Document:

EX-4.10

 EXHIBIT 4.10 

KURA ONCOLOGY, INC. 

and 

                    , AS WARRANT AGENT

 FORM OF DEBT SECURITIES 

WARRANT AGREEMENT 
 DATED
AS OF [            ], 20    

 KURA ONCOLOGY, INC. 

FORM OF DEBT SECURITIES WARRANT AGREEMENT 

DEBT SECURITIES WARRANT AGREEMENT (this “Agreement”), dated as of
                     between KURA ONCOLOGY, INC., a Delaware corporation (the “Company”), and
                    , a [corporation] [national banking association] organized and existing under the laws of
                     and having a corporate trust office in
                    , as warrant agent (the “Warrant Agent”). 

WHEREAS, the Company has entered into an indenture dated as of
[                     (the “Senior Indenture”), with
                    , as trustee (such trustee, and any successors to such trustee, herein called the “Senior Trustee”),
providing for the issuance from time to time of its unsubordinated debt securities, to be issued in one or more series as provided in the Senior Indenture (the “Debt Securities”);]
[                     (the “Subordinated Indenture”), with
                    , as trustee (such trustee, and any successors to such trustee, herein called the “Subordinated
Trustee”), providing for the issuance from time to time of its subordinated debt securities, to be issued in one or more series as provided in the Subordinated Indenture (the “Debt Securities”);] 

WHEREAS, the Company proposes to sell [If Warrants are sold with other securities—title of such other securities being offered
(the “Other Securities”) with] warrant certificates evidencing one or more warrants (the “Warrants” or, individually, a “Warrant”) representing the right to purchase [title of
Debt Securities purchasable through exercise of Warrants] (the “Warrant Debt Securities”), such warrant certificates and other warrant certificates issued pursuant to this Agreement being herein called the “Warrant
Certificates”; and 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant
Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrant Certificates, and in this Agreement wishes to set forth, among other things, the form and provisions of the
Warrant Certificates and the terms and conditions on which they may be issued, registered, transferred, exchanged, exercised and replaced. 

NOW, THEREFORE, in consideration of the premises and of the mutual agreements herein contained, the parties hereto agree as follows:

 ARTICLE 1 

ISSUANCE OF WARRANTS AND EXECUTION AND DELIVERY OF WARRANT CERTIFICATES 

1.1 Issuance of Warrants. [If Warrants alone—Upon issuance, each Warrant Certificate shall evidence one or more Warrants.]
[If Other Securities and Warrants—Warrant Certificates shall be [initially] issued in connection with the issuance of the Other Securities [but shall be separately transferable on and after (the “Detachable Date”)] [and
shall not be separately transferable] and each Warrant Certificate shall evidence one or more Warrants.] Each Warrant evidenced thereby shall represent the right, subject to the provisions contained herein and therein, to purchase one Warrant Debt
Security. [If Other Securities and Warrants—Warrant Certificates shall be initially issued in units with the Other Securities and each Warrant Certificate included in such a unit shall evidence
                     Warrants for each [$         principal amount]
[                 shares] of Other Securities included in such unit]. 

1.2 Execution and Delivery of Warrant Certificates. Each Warrant Certificate, whenever issued, shall be in registered form
substantially in the form set forth in Exhibit A hereto, shall be dated the date of its countersignature by the Warrant Agent and may have such letters, numbers, or other marks of identification or designation and such legends or
endorsements printed, lithographed or engraved thereon as the officers of the Company executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Agreement, or
as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which the Warrants may be listed, or to conform to usage. The Warrant Certificates
shall be signed on behalf of the Company by any of its present or future chief executive officers, presidents, senior vice presidents, vice presidents, chief 

  
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financial officers, chief legal officers, treasurers, assistant treasurers, controllers, assistant controllers, secretaries or assistant secretaries under its corporate seal reproduced thereon.
Such signatures may be manual or facsimile signatures of such authorized officers and may be imprinted or otherwise reproduced on the Warrant Certificates. The seal of the Company may be in the form of a facsimile thereof and may be impressed,
affixed, imprinted or otherwise reproduced on the Warrant Certificates. 
 No Warrant Certificate shall be valid for any purpose, and no
Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been countersigned by the manual signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be
conclusive evidence that the Warrant Certificate so countersigned has been duly issued hereunder. 
 In case any officer of the Company who
shall have signed any of the Warrant Certificates either manually or by facsimile signature shall cease to be such officer before the Warrant Certificates so signed shall have been countersigned and delivered by the Warrant Agent, such Warrant
Certificates may be countersigned and delivered notwithstanding that the person who signed Warrant Certificates ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by such persons as, at the
actual date of the execution of such Warrant Certificate, shall be the proper officers of the Company, although at the date of the execution of this Agreement any such person was not such officer. 

The term “holder” or “holder of a Warrant Certificate” as used herein shall mean any person in whose name at the time any
Warrant Certificate shall be registered upon the books to be maintained by the Warrant Agent for that purpose [If Other Securities and Warrants are not immediately detachable—or upon the registration of the Other Securities prior to the
Detachable Date. Prior to the Detachable Date, the Company will, or will cause the registrar of the Other Securities to, make available at all times to the Warrant Agent such information as to holders of the Other Securities as may be necessary to
keep the Warrant Agent’s records up to date]. 
 1.3 Issuance of Warrant Certificates. Warrant Certificates evidencing the
right to purchase Warrant Debt Securities may be executed by the Company and delivered to the Warrant Agent upon the execution of this Warrant Agreement or from time to time thereafter. The Warrant Agent shall, upon receipt of Warrant Certificates
duly executed on behalf of the Company, countersign such Warrant Certificates and shall deliver such Warrant Certificates to or upon the order of the Company. 

ARTICLE 2 
 WARRANT
PRICE, DURATION AND EXERCISE OF WARRANTS 
 2.1 Warrant Price. During the period specified in Section 2.2, each Warrant
shall, subject to the terms of this Warrant Agreement and the applicable Warrant Certificate, entitle the holder thereof, to purchase the principal amount of Warrant Debt Securities specified in the applicable Warrant Certificate at an exercise
price of     % of the principal amount thereof [plus accrued amortization, if any, of the original issue discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which interest shall
have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from the date of their initial issuance.] [The original issue discount ($         for
each $1,000 principal amount of Warrant Debt Securities) will be amortized at a     % annual rate, computed on a[n] [semi-] annual basis [using a 360-day year consisting of twelve 30-day months].] Such purchase price for the
Warrant Debt Securities is referred to in this Agreement as the “Warrant Price.” 
 2.2 Duration of
Warrants. Each Warrant may be exercised in whole or in part at any time, as specified herein, on or after [the date thereof]
[                    ] and at or before [        ] p.m., [City] time, on
                     or such later date as the Company may designate by notice to the Warrant Agent and the holders of Warrant Certificates mailed to
their addresses as set forth in the record books of the Warrant Agent (the “Expiration Date”). Each Warrant not exercised at or before [        ] p.m., [City] time, on the Expiration
Date shall become void, and all rights of the holder of the Warrant Certificate evidencing such Warrant under this Agreement shall cease. 

  
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 2.3 Exercise Of Warrants. 

