Document:

Exhibit 10.12

 

PLAYSTUDIOS, INC.

(fka incuBET, Inc.)

2011 OMNIBUS STOCK AND INCENTIVE PLAN

 

EFFECTIVE DATE: July 13, 2011

 

AS AMENDED THROUGH: February 27,
2019

 

TERMINATION DATE: July 13, 2021

 

ARTICLE 1

BACKGROUND AND PURPOSE

 

1.1           PURPOSE.
The purpose of the Plan is to promote the success and enhance the value of PlayStudios, Inc. (fka incuBET, Inc.) (the
 “Company”) and its Subsidiaries by linking the personal interests of the Participants to those of Company stockholders
and by providing the Participants with an incentive for outstanding performance to generate superior returns to Company stockholders.
The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services
of the Participants upon whose judgment, interest and special effort the successful conduct of the Company’s operation is
largely dependent.

 

ARTICLE 2

EFFECTIVE DATE AND EXPIRATION DATE

 

2.1            EFFECTIVE
DATE. The Plan is effective as of the date the Plan is approved by the Company’s stockholders as described in Section 2.2
(the “Effective Date”). The Committee may nonetheless make contingent Awards after the date on which the Plan is approved
by the Board of Directors of the Company and before the Effective Date provided that the vesting, exercise or payment of such Awards
is expressly conditioned on stockholder approval and the Awards are void if the stockholders do not approve the Plan.

 

2.2            APPROVAL
OF STOCKHOLDERS. As noted in Section 2.1, Awards may be made following the adoption of the Plan by the Board, but
the Plan (and any grants of Awards made prior to the stockholder approval mentioned herein) shall be subject to ratification by
the stockholders in accordance with the Company’s Bylaws, which ratification must occur within 12 months of the date that
the Plan is adopted by the Board. In the event that the stockholders of the Company do not ratify the Plan, the Plan and all rights
hereunder shall immediately terminate and no Participant (or any permitted transferee thereof) shall have any remaining rights
under the Plan or any Award Agreement entered into in connection herewith

 

2.3          EXPIRATION
DATE. The Plan will expire on, and no Award may be granted under the Plan after, the tenth anniversary of the Effective
Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to the terms
of the Plan and the Award Agreement.

 

     

     

    

 

ARTICLE 3

DEFINITIONS AND CONSTRUCTION

 

3.1            DEFINITIONS.
For purposes of the Plan, the following terms shall have the following meanings:

 

(a)            “Affiliate”
shall mean (i) a corporation other than the Company that is a member of a “controlled group of corporations” (within
the meaning of Section 414(b) of the Code as modified by Section 415(h) of the Code) or (ii) a group of
trades or businesses under common control (within the meaning of Section 414(c) of the Code as modified by Section 415(h) of
the Code), which in the case of either clause (i) or (ii) also includes the Company as a member. For purposes of
determining whether an event constitutes a Change of Control within the meaning of Section 3.1(g), “Affiliate”
status shall be determined on the day immediately preceding the date of the transaction or event.

 

(b)            “Assignee
Stockholder” has the meaning ascribed to it in Section 15.2(b).

 

(c)            “Award”
means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Share or Other Stock-Based Award
or Other Cash-Based Award granted under the Plan.

 

(d)             “Award
Agreement” means any written agreement, contract, or other instrument or document evidencing an Award.

 

(e)            “Base
Value” means the per share amount set forth in an Award Agreement relating to an SAR. The Base Value is used to determine
the amount payable to a Participant in connection with the exercise of an SAR, as further set forth in the Award Agreement.

 

(f)            “Beneficiary”
means the person, persons, trust or trusts which have been designated by a Participant in his or her most recent written beneficiary
designation filed with the Company to receive the benefits specified under the plan upon his or her death, or, if there is no designated
Beneficiary or surviving designated Beneficiary, then the person, persons, trust or trusts entitled by will or the laws of descent
and distribution to receive such benefits.

 

(g)            “Board”
means the Board of Directors of the Company.

 

(h)            “Change
of Control” means and includes each of the following events:

 

(1)            The
date that any one person, or more than one person acting as a “Group” (as defined below), acquires ownership of stock
of the Company that, together with stock held by such person or Group, constitutes more than 50% of the total fair market value
or total voting power of the stock of the Company. If any one person or more than one person acting as a Group is considered to
own more than 50% of the total fair market value or total voting power of the stock of the Company, the acquisition of additional
stock by the same person or persons will not be considered to be a “Change of Control.” In addition, the acquisition
of stock by a “Permitted Transferee” (as defined below) will be disregarded for purposes of this paragraph (1) and
will not be treated as a Change of Control. This paragraph (1) only applies when there is a transfer of stock of the Company
(or issuance of stock of the Company) and stock in the Company remains outstanding after the transaction.

 

    - 2 - 

     

    

 

(2)           The
date any one person or more than one person acting as a Group (as defined below) acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing
30% or more of the total voting power of the stock of the Company. If any one person or more than one person acting as a Group
is considered to own more than 30% of the total voting power of the stock of the Company, the acquisition of additional stock by
the same person or persons will not be considered to be a “Change of Control.”

 

(3)            The
date a majority of members of the Company’s Board is replaced during any 12-month period by directors whose appointment or
election is not endorsed by a majority of the members of the Company’s Board before the date of the appointment or election.

 

(4)            The
date that any one person, or more than one person acting as a Group, acquires (or has acquired during the 12-month period ending
on the date of the most recent acquisition by such person or persons) assets from the Company that have a total “Gross Fair
Market Value” equal to or more than 40% of the total Gross Fair Market Value of all of the assets of the Company immediately
prior to such acquisition or acquisitions. For this purpose, “Gross Fair Market Value” means the value of the assets
of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such
assets. This clause (3) shall not apply to any transfer to an entity that is controlled by the stockholders of the Company
immediately after the transfer. In addition, a transfer of assets by the Company shall be disregarded if the assets are transferred
to: (i) a stockholder of the Company immediately before the asset transfer in exchange for or with respect to its stock; (ii) an
entity, 50% or more of the total value or voting power of which is owned, directly or indirectly, by the Company; (iii) a
person, or more than one person acting as a Group, that owns, directly or indirectly, 50% or more of the total value or voting
power of all of the outstanding stock of the Company; (iv) an entity, at least 50% of the total value or voting power of which
is owned, directly or indirectly, by a person described in clause (iii); or (v) a Permitted Transferee, as defined below.
For purposes of this section, a person’s status is determined immediately after the transfer of the assets. A transfer to
an entity shall be disregarded for purposes of this Section, and will not be treated as a Change of Control, if immediately after
such transfer Permitted Transferees own a majority of each and every class of outstanding stock or other ownership interest of
the entity to which the assets are transferred.

 

For purposes of this
Section 3.1(g), persons will be considered to be acting as a “Group” if they are owners of a corporation that
enters into a merger, consolidation, purchase or acquisition of stock (in the case of a transaction described in clause (1))
or assets (in the case of a transaction described in clause (4)), or a similar business transaction with the Company. If a
person, including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of
stock, or similar transaction, such stockholder is considered to be acting as a Group with other stockholders in a corporation
prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. Persons
will not be considered to be acting as a Group solely because they purchase or own stock of the same corporation at the same time,
or as a result of the same public offering.

 

    - 3 - 

     

    

 

The transfer of stock
or assets of the Company in connection with a bankruptcy filing by or against the Company under Title 11 of the United States
Code will not be considered to be a Change of Control for purposes of this Plan.

 

(i)            “Change
of Control Price” means the highest price per share paid in any transaction constituting a Change of Control.

 

(j)            “Code”
means the Internal Revenue Code of 1986, as amended from time to time.

 

(k)            “Committee”
means the Board or the committee of the Board described in Section 4.1.

 

(l)            “Company”
means PlayStudios, Inc., a corporation organized under the laws of the State of Delaware, or any successor corporation.

 

(m)           “Disability”
means the inability of a Participant to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period
of not less than 12 months. The permanence and degree of impairment shall be supported by medical evidence.

 

(n)            “Donee”
has the meaning ascribed to it in Section 15.2

 

(o)        “Fair
Market Value means, as of any given date, the fair market value of the Stock determined by such methods or procedures as may be
established in good faith and from time to time by the Committee. The Committee’s determinations of Fair Market Value shall
be made in compliance with Section 409A of the Code and the regulations issued thereunder.

 

(p)            “Grantor”
has the meaning ascribed to it in Section 15.3.

 

(q)         “Incentive
Stock Option” or “ISO” means any Option intended to be and designated as an incentive stock option within the
meaning of Section 422 of the Code.

 

(r)            “Non-qualified
Stock Option” or “NQSO” means any Option that is not intended to be an ISO.

 

(s)            “Offer”
has the meaning ascribed to it in Section 15.2.

 

(t)            “Offeror”
has the meaning ascribed to it in Section 15.2.

 

(u)            “Option”
means a right, granted to a Participant under Article 7, to purchase shares of Stock at a specified price during specified
time periods. An Option may be either an ISO or an NQSO.

 

    - 4 - 

     

    

 

(v)     “Other
Cash-Based Award” means cash awarded under Article 10, including cash awarded as a bonus or upon the attainment of specified
performance criteria or otherwise as permitted under the Plan.

 

(w)       “Other
Stock-Based Award” means a right or other interest granted to a Participant under Article 10 that may be denominated
or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, including, but not limited
to (1) unrestricted Stock awarded as a bonus or upon the attainment of specified performance criteria or otherwise as permitted
under the Plan, and (2) a right granted to a Participant to acquire Stock from the Company for cash.

 

(x)         “Participant”
means a person who has been granted an Award under the Plan.

 

(y)         “Performance
Share” means an Award of shares of Stock to a Participant under Article 10 that is subject to restrictions based upon
the attainment of specified performance criteria.

 

(z)         “Permitted
Transferees” means any existing stockholder or stockholders acting as a Group who own 5% or more of the Company’s
stock.

 

(aa)     “Plan”
means this PlayStudios, Inc. 2011 Omnibus Stock and Incentive Plan, as amended from time to time.

 

(bb)     “Purchase
Option” has the meaning ascribed to it in Section 15.3.

 

(cc)     “Purchasable
Shares” has the meaning ascribed to it in Section 15.3.

 

(dd)     “Qualifying
Public Offering” means a firm commitment underwritten public offering of Stock for cash where the shares of Stock registered
under the Securities Act are listed on a national securities exchange or the NASDAQ National Market System.

 

(ee)     “Restricted
Stock” means an Award of shares of Stock to a Participant under Article 9 that is subject to certain restrictions and
to a risk of forfeiture.

 

(ff)     “Restricted
Stock Unit” means a right granted to a Participant under Article 10 to receive Stock or cash at the end of a specified
deferral period, which right may be conditioned on the satisfaction of specified performance or other criteria.

 

(gg)     “Right”
has the meaning ascribed to it in Section 15.2(b).

 

(hh)     “Securities
Act” means the Securities Act of 1933, as amended from time to time, and as now or hereafter construed, interpreted and applied
by regulations, rulings and cases.

 

    - 5 - 

     

    

 

(ii)                “Separation
from Service” means the following:

 

(1)            A
Participant who is an employee of the Company or any Subsidiary has a Separation from Service when the Participant dies, retires,
or otherwise has a termination of employment with the Company or any Subsidiary. The employment relationship is treated as continuing
intact while the Participant is on military leave, sick leave, or other bona fide leave of absence, if the period of leave does
not exceed six months or, if longer, as long as the Participant’s right to reemployment with the Company or any Subsidiary
is provided by statute or contract. A leave of absence is bona fide only if there is a reasonable expectation that the Participant
will return to perform services for the Company or any Subsidiary. If the period of leave exceeds six months and the Participant’s
right to reemployment is not provided by statute or by contract, the employment relationship is deemed to terminate on the first
day immediately following the six month period;

 

(2)            A
non-employee member of the Board has a Separation from Service when he or she ceases to be a member of the Board. A non-employee
independent contractor or consultant providing services to Company or any Subsidiary has a Separation from Service upon the expiration
of the contract, and if there is more than one contract, all contracts under which the individual performs services as long as
the expiration is a good faith and complete termination of the contractual relationship; and

 

(3)            If
a Participant performs services in more than one capacity, the Participant must have a Separation from Service in all capacities
as an employee, member of the Board, independent contractor or consultant to have a Separation from Service. Notwithstanding the
foregoing, if a Participant provides services both as an employee and a non-employee, (i) the services provided as a non-employee
are not taken into account in determining whether the Participant has a Separation from Service as an employee under a nonqualified
deferred compensation plan in which the Participant participates as an employee and that is not aggregated under Code Section 409A
with any plan in which the Participant participates as a non-employee, and (ii) the services provided as an employee are not
taken into account in determining whether the Participant has a Separation from Service as a non-employee under a nonqualified
deferred compensation plan in which the Participant participates as a non-employee and that is not aggregated under Code Section 409A
with any plan in which the Participant participates as an employee.

 

(jj)     “Statement”
has the meaning ascribed to it in Section 15.2(a).

 

(kk)     “Statement
Date” has the meaning ascribed to it in Section 15.2(a).

 

(ll)     “Stock”
means shares of the common stock of the Company or any security that may be substituted for Stock or into which Stock may be changed
pursuant to Section 13.1.

 

(mm)   “Stock
Appreciation Right” or “SAR” means the right, granted to a Participant under Article 8, to be paid an amount
equal to the Fair Market Value of one share of Stock on the date of exercise of the SAR minus the Base Value specified in the SAR
Award Agreement, with payment to be made in cash, Stock, or property as specified in the Award Agreement or determined by the Committee.

 

    - 6 - 

     

    

 

(nn)     “Subsidiary”
means any corporation in an unbroken chain of corporations beginning with the Company if, at the time of granting of an Award,
each of the corporations (other than the last corporation in the unbroken chain) owns stock possessing 50% or more of the total
combined voting power of all classes of stock in one of the other corporations in the chain.

 

ARTICLE 4

ADMINISTRATION

 

4.1         COMMITTEE.
The Plan shall be administered by the Board or a Committee of the Board appointed by the Board. If the Board does not appoint a
Committee, references in this Plan to the Committee shall refer to the Board.

 

4.2            ACTION
BY THE COMMITTEE. The Committee may appoint a chairperson and a secretary and may make such rules and regulations
for the conduct of its business as it shall deem advisable, and shall keep minutes of its meetings. A majority of the Committee
shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present, and acts
approved by the unanimous written consent of the Committee, in lieu of a meeting, shall be deemed acts of the Committee. The Committee
may employ one or more persons, including the Company’s certified public accountants, any executive compensation consultant
or any other professional the Committee deems necessary, to render advice with respect to any responsibility the Committee may
have under the Plan.

 

4.3         DELEGATION
OF AUTHORITY BY COMMITTEE. The Committee is authorized to delegate in writing to the Chief Executive Officer of the Company
("CEO") the authority to grant Awards to Participants in accordance with such instructions and limitations as may be
set forth in the delegation.  Such delegation may include by way of example, but not limitation, the classes of
Participants (e.g., non-officers) to whom the CEO may grant Awards, the number of shares of Stock the CEO is authorized to grant
(either in total or per Participant), the type of Awards that may be granted, any limitations on the terms and conditions of the
grants, and the expiration date of the Committee’s delegation of authority.  All grants made by the CEO shall otherwise
be subject to the terms and conditions set forth in the Plan.  The Committee's delegation to the CEO may be terminated or
rescinded by the Committee at any time by notice (written or otherwise) to the CEO

 

4.4            AUTHORITY
OF COMMITTEE. Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion
to:

 

(a)            administer
the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable
in the administration of the Plan, including, without limitation, the authority to grant Awards;

 

(b)            determine
the persons to whom and the time or times at which Awards shall be granted;

 

(c)            determine
the type and number of Awards to be granted and the number of shares of Stock to which an Award may relate;

 

    - 7 - 

     

    

 

(d)            determine
the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price,
or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions
on the exercisability of an Award, and accelerations or waivers thereof, based in each case on such considerations as the Committee
in its sole discretion determines; provided, however, that the Committee shall not take any action or fail to take any action with
respect to the operation of the Plan that would cause all or part of the payment under any Award to be subject to the additional
tax under Section 409A of the Code;

 

(e)            determine
whether, to what extent, and under what circumstances an Award may be settled in, or the exercise price of an award may be paid
in, cash, Stock, or other Awards or other property, or an Award may be cancelled, forfeited, exchanged, or surrendered;

 

(f)           make
adjustments in the terms and conditions of, and the criteria and performance objectives (if any) included in, Awards in recognition
of unusual or non-recurring events affecting the Company or any Subsidiary or Affiliate or the financial statements of the Company
or any Subsidiary or Affiliate, or in response to changes in applicable laws, regulations, or accounting principles;

 

(g)            construe
and interpret the terms of any matter arising pursuant to, the Plan and any Award; to prescribe, amend and rescind rules and
regulations relating to the Plan;

 

(h)            prescribe
the form of each Award Agreement and to determine the terms and provisions of the Award Agreements (which need not be identical
for each Participant) and to decide all other matters that must be determined in connection with an Award; and

 

(i)            make
all other decisions and determinations that may be required pursuant to the Plan or an Award Agreement as the Committee deems necessary
or advisable for the administration of the Plan.

 

4.5            DECISIONS
BINDING. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, or any Award Agreement
and all decisions, determinations and interpretations of the Committee with respect to the Plan, any Award or any Award Agreement
shall be final, binding and conclusive on all persons, including the Company, and any Subsidiary or Participant (or any person
claiming any rights under the Plan from or through any Participant) and any stockholder.

 

4.6                LIMITATION
OF LIABILITY. No member of the Board or Committee shall be liable for any action taken or determination made in good faith
with respect to the Plan or any Award granted hereunder.

 

    - 8 - 

     

    

 

ARTICLE 5

ELIGIBILITY AND PARTICIPATION

 

5.1            ELIGIBILITY.
Persons eligible to participate in the Plan include members of the Board, employees and officers of the Company or a Subsidiary
and consultants and advisors providing services to the Company or a Subsidiary, all as determined by the Committee. Prospective
members of the Board, employees or officers of, and consultants and advisors to, the Company or a Subsidiary to whom Awards are
granted in connection with written offers of a directorship or an employment, consulting or advisory relationship with the Company
or a Subsidiary also may be granted Awards by the Committee. The provisions of any Award granted to a prospective member of the
Board, employee, officer, consultant, or advisor must specifically provide that no portion of the Award will vest, become exercisable
or be issued or paid prior to the date on which such individual begins providing services to the Company or any Subsidiary.

 

5.2            ACTUAL
PARTICIPATION. Subject to the provisions of the Plan, the Committee may, from time
to time, select from among all eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount
of each Award. No individual shall have any right to be granted an Award pursuant to this Plan.

 

ARTICLE 6

STOCK SUBJECT TO THE PLAN

 

6.1            NUMBER
OF SHARES. The maximum number of shares of Stock reserved for the grant of Awards under the Plan shall be One Hundred
Forty-Nine Million One Hundred Fifty Thousand (149,150,000) shares of Stock (subject to adjustment as provided in Section 13.1).
No more than 100% of the total shares available for grant may be awarded to a single individual in a single year. If any shares
subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a
distribution of shares to the Participant, the shares of stock with respect to such Award shall, to the extent of any such forfeiture,
cancellation, exchange, surrender, termination or expiration, again be available for Awards under the Plan; provided that, in the
case of forfeiture, cancellation, exchange or surrender of shares of Restricted Stock or Restricted Stock Units with respect to
which dividends have been paid or accrued, the number of shares with respect to such Awards shall not be available for Awards hereunder
unless, in the case of shares with respect to which dividends were accrued but unpaid, such dividends are also forfeited, cancelled,
exchanged or surrendered. Upon the exercise of any Award granted in tandem with any other Awards, such related Awards shall be
cancelled to the extent of the number of shares of Stock as to which the Award is exercised and, notwithstanding the foregoing,
such number of shares shall no longer be available for Awards under the Plan.

 

6.2           STOCK
DISTRIBUTED. Any Stock distributed pursuant to any Award may consist, in whole or in part, of authorized and unissued Stock,
treasury Stock or Stock purchased on the open market.

 

    - 9 - 

     

    

 

ARTICLE 7

STOCK OPTIONS

 

7.1            GENERAL.
The Committee is authorized to grant Options to Participants on the following terms and conditions:

 

(a)            EXERCISE
PRICE. The exercise price per share of Stock pursuant to an Option shall be determined by the Committee and set forth in
the Award Agreement.

 

(b)            TERM
AND EXERCISABILITY OF OPTIONS. Unless otherwise provided in an Award Agreement, the date on which the Committee adopts
a resolution expressly granting an Option shall be considered the day on which such Option is granted. Options shall be exercisable
over the exercise period (which shall not exceed ten years from the date of grant), at such times and upon such conditions as the
Committee may determine, as reflected in the Award Agreement; provided that the Committee shall have the authority to accelerate
the exercisability of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate.
An Option may be exercised to the extent of any or all full shares of Stock as to which the Option has become exercisable by giving
written notice of such exercise to the Committee or its designated agent. The Committee also shall determine the performance or
other conditions, if any, that must be satisfied before all or a part of an Option may be exercised.

 

(c)            PAYMENT.
The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including,
without limitation, cash, shares of Stock held for longer than six months (through actual tender or by attestation), or other property
acceptable to the Committee and the methods by which shares of Stock shall be delivered or deemed to be delivered to Participants.

 

(d)           EVIDENCE
OF GRANT. All Options granted under the Plan shall be evidenced by a written Award Agreement which shall designate the
Option as an ISO or an NQSO. The Award Agreement shall reflect the Committee’s determinations regarding the exercise price,
time and conditions of exercise, and forms of payment for the Option and such additional provisions as may be specified by the
Committee.

 

(e)          SEPARATION
FROM SERVICE. An Option may not be exercised unless the Participant is then in the employ of, or then maintains an independent
contractor relationship with, the Company or a Subsidiary or an Affiliate (or a company or a parent or subsidiary company of such
company issuing or assuming the Option in a transaction to which Section 424(a) of the Code applies), and unless the
Participant has remained continuously so employed, or continuously maintained such relationship, since the date of grant of the
Option; provided that, the Award Agreement may contain provisions extending the exercisability of Options, in the event of specified
terminations, to a date not later than the expiration date of such Option.

