Document:

legal51359874v1limbach-d

Exhibit 4.7  LEGAL\51239713\3  LIMBACH HOLDINGS, INC.  DESCRIPTION OF SECURITIES  The following summary of certain provisions of the securities of Limbach Holdings, Inc. (“Limbach,” “we,”  “our” or the “Company”) does not purport to be complete. You should refer to our Certificate of Incorporation,   Bylaws, the Warrant Agreement, dated as of July 15, 2014, by and between the Company and Continental Stock  Transfer & Trust Company, as warrant agent (the “Warrant Agreement”) and each of the other documents  referenced herein, which are attached as exhibits to the Annual Report on Form 10-K to which this Description  of Securities is part. The summary below is also qualified by reference to the provisions of the General  Corporation Law of the State of Delaware (“DGCL”) , as applicable. Terms not otherwise defined in this document  are defined in the Company’s Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March  25, 2021.  Authorized and Outstanding Stock  Our Certificate of Incorporation authorizes the issuance of 101,000,000 shares, consisting of 100,000,000 shares of  common stock, $0.0001 par value per share, and 1,000,000 shares of preferred stock, $0.0001 par value.   Common Stock  Our Certificate of Incorporation provides that the common stock will have identical rights, powers, preferences and  privileges.  Holders of our common stock are entitled to one vote for each share held on all matters to be voted on by our  stockholders.  Holders of common stock will be entitled to receive such dividends, if any, as may be declared from time to time by  our Board of Directors in its discretion out of funds legally available therefor. In no event will any stock dividends or  stock splits or combinations of stock be declared or made on common stock unless the shares of common stock at the  time outstanding are treated equally and identically.  Our Board of Directors is divided into three classes, each of which generally serves for a term of three years with only  one class of directors being elected in each year. There is no cumulative voting with respect to the election of directors,  with the result that the holders of more than 50% of the shares eligible to vote for the election of directors can elect  all of the directors.  Our stockholders have no conversion, preemptive or other subscription rights and there are no sinking fund or  redemption provisions applicable to the shares of common stock.  In the event of our voluntary or involuntary liquidation, dissolution, distribution of assets or winding-up, the holders  of the common stock will be entitled to receive an equal amount per share of all of our assets of whatever kind available  for distribution to stockholders, after any rights of the holders of the preferred stock have been satisfied.  Preferred Stock  Our Certificate of Incorporation authorizes the issuance of 1,000,000 shares of preferred stock with such designation,  rights and preferences as may be determined from time to time by our Board of Directors. Accordingly, our Board of  Directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion,  voting or other rights which could adversely affect the voting power or other rights of the holders of common stock.  In connection with the Business Combination, we issued and sold to 1347 Investors LLC (the “Sponsor”), our sponsor  prior to the completion of the Business Combination, 400,000 shares of Preferred Stock, each of which is designated  Class A Preferred Stock pursuant to a Certificate of Designation filed by us under the Certificate of Incorporation.  Each such share of Class A Preferred Stock could be converted (at the holder’s election) into 2.0 shares of our common  

 

 2  LEGAL\51239713\3  stock (as may be adjusted for any stock splits, reverse stock splits or similar transactions), representing a conversion  price of $12.50 per share of our common stock; provided, that such conversion is in compliance with stock exchange  listing requirements. On July 14, 2017, we repurchased an aggregate of 120,000 shares of the Class A Preferred Stock  from the Sponsor for an aggregate sum of approximately $4.1 million in cash. For a period of six months after such  repurchase, we had the right to repurchase from the Sponsor, in one or more transactions, all or a portion of the  remaining 280,000 shares of Class A Preferred Stock owned by the Sponsor for a purchase price equal to 130% of the  liquidation value per share plus 130% of any and all accrued but unpaid dividends thereon as of the date of closing of  the purchase of such shares. On January 12, 2018, we exercised our repurchase right with respect to the remaining  280,000 shares of Class A Preferred Stock for an aggregate purchase price of $10.0 million, including a $2.2 million  premium and accrued but unpaid dividends of $0.9 million. Accordingly, there are no outstanding shares of Class A  Preferred Stock.  With respect to additional authorized shares of preferred stock under our Certificate of Incorporation, our Board of  Directors may, from time to time, authorize the issuance of one or more additional classes or series of preferred stock  by adopting resolutions that establish the number of shares being authorized and describing the designations, powers,  preferences and rights, qualifications, limitations or restrictions on shares of that preferred stock, including dividend  rights, terms of redemption, conversion rights and liquidation preferences. Although we do not currently intend to  issue any other shares of preferred stock, we reserve the right to do so in the future.  The terms of our outstanding senior indebtedness may restrict preferred stock that by its terms (or by the terms of any  other security into which it is convertible or for which it is exchangeable), or upon the happening of any event or  condition, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (except as a  result of a change of control or asset sale so long as any rights of the holders thereof upon the occurrence of a change  of control or asset sale event shall be subject to the prior repayment in full of the senior indebtedness), (b) is redeemable  at the option of the holder thereof, in whole or in part, (c) provides for the scheduled payments of dividends or  distributions in cash, or (d) is convertible into or exchangeable for other indebtedness or any other security that would  be subject to clauses (a) through (c).   The issuance of preferred stock may adversely affect the rights of our common stockholders by, among other things:   restricting dividends on the common stock;   diluting the voting power of the common stock;   impairing the liquidation rights of the common stock; or   delaying or preventing a change in control without further action by holders of the preferred stock.  As a result of these or other factors, the issuance of preferred stock could have an adverse impact on the market price  of our common stock.  Warrants  We have outstanding warrants exercisable for shares of common stock, consisting of: (i) warrants that were issued as  part of units in our initial public offering pursuant to a prospectus dated July 15, 2014 (the “Public Warrants”), each  exercisable for one-half of one share of common stock at an exercise price of $5.75 per half share ($11.50 per whole  share); (ii) warrants that were initially issued as part of units to the Sponsor, in a private placement concurrently with  the closing of our initial public offering and the exercise of the underwriters’ option to purchase additional securities  in connection with our initial public offering (the “Private Warrants”), each exercisable for one-half of one share of  common stock at an exercise price of $5.75 per half share ($11.50 per whole share); (iii) warrants that were initially  issued to the Sponsor in a private placement concurrently with the closing of our initial public offering (the “$15  Exercise Price Warrants”), each exercisable for one share of common stock at an exercise price of $15.00 per share;  (iv) warrants that were initially issued in connection with the closing of the Business Combination (the “Merger  Warrants”), each exercisable for one share of common stock at an exercise price of $12.50 per share; and (v) additional  warrants that were initially issued in connection with the closing of the Business Combination (the “Additional Merger  Warrants”), each exercisable for one share of common stock at an exercise price of $11.50 per share. We refer to the  

 

