Document:

Form of Change of Control Agreement

 Exhibit 10.24 
 CHANGE OF CONTROL AGREEMENT 
 This Change of Control Agreement (the
“Agreement”), dated as of                     , 2011 (the “Effective Date”), is made by and between Avanir
Pharmaceuticals, Inc., a Delaware corporation having its principal offices at 20 Enterprise, Suite 200, Aliso Viejo, California (the “Company”) and
                             (“Employee”). 

RECITALS 

A. It is expected that other entities or individuals may, from time to time, consider the possibility of acquiring the Company in a
transaction that will result in a Change of Control (defined below), with or without the approval of the Company’s Board of Directors. The Board of Directors recognizes that such consideration may cause Employee to consider alternative
employment opportunities. Accordingly, the Board of Directors has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication and objectivity of Employee,
notwithstanding the possibility, threat or occurrence of a Change of Control. 
 B. The Company’s Board of Directors
believes it is in the best interests of the Company and its shareholders to enter into this Agreement to provide incentives to Employee to continue in the service of the Company in the event of a Change of Control. 

C. The Board of Directors further believes that it is necessary to provide Employee with certain benefits upon termination of
Employee’s employment in connection with a Change of Control, which benefits are intended to provide Employee with financial security and provide sufficient income and encouragement to Employee to remain employed by the Company, notwithstanding
the possibility of a Change of Control. 
 NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements
contained herein, and in consideration of the continuing employment of Employee by the Company, the parties hereto agree as follows: 
 1.
Definitions. 
 1.1 “Awards” means Employee’s outstanding stock options, restricted stock awards,
restricted stock units, stock appreciation rights and other equity-based awards granted under the Company Equity Plans, in each case that remain outstanding immediately following a Change of Control. 

1.2 “Base Salary” means Employee’s gross monthly salary on the date of calculation, excluding bonus and other
incentive compensation. 
 1.3 “Cause” shall, if applicable, have the meaning set forth in the definitive
written employment agreement between Employee and the Company (the “Employment Agreement”); provided, however, that if there is no Employment Agreement, or if the Employment Agreement does not define what shall constitute a termination for
“cause” (or a substantially similar term), then “Cause” for purposes of this Agreement shall mean: (i) Employee’s material breach of this Agreement or any confidentiality agreement between the Company and Employee;
(ii)

 
Employee’s failure or refusal to comply with the Company’s Employee Manual, the Company’s Code of Business Conduct and Ethics, or other policies or procedures established by the
Company (iii) Employee’s appropriation (or attempted appropriation) of a material business opportunity of the Company, including attempting to secure or securing any personal profit in connection with any transaction entered into on behalf
of the Company; (iv) Employee’s misappropriation (or attempted misappropriation) of any of the Company’s funds or material property; (v) Employee’s conviction of, or the entering of a guilty plea or plea of no contest with
respect to a felony, the equivalent thereof, or any other crime with respect to which imprisonment is a possible punishment; or (vi) Employee’s willful misconduct or incompetence. 

1.4 “CCC” means the California Code of Civil Procedure. 

1.5 A “Change of Control” shall have occurred if, and only if: 

(a) any individual, partnership, firm, corporation, association, trust, unincorporated organization or other entity or
person, or any syndicate or group deemed to be a person under Section 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”) is or becomes the “Beneficial Owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities entitled to vote in the election of directors of the Company; or 

(b) if those individuals who constituted the Board at the Effective Date cease to constitute a majority of the Board as a
result of, or in connection with, a proxy solicitation made by a third party pursuant to Regulation 14A under the Securities Exchange Act of 1934; or 
 (c) there occurs a reorganization, merger, consolidation or other corporate transaction involving the Company (“Transaction”), in each case, with respect to which the stockholders of the
Company immediately prior to such Transaction do not, immediately after the Transaction, own more than 50% of the combined voting power of the Company’s then outstanding securities entitled to vote in the election of directors of the Company or
of the securities of any other corporation resulting from such Transaction; or 
 (d) all or substantially all of
the assets of the Company are sold, liquidated or distributed, other than in connection with a bankruptcy, insolvency or other similar proceeding, or an assignment for the benefit of creditors. 

1.6 A “Change of Control Termination” shall have occurred if Employee’s employment by the Company, or any of its
subsidiaries or affiliates, is terminated without Cause or Employee resigns in a Resignation for Good Reason, in either case subsequent to the signing of an agreement, the consummation of which would result in a Change of Control, or within 12
months following the effective date of a Change of Control. 
 1.7 A “Death or Disability Change of Control
Termination” shall have occurred if Employee’s employment by the Company, or any of its subsidiaries or affiliates, is terminated by reason of Employee’s Disability or death, in either case subsequent to the signing of an
agreement, the consummation of which would result in a Change of Control, or within 12 months following the effective date of a Change of Control. 

  
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 1.8 “Disability” means (a) Employee is unable to engage in any
substantial gainful activity because of a medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous period of at least 12 months; or (b) Employee has been receiving income
replacement benefits for at least three months under an accident and health plan of the service recipient as the result of a medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous
period of at least 12 months. 
 1.9 “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985.

 1.10 “Code” means the Internal Revenue Code of 1986, as amended. 

1.11 “Company Equity Plans” means the Company’s 1994 Stock Option Plan, 1998 Stock Option Plan, 2000 Stock Option
Plan, 2003 Equity Incentive Plan and 2005 Equity Incentive Plan, each as may be amended from time to time, and any stock option agreements, award notices, stock purchase agreements or other agreements or instruments executed and delivered pursuant
thereto. 
 1.12 “Release” means a general release, in the form attached hereto as Exhibit A, by
Employee of all claims against the Company and its affiliates as of the date of the Change of Control Termination. 
 1.13
“Resignation for Good Reason” means a resignation based on any of the following events, each of which shall constitute “Good Reason,” subject to the notice and cure provisions set forth below: 

(a) a material diminution in Employee’s authority, duties, reporting relationship, or responsibilities; 

(b) a material diminution in Employee’s Base Salary; 

(c) a material change in geographic location at which the Employee must perform the services; or 

(d) any other action or inaction that constitutes a material breach of the terms of an applicable employment agreement.

 To constitute a Resignation for Good Reason: (i) Employee must provide written notice to the Company within 90 days of
the initial existence of the event constituting Good Reason, (ii) Employee may not terminate his or her employment unless the Company fails to remedy the event constituting Good Reason within 30 days after such notice has been deemed given
pursuant to this Agreement, and (iii) Employee must terminate employment with the Company no later than 30 days after the end of the 30-day period in which the Company fails to remedy the event constituting Good Reason. 

  
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 1.14 “Severance Payment” means severance pay in an amount equal to [X]
months of Base Salary, plus an amount equal to the greater of (A) the aggregate bonus payment(s) received by Employee in the Company’s preceding fiscal year or (B) the target bonus amount, such payments to be paid in accordance with
the terms in Section 2.1(b) below. Notwithstanding the foregoing, if the tenure of Employee’s employment with the Company at the time of termination is less than one year, then the bonus amount calculated under this Section 1.11 shall
be pro rated for the partial year of service. 
 1.15 “Severance Period” means the 12-month period following a
Change of Control Termination. 
 2. Change of Control Termination. 