 

(f)           OTHER
PROVISIONS. Options may be subject to such other conditions including, but not limited to, restrictions on transferability
of the shares acquired upon exercise of such Options, as the Committee may prescribe in its discretion or as may be required by
the Plan or applicable law.

 

    - 10 - 

     

    

 

(g)            REPRICING
OF OPTIONS. The Committee shall not reprice any Options previously granted under the Plan.

  

7.2          INCENTIVE
STOCK OPTIONS. Incentive Stock Options shall be granted only to employees and the
terms of any Incentive Stock Options granted pursuant to the Plan must comply with the following additional provisions of this
Section 7.2:

 

(a)            EXERCISE
PRICE. The exercise price per share of Stock shall be set by the Committee, provided that (subject to (e) below),
the exercise price for any Incentive Stock Option may not be less than the Fair Market Value as of the date of the grant.

 

(b)            EXERCISE.
In no event may any Incentive Stock Option be exercisable for more than ten years from the date of its grant.

 

(c)            LAPSE
OF OPTION. An Incentive Stock Option shall lapse in the following circumstances.

 

(1)            The
Incentive Stock Option shall lapse ten years from the date it is granted, unless an earlier time is set in the Award Agreement.

 

(2)            The
Incentive Stock Option shall lapse upon a Separation from Service for any reason other than death or Disability, unless otherwise
provided in the Award Agreement.

 

(3)            If
the Participant incurs a Separation from Service on account of Disability or death before the Option lapses pursuant to paragraph
(1) or (2) above, the Incentive Stock Option shall lapse, unless it is previously exercised, on the earlier of (i) the
scheduled termination date of the Option; or (ii) no more than 12 months after the date of the Participant’s Separation
from Service on account of Disability or death. Upon the Participant’s Disability or death, any Incentive Stock Options exercisable
at the Participant’s Disability or death may be exercised by the Participant’s legal representative or representatives,
by the person or persons entitled to do so pursuant to the Participant’s last will and testament, or, if the Participant
fails to make testamentary disposition of such Incentive Stock Option or dies intestate, by the person or persons entitled to receive
the Incentive Stock Option pursuant to the applicable laws of descent and distribution.

 

(d)            INDIVIDUAL
DOLLAR LIMITATION. The aggregate Fair Market Value (determined as of the time an Award is made) of all shares of Stock
with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000.00
or such other limitation as may be imposed by Section 422(d) of the Code, or any successor provision. To the extent that
Incentive Stock Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified
Stock Options.

 

    - 11 - 

     

    

 

(e)           TEN
PERCENT OWNERS. An Incentive Stock Option shall be granted to any individual who, at the date of grant, owns stock possessing
more than ten percent of the total combined voting power of all classes of Stock of the Company only if such Option is granted
at a price that is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than
five years from the date of grant.

 

(f)            EXPIRATION
OF INCENTIVE STOCK OPTIONS. No Award of an Incentive Stock Option may be made pursuant to this Plan after the tenth anniversary
of the Effective Date.

 

(g)            RIGHT
TO EXERCISE. Except as provided in Section 7.2(c)(3) and in Section 12.4, during a Participant’s lifetime,
an Incentive Stock Option may be exercised only by the Participant.

 

(h)            SHARES
AVAILABLE FOR ISO. 100% of the total shares available for grant may be awarded as Incentive Stock Options.

 

ARTICLE 8

STOCK APPRECIATION RIGHTS

 

8.1            SARS.
The Committee is authorized to grant SARs to Participants on the following terms and conditions:

 

(a)           IN
GENERAL. SARs may be granted independently or in tandem with an Option. Unless the Committee determines otherwise, an SAR
(1) granted in tandem with an NQSO may be granted at the time of grant of the related NQSO or at any time thereafter or (2) granted
in tandem with an ISO may only be granted at the time of grant of the related ISO. An SAR granted in tandem with an Option shall
be exercisable only to the extent the underlying Option is exercisable.

 

(b)            SARs.
An SAR shall confer on the Participant a right to receive an amount with respect to each share subject thereto, upon exercise thereof,
equal to the excess of (1) the Fair Market Value of one share of Stock on the date of exercise over (2) the Base Value
for the SAR as determined by the Committee and set forth in the Award Agreement. The Base Value shall not be less than, but may
exceed, the Fair Market Value of a share of Stock on the date of grant.

 

(c)            OTHER
TERMS. All grants of SARs will be evidenced by an Award Agreement. The terms, methods of exercise, methods of settlement,
and any other terms and conditions of any SAR will be determined by the Committee at the time of the grant of the Award and will
be set forth in the Award Agreement. The form of consideration payable in settlement of an SAR shall be Stock or cash as specified
in the Award Agreement.

 

ARTICLE 9

RESTRICTED STOCK AWARDS

 

9.1            RESTRICTED
STOCK. The Committee is authorized to grant Restricted Stock to Participants in such amounts and subject to the terms and
conditions as may be determined by the Committee. All Restricted Stock Awards shall be evidenced by a written Restricted Stock
Award Agreement.

 

    - 12 - 

     

    

 

9.2            Issuance
and Restrictions. Restricted Stock shall be subject to such restrictions on transferability
and other restrictions as the Committee may impose at the date of grant or thereafter, which restrictions may lapse separately
or in combination at such times, under such circumstances, in such installments, or otherwise, as the Committee may determine.
Such restrictions may include, but are not limited to, factors relating to the increase in the value of the Stock or to individual
or Company performance such as the attainment of certain specified individual, divisional or Company-wide performance goals, sales
volume increases or increases in earnings per share. Except to the extent restricted under the Restricted Stock Award Agreement,
a Participant granted Restricted Stock shall have all of the rights of a stockholder including, without limitation, the right to
vote the Restricted Stock and the right to receive dividends thereon.

 

9.3            Forfeiture.
Upon a Separation from Service from the Company during the applicable restriction period (which is the period prior to the lapse
of the restrictions), Restricted Stock and any accrued but unpaid dividends that are at that time subject to restrictions shall
be forfeited; provided however, that the Committee may provide, by rule or regulation or in any Restricted Stock Award Agreement,
or may determine in any individual case, that restrictions or forfeiture conditions relating to Restricted Stock will be waived
in whole or in part in the event of terminations resulting from specified causes, and the Committee may in other cases waive in
whole or in part the forfeiture of Restricted Stock.

 

9.4         Certificates
for Stock. Restricted Stock granted under the Plan may be evidenced in such manner
as the Committee shall determine. If certificates representing Restricted Stock are registered in the name of the Participant,
such certificates shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted
Stock, and the Company shall retain physical possession of the certificate until such time as all applicable restrictions lapse.

 

ARTICLE 10

OTHER TYPES OF AWARDS

 

10.1            OTHER
TYPES OF AWARDS IN GENERAL. The Committee also is authorized to grant the following types of Awards to Participants in
such amounts and subject to such terms and conditions as may be determined by the Committee and as may be set forth in the applicable
Award Agreement:

 

(a)            RESTRICTED
STOCK UNITS. Restricted Stock Unit Awards will grant the Participant the right to receive a specified number of shares
of Stock, or a cash payment equal to the Fair Market Value (determined as of a specified date) of a specified number of shares
of Stock, subject to any vesting or other restrictions deemed appropriate to the Committee. These restrictions may lapse separately
or in combination at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines
at the time of the grant of the Award or thereafter. Such restrictions may include, but are not limited to, factors relating to
the increase in the value of the Stock or to individual or Company performance such as the attainment of certain specified individual,
divisional or Company-wide performance goals, sales volume increases or increases in earnings per share. Except as otherwise determined
by the Committee at the time of the grant of the Award or thereafter, upon Separation from Service during the applicable restriction
period, or upon failure to satisfy any other conditions precedent to the delivery of Stock or cash to which such Restricted Stock
Units relate, the Restricted Stock Units that are at that time subject to restrictions shall be forfeited. Notwithstanding the
foregoing, the Committee may provide, by rule or regulation or in any Award Agreement, or may determine in any individual
case, that restrictions or forfeiture conditions relating to Restricted Stock Units will be waived in whole or in part in the event
of termination resulting from specified causes, and the Committee may in other cases waive in whole or in part the forfeiture of
Restricted Stock Units. The Restricted Stock Units shall be settled in Stock or cash as specified in the Award Agreement.

 

    - 13 - 

     

    

 

(b)            STOCK
AWARDS IN LIEU OF CASH AWARDS.  The Committee is authorized to grant Stock as a bonus, or to grant other Awards, in lieu
of Company commitments to pay cash under other plans or compensatory arrangements. Stock or Awards granted hereunder shall have
such other terms as shall be determined by the Committee.

 

(c)            PERFORMANCE
SHARES AND OTHER STOCK OR CASH-BASED AWARDS. The Committee is authorized to grant to Participants Performance Shares and/or
Other Stock-Based Awards or Other Cash-Based Awards (either independently or as an element of or supplement to any other Award
under the Plan), as deemed by the Committee to be consistent with the purposes of the Plan. Such Awards may be granted with value
and payment contingent upon performance of the Company or any other factors designated by the Committee, or valued by reference
to the performance of specified Subsidiaries. The Committee shall determine the terms and conditions of such Awards at the date
of grant. Such performance objectives may be expressed in terms of one or more financial or other objective goals. Financial goals
may be expressed, for example, in terms of sales, earnings per share, stock price, return on equity, net earnings growth, net earnings,
related return ratios, cash flow, earnings before interest, taxes, depreciation and amortization (EBITDA), return on assets or
total stockholder return. Other objective goals may include, but are not limited to, the attainment of various productivity and
long-term growth objectives, including, without limitation reductions in the Company's overhead ratio and expense to sales ratios.
Any criteria may be measured in absolute terms or as compared to another corporation or corporations.

 

10.2            COMPLIANCE
WITH SECTION 409A. Some of the Awards that may be granted pursuant to the Plan (including, but not necessarily limited
to, Performance Share Awards, Other Stock or Cash-Based Awards and Restricted Stock Unit Awards) may be considered to be “non-qualified
deferred compensation” subject to Section 409A of the Code. If an Award is subject to Section 409A, the Award Agreement
and this Plan are intended to comply fully with and meet all of the requirements of Section 409A and the Award Agreement shall
include such provisions as may be necessary to assure compliance with Section 409A. An Award subject to Section 409A
also shall be administered in good faith compliance with the provisions of Section 409A as well as applicable guidance issued
by the Internal Revenue Service and the Department of Treasury. To the extent necessary to comply with Section 409A, any Award
that is subject to Section 409A may be modified, replaced or terminated in the discretion of the Committee. Notwithstanding
any provision of this Plan or any Award Agreement to the contrary, in the event that the Committee determines that any Award is
or may become subject to Section 409A, the Company may adopt such amendments to the Plan and the related Award Agreements,
without the consent of the Participant, or adopt other policies and procedures (including amendments, policies and procedures with
retroactive effective dates), or take any other action that the Committee determines to be necessary or appropriate to either comply
with Section 409A or to exclude or exempt the Plan or any Award from the requirements of Section 409A.

 

    - 14 - 

     

    

 

ARTICLE 11

CHANGE OF CONTROL PROVISIONS

 

11.1            ACCELERATION
UPON A CHANGE OF CONTROL. The Committee or the Board may provide, either at the time of the grant of an Award or at any
time prior to the occurrence of a Change of Control, for any or all of the following provisions to apply to an Award upon or in
anticipation of a Change of Control:

 

(a)            any
Award carrying a right to exercise that was not previously exercisable and vested shall become fully exercisable and vested;

 

(b)            the
restrictions and forfeiture conditions applicable to any other Award granted under the Plan shall lapse and such Awards shall be
deemed fully vested, and any performance conditions imposed with respect to Awards shall be deemed to be fully achieved;

 

(c)            the
value of all outstanding Awards shall, to the extent determined by the Committee at or after grant, be cashed out on the basis
of the Change of Control Price as of the date the Change of Control occurs or such other date as the Committee may determine prior
to the Change of Control.

 

ARTICLE 12

PROVISIONS APPLICABLE TO AWARDS

 

12.1            TERM
OF AWARD. The term of each Award shall be for the period determined by the Committee, provided that in no event shall the
term of any Option or Stock Appreciation Right granted in tandem with an Incentive Stock Option exceed a period of ten years from
the date of its grant.

 

12.2             AWARD
AGREEMENT. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations
for each Award, including, but not limited to, the term of the Award, the provisions applicable in the event the Participant’s
employment or service terminates and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel
or rescind an Award.

 

12.3            FORM OF
PAYMENT FOR AWARDS. Subject to the terms of the Plan and any applicable law or Award
Agreement, payments or transfers to be made by the Company or a Subsidiary on the grant, exercise or settlement of an Award may
be made in such forms as the Committee determines at or after the time of grant, including, without limitation, cash, Stock held
for more than six months, other Awards, or other property, or any combination, and may be made in a single payment or transfer,
in installments, or on a deferred basis, provided that such deferral complies with Section 409A of the Code, if applicable,
in each case determined in accordance with rules adopted by, and at the discretion of, the Committee.

 

    - 15 - 

     

    

 

12.4            LIMITS
ON TRANSFER.

 

(a)            GENERAL.
Except as provided in Section 12.4(b) or Section 12.5, no right or interest of a Participant in any Award may be
pledged, encumbered, or hypothecated to, or in favor of, any party other than the Company or a Subsidiary, or shall be subject
to any lien, obligation, or liability of such Participant to any other party other than the Company or a Subsidiary. Except as
provided in Section 12.4(b) or Section 12.5, and except as otherwise provided by the Committee, no Award shall be
assigned, transferred, or otherwise disposed of by a Participant other than pursuant to the terms of a domestic relations order
issued by a court of competent jurisdiction or by will or the laws of descent and distribution.

 

(b)            TRANSFERS
TO FAMILY MEMBERS. The Committee shall have the authority, in its discretion, to grant (or to sanction by way of amendment
to an existing Award) Awards which may be transferred by the Participant during his or her lifetime to any “family member”
(as defined below). A transfer of an Award pursuant hereto may only be effected by the Company at the written request of the Participant.
In the event an Award is transferred as contemplated herein, such transferred Award may not be subsequently transferred by the
transferee (other than another transfer meeting the conditions herein) except by will or the laws of descent and distribution.
A transferred Award shall continue to be governed by and subject to the terms and limitations of the Plan and relevant Award Agreement,
and the transferee shall be entitled to the same rights as the Participant, as if the transfer had not taken place. For purposes
of this Section 12.4(b), the term “family member” means a Participant’s spouse and any parent, stepparent,
grandparent, child, stepchild, or grandchild, including adoptive relationships or a trust or any other entity in which these persons
(or the Participant) have more than 50% of the beneficial interest.

 

12.5            BENEFICIARIES.
Notwithstanding Section 12.4, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise
the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death, and,
in accordance with Section 7.2(c)(3) in the case of an ISO, upon the Participant’s Disability. A beneficiary, legal
guardian, legal representative, or other person claiming any rights pursuant to the Plan is subject to all terms and conditions
of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise
provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If the Participant is married and
resides in a community property state, a designation of a person other than the Participant’s spouse as his beneficiary with
respect to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent
of the Participant’s spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to
the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing,
a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is provided
to the Committee.

 

    - 16 - 

     

    

 

12.6            STOCK
CERTIFICATES. Notwithstanding anything herein to the contrary, the Company shall not
be required to issue or deliver any certificates evidencing shares of Stock pursuant to the exercise of any Award, unless and until
the Board has determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance with all
applicable laws, regulations of governmental authorities and, if applicable, the requirements of any exchange or quotation system
on which the shares of Stock are listed, quoted or traded. All Stock certificates delivered pursuant to the Plan are subject to
any stop-transfer orders and other restrictions as the Committee deems necessary or advisable to comply with Federal, state, or
foreign jurisdiction, securities or other laws, rules and regulations and the rules of any national securities exchange
or automated quotation system on which the Stock is listed, quoted, or traded. The Committee may place legends on any Stock certificate
to reference restrictions applicable to the Stock. In addition to the terms and conditions provided herein, the Board may require
that a Participant make such reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable
in order to comply with any such laws, regulations, or requirements.

 

12.7           “MARKET
STAND-OFF” AGREEMENT. Each Award Agreement will contain a provision pursuant to which the Participant agrees that
in connection with any Qualifying Public Offering by the Company, during the period of duration (not to exceed 180 days or such
longer period, not to exceed eighteen (18) days after the expiration of the 180-day period, as the Company or such underwriters
shall request in order to facilitate compliance with NASD Rule 2711)) specified by the Company and an underwriter of Stock
of the Company following the effective date of a registration statement of the Company filed under the Securities Act with respect
to such offering, he or she will not, to the extent requested by the Company and such underwriter, directly or indirectly sell,
offer to sell, contract to sell (including, without limitation, any short sale), grant any option to purchase, pledge or otherwise
transfer or dispose of (other than to donees who agree to be similarly bound) any securities of the Company held by him or her
at any time during such period except Stock included in such registration, and if requested by such underwriter, agrees to execute
a lock-up agreement in such form as the underwriter may reasonably propose.

 

ARTICLE 13

CHANGES IN CAPITAL STRUCTURE

 

13.1            ADJUSTMENTS.
If there shall occur any merger, consolidation, liquidation, issuance of rights or warrants to purchase securities, recapitalization,
reclassification, stock dividend, spin-off, split-off, stock split, reverse stock split or other distribution with respect to the
shares of Stock, or any similar corporate transaction or event in respect of the Stock, then the Committee shall, in the manner
and to the extent that it deems appropriate and equitable to the Participants and consistent with the terms of this Plan, cause
a proportionate adjustment to be made in (i) the maximum numbers and kind of shares provided in Section 6.1 hereof, (ii) the
number and kind of shares of Stock, share units, or other rights subject to the then-outstanding Awards, (iii) the price for
each share or unit or other right subject to then outstanding Awards without change in the aggregate purchase price or value as
to which such Awards remain exercisable or subject to restrictions, and (iv) any other terms of an Award that are affected
by the event. Moreover, in the event of any such transaction or event, the Committee, in its discretion, may provide in substitution
for any or all outstanding Awards under the Plan such alternative consideration (including cash) as it, in good faith, may determine
to be equitable under the circumstances and may require in connection therewith the surrender of all Awards so replaced. Notwithstanding
the foregoing, any such adjustments shall be made in a manner consistent with the requirements of Section 409A of the Code
and, in the case of Incentive Stock Options, any such adjustments shall be made in a manner consistent with the requirements of
Section 424(a) of the Code.

 

    - 17 - 

     

    

 

13.2            NO
OTHER RIGHTS. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any merger, consolidation,
liquidation, issuance of rights or warrants to purchase securities, recapitalization, reclassification, stock dividend, spin-off,
split-off, stock split, reverse stock split or other distribution with respect to the shares of Stock, or any similar corporate
transaction or event in respect of the Stock. Except as expressly provided in the Plan, no issuance by the Company of shares of
stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number of shares of Stock subject to an Award or the exercise price of any Award.

 

ARTICLE 14

AMENDMENT, MODIFICATION AND TERMINATION

 

14.1                AMENDMENT,
MODIFICATION, AND TERMINATION. With the approval of the Board, at any time and from
time to time, the Committee may terminate, amend or modify the Plan; provided, however, that to the extent necessary to comply
with any applicable law, regulation, or stock exchange rule, the Company shall obtain stockholder approval of any Plan amendment
in such a manner and to such a degree as required. Stockholder approval also is required for any amendment to the Plan that (a) increases
the number of shares available under the Plan (other than any adjustment as provided by Article 13), (b) permits the
Committee to grant Options with an exercise price that is below Fair Market Value on the date of grant, (c) permits the Committee
to extend the exercise period for an Option beyond ten years from the date of grant, or (d) amends Section 7.1(g) to
permit the Committee to reprice previously granted Options. In addition, no such action shall be taken that would cause all or
part of the payment under any Award to be subject to the additional tax under Section 409A of the Code. Additional rules relating
to amendments to the Plan or any Award Agreement to assure compliance with Section 409A of the Code are set forth in Section 10.2.

 

14.2            AWARDS
PREVIOUSLY GRANTED. Except as otherwise provided in Section 10.2 or pursuant
to Section 11.1, no termination, amendment, or modification of the Plan shall adversely affect in any material way any Award
previously granted pursuant to the Plan without the prior written consent of the Participant.

 

ARTICLE 15

GENERAL PROVISIONS

 

15.1            RESTRICTED
SECURITIES. Prior to a Qualifying Public Offering, the Stock to be issued under this Plan, which is issued in reliance
on the exemption from registration set forth in Rule 701, shall be deemed to be “restricted securities” as defined
in Rule 144, promulgated by the Securities and Exchange Commission under the Securities Act as from time to time in effect
and applicable to the Plan and Participants. Resales of such Stock by the holder thereof shall be in compliance with the Securities
Act or an exemption therefrom. Such Stock may bear a legend if determined necessary by the Committee in substantially the following
form:

 

    - 18 - 

     

    

 

“THE SHARES OF STOCK REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. THE SHARES
MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, TRANSFERRED, OR OTHERWISE DISPOSED OF UNTIL THE HOLDER HEREOF PROVIDES EVIDENCE
SATISFACTORY TO PLAYSTUDIOS, Inc., (WHICH, IN THE DISCRETION OF PLAYSTUDIOS, Inc.,
MAY INCLUDE AN OPINION OF COUNSEL SATISFACTORY TO PLAYSTUDIOS, Inc.,)
THAT SUCH OFFER, SALE, PLEDGE, TRANSFER, OR OTHER DISPOSITION WILL NOT VIOLATE APPLICABLE FEDERAL OR STATE LAWS.”

 

15.2            RIGHT
OF FIRST REFUSAL. If any Participant (“Transferor”), regardless of whether such Participant is the original
holder of the Award contemplated in this Section 15.2; proposes to sell, transfer, assign, hypothecate, make gifts of or in
any manner dispose of, encumber, or alienate (each individually constituting a “Transfer”) to a transferee, any Stock,
obtained in connection with any Award held by such Transferor, either pursuant to a bona fide offer (“Offer”) from
a potential transferee (“Offeror”) or by effecting a gift of the Stock (“Gift”) to a donee (“Donee”)
without consideration, then the Transferor must comply with the provisions of this Section 15.2 including, without limitation,
acknowledging and allowing the applicable time periods to lapse with respect to the rights of the Company as provided herein, before
accepting any such Offer or otherwise affecting the Transfer of any Stock pursuant to such Offer, or affecting any such Gift.

