Document:

EXHIBIT 4.28

    

    

    [Face of Zero Coupon Security]

    

    

    OCCIDENTAL PETROLEUM CORPORATION

    

    

    Zero Coupon Senior Notes due 2036

    

    

    [THIS SECURITY IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE.  THE ISSUE DATE OF THIS SECURITY
      IS [   ] AND THE YIELD IS 5.2401683930%, COMPOUNDED SEMI-ANNUALLY UP TO OCTOBER 10, 2036.  FOR EACH $1,000,000 PRINCIPAL AMOUNT AT MATURITY OF THIS NOTE, THE ISSUE PRICE IS $[   ] AND THE TOTAL ORIGINAL ISSUE DISCOUNT OVER THE TERM OF THIS NOTE IS
      $[   ].]

    

    

    [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR
      ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
      CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
      INTEREST HEREIN.]

    

    

    
      

      A-1

      
        

      

    

    

    

    OCCIDENTAL PETROLEUM CORPORATION

    

    

    Zero Coupon Senior Notes due 2036

    

    

    	
            No.  ___________

          	
            CUSIP___________

          
	
            Principal Amount at Maturity: $ _____________

            Original Accreted Value: $ _______________

            Original Issue Date: _____________

            Maturity Date: October 10, 2036

          	 

    

    

    Occidental Petroleum Corporation, a corporation duly organized and existing under the laws of the State of Delaware (herein referred to as the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to ___________________ or registered assigns, the
      principal sum of ______________DOLLARS ($_____________) [or such greater or lesser amount as may be from time to time be endorsed on the Schedule of Increases or Decreases in Zero Coupon Global Security attached hereto]1 on October 10, 2036.  Principal on this Security will accrue in the form of an increase in Accreted Value (as defined below) of this Security from [   ], at an annual rate of 5.2401683930% per
      annum, compounded semi-annually on each April 10 and October 10 (each, an “Accreted Value Calculation Date”), until October 10, 2036 or such earlier Maturity of the
      principal of this Security as may occur upon acceleration or upon redemption or otherwise.

    

    

    The principal of this Security shall not bear interest except in the case of a default in payment of principal at the Maturity thereof (whether upon acceleration, upon
      redemption or at Stated Maturity) and in such case the overdue principal shall bear interest at the rate of 5.2401683930% per annum (to the extent that the payment of such interest shall be legally enforceable), from the date such principal is due
      until it is paid or made available for payment.  Interest on any overdue principal shall be payable on demand and will be computed on the basis of a 360-day year of twelve 30-day months.

    

    

    Payment of the principal of and any such interest on this Security will be made at the office or agency of the Company maintained for that purpose in New York, New York, in
      such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, against surrender of this Security in the case of any payment due at the Maturity of the principal thereof; provided, however, that if this Security is not a global Security, (i) all payments will be made by check against surrender of this Security; (ii) all payments by check will be made in next-day funds (i.e., funds that become available on the day after the check is cashed); and (iii) notwithstanding clauses (i) and (ii) above, with respect to any payment of any amount due on this Security, if this Security is
      in a denomination of at least $5,000,000 and the Holder hereof at the time of surrender hereof delivers a written request to the Paying Agent to make such payment by wire transfer at least five Business Days before the date such payment becomes due,
      together with appropriate wire transfer instructions specifying an account at a bank in New York, New York, the Company shall make such payment by wire transfer of immediately available funds to such account at such bank in New York City, any such
      wire instructions, once properly given by a Holder as to this Security, remaining in effect as to such Holder and this Security unless and until new instructions are given in the manner described above and provided
        further, that notwithstanding anything in the foregoing to the contrary, if this Security is a global Security, payment shall be made pursuant to the Applicable Procedures of the Depositary as
      permitted in said Indenture.

    

    

    

    1 Add if the Security is to be a Zero Coupon Global Security.

    
      

      A-2

      
        

      

    

    The portion of the principal amount at maturity of the Outstanding Zero Coupon Securities (i) which shall be payable upon declaration of acceleration of Maturity thereof
      pursuant to Section 502 of the Indenture as of any date or (ii) which shall be deemed to be the “principal amount” of the Zero Coupon Securities as of any date for any other purpose under the Indenture, including the principal amount thereof which
      shall be deemed Outstanding as of any date for purposes of directing the Trustee to take or refrain from taking any action under the Indenture or consenting to any modifications permitted thereunder to any supplemental indenture with respect thereto
      or waiving any default thereunder shall be the Accreted Value of the Zero Coupon Securities as of such date (or, if such date is after the date of Maturity of the principal thereof, the Accreted Value thereof on such date of Maturity).