(a) During the period specified in Section 2.2, the Warrants may be exercised to purchase a whole number of Warrant Debt
Securities in registered form by providing certain information as set forth on the reverse side of the Warrant Certificate and by paying in full, in lawful money of the United States of America, [in cash or by certified check or official bank check
in New York Clearing House funds] [by bank wire transfer in immediately available funds] the Warrant Price for each Warrant Debt Security with respect to which a Warrant is being exercised to the Warrant Agent at its corporate trust office, provided
that such exercise is subject to receipt within five business days of such payment by the Warrant Agent of the Warrant Certificate with the form of election to purchase Warrant Debt Securities set forth on the reverse side of the Warrant Certificate
properly completed and duly executed. The date on which payment in full of the Warrant Price is received by the Warrant Agent shall, subject to receipt of the Warrant Certificate as aforesaid, be deemed to be the date on which the Warrant is
exercised; provided, however, that if, at the date of receipt of such Warrant Certificates and payment in full of the Warrant Price, the transfer books for the Warrant Debt Securities purchasable upon the exercise of such Warrants shall be closed,
no such receipt of such Warrant Certificates and no such payment of such Warrant Price shall be effective to constitute the person so designated to be named as the holder of record of such Warrant Debt Securities on such date, but shall be effective
to constitute such person as the holder of record of such Warrant Debt Securities for all purposes at the opening of business on the next succeeding day on which the transfer books for the Warrant Debt Securities purchasable upon the exercise of
such Warrants shall be opened, and the certificates for the Warrant Debt Securities in respect of which such Warrants are then exercised shall be issuable as of the date on such next succeeding day on which the transfer books shall next be opened,
and until such date the Company shall be under no duty to deliver any certificate for such Warrant Debt Securities. The Warrant Agent shall deposit all funds received by it in payment of the Warrant Price in an account of the Company maintained with
it and shall advise the Company by telephone at the end of each day on which a payment for the exercise of Warrants is received of the amount so deposited to its account. The Warrant Agent shall promptly confirm such telephone advice to the Company
in writing. 
 (b) The Warrant Agent shall, from time to time, as promptly as practicable, advise the Company of (i) the
number of Warrant Debt Securities with respect to which Warrants were exercised, (ii) the instructions of each holder of the Warrant Certificates evidencing such Warrants with respect to delivery of the Warrant Debt Securities to which such
holder is entitled upon such exercise, (iii) delivery of Warrant Certificates evidencing the balance, if any, of the Warrants for the remaining Warrant Debt Securities after such exercise, and (iv) such other information as the Company or
the [Senior] [Subordinated] Trustee shall reasonably require. 
 (c) As soon as practicable after the exercise of any Warrant,
the Company shall issue, pursuant to the Indenture, in authorized denominations, to or upon the order of the holder of the Warrant Certificate evidencing such Warrant, the Warrant Debt Securities to which such holder is entitled, in fully registered
form, registered in such name or names as may be directed by such holder. If fewer than all of the Warrants evidenced by such Warrant Certificate are exercised, the Company shall execute, and an authorized officer of the Warrant Agent shall manually
countersign and deliver, a new Warrant Certificate evidencing Warrants for the number of Warrant Debt Securities remaining unexercised. 

(d) The Company shall not be required to pay any stamp or other tax or other governmental charge required to be paid in connection
with any transfer involved in the issue of the Warrant Debt Securities, and in the event that any such transfer is involved, the Company shall not be required to issue or deliver any Warrant Debt Securities until such tax or other charge shall have
been paid or it has been established to the Company’s satisfaction that no such tax or other charge is due. 
 (e) Prior to
the issuance of any Warrants there shall have been reserved, and the Company shall at all times through the Expiration Date keep reserved, out of its authorized but unissued Warrant Debt Securities, a number of shares sufficient to provide for the
exercise of the Warrants. 

  
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 ARTICLE 3 

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANT 

CERTIFICATES 

3.1 No Rights As Holders of Warrant Debt Securities Conferred By Warrants or Warrant Certificates. No Warrant Certificate or
Warrant evidenced thereby shall entitle the holder thereof to any of the rights of a holder of Warrant Debt Securities, including, without limitation, the right to receive the payment of principal of (or premium, if any) or interest, if any, on the
Warrant Debt Securities or to enforce any of the covenants in the Indenture. 
 3.2 Lost, Stolen, Mutilated or Destroyed Warrant
Certificates. Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it and the Company of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and/or indemnity reasonably satisfactory to
the Warrant Agent and the Company and, in the case of mutilation, upon surrender of the mutilated Warrant Certificate to the Warrant Agent for cancellation, then, in the absence of notice to the Company or the Warrant Agent that such Warrant
Certificate has been acquired by a bona fide purchaser, the Company shall execute, and an authorized officer of the Warrant Agent shall manually countersign and deliver, in exchange for or in lieu of the lost, stolen, destroyed or mutilated Warrant
Certificate, a new Warrant Certificate of the same tenor and evidencing Warrants for a like principal amount of Warrant Debt Securities. Upon the issuance of any new Warrant Certificate under this Section 3.2, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Warrant Agent) in connection therewith. Every substitute Warrant
Certificate executed and delivered pursuant to this Section 3.2 in lieu of any lost, stolen or destroyed Warrant Certificate shall represent an additional contractual obligation of the Company, whether or not the lost, stolen or destroyed
Warrant Certificate shall be at any time enforceable by anyone, and shall be entitled to the benefits of this Agreement equally and proportionately with any and all other Warrant Certificates duly executed and delivered hereunder. The provisions of
this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement of mutilated, lost, stolen or destroyed Warrant Certificates. 

3.3 Holder Of Warrant Certificate May Enforce Rights. Notwithstanding any of the provisions of this Agreement, any holder of
any Warrant Certificate, without the consent of the Warrant Agent, the [Senior] [Subordinated] Trustee, the holder of any Warrant Debt Securities or the holder of any other Warrant Certificate, may, in such holder’s own behalf and for such
holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such holder’s right to exercise the Warrants evidenced by such holder’s
Warrant Certificate in the manner provided in such holder’s Warrant Certificates and in this Agreement. 
 3.4 Merger, Sale,
Conveyance or Lease. In case of (a) any share exchange, merger or similar transaction of the Company with or into another person or entity (other than a share exchange, merger or similar transaction in which the Company is the acquiring or
surviving corporation) or (b) the sale, exchange, lease, transfer or other disposition of all or substantially all of the properties and assets of the Company as an entirety (in any such case, a “Reorganization Event”),
then, as a condition of such Reorganization Event, lawful provisions shall be made, and duly executed documents evidencing the same from the Company’s successor shall be delivered to the holders of the Warrants, so that such successor shall
succeed to and be substituted for the Company, and assume all the Company’s obligations under, this Agreement and the Warrants. The Company shall thereupon be relieved of any further obligation hereunder or under the Warrants, and the Company
as the predecessor corporation may thereupon or at any time thereafter be dissolved, wound up or liquidated. Such successor or assuming entity thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any
or all of the Warrants issuable hereunder which heretofore shall not have been signed by the Company, and may execute and deliver securities in its own name, in fulfillment of its obligations to deliver Warrant Debt Securities upon exercise of the
Warrants. All the Warrants so issued shall in all respects have the same legal rank and benefit under this Agreement as the Warrants theretofore or thereafter issued in accordance with the terms of this Agreement as though all of such Warrants had
been issued at the date of the execution hereof. In any case of any such Reorganization Event, such changes in phraseology and form (but not in substance) may be made in the Warrants thereafter to be issued as may be appropriate. The Warrant Agent
may receive a written opinion of legal counsel as conclusive evidence that any such Reorganization Event complies with the provisions of this Section 3.4. 

3.5 Notice To Warrantholders. In case the Company shall (a) effect any Reorganization Event or (b) make any distribution
on or in respect of the [title of Warrant Debt Securities] in connection with the dissolution, liquidation or winding up of the Company, then the Company shall mail to each holder of Warrants at such holder’s

  
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address as it shall appear on the books of the Warrant Agent, at least ten days prior to the applicable date hereinafter specified, a notice stating the date on which such Reorganization Event,
dissolution, liquidation or winding up is expected to become effective, and the date as of which it is expected that holders of [title of Warrant Debt Securities] of record shall be entitled to exchange their shares of [title of Warrant Debt
Securities] for securities or other property deliverable upon such Reorganization Event, dissolution, liquidation or winding up. No failure to mail such notice nor any defect therein or in the mailing thereof shall affect any such transaction. 

ARTICLE 4 

EXCHANGE AND TRANSFER OF WARRANT CERTIFICATES 

4.1 Exchange and Transfer of Warrant Certificates. [If Other Securities with Warrants which are immediately detachable—Upon]
[If Other Securities with Warrants which are not immediately detachable—Prior to the Detachable Date, a Warrant Certificate may be exchanged or transferred only together with the Other Security to which the Warrant Certificate was initially
attached, and only for the purpose of effecting or in conjunction with an exchange or transfer of such Other Security. Prior to any Detachable Date, each transfer of the Other Security shall operate also to transfer the related Warrant Certificates.
After the Detachable Date, upon] surrender at the corporate trust office of the Warrant Agent, Warrant Certificates evidencing Warrants may be exchanged for Warrant Certificates in other denominations evidencing such Warrants or the transfer thereof
may be registered in whole or in part; provided that such other Warrant Certificates evidence Warrants for the same aggregate principal amount of Warrant Debt Securities as the Warrant Certificates so surrendered. The Warrant Agent shall keep, at
its corporate trust office, books in which, subject to such reasonable regulations as it may prescribe, it shall register Warrant Certificates and exchanges and transfers of outstanding Warrant Certificates, upon surrender of the Warrant
Certificates to the Warrant Agent at its corporate trust office for exchange or registration of transfer, properly endorsed or accompanied by appropriate instruments of registration of transfer and written instructions for transfer, all in form
satisfactory to the Company and the Warrant Agent. No service charge shall be made for any exchange or registration of transfer of Warrant Certificates, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other
governmental charge that may be imposed in connection with any such exchange or registration of transfer. Whenever any Warrant Certificates are so surrendered for exchange or registration of transfer, an authorized officer of the Warrant Agent shall
manually countersign and deliver to the person or persons entitled thereto a Warrant Certificate or Warrant Certificates duly authorized and executed by the Company, as so requested. The Warrant Agent shall not be required to effect any exchange or
registration of transfer which will result in the issuance of a Warrant Certificate evidencing a Warrant for a fraction of a Warrant Debt Security or a number of Warrants for a whole number of Warrant Debt Securities and a fraction of a Warrant Debt
Security. All Warrant Certificates issued upon any exchange or registration of transfer of Warrant Certificates shall be the valid obligations of the Company, evidencing the same obligations and entitled to the same benefits under this Agreement as
the Warrant Certificate surrendered for such exchange or registration of transfer. 
 4.2 Treatment of Holders of Warrant
Certificates. [If Other Securities and Warrants are not immediately detachable—Prior to the Detachable Date, the Company, the Warrant Agent and all other persons may treat the owner of the Other Security as the owner of the Warrant
Certificates initially attached thereto for any purpose and as the person entitled to exercise the rights represented by the Warrants evidenced by such Warrant Certificates, any notice to the contrary notwithstanding. After the Detachable Date and
prior to due presentment of a Warrant Certificate for registration of transfer, the] [The] Company, the Warrant Agent and all other persons may treat the registered holder of a Warrant Certificate as the absolute owner thereof for any purpose and as
the person entitled to exercise the rights represented by the Warrants evidenced thereby, any notice to the contrary notwithstanding. 