2.1 Payment upon Change of Control Termination. Subject to Sections 2.2 and 2.3, in the event of a Change of Control Termination:

 (a) The Company shall promptly pay Employee all accrued but unpaid Base Salary and all accrued but unused
vacation time, each through the date of termination; and 
 (b) The Company shall pay Employee the Severance
Payment after the date of termination, which Severance Payment shall be payable in one lump-sum payment on the first payroll date that is 30 days after the date of such termination. Anything in this Agreement to the contrary notwithstanding, if at
the time of Employee’s separation from service, Employee is determined by the Company to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, and if any payment that Employee becomes entitled to
under this Agreement would be considered deferred compensation subject to interest and additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the Code, then no such
payment shall be payable prior to the date that is the earlier of (1) six months and one day after Employee’s separation from service, or (2) Employee’s death. The parties intend that this Agreement will be administered in
accordance with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and
regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party; and 
 (c) Employee may elect to continue insurance coverage as afforded to Employee according to COBRA at no cost to the Employee during the Severance Period. Nothing in this Agreement will extend
Employee’s COBRA period beyond the period allowed under COBRA, nor is Company assuming any responsibility for Employee’s election to continue coverage; and 

(d) The vesting of all Awards shall accelerate in full and all rights of repurchase of Award shares shall immediately
lapse. 
 (e) In the event of a Disability Change of Control Termination, subject to Section 2.2 (which
shall apply pursuant to this Section 2.1(e) only in the event of a termination due to Employee’s Disability) and Section 2.3, Employee shall receive the compensation stated in Sections 2.1(a) through (d) pursuant to the same
terms and conditions stated therein; provided, however, that the Severance Payment shall be pro rated by a fraction, the numerator of which is the number of days elapsed from the date of the Change of Control (or the signing of an agreement the
consummation of which will result in a Change of Control, if such death or termination occurs prior to the actual Change of Control) through the date of death or termination, as the case may be, and the denominator of which is 365. 

  
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 2.2 Employee Release. In consideration for the benefits set forth above in Sections
2.1(b), 2.1(c), 2.1(d) and, if applicable, 2.1(e), following either a Change of Control Termination or a Disability Change of Control Termination, as applicable, Employee shall execute and deliver the Release no later than 10 days after termination
of employment. The Company shall have no obligation to pay or grant the benefits set forth in Sections 2.1(b), 2.1(c), 2.1(d) or 2.1(e) if Employee does not execute and deliver the Release, or if Employee subsequently revokes, or attempts in writing
to revoke, any portion of the Release. 
 2.3 Other Benefits. In the event that the Employment Agreement provides for
specific benefits upon a Change of Control and/or a Change of Control Termination that are materially more favorable to Employee than like benefits set forth herein, then Employee shall be entitled to those benefits set forth in the Employment
Agreement in lieu of the lesser like benefits set forth herein. 
 3. Excise Tax Cutback. 

(a) Anything in this Agreement to the contrary notwithstanding, in the event that any compensation, payment or
distribution by the Company to or for the benefit of Employee, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (collectively, the “Payments”), would be subject to the
excise tax imposed by Section 4999 of the Code, the following provisions shall apply: 
 (i) If the
Payments, reduced by the sum of (1) the Excise Tax (as defined below) and (2) the total of the federal, state, and local income and employment taxes payable by Employee on the amount of the Payments that are in excess of the Threshold
Amount (as defined below), are greater than or equal to the Threshold Amount, then Employee shall be entitled to the full benefits payable under this Agreement. 
 (ii) If the Threshold Amount is less than (x) the Payments, but greater than (y) the Payments reduced by the sum of (1) the Excise Tax and (2) the total of the federal, state, and
local income and employment taxes on the amount of the Payments which are in excess of the Threshold Amount, then the benefits payable under this Agreement shall be reduced (but not below zero) to the extent necessary so that the maximum Payments
shall not exceed the Threshold Amount. In such event, the payments shall be reduced in the following order: (1) cash payments not subject to Section 409A of the Code; (2) cash payments subject to Section 409A of the Code;
(3) equity-based payments and acceleration; and (4) non-cash forms of benefits. To the extent any payment is to be made over time (e.g., in installments, etc.), then the payments shall be reduced in reverse chronological order. The
determination of the reduction shall be made by a nationally recognized accounting firm selected and paid for by the Company (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the
Employee within 15 business days of the date of 

  
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termination of service, if applicable, or at such earlier time as is reasonably requested by the Company or the Employee. For purposes of this determination, the Employee shall be deemed to pay
federal income taxes at the highest marginal rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and local income taxes at the highest marginal rates of individual
taxation in the state and locality of the Employee’s residence on the date of termination of service, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. Any determination
by the Accounting Firm shall be binding upon the Company and the Employee. 
 (b) For the purposes of this
Section 3, “Threshold Amount” shall mean three times Employee’s “base amount” within the meaning of Section 280G(b)(3) of the Code and the regulations promulgated thereunder, less one dollar ($1.00); and
“Excise Tax” shall mean the excise tax imposed by Section 4999 of the Code, and any interest or penalties incurred by Employee with respect to such excise tax. 
 4. Dispute Resolution Procedures. Any dispute or claim arising out of this Agreement shall be subject to final and binding arbitration. The arbitration will be conducted by one arbitrator who is a
member of the American Arbitration Association (AAA) or of the Judicial Arbitration and Mediation Services (JAMS). The arbitration shall be held in Orange County, California. The arbitrator shall have all authority to determine the arbitrability of
any claim and enter a final and binding judgment at the conclusion of any proceedings in respect of the arbitration. Notwithstanding any rule of AAA or JAMS to the contrary, the provisions of Title 9 of Part 3 of the CCC including
Section 1283.05, and successor statutes, permitting expanded discovery proceedings shall be applicable to all disputes that are arbitrated under this paragraph. The arbitrator shall have all power and authority to enter orders relating to such
discovery as are allowed under the CCC. The party prevailing in the resolution of any such claim will be entitled, in addition to such other relief as may be granted, to an award of all fees and costs incurred in pursuit of the claim (including
reasonable attorneys’ fees) without regard to any statute, schedule, or rule of court purported to restrict such award. 
 5. At-Will
Employment. Notwithstanding anything to the contrary herein, Employee reaffirms that Employee’s employment relationship with the Company is at-will, terminable at any time and for any reason by either the Company or Employee. While certain
paragraphs of this Agreement describe events that could occur at a particular time in the future, nothing in this Agreement may be construed as a guarantee of employment of any length. 
 6. General Provisions. 
 6.1 Governing Law. This Agreement will be
governed by and construed in accordance with the laws of the State of California, without regard to conflict-of-law principles. 

6.2 Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and
its successors and assigns. Employee may not assign, pledge or encumber her interest in this Agreement or any part thereof, provided, however, that the provisions of this Agreement shall inure to the benefit of, and be binding upon Employee’s
estate. 