    

    

    The “Accreted Value” of the Zero Coupon Securities shall be (x) on any Accreted Value Calculation Date, the product of (i) the
      aggregate principal amount at maturity and (ii) the accretion factor for such date as set forth in the accretion value schedule in Annex B hereto (the “Accretion Factor”); and

      (y) on any date between two Accreted Value Calculation Dates (an “Interim Date”), the sum of (i) the Accreted Value on the first such Accreted Value Calculation Date and
      (ii) the product of (A)1/180th of the difference between the Accreted Values on the second and the first such Accreted Value Calculation Dates and (B) the number of days (based on a 360-day year of twelve 30-day months) from and including the first
      of the two Accreted Value Calculation Dates to but excluding the Interim Date.

    

    

    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 or its duly appointed co-authenticating agent by manual signature, this Security shall not be
      entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

    

    

    [signature page follows]

    

    

    
      

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    IN WITNESS WHEREOF, OCCIDENTAL PETROLEUM CORPORATION has caused this Security to be signed by the signature or facsimile signature of its Chairman of the Board, its
      President, a Vice President, its Treasurer or an Assistant Treasurer.

    

    

    Dated:

    

    

    	 	
            OCCIDENTAL PETROLEUM CORPORATION.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    
      

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    TRUSTEE’S CERTIFICATE OF AUTHENTICATION

    

    

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

    

    

    Dated:

    	 	
            THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE

             

             

          
	 	
              By

          	 
	 	 	
            AUTHORIZED SIGNATORY

          

    

    

    
      

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    Reverse of Zero Coupon Senior Note due 2036

    

    

    This Security is one of a duly authorized issue of securities (herein called the “Securities” or the “Zero Coupon Securities”) of the Company, issued and to be issued in one or more series under an Indenture, dated as of August 8, 2019 (herein called the “Indenture”
      which term, for the purpose of this Security, shall include the Officer’s Certificate dated [   ], 2019, delivered pursuant to Sections 201 and 301 of the Indenture), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee
      (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
      respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This Security is one of
      the series designated on the face hereof, limited in aggregate principal amount at maturity to $[   ].

    

    

    The Securities of this series are issuable only in registered form, without coupons, in denominations of principal amount at maturity of $2,000 and any amount in excess
      thereof which is an integral multiple of $1,000.  As provided in the Indenture and subject to certain limitations set forth therein, Securities of this series are exchangeable for a like aggregate principal amount at maturity of Securities of this
      series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

    

    

    The Securities of this series are not subject to any sinking fund.  On October 10, 2019, and on each subsequent anniversary of such date thereafter (each such date, a “Purchase Date”), a Holder shall have the right to require the Company to redeem all or a portion of the Zero Coupon Security registered in the name of such Holder on the
      Security Register at a Redemption Price equal to the product of the principal amount at maturity of such Zero Coupon Security (or portion thereof) to be redeemed and the “Put Price” related to such Purchase Date as set forth in the table in Annex A
      hereto (each such amount, a “Purchase Price”).

    

    

    Any Holder electing to require the Company to redeem all or a portion of its Zero Coupon Securities on a Purchase Date must provide prior written notice (a “Redemption Notice”) to the Trustee and the Company (by facsimile or courier in the case of definitive Securities and in accordance with the applicable policies and procedures of the Depositary, in the case of
      global Securities) at least 20 Business Days prior to such Purchase Date.  The Purchase Date for which a Holder has given a Redemption Notice shall be a “Redemption Date”.  Such Redemption Notice shall
      include: (i) the portion of the principal amount at maturity of the Zero Coupon Securities that such Holder is electing to have redeemed, which must be $2,000 principal amount at maturity or an integral multiple of $1,000 in excess thereof, (ii) that
      the Zero Coupon Securities are to be redeemed pursuant to the applicable provisions of such Zero Coupon Securities, (iii) the relevant Purchase Price and (iv) the Redemption Date.  Once given, such a Redemption Notice is irrevocable.