4.3 Cancellation of Warrant Certificates. Any Warrant Certificate surrendered for exchange, registration of transfer or exercise
of the Warrants evidenced thereby shall, if surrendered to the Company, be delivered to the Warrant Agent and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly canceled by the Warrant Agent and shall not be
reissued and, except as expressly permitted by this Agreement, no Warrant Certificate shall be issued hereunder in exchange therefor or in lieu thereof. The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of
canceled Warrant Certificates in a manner satisfactory to the Company. 

  
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 ARTICLE 5 

CONCERNING THE WARRANT AGENT 

5.1 Warrant Agent. The Company hereby appoints
                     as Warrant Agent of the Company in respect of the Warrants and the Warrant Certificates upon the terms and subject to the
conditions herein set forth, and                      hereby accepts such appointment. The Warrant Agent shall have the powers and authority granted
to and conferred upon it in the Warrant Certificates and hereby and such further powers and authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it. All of the terms and provisions with respect to such
powers and authority contained in the Warrant Certificates are subject to and governed by the terms and provisions hereof. 

5.2 Conditions of Warrant Agent’s Obligations. The Warrant Agent accepts its obligations herein set forth upon the terms and
conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the holders from time to time of the Warrant Certificates shall be subject: 

(a) Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation to be agreed upon with
the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) incurred without negligence, bad faith or willful misconduct by the Warrant Agent
in connection with the services rendered hereunder by the Warrant Agent. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without negligence, bad faith or willful
misconduct on the part of the Warrant Agent, arising out of or in connection with its acting as Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. 

(b) Agent for the Company. In acting under this Warrant Agreement and in connection with the Warrant Certificates, the Warrant
Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the holders of Warrant Certificates or beneficial owners of Warrants. 

(c) Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the
written advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the advice of such counsel. 

(d) Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted
by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties. 

(e) Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any
interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the
Company and may act on, or as depositary, trustee or agent for, any committee or body of holders of Warrant Debt Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Warrant
Agreement shall be deemed to prevent the Warrant Agent from acting as [Senior] [Subordinated] Trustee under the [Senior] [Subordinated] Indenture. 

(f) No Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on
any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates. 
 (g) No
Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or any of the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon). 

  
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 (h) No Responsibility for Representations. The Warrant Agent shall not be responsible
for any of the recitals or representations herein or in the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company. 

(i) No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant
Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which
may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the
Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant Certificates. The Warrant Agent shall
have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the receipt of any written demand from a holder of a Warrant
Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as provided in Section 6.2
hereof, to make any demand upon the Company. 
 5.3 Resignation, Removal and Appointment of Successors. 

(a) The Company agrees, for the benefit of the holders from time to time of the Warrant Certificates, that there shall at all times
be a Warrant Agent hereunder until all the Warrants have been exercised or are no longer exercisable. 
 (b) The Warrant Agent
may at any time resign as agent by giving written notice to the Company of such intention on its part, specifying the date on which its desired resignation shall become effective; provided that such date shall not be less than three months after the
date on which such notice is given unless the Company otherwise agrees. The Warrant Agent hereunder may be removed at any time by the filing with it of an instrument in writing signed by or on behalf of the Company and specifying such removal and
the intended date when it shall become effective. Such resignation or removal shall take effect upon the appointment by the Company, as hereinafter provided, of a successor Warrant Agent (which shall be a bank or trust company authorized under the
laws of the jurisdiction of its organization to exercise corporate trust powers) and the acceptance of such appointment by such successor Warrant Agent. The obligation of the Company under Section 5.2(a) shall continue to the extent set
forth therein notwithstanding the resignation or removal of the Warrant Agent. 
 (c) In case at any time the Warrant Agent
shall resign, or shall be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or shall commence a voluntary case under the Federal bankruptcy laws, as now or hereafter constituted, or under any other
applicable Federal or state bankruptcy, insolvency or similar law or shall consent to the appointment of or taking possession by a receiver, custodian, liquidator, assignee, trustee, sequestrator (or other similar official) of the Warrant Agent or
its property or affairs, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due, or shall take corporate action in furtherance of any such action, or a decree
or order for relief by a court having jurisdiction in the premises shall have been entered in respect of the Warrant Agent in an involuntary case under the Federal bankruptcy laws, as now or hereafter constituted, or any other applicable Federal or
state bankruptcy, insolvency or similar law, or a decree or order by a court having jurisdiction in the premises shall have been entered for the appointment of a receiver, custodian, liquidator, assignee, trustee, sequestrator (or similar official)
of the Warrant Agent or of its property or affairs, or any public officer shall take charge or control of the Warrant Agent or of its property or affairs for the purpose of rehabilitation, conservation, winding up or liquidation, a successor Warrant
Agent, qualified as aforesaid, shall be appointed by the Company by an instrument in writing, filed with the successor Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by the successor Warrant Agent of
such appointment, the Warrant Agent shall cease to be Warrant Agent hereunder. 
 (d) Any successor Warrant Agent appointed
hereunder shall execute, acknowledge and deliver to its predecessor and to the Company an instrument accepting such appointment hereunder, and thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become vested
with all the 

  
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authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Warrant Agent hereunder, and such predecessor, upon payment of
its charges and disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to receive, all monies, securities and other property on deposit with or held by such
predecessor, as Warrant Agent hereunder. 
 (e) Any corporation into which the Warrant Agent hereunder may be merged or
converted or any corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any corporation to which the Warrant Agent shall
sell or otherwise transfer all or substantially all the assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid, shall be the successor Warrant Agent under this Agreement without the execution or filing of any
paper or any further act on the part of any of the parties hereto. 
 ARTICLE 6 

MISCELLANEOUS 

6.1 Amendment. This Agreement may be amended by the parties hereto, without the consent of the holder of any Warrant Certificate,
for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein, or making any other provisions with respect to matters or questions arising under this Agreement as the Company and the
Warrant Agent may deem necessary or desirable; provided that such action shall not materially adversely affect the interests of the holders of the Warrant Certificates. 

6.2 Notices and Demands to the Company and Warrant Agent. If the Warrant Agent shall receive any notice or demand addressed to the
Company by the holder of a Warrant Certificate pursuant to the provisions of the Warrant Certificates, the Warrant Agent shall promptly forward such notice or demand to the Company. 

6.3 Addresses. Any communication from the Company to the Warrant Agent with respect to this Agreement shall be addressed to
                    ,
Attention:                      and any communication from the Warrant Agent to the Company with respect to this Agreement shall be addressed to
Kura Oncology, Inc., 11119 North Torrey Pines Road, Suite 125, La Jolla, California 92037, Attention: Chief Financial Officer (or such other address as shall be specified in writing by the Warrant Agent or by the Company). 

6.4 Governing Law. This Agreement and each Warrant Certificate issued hereunder, and any claim, controversy or dispute arising
under or related to this Agreement or any Warrant Certificate, shall be governed by and construed in accordance with the laws of the State of New York. 