 3  LEGAL\51239713\3  Public Warrants, the Private Warrants and the $15 Exercise Price Warrants, collectively as the “Initial Warrants;” the  Merger Warrants and the Additional Merger Warrants collectively as the “Business Combination Warrants;” and the  Initial Warrants and the Business Combination Warrants, collectively as the “Warrants”.  The Public Warrants, Private Warrants and $15 Exercise Price Warrants were issued under a warrant agreement  dated July 15, 2014, between Continental Stock Transfer & Trust Company, as warrant agent, and us. You should  review a copy of the warrant agreement, which is filed as an exhibit to the annual report on Form 10-K to which  this Description of Securities is part, for a complete description of the terms and conditions applicable to such  warrants. The Merger Warrants and Additional Merger Warrants were issued to the sellers in the Business  Combination pursuant to individual agreements the forms of which are filed as exhibits to the annual report on Form  10-K to which this Description of Securities is part. You should review the full text of the Merger Warrants and  Additional Merger Warrants for a complete description of the terms and conditions thereof.  Public Warrants  Each Public Warrant entitles the holder thereof to purchase from us one-half of one share of common stock, at a price  of $5.75 per half-share ($11.50 per whole share), subject to adjustment as discussed below, at any time commencing  on August 19, 2016. Pursuant to the warrant agreement, a holder of Public Warrants may exercise its Public Warrants  only for a whole number of shares of common stock. The Public Warrants will expire on July 20, 2021, at 5:00 p.m.,  New York time, or earlier upon their redemption or liquidation.  Once the Public Warrants become exercisable, we may call such warrants for redemption:   in whole and not in part;   at a price of $0.01 per warrant;   upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each  registered holder of Public Warrants; and   if, and only if, the last reported sale price of the common stock equals or exceeds $24.00 per share for any  20 trading days within a 30 trading day period ending three business days before we send the notice of  redemption to the warrantholders. We will not redeem the warrants unless either (i) an effective registration  statement covering the shares of common stock issuable upon exercise of the warrants is current and available  throughout the 30-day redemption period or (ii) we elect to permit “cashless exercise” of the warrants.  If the foregoing conditions are satisfied and we issue a notice of redemption of the Public Warrants, each holder of  Public Warrants will be entitled to exercise his, her or its Public Warrant prior to the scheduled redemption date.  However, the price of our common stock may fall below the $24.00 redemption trigger price as well as the $11.50 per  whole share warrant exercise price after the redemption notice is issued.  We will not redeem the Public Warrants unless an effective registration statement under the Securities Act of 1933,  as amended (covering the shares of common stock issuable upon exercise of the Public Warrants is effective and a  current prospectus relating to those shares of common stock is available throughout the 30-day redemption period. If  and when the Public Warrants become redeemable by us, we may exercise this redemption right even if we are unable  to register or qualify the underlying securities for sale under all applicable state securities laws.  If we call the Public Warrants for redemption as described above, our management will have the option to require all  holders that wish to exercise Public Warrants to do so on a “cashless basis.” In determining whether to require all  holders to exercise their Public Warrants on a “cashless basis,” our management will consider, among other factors,  our cash position, the number of Public Warrants that are outstanding and the dilutive effect on our stockholders of  issuing the maximum number of shares of common stock issuable upon the exercise of our Public Warrants. In such  event, each holder would pay the exercise price by surrendering the Public Warrants for that number of shares of  common stock equal to the quotient obtained by dividing (x) the product of the number of shares of common stock  underlying the Public Warrants, multiplied by the difference between the exercise price of the Public Warrants and  the “fair market value” (defined below) by (y) the fair market value. The “fair market value” means the average  

 

 4  LEGAL\51239713\3  reported closing price of the common stock for the 10 trading days ending on the third trading day prior to the date on  which the notice of redemption is sent to the registered holders of the Public Warrants.  We have agreed to file with the SEC as soon as practicable, but in no event later than 15 business days after the  closing of the Business Combination, a registration statement for the registration under the Securities Act of the  shares of common stock issuable upon exercise of the Public Warrants. We will use our best efforts to cause the  same to become effective and to maintain the effectiveness of such registration statement under the Securities Act,  and a current prospectus relating thereto, until the expiration of such warrants in accordance with the provisions of  the warrant agreement, except in the circumstances discussed below. In addition, we have agreed to use our best  efforts to register the shares of common stock that are issuable upon exercise of the Public Warrants under state blue  sky laws, to the extent an exemption is not available. Notwithstanding the foregoing, if a registration statement  covering the shares of common stock issuable upon exercise of these warrants has not been declared effective by the  60th business day following the closing of the Business Combination and during any period when we have failed to  maintain an effective registration statement, holders of such warrants may, until such time as there is an effective  registration statement, exercise such warrants on a cashless basis pursuant to the exemption provided by Section  3(a)(9) of the Securities Act.  We are not obligated to deliver any shares of common stock pursuant to the exercise of the Public Warrants and have  no obligation to settle such warrant exercise unless a registration statement under the Securities Act with respect to  the shares of common stock underlying the Public Warrants is effective and a prospectus relating thereto is current,  subject to us satisfying our obligations described above with respect to registration. No Public Warrant is exercisable  and we are not obligated to issue shares of common stock upon exercise of a warrant unless common stock issuable  upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state  of residence of the registered holder of the Public Warrants. In the event that the conditions in the two immediately  preceding sentences are not satisfied with respect to a Public Warrant, the holder of such Public Warrant will not be  entitled to exercise such Public Warrant and such Public Warrant may have no value and expire worthless. In no event  will we be required to net cash settle any Public Warrant.  A holder of the Public Warrants may notify us in writing in the event it elects to be subject to a requirement that such  holder will not have the right to exercise such Public Warrants, to the extent that after giving effect to such exercise,  such person (together with such person’s affiliates), to the warrant agent’s actual knowledge, would beneficially own  in excess of 9.8% of the shares of our common stock outstanding immediately after giving effect to such exercise.  The Public Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at  the offices of the warrant agent, with the exercise form on the reverse side of the warrant certificate completed and  executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by  certified or official bank check payable to us, for the number of Public Warrants being exercised. The warrantholders  do not have the rights or privileges of holders of common stock and any voting rights until they exercise their Public  Warrants and receive shares of common stock. After the issuance of shares of common stock upon exercise of the  Public Warrants, each holder will be entitled to one vote for each share held of record on all matters to be voted on by  stockholders.  No fractional shares will be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a  holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number  the number of shares of common stock to be issued to the warrantholder.  Private Warrants and $15 Exercise Price Warrants  The Private Warrants and $15 Exercise Price Warrants have the same general terms as the Public Warrants except that  (i) each $15 Exercise Price Warrant is exercisable to purchase one whole share of common stock; (ii) the exercise  price of the $15 Exercise Price Warrants is $15.00 per share; (iii) so long as the Private Warrants and $15 Exercise  Price Warrants are held by the initial purchasers thereof or their permitted transferees, such warrants will not be  redeemable by us and; (iv) so long as the Private Warrants are held by the initial purchasers thereof or their permitted  

 

