Document:

EX-10.2

 Exhibit 10.2 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (“Agreement”) is dated May 26, 2019
(“Effective Date”), and is between Gladstone Management Corporation, a Delaware corporation (the “Company”), and Terry L.
Brubaker, a resident of the State of South Carolina (hereinafter referred to as “you” or “your”). 

WHEREAS, you have been employed by the Company pursuant to a Second Amended and Restated Employment Agreement, which expired at 11:59
pm on May 25, 2019 (the “Expired Agreement”); 
 WHEREAS, following the expiration
of the Expired Agreement, the Company wants to retain you as an employee and you want to perform duties for the Company on an at-will basis, with the intent of the parties that there be no break in employment
with the Company following the expiration of the Expired Agreement, and that continuation of your employment be under the terms and conditions set forth below; 

NOW, THEREFORE, in consideration of the mutual promises contained herein, you and the Company agree as follows: 

 

	 	1.	 Employment. 

 

	 	a.	 The Company hereby employs you during the Employment Term (defined in paragraph 4(a)) under the terms and
conditions contained herein, including those contained in Schedule A and Schedule B, attached hereto. 

  

	 	b.	 Your job title will be Chief Operating Officer and you will be responsible for such duties consistent with that
position, and such other duties as may be from time to time assigned to you by the Chairman of the Board of Directors of the Company (the “Chairman”), You agree to perform these duties diligently,
faithfully, and in accordance with the highest professional standards. 

  

	 	c.	 You agree to live within easy flying distance of the McLean, Virginia area in order to perform your duties
hereunder. You understand that you will be required to travel from time to time in order to perform your duties hereunder, and agree to undertake such travel as part of his duties under the terms of this Agreement.

  

	 	d.	 By accepting this employment, you agree to abide by the Company’s rules, regulations, code of ethics, and
practices, as they may be from time to time adopted or modified. 

  

	 	2.	 Compensation. For performance of all services rendered hereunder, during the Employment Term you
will be compensated as set forth in Schedule A. Schedule A may be amended by from time to time without affecting any other provisions of the Agreement. 

	 	3.	 Benefits. The Company will provide you with the benefits set forth on Schedule A.

  

	 	4.	 Term and Termination. 

 

	 	a.	 Employment Term/At Will Employment. The employment relationship is terminable at will, at any time by
either party, for any reason, with or without notice. The Employment Term begins at 12:00 am on May 26, 2019, and ends upon the termination of your employment with the Company. 

 

	 	b.	 Cooperation after Termination. Following any notice of termination of your employment by you or the
Company, you agree to fully cooperate with the Company in all matters related to winding up your work with the Company and the orderly transfer of such work to other employees as may be designated. 

 

	 	c.	 Return of Business Property. Upon termination of employment for whatever reason, or at such earlier time
upon demand of the Company, you agree to immediately deliver or cause to be delivered to the Company all books, documents, money, computers, credit cards, or other property (including any and all Confidential Information (as defined Section 8))
belonging to the Company which is in your possession, custody, or control. 

  

	 	5.	 Compensation after Termination. If your employment is terminated for any reason,
then you (or your estate, as the case may be) will be entitled to no compensation, including but not limited to severance pay, from the Company following the date of such termination other than your accrued but unpaid compensation due for the period
up to the effective date of the termination, except as otherwise expressly provided by the terms of any applicable benefit plans. 

  

	 	6.	 Conflicts of Interest. You represent that you are not a party to a contract or
subject to any other obligation that would preclude you from performing services for the Company. You agree that during the Employment Term, you will devote substantially all of your business time, attention, and efforts to your duties hereunder.
You agree that you will not be employed by any unaffiliated entity, or serve on the Board or officer of any other entity during the Employment Term, except as agreed to with the Company. You further agree that during the Employment Term, you will
not (i) solely or jointly with others undertake or join any planning for or organization of any business activity competitive with the business activities of the Company, or (ii) directly or indirectly, engage, or participate in other
activities in conflict with the best interests of the Company. 