6.5 Delivery Of Prospectus. The Company shall furnish to the Warrant Agent sufficient copies of a prospectus meeting the
requirements of the Securities Act of 1933, as amended, relating to the Warrant Debt Securities deliverable upon exercise of the Warrants (the “Prospectus”), and the Warrant Agent agrees that upon the exercise of any Warrant,
the Warrant Agent will deliver to the holder of the Warrant Certificate evidencing such Warrant, prior to or concurrently with the delivery of the Warrant Debt Securities issued upon such exercise, a Prospectus. The Warrant Agent shall not, by
reason of any such delivery, assume any responsibility for the accuracy or adequacy of such Prospectus. 
 6.6 Obtaining of
Governmental Approvals. The Company will from time to time take all action which may be necessary to obtain and keep effective any and all permits, consents and approvals of governmental agencies and authorities and securities act filings under
United States Federal and state laws (including without limitation a registration statement in respect of the Warrants and Warrant Debt Securities under the Securities Act of 1933, as amended), which may be or become requisite in connection with the
issuance, sale, transfer, and delivery of the Warrant Debt Securities issued upon exercise of the Warrants, the issuance, sale, transfer and delivery of the Warrants or upon the expiration of the period during which the Warrants are exercisable.

  
 9 

 6.7 Persons Having Rights Under Warrant Agreement. Nothing in this Agreement shall
give to any person other than the Company, the Warrant Agent and the holders of the Warrant Certificates any right, remedy or claim under or by reason of this Agreement. 

6.8 Headings. The descriptive headings of the several Articles and Sections of this Agreement are inserted for convenience only
and shall not control or affect the meaning or construction of any of the provisions hereof. 
 6.9 Counterparts. This Agreement
may be executed in any number of counterparts, each of which as so executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. 

6.10 Inspection of Agreement. A copy of this Agreement shall be available at all reasonable times at the principal corporate trust
office of the Warrant Agent for inspection by the holder of any Warrant Certificate. The Warrant Agent may require such holder to submit his Warrant Certificate for inspection by it. 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all
as of the day and year first above written. 
  

			
	KURA ONCOLOGY, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	[WARRANT AGENT], as Warrant Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 [SIGNATURE PAGE TO DEBT SECURITIES WARRANT AGREEMENT] 

  
 11 

 EXHIBIT A 

FORM OF WARRANT CERTIFICATE 

[FACE OF WARRANT CERTIFICATE] 
  

					
	[[Form if Warrants are attached to Other Securities and are not immediately detachable.]	 		 	[Prior to                     , this Warrant Certificate cannot be transferred or exchanged unless attached to a [Title of
Other Securities].]
			
	[Form of Legend if Warrants are not immediately exercisable.]	 		 	[Prior to                     , Warrants evidenced by this Warrant Certificate cannot be exercised.]

 EXERCISABLE ONLY IF COUNTERSIGNED BY THE WARRANT AGENT AS PROVIDED HEREIN 

VOID AFTER [        ] P.M., [        ] TIME, ON
            ,          

  
 12 

 KURA ONCOLOGY, INC. 

WARRANT CERTIFICATE REPRESENTING 

WARRANTS TO PURCHASE 

[TITLE OF WARRANT DEBT SECURITIES] 
  

			
	No.                     	  	Warrants

 This certifies that
                     or registered assigns is the registered owner of the above indicated number of Warrants, each Warrant entitling such owner [If
Warrants are attached to Other Securities and are not immediately detachable —, subject to the registered owner qualifying as a “Holder” of this Warrant Certificate, as hereinafter defined)] to purchase, at any time [after
[        ] p.m., [City] time, on                      and] on or before
[        ] p.m., [City] time, on                     ,
$          principal amount of [Title of Warrant Debt Securities] (the “Warrant Debt Securities”), of Kura Oncology, Inc. (the “Company”), issued or to
be issued under the Indenture (as hereinafter defined), on the following basis: during the period from                     , through and including
                    , each Warrant shall entitle the Holder thereof, subject to the provisions of this Agreement, to purchase the principal amount of
Warrant Debt Securities stated in the Warrant Certificate at the warrant price (the “Warrant Price”) of     % of the principal amount thereof [plus accrued amortization, if any, of the original issue
discount of the Warrant Debt Securities] [plus accrued interest, if any, from the most recent date from which interest shall have been paid on the Warrant Debt Securities or, if no interest shall have been paid on the Warrant Debt Securities, from
the date of their original issuance]. [The original issue discount ($          for each $1,000 principal amount of Warrant Debt Securities) will be amortized at a     % annual rate,
computed on a[n] [semi-]annual basis [using a 360-day year consisting of twelve 30-day months]. The Holder may exercise the Warrants evidenced hereby by providing certain information set forth on the back hereof and by paying in full, in lawful
money of the United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price for each Warrant Debt Security with respect to
which this Warrant is exercised to the Warrant Agent (as hereinafter defined) and by surrendering this Warrant Certificate, with the purchase form on the back hereof duly executed, at the corporate trust office of [name of Warrant Agent], or its
successor as warrant agent (the “Warrant Agent”), which is, on the date hereof, at the address specified on the reverse hereof, and upon compliance with and subject to the conditions set forth herein and in the Warrant
Agreement (as hereinafter defined). 
 The term “Holder” as used herein shall mean [If Warrants are attached to Other Securities
and are not immediately detachable—, prior to             ,          (the “Detachable Date”), the registered owner of
the Company’s [title of Other Securities] to which this Warrant Certificate was initially attached, and after such Detachable Date,] the person in whose name at the time this Warrant Certificate shall be registered upon the books to be
maintained by the Warrant Agent for that purpose pursuant to Section 4 of the Warrant Agreement. 
 The Warrants evidenced by this
Warrant Certificate may be exercised to purchase Warrant Debt Securities in the principal amount of $1,000 or any integral multiple thereof in registered form. Upon any exercise of fewer than all of the Warrants evidenced by this Warrant
Certificate, there shall be issued to the Holder hereof a new Warrant Certificate evidencing Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised. 

This Warrant Certificate is issued under and in accordance with the Warrant Agreement dated as of
            ,          (the “Warrant Agreement”), between the Company and the Warrant Agent and is subject to the terms and
provisions contained in the Warrant Agreement, to all of which terms and provisions the Holder of this Warrant Certificate consents by acceptance hereof. Copies of the Warrant Agreement are on file at the above-mentioned office of the Warrant Agent.

 The Warrant Debt Securities to be issued and delivered upon the exercise of Warrants evidenced by this Warrant Certificate will be issued
under and in accordance with an Indenture, [dated as of             ,          (the “Senior Indenture”), between the Company
and                     , as trustee (such trustee, and any successors to such trustee, the “Senior Trustee”)] [dated as
of                     ,                     ,
(the “Subordinated Indenture”), between the Company and                     , as trustee (such trustee, and any successors to
such trustee, the “Subordinated Trustee”)] and will be subject to the terms and provisions contained in 

  
 13 

 
the Warrant Debt Securities and in the Indenture. Copies of the [Senior] [Subordinated] Indenture, including the form of the Warrant Debt Securities, are on file at the corporate trust office of
the Trustee. 
 [If Warrants are attached to Other Securities and are not immediately detachable—Prior to the Detachable Date, this
Warrant Certificate may be exchanged or transferred only together with the [Title of Other Securities] (the “Other Securities”) to which this Warrant Certificate was initially attached, and only for the purpose of effecting
or in conjunction with, an exchange or transfer of such Other Security. Additionally, on or prior to the Detachable Date, each transfer of such Other Security on the register of the Other Securities shall operate also to transfer this Warrant
Certificate. After such date, transfer of this] [If Warrants are attached to Other Securities and are immediately detachable—Transfer of this] Warrant Certificate may be registered when this Warrant Certificate is surrendered at the corporate
trust office of the Warrant Agent by the registered owner or such owner’s assigns, in the manner and subject to the limitations provided in the Warrant Agreement. 

[If Other Securities with Warrants which are not immediately detachable-Except as provided in the immediately preceding paragraph, after] [If
Other Securities with Warrants which are immediately detachable or Warrants alone—After] countersignature by the Warrant Agent and prior to the expiration of this Warrant Certificate, this Warrant Certificate may be exchanged at the corporate
trust office of the Warrant Agent for Warrant Certificates representing Warrants for the same aggregate principal amount of Warrant Debt Securities. 

This Warrant Certificate shall not entitle the Holder hereof to any of the rights of a holder of the Warrant Debt Securities, including,
without limitation, the right to receive payments of principal of (and premium, if any) or interest, if any, on the Warrant Debt Securities or to enforce any of the covenants of the Indenture. 

Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof, which further provisions shall
for all purposes have the same effect as if set forth at this place. 
 This Warrant Certificate shall not be valid or obligatory for any
purpose until countersigned by the Warrant Agent. 