 5  LEGAL\51239713\3  transferees, such warrants may be exercised on a cashless basis and (v) the $15 Exercise Price Warrants expire on July  20, 2023, at 5:00 p.m., New York time, or earlier upon their redemption or liquidation.  If holders of the Private Warrants elect to exercise them on a cashless basis, they would pay the exercise price by  surrendering his, her or its warrants for that number of shares of common stock equal to the quotient obtained by  dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference  between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value.  The “fair market value” means the average reported last sale price of the common stock for the 10 trading days ending  on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant agent.  Merger Warrants  In connection with the Business Combination, we issued to the holders of membership interests and holders of options  to acquire membership interests of Limbach Holdings LLC 666,670 Merger Warrants. Each Merger Warrant entitles  the registered holder to purchase one share of our common stock at a price of $12.50 per share, subject to adjustment  as set forth in the form of Merger Warrant, at any time commencing 30 days after the completion of the Business  Combination. The Merger Warrants will expire July 20, 2023, at 5:00 p.m., New York time, or earlier upon our  liquidation.  The Merger Warrants are not redeemable by us.  The Merger Warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at  our principal offices, with the subscription form attached to the form of Merger Warrant completed and executed as  indicated, accompanied by full payment of the exercise price, in cash, good certified check or good bank draft payable  to us, for the number of Merger Warrants being exercised. The Merger Warrants may also be exercised on a “cashless  basis”, subject to adjustment as described in the form of Merger Warrant, at any time after the earlier of (i) the one  year anniversary of the date of the closing of the Business Combination and (ii) the completion of the then-applicable  period required by Rule 144, if there is no effective registration statement registering, or no current prospectus  available for, the resale of the shares of our common stock underlying the Merger Warrants.  The Merger Warrant holders do not have the rights or privileges of holders of common stock and any voting rights  until they exercise their Merger Warrants and receive shares of common stock. After the issuance of shares of common  stock upon exercise of the Merger Warrants, each holder will be entitled to one vote for each share held of record on  all matters to be voted on by stockholders.  A holder of the Merger Warrants may notify us in writing in the event it elects to be subject to a requirement that such  holder will not have the right to exercise such Merger Warrants, to the extent that after giving effect to such exercise,  such person (together with such person’s affiliates), to our actual knowledge, would beneficially own in excess of  9.8% of the shares of our common stock outstanding immediately after giving effect to such exercise.  Additional Merger Warrants  In connection with the Business Combination, we issued to the former equity holders of Limbach Holdings LLC  1,000,006 Additional Merger Warrants. Each Additional Merger Warrant entitles the registered holder to purchase  one share of our common stock at a price of $11.50 per share, subject to adjustment as set forth in the form of  Additional Merger Warrant, at any time commencing 30 days after the completion of the Business Combination. The  Additional Merger Warrants have the same material terms as the Public Warrants and will expire on July 20, 2021, at  5:00 p.m., New York time, or earlier upon their redemption or our liquidation.  The Additional Merger Warrants may be exercised upon surrender of the warrant certificate on or prior to the  expiration date at our principal offices, with the subscription form attached to the form of Additional Merger Warrant  completed and executed as indicated, accompanied by full payment of the exercise price, in cash, good certified check  or good bank draft payable to us, for the number of Additional Merger Warrants being exercised. The Additional  Merger Warrants may also be exercised on a “cashless basis”, subject to adjustment as described in the form of  

 

 6  LEGAL\51239713\3  Additional Merger Warrant, at any time after the earlier of (i) the one year anniversary of the date of the closing of  the Business Combination and (ii) the completion of the then-applicable period required by Rule 144, if there is no  effective registration statement registering, or no current prospectus available for, the resale of the shares of our  common stock underlying the Additional Merger Warrants.  Once the Additional Merger Warrants become exercisable, we may call such warrants for redemption:   in whole and not in part;   at a price of $0.01 per warrant;   upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each  registered holder of Additional Merger Warrants; and   if, and only if, the last reported sale price of the common stock equals or exceeds $24.00 per share for any  20 trading days within a 30 trading day period ending three business days before we send the notice of  redemption to the warrantholders. We will not redeem the warrants unless either (i) an effective registration  statement covering the shares of common stock issuable upon exercise of the warrants is current and available  throughout the 30-day redemption period or (ii) we elect to permit “cashless exercise” of the warrants.  If the foregoing conditions are satisfied and we issue a notice of redemption of the Additional Merger Warrants, each  holder of Additional Merger Warrants will be entitled to exercise his, her or its Additional Merger Warrant prior to  the scheduled redemption date. However, the price of our common stock may fall below the $24.00 redemption trigger  price as well as the $11.50 per whole share warrant exercise price after the redemption notice is issued.  We will not redeem the Additional Merger Warrants unless an effective registration statement under the Securities  Act covering the shares of common stock issuable upon exercise of the Additional Merger Warrants is effective and  a current prospectus relating to those shares of common stock is available throughout the 30-day redemption period.  If and when the Additional Merger Warrants become redeemable by us, we may exercise this redemption right even  if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws.  If we call the Additional Merger Warrants for redemption as described above, our management will have the option  to require all holders that wish to exercise Additional Merger Warrants to do so on a “cashless basis.” In determining  whether to require all holders to exercise their Additional Merger Warrants on a “cashless basis,” our management  will consider, among other factors, our cash position, the number of Additional Merger Warrants that are outstanding  and the dilutive effect on our stockholders of issuing the maximum number of shares of common stock issuable upon  the exercise of our Additional Merger Warrants. In such event, each holder would pay the exercise price by  surrendering the Additional Merger Warrants for that number of shares of common stock equal to the quotient obtained  by dividing (x) the product of the number of shares of common stock underlying the Additional Merger Warrants,  multiplied by the difference between the exercise price of the Additional Merger Warrants and the “fair market value”  (defined below) by (y) the fair market value. The “fair market value” means the average reported closing price of the  common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of  redemption is sent to the registered holders of the Additional Merger Warrants.  Holders of Additional Merger Warrants do not have the rights or privileges of holders of common stock and any voting  rights until they exercise their Additional Merger Warrants and receive shares of common stock. After the issuance of  shares of common stock upon exercise of the Additional Merger Warrants, each holder will be entitled to one vote for  each share held of record on all matters to be voted on by stockholders.  A holder of the Additional Merger Warrants may notify us in writing in the event it elects to be subject to a requirement  that such holder will not have the right to exercise such Additional Merger Warrants, to the extent that after giving  effect to such exercise, such person (together with such person’s affiliates), to our actual knowledge, would  beneficially own in excess of 9.8% of the shares of our common stock outstanding immediately after giving effect to  such exercise.  Adjustments to Initial Warrants and Business Combination Warrants  

 