  
 2 

	 	7.	 Work Product. You agree that all materials, processes or discoveries conceived, made or
developed by you in connection with the performance of duties under this Agreement (collectively, the “Work Product”) will be the exclusive property of the Company, whether or not reduced to writing. You agree that all such Work Product is
“work made for hire” for the Company under the copyright laws of the United States. You hereby assign to the Company all right, title and interest in the Work Product, including all intellectual property rights therein. You will sign any
additional documents reasonably requested by the Company to enable the Company to register, secure or enforce its rights in the Work Product. 

  

	 	8.	 Confidentiality. You acknowledge that, by reason of your employment by the Company, you
will have had an will have access to confidential information of the Company and its subsidiaries and affiliates, including, without limitation, information and knowledge pertaining to products, inventions, discoveries, improvements, innovations,
designs, ideas, trade secrets, proprietary information, manufacturing, packaging, advertising, distribution and sales methods, sales and profit figures, customer and client lists and relationships between the Company, any of its subsidiaries or
affiliates and dealers, distributors, sales representatives, wholesalers, customers, clients, suppliers and others who have business dealings with them (“Confidential Information”). You acknowledge
that such Confidential Information is a valuable and unique asset of the Company and its subsidiaries and affiliates and covenant that, both during and after the Employment Term, you will not disclose any Confidential Information to any person
(except as you duties as an employee of the Company may require) without the prior written authorization of the Board of Directors of the Company. The obligation of confidentiality imposed by this Section 8 shall not apply to Confidential
Information that otherwise becomes generally known in the industry or to the public through no act of you in breach of this Agreement or any other party in violation of an existing confidentiality agreement with the Company or any subsidiary or
affiliate or which is required to be disclosed by court order or applicable law. Pursuant to the Defend Trade Secrets Act of 2016, and notwithstanding any other provision of this Agreement, you will not be held criminally or civilly liable under any
federal or state trade secret law for any disclosure of a trade secret that: (i) is made: (I) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (II) solely for the
purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If you file a lawsuit for retaliation by the Company for reporting a
suspected violation of law, you may disclose the Company’s trade secrets to your attorney and use the trade secret information in the court proceeding if you (I) file any document containing the trade secret under seal; and (II) do
not disclose the trade secret, except pursuant to court order. 

  
 3 

	 	9.	 Covenant Not to Complete. 

 

	 	a.	 Scope of Covenant. You agree that during the Employment Term and for two (2) years commencing upon
the termination of your employment (for any reason whatsoever) you shall not, directly or indirectly, for yourself or on behalf of or in conjunction with any other person, persons, company, partnership, corporation or business of whatever nature,
without the prior written consent of the Company: 

 (i) engage, as an officer, director, shareholder,
owner, partner, joint venturer, or in a managerial capacity, whether as an employee, independent contractor, consultant or advisor, or as a sales representative, in any business selling any products or services in direct competition with the Company
within the United States (the “Territory”), where the services you would provide to such business are similar to the services you provided to the Company; 

(ii) call upon any person who is at that time, or who was at any time within one (1) year prior to that time, an employee
of the Company (including the respective subsidiaries thereof) in a managerial capacity for the purpose or with the intent of enticing such employee away from or out of the employ of the Company (including the respective subsidiaries thereof),
provided that you shall be permitted to call upon and hire any member of your immediate family; 
 (iii) call upon any
person or entity which is, at that time, or which has been, within one (1) year prior to that time, a customer of the Company (including the respective subsidiaries thereof) within the Territory for the purpose of soliciting or selling products
or services in direct competition with the Company (including the respective subsidiaries thereof) within the Territory; or 

(iv) call upon any prospective acquisition candidate, on your own behalf or on behalf of any competitor, which candidate was
either called upon by the Company (including the respective subsidiaries thereof) or for which the Company (including the respective subsidiaries thereof) made an acquisition analysis, for the purpose of acquiring such entity; 

provided, however, that nothing in Section 9(a) shall be construed to preclude you from making any investments in the
securities of any business enterprise, whether or not engaged in competition with the Company or any of its subsidiaries, to the extent that such securities are actively traded on a national securities exchange or in the over-the-counter market in the United States or on any foreign securities exchange. 

