding such investment opportunities.  Subject to fiduciary duties and other appropriate considerations,

ACAS and GLAD each agree to make affirmative recommendations regarding the

availability of such financing from the other to such portfolio companies and

prospective portfolio companies.

(c)           ACAS and GLAD will, to the extent

each deems it necessary, perform its own due diligence investigation and make

its own investment decision regarding each such investment opportunity.  Each of ACAS and GLAD will be solely

responsible for its investment decisions and may refuse to consider any

particular investment opportunity. 

Neither ACAS nor GLAD shall have any liability to the other as a result

of the referral or the failure to refer any particular investment opportunity

to the other or as a result of any information regarding such opportunities

that may be provided hereunder.  Neither

ACAS nor GLAD shall have any responsibility to the other to invest in or to

refrain from investing in any particular investment as a result of the

operation of this paragraph 1.

2.             Employment.  GLAD and ACAS agree that during the term of

this Agreement, without the permission of the other, they will not solicit,

endeavor to entice, make offers of employment to or employ any person who is a

employee of the other on the date hereof or subsequently without the consent of

the other party.  ACAS has acknowledged

that GLAD has hired as employees Virginia Rollins and Joseph Bute, each of whom

was formerly employed as a principal of ACAS. 

Neither such individual was an ACAS principal at the time such offers for

employment were made by GLAD.  ACAS

consented to such offers and has consented to such hiring.  Further, ACAS has consented to the hiring of

David J. Gladstone by GLAD.

3.             Offer

to Sell Senior Notes.  ACAS shall,

from time to time, offer GLAD the opportunity to purchase from ACAS and GLAD

will consider purchasing from ACAS senior notes and loans in the ACAS

portfolio.  Such offers will be made on

a non–exclusive basis and each of GLAD and ACAS will make an independent

investment decision on such transactions. 

ACAS will make the first such offer as soon as practical after the date

hereof.

4.             Covenants

(a)   Standards of Operation. The parties hereto shall at all

times during the term of this Agreement operate their respective businesses in

compliance with all applicable laws, rules and regulations and shall maintain

all licenses or other authorizations necessary for the operation of each

business.

(b)   Confidentiality; No Publicity. The parties shall at all

times use and maintain in confidence any proprietary materials provided to the

other party hereunder.  For this

purpose, "proprietary materials" shall be deemed to include the name

of a borrower or prospective borrower and the amount and the terms of an investment

opportunity referred hereunder and the fact that such an investment opportunity

was so referred, unless specifically indicated to the contrary by the party

providing such referral.  In addition,

the parties agree not to disseminate or otherwise make any public announcement

concerning this Agreement or the relationship created hereby until that date

which is twenty-five days after the closing of GLAD's initial public offering.

(c)   Independent Status. 

The parties shall at all times be independent entities, rather than a

co-venturer, agent, employee, franchisee or representative of the other.  They shall work independently without

supervision of the other and shall be responsible for their own liabilities and

obligations, including taxes.  The

parties hereby acknowledge and agree that they may each may engage in other

businesses and ventures and may enter into other agreements covering the

subject matter hereof.

(d)   Indemnification. Each of the parties shall indemnify,

defend and hold harmless the other from and against any and all losses claims,

damages, liabilities and expenses whatsoever, joint or several, as incurred, as

to which such other party may become subject under any applicable federal or

state law or otherwise, related to or arising out of or based upon any act or

omission of such party, as the case may be, in connection with a breach or

misrepresentation or omission by such party of such party's obligations

hereunder or the representations contained herein or in connection with any

transactions contemplated hereby, and will reimburse the other party for all

legal or other expenses (including, without limitation, attorney's fees and

expenses) as they are incurred in connection with the investigation of,

preparation for or defense of any pending or threatened claim or any action or

proceeding arising therefrom, whether or not such other party is a named party

in any such claim, action or proceeding; provided, however, that no party shall

have liability to the other to the extent that any such loss, claim, damage,

liability or expense is found in a final judgment by a court of competent

jurisdiction to have resulted from such other party's willful misconduct or

gross negligence.