 7  LEGAL\51239713\3  If the number of outstanding shares of common stock is increased by a stock dividend payable in shares of common  stock, or by a split-up of shares of common stock or other similar event, then, on the effective date of such stock  dividend, split-up or similar event, the number of shares of common stock issuable on exercise of each Initial Warrant  and Business Combination Warrant will be increased in proportion to such increase in the outstanding shares of  common stock. A rights offering to holders of common stock entitling holders to purchase shares of common stock at  a price less than the fair market value will be deemed a stock dividend of a number of shares of common stock equal  to the product of (i) the number of shares of common stock actually sold in such rights offering (or issuable under any  other equity securities sold in such rights offering that are convertible into or exercisable for common stock) multiplied  by (ii) the quotient of (x) the price per share of common stock paid in such rights offering divided by (y) the “fair  market value.” For these purposes (i) if the rights offering is for securities convertible into or exercisable for common  stock, in determining the price payable for common stock, there will be taken into account any consideration received  for such rights, as well as any additional amount payable upon exercise or conversion and (ii) for this purpose “fair  market value” means the volume weighted average price of common stock as reported during the 10 trading day period  ending on the trading day prior to the first date on which the shares of common stock trade on the applicable exchange  or in the applicable market without the right to receive such rights.  If the number of outstanding shares of common stock is decreased by a consolidation, combination, reverse stock split  or reclassification of shares of common stock or other similar event, then, on the effective date of such consolidation,  combination, reverse stock split, reclassification or similar event, the number of shares of common stock issuable on  exercise of each Initial Warrant and Business Combination Warrant will be decreased in proportion to such decrease  in outstanding shares of common stock.  Whenever the number of shares of common stock purchasable upon the exercise of the warrants is adjusted, as  described above, the warrant exercise price will be adjusted by multiplying the exercise price of such Initial Warrant  or Business Combination Warrant immediately prior to such adjustment by a fraction (x) the numerator of which will  be the number of shares of common stock purchasable upon the exercise of such Initial Warrant or Business  Combination Warrant immediately prior to such adjustment, and (y) the denominator of which will be the number of  shares of common stock so purchasable immediately thereafter.  In case of any reclassification or reorganization of the outstanding shares of common stock (other than those described  above or that solely affects the par value of such shares of common stock), or in the case of any merger or consolidation  of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation  and that does not result in any reclassification or reorganization of our outstanding shares of common stock), or in the  case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or  substantially as an entirety in connection with which we are dissolved, the holders of the Initial Warrants and Business  Combination Warrants will thereafter have the right to purchase and receive, upon the basis and upon the terms and  conditions specified in the Initial Warrants and Business Combination Warrants and in lieu of the shares of our  common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby,  the kind and amount of shares of stock or other securities or property (including cash) receivable upon such  reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that  the holder of the Initial Warrants and Business Combination Warrants would have received if such holder had  exercised their warrants immediately prior to such event. The warrant agreement as well as the Merger Warrants and  Additional Merger Warrants provide for certain modifications to what holders of Initial Warrants, the Merger Warrants  and Additional Merger Warrants, respectively, will have the right to purchase and receive upon the occurrence of  certain events.  CB Warrants  In connection with the closing of a refinancing agreement, on April 12, 2019, we issued CB Agent Services LLC and  certain lenders a warrant to purchase up to a maximum of 263,314 shares of our common stock at an exercise price of  $7.63 per share, subject to certain adjustments (“CB Warrants”). The actual number of shares of common stock into  which the CB Warrants will be exercisable at any given time will be equal to: (i) the product of (x) the number of  shares equal to 2% of our issued and outstanding shares of common stock on April 12, 2019 on a fully diluted basis  and (y) as of the exercise date, the percentage of the total $25.0 million multi-draw delayed draw term loan drawn by  

 

 8  LEGAL\51239713\3  us, minus (ii) the number of shares previously issued under the CB Warrants. As of December 31, 2020, no amounts  had been drawn on such term loan, therefore no portion of the CB Warrants were exercisable. The CB Warrants may  be exercised for cash or on a “cashless basis,” subject to certain adjustments, at any time after April 12, 2019 until the  expiration of such warrant at 5:00 p.m., New York time, on the earlier of (i) April 12, 2024, or (ii) our liquidation.  Registration Rights  We are party to an amended and restated registration rights agreement, dated July 20, 2017, as amended, whereby we  agreed to register the offer and sale from time to time, separately or together, shares of our common stock issued  pursuant to the Business Combination, shares of our common stock underlying the Merger Warrants and Additional  Merger Warrants, shares of our common stock issued in a private placement prior to and concurrently with our initial  public offering, and shares of our common stock underlying the Private Warrants and $15 Exercise Price Warrants.  In addition, the CB Warrants provide the holders thereof with registration rights. The holders of these securities also  have certain “piggy-back” registration rights with respect to registration statements we file, subject to certain  limitations.  We will bear the expenses incurred in connection with the filing of any such registration statements.  Anti-Takeover Provisions of Our Certificate of Incorporation and Bylaws  The provisions of our Certificate of Incorporation and our bylaws could have the effect of delaying, deferring or  discouraging another person from acquiring control of our company. These provisions, which are summarized below,  may have the effect of discouraging takeover bids. They are also designed, in part, to encourage persons seeking to  acquire control of us to negotiate first with our Board of Directors. We believe that the benefits of increased protection  of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of  discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their  terms.  Our Certificate of Incorporation and our bylaws include a number of provisions that could deter hostile takeovers or  delay or prevent changes in control of our company, including the following:   Board of Directors vacancies. Our Certificate of Incorporation authorizes our Board of Directors to fill  vacant directorships, including newly created seats. In addition, the number of directors constituting our  Board of Directors is permitted to be set only by a resolution adopted by a majority vote of our Board of  Directors, provided that in the event the outstanding shares of our stock are owned by fewer than three  stockholders, the number of directors may be a number not less than the number of stockholders. These  provisions prevent a stockholder from increasing the size of our Board of Directors and then gaining control  of our Board of Directors by filling the resulting vacancies with its own nominees. This makes it more  difficult to change the composition of our Board of Directors but promotes continuity of management.   Classified board. Our Certificate of Incorporation provides that our Board of Directors is classified into three  classes of directors, each with staggered three-year terms. A third party may be discouraged from making a  tender offer or otherwise attempting to obtain control of us as it is more difficult and time consuming for  stockholders to replace a majority of the directors on a classified board of directors.   Stockholder action; special meetings of stockholders. Our Certificate of Incorporation provides that our  stockholders may not take action by written consent, but may only take action at annual or special meetings  of our stockholders. As a result, a holder controlling a majority of our capital stock would not be able to  amend our bylaws or remove directors without holding a meeting of our stockholders called in accordance  with our bylaws. Further, our bylaws provide that special meetings of our stockholders may be called only  by the chairperson of our Board of Directors, our Chief Executive Officer or our Board of Directors pursuant  to a resolution of a majority of our Board of Directors, thus prohibiting a stockholder from calling a special  meeting. These provisions might delay the ability of our stockholders to force consideration of a proposal or  

 