  
 4 

 For purposes of this Agreement, “businesses in competition with the Company” are
any entities or persons who make senior, and subordinated loans to small and medium sized private businesses, or to businesses that are substantially owned by buyout or venture capital funds or similar institutional investors. 

(b) Reasonableness. It is agreed by the parties that the foregoing covenants in this Section 9 impose a reasonable
restraint on you in light of the activities and business of the Company (including the Company’s subsidiaries) on the date of the execution of this Agreement and the current plans of the Company (including the Company’s subsidiaries); but
it is also the intent of the Company and you that such covenants be construed and enforced in accordance with the changing activities, business and locations of the Company (including the Company’s other subsidiaries) throughout the term of
this covenant. 
 (c) Severability. The covenants in this Section 9 are severable and separate, and the
unenforceability of any specific covenant shall not affect the provisions of any other covenant. Moreover, in the event any court of competent jurisdiction shall determine that the scope, time or territorial restrictions set forth are unreasonable,
then it is the intention of the parties that such restrictions be enforced to the fullest extent which the court deems reasonable, and this Agreement shall thereby be reformed. 

(d) Enforcement by the Company not Limited. All of the covenants in this Section 9 shall be construed as an
agreement independent of any other provision in this Agreement, and the existence of any claim or cause of action of you against the Company, whether predicated in this Agreement or otherwise, shall not constitute a defense to the enforcement by the
Company of such covenants. It is specifically agreed that the period of two (2) years stated at the beginning of this Section 9, during which the agreements and covenants made in this Section 9 shall be effective, shall be computed by
excluding from such computation any time during which you are in violation of any provision of this Section 9. 
 (e)
Restrictive Covenants in Expired Agreement. The provisions this Section 9 supersede and replace the provisions of Section 7 of the Expired Agreement. 
  

	 	10.	 Specific Performance. You acknowledge that the services to be rendered by you are of a
special, unique and extraordinary character and, in connection with such services, you will have access to confidential information vital to the Company’s business and the business of the Company’s subsidiaries and affiliates. By reason of
this, you consent and agree that if you violate any of the 

  
 5 

	 	
provisions of Section 8 or 9 hereof, the Company and its subsidiaries and affiliates would sustain irreparable injury and that monetary damages would not provide adequate remedy to the
Company or any of its subsidiaries or affiliates. Therefore, you hereby agree that the Company and any affected subsidiary and affiliate shall be entitled to have Section 8 or 9 hereof, specifically enforced (including, without limitation, by
injunctions and restraining orders) by any court having equity jurisdiction. Nothing contained herein shall be construed as prohibiting the Company or any of its subsidiaries or affiliates from pursuing any other remedies available to it for such
breach or threatened breach, including the recovery of damages from you. 

  

	 	11.	 Miscellaneous. 

 

	 	a.	 Deductions and Withholding. You agree that the Company or its subsidiaries or affiliates, as applicable,
shall withhold from any and all compensation paid to and required to be paid to you pursuant to this Agreement, all Federal, state, local and/or other taxes which the Company determines are required to be withheld in accordance with applicable
statutes or regulation from time to time in effect and all amounts required to be deducted in respect of your coverage under applicable employee benefits plans. 

 

	 	b.	 Headings. The headings set forth at the beginning of each paragraph of this Agreement are inserted for
convenience of reference only and will in no way be construed as part of this Agreement or as a limitation on the scope of the particular provision to which the heading refers. 

 

	 	c.	 Severability. If any provision of this Agreement is found to be unreasonable or invalid by a court of
competent jurisdiction, such provision will be enforceable to the maximum extent allowed by the law of that jurisdiction. Each provision herein will be treated as a separate and independent clause and, therefore, if any one provision is deemed
unenforceable and a court does not reform it such that it is enforceable, it will be deemed stricken from this Agreement, and will not, in any way, affect the enforceability of any other clause. 