5.             Representations and Warranties . Each of the parties represents and warrants to the

others:

(a)   It is a corporation duly organized, validly existing and in good

standing in its jurisdiction of incorporation and it is qualified as a foreign

corporation and in good standing in each jurisdiction where the nature of its

activities requires such qualification, except to the extent that a failure to

qualify would not have a material adverse effect on it;

(b)   The execution and delivery of this Agreement and the consummation

of the transactions contemplated hereby has been authorized by all necessary

corporate action necessary to be taken on its part;

(c)   The execution and delivery of this Agreement and the consummation

of the transactions contemplated hereby will not violate the terms of any law,

statute, regulation, decree, order of other legal requirement to which it is

subject or by which it is bound or any contract, agreement or understanding to

which it is a party or by which it is otherwise bound; and

(d)   This Agreement has been duly executed and delivered by such party

and is a valid and binding obligation of such party that is enforceable against

such party in accordance to its terms, subject to bankruptcy, insolvency and

other laws of general applicability affecting the rights of creditors.

6.             Duration of

Agreement.

(a)   This Agreement shall take effect as of the date of execution and

shall remain in effect for three years from date of execution. Thereafter, the

term of this Agreement may be renewed for an additional one year period if

agreed to in writing by each of the parties to be so bound.

(b)      Notwithstanding any other

provisions hereof, any party may terminate this Agreement upon sixty days'

prior written notice to the other parties.

7.              Miscellaneous.

(a)           Notices. Any notice required to be given hereunder

shall be sufficient if in writing, and hand-delivered or sent by certified or

registered mail, return receipt requested, first-class postage prepaid or by

overnight parcel express service offered by a nationally–recognized

carrier, if  to GLAD to 1750 Tysons

Boulevard, 4th Floor, McLean, Virginia 

22102, and if to ACAS to its office located at 2 Bethesda Metro Center,

14th Floor, Bethesda, Maryland 20814, attention: Compliance Officer.

(b)   Governing Law. This Agreement, including any exhibits

hereto, shall be construed in accordance with and governed by the laws of the

State of Maryland, without regard to its principles of conflicts of law. Venue

for any adjudication hereof shall be only in the courts of the State of

Maryland or the federal courts in the State of Maryland, the jurisdiction of

which courts both parties hereby consent to as the agreement of the parties, as

not inconvenient and as not subject to review by any court other than such

courts in the State of Maryland. The parties agree that service of any summons

and/or complaint, and other process that may be served in any action, may be

made by mailing via registered mail or delivering a copy of such process to the

part at its address specified above, and each party agrees that this submission

to jurisdiction to consent to service of process are reasonable and made for

the express benefit of the other parties hereto.

(c)   Waiver of Jury Trial. Each party to this Agreement agrees

that any suit, action or proceeding, whether claim or counterclaim, brought or

instituted by any party hereto or any successor or assign of any party on or

with respect to this Agreement which in any way related, directly, or

indirectly, to the subject matter hereof or any event, transaction or

occurrence arising out of or in any way connected with this Agreement or the

dealings of the parties with respect thereto, shall be tried only by a court

and not by a jury. EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY

JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. Each party acknowledges and agrees

that this paragraph is a specific and material aspect of this Agreement

among  the parties and that the other

parties would not enter into this Agreement if this waiver of jury trial

section were not a part of this Agreement.

(d)   Entire

Agreement; Modifications and Waivers; Severability. This Agreement, and the

exhibits hereto represent the entire agreement and understanding by and among

the parties hereto with respect to the subject matter herein referred to, and

no representations, promises, agreements or understandings, written or oral, not

herein contained shall be of any force or effect.  No change or modification hereof shall be valid or binding unless

the same is in writing and signed by the party against whom such waiver is

sought to be enforced; moreover, no valid waiver of any provision of this

Agreement at any time shall be deemed a waiver of any other provision of this

Agreement at such time or will be deemed a valid waiver of such provision at

any other time. In the event any provision contained herein shall be held to be

invalid, illegal or unenforceable, it shall not affect any other provision

hereof, and this Agreement shall be construed as if such invalid, illegal or

unenforceable provision had never been contained herein, unless to do so would

cause this Agreement to fail of its essential purpose.