  
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 6.3 No Waiver of Breach. If either party should waive any breach of any provisions of
this Agreement, he or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. The rights granted the parties are cumulative, and the election of one will not constitute a
waiver of such party’s right to assert all other legal and equitable remedies available under the circumstances. 
 6.4
Severability. The provisions of this Agreement are severable, and if any provision will be held to be invalid or otherwise unenforceable, in whole or in part, the remainder of the provisions, or enforceable parts of this Agreement, will not
be affected. 
 6.5 Entire Agreement; Amendment. This Agreement, including Exhibit A, constitutes the entire agreement of
the parties with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous negotiations, agreements and understandings between the parties, oral or written, except those provisions of the Employment Agreement
expressly referred to herein. This Agreement may be amended or supplemented only by writing signed by both of the parties hereto. 
 6.6 Modification; Waivers. No modification, termination or attempted waiver of this Agreement will be valid unless in writing, signed by the party against whom such modification, termination or
waiver is sought to be enforced. 
 6.7 Duplicate Counterparts. This Agreement may be executed in duplicate counterparts;
each of, which shall be deemed an original; provided, however, such counterparts shall together constitute only one instrument. 

6.8 Interpretation. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement. As used in this Agreement, words of the masculine gender shall mean and include corresponding neuter words or words of the feminine gender. 

6.9 No Mitigation. No payment to which Employee is entitled pursuant to Section 2.1 hereof shall be reduced by reason of
compensation or other income received by her for services rendered after termination of her employment with the Company. 
 6.10
Withholding of Taxes. The Company shall withhold appropriate federal, state, local (and foreign, if applicable) income and employment taxes from any payments hereunder. 
 6.11 Drafting Ambiguities; Representation by Counsel. Each party to this Agreement and its counsel have reviewed and revised this Agreement and the Release. The rule of construction that any
ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement, the Release or any of the amendments to this Agreement. 

6.12 Prior Agreement. This Agreement amends and restates that certain Change of Control Agreement, dated <Month> __, 2011,
by and between the Company and Employee. 

  
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 In witness whereof, this Change of Control Agreement has been executed as of the date first
set forth above. 
  

			
	AVANIR Pharmaceuticals, Inc.
		
	By:	 	 
		 	Keith Katkin
		 	President & Chief Executive Officer
	
	Employee
	
	 
	(Signature)
	
	 
	(Print Name)

  
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 EXHIBIT A 

GENERAL RELEASE 
 This General Release (“Release”) is entered into effective as of __________ __, 200_, (the “Effective Date”) by and between Avanir Pharmaceuticals, Inc., a Delaware
corporation, having its principal offices at 20 Enterprise, Suite 200, Aliso Viejo, CA 92656 (the “Company”) and ______________, an individual residing at ______________ (“Employee”) with reference to the following
facts: 
 RECITALS 
 A. The parties hereto entered into a Change of Control Agreement dated _________ __, 200_ (“Agreement”), by which the parties agreed that in certain circumstances Employee would become
eligible for severance payments following a termination of service in connection with a Change of Control and the reimbursement of certain insurance premiums in exchange for Employee’s release of the Company from all claims which Employee may
have against the Company. 
 B. The parties desire to dispose of, fully and completely, all claims that Employee may have
against the Company in the manner set forth in this Release. 
 AGREEMENT 

1. Release. Employee, for himself/herself and his/her heirs, successors and assigns, fully releases, and discharges Company, its
officers, directors, employees, shareholders, attorneys, accountants, other professionals, insurers and agents (collectively “Agents”), and all entities related to each such party, including, but not limited to, heirs, executors,
administrators, personal representatives, assigns, parent, subsidiary and sister corporations, affiliates, partners and co-venturers (collectively “Related Entities”), from all rights, claims, demands, actions, causes of action,
liabilities and obligations of every kind, nature and description whatsoever, Employee now has, owns or holds or has at anytime had, owned or held or may have against the Company, Agents or Related Entities from any source whatsoever, whether or not
arising from or related to the facts recited in this Release. Employee specifically releases and waives any and all claims arising under any express or implied contract, rules, regulation or ordinance, including, without limitation, Title VII of the
Civil Rights Act of 1964, the Civil Rights Act of 1991, the Americans with Disabilities Act, the California Fair Employment and Housing Act, and the Age Discrimination in Employment Act, as amended (“ADEA”). Notwithstanding the
foregoing, the Employee is not releasing (a) the right to enforce this agreement or (b) any rights to indemnification pursuant to agreement, by-law, policy or statute, if any, that the Employee maintains. 

 2. Section 1542 Waiver. This Release is intended as a full and complete release
and discharge of any and all claims that Employee may have against the Company, Agents or Related Entities. In making this release, Employee intends to release the Company, Agents and Related Entities from liability of any nature whatsoever for any
claim of damages or injury or for equitable or declaratory relief of any kind, whether the claim, or any facts on which such claim might be based, is known or unknown to Employee. Employee expressly waives all rights under §1542 of the Civil
Code of the State of California, which Employee understands provides as follows: 
 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS
WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 

Employee acknowledges that he may discover facts different from or in addition to those that he now believes to be true with respect to
this Release. Employee agrees that this Release shall remain effective notwithstanding the discovery of any different or additional facts. 
 3. Waiver of Certain Claims. Employee acknowledges that he has been advised in writing of her right to consult with an attorney prior to executing the waivers set out in this Release, and that he
has been given a 21-day period in which to consider entering into the release of ADEA claims, if any. In addition, Employee acknowledges that he has been informed that he may revoke a signed waiver of the ADEA claims for up to 7 days after executing
this Release. 
 4. Confidentiality Agreement. Employee acknowledge and reaffirms that Employee’s obligations in
respect of the Employee Invention Assignment, Patent, and Confidential Information Agreement entered into between the parties on ________ shall remain in full force and effect following the execution of this Release, and Employee hereby represents
that Employee has complied and will continue to fully comply with those obligations. 
 5. Non-disparagement. Employee
agrees that he will not at any time disparage, criticize or ridicule any of the Released Entities, or make any negative public comments, whether by way of news interviews, posting comments on, or publishing internet blogs or webpages (whether or not
done anonymously), publishing and/or circulating any other form of media, or the expression of Employee’s personal views, opinions or judgments to the media, internet blogs and webpages, or otherwise (whether or not done anonymously), or to
current or former officers, directors or employees of the Released Parties. 
 6. Cooperation. Employee agrees that
Employee will cooperate with the Company (or its present and former parents, subsidiaries, affiliates or related entities) and its legal counsel in connection with any current or future litigation, pursuant to the issuance of a valid subpoena,
relating to matters with which Employee was involved or of which Employee has knowledge or which occurred during Employee’s employment at the Company. Such assistance will include, but not be limited to, depositions and testimony and will
continue until such matters are resolved. The Company will provide Employee with reasonable notice whenever possible of the need for cooperation; will make all reasonable efforts to schedule cooperation so as not to interfere with Employee’s
employment or professional obligations; and will reimburse Employee for all reasonable travel, lodging and meal costs incurred in providing requested assistance. 

 7. Return of Property. Employee represents that Employee has returned to the Company
all company property and equipment of any kind in Employee’s possession or control. This includes computer equipment (hardware and software), BlackBerry, iPhone or similar device, credit cards, office keys, security access cards, badges,
identification cards and all files, documents, copies (including drafts) of any documentation or information (however stored), relating to the business of the Released Parties, their clients or prospective clients. 