 

(a)            Statement
of Offer. Before accepting any Offer or affecting any Gift, the Transferor shall obtain from the Offeror or Donee, as the case
may be, a statement (“Statement”) in writing addressed to the Transferor and signed by the Offeror or Donee, setting
forth: (A) the date of the Statement (the “Statement Date”); (B) the number of shares of Stock covered by
the Offer or Gift and, in the case of an Offer, the price per share to be paid by the Offeror and the terms of payment of such
price; (C) the Offeror’s or Donee’s willingness to be bound by the terms of this Section 15.2 and execute
and deliver to the Company such documentation as required under this Section 15.2; (D) the Offeror’s or Donee’s
name, address and telephone number; and (E) the Offeror’s or Donee’s willingness to supply any additional information
about himself or herself as may be reasonably requested by the Company. Promptly upon receipt of a Statement, and before accepting
the Offer or affecting the Gift to which the Statement relates, the Transferor shall deliver to the Company (1) a copy of
the Statement, and (2) in the case of an Offer, evidence reasonably satisfactory to the Company as to the Offeror’s
financial ability to consummate the proposed purchase.

 

    - 19 - 

     

    

 

(b)            Company
Rights. Subject to the provisions of Section 15.2(a), upon receipt of a copy of the Statement, the Company shall have
the exclusive right and option (the “Right”), but not the obligation, to purchase all of the shares of Stock that the
Offeror proposes to purchase from the Transferor or, in the case of a Gift, that the Transferor proposes to give to the Donee (collectively,
 “Subject Securities”) (A) in the case of an Offer, for the per share price and on the terms as set forth in the
Statement; provided, however, that if the purchase price is payable in whole or in part in property (which term shall
include the securities of any issuer other than the Company) other than cash, the Company may pay, in lieu of such property, a
sum of cash equal to the fair market value of such property as determined by the Transferor and the Company in good faith or, if
the Transferor and the Company do not agree on the fair market value of such property within five days after the Company delivers
written notice (as described below) of its intention to exercise the Right, then the Transferor and the Company shall select one
independent appraiser (with each of the Transferor and the Company jointly bearing one-half of the expense of the appraiser) to
determine the fair market value of that property and the appraised fair market value of that property as determined by such appraiser
shall be deemed the fair market value of that property for purposes of this Section 15.2(b) or (B) in the case of
a Gift, the Fair Market Value of the Subject Securities, as determined in good faith by the Company; provided that the Transferor
may elect to retain the Subject Securities rather than sell the Subject Securities at the Fair Market Value as determined by the
Company by giving written notice thereof to the Company within five days after such determination by the Company is received in
writing by the Transferor. The Company shall exercise the Right by giving written notice thereof to the Transferor. Upon exercising
the Right, the Company shall have the obligation, to the extent it lawfully may do so, to purchase the Subject Securities within
30 days after the date of the Company’s receipt of its copy of the Statement on and subject to the terms and conditions hereof.
If the terms of the purchase include the Transferor’s release of any pledge or encumbrance on the Subject Securities and
the Transferor shall have failed to obtain the release of the pledge or encumbrance by the purchase date, at the Company’s
option the purchase shall occur on the scheduled date with the purchase price reduced to the extent of all unpaid indebtedness
for which the Subject Securities are then pledged or encumbered. Failure by the Company to exercise the Right, or failure by the
Company to otherwise perform its obligations under this Section 15.2(b), within the 30 day period herein prescribed shall
be deemed an election by the Company not to exercise the Right. If the Company exercises the Right and is unable for any reason
to perform its obligations thereunder in accordance with this Section 15.2, the Company may assign all or a portion of its
rights under the Right to any one or more of the Company’s stockholders (other than the Transferor) (“Assignee Stockholder”),
as the Board shall determine, in its sole and absolute discretion.

 

(c)            Purchase
of Less Than All Shares. Anything in Section 15.2 to the contrary notwithstanding, the Company and any Assignee Stockholder
individually may, pursuant to the exercise of the Right, purchase fewer than all of the Subject Securities provided that such Persons
in the aggregate purchase all, and not less than all, of the Subject Securities, and it shall be a condition precedent to the obligation
of any of such Persons to purchase any Subject Securities, that all, and not less than all, of the Subject Securities have been
elected to be purchased pursuant to the exercise of the Right.

 

(d)            Failure
to Exercise Right or Consummate Transaction. If the Company elects not to exercise the Right, or if the Right is exercised
and the obligations to be performed thereunder by the Company are not performed in accordance with this Section 15.2, or if
the Company’s rights are assigned to an Assignee Stockholder and such Assignee Stockholder fails to perform his or her obligations
under the assigned Right in accordance with this Section 15.2, then, subject to the application of any applicable state or
federal securities laws, the Transferor may dispose of all of the Subject Securities within 90 days after the date of the Statement
at the per share price and on the terms, if any, as set forth in the Statement free and clear of the terms of this Section 15.2;
provided, however, that (A) any subsequent transfer by the Offeror or Donee, as applicable, shall once again
be subject to this Section 15.2 and (B) if the sale or gift of the Subject Securities is not consummated within such
90-day period, then the Transfer of any such Stock shall once again be subject to the terms of this Section 15.2.

 

    - 20 - 

     

    

 

(e)            Legend.
To assure the enforceability of the Company’s rights under this Section 15.2, until the date of a Qualifying Public
Offering, each certificate or instrument representing Stock or an Award held by him, her, or it may, in the Committee’s discretion,
bear a conspicuous legend in substantially the following form:

 

“THE SHARES [REPRESENTED
BY THIS CERTIFICATE] [ISSUABLE PURSUANT TO THIS AGREEMENT] ARE SUBJECT TO THE COMPANY’S RIGHT OF FIRST REFUSAL IN THE CASE
OF A TRANSFER AS PROVIDED UNDER THE COMPANY’S 2011 OMNIBUS STOCK AND INCENTIVE PLAN AN AWARD AGREEMENT ENTERED INTO PURSUANT
THERETO. COPIES OF SUCH PLAN AND AWARD AGREEMENT ARE AVAILABLE UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.”

 

(f)            Expiration.
The rights and obligations pursuant to this Section 15.2 hereof will terminate upon the date of a Qualifying Public Offering.

 

15.3            PURCHASE
OPTION. Except as otherwise expressly provided in any particular Award, (A) if a Participant ceases to be employed
by or perform services for the Company or its Subsidiaries for any reason at any time or (B) upon the occurrence of a Change
in Control, the Company (and/or its designee(s)) shall have the option (the “Purchase Option”) to purchase, and the
Participant (or the Participant’s executor or the administrator of the Participant’s estate in the event of the Participant’s
death, or the transferee of the Stock or Award in the case of any disposition, or the Participant’s legal representative
in the event of the Participant’s incapacity) (hereinafter, collectively with such Participant, the “Grantor”)
shall sell to the Company and/or its designee(s), all or any portion (at the Company’s option) of the shares of Stock issued
pursuant to this Plan and held by the Grantor (such shares of Stock herein referred to as the “Purchasable Shares”).

 

(a)            The
Company shall give notice in writing to the Grantor of the exercise of the Purchase Option within one year of the date of the termination
of the Participant’s employment or service relationship or the date of the Change in Control. Such notice shall state the
number of Purchasable Shares to be purchased and the determination of the Board of the Fair Market Value per share of such Purchasable
Shares, or the Change in Control Price, if applicable. If no notice is given within the time limit specified above, the Purchase
Option shall terminate.

 

    - 21 - 

     

    

 

(b)            The
purchase price to be paid for the Purchasable Shares purchased pursuant to the Purchase Option shall be, the Fair Market Value
per share, or the Change in Control Price if applicable, as of the date of the notice of exercise of the Purchase Option times
the number of shares being purchased. The purchase price shall be paid in cash. The closing of such purchase shall take place at
the Company’s principal executive offices within ten (10) days after the purchase price has been determined. At such
closing, the Grantor shall deliver to the purchasers the certificates or instruments evidencing the Purchasable Shares being purchased
free and clear of all liens and encumbrances (if any), duly endorsed (or accompanied by duly executed stock powers) and otherwise
in good form for delivery, against payment of the purchase price by check of the purchasers. In the event that, notwithstanding
the foregoing, the Grantor shall have failed to obtain the release of any pledge or other encumbrance on any Purchasable Shares
by the scheduled closing date, at the option of the purchasers, the closing shall nevertheless occur on such scheduled closing
date, with the cash purchase price being reduced to the extent of all unpaid indebtedness for which such Purchasable Shares are
then pledged or encumbered.

 

(c)            To
assure the enforceability of the Company’s rights under this Section 15.3, until the date of a Qualifying Public Offering,
each certificate or instrument representing Stock or an Award held by him, her, or it may, in the Committee’s discretion,
bear a conspicuous legend in substantially the following form:

 

“THE SHARES [REPRESENTED
BY THIS CERTIFICATE] [ISSUABLE PURSUANT TO THIS AGREEMENT] ARE SUBJECT TO AN OPTION TO REPURCHASE PROVIDED UNDER THE PROVISIONS
OF THE COMPANY’S 2011 OMNIBUS STOCK AND INCENTIVE PLAN AND/OR AN AWARD AGREEMENT ENTERED INTO PURSUANT THERETO. COPIES OF
SUCH PLAN AND AWARD AGREEMENT ARE AVAILABLE UPON WRITTEN REQUEST TO THE COMPANY AT ITS PRINCIPAL EXECUTIVE OFFICES.”

 

(d)            The
Company’s rights under this Section 15.3 shall terminate upon the date of a Qualifying Public Offering.

 

15.4            NO
RIGHT TO CONTINUED EMPLOYMENT, ETC. Nothing in the Plan or in any Award granted or any Award Agreement or other agreement
entered into pursuant hereto shall confer upon any Participant the right to continue in the employ of or to continue as an independent
contractor of the Company, any Subsidiary or any Affiliate or to be entitled to any remuneration or benefits not set forth in the
Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the Company or any such Subsidiary
or Affiliate to terminate such Participant's employment or independent contractor relationship.

 

15.5            WITHHOLDING.
The Company or any Subsidiary shall have the authority and the right to deduct or withhold, or require a Participant to remit to
the Company, an amount sufficient to satisfy Federal, state, and local taxes (including the Participant’s FICA obligation)
required by law to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. With
the Committee’s consent as expressed in an Award Agreement or in any policy adopted by the Committee, a Participant may elect
to (a) have the Company withhold from those shares of Stock that would otherwise be received upon the exercise of any Option,
a number of shares having a Fair Market Value equal to the minimum statutory amount necessary to satisfy the Company’s applicable
federal, state, local or foreign income and employment tax withholding obligations with respect to such Participant, or (b) tender
previously-owned shares of Stock held by the Participant for six months or longer to satisfy the Company’s applicable federal,
state, local, or foreign income and employment tax withholding obligations with respect to the Participant.

 

    - 22 - 

     

    

 

15.6            NO
RIGHTS TO AWARDS OR LOANS; NO STOCKHOLDER RIGHTS. No Participant shall have any claim to be granted any Award under the
Plan, and there is no obligation for uniformity of treatment of Participants. Except as provided specifically herein, a Participant
or a transferee of an Award shall have no rights as a stockholder with respect to any shares covered by the Award until the date
of the issuance of a stock certificate to him for such shares.

 

15.7            UNFUNDED
STATUS OF AWARDS. The Plan is intended to constitute an "unfunded" plan for incentive and deferred compensation.
With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall
give any such Participant any rights that are greater than those of a general creditor of the Company.

 

15.8           NO
FRACTIONAL SHARES. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee
shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether
such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

15.9            RELATIONSHIP
TO OTHER BENEFITS. No payment under the Plan will be taken into account in determining any benefits under any pension,
retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary.

 

15.10            EXPENSES.
The expenses of administering the Plan will be paid by the Company and its Subsidiaries.

 

15.11            GOVERNING
LAW. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State
of Delaware without giving effect to the conflict of laws principles thereof.

 

    - 23 -EXHIBIT 10.1 

 

Execution
Copy

 

 

 

CĪON Investment Corporation

 

$125,000,000

 

4.50%
Senior Unsecured Notes due February 11, 2026

 

 

 

Note Purchase Agreement

 

 

 

Dated
February 11, 2021

 

 

 

    

     

    

 

Table of Contents

 

	Section	Heading	Page
	Section 1.   Authorization of Notes; Interest Rate	1
	 	Section 1.1.   Authorization of Notes	1
	 	Section 1.2.   Changes in Interest Rate	1
	Section 2.   Sale and Purchase of Notes	2
	Section 3.   Closing	3
	Section 4.   Conditions to Closing	3
	 	Section 4.1.   Representations and Warranties	3
	 	Section 4.2.   Performance; No Default	3
	 	Section 4.3.   Compliance Certificates	3
	 	Section 4.4.   Opinions of Counsel	4
	 	Section 4.5.   Purchase Permitted By Applicable Law, Etc	4
	 	Section 4.6.   Sale of Other Notes	4
	 	Section 4.7.   Payment of Special Counsel Fees	4
	 	Section 4.8.   Private Placement Number	4
	 	Section 4.9.   Changes in Corporate Structure	4
	 	Section 4.10.   Funding Instructions	5
	 	Section 4.11.   Rating	5
	 	Section 4.12.   Consent of Holders of Other Indebtedness	5
	 	Section 4.13.   Note Listing	5
	 	Section 4.14.   Proceedings and Documents	5
	Section 5.   Representations and Warranties of the Company	6
	 	Section 5.1.   Organization; Power and Authority	6
	 	Section 5.2.   Authorization, Etc	6
	 	Section 5.3.   Disclosure	6
	 	Section 5.4.   Organization and Ownership of Shares of Subsidiaries; Affiliates	7
	 	Section 5.5.   Financial Statements; Material Liabilities	7
	 	Section 5.6.   Compliance with Laws, Other Instruments, Etc	8
	 	Section 5.7.   Governmental Authorizations, Etc	8
	 	Section 5.8.   Litigation; Observance of Agreements, Statutes and Orders	8
	 	Section 5.9.   Taxes	8
	 	Section 5.10.   Title to Property; Leases	9
	 	Section 5.11.   Licenses, Permits, Etc	9
	 	Section 5.12.   Compliance with Employee Benefit Plans	10
	 	Section 5.13.   Private Offering by the Company	10
	 	Section 5.14.   Use of Proceeds; Margin Regulations	10

 

     -i-

     

    

 

	 	Section 5.15.   Existing Indebtedness; Future Liens	10
	 	Section 5.16.   Foreign Assets Control Regulations, Etc.	11
	 	Section 5.17.   Status under Certain Statutes	12
	 	Section 5.18.   Environmental Matters	12
	 	Section 5.19.   Investment Company Act	12
	Section 6.   Representations of the Purchasers	13
	 	Section 6.1.   Purchase for Investment	13
	 	Section 6.2.   Source of Funds	13
	Section 7.   Information as to the Company	15
	 	Section 7.1.   Financial and Business Information	15
	 	Section 7.2.   Officer’s Certificate	17
	 	Section 7.3.   Visitation	18
	 	Section 7.4.    Electronic Delivery	18
	Section 8.   Payment and Prepayment of the Notes	19
	 	Section 8.1.   Maturity	19
	 	Section 8.2.   Optional Prepayments with Prepayment Settlement Amount	19
	 	Section 8.3.   Allocation of Partial Prepayments	19
	 	Section 8.4.   Maturity; Surrender, Etc.	20
	 	Section 8.5.   Purchase of Notes	20
	 	Section 8.6.   Prepayment Settlement Amount	21
	 	Section 8.7.   Payments Due on Non-Business Days	22
	 	Section 8.8.   Change in Control	23
	Section 9.   Affirmative Covenants.	24
	 	Section 9.1.   Compliance with Laws	24
	 	Section 9.2.   Insurance	24
	 	Section 9.3.   Maintenance of Properties	24
	 	Section 9.4.   Payment of Taxes and Claims	24
	 	Section 9.5.   Corporate Existence, Etc	25
	 	Section 9.6.   Books and Records	25
	 	Section 9.7.   Subsidiary Guarantors	25
	 	Section 9.8.   Status of RIC and BDC	26
	 	Section 9.9.   Investment Policies	27
	 	Section 9.10.   Rating Confirmation	27
	 	Section 9.11.   Priority of Obligations	27
	Section 10.   Negative Covenants.	27
	 	Section 10.1.   Transactions with Affiliates	27
	 	Section 10.2.   Merger, Consolidation, Etc	28
	 	Section 10.3.   Line of Business	29

 

     -ii-

     

    

 

	 	Section 10.4.   Economic Sanctions, Etc.	29
	 	Section 10.5.   Liens	29
	 	Section 10.6.   Financial Covenants.	30
	 	Section 10.7.   Most Favored Lender.	30
	Section 11.   Events of Default	31
	Section 12.   Remedies on Default, Etc	34
	 	Section 12.1.   Acceleration	34
	 	Section 12.2.   Other Remedies	35
	 	Section 12.3.   Rescission of Declaration	35
	 	Section 12.4.   No Waivers or Election of Remedies, Expenses, Etc	35
	Section 13.   Registration; Exchange; Substitution of Notes	36
	 	Section 13.1.   Registration of Notes	36
	 	Section 13.2.   Transfer and Exchange of Notes	36
	 	Section 13.3.   Replacement of Notes	37
	Section 14.   Payments on Notes	37
	 	Section 14.1.   Place of Payment	37
	 	Section 14.2.   Payment by Wire Transfer	37
	 	Section 14.3.   FATCA Information	38
	 	Section 15.   Expenses, Etc	38
	 	Section 15.1.   Transaction Expenses	38
	 	Section 15.2.   Certain Taxes	39
	 	Section 15.3.   Survival	39
	Section 16.   Survival of Representations and Warranties; Entire Agreement	39
	Section 17.   Amendment and Waiver	39
	 	Section 17.1.   Requirements	39
	 	Section 17.2.   Solicitation of Holders of Notes	40
	 	Section 17.3.   Binding Effect, Etc	41
	 	Section 17.4.   Notes Held by Company, Etc	41
	Section  18.   Notices	41
	Section  19.   Reproduction of Documents	42
	Section  20.   Confidential Information	42
	Section  21.   Substitution of Purchaser	43

 

     -iii-

     

    

 

	Section 22.   Miscellaneous	44
	 	Section 22.1.   Successors and Assigns	44
	 	Section 22.2.   Accounting Terms	44
	 	Section 22.3.   Severability	44
	 	Section 22.4.   Construction, Etc	44
	 	Section 22.5.   Counterparts; Electronic Contracting	45
	 	Section 22.6.   Governing Law	45
	 	Section 22.7.   Jurisdiction and Process; Waiver of Jury Trial	45
	Signature	45

 

     -iv-

     

    

 

	Schedule A	—	Defined Terms
	 	 	 
	Schedule 1	—	Form of 4.50% Senior Unsecured Note due February 11, 2026
	 	 	 
	Schedule 4.4(a)	—	Form of Opinion of Special Counsel for the Company
	 	 	 
	Schedule 4.4(b)	—	Form of Opinion of Special Counsel for the Company
	 	 	 
	Schedule 4.4(c)	—	Form of Opinion of Special Counsel for the Purchasers
	 	 	 
	Schedule 5.3	—	Disclosure Materials
	 	 	 
	Schedule 5.4	—	Subsidiaries of the Company and Ownership of Subsidiary Stock
	 	 	 
	Schedule 5.5	—	Financial Statements
	 	 	 
	Schedule 5.15	—	Existing Indebtedness
	 	 	 
	Purchaser Schedule 	—	Information Relating to Purchasers

 

     -v-

     

    

 

CĪON
Investment Corporation

3 Park Avenue, 36th Floor

New York, NY 10016

 

4.50%
Senior Unsecured Notes due February 11, 2026

 

February 11, 2021

 

To
Each of the Purchasers Listed in

the
Purchaser Schedule Hereto:

 

Ladies and Gentlemen:

 

CĪON
Investment Corporation, a Maryland corporation (the “Company”), agrees with each of the Purchasers as
follows:

 

Section 1.        Authorization
of Notes; Interest Rate.

 

             Section 1.1.    Authorization
of Notes. The Company will authorize the issue and sale of $125,000,000 aggregate principal amount of its 4.50%
Senior Unsecured Notes due February 11, 2026 (the “Notes”). The Notes shall be substantially in the form set
out in Schedule 1. Certain capitalized and other terms used in this Agreement are defined in Schedule A and, for purposes
of this Agreement, the rules of construction set forth in Section 22.4 shall govern.

 

             Section 1.2.    Changes in
Interest Rate. (a) If at any time a Below Investment Grade Event occurs, then:

 

                               (i)     as of the date of
the occurrence of the Below Investment Grade Event to and until the date on which such Below Investment Grade Event is no longer
continuing (as evidenced by the receipt and delivery to the holders of the Notes of any Rating necessary to cure such Below Investment
Grade Event), the Notes shall bear interest at the Adjusted Interest Rate; and

 

                               (ii)    the Company shall
promptly, and in any event within twenty (20) Business Days after a Below Investment Grade Event has occurred, notify the holders
of the Notes in writing, sent in the manner provided in Section 18, that a Below Investment Grade Event has occurred, which
written notice shall be accompanied by evidence satisfactory to the Required Holders to such effect and confirming the effective
date of the Below Investment Grade Event and that the Adjusted Interest Rate will be payable in respect of the Notes in consequence
thereof.

 

     

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

(b)    The fees and expenses of any
NRSRO and all other costs incurred in connection with obtaining, affirming or appealing a Rating pursuant to this Section 1.2
shall be borne solely by the Company.

 

(c)    As used herein, “Adjusted
Interest Rate” means the interest rate per annum which is 1.00% above the stated rate of the Notes.