    

    

    
      

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    In accordance with Section 1106 of the Indenture, a Redemption Notice having been given, the Zero Coupon Securities shall, on the Redemption Date, become due and payable at
      the Purchase Price, but the Company’s obligation to pay the Purchase Price for the Zero Coupon Securities specified in a Redemption Notice shall be conditioned upon the applicable Holder delivering such Zero Coupon Securities, together with all
      necessary endorsements, to the Trustee at any time after delivery of such Redemption Notice.  If the Zero Coupon Securities are in the form of global Securities, the delivery shall be in accordance with the applicable policies and procedures of the
      Depositary.

    

    

    The Company shall cause the Purchase Price for such Zero Coupon Securities to be paid promptly following the later of the relevant Redemption Date or the time of delivery of
      such Zero Coupon Securities; provided that, if such day is not a Business Day, the Purchase Price may be paid on the next succeeding Business Day.  If a payment is made on the next succeeding Business Day after the date such payment
      was to be made, the payment shall be deemed to have been made on the original date.  No original issue discount or interest shall accrue as a result of such later payment.  Original issue discount on the Zero Coupon Securities of any Holder shall
      cease to accrue on the Redemption Date and, if the Trustee holds sufficient funds in the amount of the Purchase Price with respect to such Zero Coupon Securities on the next succeeding Business Day after such Redemption Date, then, on and as of the
      Redemption Date, the Zero Coupon Securities of such Holder that are being redeemed shall cease to be Outstanding and all other rights of such Holder with respect to such redeemed Zero Coupon Securities shall terminate; provided that
      the Holder shall retain the right to receive the Purchase Price upon delivery of the Zero Coupon Securities.

    

    

    Except as set forth in the following paragraphs, the Securities shall not be redeemable at the option of the Company prior to Maturity; provided, however,
      that the Company may, from time to time, purchase the Securities in the open market or otherwise from time to time.

    

    

    If, at the close of business on the day that is 20 Business Days prior to any Purchase Date (such date, the “Trigger Date”), Zero Coupon Securities representing 90% or more of the aggregate Original Accreted Value of the Zero Coupon Securities originally issued under the Indenture have been either purchased or redeemed by the Company or
      tendered for redemption on such Purchase Date at the election of Holders of the Zero Coupon Securities pursuant to the paragraphs above (a “Trigger Event”), the Company
      will have the option to redeem all but not part of the Outstanding Zero Coupon Securities upon not less than 15 Business Days prior written notice to the Holders (such notice, the “Optional Redemption Notice”), on

      the Purchase Date succeeding such Trigger Date or any subsequent Purchase Date (if and as so elected, the “Optional Redemption Date”).  The Redemption Price will equal 100% of the Accreted Value of the
      Outstanding Zero Coupon Securities on the Optional Redemption Date (the “Optional Redemption Price”).  The Optional Redemption Notice shall include: (i) a statement that the Trigger Event has occurred, (ii)
      that all Outstanding Zero Coupon Securities (other than any tendered by the Holders for redemption on such Optional Redemption Date) are to be redeemed on the Optional Redemption Date pursuant to the applicable provisions of such Zero Coupon
      Securities, (iii) the Optional Redemption Price and (iv) the Optional Redemption Date. As used herein, “Original Accreted Value” means the Original Accreted Value as set forth on the face of the Zero Coupon
      Securities, such amount being equivalent to the Accreted Value of the Zero Coupon Securities as of the date of original issuance.

    

    

    
      

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    In accordance with Section 1106 of the Indenture, the Optional Redemption Notice having been given, the Zero Coupon Securities shall, on the Optional Redemption Date, become
      due and payable at the Optional Redemption Price, but the Company’s obligation to pay the Optional Redemption Price for the Outstanding Zero Coupon Securities specified in the Optional Redemption Notice shall be conditioned upon the Holders
      delivering such Zero Coupon Securities, together with all necessary endorsements, to the Trustee at any time after delivery of such notice.  If the Zero Coupon Securities are in the form of global Securities, the delivery shall be in accordance with
      the Applicable Procedures.

    

    

    The Company shall cause the Optional Redemption Price for such Zero Coupon Securities to be paid promptly following the later of the Optional Redemption Date or the time of
      delivery of such Zero Coupon Securities; provided that, if such day is not a Business Day, the Optional Redemption Price may be paid on the next succeeding Business Day.  If a payment is made on the next succeeding Business Day after
      the date such payment was to be made, the payment shall be deemed to have been made on the original date.  No original issue discount or interest shall accrue as a result of such later payment.  Original issue discount on the Zero Coupon Securities
      of any Holder shall cease to accrue on the Optional Redemption Date and, if the Trustee holds sufficient funds in the amount of the Optional Redemption Price with respect to such Zero Coupon Securities on the next succeeding Business Day after such
      Optional Redemption Date, then, on and as of the Optional Redemption Date, the Zero Coupon Securities of such Holder that are being redeemed shall cease to be Outstanding and all other rights of such Holder with respect to such redeemed Zero Coupon
      Securities shall terminate; provided that the Holder shall retain the right to receive the Optional Redemption Price upon delivery of the Zero Coupon Securities.