 9  LEGAL\51239713\3  for stockholders controlling a majority of our capital stock to take any action, including the removal of  directors.   Advance notice requirements for stockholder proposals and director nominations. Our bylaws provide  advance notice procedures for stockholders seeking to bring business before our annual meeting of  stockholders or to nominate candidates for election as directors at our annual meeting of stockholders. Our  bylaws also specify certain requirements regarding the form and content of a stockholder’s notice. These  provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders  or from making nominations for directors at our annual meeting of stockholders if the proper procedures are  not followed. We expect that these provisions might also discourage or deter a potential acquirer from  conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to  obtain control of our company.   Directors removed only for cause. Our Certificate of Incorporation provides that stockholders may remove  directors only for cause, which may delay the ability of our stockholders to remove directors from our Board  of Directors.   Issuance of undesignated preferred stock. Subject to the repurchase of all of our previously issued shares of  Class A Preferred Stock, our Board of Directors has the authority, without further action by the stockholders,  to issue up to 1,000,000 shares of undesignated preferred stock with rights and preferences, including voting  rights, designated from time to time by our Board of Directors. The existence of authorized but unissued  shares of preferred stock enables our Board of Directors to render more difficult or to discourage an attempt  to obtain control of us by merger, tender offer, proxy contest or other means.   Amendment of charter provisions. Any amendment of the above provisions in our Certificate of  Incorporation requires approval by holders of at least 66.667% of our outstanding common stock.   No cumulative voting. The Delaware General Corporation Law provides that stockholders are not entitled to  the right to cumulate votes in the election of directors unless a corporation’s certificate of incorporation  provides otherwise. Our Certificate of Incorporation does not provide for cumulative voting.   Choice of forum. Our Certificate of Incorporation provides that the Court of Chancery of the State of  Delaware is the exclusive forum for any derivative action or proceeding brought on our behalf; any action  asserting a breach of fiduciary duty; any action asserting a claim against us arising pursuant to the Delaware  General Corporation Law, our Certificate of Incorporation or our bylaws; or any action asserting a claim  against us that is governed by the internal affairs doctrine. This provision is not intended to apply to claims  arising under the Securities Act and the Exchange Act. To the extent the provision could be construed to  apply to such claims, there is uncertainty as to whether a court would enforce the provision in such respect,  and our stockholders will not be deemed to have waived our compliance with federal securities laws and the  rules and regulations thereunder.  Rule 144  Pursuant to Rule 144, a person who has beneficially owned restricted shares of our common stock or warrants for at  least six months would be entitled to sell their securities provided that (i) such person is not deemed to have been one  of our affiliates at the time of, or at any time during the three months preceding, a sale and (ii) we are subject to the  Exchange Act periodic reporting requirements for at least three months before the sale and have filed all required  reports under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as we were  required to file reports) preceding the sale.  Persons who have beneficially owned restricted shares of our common stock or warrants for at least six months but  who are our affiliates at the time of, or at any time during the three months preceding, a sale, would be subject to  

 

 10  LEGAL\51239713\3  additional restrictions, by which such person would be entitled to sell within any three-month period only a number  of securities that does not exceed the greater of:   1% of the total number of shares of common stock then outstanding; or   the average weekly reported trading volume of the common stock during the four calendar weeks preceding  the filing of a notice on Form 144 with respect to the sale.  Sales by our affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to  the availability of current public information about us.  Restrictions on the Use of Rule 144 by Sell Companies or Former Shell Companies  Rule 144 is not available for the resale of securities initially issued by shell companies (other than business  combination related shell companies) or issuers that have been at any time previously a shell company, such as us.  However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:   the issuer of the securities that was formerly a shell company has ceased to be a shell company;   the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange  Act;   the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable,  during the preceding 12 months (or such shorter period that the issuer was required to file such reports and  materials), other than Form 8-K reports; and   at least one year has elapsed from the time that the issuer filed current Form 10 type information with the  SEC reflecting its status as an entity that is not a shell company.  Upon the closing of the Business Combination, we ceased to be a shell company.  Transfer Agent and Warrant Agent  The transfer agent for the shares of our common stock and warrants is Continental Stock Transfer & Trust Company.Exhibit 4.1

 

Execution
Version

 

 

 

 

FOURTH SUPPLEMENTAL INDENTURE

 

between

 

EAGLE POINT CREDIT COMPANY INC.

 

and

 

AMERICAN STOCK TRANSFER & TRUST COMPANY,
LLC,

 

Trustee

 

Dated as of March 25, 2021

 

     

     

    

THIS FOURTH SUPPLEMENTAL INDENTURE
(this “Fourth Supplemental Indenture”), dated as of March 25, 2021, is between Eagle Point Credit Company Inc., a Delaware
corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust
company, as trustee (the “Trustee”). All capitalized terms used but not otherwise defined herein shall have the meaning
set forth in the Base Indenture (as defined below).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company and the
Trustee executed and delivered an Indenture, dated as of December 4, 2015 (the “Base Indenture” and, as supplemented by this
Fourth Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s
debt securities (the “Securities”) evidencing its unsecured indebtedness, to be issued in one or more series as provided in
the Base Indenture;

 

WHEREAS, the Company previously
entered into the First Supplemental Indenture, dated as of December 4, 2015 (the “First Supplemental Indenture”), a Second
Supplemental Indenture, dated as of August 8, 2017 (the “Second Supplemental Indenture”), and a Third Supplemental Indenture,
dated as of April 24, 2018 (the “Third Supplemental Indenture”), each of which amended and supplemented the Base Indenture.
The First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture are not applicable to the Series
2031 Notes (as defined below);

 

WHEREAS, the Company desires
to initially issue and sell up to $44,850,000 aggregate principal amount (including up to $5,850,000 aggregate principal amount pursuant
to the underwriters’ overallotment option) of the Company’s 6.75% notes due 2031 (the “Series 2031 Notes”);

 

WHEREAS, Sections 9.01(iv)
and 9.01(vi) of the Base Indenture provide that, without the consent of Holders of the Securities of any series issued under the Indenture,
the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Base Indenture when
there is no Security Outstanding of any series created prior to the execution of a supplemental indenture that is entitled to the benefit
of such provision and (ii) establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01 of the Base
Indenture;

 

WHEREAS, the Company desires
to establish the form and terms of the Series 2031 Notes and to modify, alter, supplement and change certain provisions of the Base Indenture
for the benefit of the Holders of the Series 2031 Notes (except as may be provided in a future supplemental indenture to the Indenture
(each, a “Future Supplemental Indenture”)); and

 

WHEREAS, the Company has duly
authorized the execution and delivery of this Fourth Supplemental Indenture to provide for the issuance of the Series 2031 Notes and all
acts and things necessary to make this Fourth Supplemental Indenture a valid and legally binding obligation of the Company and to constitute
a valid agreement of the Company, in accordance with its terms, have been done and performed.

 

    	 	2	 

     

    

NOW, THEREFORE, THIS INDENTURE
WITNESSETH: For and in consideration of the premises and the purchase of the Series 2031 Notes by the Holders thereof, it is mutually
agreed, for the equal and proportionate benefit of all Holders of the Series 2031 Notes, as follows:

 

ARTICLE
I.

TERMS OF THE SERIES 2031 NOTES

 

Section 1.01.    
Terms of the Series 2031 Notes. The following terms relating to the Series 2031 Notes are hereby established:

 

(a)     
The Series 2031 Notes shall constitute a series of Securities having the title “6.75% Notes due 2031”.

 

(b)     
The aggregate principal amount of the Series 2031 Notes that may be initially authenticated and delivered under the Indenture
(except for Series 2031 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other
Series 2031 Notes pursuant to Sections 3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture) shall be up to $44,850,000 aggregate principal
amount (including up to $5,850,000 aggregate principal amount pursuant to the underwriters’ overallotment option). Under a Board
Resolution, Officer’s Certificate pursuant to Board Resolutions or a Future Supplemental Indenture, the Company may from time to
time, without the consent of the Holders of the Series 2031 Notes, issue additional Series 2031 Notes (in any such case, “Additional
Notes”) having the same ranking and the same interest rate, maturity and other terms as the Series 2031 Notes. Any Additional
Notes and the existing Series 2031 Notes shall constitute a single series under the Indenture and all references to the relevant Series
2031 Notes herein shall include the Additional Notes unless the context otherwise requires.