 

	 	d.	 Entire Agreement. This Agreement, including Schedules A and B, sets forth the entire understanding
between you and the Company with respect to the matters described herein and supersedes all prior agreements and understandings, whether oral or written, between you and the Company. No change or modification of this Agreement will be valid or
binding unless the same is in writing and signed by the party against whom such change or modification is sought to be enforced. 

  
 6 

	 	e.	 Waiver. The waiver by the Company of a breach of any provision of this Agreement by you shall not operate or
be construed as waiver of any subsequent breach by you. The waiver by you of a breach of any provision of this Agreement by the Company shall not operate or be construed as a waiver of any subsequent breach by the Company. 

 

	 	f.	 Successors and Assigns. This Agreement is be binding upon, and inures to the benefit of, you and the
Company, and their respective heirs, personal and legal representatives, and successors and assigns. 

  

	 	g.	 Assignment. In no event may any of your obligations hereunder be assigned or otherwise transferred
(including by operation of law). The Company may assign its rights and obligations under this Agreement to any person or entity that purchases all, or substantially all, of the assets of the Company, or is otherwise a
successor-in-interest to the Company, and this Agreement is enforceable by the Company and any successor-in-interest by merger,
sale, acquisition, or transfer. 

  

	 	h.	 Notices. All notices to the Company or you permitted or required hereunder shall be in writing and shall
be delivered personally, by telecopier or by courier service providing for next-day delivery or sent by registered or certified mail, return receipt requested, to the following addresses:

  

							
		 	 If to the Company:
	  	Gladstone Management Corporation	  	
		 		  	1521 Westbranch Drive, Suite 200	  	
		 		  	McLean, Virginia 22102	  	
		 		  	Attn: David Gladstone, Chairman	  	

  

							
		 	 If to you:
	  	Terry L. Brubaker	  	
		 		  	 [***]
	  	

 Either party may change the address to which notices shall be sent by sending written notice of such change
of address to the other party. Any such notice shall be deemed given, if delivered personally, upon receipt; if telecopied, when telecopied; if sent by courier service providing for next-day delivery, the next
business day following deposit with such courier service; and if sent by certified or registered mail; three days after deposit (postage prepaid) with the U.S. mail service. 
  

	 	i.	 Governing Law. This Agreement will be governed in all respects by the law of the Commonwealth of
Virginia, without regard to the conflict of laws principles of that jurisdiction. 

  

	 	j.	 Jurisdiction. Any action to enforce any of the provisions of this Agreement shall be brought in a local
or federal court in the Eastern District of Virginia. The parties consent to the jurisdiction of such court and to the service of process in any manner provided by Virginia law, and waive any objection to venue, service, or personal jurisdiction
based on an action brought in such court. 

  
 7 

	 	k.	 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed
an original, but all of which taken together shall constitute one and the same instrument. 

  

	 	l.	 Survival. Provisions of this Agreement which by their terms must survive termination of employment in
order to effectuate the intent of the parties (including sections 8, 9, and 10) will survive such termination. 

 The parties have
executed this Agreement as of the day and the year first stated above. 
  

			
	Gladstone Management Corporation
		
	By:	 	/s/ David Gladstone

 
			
		 	David Gladstone, Chairman

  

			
	Terry L. Brubaker
		
		 	/s/ Terry L. Brubaker
		 	Terry L. Brubaker

  
 8 

 Schedule A—Compensation and Benefits (Terry L. Brubaker) 

Effective Date: May 26, 2019 
 Base Salary:
$219,000 
 Incentive Bonus: Eligible as an employee 

Carried Interest Plan: continue participating at the current rate. 