8. Nonsolicitation. Employee hereby covenants and agrees that for a period of twelve months following the effective date of this
Release, Employee shall not, without the written consent of the Company, either directly or indirectly: solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have
the effect of causing any officer or employee of the Company or any of its subsidiaries or affiliates, to terminate his or her employment and accept employment or become affiliated with or provide services for compensation in any capacity whatsoever
to, any business whatsoever that competes with the business of the Company or any of its direct or indirect subsidiaries or affiliates. 
 9. No Undue Influence. This Release is executed voluntarily and without any duress or undue influence. Employee acknowledges he has read this Release and executed it with full and free consent. No
provision of this Release shall be construed against any party by virtue of the fact that such party or its counsel drafted such provision or the entirety of this Release. 
 10. Governing Law. This Release is made and entered into in the State of California and accordingly the rights and obligations of the parties hereunder shall in all respects be construed,
interpreted, enforced and governed in accordance with the laws of the State of California as applied to contracts entered into by and between residents of California to be wholly performed within California. 

11. Severability. If any provision of this Release is held to be invalid, void or unenforceable, the balance of the provisions of
this Release shall, nevertheless, remain in full force and effect and shall in no way be affected, impaired or invalidated. 

12. Counterparts. This Release may be executed simultaneously in one or more counterparts, each of, which shall be deemed an
original, but all of which together shall constitute one and the same instrument. This Release may be executed by facsimile, with originals to follow by overnight courier. 
 13. Dispute Resolution Proceedings. Any dispute or claim arising out of this Release shall be subject to final and binding arbitration. The arbitration will be conducted by one arbitrator who is a
member of the American Arbitration Association (AAA) or of the Judicial Arbitration and Mediation Services (JAMS) and will be governed by the Model Employment Arbitration rules of AAA. The arbitration shall be held in Orange County, California. The
arbitrator shall have all authority to determine the arbitrability of any claim and enter a final and binding judgment at the conclusion of any proceedings in respect of the arbitration. Any final judgment only may be appealed on the grounds of
improper bias or improper conduct of the arbitrator. Notwithstanding any rule of AAA or JAMS to the contrary, the provisions of Title 9 of Part 3 of the California Code of Civil Procedure (the “CCC”) including Section 1283.05,
and successor statutes, permitting expanded discovery proceedings shall be applicable to all disputes that are arbitrated under this paragraph. The arbitrator shall have all power and authority to enter orders relating to such discovery as are
allowed under the CCC. The party prevailing in the 

 
resolution of any such claim will be entitled, in addition to such other relief as may be granted, to an award of all fees and costs incurred in pursuit of the claim (including reasonable
attorneys’ fees) without regard to any statute, schedule, or rule of court purported to restrict such award. 
 14.
Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous negotiations, agreements and understandings between the
parties, oral or written. 
 15. Modification; Waivers. No modification, termination or attempted waiver of this
Agreement will be valid unless in writing, signed by the party against whom such modification, termination or waiver is sought to be enforced. 
 16. Amendment. This Agreement may be amended or supplemented only by writing signed by Employee and the Company. 
  

					
	Dated: _____________________	 		 	  
		 		 	Employee NameAmended and Restated Investment Advisory and Management Agreement

 Exhibit 10.1 
 EXECUTION VERSION 
 AMENDED AND RESTATED 

INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT 
 BETWEEN 
 TPG SPECIALTY LENDING, INC. 

AND 
 TSL
ADVISERS, LLC 
 This Agreement (the “Agreement”) is made as of December 12, 2011, by and between TPG
SPECIALTY LENDING, INC., a Delaware corporation (the “Company”), and TSL ADVISERS, LLC, a Delaware limited liability company (the “Adviser”), amending and restating, in its entirety the initial investment advisory
and management agreement, dated as of April 15, 2011, by and between the Company and the Adviser (the “Initial Agreement”). 
 WHEREAS, the Company is a closed-end management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the
“Investment Company Act”); 
 WHEREAS, the Adviser is an investment adviser that is registered under the
Investment Advisers Act of 1940 (the “Advisers Act”); 
 WHEREAS, the Company retained the Adviser to furnish
investment advisory services to the Company pursuant to the terms and conditions set forth in the Initial Agreement; and 

WHEREAS, the Company and the Adviser wish to amend and restate the Initial Agreement in its entirety pursuant to the terms and conditions
hereinafter set forth. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the
parties hereby agree as follows: 
 1. Duties of the Adviser 

(a) The Company hereby employs the Adviser to act as the investment adviser to the Company and to manage the investment and reinvestment
of the assets of the Company, subject to the supervision of the Board of Directors of the Company (the “Board”), for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and
restrictions that are set forth in the Company’s registration statement on Form 10 (File No. 000-54245) initially filed on January 14, 2011 (and as the same shall be amended from time to time, the “Registration
Statement”), and prior to the filing of the Company’s Registration Statement, in accordance with the investment objective, policies and restrictions that are set forth in the Company’s private placement memorandum dated April
2011; (ii) in accordance with all other applicable federal and state laws, rules and regulations, and the Company’s charter and by-laws as the same shall be amended from time to time; and (iii) in accordance with the Investment
Company Act. Without limiting the generality of the foregoing, the Adviser shall, during the 

 
term and subject to the provisions of this Agreement: (i) determine the composition of the portfolio of the Company, the nature and timing of the changes therein and the manner of
implementing such changes; (ii) identify/source, research, evaluate and negotiate the structure of the investments made by the Company; (iii) close and monitor the Company’s investments; (iv) determine the securities and other
assets that the Company will purchase, retain, or sell; (v) use reasonable endeavors to ensure that the Company’s investments consist mainly of shares, securities or currencies (or derivative contracts relating thereto), which for the
avoidance of doubt may include loans, notes and other evidences of indebtedness; (vi) perform due diligence on prospective portfolio companies; and (vii) provide the Company with such other investment advisory, research, and related
services as the Company may, from time to time, reasonably require for the investment of its funds, including providing operating and managerial assistance to the Company and its portfolio companies as required. Subject to the supervision of the
Board, the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company, including the execution and delivery of all documents relating to the Company’s investments and the placing
of orders for other purchase or sale transactions on behalf of the Company. In the event that the Company determines to acquire debt financing, the Adviser will arrange for such financing on the Company’s behalf, subject to the oversight and
approval of the Board. If it is necessary or appropriate for the Adviser to make investments on behalf of the Company through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose
vehicle and to make such investments through such special purpose vehicle (in accordance with the Investment Company Act). 

(b) The Adviser hereby accepts such employment and agrees during the term hereof to render the services described herein for the
compensation provided herein. 
 (c) The Adviser is hereby authorized to enter into one or more sub-advisory agreements with
other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a
Sub-Adviser to recommend specific securities or other investments based upon the Company’s investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition
of such investments and monitoring investments on behalf of the Company, subject to the oversight of the Adviser and the Company. The Company shall be responsible for any compensation payable to any Sub-Adviser. Any sub-advisory agreement entered
into by the Adviser shall be in accordance with the requirements of the Investment Company Act and other applicable federal and state law. 
 (d) The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the
Company in any way or otherwise be deemed an agent of the Company. 