 

(d)    As used herein, a “Below
Investment Grade Event” shall occur if

 

(i)     at any time the Company
has obtained a Rating of the Notes from only one NRSRO, the then most recent Rating from such NRSRO that is in full force and effect
(not having been withdrawn) is less than Investment Grade; or

 

(ii)    at any time the Company
has obtained a Rating of the Notes from two NRSROs, the then lower of the most recent Ratings from the NRSROs that are in full
force and effect (not having been withdrawn) is less than Investment Grade; or

 

(iii)   at any time the
Company has obtained a Rating of the Notes from three or more NRSROs, the then second lowest of the most recent Ratings from the
NRSROs that is in full force and effect (not having been withdrawn) is less than Investment Grade (provided, for the avoidance
of doubt, if two or more of the most recent Ratings are equal or equivalent as the lowest such Rating, then one of such equal or
equivalent Ratings will be deemed to be the second lowest Rating for purposes of such determination); or

 

(iv)   at any time the Company
shall have failed to receive and deliver to the holders of the Notes a Rating of the Notes from at least one NRSRO as required
pursuant to Section 9.10.

 

(e)    Following the occurrence and
during the continuance of an Event of Default, the Notes shall bear interest at the Default Rate.

 

Section 2.        Sale
and Purchase of Notes.

 

Subject to the terms
and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the Company,
at the Closing provided for in Section 3, Notes in the principal amount specified opposite such Purchaser’s name in
the Purchaser Schedule at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder
are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance
of any obligation by any other Purchaser hereunder.

 

    -2- 

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

Section 3.        Closing.

 

The
sale and purchase of the Notes to be purchased by each Purchaser shall occur at the offices of Chapman and Cutler LLP,
111 West Monroe Street, Chicago, Illinois 60603, at 8:00 A.M. Chicago time, at a closing (the “Closing”)
on February 11, 2021 or on such other Business Day thereafter on or prior to February 12, 2021 as may be agreed upon by the
Company and the Purchasers. At the Closing the Company will deliver to each Purchaser the Notes to be purchased by such
Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $75,000 as such
Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its
nominee), against delivery by such Purchaser to the Company or its order the amount of the purchase price therefor by wire
transfer of immediately available funds for the account of the Company to account number [ ] at [ ], ABA#[ ]. If at the
Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the
conditions specified in Section 4 shall not have been fulfilled, such Purchaser shall, at its election, be relieved of
all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such
failure by the Company to tender such Notes or any of the conditions specified in Section 4 not having been
fulfilled.

 

Section 4.        Conditions
to Closing.

 

Each Purchaser’s
obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such
Purchaser’s satisfaction, prior to or at the Closing, of the following conditions:

 

             Section 4.1.    Representations
and Warranties. The representations and warranties of the Company in Section 5 shall be correct when made and at the Closing.

 

             Section 4.2.    Performance;
No Default. The Company shall have performed and complied with all agreements and conditions contained in this Agreement required
to be performed or complied with by it prior to or at the Closing. Before and after giving effect to the issue and sale of the
Notes (and the application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall
have occurred and be continuing. Neither the Company nor any Subsidiary shall have entered into any transaction since the date
of the Presentation that would have been prohibited by Section 10 had such Section applied since such date.

 

             Section 4.3.    Compliance
Certificates.

 

(a)    Officer’s
Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing,
certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

 

(b)    Secretary’s
Certificate. The Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary,
dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings
relating to the authorization, execution and delivery of the Notes and this Agreement and (ii) the Company’s
organizational documents as then in effect.

 

    -3- 

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

             Section 4.4.    Opinions of
Counsel. Such Purchaser shall have received opinions, dated the date of the Closing (a) from White & Case LLP, counsel
for the Company, covering the matters set forth in Schedule 4.4(a) and covering such other matters incident to the transactions
contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver
such opinion to the Purchasers), (b) from Miles & Stockbridge, Maryland counsel for the Company, covering the matters set forth
in Schedule 4.4(b) and covering such other matters incident to the transactions contemplated hereby as such Purchaser or its counsel
may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (c) from
Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set
forth in Schedule 4.4(c) and covering such other matters incident to such transactions as such Purchaser may reasonably request.

 

             Section 4.5.    Purchase Permitted
By Applicable Law, Etc. On the date of the Closing such Purchaser’s purchase of Notes shall (a) be permitted by
the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8)
of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of
the particular investment, (b) not violate any applicable law or regulation (including Regulation T, U or X of the Board of
Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant
to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser,
such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably
request to enable such Purchaser to independently determine with such Purchaser’s advisors whether such purchase is so permitted.
The Company shall have no liability with respect to any such independent determination made by each Purchaser as long as the Company
and its officers have not made any untrue statement
of a material fact or omitted to state a material fact necessary in order to make the statements made, in the light of the
circumstances under which they were made, not misleading, in connection with each Purchaser’s determination.

 

             Section 4.6.    Sale of Other
Notes. Contemporaneously with the Closing the Company shall sell to each other Purchaser and each other Purchaser shall purchase
the Notes to be purchased by it at the Closing as specified in the Purchaser Schedule.

 

             Section 4.7.    Payment
of Special Counsel Fees. Without limiting Section 15.1, the Company shall have paid on or before the Closing the reasonable
fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected
in a statement of such counsel rendered to the Company at least one (1) Business Day prior to the Closing.

 

             Section 4.8.    Private Placement
Number. A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO)
shall have been obtained for the Notes.

 

             Section 4.9.    Changes
in Corporate Structure. The Company shall not have changed its jurisdiction of incorporation or organization, as applicable,
or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities of any other entity,
at any time following the date of the most recent financial statements referred to in Schedule 5.5.

 

    -4- 

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

             Section 4.10.  Funding
Instructions. At least five (5) Business Days prior to the date of the Closing, each Purchaser shall have received
written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section 3
including (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number and (c) the
account name and number into which the purchase price for the Notes is to be deposited.  Each Purchaser has the right,
but not the obligation, upon written notice (which may be by email) to the Company, to elect to deliver a micro deposit (less
than $50.00) to the account identified in the written instructions no later than two (2)  Business Days prior to Closing. 
If a Purchaser delivers a micro deposit, a Responsible Officer must verbally verify the receipt and amount of the micro deposit
to such Purchaser on a telephone call initiated by such Purchaser prior to Closing.  The Company shall not be obligated to
return the amount of the micro deposit, nor will the amount of the micro deposit be netted against the Purchaser’s purchase
price of the Notes.

 

             Section 4.11.  Rating.
The Notes shall be rated “BBB” or better by Egan Jones, which rating shall specifically describe the Notes, including
their interest rate, maturity and Private Placement Number.

 

             Section 4.12.  Consent of
Holders of Other Indebtedness. On or prior to the date of the Closing, any consents or approvals required to be obtained from
any holder or holders of any outstanding Indebtedness of the Company or its Subsidiaries and any amendments of agreements pursuant
to which any Indebtedness may have been issued which shall be necessary to permit the consummation of the transactions contemplated
hereby shall have been obtained (and shall be in full force and effect on the date of the Closing) and shall be satisfactory to
such Purchaser and its special counsel, which satisfaction shall not be unreasonably withheld.

 

             Section 4.13.  Note Listing.
The Notes as identified by their Private Placement Number or other CUSIP designation shall have been listed on the applicable display
on Bloomberg Financial Markets.

 

             Section 4.14.  Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated by this Agreement and
all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special counsel (acting
reasonably), and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other
copies of such documents as such Purchaser or such special counsel may reasonably request.

 

    -5- 

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

Section 5.        Representations
and Warranties of the Company.

 

The Company represents
and warrants to each Purchaser that:

 

             Section 5.1.    Organization;
Power and Authority. The Company is a corporation duly organized, validly existing and in good standing under the laws of its
jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in each jurisdiction in which
such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate
power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business
it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof
and thereof.

 

             Section 5.2.    Authorization,
Etc. This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of the Company, and
this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting the enforcement of creditors’
rights generally, (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law) and (iii) implied covenants of good faith and fair dealing.

 

             Section 5.3.    Disclosure.
 (a) The Company, through its agent, Goldman Sachs & Co. LLC, has delivered to each Purchaser a copy of an investor
presentation, dated January 2021 (the “Presentation”), relating to the transactions contemplated hereby. The
Presentation does not contain any untrue statement of a material fact. The Company’s most recent Form 10-K and any subsequent
Form 10-Qs fairly describe, in all material respects, the general nature of the business and principal properties of the Company
and its Subsidiaries. This Agreement, the Presentation, the Company’s most recent Form 10-K and any subsequent Form 10-Qs
and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company (other than financial
projections, pro forma financial information and other forward looking information referenced in Section 5.3(b)) prior to
January 29, 2021 in connection with the transactions contemplated hereby and identified
in Schedule 5.3 (this Agreement, the Presentation and such documents, certificates or other writings identified in Schedule 5.3
and such Form 10-K and Form 10-Qs (other than financial projections, pro forma financial information and other forward-looking
information referenced in Section 5.3(b)) being referred to, collectively, as the “Disclosure Documents”),
taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein not misleading in light of the circumstances under which they were made. Except as disclosed in the Disclosure
Documents, since December 31, 2019,  there has been no change in the financial condition,
operations, business, properties or prospects of the Company or any Subsidiary except changes that would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no fact known to the Company that could reasonably
be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.

 

(b)    All financial projections, pro
forma financial information and other forward-looking information which has been delivered to each Purchaser by or on behalf of
the Company in connection with the transactions contemplated by this Agreement and identified in Schedule 5.3 are based upon
good faith assumptions and, in the case of financial projections and pro forma financial information, good faith estimates, in
each case, believed to be reasonable at the time made, it being recognized that (i) such financial information as it relates to
future events is subject to significant uncertainty and contingencies (many of which are beyond the control of the Company) and
are therefore not to be viewed as fact, and (ii) actual results during the period or periods covered by such financial information
may materially differ from the results set forth therein.

 

    -6- 

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

             Section 5.4.    Organization
and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as noted therein) complete
and correct lists of (i) the Company’s Subsidiaries, showing, as to each Subsidiary, the name thereof, the jurisdiction
of its organization, the percentage of shares of each class of its capital stock or similar equity interests outstanding owned
by the Company and each other Subsidiary and whether such Subsidiary is a Subsidiary Guarantor, (ii) the Company’s Affiliates,
other than Subsidiaries, and (iii) the Company’s directors and senior officers.

 

(b)    All of the outstanding shares
of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its
Subsidiaries have been validly issued, are fully paid and non-assessable and are owned by the Company or another Subsidiary
free and clear of any Lien that is prohibited by this Agreement.

 

(c)    Each Subsidiary is a corporation
or other legal entity duly organized, validly existing and, where applicable, in good standing under the laws of its jurisdiction
of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing
in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to
be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports
to own or hold under lease and to transact the business it transacts and proposes to transact.

 

(d)    No
Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on
Schedule 5.4 and customary limitations imposed by corporate law or similar statutes) restricting the ability of such
Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Company or any of its
Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary.

 

             Section 5.5.    Financial Statements;
Material Liabilities. The Company has delivered to each Purchaser copies of the financial statements of the Company and its
Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the related schedules and notes)
fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective
dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective periods so
specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth
in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). The Company
and its Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents.

 

    -7- 

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

             Section 5.6.    Compliance
with Laws, Other Instruments, Etc. The execution, delivery and performance by the Company of this Agreement and the Notes
will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in
respect of any property of the Company or any Subsidiary under, (A) the corporate charter, by-laws or shareholders agreement of
the Company or any Subsidiary or (B) any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease or any
other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any
of their respective properties may be bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions
or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Company
or any Subsidiary or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority
applicable to the Company or any Subsidiary, except where any of the foregoing (other than clause (i)(A) above), individually
or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

 

             Section 5.7.    Governmental
Authorizations, Etc. Except for (i) Form 8-K filings required to be made by the Company with the SEC or (ii) filings that
may be required to be made by the Company with any state securities authority in order for the Company to comply with any applicable
 “blue-sky” laws of such states, no consent, approval or authorization of, or registration, filing or declaration with,
any Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Agreement
or the Notes.

 

             Section 5.8.    Litigation;
Observance of Agreements, Statutes and Orders. (a) There are no actions, suits, investigations or proceedings pending
or, to the best knowledge of the Company, threatened in writing against or affecting the Company or any Subsidiary or any property
of the Company or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority
that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)    Neither the Company nor any
Subsidiary is (i) in default under any agreement or instrument to which it is a party or by which it is bound, (ii) in
violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any Governmental Authority or (iii) in
violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including Environmental Laws, the
USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation
could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

             Section 5.9.    Taxes.
The Company and its Subsidiaries have filed all tax returns that are required to have been filed in any jurisdiction, and have
paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties,
assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become
delinquent, except for any taxes and assessments (i) the amount of which, individually or in the aggregate, is not Material
or (ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings
and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves in accordance with
GAAP. The Company knows of no basis for any other tax or assessment that could, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the Company and its Subsidiaries
in respect of U.S. federal, state or other taxes for all fiscal periods are adequate. The U.S. federal income tax liabilities
of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of limitations
having run) for all fiscal years up to and including the fiscal year ended December 31, 2015.

 

    -8- 

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

             Section 5.10.  Title to Property;
Leases. The Company and its Subsidiaries have good and sufficient title to their respective properties that individually or
in the aggregate are Material, including all such properties reflected in the most recent audited balance sheet referred to in
Section 5.5 or purported to have been acquired by the Company or any Subsidiary after such date (except as sold or otherwise
disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement. All leases
that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material respects.

 

             Section 5.11.  Licenses,
Permits, Etc. (a) The Company and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents,
copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate
are Material, without known conflict with the rights of others, except for any such conflicts that, individually or in the aggregate,
would not reasonably be expected to result in a Material Adverse Effect.

 

(b)    To the best knowledge of the
Company, no product or service of the Company or any of its Subsidiaries infringes in any material respect any license, permit,
franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by
any other Person, except for any such infringements that, individually or in the aggregate, would not reasonably be expected to
result in a Material Adverse Effect.

 

    -9- 

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

(c)    To the best knowledge of the
Company, there is no Material violation by any Person of any right of the Company or any of its Subsidiaries with respect to any
license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other
right owned or used by the Company or any of its Subsidiaries.

 

             Section 5.12.  Compliance
with Employee Benefit Plans. (a) Neither the Company nor any ERISA Affiliate maintains, contributes to or is obligated
to maintain or contribute to, or has, at any time within the past six years, maintained, contributed to or been obligated to maintain
or contribute to, any employee benefit plan which is subject to Title I or Title IV of ERISA or section 4975 of the Code (a “U.S.
Plan”).

 

(b)    The execution and delivery of
this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions
of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D)
of the Code. The representation by the Company to each Purchaser in the first sentence of this Section 5.12(b) is made in
reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the
funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser.

 

(c)    The Company and its Subsidiaries
do not have any Non-U.S. Plans.

 

             Section 5.13.  Private
Offering by the Company. Neither the Company nor anyone acting on its behalf has offered the Notes or any similar Securities
for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached or negotiated in
respect thereof with, any Person other than the Purchasers and not more than 33 other Institutional Investors and any non-U.S.
Persons (as defined in Regulation S under the Securities Act), each of which has been offered the Notes at a private sale for
investment. Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance
or sale of the Notes to the registration requirements of section 5 of the Securities Act or to the registration requirements
of any Securities or blue sky laws of any applicable jurisdiction.

 

             Section 5.14.  Use
of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Notes hereunder as set forth in the
Transaction Sources & Uses section of the Presentation. No part of the proceeds from the sale of the Notes hereunder will
be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U
of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any
Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to
involve any broker or dealer in a violation of Regulation T of said Board (12 CFR 220). Margin stock does not constitute part
of the consolidated assets of the Company and its Subsidiaries and the Company does not have any present intention that margin
stock will constitute part of such assets. As used in this Section, the terms “margin stock” and “purpose
of buying or carrying” shall have the meanings assigned to them in said Regulation U.

 

             Section 5.15.  Existing
Indebtedness; Future Liens. (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list
of all outstanding Indebtedness of the Company and its Subsidiaries as of February 11, 2021 (including descriptions of the obligors
and obligees, principal amounts outstanding, any collateral therefor and any Guaranty thereof), since which date there has been
no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the
Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect,
in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or condition exists
with respect to any Indebtedness of the Company or any Subsidiary that would permit (or that with notice or the lapse of time,
or both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or
before its regularly scheduled dates of payment.

 

(b)    Except as disclosed in Schedule 5.15,
neither the Company nor any Subsidiary has agreed or consented to cause or permit any of its property, whether now owned or hereafter
acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the happening of a contingency
or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness.

 

    -10- 

     

    

 

 

	CĪON Investment Corporation	Note Purchase Agreement

 

               (c)     Neither the Company nor any
Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness of the Company
or such Subsidiary, any agreement relating thereto or any other agreement (including its charter or any other organizational document)
which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Company, except as disclosed
in Schedule 5.15.

 

        Section
5.16.    Foreign Assets Control Regulations, Etc. (a) Neither the Company nor any Controlled Entity (i) is a
Blocked Person or Canada Blocked Person, (ii) has been notified that its name appears or may in the future appear on a
State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the European
Union.

 

               (b)     Neither the Company nor any
Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable U.S. Economic
Sanctions Laws, any Canadian Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to
the Company’s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic
Sanctions Laws, any Canadian Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws.

 

               (c)     No part of the proceeds from
the sale of the Notes hereunder:

 

(i)       constitutes
or will constitute funds obtained on behalf of any Blocked Person or Canada Blocked Person or will otherwise be used by the
Company or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions
or dealings with, any Blocked Person or Canada Blocked Person, (B) for any purpose that would cause any Purchaser to be
in violation of any U.S. Economic Sanctions Laws or any Canadian Economic Sanctions Laws or (C) otherwise in violation
of any U.S. Economic Sanctions Laws or any Canadian Economic Sanctions Laws;

 

(ii)       will
be used, directly or indirectly, in violation of, or will be used for any purpose that will cause any Purchaser to be in violation
of, any applicable Anti-Money Laundering Laws; or

 

(iii)      will
be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official
or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would
be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.

 

               (d)     The
Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable
law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic
Sanctions Laws, Canadian Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.

 

    - 11 -

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

       Section 5.17.     Status under Certain Statutes. Neither the Company nor any Subsidiary
is subject to regulation under the Public Utility Holding Company Act of 2005, the ICC Termination Act of 1995, or the
Federal Power Act.

 

       Section 5.18.     Environmental
Matters. (a) Neither the Company nor any Subsidiary has knowledge of any claim or has received any written notice of any
claim and no proceeding has been instituted asserting any claim against the Company or any of its Subsidiaries or any of their
respective real properties or other assets now or formerly owned, leased or operated by any of them, alleging any damage to the
environment or violation of any Environmental Laws, except, in each case, such as would not reasonably be expected to result in
a Material Adverse Effect.

 

                (b)     Neither the Company nor any
Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation of Environmental Laws
or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased
or operated by any of them or to other assets or their use, except, in each case, such as would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect.

 

                (c)     Neither the Company nor any
Subsidiary has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them in a
manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect.

 

                (d)     Neither the Company nor any
Subsidiary has disposed of any Hazardous Materials in a manner which is contrary to any Environmental Law that could, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

                (e)    All buildings on all real properties
now owned, leased or operated by the Company or any Subsidiary are in compliance with applicable Environmental Laws, except where
failure to comply would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

       Section 5.19.     Investment
Company Act.

 

                (a)     Status
as Business Development Company. The Company has elected to be regulated as a “business development company” within
the meaning of the Investment Company Act and qualifies as a RIC.

 

                (b)    Compliance
with Investment Company Act. The business and other activities of the Company and its Subsidiaries, including the issuance
of the Notes hereunder, the application of the proceeds and repayment thereof by the Company and the consummation of the transactions
contemplated by this Agreement do not result in a violation or breach in any material respect of the provisions of the Investment
Company Act or any rules, regulations or orders issued by the SEC thereunder, in each case that are applicable to the Company
and its Subsidiaries.

 

                (c)     Investment Policies.
The Company is in compliance with the Investment Policies, except to the extent that the failure to comply would not reasonably
be expected to have a Material Adverse Effect.

 

    - 12 -

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

Section 6.      Representations
of the Purchasers.

 

        Section 6.1.       Purchase for
Investment. Each Purchaser severally represents that it is (a) purchasing the Notes for its own account or for one or more
separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to
the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at all times be
within such Purchaser’s or their control and (b) an Institutional Accredited Investor. Each Purchaser understands that the
Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the
Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor
such an exemption is required by law, and that the Company is not required to register the Notes

.

        Section 6.2.       Source of Funds.
Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source
of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by
such Purchaser hereunder:

 

          (a)      the Source is an “insurance
company general account” (as the term is defined in the United States Department of Labor’s Prohibited Transaction
Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement
for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s)
held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account
contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined
in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities
of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed
with such Purchaser’s state of domicile; or

 

          (b)      the Source is a separate
account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under which the amounts
payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to
any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance
of the separate account; or

 

          (c)      the Source is either
(i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment
fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to
this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially
owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or

 

    - 13 -

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

          (d)      the Source constitutes
assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”))
managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM
Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the
assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning
of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent
more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied,
neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause
the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity
of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the
assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning
of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets
of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d);or

 

          (e)      the Source constitutes
assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”))
managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption),
the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled
by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest
in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute
the Source have been disclosed to the Company in writing pursuant to this clause (e); or

 

          (f)       the Source is a governmental
plan; or

 

          (g)      the Source is one
or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which
has been identified to the Company in writing pursuant to this clause (g); or

 

          (h)      the Source does not
include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA.

 

    - 14 -

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

As used in this Section 6.2, the terms
“employee benefit plan,” “governmental plan,” and “separate account” shall have
the respective meanings assigned to such terms in section 3 of ERISA.