  
 14 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed in its name and on
its behalf by the facsimile signatures of its duly authorized officers. 
 Dated:
                     
  

			
	KURA ONCOLOGY, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
		 	Countersigned:
	
	[WARRANT AGENT], as Warrant Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 15 

 [REVERSE OF WARRANT CERTIFICATE] 

(Instructions for Exercise of Warrant) 

To exercise any Warrants evidenced hereby for Warrant Debt Securities (as hereinafter defined), the Holder must pay, in lawful money of the
United States of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], the Warrant Price in full for Warrants exercised, to [Warrant Agent] [address
of Warrant Agent], Attn:                     , which payment must specify the name of the Holder and the number of Warrants exercised by such
Holder. In addition, the Holder must complete the information required below and present this Warrant Certificate in person or by mail (certified or registered mail is recommended) to the Warrant Agent at the appropriate address set forth above.
This Warrant Certificate, completed and duly executed, must be received by the Warrant Agent within five business days of the payment. 
 (To
be executed upon exercise of Warrants) 
 The undersigned hereby irrevocably elects to exercise
                     Warrants, represented by this Warrant Certificate, to purchase $          principal
amount of the [Title of Warrant Debt Securities] (the “Warrant Debt Securities”) of Kura Oncology, Inc. and represents that he has tendered payment for such Warrant Debt Securities, in lawful money of the United States
of America, [in cash or by certified check or official bank check in New York Clearing House funds] [by bank wire transfer in immediately available funds], to the order of Kura Oncology, Inc., c/o [insert name and address of Warrant Agent], in
the amount of $          in accordance with the terms hereof. The undersigned requests that said principal amount of Warrant Debt Securities be in fully registered form in the authorized denominations,
registered in such names and delivered all as specified in accordance with the instructions set forth below. 
 If the number of Warrants
exercised is less than all the Warrants evidenced hereby, the undersigned requests that a new Warrant Certificate evidencing the Warrants for the aggregate principal amount of Warrant Debt Securities remaining unexercised be issued and delivered to
the undersigned unless otherwise specified in the instructions below. 
  

									
	Dated	 	  
	 		 	Name	 	  

		 		 		 		 	Please Print
				
	Address:	 		 		 	
				
	(Insert Social Security or Other Identifying Number of Holder)	 		 		 	

  

									
	Signature Guaranteed	 	  
	 		 		 	
		 	    Signature	 		 		 	

 (Signature must conform in all respects to name of holder as specified on the face of this Warrant Certificate and must bear a
signature guarantee by a FINRA member firm). 
 This Warrant may be exercised at the following addresses: 

By hand at 
 By mail at 

[Instructions as to form and delivery of Warrant Debt Securities and, if applicable, Warrant Certificates evidencing Warrants for the number of Warrant Debt
Securities remaining unexercised—complete as appropriate.] 

  
 16 

 ASSIGNMENT 

[Form of assignment to be executed if Warrant Holder desires to transfer Warrant] 

FOR VALUE RECEIVED,                     
hereby sells, assigns and transfers unto: 
  

					
	  
	 		 	
			
	  
	 		 	
			
	  
	 		 	  

	(Please print name and address including zip code)	 		 	Please print Social Security or other identifying number

 the right represented by the within Warrant to purchase $          aggregate
principal amount of [Title of Warrant Debt Securities] of Kura Oncology, Inc. to which the within Warrant relates and appoints
                     attorney to transfer such right on the books of the Warrant Agent with full power of substitution in the premises. 

 

									
	Dated	 	  
	 		 		 	  

		 		 		 		 	Signature

 (Signature must conform in all respects to name of holder as specified on the face of the Warrant) 

 

	
	Signature Guaranteed
	
	  

  
 17Credit Facility dated April 5, 2016

 Exhibit 10.1 

CREDIT AGREEMENT 
 CREDIT AGREEMENT
(this “Agreement”), dated as of April 5 2016, by and between PACHOLDER HIGH YIELD FUND, INC., a corporation that is registered under the Investment Company Act of 1940, as amended, (the “Client”) and
PERSHING LLC (“Pershing”). 
 WHEREAS, Pershing is an SEC-registered member of several national securities
exchanges and is a clearing member of The Options Clearing Corporation (“OCC”); and 
 WHEREAS, Client seeks to
obtain financing from Pershing, and Pershing is willing to provide such financing, on the terms and conditions provided for in this Agreement; and 

WHEREAS, Client intends to pledge assets held at JPMorgan Chase Bank, N.A. (“Custodian”) to Pershing to secure
performance of Client’s obligations with respect to financing obtained from Pershing hereunder and for that purpose has executed a Special Custody and Pledge Agreement (as amended, supplemented or otherwise modified from time to time, the
“Special Custody and Pledge Agreement”) with Pershing and Custodian; and 
 WHEREAS, Pershing is required to comply
with applicable laws and regulations, including the margin regulations of the Board of Governors of the Federal Reserve System, the OCC, any relevant securities exchanges, other self-regulatory associations (the “Margin Rules”) and
Pershing’s internal policies; and 
 WHEREAS, Client and Pershing desire to establish procedures for their compliance with the
Margin Rules; and 
 WHEREAS, Custodian acts as custodian of certain assets of Client pursuant to a contract with Client (the
“Custodian Contract”) and holds such assets in an account (the “Custodial Account”) and is further prepared to act as custodian for Collateral (as defined in the Special Custody and Pledge Agreement) pursuant to the
terms and conditions of the Special Custody and Pledge Agreement; 
 THEREFORE, the parties hereto hereby agree as follows: 

ARTICLE I 
 FINANCING

 This Agreement relates to Pershing providing financing to Client and sets forth terms and conditions under which Client may borrow funds from
Pershing which shall be collateralized by assets held in a Special Custody Account (as defined in the Special Custody and Pledge Agreement) held at Custodian pursuant to the Special Custody and Pledge Agreement. Capitalized terms used herein, and
not otherwise defined herein, shall have the meanings assigned to such terms in the Special Custody and Pledge Agreement. 
 Commitment to Lend.
Subject to the terms and conditions set forth in this Agreement, Pershing agrees to lend to Client and Client may borrow, repay and reborrow from time to time during the term of this Agreement, such sums as are requested by Client up to a maximum
aggregate principal amount outstanding (after giving effect to all amounts outstanding and all amounts requested and subject to sufficient collateral to justify the amount) at any one time equal to US $50,000,000 (or such greater amount agreed to by
Pershing). Each borrowing under this Section shall be an open commitment terminable upon 180 days’ written notice, subject to the early termination provisions contained in Sections 3.03 and 6.01 of this Agreement. 

  
 1 

 1.01 Conditions Precedent. The obligation of Pershing to make a loan hereunder is subject to the
satisfaction, on the date of such loan, of the following conditions precedent: 
  

	 	(a).	all representations and warranties of Client contained in this Agreement or the Special Custody and Pledge Agreement shall be true and correct in all material respects; 

 

	 	(b).	no Event of Default (as defined below) under this Agreement or Customer Default under the Special Custody and Pledge Agreement shall have occurred and be continuing; and 

 

	 	(c).	unless otherwise agreed by the parties hereto, the debit balance shall be less than the amount specified in Appendix A hereto as the maximum margin debit. 

1.02 Risk Factors. By applying for a margin account, Client acknowledges receipt of Pershing’s Margin Risk Disclosure Statement. Client further
acknowledges that it has carefully considered all of the factors set forth in this paragraph as well as the terms set forth in this Article I and has thereupon decided that the contemplated financing is appropriate for Client. 

Margin transactions involve the possibility of greater loss than transactions for which Client is not borrowing money. If the value of the securities in
Client’s Special Custody Account falls, Client may be required to deposit additional assets to secure Client’s loans hereunder. Alternatively, subject to Article VI below, Pershing may sell Client’s securities to pay down or pay off
such loans and at a loss or at lower prices than under other circumstances. Client remains solely liable for any deficiencies arising from such sales, except to the extent such deficiencies arise out of Pershing’s or any of Pershing’s
affiliates’ gross negligence, willful misconduct, fraud, willful violation of Applicable Law (as defined below) or willful breach of this Agreement. 

Client agrees to carefully consider Client’s own financial condition, tolerance for risk and investment objectives, as well as market conditions, before
Client decides to use margin credit. Client acknowledges that Pershing has made available to Client certain information relating to margin and that before submitting Client’s application for a margin account, Client represents and warrants to
Pershing that Client has had an opportunity to discuss with Pershing the risks associated with the use of margin and that the use of margin is consistent with Client’s investment objectives as provided to Pershing. 