Hours: 30 hours per week 
 Vacation: 4 weeks of
vacation 
 Standard Benefits: same as all employees 

Expense Reimbursement: The Company agrees to reimburse you, within thirty (30) days of presentation, for all reasonable and necessary travel,
business entertainment and other business out-of-pocket expenses incurred or expended by him in connection with the performance of his duties hereunder upon presentation
of proper expense statements or vouchers or such other supporting information as the Company may reasonably require of you. 
 Limits on Reimbursements
or Provisions of In Kind Benefits: Notwithstanding anything herein to the contrary, the Company’s obligation to make reimbursements or provide in-kind benefits pursuant to this Schedule A or
other provisions of this Agreement shall be subject to the following restrictions: (i) the Company’s policies regarding expenses and perquisites provide an objectively determinable nondiscretionary definition of expenses eligible for
reimbursement or the in-kind benefits to be provided (ii) you must provide documentation of any reimbursable expenses in accordance with the Company’s then existing policies and procedures,
(iii) the expenses paid or reimbursed in one fiscal year shall not affect the expenses paid or reimbursed in another fiscal year, and (iv) reimbursement for any expenses shall be made within a reasonable period of time following the date
on which the Company received written documentation of the expenses, provided that all expenses will be reimbursed on or before the last day of the fiscal year following the fiscal year in which the expenses was incurred. 

  
 9 

 Schedule B—Job Duties (Terry L. Brubaker) 

 

	1.	 Be available to stand in for David Gladstone if called upon by the Directors. 

 

	2.	 Work on potential investments. 

 

	3.	 Work on problem investments. 

 

	4.	 Serve on Investment Committee 

  
 10EX-10.3

 Exhibit 10.3 

THIRD AMENDED AND RESTATED 

INVESTMENT ADVISORY AND MANAGEMENT AGREEMENT 

BETWEEN 
 GLADSTONE
CAPITAL CORPORATION 
 AND 

GLADSTONE MANAGEMENT CORPORATION 

Agreement made this 13th day of April 2021, by and between Gladstone Capital Corporation, a Maryland corporation (the
“Fund”), and Gladstone Management Corporation, a Delaware corporation (the “Adviser”). 

Whereas, the Fund is a closed-end management investment company that has elected to be treated
as a business development company under the Investment Company Act of 1940 (the “Investment Company Act”); 

Whereas, the Adviser is an investment adviser that has registered under the Investment Advisers Act of 1940 (the “Advisers
Act”); 
 Whereas, the Fund and the Adviser entered into that certain Amended and Restated Investment Advisory and
Management Agreement, as of October 1, 2006, as amended on October 13, 2015 (collectively, the “Prior Agreement”); 

Whereas, the Fund and the Adviser wish to amend and restate the Prior Agreement hereby; and 

Whereas, the Fund desires to retain the Adviser to furnish investment advisory services to the Fund on the terms and conditions
hereinafter set forth, and the Adviser wishes to be retained to provide such services. 
 Now, Therefore, in consideration of the
premises and for other good and valuable consideration, the parties hereby agree as follows: 
 1. Duties of the Adviser. 

(a) The Fund hereby employs the Adviser to act as the investment adviser to the Fund and to manage the investment and reinvestment of the
assets of the Fund, subject to the supervision of the Board of Directors of the Fund, for the period and upon the terms herein set forth, (i) in accordance with the investment objective, policies and restrictions that are set forth in the
Fund’s Registration Statement on Form N-2, as the same shall be amended from time to time (as amended, the “Registration Statement”), (ii) in accordance with the Investment Company
Act and (iii) during the term of this Agreement in accordance with all other applicable federal and state laws, rules and regulations, and the Fund’s charter and by-laws. Without limiting the
generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of
implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Fund; (iii) close and monitor the Fund’s investments; (iv) determine the securities and other assets that the Fund will
purchase, retain, or sell; (v) perform due diligence on prospective portfolio companies; and (vi) provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably

  
 1 

 
require for the investment of its funds. The Adviser shall have the discretion, power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the
execution and delivery of all documents relating to the Fund’s investments and the placing of orders for other purchase or sale transactions on behalf of the Fund. In the event that the Fund determines to acquire debt financing, the Adviser
will arrange for such financing on the Fund’s behalf, subject to the oversight and approval of the Fund’s Board of Directors. If it is necessary for the Adviser to make investments on behalf of the Fund through a special purpose vehicle,
the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle in accordance with the Investment Company Act. 