 

(c)     
The entire outstanding principal of the Series 2031 Notes shall be payable on March 31, 2031, unless earlier redeemed or repurchased
in accordance with the provisions of the Indenture.

 

(d)     
The rate at which the Series 2031 Notes shall bear interest shall be 6.75% per annum of the aggregate principal amount. The date
from which interest shall accrue on the Series 2031 Notes shall be March 25, 2021 or (including for any Additional Notes issued thereafter)
the most recent Interest Payment Date to which interest has been paid or provided for. The
Interest Payment Dates for the Series 2031 Notes shall be March 31, June 30, September 30 and December 31 of each year, commencing June
30, 2021 (provided that if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment
shall be made on the next succeeding Business Day, and no additional interest shall accrue as a result of such delayed payment). The initial
interest period shall be the period from, and including, March 25, 2021 (or, for any Additional Notes issued thereafter, the most recent
Interest Payment Date to which interest has been paid or provided for) to, but excluding, the initial Interest Payment Date, and the subsequent
interest periods shall be the periods from, and including, an Interest Payment Date to, but excluding, the next Interest Payment Date
or the Stated Maturity, as the case may be. The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date, shall be paid to the Person in whose name the Series 2031 Note (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be March 15, June 15, September 15 and December 15 of each year, commencing
June 15, 2021 (provided, that if a Regular Record Date falls on a day that is not a Business Day, then that Regular Record Date
shall be the next succeeding Business Day), as the case may be, next preceding such Interest Payment Date. Interest on the Series 2031
Notes shall be computed on the basis of a 360-day year of twelve 30-day months. Payment of principal of (and premium, if any, on) the
Series 2031 Notes shall be made at the Corporate Trust Office of the Trustee in such coin or currency of the United States as at the time
of payment is legal tender for payment of public and private debts, and payment of interest shall be made by check mailed to the address
of the Person entitled thereto as such address shall appear in the Security Register; provided, however, that at the option
of the Holder, payment of principal of (and premium, if any, on) and interest on the Series 2031 Notes may be made by wire transfer of
immediately available funds to an account at a bank in the United States as further set forth in Section 10.01 of the Indenture; provided,
further, however, that so long as the Series 2031 Notes are registered to Cede & Co., such payment shall be made by
wire transfer in accordance with the procedures established by The Depository Trust Company (“DTC”) and the Trustee.

 

    	 	3	 

     

    

(e)     
The Series 2031 Notes shall be initially issuable in global form (each such Series 2031 Note, a “Global Note”).
The Global Notes and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A
to this Fourth Supplemental Indenture. Each Global Note shall represent the aggregate principal amount of outstanding Series 2031 Notes
as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Series 2031
Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Series 2031 Notes represented thereby
may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note
to reflect the amount of any increase or decrease in the principal amount of outstanding Series 2031 Notes represented thereby shall be
made by the Trustee or the Security Registrar, in accordance with Sections 2.03 and 3.05 of the Base Indenture.

 

(f)      
The depositary for such Global Notes (the “Depositary”) shall be DTC. The Security Registrar with respect to
the Global Notes shall be the Trustee.

 

(g)     
The Series 2031 Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance
contained in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.08 through 10.12 of the Indenture.

 

(h)       
The Series 2031 Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows:

 

(i)       
The Series 2031 Notes shall be redeemable in whole or in part, at any time or from time to time, at the option of the Company,
on or after March 29, 2024, at a Redemption Price equal to 100% of the outstanding aggregate principal amount thereof plus accrued and
unpaid interest otherwise payable for the then-current quarterly interest period accrued to, but excluding, the Redemption Date.

 

(ii)    
 Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day
delivery to each Holder of the Series 2031 Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the
Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information
set forth in Section 11.04 of the Base Indenture and the delivery of such shall be subject to the terms of the Indenture.

 

    	 	4	 

     

    

(iii)   
Any exercise of the Company’s option to redeem the Series 2031 Notes shall be done in compliance with the Investment Company Act.

 

(iv)     
If less than all of the Series 2031 Notes are to be redeemed at any time, the Trustee shall select the Series 2031 Notes to be
redeemed (1) if the Series 2031 Notes are listed on any national securities exchange, in compliance with the requirements of the principal
national securities exchange on which the Series 2031 Notes are listed, (2) on a pro rata basis to the extent practicable or (3) by lot
or such similar method in accordance with the procedures of DTC.

 

(v)     
Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue
on the Series 2031 Notes called for redemption hereunder.

 

(vi)     
The Series 2031 Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture.

 

(i)       
The Series 2031 Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess thereof.

 

(j)       
Holders of the Series 2031 Notes shall not have the option to have the Series 2031 Notes repaid prior to March 31, 2031.

 

ARTICLE
II.

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 2.01.    
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Series 2031 Notes but no
other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall
be amended by replacing the definition of “Business Day” in Section 1.01 thereof with the following:

 

“Business Day”
means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which banking institutions in New York are authorized
or obligated by law or executive order to close.

 

Section 2.02.    
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Series 2031 Notes but no
other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall
be amended by adding the following defined terms to Section 1.01 thereof in appropriate alphabetical sequence, as follows:

 

“Exchange Act”
means the United States Securities Exchange Act of 1934 and the rules and regulations promulgated by the Commission thereunder and any
statute successor thereto, in each case as amended from time to time.

 

    	 	5	 

     

    

“GAAP” means generally
accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board
and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as
have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time.

 

ARTICLE
III.

SECURITIES FORMS

 

Section 3.01.    
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Series 2031 Notes but no
other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Two of the Base Indenture shall
be amended by adding the following new Section 2.04 thereto, as set forth below:

 

“Section 204. Certificated
Notes.”

 

Notwithstanding anything to
the contrary in the Indenture, Series 2031 Notes in physical, certificated form shall be issued and delivered to each person that the
Depositary identifies as a beneficial owner of the related Series 2031 Notes only if:

 

		(1)	the Depositary notifies the Company at any time that it is unwilling or unable to continue as depositary
for the Series 2031 Notes in global form and a successor depositary is not appointed within 90 days; or

 

		(2)	the Depositary ceases to be registered as a clearing agency under the Exchange Act, and a successor depositary
is not appointed within 90 days.”

 

ARTICLE
IV.

COVENANTS

 

Section 4.01.    
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Series 2031 Notes but no
other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall
be amended by replacing Section 10.06 thereof in its entirety with the following:

 

“Section
10.06. [RESERVED]”

 

Section 4.02.    
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Series 2031 Notes but no
other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall
be amended by replacing Section 10.07 thereof in its entirety with the following:

 

“Section 10.07. Waiver
of Certain Covenants.”

 

The Company may omit in any
particular instance to comply with any covenant or condition, as specified pursuant to Section 3.01(xv), for Securities of any series,
in any covenants of the Company added to Article Ten pursuant to Section 3.01(xiv) or Section 3.01(xv) in connection with the Securities
of a series, if before or after the time for such compliance the Holders of at least a majority in aggregate principal amount of all Outstanding
Securities of such series, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such
covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived,
and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such covenant
or condition shall remain in full force and effect.”