    

    

    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 will be issued in
      authorized denominations in the name of the Holder hereof upon surrender hereof.

    

    

    For all purposes of this Security and the Indenture, unless the context otherwise requires, all provisions relating to the redemption by the Company of this Security shall
      relate, in the case that this Security is redeemed, or to be redeemed, by the Company only in part, to that portion of this Security that has been, or is to be, redeemed.

    

    

    If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due
      and payable in the manner and with the effect provided in the Indenture.  Such amount shall be equal to 100% of the Accreted Value of the Outstanding Zero Coupon Securities as of the date of acceleration of such Securities.  Upon payment (i) of the
      amount of principal so declared due and payable and (ii) of interest on any overdue principal (to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal
      of and interest, if any, on the Securities of this series shall terminate.

    

    

    
      

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    The Indenture permits, in certain circumstances therein specified, the amendment thereof without the consent of the Holders of the Securities. The Indenture also permits,
      with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations under the Indenture of the Company and the rights of 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 (i) the Holders of not less than a majority in principal amount of the Outstanding Securities of all series voting as a single class or (ii) if fewer than all of the series of the
      Outstanding Securities are affected by such addition, change, elimination, or modification, the Holders of not less than a majority in principal amount of the Outstanding Securities of all series so affected voting as a single class (including, for
      the avoidance of doubt, consents obtained in connection with a purchase of, or tender offer or exchange for, such debt securities). The Indenture also contains provisions permitting the Holders of not less than a majority in aggregate principal
      amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding 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.  For purposes of this paragraph and the following paragraph, the “principal amount” of the Securities of this series that shall be
      deemed to be Outstanding as of any date for any purpose under the Indenture shall be the Accreted Value thereof as of such date (or, if such date is after the date of Maturity of the principal thereof, the Accreted Value thereof on such date of
      Maturity).

    

    

    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 such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, 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 and offered the Trustee indemnity
      reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount at maturity of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have
      failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity.  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 interest hereon on or after the respective due dates expressed herein.

    

    

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

    

    

    
      

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    The Company shall be permitted, by irrevocably depositing cash or U.S. Government Obligations, in amounts and maturities sufficient to pay and discharge at the Stated
      Maturity or Redemption Date, as the case may be, the entire indebtedness on all Outstanding Securities that have become due and payable or will become due and payable within one year (or are scheduled for redemption within one year), with the Trustee
      in trust, solely for the benefit of the Holders of all Outstanding Securities, to defease the Indenture with respect to such Securities (subject to specified exceptions), and upon such deposit and satisfaction of the other conditions set forth in the
      Indenture, the Company shall be deemed to have paid and discharged its entire indebtedness on the Securities.

    

    

    The Company shall also be permitted to discharge, at any time, its obligations in respect of the Securities (other than certain limited obligations, such as the obligation to
      transfer and exchange the Securities by (i)(a) delivering all of the outstanding Securities to the Trustee to be cancelled or (b) depositing with the Trustee in trust funds or non-callable United States government or government-guaranteed obligations
      sufficient, without investment, to pay all remaining principal on the Securities and (ii) complying with certain other provisions of the Indenture, including delivering to the Trustee an opinion of counsel from a nationally recognized counsel or an
      IRS ruling stating that (a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the date of the Indenture, there has been a change in the applicable federal income tax law, in the case of
      either (a) or (b) to the effect that the Holders of the Securities will not recognize income, gain or loss for federal income tax purposes as a result of such discharge and will be subject to federal income tax on the same amount, in the same manner
      and at the same times as would be the case if such deposit and discharge were not to occur.