(e)   Captions.  The captions and section headings appearing herein are included

solely for convenience of reference and are not intended to affect the

interpretation of any provision of this Agreement.

(f)     No Transfers. Neither this Agreement

nor any party's rights and duties hereunder may be sold, assigned or delegated

by a party without the prior written consent of the other parties hereto.

(g)   Counterparts. This Agreement may be

executed in any number of counterparts, all of which taken together shall

constitute one and the same instrument and any of the parties hereto may

execute this Agreement by signing any such counterpart.

*      *     

*      *

 

                IN WITNESS WHEREOF, this Strategic Relationship Agreement is

entered into as of the date first set forth above.

 

	

   

  	

  AMERICAN CAPITAL

  STRATEGIES,  LTD.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

  Malon Wilkus

  
	

   

  	

   

  	

  Title:

  	

  CEO

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  GLADSTONE CAPITAL

  CORPORATION

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

   

  
	

   

  	

   

  	

  Name:

  	

  David Gladstone

  
	

   

  	

   

  	

  Title:

  	

  CEOPrepared by MERRILL CORPORATION

 

RELEASE AND COVENANTS AGREEMENT

 

                      THIS RELEASE AND COVENANTS

AGREEMENT (this "Agreement"), is made as of the 7th day of August,

2001, by and between AMERICAN CAPITAL STRATEGIES, LTD., a Delaware corporation

with its principal place of business at 2 Bethesda Metro Center, 14th

Floor, Bethesda, Maryland 20014 (the "Corporation"), and DAVID J.

GLADSTONE, an individual residing at 1161 Crest Lane, McLean, Virginia 22101

("Gladstone").

 

W I T N E S S E T H:

 

                      WHEREAS, the parties

hereto are parties to a certain Second Amended and Restated Employment

Agreement dated as of August 6, 1999 (the “Employment Agreement”); and

 

                      WHEREAS, as of even date

herewith, the Corporation and Gladstone are entering into the Amended and

Restated Split Dollar Agreement with the David J. Gladstone Irrevocable

Insurance Trust, Lorna Gladstone, Trustee (the "Amended Split Dollar

Agreement"), and the obligations of Gladstone set forth below, including

certain covenants concerning confidential information, competition and solicitation

of employees, are important considerations for the Corporation's agreement to

provide benefits to Gladstone under the Amended Split Dollar Agreement.

 

                      NOW, THEREFORE, in

consideration of the foregoing and of the mutual agreements and covenants

herein contained, and for other good and valuable consideration, the receipt

and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.     Final Bonus;

Termination of Employment Agreement. 

The Corporation has paid to Gladstone an amount equal to his bonus for

the Second Quarter of 2001, in the amount of $54,744.54.  In addition, at such time in 2002 as the

Corporation pays bonuses to senior executives of the Corporation, Gladstone

shall be entitled to receive an additional payment equal to the result of

subtracting from (a) the result of multiplying his base salary actually earned

in 2001 under the Employment Agreement by two (2) by the Average Bonus Ratio

(as defined herein), the amount of (b) bonus payments actually received by

Gladstone in 2001 including the amount of $54,744.54 paid in accordance with

the preceding sentence.  The

"Average Bonus Ratio" shall be equal to the arithmetic average of the

Bonus Ratios for each of the employees of the Corporation.  The Bonus Ratio for each such employee shall

equal the employee's actual bonus for 2001 divided by the employee's base

salary for 2001 and further divided by the maximum bonus percentage that such

employee was eligible to receive as approved by the Compensation Committee of

the Corporation's Board of Directors on February 5, 2001 (or as subsequently

revised) (expressed as a decimal equivalent). The Corporation will pay

Gladstone the business expenses he incurred on behalf of the Corporation upon

submission to the Corporation. The parties hereto agree that the Employment

Agreement shall be deemed to be terminated as of the date hereof and the

parties released from their respective obligations thereunder.