 

    	 	6	 

     

    

Section 4.03.    
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Series 2031 Notes but no
other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall
be amended by adding the following new Sections 10.08 through 10.12 thereto, each as set forth below:

 

“Section 10.08. Closed-end
Fund.”

 

The Company hereby agrees,
that for the period of time during which Series 2031 Notes are Outstanding, the Company will remain a closed-end management investment
company for purposes of the Investment Company Act.”

 

“Section 10.09. Ranking.”

 

The Company hereby agrees,
that for the period of time during which Series 2031 Notes are Outstanding, the Company’s payment obligations under the Indenture
and the Series 2031 Notes shall at all times rank pari passu, without preference or priority, with all of the Company’s existing
and future unsecured indebtedness and senior to any preferred stock the Company may issue.”

 

“Section 10.10. Section
18(a)(1)(A) of the Investment Company Act.”

 

The Company hereby agrees
that for the period of time during which Series 2031 Notes are Outstanding, the Company will not violate, whether or not it is subject
to, Section 18(a)(1)(A) of the Investment Company Act (as modified by the other provisions of Section 18 of the Investment Company Act)
as in effect from time to time or any successor provisions thereto, giving effect, in either case, to any exemptive relief granted to
the Company by the Commission.”

 

“Section 10.11. Section
18(a)(1)(B) of the Investment Company Act.”

 

The Company hereby agrees
that for the period of time during which Series 2031 Notes are Outstanding, the Company will not violate, whether or not it is subject
to, Section 18(a)(1)(B) of the Investment Company Act (as modified by the other provisions of Section 18 of the Investment Company Act),
as in effect from time to time or any successor provisions thereto, giving effect, in either case, to (i)
any exemptive relief granted to the Company by the Commission and (ii) no-action relief granted by the Commission to another closed-end
investment company (or to the Company if it determines to seek such similar no-action or other relief) permitting the closed-end investment
company to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) of the Investment
Company Act in order to maintain the closed-end investment company’s status as a regulated investment company under Subchapter M
of the United States Internal Revenue Code of 1986, as amended.”

 

    	 	7	 

     

    

“Section 10.12. Commission
Reports and Reports to Holders.”

 

The Company hereby agrees
that if, at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any
periodic reports with the Commission, the Company agrees to furnish to the Holders of Series 2031 Notes and the Trustee for the period
of time during which the Series 2031 Notes are Outstanding: (i) within 60 days after the end of the each fiscal year of the Company, audited
annual consolidated financial statements of the Company and (ii) within 60 days after the end of the second fiscal quarter of the Company,
unaudited interim consolidated financial statements of the Company. All such financial statements shall be prepared, in all material respects,
in accordance with GAAP, as applicable.”

 

ARTICLE
V.

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 5.01.    
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Series 2031 Notes but no
other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Fourteen of the Base Indenture
shall be amended by replacing Section 14.03 thereof in its entirety with the following:

 

“Section 14.03. Covenant
Defeasance.”

 

Upon the Company’s exercise
of the above option applicable to this Section with respect to any Securities of or within a series, if specified pursuant to Section
3.01, its obligations under any other covenant with respect to such Outstanding Securities on and after the date the conditions set forth
in Section 14.04 are satisfied (hereinafter, “covenant defeasance”), and such Securities shall thereafter be deemed to be
not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences
of any thereof) in connection with such covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder.
For this purpose, such covenant defeasance means that, with respect to such Outstanding Securities, the Company may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference
in any such Section or such other covenant to any other provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 5.01(iv) or 5.01(viii) or otherwise, as the case may be, but, except as specified
above, the remainder of this Indenture and such Securities shall be unaffected thereby. Following a covenant defeasance, payment of such
Securities may not be accelerated because of an Event of Default solely
by reference to such Sections specified above in this Section 14.03.”

 

    	 	8	 

     

    

ARTICLE
VI.

MEETINGS OF HOLDERS OF SECURITIES

 

Section 6.01.    
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Series 2031 Notes but no
other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 15.05 of the Base Indenture shall
be amended by replacing clause (c) thereof with the following:

 

“(c) At any
meeting of Holders, each Holder of a Security of such series or proxy shall be entitled to one vote for each $25.00 principal amount of
the Outstanding Securities of such series held or represented by such Holder; provided, however, that no vote shall be cast
or counted at any meeting in respect of any Security challenged as not Outstanding and ruled by the chairman of the meeting to be not
Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.”

 

ARTICLE
VII.

PAYMENT

 

Section 7.01.    
Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Series 2031 Notes but no
other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 10.01 of the Base Indenture shall
be amended by adding the following at the end of such Section:

 

“Alternatively,
at the request of the registered Holder, the Company will pay the principal of (and premium, if any, on) and interest, if any, on the
Securities by wire transfer of immediately available funds to an account at a bank in the United States, on the date when such amount
is due and payable. To request payment by wire transfer, the registered Holder must give the Paying Agent appropriate transfer instructions
at least 15 Business Days before the requested payment is due. In the case of any interest payment due on an Interest Payment Date, the
instructions must be given by the person who is the registered Holder on the relevant Regular Record Date. Any wire instructions, once
properly given, will remain in effect unless and until new instructions are given in accordance with this Section.”

 

ARTICLE
VIII.

MISCELLANEOUS

 

Section 8.01.    
This Fourth Supplemental Indenture and the Series 2031 Notes shall be governed by and construed in accordance with the laws
of the State of New York, without reference to its conflicts of law principles. This Fourth Supplemental Indenture is subject to the provisions
of the Trust Indenture Act of 1939, as amended, that are required to be part of the Indenture and shall, to the extent applicable, be
governed by such provisions.

 

Section 8.02.    
In case any provision in this Fourth Supplemental Indenture or in the
Series 2031 Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall
not in any way be affected or impaired thereby.

 

    	 	9	 

     

    

Section 8.03.    
This Fourth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same Fourth Supplemental Indenture. The exchange
of copies of this Fourth Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means
shall constitute effective execution and delivery of this Fourth Supplemental Indenture for all purposes. Signatures of the parties hereto
transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their original signatures for all purposes.

 

Section 8.04.    
The Base Indenture, as supplemented and amended by this Fourth Supplemental Indenture, is in all respects ratified and confirmed,
and the Base Indenture and this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect
to the Series 2031 Notes. All provisions included in this Fourth Supplemental Indenture supersede any conflicting provisions included
in the Base Indenture with respect to the Series 2031 Notes, unless not permitted by law. The Trustee accepts the trusts created by the
Indenture, as supplemented by this Fourth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the
Base Indenture, as supplemented by this Fourth Supplemental Indenture.

 

Section 8.05.    
The provisions of this Fourth Supplemental Indenture shall become effective as of the date hereof.

 

Section 8.06.    
Notwithstanding anything else to the contrary herein, the terms and provisions of this Fourth Supplemental Indenture shall
apply only to the Series 2031 Notes and shall not apply to any other series of Securities under the Indenture and this Fourth Supplemental
Indenture shall not and does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of
Securities under the Indenture, whether now or hereafter issued and Outstanding.