  
 2 

 (e) The Adviser shall keep and preserve for the period required by the Investment Company
Act any books and records relevant to the provision of its investment advisory services to the Company and shall specifically maintain all books and records in accordance with Section 31(a) of the Investment Company Act with respect to the
Company’s portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Company are the property of the Company and will
surrender promptly to the Company any such records upon the Company’s request, provided that the Adviser may retain a copy of such records. 
 (f) The Adviser shall be primarily responsible for the execution of any trades in securities in the Company’s portfolio and the Company’s allocation of brokerage commissions. 

2. Company’s Responsibilities and Expenses Payable by the Company 

(a) Except as otherwise provided herein or in the Administration Agreement, the Adviser shall be solely responsible for the compensation
of its investment professionals and employees and all overhead expenses of the Adviser (including rent, office equipment and utilities). The Company will bear all other costs and expenses of its operations, administration and transactions, including
(without limitation) those relating to: organizational expenses (up to an aggregate of $1,500,000, it being understood and agreed that the Adviser shall bear all organizational expenses of the Company in excess of such amount); calculating the
Company’s net asset value (including the cost and expenses of any independent valuation firm); expenses, including travel expense, incurred by the Adviser or payable to third parties performing due diligence on prospective portfolio companies
and, if necessary, enforcing the Company’s rights; sales and purchases of the Company’s common stock and other securities; fees paid to the Adviser under this Agreement; distributions on the Company’s shares; administration fees, if
any, payable under the Administration Agreement between the Company and TSL Advisers, LLC (the “Administrator”); debt service and other costs of borrowings or other financing arrangements; the allocated costs incurred by the Adviser
in providing managerial assistance to those portfolio companies that request it; amounts payable to third parties relating to, or associated with, making or holding investments; transfer agent and custodial fees; costs of hedging; commissions
and other compensation payable to brokers or dealers; registration fees; listing fees; federal, state and local taxes; independent director fees and expenses; costs of preparing and filing reports or other documents required by the Securities and
Exchange Commission and other reporting and compliance costs; the costs of any reports, proxy statements or other notices to the Company’s stockholders, including printing and mailing costs, and the costs of any stockholders’ meetings, as
well as the compensation of an investor relations professional responsible for the coordination and administration of the foregoing; the Company’s fidelity bond; directors and officers/errors and omissions liability insurance, and any other
insurance premiums; indemnification payments; direct costs and expenses of administration, including audit and legal costs; and all other expenses reasonably incurred by the Company in connection with making investments and administering the
Company’s business. Notwithstanding anything to the contrary contained herein, the Company shall reimburse the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser (or its

  
 3 

 
affiliates) to the Company’s Chief Compliance Officer and Chief Financial Officer (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of
the Company). For the avoidance of doubt, the Adviser shall be solely responsible for any placement or “finder’s” fees payable to placement agents engaged by the Company or its affiliates in connection with the offering of securities
by the Company. 
 3. Compensation of the Adviser 
 The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (the “Management Fee”) and an
incentive fee (the “Incentive Fee”) as hereinafter set forth. The Company shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct. To the extent permitted by
applicable law, the Adviser may elect, or the Company may adopt, a deferred compensation plan pursuant to which the Adviser may elect to defer all or a portion of its fees hereunder for a specified period of time. 

(a) The Management Fee shall be calculated at an annual rate of 1.5% of the Company’s gross assets. For services
rendered under this Agreement, the Management Fee will be payable quarterly in arrears. The Management Fee will be calculated based on the average value of the Company’s gross assets at the end of the two most recently completed calendar
quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar
quarter.1 Management Fees for any partial month or quarter
will be appropriately prorated. 
 (b) The Incentive Fee shall consist of two parts, as follows: 

 

	 	(i)	One part will be calculated and payable quarterly in arrears based on the pre-Incentive Fee net investment income for the immediately preceding calendar quarter. For
this purpose, pre-Incentive Fee net investment income means dividends (including reinvested dividends), interest and fee income accrued by the Company during the calendar quarter, minus the Company’s operating expenses for the quarter
(including the Management Fee, expenses payable under the Administration Agreement to the Administrator, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee
net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Company has not yet
received in cash. Pre-Incentive Fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. 

 
  

	1 	 For each of the first two calendar quarters of the Company’s operations, the Management Fee shall be calculated based on the Company’s gross
assets at the end of such calendar quarter, and appropriately adjusted for any share issuances or repurchases during such calendar quarter. 

  
 4 

 Prior to any initial public offering (“IPO”) of the Company’s common
stock that may occur, pre-Incentive Fee net investment income, expressed as a rate of return on the average daily Hurdle Calculation Value (as defined below) throughout the immediately preceding calendar quarter, will be compared to a “hurdle
rate” of 1.5% per quarter (6% annualized). “Hurdle Calculation Value” means, on any given day, the sum of (x) the value of the Company’s net assets as of the end of the calendar quarter immediately preceding such
day plus (y) the aggregate amount of capital drawn from investors (or reinvested in the Company pursuant to the Company’s dividend reinvestment plan) from the beginning of the current quarter to such day minus (z) the
aggregate amount of distributions (including share repurchases) made by the Company from the beginning of the current quarter to such day (but only to the extent such distributions were not declared and accounted for on the books and records of the
Company in a previous quarter). 
 Following any IPO of the Company’s common stock that may occur, pre-Incentive Fee net
investment income, expressed as a rate of return on the value of the Company’s net assets at the end of the immediately preceding calendar quarter, will be compared to a “hurdle rate” of 1.5% per quarter (6% annualized).

 The Company’s net investment income used to calculate this part of the Incentive Fee is also included in the amount of
its gross assets used to calculate the 1.5% Management Fee. 
 The Company will pay the Adviser an Incentive Fee with respect to
the Company’s pre-Incentive Fee net investment income in each calendar quarter as follows: 
  

	 	•	 	 With the exception of the Capital Gains Fee (as defined and discussed in greater detail below), no Incentive Fee is payable to the Adviser in any
calendar quarter in which the Company’s pre-Incentive Fee net investment income does not exceed the hurdle rate of 1.5% for such quarter. 

  

	 	•	 	 Following any IPO of the Company’s common stock that may occur, 100% of the Company’s pre-Incentive Fee net investment income with respect to
that portion of such pre-Incentive Fee net investment income, if any, that exceeds the hurdle rate is payable to the Adviser until the Adviser has received 17.5% of the total

  
 5 

	 	 
pre-Incentive Fee net investment income for that fiscal quarter. The Company refers to this portion of the Company’s pre-Incentive Fee Net Investment Income as the “catch-up.”

 Prior to any IPO of the Company’s common stock that may occur, 100% of the Company’s
pre-Incentive Fee net investment income with respect to that portion of such pre-Incentive Fee net investment income, if any, that exceeds the hurdle rate is payable to the Adviser until the Adviser has received 15% of the total pre-Incentive Fee
net investment income for that fiscal quarter. 
  

	 	•	 	 Following any IPO of the Company’s common stock that may occur, once the hurdle is reached and the catch-up is achieved, 17.5% of all remaining
pre-Incentive Fee net investment income for that fiscal quarter is payable to the Adviser. 