    

    

    The Company shall also be permitted to omit to comply with the restrictive covenants described in Sections 1007 and 801 of the Indenture, with respect to the Securities, and
      the omission shall not be an Event of Default, pursuant to the Company’s right to covenant defeasance. In order to exercise the Company’s right to covenant defeasance, the Company will be required to deposit with the Trustee, in trust funds or
      non-callable United States government or government-guaranteed obligations, funds sufficient, without investment, to pay all remaining principal on the Securities. To effect a covenant defeasance with respect to the Securities, the Company shall be
      required to deliver to the Trustee an opinion of counsel to the effect that the holders of the Securities will not recognize gain or loss for federal income tax purposes as a result of the deposit and the covenant defeasance and will be subject to
      federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and covenant defeasance were not to occur.

    

    

    
      

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    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 Corporate Trust Office of the Trustee or at the office or agency of the Trustee maintained for such purpose in the Borough of Manhattan, The City of New York, or at such other offices or agencies as
      the Company may designate, 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 thereof 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 at maturity, will be issued to the designated transferee or transferees.

    

    

    No service charge shall be made by the Company, the Trustee or the Security Registrar for any such registration of transfer or exchange, but the Company may require payment
      of a sum sufficient to cover any tax or other governmental charge payable in connection therewith (other than exchanges pursuant to Sections 304, 305, 906 or 1107 of the Indenture not involving any transfer).

    

    

    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 is overdue, and none of the Company, the Trustee or any agent shall be affected by notice to the contrary.

    

    

    This Security and the Indenture shall be governed by and construed in accordance with the law of the State of New York (without regard to conflicts of laws principles
      thereof).

    

    

    Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TENENT (=tenants by the entireties), JT TEN (=joint tenants
      with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

    

    

    All undefined terms (whether or not capitalized) used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

    

    

    
      

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    ASSIGNMENT FORM

    

    

    To assign this Zero Coupon Senior Note due 2036 (this “Zero Coupon Security”), fill in the form below:

     

    

    I or we assign and transfer this Zero Coupon Security to 

     

    

    	 
	
            (Print or type assignee’s name, address and zip code)

          
	 
	
            (Insert assignee’s soc. sec. or tax I.D. No.)

          
	
             

            

            and irrevocably appoint ______________________ agent to transfer this Zero Coupon Security on the books of the Company.  The agent may substitute another to act for him.

          
	 
	
            Date:

          	
            

            

          	
            Your Signature:

          	 
	 
	 

    

    

    Sign exactly as your name appears on the other side of this Zero Coupon Security.

    
      

      A-12

      
        

      

    

    

    

    

    

    	 	 	 
	 	 	
            Signature

          
	
            Signature Guarantee:

          	 	 
	 	 	 
	 	 	 
	
            Signature must be guaranteed*

          	 	
            Signature

          

    

    

    *NOTICE: The signature must be guaranteed by an institution that is a member of one of the following recognized signature guarantee programs: (i) The Securities Transfer
      Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable to the Trustee.

     

    

    	 

    

    

    
      

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    [SCHEDULE OF INCREASES OR DECREASES IN ZERO COUPON GLOBAL SECURITY

    

    

    The initial principal amount at maturity of this Zero Coupon Global Security is $[ ].  The following increases or decreases in this Zero Coupon Global Security have been
      made:

    	
            Date of Increase or Decrease

          	
            Amount of Decrease in Principal Amount at Maturity of this Zero Coupon Global Security

          	
            Amount of Increase in Principal Amount at Maturity of this Zero Coupon Global Security

          	
            Remaining Principal Amount at Maturity of this Zero Coupon Global Security Following such Decrease or Increase

          	
            Signature of Authorized Signatory of Trustee or Custodian

          
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	
            ]2

             

             

          

    

    

    

    

    

    2 Add if the security is to be a Zero Coupon Global Security.

    
      

      A-14

      
        

      

    

    
    Annex A

    

    

    Purchase Price

    

    

    	
            
              Purchase Date

            

          	
            
              Put Price 

              (% of Final 

              Principal)

            

          	
            
              Purchase Price per 

              Million (principal 

              amount at maturity in 

              dollars)

            

          
	
            October 10, 2019

          	
            41.504916

          	
            $415,049.16

          
	
            October 10, 2020

          	
            43.708335

          	
            $437,083.35

          
	
            October 10, 2021

          	
            46.028731

          	
            $460,287.31

          
	
            October 10, 2022

          	
            48.472312

          	
            $484,723.12

          
	
            October 10, 2023

          	
            51.045618

          	
            $510,456.18

          
	
            October 10, 2024

          	
            53.755536

          	
            $537,555.36

          
	