2.     Mutual­ Release.

                      (a)  Gladstone, on his own behalf and on behalf

of his heirs, representatives and assigns, hereby waives, releases, and forever

and irrevocably discharges the Corporation, and its agents, attorneys,

officers, directors, employees, successors and assigns (collectively, the

“Corporation Released Parties”) from any and all obligations, debts, demands,

claims and liabilities of every kind and nature, either in law or in equity,

that Gladstone may now have, may in the future have or may ever have had,

against the Corporation Released Parties arising in any manner from or in any manner

related, directly or indirectly, to Gladstone’s service or employment as a

director, officer and/or an employee of the Corporation including, without

limitation, the circumstances relating to the termination thereof; excepting

only the continuing obligations of the Corporation resulting from the

provisions of the Option Exercise Agreement entered into by and among the

parties hereto bearing the date of August 6, 1999, this Agreement and the

Amended Split Dollar Agreement (collectively, the "Surviving Agreements").

 

                      (b)  The Corporation, on its own behalf and on

behalf of its successors and assigns, hereby waives, releases, and forever and

irrevocably discharges Gladstone, and his agents, attorneys, heirs,

representatives and assigns (collectively, the “Gladstone Released Parties”)

from any and all obligations, debts, demands, claims and liabilities of every

kind and nature, either in law or in equity, that the Corporation may now have,

may in the future have or may ever have had against the Gladstone Released

Parties arising in any manner from or in any manner related to, directly or

indirectly, Gladstone’s service or employment as a director, officer and/or an

employee of the Corporation including, without limitation, the circumstances

relating to the termination thereof; excepting only the continuing obligations

of Gladstone resulting from the provisions of the Surviving Agreements.

3.     Covenants of Gladstone

                (a)  Certain Definitions.  For purposes of this Agreement, the

following terms shall have the following respective meanings:

 

                "Board of

Directors" shall mean the Board of Directors of the Corporation.

 

                "Confidential

Information" shall mean information concerning the business activities

and plan for business activities of the Corporation, its affiliates and its

portfolio companies (including, without limitation, methods, procedures,

practices, products, files, documents, computer programs, customer lists and

requirements, financial data, and costs and billing practices).

 

                "Person"

shall mean and include an individual, a partnership, a joint venture, a

corporation, a trust and an unincorporated organization.

                (b)           Confidential Information

(i)            Gladstone recognizes that the

services to be performed by him for the Corporation were special, unique, and

extraordinary and that, by reason of his employment with the Corporation, he

has acquired Confidential Information concerning the operation of the

Corporation, the use or disclosure of which would cause the Corporation

substantial loss and damages that could not be readily calculated and for which

no remedy at law would be adequate. 

Accordingly, Gladstone agrees that he will not (directly or indirectly)

at any time, (i) knowingly use for an improper personal benefit or for the

benefit of another Person with whom Gladstone is affiliated any Confidential

Information that he may learn or has learned by reason of his employment with

the Corporation or (ii) disclose any such Confidential Information to any

Person except (A) as required by applicable law, (B) in connection with the

enforcement of his rights under this Agreement, (C) in connection with any

disagreement, dispute or litigation (pending or threatened) between Gladstone

and the Corporation or (D) with the prior written consent of the Board of

Directors.  As used herein,

"Confidential Information" includes information with respect to

Subject Investments; provided, however, that such term, shall not include any

information that (x) is or becomes generally known or available other than as a

result of a disclosure by Gladstone, 

(y) is or becomes known or available to Gladstone on a non–confidential

basis from a source  (other than the

Corporation) that, to Gladstone's knowledge, is not prohibited from disclosing

such information to Gladstone by a legal, contractual, fiduciary or other

obligation to the Corporation or (z) with regard to Subject Investments,

is or becomes known or available to Gladstone other than by or through the

Corporation.