 Prior to any IPO
of the Company’s common stock that may occur, once the hurdle is reached and the catch-up is achieved, 15% of all remaining pre-Incentive Fee net investment income for that fiscal quarter is payable to the Adviser. 

 

	 	•	 	 These calculations will be appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during
the relevant quarter. 

 (ii) Following any IPO of the Company’s common stock that may occur, the second
part of the Incentive Fee (the “Capital Gains Fee”) will be determined and payable in arrears as of the end of each fiscal year of the Company (or upon termination of this Agreement as set forth below), and will equal the Weighted
Percentage (as defined below) of the Company’s realized capital gains, if any, on a cumulative basis from the inception of the Company to the end of such fiscal year, computed net of all realized capital losses and unrealized capital
depreciation on a cumulative basis, minus the aggregate amount of any previously paid capital gain incentive fees for prior periods. The Weighted Percentage is intended to ensure that, for each fiscal year following an IPO of the Company’s
common stock, the portion of the Company’s realized capital gains that accrued prior to an IPO will be subject to an incentive fee rate of 15% and the portion of the Company’s realized capital gains that accrued following an IPO will be
subject to an incentive fee rate of 17.5%, and is determined as follows: 
 “Weighted Percentage” means a
percentage equal to the Pre-IPO Percentage plus the Post-IPO Percentage. 

  
 6 

 “Pre-IPO Percentage” means a percentage determined by multiplying 15% by a
fraction, the numerator of which is the Pre-IPO Gain Amount and the denominator of which is the Total Gain Amount, rounded to the nearest one hundredth percent. 
 “Post-IPO Percentage” means a percentage determined by multiplying 17.5% by a fraction, the numerator of which is the Post-IPO Gain Amount and the denominator of which is the Total Gain
Amount, rounded to the nearest one hundredth percent. 
 “Total Gain Amount” means, for any fiscal year, the
aggregate dollar amount of the Company’s realized capital gains on a cumulative basis from the inception of the Company to the end of such fiscal year. 
 “Pre-IPO Gain Amount” means the aggregate dollar amount equal to sum of the following: 
 (A) In respect of each capital gain of the Company realized prior to the occurrence of any IPO, a dollar amount equal to 100% of such capital gain; and 

(B) In respect of each capital gain of the Company realized following the occurrence of an IPO: 

(I) In the event that the investment giving rise to such capital gain was made by the Company prior to the occurrence of an IPO, a dollar
amount equal to the portion of such capital gain, if any, that had accrued on the books of the Company as of the date of any IPO (the “Marked Amount”); provided, however, if the Marked Amount for such capital gain exceeds the
disposition proceeds realized in respect of the such capital gain, the dollar amount to be included in this paragraph (B)(I) in respect of such capital gain shall equal (x) the disposition proceeds realized in respect of such capital gain minus
(y) the cost basis of such capital gain; or 
 (II) In the event that the investment giving rise to such capital gain was
made by the Company following the occurrence of an IPO, zero. 
 “Post-IPO Gain Amount” means the aggregate
dollar amount equal to the sum of the following: 
 (A) In respect of each capital gain of the Company realized prior to the
occurrence of an IPO, zero; and 

  
 7 

 (B) In respect of each capital gain of the Company realized following the occurrence of an
IPO: 
 (I) In the event that the investment giving rise to such capital gain was made by the Company prior to the occurrence of
an IPO, a dollar amount equal to (x) disposition proceeds realized in respect of such capital gain minus (y) the Marked Amount in respect of such capital gain; provided, however, if the Marked Amount for such capital gain exceeds the
disposition proceeds realized in respect of such capital gain, the amount to be included in this paragraph (B)(I) in respect of such capital gain shall be zero; provided, further, if the investment giving rise to such capital gain was reflected as
an unrealized capital loss on the books of the Company as of the date of an IPO, the dollar amount to be included in this paragraph (B)(I) shall equal 100% of such capital gain; or 

(II) In the event that the investment giving rise to such capital gain was made by the Company following the occurrence of an IPO, a
dollar amount equal to 100% of such capital gain. 
 Prior to any IPO of the Company’s common stock that may occur, the
Capital Gains Fee will equal 15% of the Company’s realized capital gains, if any, on a cumulative basis from the inception of the Company to the end of such fiscal year, computed net of all realized capital losses and unrealized capital
depreciation on a cumulative basis, minus the aggregate amount of any previously paid capital gain incentive fees for prior period; provided that the Capital Gains Fee determined as of December 31, 2011 will be calculated for a period of
shorter than twelve calendar months to take into account any realized capital gains computed net of all realized capital losses and unrealized capital depreciation from inception. In the event that this Agreement shall terminate as of a date that is
not a fiscal year end, the termination date shall be treated as though it were a fiscal year end for purposes of calculating and paying a Capital Gains Fee. 
 Examples of Quarterly Incentive Fee Calculation: 
 Example 1: Income Related Portion of
Incentive Fee (*) (**): 
 Alternative 1 
 Assumptions 
 Investment income (including interest, dividends, fees, etc.)
= 2% 
 Hurdle rate (1) = 1.5% 
 Management fee (2) = 0.375% 
 Other expenses (legal, accounting, custodian,
transfer agent, etc.) (3) = 0.20% 
 Pre-Incentive Fee net investment income 

(investment income – (management fee + other expenses)) = 1.425% 

  
 8 

 Pre-incentive net investment income does not exceed hurdle rate, therefore there is no
Incentive Fee. 
 Alternative 2 

Assumptions 
 Investment
income (including interest, dividends, fees, etc.) = 2.375% 
 Hurdle rate (1) = 1.5% 

Management fee (2) = 0.375% 
 Other expenses (legal, accounting, custodian, transfer agent, etc.) (3) = 0.20% 
 Pre-Incentive Fee net investment income 
 (investment income – (management fee
+ other expenses)) = 1.8% 
 Incentive Fee = 100% × pre-Incentive Fee net investment income, subject to the
“catch-up” (4) 
 = 100% × (1.8% – 1.5%) 

= 0.3% 
 Alternative 3

 Assumptions 
 Investment income (including interest, dividends, fees, etc.) = 3.5% 
 Hurdle rate
(1) = 1.5% 
 Management fee (2) = 0.375% 
 Other expenses (legal, accounting, custodian, transfer agent, etc.) (3) = 0.20% 
 Pre-Incentive Fee net investment income 
 (investment income – (management fee
+ other expenses)) = 2.925% 
 Incentive Fee = 17.5% × pre-Incentive Fee net investment income, subject to
“catch-up” (4)
 Incentive Fee = 100% × “catch-up” + (17.5% × (pre-Incentive Fee net investment
income – 1.82%)) 
 Catch-up = 1.82% – 1.5% =0.32% 

Incentive Fee = (100% × 0.32%) + (17.5% × (2.925% – 1.82%)) 

= 0.32% + (17.5% × 1.105%) 
 = 0.32% + 0.193% 
 = 0.513% 

 
  

	(1)	Represents 6.0% annualized hurdle rate. 

	(2)	Represents 1.5% annualized management fee. 

	(3)	Excludes organizational and offering expenses. 