 

Section 7.       Information
as to the Company

 

       Section 7.1.        Financial and
Business Information. The Company shall deliver to each holder of a Note that is an Institutional Investor:

 

          (a)      Quarterly Statements
 — within 60 days (or if shorter 15 days greater than the period applicable to the filing of the Company’s Quarterly
Report on Form 10-Q (the “Form 10-Q”) with the SEC regardless of whether the Company is subject
to the filing requirements thereof) after the end of each quarterly fiscal period in each fiscal year of the Company (other than
the last quarterly fiscal period of each such fiscal year), duplicate copies of,

 

    (i)      a consolidated unaudited
balance sheet of the Company and its Subsidiaries as at the end of such quarter, and

 

    (ii)     consolidated
statements of operations, changes in net assets and cash flows, and schedules of investments of the Company and its
Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending
with such quarter, setting forth in each case in comparative form the figures for the corresponding periods in the previous
fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements
generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position
of the companies being reported on and their results of operations and cash flows, subject to changes resulting from
year-end adjustments;

 

setting forth in each case in comparative
form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with
GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting,
in all material respects, the financial position of the companies being reported on and their results of operations and cash flows,
subject to changes resulting from year-end adjustments;

 

          (b)      Annual Statements
 — within 105 days (or if shorter 15 days greater than the period applicable to the filing of the Company’s Annual Report
on Form 10-K (the “Form 10-K”) with the SEC regardless of whether the Company is subject to
the filing requirements thereof) after the end of each fiscal year of the Company, duplicate copies of

 

    (i)     a consolidated balance
sheet of the Company and its Subsidiaries as at the end of such year, and

 

    (ii)    consolidated
statements of operations, changes in net assets and cash flows, and schedules of investments of the Company and its
Subsidiaries for such year,

 

setting forth in each case in comparative form the figures for the previous fiscal year, all in
reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon (without a “going
concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit
on which such opinion is based) of independent public accountants of recognized national standing, which opinion shall state
that such financial statements present fairly, in all material respects, the financial position of the companies being
reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the
examination of such accountants in connection with such financial statements has been made in accordance with generally
accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances;

 

    - 15 -

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

          (c)      [Reserved];

 

          (d)      Notice of Default
or Event of Default — promptly, and in any event within five (5) days after a Responsible Officer becoming aware of the
existence of any Default or Event of Default that is continuing or that any Person has given any notice or taken any action with
respect to a claimed Default hereunder or that any Person has given any notice or taken any action with respect to a claimed default
of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what
action the Company is taking or proposes to take with respect thereto;

 

          (e)      Employee Benefits
Matters — promptly, and in any event within 5 days after a Responsible Officer becoming aware of any of the following,
a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take
with respect thereto:

 

     (i)      with respect to any
Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which notice thereof
has not been waived pursuant to such regulations as in effect on the date hereof;

 

     (ii)     the taking by the PBGC
of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of
a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan;

 

     (iii)    any event, transaction
or condition that could result in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I
or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of
any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA
or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then
existing, could reasonably be expected to have a Material Adverse Effect; or

 

     (iv)    receipt of notice of
the imposition of a Material financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether
by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans;

 

    - 16 -

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

          (f)       Notices from Governmental
Authority — promptly, and in any event within 30 days of receipt thereof, copies of any notice to the Company or any
Subsidiary from any Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably
be expected to have a Material Adverse Effect;

 

          (g)      Resignation or
Replacement of Auditors — within 10 days following the date on which the Company’s auditors resign or the Company
elects to change auditors, as the case may be, notification thereof, together with such further information as the Required Holders
may reasonably request; and

 

          (h)      Requested Information
 — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition,
assets or properties of the Company or any of its Subsidiaries (including actual copies of the Company’s Form 10-Q
and Form 10-K) or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from
time to time may be reasonably requested by any such holder of a Note, provided that so long as no Default or Event of Default
has occurred and is continuing, no holder of a Note may use this clause (h) to require the Company to prepare or deliver monthly
financial statements or any other periodic financial statements other than those described in Sections 7.1(a) and (b).

 

        Section 7.2.       Officer’s
Certificate. Each set of financial statements delivered to a holder of a Note pursuant to Section 7.1(a) or Section 7.1(b)
shall be accompanied by a certificate of a Senior Financial Officer:

 

          (a)     Covenant Compliance
 — setting forth the information from such financial statements that is required in order to establish whether the Company
was in compliance with the requirements of Section 10 during the quarterly or annual period covered by the financial statements
then being furnished (including with respect to each such provision that involves mathematical calculations, the information from
such financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount,
ratio or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio
or percentage then in existence. In the event that the Company or any Subsidiary has made an election to measure any financial
liability using fair value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant
to Section 22.2) as to the period covered by any such financial statement, such Senior Financial Officer’s certificate
as to such period shall include a reconciliation from GAAP with respect to such election;

 

          (b)      Event
of Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused
to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from
the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate
and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default
or an Event of Default or, if any such condition or event existed or exists (including any such event or condition resulting from
the failure of the Company or any Subsidiary to comply with any Environmental Law), specifying the nature and period of existence
thereof and what action the Company shall have taken or proposes to take with respect thereto; and

 

          (c)      Subsidiary Guarantors
 – setting forth a list of all Subsidiaries that are Subsidiary Guarantors, if any, and certifying that each Subsidiary that
is required to be a Subsidiary Guarantor pursuant to Section 9.7 is a Subsidiary Guarantor, in each case, as of the date of
such certificate of Senior Financial Officer.

 

    - 17 -

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

 

        Section 7.3.       Visitation.
The Company shall permit the representatives of each holder of a Note that is an Institutional Investor

:

          (a)      No
Default — if no Default or Event of Default then exists, at the expense of such holder and upon reasonable prior
notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts
of the Company and its Subsidiaries with the Company’s officers, and (with the consent of the Company, which consent
will not be unreasonably withheld) its independent public accountants (it being understood and agreed that only one such
request for a discussion with the Company’s independent public accountants shall be made per fiscal year by all holders
of Notes and that representatives of the Company shall be permitted to be present in any such meeting), and (with the consent
of the Company, which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and
each Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing, provided that
only one such visit or one such discussion shall be made per fiscal year by each holder of Notes; and

 

          (b)      Default —
if a Default or Event of Default then exists, at the expense of the Company to visit and inspect any of the offices or properties
of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make
copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and
independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances
and accounts of the Company and its Subsidiaries), all at such reasonable times and as often as may be reasonably requested in
writing.

 

        Section 7.4.       Electronic Delivery.
Financial statements, opinions of independent certified public accountants, other information and Officer’s Certificates
that are required to be delivered by the Company pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed
to have been delivered if the Company satisfies any of the following requirements with respect thereto:

 

                         (a)      such financial statements
satisfying the requirements of Section 7.1(a) or (b) and related Officer’s Certificate satisfying the requirements
of Section 7.2 and any other information required under Section 7.1(c) are delivered to each holder of a Note by e-mail
at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated from time to time in a separate
writing delivered to the Company;

 

    - 18 -

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

 

          (b)      the Company shall
have timely filed such Form 10–Q or Form 10–K, satisfying the requirements of Section 7.1(a) or Section 7.1(b),
as the case may be, with the SEC on EDGAR, with the related Officer’s Certificate delivered to each holder of a Note by e-mail
at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated from time to time in a separate
writing delivered to the Company; or

 

          (c)      such financial statements
satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer’s Certificate(s) satisfying
the requirements of Section 7.2 and any other information required under Section 7.1(c) are timely posted by or on behalf
of the Company on IntraLinks or on any other similar secured website to which each holder of Notes has free access;

 

provided however, that in no case
shall access to such financial statements, other information and Officer’s Certificates be conditioned upon any waiver or
other agreement or consent (other than confidentiality provisions consistent with Section 20 of this Agreement); provided
further, that in the case of any of clauses (b) or (c), the Company shall have given each holder of a Note prior written
notice, which may be by e-mail or in accordance with Section 18, of such posting or filing in connection with each delivery,
provided further, that upon request of any holder to receive paper copies of such forms, financial statements, other information
and Officer’s Certificates or to receive them by e-mail, the Company will promptly e-mail them or deliver such paper
copies, as the case may be, to such holder, at the mailing address set forth in such holder’s Purchaser Schedule or as communicated
from time to time in a separate writing delivered to the Company. 

 

Section 8.          Payment
and Prepayment of the Notes.

 

        Section 8.1.       Maturity .
As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date thereof.

 

        Section 8.2.      Optional Prepayments
with Prepayment Settlement Amount. The Company may, at its option, upon notice as provided below, prepay at any time all,
or from time to time any part of, the Notes, in an amount not less than 10% of the aggregate principal amount of the Notes then
outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Prepayment Settlement Amount
determined for the prepayment date with respect to such principal amount. The Company will give each holder of Notes written notice
of each optional prepayment under this Section 8.2 not less than 10 days and not more than 60 days prior to the date fixed
for such prepayment unless the Company and the Required Holders agree to another time period pursuant to Section 17. Each such
notice shall specify such date (which shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such
date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.3), and any
accrued and unpaid interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be
accompanied by a certificate of a Senior Financial Officer as to the estimated Prepayment Settlement Amount due in connection
with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of
such computation. Any such notice of prepayment delivered in connection with a refinancing, the proceeds of which are to be used
to make such repayment, may be made, if expressly so stated in such notice to be, contingent upon the consummation of such refinancing
and may be revoked by the Company in the event that such refinancing shall not have occurred on or before the date fixed for repayment
in such notice or on such earlier date upon which such refinancing transaction shall have terminated. Two (2) Business Days prior
to such prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the
calculation of such Prepayment Settlement Amount as of the specified prepayment date.

 

        Section 8.3.       Allocation of
Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to Section 8.2, the principal amount
of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly as practicable,
to the respective unpaid principal amounts thereof not theretofore called for prepayment. All partial prepayments pursuant to
Section 8.8 shall be applied only to the Notes of the holders who have accepted the offer of prepayment and shall be allocated
among all such Notes in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof and not theretofore
called for prepayment.

 

    - 19 -

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

        Section 8.4.       Maturity; Surrender,
Etc. In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note
to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with any unpaid interest
on such principal amount accrued to such date and the applicable Prepayment Settlement Amount, if any. From and after such date,
unless the Company shall fail to prepay such principal amount when so due and payable, together with any interest and Prepayment
Settlement Amount, if any, as aforesaid, interest on such prepaid principal amount shall cease to accrue. Any Note paid or prepaid
in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any
prepaid principal amount of any Note.

 

        Section 8.5.       Purchase of
Notes. The Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or
indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with this Agreement
and the Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of the Notes
at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with sufficient information
to enable it to make an informed decision with respect to such offer, and shall remain open for at least 10 Business Days. If the
holders of more than 25% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly notify
the remaining holders of Notes of such fact and the expiration date for the acceptance by holders of Notes of such offer shall
be extended by the number of days necessary to give each such remaining holder at least 10 Business Days from its receipt of such
notice to accept such offer. The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment,
prepayment or purchase of Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such
Notes.

 

    - 20 -

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

Section 8.6.      Make-Whole Amount; Prepayment Settlement Amount.

 

   (a)      “Prepayment Settlement
Amount” means an amount determined as follows:

 

	Prepaid or accelerated during the period	 	Prepayment Settlement Amount
	On or before February 11, 2024	 	Make-Whole Amount
	After February 11, 2024

but on or before

February 11, 2025	 	an amount equal to 2.0% of the principal amount of the Notes or portion thereof to be prepaid or accelerated

 

	After February 11, 2025

but on or before

August 11, 2025	 	an amount equal to 1.0% of the principal amount of the Notes or portion thereof to be prepaid or accelerated

 

After August 11, 2025, the Prepayment Settlement
Amount with respect to the Notes shall be zero; and

 

   (b)      The term “Make-Whole
Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining
Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided
that the Make-Whole Amount may in no event be less than zero. For the purposes of determining the Make-Whole Amount, the
following terms have the following meanings:

 

“Called
Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2
or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

 

“Discounted
Value” means, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled
Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to
such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis
as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal.

 

“Reinvestment
Yield” means, with respect to the Called Principal of any Note, the sum of (a) 0.50% plus (b) the yield to
maturity implied by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding
the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1” (or such other display
as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury
securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of
such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average
Life, then such implied yield to maturity will be determined by (i) converting U.S. Treasury bill quotations to bond equivalent
yields in accordance with accepted financial practice and (ii) interpolating linearly between the “Ask Yields”
Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities
(1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life.
The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.

 

    -21-

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

If such
yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation),
then “Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of
(x) 0.50% plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the
latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with
respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for
the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such
Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such
implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity
so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant
maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be
rounded to the number of decimal places as appears in the interest rate of the applicable Note.

 

“Remaining
Average Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such Called
Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled
Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year comprised
of twelve 30-day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to
such Called Principal and the scheduled due date of such Remaining Scheduled Payment.

 

“Remaining
Scheduled Payments” means, with respect to the Called Principal of any Note, all payments of such Called Principal and
interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called
Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest
payments are due to be made under the Notes, then the amount of the next succeeding scheduled interest payment will be reduced
by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2
or Section 12.1.

 

“Settlement
Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid
pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the
context requires.

 

Section 8.7.
      Payments Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary
notwithstanding, (x) except as set forth in clause (y), any payment of interest on any Note that is due on a date
that is not a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in
the computation of the interest payable on such next succeeding Business Day; and (y) any payment of principal of or
Prepayment Settlement Amount on any Note (including principal due on the Maturity Date of such Note) that is due on a date
that is not a Business Day shall be made on the next succeeding Business Day and shall include the additional days elapsed in
the computation of interest payable on such next succeeding Business Day.

 

    -22-

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

Section 8.8.      Change in Control.

 

   (a)      Notice of Change in
Control.  The Company will, within fifteen (15) Business Days after any Responsible Officer has knowledge of the
occurrence of any Change in Control, give written notice of such Change in Control to each holder of Notes, provided
that the Company may, at its option, give such written notice of such Change of Control prior to the occurrence of such
Change of Control. Such notice shall contain and constitute an offer to prepay Notes as described in subparagraph (b) of this
Section 8.8 and shall be accompanied by the certificate described in subparagraph (e) of this Section 8.8.

 

   (b)     Offer to Prepay Notes.
The offer to prepay Notes contemplated by subparagraph (a) of this Section 8.8 shall be an offer to prepay, in accordance
with and subject to this Section 8.8, all, but not less than all, the Notes held by each holder (in this case only, “holder”
in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on
a date specified in such offer (the “Proposed Prepayment Date”). Such date shall be not less than 10 days
and not more than 60 days after the date of such offer (if the Proposed Prepayment Date shall not be specified in such offer,
the Proposed Prepayment Date shall be the first Business Day after the 45th day after the date of such offer).

 

   (c)     Acceptance/Rejection.
A holder of Notes may accept the offer to prepay made pursuant to this Section 8.8 by causing a notice of such acceptance
to be delivered to the Company not later than 10 days after receipt by such holder of the most recent offer of prepayment.
A failure by a holder of Notes to respond within such time to an offer to prepay made pursuant to this Section 8.8 shall
be deemed to constitute rejection of such offer by such holder.

 

   (d)     Prepayment.
Prepayment of the Notes to be prepaid pursuant to this Section 8.8 shall be at 100% of the principal amount of such Notes,
together with unpaid interest on such Notes accrued to, but excluding, the date of prepayment, but without Prepayment Settlement
Amount or other penalty or premium.

 

   (e)     Officer’s
Certificate.  Each offer to prepay the Notes pursuant to this Section 8.8 shall be accompanied by a certificate, executed
by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (i) the Proposed Prepayment Date;
(ii) that such offer is made pursuant to this Section 8.8; (iii) the principal amount of each Note offered to be
prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to, but excluding, the Proposed
Prepayment Date; (v) that the conditions of this Section 8.8 have been fulfilled; and (vi) in reasonable detail,
the nature and date or proposed date of the Change in Control.

 

   (f)      Definitions.

 

“Change
in Control” means the occurrence of any of the following events: (a) the acquisition after the date of the
Closing of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the
Exchange Act and the rules of the Securities and Exchange Commission thereunder as in effect on the date of the Closing) of
shares representing more than 50.0% of the aggregate ordinary voting power represented by the issued and outstanding capital
stock (or similar ownership interests) of the Investment Advisor or the Company, or (b) the occupation of a majority of the
seats (other than vacant seats) on the board of directors of the Company by Persons who were not nominated by the requisite
members of the board of directors of the Company.

 

    -23-

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

Section 9.      Affirmative Covenants.

 

The Company covenants
that so long as any of the Notes are outstanding:

 

Section 9.1.
      Compliance with Laws. Without limiting Section 10.4, the Company will, and will cause each of its Subsidiaries to,
comply with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA,
Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16) and
will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations
necessary to the ownership of their respective properties or to the conduct of their respective businesses, in each case to
the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or
failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental
authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.2.
     Insurance. The Company will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable
insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of
such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate
reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in
the same or a similar business and similarly situated.

 

Section 9.3.
     Maintenance of Properties. The Company will, and will cause each of its Subsidiaries to, maintain and keep, or cause to
be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and
tear), so that the business carried on in connection therewith may be properly conducted at all times, provided that
this Section 9.3 shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of
any of its properties if such discontinuance is desirable in the conduct of its business and the Company has concluded that
such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

 

Section 9.4.
      Payment of Taxes and Claims. The Company will, and will cause each of its Subsidiaries to, file all tax returns required
to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other
taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or franchises,
to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have
become due and payable that have or might become a Lien on properties or assets of the Company or any Subsidiary, provided
that neither the Company nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (i) the amount,
applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in
appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP
on the books of the Company or such Subsidiary or (ii) the nonpayment of all such taxes, assessments, charges, levies
and claims would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

    -24-

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

Section 9.5.
      Corporate Existence, Etc. Subject to Section 10.2, the Company will at all times preserve and keep its legal
existence in full force and effect. Subject to Section 10.2, the Company will at all times preserve and keep in full force
and effect the legal existence of each of its Subsidiaries (unless merged into the Company or a Wholly-Owned Subsidiary) and
all rights and franchises of the Company and its Subsidiaries unless, in the good faith judgment of the Company, the
termination of or failure to preserve and keep in full force and effect such legal existence, right or franchise would not,
individually or in the aggregate, have a Material Adverse Effect.

 

Section 9.6.
     Books and Records. The Company will, and will cause each of its Subsidiaries to, maintain proper books of record and
account in conformity with GAAP and in conformity in all material respects with all applicable requirements of any
Governmental Authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may be. The
Company will, and will cause each of its Subsidiaries to, keep books, records and accounts which, in reasonable detail,
accurately reflect in all material respects all transactions and dispositions of assets. The Company and its Subsidiaries
have devised a system of internal accounting controls sufficient to provide reasonable assurances that their respective
books, records, and accounts accurately reflect all transactions and dispositions of assets and the Company will, and will
cause each of its Subsidiaries to, continue to maintain such system.

 

Section 9.7.
      Subsidiary Guarantors. (a) The Company will cause each of its Subsidiaries that guarantees or otherwise becomes
liable at any time, whether as a borrower or an additional or co-borrower or otherwise, for or in respect of any
Indebtedness under any Material Credit Facility for which the Company is a borrower or guarantor to concurrently
therewith:

 

(i)
        enter into an agreement in form and substance satisfactory to the Required Holders providing for the guaranty by such
Subsidiary, on a joint and several basis with all other such Subsidiaries, of (x) the prompt payment in full when due of
all amounts payable by the Company pursuant to the Notes (whether for principal, interest, Prepayment Settlement Amount or
otherwise) and this Agreement, including all indemnities, fees and expenses payable by the Company thereunder and
(y) the prompt, full and faithful performance, observance and discharge by the Company of each and every covenant,
agreement, undertaking and provision required pursuant to the Notes or this Agreement to be performed, observed or discharged
by it (a “Subsidiary Guaranty”); and

 

    -25-

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

(ii)
       deliver the following to each holder of a Note:

 

(A)      an
executed counterpart of such Subsidiary Guaranty;

 

(B)       a
certificate signed by an authorized responsible officer of such Subsidiary containing representations and warranties on
behalf of such Subsidiary to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6 and 5.7
of this Agreement (but with respect to such Subsidiary and such Subsidiary Guaranty rather than the Company);

 

(C)      all
documents as may be reasonably requested by the Required Holders to evidence the due organization, continuing existence and,
where applicable, good standing of such Subsidiary and the due authorization by all requisite action on the part of such
Subsidiary of the execution and delivery of such Subsidiary Guaranty and the performance by such Subsidiary of its
obligations thereunder; and

 

(D)      an
opinion of counsel reasonably satisfactory to the Required Holders covering such matters relating to such Subsidiary and such
Subsidiary Guaranty as the Required Holders may reasonably request.

 

   (b)      At
the election of the Company and by written notice to each holder of Notes, any Subsidiary Guarantor that has provided a Subsidiary
Guaranty under subparagraph (a) of this Section 9.7 may be discharged from all of its obligations and liabilities under
its Subsidiary Guaranty and shall be automatically released from its obligations thereunder without the need for the execution
or delivery of any other document by the holders, provided that (i) if such Subsidiary Guarantor is a guarantor or
is otherwise liable for or in respect of any Material Credit Facility, then such Subsidiary Guarantor has been released and discharged
(or will be released and discharged concurrently with the release of such Subsidiary Guarantor under its Subsidiary Guaranty) under
such Material Credit Facility, (ii) at the time of, and after giving effect to, such release and discharge, no Default or
Event of Default shall be existing, (iii) no amount is then due and payable under such Subsidiary Guaranty, (iv) if in
connection with such Subsidiary Guarantor being released and discharged under any Material Credit Facility, any fee or other form
of consideration is given to any holder of Indebtedness under such Material Credit Facility for such release, the holders of the
Notes shall receive equivalent consideration substantially concurrently therewith and (v) each holder shall have received
a certificate of a Responsible Officer certifying as to the matters set forth in clauses (i) through (iv).

 

Section 9.8.
      Status of RIC and BDC. The Company shall at all times maintain its status as a RIC and as a “business development
company” under the Investment Company Act.

 

    -26-

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

Section 9.9.
      Investment Policies. The Company shall at all times be in compliance with its Investment Policies, except to the
extent that the failure to so comply would not reasonably be expected to result in a Material Adverse Effect.

 

Section 9.10.
    Rating Confirmation. The Company covenants and agrees that, at its sole cost and expense, it shall cause to be maintained
at all times a Rating from at least one NRSRO that indicates that it will monitor the rating on an ongoing basis. No later
than (i) January 31 of each year (commencing in 2022) and (ii) promptly after any change in the Rating, the Company
further covenants and agrees it shall provide a notice with evidence of such Rating (or any change thereto) to each of the
holders of the Notes sent in the manner provided in Section 18 with respect to any then current Ratings, which shall
include a Rating from at least one NRSRO, and which notice shall include a copy of such Rating.

 

Section 9.11.    Priority of
Obligations. The Company will ensure that its payment obligations under this Agreement and the Notes, and the payment obligations
of any Subsidiary Guarantor under its Subsidiary Guaranty, will at all times rank at least pari passu, without preference
or priority, with all other unsecured and unsubordinated Indebtedness of the Company and such Subsidiary Guarantor, as applicable.