(b) The Adviser hereby accepts such employment and agrees during the term hereof to render the services described herein for the compensation
provided herein. 
 (c) Subject to the requirements of the Investment Company Act, the Adviser is hereby authorized to enter into one or
more sub-advisory agreements with other investment advisers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder. Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other
investments based upon the Fund’s investment objective and policies, and work, along with the Adviser, in structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf
of the Fund, subject to the oversight of the Adviser and the Fund. The Adviser, and not the Fund, shall be responsible for any compensation payable to any Sub-Adviser. Any
sub-advisory agreement entered into by the Adviser shall be in accordance with the requirements of the Investment Company Act and other applicable federal and state law and shall contain a provision requiring
the Sub-Adviser to comply with sections 1(e) and 1(f) below as if it were the Adviser. 
 (d) The
Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of
the Fund. 
 (e) The Adviser shall keep and preserve for the period required by the Investment Company Act any books and records relevant to
the provision of its investment advisory services to the Fund and shall specifically maintain all books and records with respect to the Fund’s portfolio transactions and shall render to the Fund’s Board of Directors such periodic and
special reports as the Board may reasonably request. The Adviser agrees that all records that it maintains for the Fund are the property of the Fund and will surrender promptly to the Fund any such records upon the Fund’s request, provided that
the Adviser may retain a copy of such records. 
 (f) The Adviser has adopted and implemented written policies and procedures reasonably
designed to prevent violation of the Federal Securities laws by the Adviser. The Adviser has provided the Fund, and shall provide the Fund at such times in the future as the Fund shall reasonably request, with a copy of such policies and procedures
and a report of such policies and procedures. Such report shall be of sufficient scope and in sufficient detail, as may reasonably be required to comply with Rule 38a-1 under the Investment Company Act and to
provide reasonable assurance that any material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the report shall so state. 

  
 2 

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

All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and
management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Adviser and not by the Fund. The Fund will bear all other costs and expenses of its
operations and transactions, including (without limitation) those relating to: organization and offering; calculating the Fund’s net asset value (including the cost and expenses of any independent valuation firm); expenses incurred by the
Adviser payable to third parties, including agents, consultants or other advisors (such as independent valuation firms, accountants and legal counsel), in monitoring financial and legal affairs for the Fund and in monitoring the Fund’s
investments and performing due diligence on its prospective portfolio companies; interest payable on debt, if any, incurred to finance the Fund’s investments; offerings of the Fund’s common stock and other securities; investment advisory
and management fees; administration fees, if any, payable under the Administration Agreement between the Fund and Gladstone Administration, LLC (the “Administrator”), the Fund’s administrator; fees payable to third
parties (including agents, consultants or other advisors) relating to, or associated with, evaluating and making investments; transfer agent and custodial fees; federal and state registration fees; all costs of registration and listing the
Fund’s shares on any securities exchange; federal, state and local taxes; independent Directors’ fees and expenses; costs of preparing and filing reports or other documents required by the Securities and Exchange Commission; costs of any
reports, proxy statements or other notices to stockholders, including printing costs; the Fund’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; direct
costs and expenses of administration, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and all other expenses incurred by the Fund or the Administrator in
connection with administering the Fund’s business, including payments under the Administration Agreement between the Fund and the Administrator based upon the Fund’s allocable portion of the Administrator’s overhead in performing its
obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Fund’s chief compliance officer, chief financial officer, controller and their respective staffs. 

3. Compensation of the Adviser. 
 The
Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (“Base Management Fee”) and an incentive fee (“Incentive
Fee”) as hereinafter set forth. The Fund shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise direct. 

(a) Base Management Fee. 

(i) The Base Management Fee shall be payable quarterly in arrears, and shall be calculated at an annual rate of 1.75% of the
average value of the Fund’s total assets, including investments made with proceeds of borrowings, less any uninvested cash or cash equivalents resulting from borrowings (the “Gross Assets”), valued as of the end of the
two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. 