	(4)	The “catch-up” provision is intended to provide the Adviser with an Incentive Fee of 17.5% on all of the Company’s pre-Incentive Fee net investment
income as if a hurdle rate did not apply when the Company’s net investment income exceeds 17.5% in any calendar quarter and is not applied once the Adviser has received 17.5% of investment income in a quarter. The “catch-up” portion
of the Company’s pre-Incentive Fee Net Investment Income is the portion that exceeds the 1.5% hurdle rate but is less than or equal to 1.82% in any fiscal quarter. 

	(*)	This example assumes that an IPO of the Company’s common stock has occurred. 

	(**)	The hypothetical amount of pre-Incentive Fee net investment income shown is based on a percentage of total net assets. 

Example 2: Capital Gains Portion of Incentive Fee: 
 Assumptions 
  

	•	Year 1: $10 million investment made in Company A (“Investment A”), $10 million investment made in Company B (“Investment B”), $10
million investment made in Company C (“Investment C”), $10 million investment made in Company D (“Investment D”) and $10 million investment made in Company E (“Investment E”).

  
 9 

	•	Year 2: Investment A sold for $20 million, fair market value (“FMV”) of Investment B determined to be $8 million, FMV of Investment C determined to be $12
million, and FMV of Investments D and E each determined to be $10 million. 

  

	•	Year 3: IPO of the Company occurs. At IPO, FMV of Investment of B determined to be $8 million, FMV of Investment C determined to be $14 million, FMV of Investment D
determined to be $14 million and FMV of Investment E determined to be $16 million. 

  

	•	Year 4: $10 million investment made in Company F (“Investment F”), Investment D sold for $12 million, FMV of Investment B determined to be $10 million,
FMV of Investment C determined to be $16 million and FMV of Investment E determined to be $14 million. 

  

	•	Year 5: Investment C sold for $20 million, FMV of Investment B determined to be $14 million, FMV of Investment E determined to be $10 million and FMV of Investment F
determined to $12 million. 

  

	•	Year 6: Investment B sold for $16 million, FMV of Investment E determined to be $8 million and FMV of Investment F determined to be $15 million.

  

	•	Year 7: Investment E sold for $8 million and FMV of Investment F determined to be $17 million. 

 

	•	Year 8: Investment F sold for $18 million. 

These assumptions are summarized in the following chart: 
  

																			
	 	  	 Investment A
	  	 Investment B
	  	 Investment C
	  	 Investment D
	  	 Investment E
	  	 Investment F
	  	 Cumulative
Unrealized
Capital
Depreciation
	  	 Cumulative
Realized
Capital
Losses
	  	 Cumulative
Realized
Capital Gains

	 Year 1
	  	$10 million (cost basis)	  	$10 million (cost basis)	  	 $10 million

(cost basis)
	  	 $10 million

(cost basis)
	  	 $10 million

(cost basis)
	  	—  	  	—  	  	—  	  	—  
	 Year 2
	  	 $20 million
 (sale
price)
	  	 $8 million
 FMV
	  	 $12 million

FMV
	  	 $10 million

FMV
	  	 $10 million

FMV
	  	—  	  	$2 million	  	—  	  	$10 million
	 Year 3 (IPO)
	  	—  	  	$8 million FMV at IPO	  	$14 million FMV at IPO	  	$14 million FMV at IPO	  	$16 million FMV at IPO	  	—  	  	$2 million	  	—  	  	$10 million
	 Year 4
	  	—  	  	$10 million FMV	  	$16 million FMV	  	$12 million (sale price)	  	$14 million FMV	  	$10 million (cost basis)	  	—  	  	—  	  	$12 million
	 Year 5
	  	—  	  	 $14 million

FMV
	  	 $20 million
 (sale
price)
	  	—  	  	 $10 million

FMV
	  	 $12 million

FMV
	  	—  	  	—  	  	$22 million
	Year 6	  	—  	  	 $16 million
 (sale
price)
	  	—  	  	—  	  	 $8 million

FMV
	  	$15 million FMV	  	$2 million	  	—  	  	$28 million
	 Year 7
	  	—  	  	—  	  	—  	  	—  	  	$8 million (sale price)	  	$17 million FMV	  	—  	  	$2 million	  	$28 million
	 Year 8
	  	—  	  	—  	  	—  	  	—  	  	—  	  	$18 million (sale price)	  	—  	  	$2 million	  	$36 million

  
 10 

 The capital gains portion of the Incentive Fee would be: 

 

	•	Year 1: None 

  

	•	Year 2: 

 Capital gains Incentive
Fee = 15% multiplied by ($10 million realized capital gains on sale of Investment A less $2 million cumulative capital depreciation) = $1.2 million 
  

	•	Year 3: 

 Capital Gains Incentive
Fee = (Weighted Percentage multiplied by ($10 million cumulative realized capital gains less $2 million cumulative capital depreciation)) less $1.2 million cumulative Capital Gains Fee previously paid = $1.2 million less $1.2 million = $0.00

 Weighted Percentage = (15% multiplied by ($10 million Pre-IPO Gain Amount divided by $10 million Total Gain Amount )) plus
(17.5% multiplied by ($0 Post-IPO Gain Amount divided by $10 million Total Gain Amount)) = 15% 
  

	•	Year 4: 

 Capital Gains Fee =
(Weighted Percentage multiplied by ($12 million cumulative realized capital gains)) less $1.2 million cumulative Capital Gains Fee previously paid = $1.8 million less $1.2 million = $0.6 million 

Weighted Percentage = (15% multiplied by ($12 million Pre-IPO Gain Amount divided by $12 million Total Gain Amount)) plus (17.5%
multiplied by ($0 Post-IPO Gain Amount divided by $10 million Total Gain Amount)) = 15% 
  

	•	Year 5: 

 Capital Gains Fee =
(Weighted Percentage multiplied by ($22 million cumulative realized capital gains)) less $1.8million cumulative Capital Gains Fee previously paid = $3.45 million less $1.8 million = $1.65 million 

Weighted Percentage = (15% multiplied by ($16 million Pre-IPO Gain Amount divided by $22 million Total Gain Amount)) plus (17.5%
multiplied by ($6 Post-IPO Gain Amount divided by $22 million Total Gain Amount)) = 15.68% 
  

	•	Year 6: 

 Capital Gains Fee =
(Weighted Percentage multiplied by ($28 million cumulative realized capital gains less $2 million cumulative capital depreciation)) less $3.45 million cumulative Capital Gains Fee previously paid = $4.18 million less $3.45 million = $0.73
million 
 Weighted Percentage = (15% multiplied by ($16 million Pre-IPO Gain Amount divided by $28 million Total Gain
Amount)) plus (17.5% multiplied by ($12 Post-IPO Gain Amount divided by $28 million Total Gain Amount)) = 16.07% 
  

	•	Year 7: 

 Capital Gains Fee =
(Weighted Percentage multiplied by ($28 million cumulative realized capital gains less $2 million cumulative realized capital losses)) less $4.18 million cumulative Capital Gains Fee previously paid = $4.18 million less $4.18 million = $0.00

  
 11 

 Weighted Percentage = (15% multiplied by ($16 million Pre-IPO Gain Amount divided by $28
million Total Gain Amount)) plus (17.5% multiplied by ($12 Post-IPO Gain Amount divided by $28 million Total Gain Amount)) = 16.07% 
  