 

Section 10.
      Negative Covenants.

 

The Company covenants
that so long as any of the Notes are outstanding:

 

Section 10.1.
   Transactions with Affiliates. The Company will not, and will not permit any Subsidiary to, enter into directly or
indirectly any transaction or group of related transactions (including the purchase, lease, sale or exchange of properties of
any kind or the rendering of any service) with any Affiliate (other than the Company or another Subsidiary), except
(i) in the ordinary course and pursuant to the reasonable requirements of the Company’s or such Subsidiary’s
business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtainable in a
comparable arm’s-length transaction with a Person not an Affiliate, or (ii)  a transaction that has been
(A) approved by a majority of the independent directors of the Board of Directors of the Company and (B) consented
to by the Required Holders (such consent not to be unreasonably withheld or delayed), or (iii) any co-investment
with Affiliates of the Company that is permitted under any established SEC guidance, no-action letter or order or exemptive
relief order.

 

    -27-

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

Section 10.2.
    Merger, Consolidation, Etc. The Company will not, and will not
permit any Subsidiary Guarantor to, consolidate with or merge with any other Person or convey, transfer or lease all
or substantially all of its assets in a single transaction or series of transactions to any Person unless:

 

(a)       in
the case of any such transaction involving the Company,

 

(i)      the
successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or
lease all or substantially all of the assets of the Company as an entirety, as the case may be, shall be a solvent
corporation or limited liability company organized and existing under the laws of the United States or any state thereof
(including the District of Columbia), and,

 

(ii)     if
the Company is not such corporation or limited liability company, (A) such corporation or limited liability company
shall have executed and delivered to each holder of any Notes its assumption of the due and punctual performance and
observance of each covenant and condition of this Agreement and the Notes and (B) such corporation or limited liability
company shall have caused to be delivered to each holder of any Notes an opinion of nationally recognized independent
counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or
instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof;

 

(b)
       in the case of any such transaction involving a Subsidiary Guarantor,

 

(i)      the
successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer or
lease all or substantially all of the assets of such Subsidiary Guarantor as an entirety, as the case may be, shall be
(1) the Company, such Subsidiary Guarantor or another Subsidiary Guarantor; or (2) a solvent corporation or limited
liability company (other than the Company or another Subsidiary Guarantor) that is organized and existing under the laws of
the United States or any state thereof (including the District of Columbia) and,

 

(ii)     if
such Subsidiary Guarantor is not such corporation or limited liability company, (A) such corporation or limited
liability company shall have executed and delivered to each holder of Notes its assumption of the due and punctual
performance and observance of each covenant and condition of the Subsidiary Guaranty of such Subsidiary Guarantor and
(B) the Company shall have caused to be delivered to each holder of Notes an opinion of nationally recognized
independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all
agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms
hereof;

 

(c)
       each Subsidiary Guarantor under any Subsidiary Guaranty that is outstanding at the time such transaction or each transaction
in such a series of transactions occurs reaffirms its obligations under such Subsidiary Guaranty in writing at such time
pursuant to documentation that is reasonably acceptable to the Required Holders; and

 

    -28-

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

(d)
       immediately before and immediately after giving effect to such transaction or each transaction in any such series of
transactions, no Default or Event of Default shall have occurred and be continuing.

 

No
such conveyance, transfer or lease of substantially all of the assets of the Company or any Subsidiary Guarantor shall have the
effect of releasing the Company or such Subsidiary Guarantor, as the case may be, or any successor corporation or limited liability
company that shall theretofore have become such in the manner prescribed in this Section 10.2, from its liability under (x) this
Agreement or the Notes (in the case of the Company) or (y) the Subsidiary Guaranty (in the case of any Subsidiary Guarantor),
unless, in the case of the conveyance, transfer or lease of substantially all of the assets of a Subsidiary Guarantor, such Subsidiary
Guarantor is released from its Subsidiary Guaranty in accordance with Section 9.7(b) in connection with or immediately following
such conveyance, transfer or lease.

 

Section 10.3.
    Line of Business. The Company will not and will not permit any Subsidiary to engage in any business if, as a result, the
general nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged would be
substantially changed from the general nature of the business in which the Company and its Subsidiaries, taken as a whole,
are engaged on the date of this Agreement as described in the Company’s most recent Form 10-K and Form 10-Q.

 

Section 10.4.
    Economic Sanctions, Etc. The Company will not, and will not permit any Controlled Entity to (a) become (including by
virtue of being owned or controlled by a Blocked Person or Canada Blocked Person), own or control a Blocked Person or Canada
Blocked Person or (b) directly or indirectly have any investment in or engage in any dealing or transaction (including
any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing or
transaction (i) would cause any holder or any affiliate of such holder to be in violation of, or subject to sanctions
under, any U.S. Economic Sanctions Laws or any Canadian Economic Sanctions Laws, or (ii) is prohibited by or subject to
sanctions under any U.S. Economic Sanctions Laws or any Canadian Economic Sanctions Laws.

 

Section 10.5.
    Liens. The Company will not, and will not permit any Subsidiary Guarantor to directly or indirectly create, incur, assume
or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any property or asset
(including, without limitation, any document or instrument in respect of goods or accounts receivable) of the Company or any
Subsidiary Guarantor, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or
otherwise convey any right to receive income or profits, except (a) Liens on Equity Interests in any SBIC Subsidiary created
in favor of the SBA or its designee, (b) leases, licenses, subleases or sublicenses granted to others in the ordinary course
of business which do not (i) interfere in any material respect with the business of the Company and its Subsidiaries or (ii)
secure any Indebtedness. For the avoidance of doubt, this Section 10.5 shall not restrict the ability of the Company to
transfer assets to wholly-owned, special purpose financing subsidiaries for purposes of such subsidiaries complying with
their respective obligations under existing or future senior secured financings.

 

    -29-

     

    

 

	CĪON Investment Corporation	Note Purchase Agreement

 

Section 10.6.
    Financial Covenants.

 

   (a)      Debt to Equity Ratio.
The Company will not permit

 

(i)
      prior to the occurrence of both (x) any Exemptive Relief and (y) a Public Listing, the Debt to Equity Ratio as of the last
calendar day of any fiscal quarter of the Company to be greater than 1.00 to 1.00; and

 

(ii)     after the occurrence of both (x) any Exemptive Relief and (y) a Public Listing, and for so long as such Exemptive Relief and
Public Listing shall remain in effect, the Relieved Debt to Equity Ratio as of the last calendar day of any fiscal quarter of
the Company to be greater than 2.00 to 1.00.

 

   (b)      Interest
Coverage Ratio. The Company will not permit the Interest Coverage Ratio as of the last calendar day of any fiscal quarter
of the Company to be less than 1.25 to 1.00.

 

   (c)      Unencumbered Asset
Coverage Ratio. The Company will not permit the Unencumbered Asset Coverage Ratio as of the last calendar day of any
fiscal quarter of the Company to be less than 1.25:1.00; provided that, for purposes of determining the Unencumbered
Asset Coverage Ratio, the total value of assets constituting Unencumbered Assets included in the Unencumbered Asset Coverage
Ratio for purposes of determining compliance with this Section 10.6(c) (x) which are First Lien Loans or Cash shall be more
than 65% of the total value of such Unencumbered Assets so included and, as applicable, Unencumbered Assets shall be excluded
from such calculation until First Lien Loans and Cash exceed 65% of such Unencumbered Assets so included and (y) which are
Equity Interests or Structured Products shall, in the aggregate, be less than 15% of the total value of such Unencumbered
Assets so included and any Equity Interests or Structured Products in excess of 15% shall be excluded for purposes of such
calculation.

 

   (d)      Minimum
Shareholders’ Equity. The Company will not permit
Shareholders’ Equity at the last calendar day of any fiscal quarter of the Company to be less than 60% of the Net Asset
Value as of the fiscal year ended December 31, 2020 plus 50% of the net proceeds of the sale of Equity Interests by
the Company and its Subsidiaries after the Closing (excluding (i) proceeds of sales of Equity Interests among the Company and
its Subsidiaries and (ii) issuances on account of any convertible debt).

 

Section
10.7.    Most Favored Lender.

 

   (a)      If
at any time a credit facility, loan agreement or other like financial instrument under which the Company or any Subsidiary
may incur Unsecured Debt in excess of $25,000,000 (an “Unsecured Credit Facility”), contains an
MFL Financial Covenant that is more favorable to the lenders under such Unsecured Credit Facility than the financial
covenants (including related definitions and defaults), contained in Section 10.6 (any such provision (including any
necessary definition), a “More Favorable Covenant”), then the Company shall provide a Most Favored Lender
Notice in respect of such More Favorable Covenant. Such More Favorable Covenant shall be deemed automatically incorporated by
reference into Section 10 of this Agreement, mutatis mutandis, as if set forth in full herein, effective as of the
date when such More Favorable Covenant shall have become effective under such Unsecured Credit Facility, unless waived in
writing by the Required Holders within 15 days after each holder’s receipt of such notice of such More Favorable
Covenant.

 

    -30-

     

    

 

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

(b)        Any
More Favorable Covenant incorporated into this Agreement (herein referred to as an “Incorporated Covenant”)
pursuant to this Section 10.7 (i) shall be deemed automatically amended herein to reflect any subsequent amendments made to such
More Favorable Covenant under the applicable Unsecured Credit Facility; provided that, if a Default or an Event of Default
then exists and the amendment of such More Favorable Covenant would make such covenant less restrictive on the Company, such Incorporated
Covenant shall only be deemed automatically amended at such time, if it should occur, when such Default or Event of Default no
longer exists and (ii) shall be deemed automatically deleted from this Agreement at such time as such More Favorable Covenant
is deleted or otherwise removed from the applicable Unsecured Credit Facility or is no longer in effect under or pursuant to the
applicable Unsecured Credit Facility or the applicable Unsecured Credit Facility ceases to be an Unsecured Credit Facility or
shall be terminated and any covenant in place prior to inclusion of such More Favorable Covenant shall be automatically reincorporated
into this Agreement; provided that, if a Default or an Event of Default then exists, such Incorporated Covenant shall only
be deemed automatically deleted from this Agreement at such time, if it should occur, when such Default or Event of Default no
longer exists; provided further, however, that if any fee or other consideration shall be given to the lenders under such
Unsecured Credit Facility for such amendment or deletion, the equivalent of such fee or other consideration shall be given, pro
rata, to the holders of the Notes.

 

(c)        “Most
Favored Lender Notice” means, in respect of any More Favorable Covenant, a written notice to each of the holders of the
Notes delivered promptly, and in any event within twenty (20) Business Days after the inclusion of such More Favorable Covenant
in any Unsecured Credit Facility (including by way of amendment or other modification of any existing provision thereof) from a
Responsible Officer referring to the provisions of this Section 10.7 and setting forth a reasonably detailed description of such
More Favorable Covenant (including any defined terms used therein) and related explanatory calculations, as applicable.

 

(d)        Additionally,
notwithstanding the foregoing, no covenant, definition or default expressly set forth in this Agreement as of the date of
this Agreement (or incorporated into this Agreement by an amendment or modification to this Agreement other than pursuant to this
Section 10.7) shall be deemed to be amended or deleted in any respect by virtue of the provisions of this Section 10.7.

 

Section 11.     Events
of Default.

 

An “Event
of Default” shall exist if any of the following conditions or events shall occur and be continuing:

 

(a)       the Company defaults
in the payment of any principal or Prepayment Settlement Amount, if any, on any Note after the same becomes due and payable, whether
at maturity or at a date fixed for prepayment or by declaration or otherwise; or

 

    -31-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

(b)       the Company defaults
in the payment of any interest on any Note for more than five (5) Business Days after the same becomes due and payable; or

 

(c)       the Company defaults
in the performance of or compliance with any term contained in Section 7.1(d), Section 10.6, or any Incorporated Covenant
and, if capable of being remedied, the Company has not remedied such default within ten (10) Business Days after the occurrence
thereof; or

 

(d)       the Company or any
Subsidiary Guarantor defaults in the performance of or compliance with any term contained herein (other than those referred
to in Sections 11(a), (b) and (c)) or in any Subsidiary Guaranty and such default is not remedied within 30 days after the
earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written
notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default”
and to refer specifically to this Section 11(d)); or

 

(e)       (i) any representation
or warranty made in writing by or on behalf of the Company or by any officer of the Company in this Agreement or any writing furnished
in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date
as of which made, or (ii) any representation or warranty made in writing by or on behalf of any Subsidiary Guarantor or by
any officer of such Subsidiary Guarantor in any Subsidiary Guaranty or any writing furnished in connection with such Subsidiary
Guaranty proves to have been false or incorrect in any material respect on the date as of which made; or

 

(f)       (i) the
Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or
premium or prepayment settlement amount or interest on any Indebtedness that is outstanding in an aggregate principal amount
of at least $25,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace provided with
respect thereto, or (ii) the Company or any Subsidiary is in default in the performance of or compliance with any term
of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least $25,000,000 (or its equivalent
in the relevant currency of payment) or of any mortgage, indenture or other agreement relating thereto or any other condition
exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more
Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or before its regularly
scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other
than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests),
(x) the Company or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or
before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $25,000,000 (or its
equivalent in the relevant currency of payment), or (y) one or more Persons have the right to require the Company or any
Subsidiary so to purchase or repay such Indebtedness; or

 

    -32-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

(g)       the Company or any
Subsidiary (i) is generally not paying, or admits in writing its inability generally to pay, its debts as they become due,
(ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement
or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium
or other similar law of any jurisdiction, (iii) makes a general assignment for the benefit of its creditors, (iv) consents
to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to
any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action
for the purpose of any of the foregoing; or

 

(h)       a court or other Governmental
Authority of competent jurisdiction enters an order appointing, without consent by the Company or any of its Subsidiaries, a custodian,
receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property,
or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or
for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up
or liquidation of the Company or any of its Subsidiaries, or any such petition shall be filed against the Company or any of its
Subsidiaries and in all cases such order or petition shall not be dismissed within 60 days; or

 

(i)        any event occurs with
respect to the Company or any Subsidiary which under the laws of any applicable jurisdiction is analogous to any of the events
described in Section 11(g) or Section 11(h), provided that the applicable grace period, if any, which shall apply
shall be the one applicable to the relevant proceeding which most closely corresponds to the proceeding described in Section 11(g)
or Section 11(h); or

 

(j)        one or more final
judgments or orders for the payment of money aggregating in excess of $25,000,000 (or its equivalent in the relevant currency of
payment), including any such final order enforcing a binding arbitration decision, are rendered against one or more of the Company
and its Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal,
or are not discharged within 60 days after the expiration of such stay; or

 

(k)       if (i) any Plan
shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of
such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a
notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC
shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or
the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become a subject of any such proceedings,
(iii) there is any “amount of unfunded benefit liabilities” (within the meaning of section 4001(a)(18)
of ERISA) under one or more Plans, determined in accordance with Title IV of ERISA, (iv) the aggregate present
value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate current value of the assets of
such Non-U.S. Plans allocable to such liabilities, (v) the Company or any ERISA Affiliate shall have incurred or is
reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of
the Code relating to employee benefit plans, (vi) the Company or any ERISA Affiliate withdraws from any Multiemployer
Plan, (vii) the Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides
post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary
thereunder, (viii) the Company or any Subsidiary fails to administer or maintain a Non-U.S. Plan in compliance with
the requirements of any and all applicable laws, statutes, rules, regulations or court orders or any Non-U.S. Plan is
involuntarily terminated or wound up, or (ix) the Company or any Subsidiary becomes subject to the imposition of a
financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity or
otherwise) with respect to one or more Non-U.S. Plans; and any such event or events described in
clauses (i) through (ix) above, either individually or together with any other such event or events, could
reasonably be expected to have a Material Adverse Effect. As used in this Section 11(k), the terms “employee
benefit plan” and “employee welfare benefit plan” shall have the respective meanings assigned to
such terms in section 3 of ERISA; or

 

    -33-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

(l)        any Subsidiary Guaranty
shall cease to be in full force and effect, any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary Guarantor
shall contest in any manner the validity, binding nature or enforceability of any Subsidiary Guaranty, or the obligations of any
Subsidiary Guarantor under any Subsidiary Guaranty are not or cease to be legal, valid, binding and enforceable in accordance with
the terms of such Subsidiary Guaranty; or

 

(m)      the Company shall
cease to be managed by the Investment Advisor or the Investment Management Agreement shall terminate.

 

Section 12.       Remedies
on Default, Etc.

 

Section 12.1.       Acceleration.
(a) If an Event of Default with respect to the Company described in Section 11(g), (h) or (i) (other than an Event
of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue
of the fact that such clause encompasses clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall
automatically become immediately due and payable.

 

(b)       If any other Event of Default
has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or notices to the Company,
declare all the Notes then outstanding to be immediately due and payable.

 

(c)       If any Event of Default described
in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by
such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held
by it or them to be immediately due and payable.

 

    -34-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

Upon any Notes becoming
due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the
entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued
thereon at the Default Rate) and (y) the Prepayment Settlement Amount determined in respect of such principal amount, shall
all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which
are hereby waived. The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain
its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision
for payment of a Prepayment Settlement Amount by the Company in the event that the Notes are prepaid or are accelerated as a result
of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.

 

Section 12.2.       Other Remedies.
If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been
declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect
and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific
performance of any agreement contained herein or in any Note or Subsidiary Guaranty, or for an injunction against a violation
of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.

 

Section 12.3.       Rescission
of Declaration . At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the
Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the
Company has paid all overdue interest on the Notes, all principal of and Prepayment Settlement Amount, if any, on any Notes that
are due and payable and are unpaid other than by reason of such declaration, and all accrued and unpaid interest on such overdue
principal and Prepayment Settlement Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect
of the Notes, at the Default Rate during the continuation of the Event of Default, (b) neither the Company nor any other Person
shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults,
other than non-payment of amounts that have become due solely by reason of such declaration, have been cured or have been waived
pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto
or to the Notes. No rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default
or Default or impair any right consequent thereon.

 

Section 12.4.       No Waivers
or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of any Note in
exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s rights,
powers or remedies. No right, power or remedy conferred by this Agreement, any Subsidiary Guaranty or any Note upon any
holder thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter
available at law, in equity, by statute or otherwise. Without limiting the obligations of the Company under Section 15,
the Company will pay to the holder of each Note on demand such further amount as shall be sufficient to cover all costs and
expenses of such holder incurred in any enforcement or collection under this Section 12, including reasonable
attorneys’ fees, expenses and disbursements.

 

    -35-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

Section 13.       Registration;
Exchange; Substitution of Notes.

 

Section 13.1.       Registration
of Notes. The Company shall keep at its principal executive office a register for the registration and registration of transfers
of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee
of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee, then (a) the name
and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof
and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment,
waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose name any
Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall
not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional
Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.

 

Section 13.2.       Transfer and
Exchange of Notes. Upon surrender of any Note to the Company at the address and to the attention of the designated
officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a surrender
for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such
Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other
information for notices of each transferee of such Note or part thereof), within 10 Business Days thereafter, the Company
shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes (as requested by
the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the
surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in
the form of Schedule 1. Each such new Note shall be dated and bear interest from the date to which interest shall have
been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The
Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such
transfer of Notes. Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to
enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less
than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be
deemed to have made the representations set forth in Section 6.2. If the transfer of the Note is not being made pursuant
to either an effective registration statement under the Securities Act or an opinion of counsel, reasonably satisfactory in
form and substance to the Company, that the Note may be sold and transferred without registration under the Securities Act,
the transferring holder of the Note will, if reasonably requested by the Company, deliver to the Company a writing, signed by
the transferee, that (i) makes the representations set forth in Section 6; and (ii) includes a confirmation by such
transferee that it is bound by the provisions of this Agreement and the Note.

 

    -36-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

Section 13.3.       Replacement
of Notes. Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii))
of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which
evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such
loss, theft, destruction or mutilation), and

 

(a)       in the case of loss,
theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee
for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional
Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or

 

(b)       in the case of
mutilation, upon surrender and cancellation thereof,

 

within 10 Business Days thereafter, the Company at its own expense shall
execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to which interest shall have been
paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if
no interest shall have been paid thereon.

 

Section 14.       Payments
on Notes.

 

Section 14.1.       Place
of Payment. Subject to Section 14.2, payments of principal, Prepayment Settlement Amount, if any, and interest becoming
due and payable on the Notes shall be made in New York, New York at the principal office of Goldman Sachs Bank USA in such jurisdiction.
The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place
of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust
company in such jurisdiction.

 

Section 14.2.       Payment by
Wire Transfer. So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything
contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for
principal, Prepayment Settlement Amount, if any, interest and all other amounts becoming due hereunder by the method and at
the address specified for such purpose below such Purchaser’s name in the Purchaser Schedule, or by such other method
or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose,
without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of
the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser
shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal
executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1. Prior to
any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either
endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender
such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2. The Company will afford the
benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note
purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers
have made in this Section 14.2.

 

    -37-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

Section 14.3.       FATCA Information.
By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and
deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a) any forms,
documents, or certifications as may be reasonably required for the Company to satisfy any information reporting or withholding
tax obligations with respect to any payments under this Agreement, (b) in the case of any such holder that is a United States
Person, such holder’s United States tax identification number or other Forms reasonably requested by the Company necessary
to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Company
to comply with its obligations under FATCA and (c) in the case of any such holder that is not a United States Person, such
documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional
documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder
has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any
such payment made to such holder. Nothing in this Section 14.3 shall require any holder to provide information that is confidential
or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company
shall treat any such information it receives as confidential.

 

Section 15.       Expenses,
Etc.

 

Section 15.1.       Transaction
Expenses. Whether or not the transactions contemplated hereby are consummated, the Company will pay all reasonable
and documented costs and expenses (including reasonable and documented attorneys’ fees of a special counsel and, if
reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a
Note in connection with such transactions and in connection with any amendments, waivers or consents under or in respect of
this Agreement, any Subsidiary Guaranty or the Notes (whether or not such amendment, waiver or consent becomes effective),
including: (a) the reasonable costs and expenses incurred in enforcing or defending (or determining whether or how to
enforce or defend) any rights under this Agreement, any Subsidiary Guaranty or the Notes or in responding to any subpoena or
other legal process or informal investigative demand issued in connection with this Agreement, any Subsidiary Guaranty or the
Notes, or by reason of being a holder of any Note, (b) the reasonable costs and expenses, including financial
advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in
connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes and any Subsidiary
Guaranty and (c) the costs and expenses incurred in connection with the initial filing of this Agreement and all related
documents and financial information with the SVO provided, that such costs and expenses under this clause (c)
shall not exceed $5,000. If required by the NAIC, the Company shall
obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI).