  
 3 

 (ii) Base Management Fees payable for any partial month or quarter will be
appropriately prorated. 
 (b) The Incentive Fee shall consist of two parts, as follows: 

(i) One part will be calculated and payable quarterly in arrears based on the
pre-Incentive Fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-Incentive Fee net investment income means interest income,
dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, consulting fees that the Fund receives from portfolio companies, but excluding fees for providing managerial assistance) accrued
by the Fund during the calendar quarter, minus the Fund’s operating expenses for the quarter (including the Base Management Fee, less any rebate of other fees received by the Adviser), expenses payable under the Administration Agreement and any
interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee net investment income includes, in the case of investments with a deferred
interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Fund has not yet
received in cash. Pre-Incentive Fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.
Pre-Incentive Fee net investment income, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediately preceding calendar quarter, will be compared to a “hurdle
rate” of 1.75% per quarter (7% annualized). The Fund will pay the Adviser an Incentive Fee with respect to the Fund’s pre-Incentive Fee net investment income in each calendar quarter as follows:
(1) no Incentive Fee in any calendar quarter in which the Fund’s pre-Incentive Fee net investment income does not exceed the hurdle rate; (2) 100% of the Fund’s
pre-Incentive Fee net investment income with respect to that portion of such pre-Incentive Fee net investment income, if any, that exceeds the hurdle rate but is less
than 2.1875% in any calendar quarter (8.75% annualized); and (3) 20% of the amount of the Fund’s pre-Incentive Fee net investment income, if any, that exceeds 2.1875% in any calendar quarter (8.75%
annualized). For purposes of the period beginning April 1, 2021 through March 31, 2022, Pre-Incentive Fee net investment income, expressed as a rate of return on the value of the Fund’s net
assets at the end of the immediately preceding calendar quarter, will be compared to a “hurdle rate” of 2.00% per quarter (8% annualized). The Fund will pay the Adviser an Incentive Fee with respect to the Fund’s pre-Incentive Fee net investment income in each calendar quarter as follows: (1) no Incentive Fee in any calendar quarter in which the Fund’s pre-Incentive Fee net
investment income does not exceed the hurdle rate; (2) 100% of the Fund’s pre-Incentive Fee net investment income with respect to that portion of such pre-Incentive
Fee net investment income, if any, that exceeds the hurdle rate but is less than 2.4375% in any calendar quarter (9.75% annualized); and (3) 20% of the amount of the Fund’s pre-Incentive Fee net
investment income, if any, that exceeds 2.4375% in any calendar quarter (9.75% annualized). These calculations will be appropriately pro rated for any period of less than three months and adjusted for any share issuances or repurchases during the
current quarter. 
 (ii) The second part of the Incentive Fee (the “Capital Gains Fee”) will be
determined and 

  
 4 

 
payable in arrears as of the end of each fiscal year (or upon termination of this Agreement as set forth below), commencing on September 30, 2007, and will equal 20.0% of the Fund’s
realized capital gains, if any, computed net of all realized capital losses and unrealized capital depreciation at the end of such year. The amount of capital gains used to determine the Capital Gains Fee shall be calculated at the end of each
applicable year by subtracting the sum of the Fund’s Cumulative Aggregate Realized Capital Losses and Aggregate Unrealized Capital Depreciation from the Fund’s Cumulative Aggregate Realized Capital Gains (each as defined in
Section 3(b)(iii) below). If this number is positive at the end of such year, then the Capital Gains Fee for such year will be equal to 20.0% of such amount, less the aggregate amount of any Capital Gains Fees paid in all prior years. In the
event that this Agreement shall terminate as of a date that is not a fiscal year end, the termination date shall be treated as though it were a fiscal year end for purposes of calculating and paying a Capital Gains Fee. 