	•	Year 8: 

 Capital Gains Fee =
(Weighted Percentage multiplied by ($36 million cumulative realized capital gains less $2 million cumulative realized capital losses)) less $4.18 million cumulative Capital Gains Fee previously paid = $5.57 million less $4.18 million = $1.39
million 
 Weighted Percentage = (15% multiplied by ($16 million Pre-IPO Gain Amount divided by $36 million Total Gain
Amount)) plus (17.5% multiplied by ($18 Post-IPO Gain Amount divided by $36 million Total Gain Amount)) = 16.39% 
 (c)
Prior to any IPO of the Company’s common stock that may occur, the Adviser shall waive its right to receive the Management Fee in excess of the sum of (i) 0.25% of aggregate committed but undrawn capital and (ii) 0.75% of aggregate
drawn capital (including capital drawn to pay Company expenses) during any period. The fee waiver shall terminate if and when the Company makes an IPO of its common stock. 
 (d) Any transaction, loan origination, advisory or similar fees (“Transaction Fees”) received in connection with the Company’s activities or the Adviser’s activities as they
relate to the Company shall be the property of the Company. The parties agree that any Transaction Fees paid to the members, managers, partners or employees of the Company, the Adviser or their respective affiliates in connection with the
Company’s activities or the Adviser’s activities as they relate to the Company shall be promptly remitted to the Company; provided, however, Transaction Fees received in respect of an investment opportunity in which the Company and
one or more entities (including affiliates of the Adviser) participate shall be allocated to each of the Company and such entities pro rata in accordance with their respective investments or proposed investments in such investment
opportunity. 
 (e) Notwithstanding anything to the contrary contained in this Agreement, the Company and the Adviser
acknowledge and agree that the provisions of this Section 3 shall be of no force and effect unless and until this Agreement has been approved by the vote of a majority of the Company’s directors who are not parties to this Agreement or
“interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act (the “Approval Date”). For the avoidance
of doubt, the Adviser shall receive no compensation with respect to services provided hereunder prior to the Approval Date. 
 4.
Covenants of the Adviser 
 The Adviser agrees that its activities will at all times be in compliance in all material
respects with all applicable federal and state laws governing its operations and investments. 

  
 12 

 5. Excess Brokerage Commissions 

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a
national securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction,
if the Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s
risk and skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular
transaction or its overall responsibilities with respect to the Company’s portfolio, and constitutes the best net results for the Company. 

6. Investment Team 

The Adviser shall manage the Company’s portfolio through a team of investment professionals (the “Investment Team”)
dedicated primarily to the Company’s business, in cooperation with the Company’s Chief Executive Officer. The Investment Team shall be comprised of senior personnel of the Adviser, supported by and with access to the investment
professionals, analytical capabilities and support personnel of the Company and TPG Capital, L.P. 
 7. Limitations on the Employment of
the Adviser 
 The services of the Adviser to the Company are not exclusive, and the Adviser may engage in any other
business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment-based accounts or commingled pools of capital, however structured, having investment
objectives similar to those of the Company, so long as its services to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser to
engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a
director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only
investment adviser for the Company, subject to the Adviser’s right to enter into sub-advisory agreements at set forth herein. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It
is understood that directors, officers, employees and stockholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, stockholders, members, managers or otherwise, and that the
Adviser and directors, officers, employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Company as stockholders or otherwise. 

  
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 8. Responsibility of Dual Directors, Officers and/or Employees 

If any person who is a manager, partner, officer or employee of the Adviser or the Administrator is or becomes a director, officer and/or
employee of the Company and acts as such in any business of the Company, then such manager, partner, officer and/or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity solely for the Company, and not as a
manager, partner, officer or employee of the Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator. 

9. Conflicts of Interest 
 The Adviser agrees that it shall submit to the Board a description of any potential or actual conflict of interest that the Adviser determines to be material in any transaction or relationship between the
Company and any entity controlled by it, on the one hand, and the Adviser or any of its affiliates or their respective employees, partners, members, officers or directors, on the other hand; provided, however, that any transaction that is
(i) conducted on an arm’s length basis and generates Transaction Fees one hundred percent (100%) of which are paid or remitted to the Company in accordance with Section 3(d) or (ii) made pursuant to an exemptive order
obtained by the Company or the Adviser under the Investment Company Act shall not, in either case, constitute a conflict of interest for the purposes of this Section 9. Any transaction or relationship required to be submitted to the Board
pursuant to the previous sentence shall promptly be reviewed and approved or disapproved by the Board, and the Adviser shall supply the Board with all information and data reasonably requested by the Board to enable it to reach an informed decision
with respect thereto. 
 10. Limitation of Liability of the Adviser; Indemnification 

The Adviser (and its members, managers, officers, employees, agents, controlling persons and any other person or entity affiliated with
it) shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company
(except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for
services). As permitted by Article VIII of the Certificate of Incorporation, the Company shall, to the fullest extent permitted by law, provide indemnification and the right to the advancement of expenses, to each person who was or is made a party
or is threatened to be made a party to or is involved (including, without limitation, as a witness) in any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he/she
is or was a member, manager, officer, employee, agent, controlling person or any other person or entity affiliated with the Adviser, including without limitation the Administrator, or is or was a member of the Adviser’s Investment Review
Committee (each such person hereinafter an “Indemnitee”), on the same general terms set forth in Article VIII of the Certificate of Incorporation, the terms of which are incorporated herein mutatis mutandi as applied to the
Indemnitees. 

  
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 11. Effectiveness, Duration and Termination of Agreement 

(a) This Agreement shall become effective as of the first date above written; provided, however, that the provisions of
Section 3 of this Agreement shall be effective as of October 1, 2011. This Agreement may be terminated at any time, without the payment of any penalty, upon not more than 60 days’ written notice, by the vote of a majority of the
outstanding voting securities of the Company or by the vote of the Company’s directors or by the Adviser. The provisions of Section 10 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the
benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of
termination or expiration, and Section 10 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable. 
 (b) This Agreement shall continue in effect for two years from the date hereof, or to the extent consistent with the requirements of the Investment Company Act, from the date of the Company’s
election to be regulated as a BDC under the Investment Company Act, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the
Board, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company’s directors who are not parties to this Agreement or “interested persons” (as such term is
defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act. 
 (c) This Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act). 

12. Notices 
 Any
notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office. 
 13. Amendments 
 This Agreement may be amended by mutual consent, but
the consent of the Company must be obtained in conformity with the requirements of the Investment Company Act. 
 14. Entire Agreement;
Governing Law 
 This Agreement contains the entire agreement of the parties and supersedes all prior agreements,
understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of Delaware and in 

  
 15 

 
accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with
the provisions of the Investment Company Act, the latter shall control. 
 [Remainder of page intentionally left blank.]

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

 

			
	TPG SPECIALTY LENDING, INC.
		
	By:	 	/s/ Ronald Cami
		 	 Name: Ronald Cami
 Title:
Vice President

  

			
	TSL ADVISERS, LLC
		
	By:	 	/s/ David C. Reintjes
		 	 Name: David C. Reintjes

Title: Chief Compliance Officer

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