1.03 Special Custody Account Operation. Client agrees to maintain Adequate Performance Assurance for Client’s Special Custody Account as agreed to
herein by Pershing and Client, which may exceed that required by applicable rules and regulations. Client agrees to pay, subject to the immediately succeeding sentence, on written demand in accordance with Section 7.09, and satisfy all margin
and maintenance calls and pay interest charges with respect to Client’s Special Custody Account in accordance with Article II or otherwise as agreed upon in writing by Client and Pershing, provided that to the extent such charges relate to
securities not covered by Article II or an agreement in writing between Client and Pershing, such charges shall be in accordance with Pershing’s usual custom. For the purposes of this section, on written demand shall mean: if such demand is
made by Pershing on or prior to 10:00 a.m. New York time on a Business Day, by the close of business on such day; and if such demand is made by Pershing after 10:00 a.m. and no later than 5:00 p.m. New York time on a Business Day, by 12:00 noon New
York time on the next Business Day; and if such demand is made after 5:00 p.m. New York time on a Business Day by the close of business on the next Business Day. 

  
 2 

 Pershing may, in its reasonable discretion, require Client to (a) deliver collateral to the Special Custody
Account (i) to maintain margin as required by Pershing in accordance with Appendix A to this Agreement and (ii) secure Client’s performance of any obligations due to Pershing hereunder or (b) pay any amount that may become due
hereunder in order to meet requests for additional deposits or “marks to market” for any transactions, including transactions involving foreign exchange and unissued securities that Client may purchase or sell. 

1.04 Return of Excess Collateral. If, in the absence of an ongoing, unremedied Event of Default or termination of this Agreement, the Client delivers
written notice to Pershing for the return of fully paid securities, excess margin securities or excess cash hereunder, prior to 11:00 a.m. New York time on any Business Day, then so long as there are no outstanding payments or delivery obligations
of Client currently due and unpaid under any contract with Pershing, Pershing shall, by the close of business on such day, instruct the Custodian to release such assets in accordance with the terms of the Special Custody and Pledge Agreement;
provided, that if Client delivers such written notice after 11:00 a.m. New York time on any Business day, Pershing shall, by 12:00 noon New York time on the next Business Day, instruct the Custodian to release such assets in accordance with the
terms of the Special Custody and Pledge Agreement. 
 1.05 Margin Loan. The parties acknowledge that the cash loans provided hereunder are each a
“margin loan” as used in the definition of “securities contract” in the United States Bankruptcy Code (11 U.S.C. Section 741). 

ARTICLE II 
 INTEREST
CHARGES DISCLOSURE STATEMENT 
 2.01 Interest Rates. Interest charged on any debit balances in cash accounts or credit extended in margin
accounts shall be agreed to by the parties and set forth in Appendix A to this Agreement. 
 2.02 Interest Period. The interest period begins on the
20th of each month and ends on the 19th of the following month. Accordingly, the interest charges for the period as shown on Client’s monthly statement are based only on the daily net debit and credit balances for the interest period. 

2.03 Method of Interest Computation. At the close of each interest period during which credit was extended to Client, an interest charge is computed by
multiplying the average daily debit balance for that currency by the applicable schedule rate in Appendix A and by the number of days during which a debit balance was outstanding and then dividing by 360. If there has been a change in the rate
agreed upon between Pershing and Client for that currency, separate computations will be made with respect to each rate of charge for the appropriate number of days at each rate during the interest period. If not paid, the interest charge for credit
extended to Client’s account at the close of the interest period is added to the opening debit balance for that currency for the next interest period. 

All credit and debit balances in the same currency will be combined daily and interest will be charged on the resulting average daily net debit balances for
that currency for the interest period. Credit balances in one currency will not be combined or netted with debit balances in a different currency. 

ARTICLE III 

MODIFICATION/TERMINATION 
 3.01
Except as otherwise provided herein, or as otherwise required by Applicable Law or the rules of any self-regulatory organization to which Pershing is subject and are applicable to margin accounts

  
 3 

 
generally, except upon delivery of 180 days’ prior written notice (the “Modification Notice Period”), Pershing may not: 

 

	 	(a).	modify without Client’s explicit written consent the margin levels set forth in Appendix A attached hereto; 

  

	 	(b).	recall any outstanding loan under this Agreement; 

  

	 	(c).	modify without Client’s explicit written consent the interest rate spread on loans hereunder, as set forth in Appendix A of this Agreement; 

 

	 	(d).	modify without Client’s explicit written consent the fees, charges or expenses in Appendix A; or 

  

	 	(e).	terminate or amend this Agreement. 

 3.02 Termination. Unless earlier terminated in accordance with this
section or pursuant to Article VI hereof, this Agreement shall terminate upon 180 days’ written notice by either party. 
 3.03 Early Termination or
Modification. Upon the occurrence of any of the following events, Pershing reserves the right to modify or terminate this Agreement after giving effect to applicable notice requirements and grace periods, if any, as noted with each event. 

 

	(a)	Modification or Termination Upon Notice: 

  

	 	(i)	A formal charge or indictment of fraud, misconduct, embezzlement, money laundering, insider trading, market manipulation abuse or other material illegality, or breach of regulation is made against Client, or any of its
principals, executive officers or directors, that in the good faith and commercially reasonable business judgment of Pershing could materially damage the reputation of Pershing; 

 

	 	(ii)	Client’s net asset value (as publicly provided by Client, the “NAV”) (A) on the last Business Day of each calendar month has declined by 15% or more from Client’s NAV on the last Business
Day of the immediately preceding calendar month and the NAV of Client as of the same day has declined by 10% or more as compared to the NAV of Client on January 1st of the then-current
calendar year; (B) on the last Business Day of each calendar quarter has declined by 25% or more from Client’s NAV on the last Business Day of the calendar quarter immediately preceding such Business Day and the NAV of Client as of the
same day has declined by 10% or more as compared to the NAV of Client on January 1st of the then-current calendar year; or (C) on the last Business Day of each calendar year has declined
by 35% or more from Client’s NAV on the last Business Day in the immediately preceding calendar year; or 

  

	 	(iii)	Client’s Net Asset Value (defined below) on any day is less than the greater of (A) 50% of Client’s Net Asset Value on the last Business Day of the calendar month immediately preceding the date of this
Agreement and (B) 50% of Client’s Net Asset Value on the last Business Day of the immediately preceding calendar year. “Net Asset Value” means, as of the relevant time of determination, an amount (expressed in United States
Dollars) equal to the sum of Client’s Total Assets minus Total Liabilities (each valued at market price therefor as of such date), including any estimate thereof provided by Client pursuant to Section 3.03 (a)(vii)(4) (inclusive of
redemptions and withdrawals); or 

  
 4 

	 	(iv)	Client suspends the calculation of its NAV or Client or its Investment Manager notifies its investors that it has suspended or intends to suspend the calculation of the NAV of Client; or 

 

	 	(v)	Custodian Downgrade Event. The rating assigned then to the long-term, senior unsecured and unsubordinated debt securities of Client’s Custodian by either Standard & Poor’s Rating Services, a division
of McGraw-Hill, Inc., or any successor thereto (“S&P”) or Moody’s Investors Services, Inc., or any successor thereto (“Moody’s”) shall be below BBB+ or Baa2, respectively, or either of S&P or Moody’s shall
suspend, withdraw or cease to assign a long-term, senior unsecured and unsubordinated debt securities rating to Client’s Custodian; or 

  

	 	(vi)	In the event the Special Custody and Pledge Agreement is terminated and Client and Pershing have not entered into a replacement Special Custody and Pledge Agreement; or 

 

	 	(vii)	If Client fails to deliver to Pershing any financial statements or financial information available to the Client (unless any such financial statements or financial information is publicly available) in accordance with
the timing set forth below, and such failure shall continue for two (2) Business Days after written notice thereof from Pershing: 

  

	 	1.	Client’s annual audited financial statements within 120 days of the fiscal year end; 

  

	 	2.	Client’s monthly balance sheet and monthly performance within 30 days of relevant month end; 

  

	 	3.	Any notices or information provided to all of its investors within five (5) Business Days of the provision of such notices or information to investors; and 

 

	 	4.	Written or oral statement of interim Net Asset Value as of any Business Day, leverage and Client’s portfolio composition, including cash on hand, within five (5) Business Days following of a written request
therefor from Pershing. 

  

	(b)	Modification Upon 15 Day’s written Notice: 

  

	 	(i)	Client makes or intends to make a material change to its investment strategy, policies or guidelines or to the nature of its business from that disclosed in its prospectus in effect as of the date of this Agreement and
Pershing fails to consent to such material change; or 

  

	 	(ii)	J.P. Morgan Investment Management Inc. (the “Investment Manager”) is subject to a Change of Control. For purposes of this Section, “Change of Control” shall mean (i) the approval
by the directors, shareholders or managers of Investment Manager of a plan of complete liquidation of Investment Manager or an agreement for the sale or disposition by Investment Manager of all or substantially all of its assets (other than sales of
assets in the ordinary course of business and dispositions of assets to an affiliate thereof), or (ii) a change in the composition of the board of directors or managers of Investment Manager, as a result of which fewer than a majority of the
directors or managers are Incumbent Directors. “Incumbent Directors” shall mean directors or managers who either (A) are directors or managers of Investment Manager as of the date hereof, or (B) are elected, or nominated
for election, to the board with the affirmative votes of at least a majority of those directors or managers whose election or nomination was not in connection with any transactions described in this Agreement or in connection with an actual or
threatened proxy contest relating to the election of directors or managers of Investment Manager. 