            October 10, 2025

          	
            56.609319

          	
            $566,093.19

          
	
            October 10, 2026

          	
            59.614605

          	
            $596,146.05

          
	
            October 10, 2027

          	
            62.779435

          	
            $627,794.35

          
	
            October 10, 2028

          	
            66.112280

          	
            $661,122.80

          
	
            October 10, 2029

          	
            69.622060

          	
            $696,220.60

          
	
            October 10, 2030

          	
            73.318167

          	
            $733,181.67

          
	
            October 10, 2031

          	
            77.210494

          	
            $772,104.94

          
	
            October 10, 2032

          	
            81.309458

          	
            $813,094.58

          
	
            October 10, 2033

          	
            85.626028

          	
            $856,260.28

          
	
            October 10, 2034

          	
            90.171757

          	
            $901,717.57

          
	
            October 10, 2035

          	
            94.958811

          	
            $949,588.11

          
	
              Maturity Date

          	
            100.000000

          	
            $1,000,000.00

          

    

    

    
      

      Annex A-1

      
        

      

    

    
    Annex B

    

    

    Accretion Value Schedule

    	
            
              Accretion

              Calculation Date

            

          	
            
              Accretion Factor (%)

            

          
	
            October 10, 2019

          	
            41.504915507600

          
	
            April 10, 2020

          	
            42.592379239600

          
	
            October 10, 2020

          	
            43.708335436900

          
	
            April 10, 2021

          	
            44.853530626300

          
	
            October 10, 2021

          	
            46.028730893800

          
	
            April 10, 2022

          	
            47.234722397800

          
	
            October 10, 2022

          	
            48,472311894600

          
	
            April 10, 2023

          	
            49.742327278200

          
	
            October 10, 2023

          	
            51.045618134200

          
	
            April 10, 2024

          	
            52.383056307900

          
	
            October 10, 2024

          	
            53.755536487900

          
	
            April 10, 2025

          	
            55.163976804200

          
	
            October 10, 2025

          	
            56.609319442600

          
	
            April 10, 2026

          	
            58.092531275000

          
	
            October 10, 2026

          	
            59.614604506300

          
	
            April 10, 2027

          	
            61.176557337800

          
	
            October 10, 2027

          	
            62.779434648600

          
	
            April 10, 2028

          	
            64.424308694500

          
	
            October 10, 2028

          	
            66.112279825300

          
	
            April 10, 2029

          	
            67.844477220900

          
	
            October 10, 2029

          	
            69.622059646800

          
	
            April 10, 2030

          	
            71.446216228900

          
	
            October 10, 2030

          	
            73.318167249300

          
	
            April 10, 2031

          	
            75.239164962500

          
	
            October 10, 2031

          	
            77.210494433300

          
	
            April 10, 2032

          	
            79.233474396000

          
	
            October 10, 2032

          	
            81.309458137000

          
	
            April 10, 2033

          	
            83.439834399900

          
	
            October 10, 2033

          	
            85.626028314600

          
	
            April 10, 2034

          	
            87.869502350500

          
	
            October 10, 2034

          	
            90.171757295200

          
	
            April 10, 2035

          	
            92.534333257800

          
	
            October 10, 2035

          	
            94.958810699800

          
	
            April 10, 2036

          	
            97.446811492100

          
	
            Maturity Date

          	
            100.000000000000

          

    

    

  

  Annex B-1EX-10.1

 Exhibit 10.1 

Execution Version 

August 12, 2019 
 Crescent
Capital BDC, Inc. 
 11100 Santa Monica Boulevard, Suite 2000 

Los Angeles, CA 90025
  

	 	 Re:
	 Transaction Support; Advisory Agreement Amendment 

This letter is with reference to (a) the Investment Advisory Agreement, dated as of June 2, 2015 (the
“Advisory Agreement”), between Crescent Capital BDC, Inc., a Delaware corporation (the “Company”), and CBDC Advisors, LLC, a Delaware limited liability (the “Advisor”), and (b) the Agreement
and Plan of Merger, dated as of the date hereof (the “Merger Agreement”), by and among the Company, Atlantis Acquisition Sub, Inc. a Maryland corporation (“Acquisition Sub”), Alcentra Capital Corporation, a Maryland
corporation (“Atlantis”), and, solely for purposes set forth therein, the Advisor. Capitalized terms used but not defined herein have the meanings ascribed to them in the Merger Agreement. 