(iii) For purposes of this Section 3: 

(1) “Cumulative Aggregate Realized Capital Gains” shall mean the sum of the differences between
the net sales price of each investment in the Fund’s portfolio when sold, and the original cost of such investment since inception of the Fund. 

(2) “Cumulative Aggregate Realized Capital Losses” shall mean the sum of the amounts by which
the net sales price of each investment in the Fund’s portfolio when sold is less than the original cost of such investment since inception of the Fund. 

(3) “Aggregate Unrealized Capital Depreciation” shall mean the sum of the difference, if
negative, between the valuation of each investment in the Fund’s portfolio as of the applicable Capital Gains Fee calculation date and the original cost of such investment. 

4. Covenants of the Adviser. 
 The
Adviser covenants that it is registered as an investment adviser under the Advisers Act. The Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its
operations and investments. 
 5. Excess Brokerage Commissions. 

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

  
 5 

 6. Limitations on the Employment of the Adviser. 

The services of the Adviser to the Fund are not exclusive, and the Adviser may engage in any other business or render similar or different
services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Fund, so
long as its services to the Fund hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser to engage in any other business or to devote his or her
time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or
more of the Fund’s portfolio companies, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for the Fund, subject to the Adviser’s
right to enter into sub-advisory agreements. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that directors, officers,
employees and stockholders of the Fund are or may become interested in the Adviser and its affiliates, as directors, officers, employees, partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers,
employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the Fund as stockholders or otherwise. 

7. Responsibility of Dual Directors, Officers or Employees. 

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

8. Limitation of Liability of the Adviser: Indemnification. 

The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated
with the Adviser, including without limitation the Administrator) shall not be liable to the Fund for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement
or otherwise as an investment adviser of the Fund, except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial
proceedings) with respect to the receipt of compensation for services, and the Fund shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity
affiliated with the Adviser, including without limitation its general partner and the Administrator, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them
harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed
action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon the performance of any of the Adviser’s duties or obligations under this
Agreement or otherwise as an investment adviser of the Fund. 

  
 6 

 
Notwithstanding the preceding sentence of this Paragraph 8 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed
to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the
performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any interpretations
or guidance by the Securities and Exchange Commission or its staff thereunder). 
 9. Effectiveness, Duration and Termination of Agreement. 

This Agreement shall become effective as of the first date above written. This Agreement shall remain in effect for one year, and thereafter
shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund’s Board of Directors, or by the vote of a majority of the outstanding voting
securities of the Fund and (b) the vote of a majority of the Fund’s Directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any
such party, in accordance with the requirements of the Investment Company Act. This Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice, by the vote of a majority of the outstanding voting
securities of the Fund, or by the vote of the Fund’s Directors or by the Adviser. This Agreement will automatically terminate in the event of its “assignment” (as such term is defined for purposes of Section 15(a)(4) of the
Investment Company Act). The provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser and its representatives shall remain entitled to the benefits thereof, notwithstanding any termination or expiration of
this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3 through the date of termination or expiration. 

All fees and calculations contemplated hereunder, including those for the quarter ending June 30, 2021 and any period thereafter, shall
be calculated as if this Agreement was effective as of April 1, 2021. 
 10. Notices. 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its
principal office. 
 11. Amendments. 

This Agreement may be amended by mutual consent, but the consent of the Fund must be obtained in conformity with the requirements of the
Investment Company Act. 
 12. Entire Agreement; Governing Law. 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of Delaware and the applicable provisions of the Investment Company Act. To the extent the applicable laws of the State of Delaware or any of
the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. 

  
 7 

 [The remainder of this page intentionally left blank] 

  
 8 

 In Witness Whereof, the parties hereto have caused this Agreement to be duly executed on the date
above written. 
  

			
	 Gladstone Capital Corporation

		
	By:	 	/s/ Bob Marcotte
		 	 Bob Marcotte

		 	 President

	
	 Gladstone Management Corporation

		
	By:	 	/s/ David Gladstone
		 	 David Gladstone

		 	 Chief Executive Officer

  
 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00340-of-00352.parquet"}]]