  
 5 

 3.04 Modification due to Pershing Credit Event. Notwithstanding the Modification Notice Period, if
(i) Pershing’s Net Capital requirements under Rule 15c3-1 of the Securities and Exchange Act of 1934 (the “Exchange Act”) is reduced for any reason by 25% or more during any period of three months or less; (ii) the
credit rating of S&P or Moody’s for The Bank of New York Mellon Corporation (“BNY Mellon”), or any other provider of committed or uncommitted funding facilities to Pershing is downgraded two (2) levels or more in any
period of thirty (30) days or less or falls to or below the lowest investment grade rating of either rating agency; or (iii) Pershing becomes bankrupt, insolvent or subject to any voluntary or involuntary bankruptcy, reorganization,
insolvency, receivership or similar proceeding (each, a “Pershing Credit Event”), the Modification Notice Period shall no longer be in effect and Pershing may modify or terminate this Agreement as follows. Upon the occurrence of
(i) or (ii) above, Pershing may, immediately upon written notice, modify this Agreement by any and all of the following: (x) increasing the interest rate on the outstanding loan up to a maximum of one-month LIBOR plus 275 basis
points, (y) reducing the Modification Notice Period to 90 days or (z) decreasing the Maximum Debit up to the greater of the average debit balance maintained by the Client with Pershing over the preceding 90 days or the debit balance on the
day of such notice. Upon the occurrence of (iii) above, Pershing may modify or terminate this Agreement immediately upon notice. 
 Pershing shall give
Client commercially reasonable written notice if Pershing’s Net Capital falls 15% during any three-month period or if BNY Mellon is downgraded one level (“Pre-Trigger Notice”); provided however, such Pre-Trigger Notice is not a
condition precedent to Pershing declaring a Pershing Credit Event has occurred and failure to provide such Pre-Trigger Notice shall not prejudice or otherwise limit any of Pershing’s rights hereunder. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 
 Client
represents and warrants that: 
 4.01 Existence and Power. Client is a corporation duly organized, validly existing and in good standing under the
laws of the state of Maryland. The Client is duly qualified to do business and is in good standing in each jurisdiction in which the nature of its business, assets, and properties requires such qualification, except where failure to be so qualified
or in good standing would not be reasonably expected to have a Material Adverse Effect. 
 4.02 Authorization; Execution and Delivery, Etc. The
execution and delivery by Client of this Agreement and the Special Custody and Pledge Agreement, and the performance of its obligations hereunder and thereunder, are within its corporate powers, and have been duly authorized by all requisite
corporate action by Client. This Agreement and the Special Custody and Pledge Agreement have been duly executed and delivered by Client, and constitute the legal, valid and binding obligations of Client enforceable against Client in accordance with
their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or at law) and an implied covenant of good faith and fair dealing. 
 4.03
Noncontravention. Neither the execution and delivery by Client of this Agreement, the Special Custody and Pledge Agreement nor the consummation of the transactions herein or therein contemplated,

  
 6 

 
nor compliance with the terms, conditions and provisions hereof or thereof by Client will (a) conflict with, or result in a breach of, any of its charter documents or (b) conflict with
(i) any Applicable Law, (ii) any contractual restriction binding on or affecting Client or any of its assets, or (iii) any order, writ, judgment, award, injunction or decree binding on or affecting Client or any of its assets, in each
case except where such conflict or breach would not reasonably be expected to have a Material Adverse Effect. For the purposes of this Agreement, “Applicable Law” means, with respect to any person, all laws, rules, regulations or
orders of any governmental authority to which such person is subject or by which such person’s property is bound. For the purposes of this Agreement, “Material Adverse Effect” means a material adverse effect on (x) the
business, financial condition, operations, assets or properties of the Borrower or (y) the validity or enforceability of this Agreement or the Special Custody and Pledge Agreement or the rights and remedies of Pershing hereunder or thereunder.

 4.04 Suitability. Client is an Institutional Account as defined in FINRA Rule 4512(c) and is capable of evaluating investment risks independently,
both in general and with regard to all transactions and investment strategies involving a security or securities and shall exercise such independent judgment in connection with the purchase or sale of any security or when engaging in any investment
or financing strategy. 
 4.05 Governmental Authorizations. Client has obtained all necessary governmental authorizations, and made all governmental
filings necessary for the execution and delivery by Client of, and the performance by Client of its Obligations under, this Agreement and the Special Custody and Pledge Agreement, except where the failure would not reasonably be expected to have a
Material Adverse Effect. 
 4.06 Regulations T, U and X. The execution, delivery and performance by Client of this Agreement and the Special Custody
and Pledge Agreement and the transactions contemplated hereunder and thereunder will not violate any provision of Regulation T, Regulation U or Regulation X of the Board of Governors of the Federal Reserve System. 

4.07 Sections 17 and 18 of the Investment Company Act of 1940. The execution, delivery and performance by Client of this Agreement and the Special
Custody and Pledge Agreement and the transactions contemplated hereunder and thereunder will not violate any provision of Sections 17(f) and 18 of the Investment Company Act of 1940 or the rules promulgated thereunder. 

4.08 Financial Information. The statement of assets and liabilities of Client, as of December 31, 2015, and the related Statement of Operations on
such date, reported on by PricewaterhouseCoopers and set forth in the financial statements dated December 31, 2015, together with the notes and schedules thereto, presents fairly, in all material respects, in conformity with generally accepted
accounting principles, the financial position of Client as of such date. 
 4.09 Litigation. There is no action, suit, proceeding or investigation of
any kind pending against, or to the knowledge of Client, threatened against or affecting, Client before any court or arbitrator or any Authority which would reasonably be expected to have a Material Adverse Effect. 

4.10 Taxes. The Client has timely filed, or caused to be filed, all material United States federal income tax returns and all other material tax
returns which are required to be filed by it, if any, and has paid, or made adequate provision for the payment of, all taxes due pursuant to such returns, if any, or pursuant to any assessment received by the Client, except for any taxes or
assessments which are being contested in good faith or for which non-payment would not reasonably be expected to have a Material Adverse Effect. 

  
 7 

 4.11 Compliance. Client is in compliance with all Applicable Laws except where the necessity of compliance
therewith is being contested in good faith or exemptive relief has been obtained therefrom and remains in effect or where noncompliance therewith would not be reasonably expected to have a Material Adverse Effect. Client is in compliance with all
agreements and instruments to which it is a party or to which any of its properties may be bound, in each case where the violation thereof would be reasonably expected to have a Material Adverse Effect. 

4.12 Full Disclosure. All information heretofore furnished by Client to the Pershing for purposes of or in connection with this Agreement or the
Special Custody and Pledge Agreement or any transaction contemplated hereby or thereby is true and accurate in all material respects on the date as of which such information is stated or certified, and such information does not contain, when taken
as a whole, on such date, any material misrepresentation or any omission to state therein, in light of the circumstances in which they were made, matters necessary to make the statements made therein not misleading in any material respect. 

4.13 Title to Assets. Client has good and marketable title to all its material properties, assets and rights, except where failure to have such title
would not reasonably be expected to have a Material Adverse Effect. 
 ARTICLE V 

COVENANTS 
 Client agrees that, so long as
the Pershing provides financing hereunder or any amount payable hereunder remains unpaid: 
 5.01 Reserved. 

5.02 Payment of Obligations. Client will pay, at or before maturity, all of Client’s material obligations, including, without limitation, tax
liabilities, except where the same may be contested in good faith or for which non-payment would not reasonably be expected to have a Material Adverse Effect. 

5.03 Maintenance of Insurance. Client will maintain with financially sound and reputable insurance companies, policies with respect to its assets and
property and business against at least such risks and contingencies as are customary in the reasonable opinion of Client or Investment Manager in the case of registered closed-end investment companies. 