(ii)           Gladstone confirms that all

Confidential Information is the exclusive property of the Corporation.  All business records, papers and documents

kept or made by Gladstone while employed by the Corporation relating to the

business of the Corporation shall be and remain the property of the Corporation

at all times.  Upon the request of the

Corporation at any time, Gladstone shall promptly deliver to the Corporation,

and shall retain no copies of, any written materials, records and documents

made by Gladstone or coming into his possession while employed by the

Corporation concerning the business or affairs of the Corporation other than

personal materials, records, documents (including notes and correspondence) of

Gladstone not containing proprietary information relating to such business or

affairs, and board materials previously provided to Gladstone in connection

with his role as a member of the Corporation's Board of Directors.  Notwithstanding the foregoing, Gladstone

shall be permitted to retain copies of, or have access to, all such materials,

records and documents relating to any disagreement, dispute or litigation

(pending or threatened) between Gladstone and the Corporation.  In addition, Gladstone shall be entitled to

retain a copy of the Corporation's Outlook database as such exists on or prior

to the date of the Agreement.

                (c)           Covenant

Not to Compete or Solicit

(i)            For so long as the Amended Split

Dollar Agreement shall remain in effect (the "Restricted Period"),

Gladstone, unless he receives the prior written consent of the Board of

Directors, shall not own an interest in, manage, operate, join, control, lend

money or render financial or other assistance to or participate in or be

connected with, as an officer, employee, partner, stockholder, consultant or

otherwise, any Person (each, a “Subject Person”) (i) that competes with

the Corporation or any wholly–owned subsidiary of the Corporation in

investing or consulting with small or medium sized businesses in the United

States with regard to change in control transactions, a result of which is an

employee stock ownership plan that owns more than 15% of the subject business

or (ii) that solicits, for the purpose of providing debt or equity

financing, or provides debt or equity financing to any Person (each, a

"Subject Investment") (A) who is listed on Appendix A hereto,

(B) to whom the Corporation or a wholly–owned subsidiary of the

Corporation is currently a lender or in which the Corporation or a subsidiary

of the Corporation is currently an investor other than as a result of  the ownership of publicly–traded

securities (including without limitation those prospective portfolio companies

listed in the final prospectus for Gladstone Capital Corporation) or

(C) where the Gladstone first learned of a lending or investing

opportunity with regard to such Person from or through the Corporation other

than pursuant to the Strategic Relationship Agreement.  The Board of Directors shall not

unreasonably withhold its consent to a transaction whereby a Subject Person

would purchase a controlling interest in a Subject Investment.

(iii)          Gladstone has carefully read and

considered the provisions of this Paragraph 3(c) and, having done so, agrees

that the restrictions set forth in this Paragraph 3(c) (including the

Restricted Period, scope of activity to be restrained and the geographical

scope) are fair and reasonable and are reasonably required for the protection

of the interests of the Corporation, its officers, directors, employees,

creditors and shareholders.  Gladstone

understands that the restrictions contained in this Paragraph 3(c) may limit

his ability to engage in a business similar to the Corporation's business, but

acknowledges that he will receive sufficiently high remuneration and other

benefits from the Corporation hereunder to justify such restrictions.

(iv)          During the Restricted Period,

Gladstone shall not, whether for his own account or for the account of any

other Person (excluding the Corporation), intentionally (i) solicit, endeavor

to entice or induce any employee of the Corporation to terminate his employment

with the Corporation or accept employment with anyone else or (ii) interfere in

a similar manner with the business of the Corporation, except for those

employees who the Corporation and Gladstone agree are exempt from the

applicability of this paragraph at the time of hiring.

(v)           In the event that any provision of

this Paragraph 3(c) relating to the Restricted Period or the areas of

restriction shall be declared by a court of competent jurisdiction to exceed

the maximum time period or areas such court deems reasonable and enforceable,

the Restricted Period or areas of restriction deemed reasonable and enforceable

by the court shall become and thereafter be the maximum time period and/or

areas.

                (d)           Stock Ownership. Gladstone

agrees that from the date hereof through 180 days following the date hereof, he

will not sell, sign, convey, pledge or otherwise dispose of 150,000 shares of

Corporation common stock, $0.01 par value (“ACAS Common Stock”) that he

owns.  Gladstone shall be free to sell

any shares of ACAS Common Stock that he owns in excess of such 150,000 shares,

provided that the proceeds of such sales, net of reasonable and actual selling

expenses, are used first to repay any loans from ACAS used to purchase such

shares of ACAS Common Stock.