 

Section 8.07.    
The recitals contained herein and in the Series 2031 Notes, except the Trustee’s certificate of authentication, shall
be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations
as to the validity or sufficiency of this Fourth Supplemental Indenture, the Series 2031 Notes or any Additional Notes, except that the
Trustee represents that it is duly authorized to execute and deliver this Fourth Supplemental Indenture, authenticate the Series 2031
Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be accountable for the use or application
by the Company of the Series 2031 Notes or any Additional Notes or the proceeds thereof.

[Signature page follows]

 

    	 	10	 

     

    

IN WITNESS WHEREOF, the parties
hereto have caused this Fourth Supplemental Indenture to be duly executed as of the date first above written.

 

Eagle Point Credit
Company Inc.

 

By:  /s/ Kenneth P. Onorio

Name: Kenneth P. Onorio

Title: Chief Financial Officer and Chief Operating Officer

 

American Stock Transfer
 & Trust Company LLC, Trustee

 

By:  /s/ Paul H. Kim 

Name: Paul H. Kim

Title: Assistant General Counsel

 

 

 

 

 

[Signature Page to Fourth Supplemental Indenture]

 

    	 	11	 

     

    

EXHIBIT A

 

[FORM OF GLOBAL NOTE]

 

THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER DEFINED AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED,
IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND SUCH
CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL, AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

Eagle Point Credit Company Inc.

	No. 	$

CUSIP
No. 269809 604

ISIN
No. US2698096045 

 

6.75% Notes due
2031

 

Eagle Point Credit Company
Inc., a Delaware corporation (herein called the “Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of (U.S.
$ ) on March 31, 2031 (or the next succeeding Business Day, and no additional interest shall accrue as a result of such delayed payment),
and to pay interest thereon from or, thereafter, from the most recent Interest Payment Date to which interest has been paid or duly provided
for, quarterly on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2021 (provided, that if an
Interest Payment Date falls on a day that is not a Business Day in The City of New York, then the applicable interest payment shall be
made on the next succeeding Business Day, and no additional interest shall accrue as a result of such delayed payment), at the rate of
6.75% per annum of the principal amount, until the principal hereof is paid or made available for payment. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose
name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be March 15, June
15, September 15 and December 15 of each year, commencing June 15, 2021 (provided
that if a Regular Record Date falls on a day that is not a Business Day in The City of New York, then that Regular Record Date shall be
the next succeeding Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest
to be fixed 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture. This Security may be issued as part of a series.

 

    	 	A-1	 

     

    

Payment of principal of (and
premium, if any, on) this Security shall be made at the Corporate Trust Office of the Trustee in such coin or currency of the United States
as at the time of payment is legal tender for payment of public and private debts, and payment of interest shall be made by check mailed
to the address of the Person entitled thereto as such address shall appear in the Security Register; provided, however, that at the option
of the Holder, payment of principal of (and premium, if any, on) and interest on this Security may be made by wire transfer of immediately
available funds to an account at a bank in the United States as further set forth in Section 10.01 of the Indenture; provided, further,
however, that so long as this Security is registered to Cede & Co., such payment shall be made by wire transfer in accordance with
the procedures established by DTC and the Trustee.

 

Reference is hereby made to
the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not
be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    	 	A-2	 

     

    

IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed by the undersigned officer.

 

Eagle Point Credit
Company Inc.

 

By:                                          

Name: Kenneth P. Onorio

Title: Chief Financial Officer and Chief Operating Officer

 

Attest

 

By:                                             

Name: Courtney B. Fandrick

Title: Secretary, Eagle Point Credit Company Inc.

Date:

 

    	 	A-3	 

     

    

 

This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.

 

American Stock Transfer
 & Trust Company LLC, trustee

 

		By:	
____________________
	 	 	Authorized signatory

Dated:

 

    	 	A-4	 

     

    

Eagle Point Credit Company Inc.

6.75% Notes due 2031

 

This Security is one of a
duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more
series under an Indenture, dated as of December 4, 2015 (herein called the “Base Indenture”), between the Company and American
Stock Transfer & Trust Company, LLC, Trustee (herein called the “Trustee”, which term includes any successor trustee under
the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities
are, and are to be, authenticated and delivered, as supplemented by the Fourth Supplemental Indenture, dated as of March 25, 2021 (the
 “Fourth Supplemental Indenture” and, together with the Base Indenture, herein called the “Indenture”). In the
event of any conflict between the Base Indenture and the Fourth Supplemental Indenture, the Fourth Supplemental Indenture shall govern
and control.

 

This Security is one of the
series designated on the face hereof, initially limited in aggregate principal amount to $44,850,000. Under a Board Resolution, an Officer’s
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders
of Securities, issue additional Securities of this series (in any such case, “Additional Securities”) having the same ranking
and the same interest rate, maturity and other terms as the Securities. Any Additional Securities and the existing Securities shall constitute
a single series under the Indenture and all references to the relevant Securities herein shall include the Additional Securities unless
the context otherwise requires. The aggregate amount of outstanding Securities represented hereby may from time to time be reduced or
increased, as appropriate, to reflect exchanges and redemptions.

 

The Securities of this series
are subject to redemption in whole or in part, at any time or from time to time, at the option of the Company, on or after March 29, 2024
at a Redemption Price of 100% of the outstanding aggregate principal amount thereof plus accrued and unpaid interest payments otherwise
payable for the then-current quarterly interest period to, but excluding, the Redemption Date.

 

Notice of redemption shall
be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of
the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s
address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the
Base Indenture.

 

Any exercise of the Company’s
option to redeem the Securities shall be done in compliance with the Investment Company Act.

 

If less than all of the Securities
are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Securities of such series to be redeemed
or purchased (1) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal
national securities exchange on which the Securities are listed, (2) on a pro rata basis to the extent practicable or (3) by lot or such
similar method in accordance with the procedures of DTC. In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof shall be
issued in the name of the Holder hereof upon the cancellation hereof.

 

    	 	A-5	 

     

    

Unless the Company defaults
in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Securities called for redemption.

 

The Indenture contains provisions
for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect
to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

Holders of Securities do not
have the option to have the Securities repaid prior to March 31, 2031.

 

If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the
rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to
be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver
by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

 

As provided in and subject
to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the
Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless (1) such Holder shall have previously
given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, (2) the Holders of not
less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee
to institute proceedings in respect of such Event of Default as Trustee, (3) such Holder offered the Trustee indemnity satisfactory to
the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, (4) for sixty (60) days after
receipt of such notice, request and offer of indemnity, the Trustee shall have failed to institute any such proceeding, and (5) the Trustee
shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

 

    	 	A-6	 

     

    

No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin
or currency, herein prescribed.

 

As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium
and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to
the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one
or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, shall
be issued to the designated transferee or transferees.

 

The Securities of this series
are issuable only in registered form without coupons in denominations of $25 and any integral multiples of $25 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

No service charge shall be
made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

To the extent any provision
in this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

The Indenture and this Security
shall be governed by and construed in accordance with the laws of the State of New York, without reference to its conflicts of law principles.

 

    	 	A-7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}]]