 

The Company will pay,
and will save each Purchaser and each other holder of a Note harmless from, (i) all claims in respect of any fees, costs or
expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with
its purchase of the Notes), (ii) any and all wire transfer fees that any bank or other financial institution deducts from
any payment under such Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note
and (iii) any judgment, liability, claim, order, decree, fine, penalty,
cost, fee, expense (including reasonable attorneys’ fees and expenses) or obligation resulting from the consummation of the
transactions contemplated hereby, including the use of the proceeds of the Notes by the Company, unless caused by the gross negligence,
fraud or willful misconduct of a Purchaser or other holder of a Note.

 

    -38-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

Section 15.2.       Certain Taxes.
The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and
delivery or the enforcement of this Agreement or any Subsidiary Guaranty or the execution and delivery (but not the transfer) or
the enforcement of any of the Notes in the United States or any other jurisdiction where the Company or any Subsidiary Guarantor
has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Subsidiary Guaranty or
of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company
pursuant to this Section 15, and will save each holder of a Note to the extent permitted by applicable law harmless against
any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder.

 

Section 15.3.       Survival.
The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment
or waiver of any provision of this Agreement, any Subsidiary Guaranty or the Notes, and the termination of this Agreement.

 

Section 16.       Survival
of Representations and Warranties; Entire Agreement.

 

All
representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the
purchase or transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may
be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such
Purchaser or any other holder of a Note. All statements contained in any certificate or other instrument delivered by or on
behalf of the Company or a Purchaser pursuant to this Agreement shall be deemed representations and warranties of the Company
or such Purchaser, as applicable, under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and any
Subsidiary Guaranties embody the entire agreement and understanding between each Purchaser and the Company and supersede all
prior agreements and understandings relating to the subject matter hereof.

 

Section 17.       Amendment
and Waiver.

 

Section 17.1.       Requirements.
This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively
or prospectively), only with the written consent of the Company and the Required Holders, except that:

 

    -39-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

(a)       no amendment or waiver
of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser
unless consented to by such Purchaser in writing;

 

(b)       no amendment or waiver
may, without the written consent of each Purchaser and the holder of each Note at the time outstanding, (i) subject to Section 12
relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate
or change the time of payment or method of computation of (x) interest on the Notes or (y) the Prepayment Settlement
Amount, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any
amendment or waiver, or (iii) amend any of Sections 8 (except as set forth in the second sentence of Section 8.2),
11(a), 11(b), 12, 17 or 20.

 

Section 17.2.       Solicitation
of Holders of Notes.

 

(a)       Solicitation.
 The Company will provide each holder of a Note with sufficient information, sufficiently far in advance of the date a decision
is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver
or consent in respect of any of the provisions hereof or of the Notes or any Subsidiary Guaranty. The Company will deliver executed
or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 17 or any Subsidiary Guaranty
to each holder of a Note promptly following the date on which it is executed and delivered by, or receives the consent or approval
of, the requisite holders of Notes.

 

(b)       Payment. 
The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional
interest, fee or otherwise, or grant any security or provide other credit support, to any holder of a Note as consideration for
or as an inducement to the entering into by such holder of any waiver or amendment of any of the terms and provisions hereof or
of any Subsidiary Guaranty or any Note unless such remuneration is concurrently paid, or security is concurrently granted or other
credit support concurrently provided, on the same terms, ratably to each holder of a Note even if such holder did not consent
to such waiver or amendment.

 

(c)       Consent in Contemplation
of Transfer. Any consent given pursuant to this Section 17 or any Subsidiary Guaranty by a holder of a Note that has transferred
or has agreed to transfer its Note to (i) the Company, (ii) any Subsidiary or any other Affiliate or (iii) any other
Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with the Company
and/or any of its Affiliates, in each case in connection with such consent, shall be void and of no force or effect except solely
as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would
not be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the
same or similar conditions) shall be void and of no force or effect except solely as to such holder.

 

    -40-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

   Section 17.3.   Binding Effect,
Etc. Any amendment or waiver consented to as provided in this Section 17 or any Subsidiary Guaranty applies equally
to all holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to
whether such Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend to or affect any
obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon.
No course of dealing between the Company and any holder of a Note and no delay in exercising any rights hereunder or under any
Note or Subsidiary Guaranty shall operate as a waiver of any rights of any holder of such Note.

 

   Section 17.4.   Notes Held by
Company, Etc.  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate
principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement,
any Subsidiary Guaranty or the Notes, or have directed the taking of any action provided herein or in any Subsidiary Guaranty
or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount of Notes
then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding.

 

Section 18.    Notices.

 

Except to the extent
otherwise provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent (a) by
telecopy if the sender on the same day sends a confirming copy of such notice by an internationally recognized overnight delivery
service (charges prepaid), or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by
an internationally recognized overnight delivery service (charges prepaid) or (d) by e-mail; provided that upon request
of any holder to receive paper copies of such notices or communications, the Company will promptly deliver such paper copies to
such holder). Any such notice must be sent:

 

   (i)     if to any Purchaser
or its nominee, to such Purchaser or nominee at the address specified for such communications in the Purchaser Schedule, or at
such other address as such Purchaser or nominee shall have specified to the Company in writing,

 

   (ii)    if to any other holder
of any Note, to such holder at such address as such other holder shall have specified to the Company in writing, or

 

   (iii)   if to the Company,
to the Company at its address set forth at the beginning hereof to the attention of Keith S. Franz, Chief Financial Officer (kfranz@cioninvestments.com),
or at such other address as the Company shall have specified to the holder of each Note in writing.

 

Notices under this Section 18 will
be deemed given only when actually received.

 

    -41-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

Section 19.    Reproduction
of Documents.

 

This Agreement and
all documents relating thereto, including (a) consents, waivers and modifications that may hereafter be executed, (b) documents
received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other
information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic,
electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced. The Company agrees
and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original
itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction
was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction
shall likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any other holder of Notes from
contesting any such reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate
the inaccuracy of any such reproduction.

 

Section 20.    Confidential
Information.

 

For the purposes
of this Section 20, “Confidential Information” means information delivered to any Purchaser by or on
behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this
Agreement that is proprietary in nature, provided that such term does not include information that (a) was publicly
known or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known
through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise
becomes known to such Purchaser from a third-party not actually known to be in breach of an obligation of confidentiality to
the Company, or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are
otherwise publicly available. Each Purchaser will keep any and all Confidential Information in accordance with procedures
adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser and
not disclose it to another or make any use of it that is not permitted by this Agreement, provided that such Purchaser may
deliver or disclose Confidential Information to (i) its directors, officers, employees (legal and contractual), agents,
attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment
represented by its Notes), (ii) its auditors, financial advisors, other professional advisors, consultants and investors
or partners in Related Funds that are holders of the Notes who agree, in each case, to hold confidential the Confidential
Information in accordance with this Section 20, (iii) any other holder of any Note, (iv) any Institutional
Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has
agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (v) any
Person from which it offers to purchase any Security of the Company (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by this Section 20), (vi) any federal or state regulatory
authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization,
or any nationally recognized rating agency that requires access to information about such Purchaser’s investment
portfolio, or (viii) any other Person to which such delivery or disclosure is necessary or appropriate (w) to
effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena
or other legal process, (y) in connection with any litigation to which such Purchaser is a party, or (z) if an Event of
Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to
be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s
Notes, this Agreement or any Subsidiary Guaranty. Notwithstanding the foregoing, in the event that a Purchaser is compelled
to disclose Confidential Information pursuant to clause (viii)(w) (except where disclosure of the purchase of the Notes is to
be made to any supervisory or regulatory body during the normal course of its exercise of its regulatory or supervisory
function over such Purchaser and consistent with such Purchaser’s usual practice), (viii)(x) or (viii)(y) of the
preceding sentence, unless specifically prohibited by applicable law, rule, regulation or order, such Purchaser shall use its
reasonable best efforts to give the Company prompt notice of such pending disclosure and, to the extent practicable, the
opportunity to seek a protective order or to pursue such further legal action as may be necessary to preserve the privileged
nature and confidentiality of the Confidential Information. Each holder of a Note, by its acceptance of a Note, will be
deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to
this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information
required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party
to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying this
Section 20.

 

    -42-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

In the event that as
a condition to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions
contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality
undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from
this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company,
this Section 20 shall supersede any such other confidentiality undertaking.

 

Section 21.    Substitution
of Purchaser.

 

Each Purchaser shall
have the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser’s Affiliates
(a “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written
notice to the Company, which notice shall be signed by both such Purchaser and such Substitute Purchaser, shall contain such Substitute
Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the
accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice, any reference to such
Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Substitute Purchaser in lieu
of such original Purchaser. In the event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute
Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt
by the Company of notice of such transfer, any reference to such Substitute Purchaser as a “Purchaser” in this Agreement
(other than in this Section 21), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such
original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.

 

    -43-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

Section 22.    Miscellaneous.

 

   Section 22.1.   Successors and
Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto
bind and inure to the benefit of their respective successors and assigns (including any subsequent holder of a Note) whether so
expressed or not, except that, subject to Section 10.2, the Company may not assign or otherwise transfer any of its rights
or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns
permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

   Section 22.2.   Accounting Terms.
All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to
them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this
Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP.
For purposes of determining compliance with this Agreement (including Section 9, Section 10 and the definition of “Indebtedness”),
any election by the Company to measure any financial liability of the Company using fair value (as permitted by Financial Accounting
Standards Board Accounting Standards Codification Topic No. 825-10-25 – Fair Value Option, International
Accounting Standard 39 – Financial Instruments: Recognition and Measurement or any similar accounting standard) shall
be disregarded and such determination shall be made as if such election had not been made.

 

   Section 22.3.   Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render
unenforceable such provision in any other jurisdiction.

 

   Section 22.4.   Construction,
Etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent
of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision)
be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person,
or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly
by such Person.

 

Defined terms herein
shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall
include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to
have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition
of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument
or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein) and, for purposes of the Notes, shall also include any such notes issued in substitution
therefor pursuant to Section 13, (b) subject to Section 22.1, any reference herein to any Person shall be construed
to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,”
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (d) all references herein to Sections and Schedules shall be construed to refer to Sections of, and Schedules to,
this Agreement, and (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law
or regulation as amended, modified or supplemented from time to time.

 

    -44-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

   Section 22.5.   Counterparts;
Electronic Contracting . This Agreement may be executed in any number of counterparts, each of which shall be an
original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies
hereof, each signed by less than all, but together signed by all, of the parties hereto. The parties agree to electronic
contracting and signatures with respect to this Agreement and the other documents (other than the Notes).  Delivery of
an electronic signature to, or a signed copy of, this Agreement and such other documents (other than the Notes) by facsimile,
email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed
originals and shall be admissible into evidence for all purposes. The words “execution,” “execute”,
 “signed,” “signature,” and words of like import in or related to any document to be signed in
connection with this Agreement and the other documents (other than the Notes) shall be deemed to include electronic
signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the
Company, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the
extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce
Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act. Notwithstanding the foregoing, if any Purchaser shall request manually signed counterpart
signatures to any document, the Company hereby agrees to use its reasonable endeavors to provide such manually signed
signature pages as soon as reasonably practicable (but in any event within 30 days of such request or such longer period as
the requesting Purchaser and the Company may mutually agree).

 

   Section 22.6.   Governing Law.
This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the
law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application
of the laws of a jurisdiction other than such State.

 

   Section 22.7.   Jurisdiction
and Process; Waiver of Jury Trial. (a) The Parties irrevocably submit to the non-exclusive jurisdiction of
any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding
arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, the Parties irrevocably
waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are not subject to the jurisdiction
of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum.

 

    -45-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

   (b)   The Parties agree, to the fullest
extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in Section 22.7(a) brought
in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced
in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or
any of its assets is or may be subject) by a suit upon such judgment.

 

   (c)   The Parties consent to process
being served in any suit, action or proceeding of the nature referred to in Section 22.7(a) by mailing a copy thereof by registered,
certified, priority or express mail (or any substantially similar form of mail), postage prepaid, return receipt or delivery confirmation
requested, to them at their address specified in Section 18 or at such other address of which the Parties shall then have
been notified pursuant to said Section. The Parties agree that such service upon receipt (i) shall be deemed in every respect
effective service of process upon them in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted
by applicable law, be taken and held to be valid personal service upon and personal delivery to them. Notices hereunder shall be
conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable
commercial delivery service.

 

   (d)   Nothing
in this Section 22.7 shall affect the right of any Party to serve process in any manner permitted by law, or limit any
right that the Parties may have to bring proceedings against each other in the courts of any appropriate jurisdiction or to
enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

 

   (e)   The
parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or any other document
executed in connection herewith or therewith.

 

*   *   *  
*   *

 

    -46-

     

    

 

	CĪON INVESTMENT CORPORATION 	NOTE PURCHASE AGREEMENT

 

If you are in agreement
with the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Company, whereupon
this Agreement shall become a binding agreement between you and the Company.

 

	 	Very truly yours,
	 	 
	 	CĪON Investment
    Corporation
	 	 
	 	 
	 	By:	 /s/ Michael A. Reisner
	 	 	Michael A. Reisner
	 	 	Co-Chief Executive Officer

 

	This Agreement is hereby	 
	accepted and agreed to as	 
	of the date hereof.	 
	 	 
	 	[Add Purchaser Signature Blocks]

 

    -47-

     

    

 

 

Defined
Terms

 

As used herein, the
following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

 

“Adjusted
Interest Rate” is defined in Section 1.2(c).

 

“Affiliate”
means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more
intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Company,
shall include any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting or equity interests
of the Company or any Subsidiary or any Person of which the Company and its Subsidiaries beneficially own or hold, in the aggregate,
directly or indirectly, 10% or more of any class of voting or equity interests. Unless the context otherwise clearly requires,
any reference to an “Affiliate” is a reference to an Affiliate of the Company. Notwithstanding anything herein to the
contrary, the term “Affiliate” shall not include any Person that constitutes a Portfolio Investment.

 

“Agreement”
means this Note Purchase Agreement, including all Schedules attached to this Agreement.

 

“Anti-Corruption
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity,
including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.

 

“Anti-Money
Laundering Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug
trafficking, terrorist-related activities or other money laundering predicate crimes, including the Currency and Foreign Transactions
Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.

 

“Below Investment
Grade Event” is defined in Section 1.2(d).

 

“Blocked Person”
means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC,
(b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under
U.S. Economic Sanctions Laws or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially
owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described
in clause (a) or (b).

 

“Business
Day” means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required
or authorized to be closed.

 

“Canada
Blocked Person” means (i) a “terrorist group” as defined for the purposes of Part II.1 of the
Criminal Code (Canada), or (ii) a Person identified in or pursuant to (w) Part II.1 of the Criminal Code
(Canada), or (x) the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, or (y) the Justice for
Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law), or (z) regulations or orders promulgated pursuant to
the Special Economic Measures Act (Canada), the United Nations Act (Canada), or the Freezing Assets of Corrupt Foreign
Officials Act (Canada), in any case pursuant to this clause (ii) as a Person in respect of whose property or benefit a
holder of Notes would be prohibited from entering into or facilitating a related financial transaction.

 

SCHEDULE
A

(to
Note Purchase Agreement)

 

     

     

    

 

“Canadian
Economic Sanctions Laws” means those laws, including enabling legislation, orders-in-council or other regulations
administered and enforced by Canada or a political subdivision of Canada pursuant to which economic sanctions have been imposed
on any Person, entity, organization, country or regime, including Part II.1 of the Criminal Code (Canada), the Special Economic
Measures Act (Canada), the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, the Justice for Victims of Corrupt
Foreign Officials Act (Sergei Magnitsky Law), the United Nations Act (Canada), the Export and Import Permits Act (Canada), and
the Freezing Assets of Corrupt Foreign Officials Act (Canada), and including all regulations promulgated under any of the foregoing,
or any other similar sanctions program or action.

 

“Capital Lease”
means, at any time, a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset
and the incurrence of a liability in accordance with GAAP.

 

“Cash”
means cash of the Company to which it has unrestricted access and which is not encumbered by a Lien.

 

“Change in
Control” is defined in Section 8.8.

 

“Closing”
is defined in Section 3.

 

“Code”
means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

 

“Company”
is defined in the first paragraph of this Agreement.

 

“Confidential
Information” is defined in Section 20.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled”
and “Controlling” shall have meanings correlative to the foregoing.

 

“Controlled
Entity” means (a) any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled
Affiliates and (b) if the Company has a parent company, such parent company and its Controlled Affiliates.

 

    A-2

     

    

 

“Debt to Equity
Ratio” means, as of any date of determination, the ratio of (a) the aggregate amount of senior securities representing
Indebtedness for borrowed money of the Company and its consolidated Subsidiaries (including under the Notes) as of such date, in
each case as determined pursuant to the Investment Company Act, without, for the avoidance of doubt, giving effect to any orders
of the SEC issued to or with respect to the Company providing any exemptive relief with respect to the indebtedness of any SBIC
Subsidiary to (b) Shareholders’ Equity at the last day of the immediately preceding fiscal quarter of the Company.

 

“Default”
means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both,
become an Event of Default.

 

“Default Rate”
means that rate of interest per annum that is the greater of (a) 2.00% above the rate of interest of the Notes then in effect
or (b) 2.00% over the rate of interest publicly announced by Goldman Sachs Bank USA in New York, New York as its “base”
or “prime” rate.

 

“Disclosure
Documents” is defined in Section 5.3.

 

“EDGAR”
means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for
such purposes.

 

“Egan Jones”
means Egan Jones Rating Company and its successors.

 

“Environmental
Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution
and the protection of the environment or the release of any materials into the environment, including those related to Hazardous
Materials.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity ownership interests in a Person, including any preferred capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests, and any warrants, options or other rights entitling the holder
thereof to purchase or acquire any such equity interest. As used in this Agreement, “Equity Interests” shall not include
convertible debt unless and until such debt has been converted to capital stock.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from time to time
in effect.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under
section 414 of the Code.

 

“Event of
Default” is defined in Section 11.

 

    A-3

     

    

 

“Exemptive
Relief” means any orders of the SEC issued to or with respect to the Company providing any exemptive relief with respect
to the indebtedness of any SBIC Subsidiary.

 

“FATCA”
means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or
official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental
agreement between the United States of America and any other jurisdiction,
which (in either case) facilitates the implementation of the foregoing clause (a), and (c) any agreements entered into
pursuant to section 1471(b)(1) of the Code.

 

“Financing
Subsidiary” means (a) any Structured Subsidiary or (b) any SBIC Subsidiary.

 

“First
Lien Loan” means a debt obligation that is entitled to the benefit of a first lien and first priority perfected
security interest on a substantial portion of the assets of the respective borrower and guarantors obligated in respect thereof.

 

“Form 10-K”
is defined in Section 7.1(b).

 

“Form 10-Q”
is defined in Section 7.1(a).

 

“GAAP”
means (a) generally accepted accounting principles as in effect from time to time in the United States of America and (b) for
purposes of Section 9.6, with respect to any Subsidiary, generally accepted accounting principles (including International
Financial Reporting Standards, as applicable) as in effect from time to time in the jurisdiction of organization of such Subsidiary.

 

“Governmental
Authority” means

 

    (a)       the government
of

 

(i)       the United States of
America, Canada or any state, province or other political subdivision thereof, or

 

(ii)      any other jurisdiction
in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties
of the Company or any Subsidiary, or

 

    (b)       any entity exercising
executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.

 

“Governmental
Official” means any governmental official or employee, employee of any government-owned or
government-controlled entity, political party, any official of a political party, candidate for political office,
official of any public international organization or anyone else acting in an official capacity.

 

    A-4

     

    

 

“Guaranty”
means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments
for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation
of any other Person in any manner, whether directly or indirectly, including obligations incurred through an agreement, contingent
or otherwise, by such Person:

 

   (a)       to purchase such indebtedness
or obligation or any property constituting security therefor;

 

   (b)       to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to
maintain any working capital or other balance sheet condition or any income statement condition of any other Person or
otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation;

 

   (c)       to lease properties
or to purchase properties or services primarily for the purpose of assuring the owner of such indebtedness or obligation of the
ability of any other Person to make payment of the indebtedness or obligation; or

 

   (d)       otherwise to assure
the owner of such indebtedness or obligation against loss in respect thereof;

 

provided that the term “Guaranty”
shall not include (i) endorsements for collection or deposit in the ordinary course of business or (ii) customary indemnification
agreements entered into in the ordinary course of business, provided that such indemnification obligations are unsecured, such
Person has determined that any liability thereunder is remote and such indemnification obligations are not the functional equivalent
of the guaranty of a payment obligation of a primary obligor. In any computation of the indebtedness or other liabilities of the
obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed to be
direct obligations of such obligor.

 

“Hazardous
Materials” means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health
and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage,
handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be
restricted, prohibited or penalized by any applicable law, including asbestos, urea formaldehyde foam insulation, polychlorinated
biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances.

 

“holder”
means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant
to Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2
and 18 and any related definitions in this Schedule A, “holder” shall mean the beneficial owner of such Note whose
name and address appears in such register.

 

    A-5

     

    

 

“Incorporated
Covenant” is defined in Section 10.7.