                (e)           Injunctive Relief.  Gladstone acknowledges that a breach of any

of the covenants contained in this Article 5 may result in material irreparable

injury to the Corporation for which there is no adequate remedy at law, that it

will not be possible to measure damages for such injuries precisely and that,

in the event of such a breach, any payments remaining under the terms of this

Agreement shall cease and the Corporation shall be entitled to obtain a

temporary restraining order or a preliminary or permanent injunction restraining

Gladstone from engaging in activities prohibited by this Article 5 or such

other relief as may required to specifically enforce any of the covenants

contained in this Article 5. Gladstone agrees to and hereby does submit to in

personam jurisdiction before each and every such court for that purpose.

 

                (f)  Early Termination.  At the option of Gladstone on thirty (30)

days advance written notice to the Corporation, Gladstone may terminate the

Restricted Period.  Such a termination

shall not affect any of the rights or obligations of the parties hereunder that

are not specifically limited in their duration to the Restricted Period.

4.     Miscellaneous.

This Agreement constitutes the entire agreement between the parties hereto with

regard to the subject matter hereof and supersedes all prior negotiations,

representations and agreements, either written or oral, between them except for

the Surviving Agreements.  There are no

conditions, agreements, or representations between the parties except those

expressed herein.  This Agreement may be

altered, modified, amended, or repealed only by a duly executed written

instrument signed by the parties hereto. 

This Agreement shall be governed by the law of the State of Maryland,

without giving effect to the conflicts of laws provisions thereof.  Each party binds himself or itself and his

or its heirs, successors, legal representatives and assigns in respect to all

covenants and agreements contained herein. 

Except as specifically contemplated herein, nothing herein shall be

construed as giving any right or benefit hereunder to anyone other than the

parties hereto.  Any notices provided

for herein shall be delivered in writing addressed to the parties at the

addresses first set forth above (and, in the case of the Corporation attention:

Compliance Officer) and sent by hand delivery, overnight parcel express service

provided by a recognized national carrier or by certified United States first

class mail, return receipt requested.

                      IN WITNESS WHEREOF, the

parties have executed this Agreement under seal as of the date first

hereinabove written.

 

 

	

  WITNESS:

  	

   

  	

  GLADSTONE:

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  (Seal)

  
	

   

  	

   

  	

  David J.

  Gladstone

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  AMERICAN CAPITAL STRATEGIES, LTD.,

  	

   

  
	

   

  	

   

  	

  A Delaware

  Corporation

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

   

  	

  (Seal)

  
	

   

  	

   

  	

   

  	

  Name:

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  Title

  	

   

  	

   

  

 

APPENDIX A

CERTAIN SUBJECT INVESTMENTS

 

 

 

US Investigations

Services, Inc.

 

Arrow Shirt Company

 

Gans Tire, Inc.

 

National Forge Co.

 

Those entities listed

below from the Company deal stream report dated August 6, 2001:

 

Belle

Looks

Cherry

Jersey

Pump

Globe

Chill

Video

Bus

Rack & Roll

Plastic Cart

Heavy Lifting - 164

Liquid-244

Tiger

Attach

Aeolus

Coin

Stainless

Circuit

EODT

Wall Industries

Medsource

Technologies

Questron

Plastics

Oil

Matco

Dead Meat

Bueller

Sassy

FPD Acquisition

Clipper

Infusion Therapy Co.

Tech Law

Delta Engineering

Almost Dying

Transformer Deal

Helicopter

Components 2

Sun Plus

Princess

Air Rage

Greasy

Public to Private

Avis

Paper Distributor

Mastercraft

Greasy

Animal Nutrition

Cow Hide

Protector

Scary

Singer

Aluminum

Bottle

Wire Rope

Fypon Ltd.

Ceco Environmental

Insulated

Wood

Pet

Plastic

Window

Cable

Telephone

Chick Packaging

AT Plastics

Photoelectronics

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