1. In reference to the foregoing, the Company and the Advisor, as the Company’s investment adviser, agree that: 

(a) Transaction Support. At or prior to the Effective Time, the Advisor shall deposit, or cause to be deposited
with the Exchange Agent, cash in an aggregate amount necessary to pay the Parent External Adviser Cash Consideration portion of the Merger Consideration in accordance with the terms and conditions set forth in the Merger Agreement and, following the
Effective Time, the Exchange Agent shall pay the Parent External Adviser Cash Consideration in accordance with such terms and conditions. Nothing in this letter shall be deemed to limit the Advisor’s obligations under Article II of the
Merger Agreement. 
 (b) Investment Advisory Agreement Amendment. If, and only if, the Mergers are consummated in
accordance with the terms and conditions set forth in the Merger Agreement, the Advisor shall enter into an amended and restated Advisory Agreement to implement the terms that are set forth in Exhibit B to the Merger Agreement (the “Advisory
Agreement Amendment”), effective upon the consummation of the Mergers. 
 (c) Expense Reimbursement. Promptly
following the consummation of the Mergers, the Advisor shall reimburse the Company for up to $1,419,000 of documented, out-of-pocket expenses paid or payable by the
Company in connection with the Merger Agreement or the transactions contemplated thereby. 
 (d) Responsibility for Merger
Agreement Payments. Any fees or monetary damages that become payable under the Merger Agreement shall be the responsibility of the Company and not the Advisor; provided, however, in the event that the Advisor (i) fails to
deposit, or cause to be deposited with the Exchange Agent, cash in an aggregate amount necessary to pay the Parent External Adviser Cash Consideration portion of the Merger Consideration in accordance with the terms and conditions set forth in the
Merger Agreement, (ii) fails to enter into the Advisory Agreement Amendment upon the consummation of the Mergers in accordance with the terms and conditions set forth in the Merger Agreement, or (iii) otherwise breaches or fails to perform
any of its representations, warranties, covenants or other agreements set forth in the Merger Agreement in a manner that would permit the Company to terminate the Merger Agreement pursuant to Section 8.1(c)(i) thereof, and, in either case, such
failure gives rise to an obligation of the Company to pay any fees or monetary damages under the Merger Agreement, then the Advisor shall indemnify and/or reimburse the Company for any such payments. 

 2. Indemnification. The parties acknowledge that the
indemnification and other provisions of Section 9 of the Advisory Agreement apply with respect to the Advisor’s involvement in the transactions contemplated by the Merger Agreement and the transactions contemplated by
this letter; provided that the Advisor shall not be entitled to indemnification pursuant to Section 9 of the Advisory Agreement for any liability of the Company or the Advisor that is finally, judicially determined to have
arisen solely out of the breach by the Advisor of its obligations under this letter or the Merger Agreement. Notwithstanding anything herein to the contrary, the Advisor shall not be obligated to indemnify the Company under this paragraph 2
to the extent such indemnification would be duplicative of any indemnification provided by the Advisor under paragraph 1(d) herein. 

3. Parties in Interest; No Third-Party Beneficiaries. This letter is not intended to and shall not confer upon any
Person other than the parties hereto any rights or remedies hereunder. 
 4. Amendments. This letter may be amended by
mutual written consent of the Company and the Advisor, but the consent of the Company must be obtained in conformity with the requirements of the Investment Company Act. 

5. Entire Agreement; Governing Law. This letter contains the entire agreement of the parties and supersedes all
prior agreements, understandings and arrangements with respect to the subject matter hereof; provided that nothing herein shall be deemed to supersede or modify any provisions in the Advisory Agreement. This letter shall be construed in accordance
with the laws of the State of New York and the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the Investment Company
Act, the latter shall control. 
 [Remainder of Page Left Intentionally Blank] 

 
			
	 Sincerely,

	
	 CBDC ADVISORS, LLC

		
	 By:
	 	 /s/ Jason Breaux

	 Name:
	 	 Jason Breaux

	 Title:
	 	 Chief Executive Officer, CBDC

		
	 By:
	 	 /s/ George P. Hawley

	 Name:
	 	 George P. Hawley

	 Title:
	 	 General Counsel

  

			
	 ACKNOWLEDGED AND AGREED TO:

	
	 CRESCENT CAPITAL BDC, INC.

		
	 By:
	 	 /s/ Jason Breaux

	 Name:
	 	 Jason Breaux

	 Title:
	 	 Chief Executive Officer

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