 

“Indebtedness”
with respect to any Person means, at any time, without duplication,

 

   (a)       its liabilities for
borrowed money and its redemption obligations in respect of mandatorily redeemable Preferred Stock;

 

   (b)       its liabilities for
the deferred purchase price of property acquired by such Person (excluding accounts payable arising in the ordinary course of business
but including all liabilities created or arising under any conditional sale or other title retention agreement with respect to
any such property);

 

   (c)       (i) all liabilities
appearing on its balance sheet in accordance with GAAP in respect of Capital Leases and (ii) all liabilities which would appear
on its balance sheet in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were accounted for as
Capital Leases;

 

   (d)       all liabilities for
borrowed money secured by any Lien with respect to any property owned by such Person (whether or not it has assumed or otherwise
become liable for such liabilities);

 

   (e)       all its liabilities
in respect of letters of credit or instruments serving a similar function issued or accepted for its account by banks and other
financial institutions (whether or not representing obligations for borrowed money);

 

   (f)       the aggregate Swap
Termination Value of all Swap Contracts of such Person; and

 

   (g)      any Guaranty of such
Person with respect to liabilities of a type described in any of clauses (a) through (f) hereof.

 

Indebtedness of any Person shall include
all obligations of such Person of the character described in clauses (a) through (g) to the extent such Person remains legally
liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP.

 

“INHAM Exemption”
is defined in Section 6.2(e).

 

“Institutional
Accredited Investor” means an “accredited investor” as that term is defined in Rule 501(a)(1), (a)(2),
(a)(3) or (a)(7) of Regulation D promulgated under the Securities Act.

 

“Institutional
Investor” means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more
of its affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust
company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance
company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and
(d) any Related Fund of any holder of any Note.

 

    A-6

     

    

 

“Interest
Coverage Ratio” means, as of any date of determination, the ratio, determined on a consolidated basis for the Company
and its Subsidiaries, without duplication, of (a) Net Investment Income of the Company and its Subsidiaries for the four consecutive
fiscal quarters then ended of the Company and its Subsidiaries, plus interest expense to (b) interest expense for such
period.

 

“Investment”
means, for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person (including convertible
securities) or any agreement to acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person
(including any “short sale” or any sale of any securities at a time when such securities are not owned by the Person
entering into such sale); (b) deposits, advances, loans or other extensions of credit made to any other Person (including
purchases of property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property
to such Person); or (c) Swap Contracts.

 

“Investment
Advisor” means CION Investment Management, LLC, a Delaware limited liability company.

 

“Investment
Company Act” means the Investment Company Act of 1940.

 

“Investment
Grade” means a rating of at least “BBB-” (or its equivalent) or higher by Egan Jones or its equivalent
by any other NRSRO without giving effect to any credit watch.

 

“Investment
Management Agreement” means the investment advisory agreement, dated as of July 19, 2012, as amended and restated on
December 17, 2020, by and between the Investment Advisor and the Company, as amended or restated.

 

“Investment
Policies” means, with respect to the Company, the investment objectives, policies, restrictions and limitations set forth
in the section of the Company’s compliance manual titled “Investment Policies and Restrictions” as the same may
be changed, altered, expanded, amended, modified, terminated or restated annually by the Company’s board of directors, which
Investment Policies are described in the Company’s periodic reports filed publicly with the SEC.

 

“Lien”
means, with respect to any Person, any mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest
or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention
agreement or Capital Lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder
agreements, voting trust agreements and all similar arrangements).

 

“Make-Whole
Amount” is defined in Section 8.6.

 

“Material”
means material in relation to the business, operations, affairs, financial condition, assets, properties, or prospects of the Company
and its Subsidiaries taken as a whole.

 

    A-7

     

    

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition, assets
or properties of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company to perform its obligations
under this Agreement and the Notes, or (c) the validity or enforceability of this Agreement or the Notes.

 

“Material
Credit Facility” means, as to the Company and its Subsidiaries, any agreement(s) creating or evidencing indebtedness
for borrowed money entered into on or after the date of Closing by the Company or any Subsidiary, or in respect of which the Company
or any Subsidiary is an obligor or otherwise provides a guarantee or other credit support (“Credit Facility”),
in a principal amount outstanding or available for borrowing equal to or greater than $25,000,000 (or the equivalent of such amount
in the relevant currency of payment, determined as of the date of the closing of such facility based on the exchange rate of such
other currency); and if no Credit Facility or Credit Facilities equal or exceed such amounts, then the largest Credit Facility
shall be deemed to be a Material Credit Facility.

 

“Maturity
Date” is defined in the first paragraph of each Note.

 

“MFL Financial
Covenant” means any covenant (regardless of whether such provision is labeled or otherwise characterized as a covenant,
a definition or a default) that requires the Company or any Subsidiary that requires the Company to (i) maintain any level
of financial performance (including any specified level of net worth, total assets, cash flows or net income, however expressed),
(ii) maintain any relationship of any component of its capital structure to any other component thereof (including the relationship
of indebtedness, senior indebtedness or subordinated indebtedness to total capitalization or to net worth, however expressed),
(iii) to maintain any measure of its ability to service its indebtedness (including exceeding any specified ratio of revenues,
cash flow or income to interest expense, rental expense, capital expenditures and/or scheduled payments of indebtedness, however
expressed) or (iv) not to exceed any maximum level of indebtedness, however expressed; provided, however, that, for
the avoidance of doubt, no borrowing base requirement or covenants, however expressed, shall constitute an MFL Financial Covenant.

 

“More Favorable
Covenant” is defined in Section 10.7.

 

“Most Favored
Lender Notice” is defined in Section 10.7.

 

“Multiemployer
Plan” means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of
ERISA).

 

“NAIC”
means the National Association of Insurance Commissioners.

 

“Nationally
Recognized Statistical Rating Organization” or “NRSRO” means a rating organization designated from
time to time by the SEC as being nationally recognized whose status has been confirmed by the SVO.

 

    A-8

     

    

 

“Net Asset
Value” means the net asset value of the Company as reported in the Company’s annual report on Form 10-K for the
year ended December 31, 2020, filed with the SEC.

 

“Net Investment
Income” means, with respect to any period, net investment income determined in accordance with GAAP.

 

“Non-U.S.
Plan” means any plan, fund or other similar program that (a) is established or maintained outside the United States
of America by the Company or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing
outside the United States of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral
of income in contemplation of retirement or payments to be made upon termination of employment, and (b) is not subject to
ERISA or the Code.

 

“Notes”
is defined in Section 1.

 

“Obligors”
means, collectively, the Company and the Subsidiary Guarantors.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“OFAC Sanctions
Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC
Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.

 

“Officer’s
Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities
extend to the subject matter of such certificate.

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 

“Permitted
SBIC Guarantee” means a guarantee by the Company of Indebtedness of an SBIC Subsidiary on the SBA’s then applicable
form, provided that the recourse to the Company thereunder is expressly limited only to periods after the occurrence of
an event or condition that is an impermissible change in the control of such SBIC Subsidiary (it being understood that, as provided
in Section 11(f), it shall be an Event of Default hereunder if any such event or condition giving rise to such recourse occurs).

 

“Person”
means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business
entity or Governmental Authority.

 

“Plan”
means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is
or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding
five years, have been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or
any ERISA Affiliate may have any liability.

 

    A-9

     

    

 

“Portfolio
Investment” means (i) any investment held by the Company or one of its Subsidiaries in their asset portfolio and (ii)
any investment held by the Company or one of its Subsidiaries that is listed on the Company’s consolidated Schedule of Investments
included in any filing with the SEC (or, for investments made during a given quarter and before a consolidated Schedule of Investments
is filed with respect to the end of such quarter, will be listed on the Company’s consolidated Schedule of Investments to
be filed with the SEC with respect to the end of such quarter during which the Investment is made), including, without limitation,
any such Schedule of Investments filed (or to be filed) with any of the Company’s annual reports on Form 10-K, quarterly
reports on Form 10-Q, current reports on Form 8-K, registration statements or prospectuses.

 

“Preferred
Stock” means any class of capital stock of a Person that is preferred over any other class of capital stock (or similar
equity interests) of such Person as to the payment of dividends or the payment of any amount upon liquidation or dissolution of
such Person.

 

“Prepayment
Settlement Amount” is defined in Section 8.6.

 

“Presentation”
is defined in Section 5.3.

 

“property”
or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible
or intangible, choate or inchoate.

 

“PTE”
is defined in Section 6.2(a).

 

“Public Listing”
means the listing and trading on a national or regional exchange or on the NASDAQ National Market System of Equity Interests of
the Company.

 

“Purchaser”
or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to the Company and
such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however,
that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note as
the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser”
of such Note for the purposes of this Agreement upon such transfer.

 

“Purchaser
Schedule” means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and including their notice
and payment information.

 

“QPAM Exemption”
is defined in Section 6.2(d).

 

“Qualified
Institutional Buyer” means any Person who is a “qualified institutional buyer” within the meaning of such
term as set forth in Rule 144A(a)(1) under the Securities Act.

 

    A-10

     

    

 

“Rating”
means a rating of the Notes, which rating shall (a) specifically describe the Notes, including their interest rate, maturity
and Private Placement Number, issued by a NRSRO and (b) in the event such Rating is a “private letter rating” (i)
address the likelihood of payment of both the principal and interest of such Notes (which requirement shall be deemed satisfied
if the rating is silent as to the likelihood of payment of both principal and interest and does not otherwise include any indication
to the contrary), (ii) not include any prohibition against sharing such evidence with the SVO or any other regulatory authority
having jurisdiction over the holders of the Notes, and (iii) include such other information describing the relevant terms of the
Notes as may be required from time to time by the SVO or any other regulatory authority having jurisdiction over the holders of
the Notes and (c) be issued by an NRSRO from which the SVO accepts ratings for securities of the type similar to the Notes.

 

“Related Fund”
means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is
advised or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment
advisor.

 

“Relieved
Debt to Equity Ratio” means, as of any date of determination, the ratio of (a) the aggregate amount of senior securities
representing Indebtedness for borrowed money of the Company and its consolidated Subsidiaries (including under the Notes) as of
such date, in each case as determined pursuant to the Investment Company Act, and any orders of the SEC issued to or with respect
to Company thereunder, including any exemptive relief granted by the SEC with respect to the indebtedness of any SBIC Subsidiary
to (b) Shareholders’ Equity at the last day of the immediately preceding fiscal quarter of the Company.

 

“Required
Holders” means at any time on or after the Closing, the holders of more than 50% in principal amount of the Notes at
the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates).

 

“Responsible
Officer” means any Senior Financial Officer and any other officer of the Company with responsibility for the administration
of the relevant portion of this Agreement.

 

“RIC”
means a person qualifying for treatment as a “regulated investment company” under the Code.

 

“SBA”
means the United States Small Business Administration or any Governmental Authority succeeding to any or all of the functions thereof.

 

“SBIC Subsidiary”
means any subsidiary of the Company (or such subsidiary’s general partner or manager entity) that is (x) a “small business
investment company” licensed by the SBA (or that has applied for such a license and is actively pursuing the granting thereof
by appropriate proceedings promptly instituted and diligently conducted) under the Small Business Investment Act of 1958 and (y)
designated in writing by the Company (as provided below) as an SBIC Subsidiary, so long as:

 

(a)     other than pursuant to a Permitted SBIC Guarantee or the requirement by the SBA that the Company make an equity or capital contribution to the SBIC Subsidiary in connection with its incurrence of SBA Indebtedness, no portion of the Indebtedness or any other obligations (contingent or otherwise) of such Person (i) is Guaranteed by the Company or any of its subsidiaries (other than any SBIC Subsidiary), (ii) is recourse to or obligates the Company or any of its subsidiaries (other than any SBIC Subsidiary) in any way, or (iii) subjects any property of the Company or any of its subsidiaries (other than any SBIC Subsidiary) to the satisfaction thereof;

 

    A-11

     

    

 

(b)     neither the Company nor any of its subsidiaries (other than any SBIC Subsidiary) has any obligation to such Person to maintain or preserve its financial condition or cause it to achieve certain levels of operating results; and

 

(c)     such Person has not Guaranteed or become a co-borrower under, and has not granted a security interest in any of its properties to secure, and the Equity Interests it has issued are not pledged to secure, in each case, any indebtedness, liabilities or obligations of any one or more of the Obligors.

 

Any designation by
the Company under clause (y) above shall be effected pursuant to a certificate of a Senior Financial Officer delivered to the Purchasers,
which certificate shall include a statement to the effect that, to the best of such Senior Financial Officer’s knowledge,
such designation complied with the foregoing conditions.

 

“SEC”
means the Securities and Exchange Commission of the United States of America.

 

“Securities”
or “Security” shall have the meaning specified in section 2(1) of the Securities Act.

 

“Securities
Act” means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect.

 

“Senior Financial
Officer” means the chief financial officer, principal accounting officer, treasurer or comptroller of the Company.

 

“Shareholders’
Equity” means, at any date, the amount determined on a consolidated basis, without duplication, in accordance with GAAP,
of shareholders’ equity or net assets, as applicable, for the Company and its consolidated Subsidiaries at such date.

 

“Source”
is defined in Section 6.2.

 

“State Sanctions
List” means a list that is adopted by any state Governmental Authority within the United States of America pertaining
to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions
imposed under U.S. Economic Sanctions Laws.

 

“Structured
Products” means the equity or residual tranches of collateralized securities, structured products and other similar securities.
As used in this Agreement, “Structured Products” shall not include the debt tranches of such collateralized securities,
structured products or other similar securities as reported in the Company’s quarterly reports on Form 10-Q and annual reports
on Form 10-K.

 

    A-12

     

    

 

“Structured
Subsidiary” means:

 

(a)       a
direct or indirect subsidiary of the Company to which any Obligor sells, conveys or otherwise transfers (whether directly or indirectly)
portfolio investments or which makes or purchases portfolio investments, which is formed in connection with such Subsidiary obtaining
and maintaining third-party financing from unaffiliated third parties, and which engages in no material activities other than in
connection with the purchase and financing of such assets, and which is designated by the Company (as provided below) as a Structured
Subsidiary; and, so long as:

 

(i)       no
portion of the Indebtedness or any other obligations (contingent or otherwise) of such Subsidiary (i) is Guaranteed by any
Obligor (other than Guarantees in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor
in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property of any Obligor, directly
or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings
or any Guarantee thereof; and

 

(ii)       no
Obligor has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain
levels of operating results; and

 

(b)       any
passive holding company that is designated by the Company (as provided below) as a Structured Subsidiary, so long as:

 

(i)        such passive holding
company is the direct parent of a Structured Subsidiary referred to in clause (a);

 

(ii)       such passive holding
company engages in no activities and has no assets (other than in connection with the transfer of assets to and from a Structured
Subsidiary referred to in clause (a), and its ownership of all of the Equity Interests of a Structured Subsidiary referred to in
clause (a)) or liabilities;

 

(iii)       all of the Equity
Interests of such passive holding company are owned directly by an Obligor;

 

(iv)       no Obligor has any
contract, agreement, arrangement or understanding with such passive holding company; and

 

(v)        no Obligor has any
obligation to maintain or preserve such passive holding company’s financial condition or cause such entity to achieve certain
levels of operating results.

 

As of the
Closing, 34th Street Funding, LLC, Murray Hill Funding, LLC and Murray Hill Funding II, LLC, Flatiron Funding II,
LLC, 33rd Street Funding, LLC and Borough Park Funding, LLC shall be designated as Structured Subsidiaries. Any such
designation, after the Closing, by the Company shall be effected pursuant to a certificate of a Senior Financial Officer
delivered to the Purchasers, which certificate shall include a statement to the effect that, to the best of such Senior
Financial Officer’s knowledge, such designation complied with the applicable foregoing conditions. Each Subsidiary of a
Structured Subsidiary shall be deemed to be a Structured Subsidiary and shall comply with the foregoing requirements of this
definition.

 

    A-13

     

    

 

“Subsidiary”
means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person and
one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the
absence of contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person,
and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person
or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture
can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries).
Anything herein to the contrary notwithstanding, the term “Subsidiary” shall not include any Person that constitutes
an Investment held by the Company, any Financing Subsidiary or any Tax Blocker Subsidiary in the ordinary course of business and
that is not, under GAAP, consolidated on the financial statements of the Company and its Subsidiaries. Unless the context otherwise
clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.

 

“Subsidiary
Guarantor” means each Subsidiary that has executed and delivered a Subsidiary Guaranty.

 

“Subsidiary
Guaranty” is defined in Section 9.7(a).

 

“Substitute
Purchaser” is defined in Section 21.

 

“SVO”
means the Securities Valuation Office of the NAIC.

 

“Swap Contract”
means (a) any and all interest rate swap transactions, basis swap transactions, basis swaps, credit derivative transactions,
forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options,
bond or bond price or bond index swaps or options or forward foreign exchange transactions, cap transactions, floor transactions,
currency options, spot contracts or any other similar transactions or any of the foregoing (including any options to enter into
any of the foregoing), and (b) any and all transactions of any kind, and the related confirmations, which are subject to the
terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association,
Inc. or any International Foreign Exchange Master Agreement.

 

“Swap
Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap
Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and
(b) for any date prior to the date referenced in clause (a), the amounts(s) determined as the
mark-to-market values(s) for such Swap Contracts, as determined based upon one or more mid-market or other
readily available quotations provided by any recognized dealer in such Swap Contracts.

 

    A-14

     

    

 

“Synthetic
Lease” means, at any time, any lease (including leases that may be terminated by the lessee at any time) of any property
(a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains
ownership of the property so leased for U.S. federal income tax purposes, other than any such lease under which such Person is
the lessor.

 

“Tax Blocker
Subsidiaries” means (a) any wholly-owned Subsidiary of the Company from time to time designated in writing by the Company
to the holder of the Notes as a “Tax Blocker Subsidiary”; provided that at no time shall any Tax Blocker Subsidiary
hold any assets other than Capital Stock.

 

“Taxes”
means taxes, levies, imposts, deductions, charges or withholdings, and all liabilities (including penalties, interest and additions
to tax) with respect thereto, whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority
or other Governmental Authority.

 

“Unencumbered
Asset Coverage Ratio” means the ratio of (a) Unencumbered Assets to (b) Unsecured Liability. For clarity, the calculation
of the Unencumbered Asset Coverage Ratio (and any defined term used in this definition) with respect to the Company shall be made
in accordance with any exemptive order issued by, or exemptive relief granted by, the SEC with respect to the indebtedness of any
SBIC Subsidiary. For the avoidance of doubt, for purposes of this definition and any defined term used in this definition, (x)
in no event shall liabilities or indebtedness include any unfunded commitment and (b) the outstanding utilized notional amount
of any total return swap, in each case less the value of the margin posted by the Company or any of its consolidated subsidiaries
thereunder at such time shall be treated as a senior security of the Company for the purposes of calculating the Unencumbered Asset
Coverage Ratio.

 

“Unencumbered
Assets” means (a) the value of total assets of the Company that are not encumbered by a Lien, including, without
duplication, the value of any Equity Interests owned by the Company, directly or indirectly, in a consolidated subsidiary, less
(b) all unsecured liabilities and unsecured indebtedness not represented by senior securities of the Company.

 

“United States
Person” has the meaning set forth in Section 7701(a)(30) of the Code.

 

“Unsecured
Credit Facility” is defined in Section 10.7.

 

“Unsecured
Debt” means Indebtedness of the Company with a final maturity greater than one year from the date of determination outstanding
at any time that is not secured in any manner by any Lien on assets of the Company or any of its Subsidiaries.

 

“Unsecured
Liability” means the aggregate amount of senior securities representing unsecured indebtedness of the Company (all
as determined pursuant to the Investment Company Act and any orders of the SEC issued to the Company thereunder) and the
portion of any secured indebtedness of the Company for which the value of the collateral securing such indebtedness is not sufficient to pay
the principal amount of such indebtedness. For the avoidance of doubt, indebtedness of subsidiaries of the Company shall not constitute an Unsecured Liability.

 

    A-15

     

    

 

“USA PATRIOT
Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required
to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from time
to time in effect.

 

“U.S. Economic
Sanctions Laws” means those laws, executive orders, enabling legislation or regulations administered and enforced by
the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime,
including the Trading with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability
and Divestment Act and any other OFAC Sanctions Program.

 

“Wholly-Owned
Subsidiary” means, at any time, any Subsidiary all of the equity interests (except directors’ qualifying shares)
and voting interests of which are owned by any one or more of the Company and the Company’s other Wholly-Owned Subsidiaries
at such time.

 

    A-16

     

    

 

[Form of Note]

 

CĪON Investment Corporation

 

4.50%
Senior Unsecured Note Due February 11, 2026

 

	No. [_____]	February 11, 2021

	$[_______]	PPN 17259U A*6

 

For
Value Received, the undersigned, CĪON Investment Corporation (herein
called the “Company”), a corporation organized and existing under the laws of the State of Maryland, hereby
promises to pay to [____________], or registered assigns, the principal sum of [_____________________] Dollars
(or so much thereof as shall not have been prepaid) on February 11, 2026 (the “Maturity Date”), with interest
(computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of
4.50% per annum, as may be adjusted in accordance with Section 1.2 of the Note
Purchase Agreement (as hereinafter defined), from the date hereof, payable semiannually, on the 11th day of February and August
in each year, commencing with the February or August next succeeding the date hereof, and on the Maturity Date, until the principal
hereof shall have become due and payable, and (b) to the extent permitted by law, (x) on any overdue payment of interest
and (y) during the continuance of an Event of Default (as defined in the Note Purchase Agreement), on such unpaid balance
and on any overdue payment of any Prepayment Settlement Amount (as defined in the Note Purchase Agreement), at a rate per annum
from time to time equal to the Default Rate (as defined in the Note Purchase Agreement), payable semiannually as aforesaid (or,
at the option of the registered holder hereof, on demand).

 

Payments of principal
of, interest on and any Prepayment Settlement Amount with respect to this Note are to be made in lawful money of the United States
of America at Goldman Sachs Bank (USA) in New York, New York or at such other place as the Company shall have designated by written
notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

 

This Note is one of
a series of Senior Unsecured Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement,
dated February 11, 2021 (as from time to time amended, the “Note Purchase Agreement”), between the Company and
the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its
acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase
Agreement and (ii) made the representation set forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise
indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

PURCHASER SCHEDULE 

(to Note Purchase Agreement)

 

    

     

    

 

This Note is a registered
Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a
written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in
writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due
presentment for registration of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof
for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

This Note is subject
to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement,
but not otherwise. 

 

If an Event of Default
occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the
price (including any applicable Prepayment Settlement Amount) and with the effect provided in the Note Purchase Agreement.

 

This Note shall be
construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the
law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application
of the laws of a jurisdiction other than such State.

 

	 	CĪON Investment Corporation

 

	 	By	 

	 	 	Title:

 

    A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]