5.04 Conduct of Business and Maintenance of Existence. Client will preserve and keep in full force and effect its existence as a corporation, except as
permitted by Section 5.08. Client will preserve, renew and keep in full force and effect its rights, privileges and franchises necessary in the normal conduct of its business except where failure to do so would not be reasonably expected to
have a Material Adverse Effect. 
 5.05 Compliance with Laws. Client will comply in all material respects with all Applicable Laws and requirements
of any regulatory or governmental authority having jurisdiction over Client except where the necessity of compliance therewith is contested in good faith or exemptive relief has been obtained therefrom and remains in effect or where noncompliance
therewith would not reasonably be expected to have a Material Adverse Effect. Client will file, or cause to be filed, all material federal and other material tax returns required by all relevant jurisdictions on or before the due dates for such
returns, and will pay, or make adequate provision for the payment of, all taxes due pursuant to such returns as and when they become due, except those that are being contested in good faith by the Client or for which non-payment would not reasonably
be expected to have a Material Adverse Effect. 

  
 8 

 5.06 Books and Records. Client will keep proper books of record and account in relation to its business
and activities in accordance with Applicable Law. 
 5.07 Liens. The Client will not create, assume, incur or suffer to exist any lien on any of the
Collateral except liens of Pershing created or permitted by or pursuant to this Agreement or the Special Custody and Pledge Agreement. 
 5.08
Consolidations, Mergers and Sales of Assets. Client will not consolidate or merge with or into any other entity, nor will Client sell, lease or otherwise transfer, directly or indirectly, all or any substantial part of its assets to any other
entity (in each case, whether in one transaction or a series of related transactions), except (a) a merger or consolidation where Client is the survivor and (b) Client may dispose of its assets in the ordinary course of business. 

5.09 Use of Proceeds. Proceeds of the financing provided hereunder may be used to buy, carry or trade in securities or an investment contract security.

 5.10 Collateral. Client will at all times place and maintain the Collateral in the custody of the Custodian subject to the provisions of the
Special Custody and Pledge Agreement. 
 5.11 Notice. Client agrees to promptly provide Pershing with notice if any of the foregoing covenants are
breached or become incorrect, untrue or false, such notice to be no more than two (2) Business Days after an authorized officer of Client becoming aware of the occurrence thereof. 

ARTICLE VI 
 DEFAULT

 6.01 If any one or more of the following events (each, an “Event of Default”) shall occur: 

 

	 	(a).	Client fails to satisfy any payment or delivery obligation when due (including any margin call), provided, however, if Client’s failure to pay or deliver, as required by this Agreement shall not be an Event of
Default if such failure is due to a ministerial or operational error and Client had made a good faith, verifiable effort to transmit payment or delivery, as reasonably demonstrated to Pershing and such payment or delivery is made by the end of the
first Business Day following the day such payment or delivery was initially due; 

  

	 	(b).	Reserved; 

  

	 	(c).	Client fails to observe or perform under any other covenant or agreement with Pershing and such failure continues for two (2) Business Days after written notice thereof from Pershing, provided such failure is able
to be cured and is not already subject to a cure or notice period; 

  

	 	(d).	Client becomes bankrupt, insolvent or subject to any voluntary or involuntary bankruptcy, reorganization, insolvency or similar proceeding; 

 

	 	(e).	Any representation, warranty, certification or statement made (or deemed made) by Client in this Agreement or the Special Custody and Pledge Agreement or in any certificate, financial statement or other document
delivered pursuant to this Agreement or the Special Custody and Pledge Agreement shall prove to have been incorrect in any material respect when made (or deemed made); or 

  
 9 

	 	(f).	Pershing’s security interest under the Special Custody and Pledge Agreement is not or ceases to be a first-priority perfected security interest in the Collateral; 

then, and in every such event, regardless of whether or not the Event of Default is continuing, Pershing may by written notice to Client (i) terminate
this Agreement and (ii) declare the loans hereunder (together with accrued and unpaid interest thereon) to be immediately due and payable. 
 6.02
Remedies. Upon the occurrence of an Event of Default or termination of this Agreement, Pershing may, upon notice to Client, and at such times and places as Pershing may reasonably determine, cancel, terminate, accelerate, liquidate and/or
close-out any or all transactions and agreements hereunder between Client and Pershing, sell or otherwise transfer any securities or other property which Pershing may hold for Client or which has been pledged to Pershing by Client and apply the
proceeds to the discharge of Client’s obligations, set-off, net and recoup any obligations to Client against any obligations to Pershing, exercise all rights and remedies of a secured creditor in respect of all collateral in which Pershing has
a security interest under the Uniform Commercial Code (the “UCC”) (whether or not the UCC is otherwise applicable in the relevant jurisdiction), cover any open positions of Client (by buying in or borrowing securities or otherwise)
and take such other actions as Pershing reasonably deems appropriate. Client shall remain liable for any deficiency, except to the extent such deficiency arises out of Pershing’s gross negligence, willful misconduct, fraud, willful violation of
Applicable Law or willful breach of this Agreement, and shall promptly reimburse Pershing for any loss or expense incurred thereby, including losses sustained by reason of an inability to borrow any securities or other property sold for
Client’s Account. Pershing shall transfer to the Client, in accordance with the Special Custody and Pledge Agreement any excess securities, property, collateral or proceeds remaining after all of Client’s obligations to Pershing have been
satisfied. Client agrees to promptly notify Pershing upon a representative of Client gaining actual knowledge of the occurrence of an Event of Default, but the failure to provide such notice shall not prejudice Pershing’s right to determine
that an Event of Default has occurred. 
 6.03 Waiver. Notwithstanding any other provision hereunder, if in respect of any Event of Default or the
occurrence of any event under Section 3.03, Pershing receives written notice from Client requesting a waiver of such Event of Default or event under Section 3.03 and Pershing has not exercised any right or remedy in respect thereof within
30 days following receipt of such notice, then such Event of Default or event under Section 3.03 shall be deemed as not having occurred. 

ARTICLE VII 

MISCELLANEOUS 
 7.01 No Advice.
Pershing makes no recommendations to purchase or sell any security or engage in any investment strategy, including the use of margin, and does not provide legal, tax, credit or accounting advice.

7.02 Conflicts with Other Agreements. In the event of a conflict between any provision of this Agreement and the Special Custody and Pledge Agreement
between the parties, this Agreement shall prevail. 
 7.03 Confidential Information. “Confidential Information” of a party shall
mean all data and information submitted to the other party or obtained by the other party in connection with the transactions contemplated hereby, including information relating to a party’s customers (which includes, without limitation,
Non-Public Personal Information as that term is defined in Securities and Exchange Commission Regulation S-P), technology, operations, facilities, consumer markets, products, capacities, systems, procedures, security practices, research,
development, business affairs, ideas, concepts, innovations, inventions, designs, business methodologies, improvements, trade secrets, copyrightable subject matter and other proprietary information. 

  
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 All Confidential Information relating to a party shall be held in confidence by the other party to the same
extent and in at least the same manner as such party protects its own confidential or proprietary information. Neither party shall disclose, publish, release, transfer or otherwise make available Confidential Information of the other party in any
form to, or for the use or benefit of, any person or entity without the other party’s prior written consent. Each party shall, however, be permitted to disclose relevant aspects of the other party’s Confidential Information to its
officers, agents, parents, affiliates, subcontractors and employees to the extent such disclosure is reasonably necessary for the performance of its duties and obligations under this Agreement, in compliance with its internal policies and such
disclosure is not prohibited by Gramm-Leach-Bliley Act of 1999 (“GLBA”), which amends the Exchange Act, as it may be amended from time to time, the regulations promulgated by the Securities and Exchange Commission thereunder or
other Applicable Law; provided, however, that such party shall take all reasonable measures to ensure that Confidential Information of the other party is not disclosed or duplicated in contravention of the provisions of this Agreement by such
officers, agents, subcontractors and employees. The obligations in this Section shall not restrict any disclosure by either party pursuant to any Applicable Law, or by order of any court, government agency or self-regulatory organization having
jurisdiction (provided that the disclosing party shall give prompt written notice to the non-disclosing party of such order) and shall not apply with respect to information which (i) is developed by the other party without violating the
disclosing party’s proprietary rights; (ii) is or becomes publicly known (other than through unauthorized disclosure); (iii) is disclosed by the owner of such information to a third party free of any obligation of confidentiality;
(iv) is already known by such party without an obligation of confidentiality other than pursuant to this Agreement or any confidentiality agreements entered into between the parties before the effective date of this Agreement; or (v) is
rightfully received by a party free of any obligation of confidentiality. If the GLBA, the regulations promulgated by the Securities and Exchange Commission thereunder or other Applicable Law now or hereafter in effect impose a higher standard of
confidentiality to the Confidential Information, such standard shall prevail over the provisions of this Section. 
 Client acknowledges that the services
Pershing provides hereunder involve Client access to proprietary technology, trading and other systems, and that techniques, algorithms and processes contained in such systems constitute trade secrets and shall be safeguarded by Client, and that
Client shall exercise reasonable care to protect Pershing’s interest in such trade secrets. Client agrees to make the proprietary nature of such systems known to those of its consultants, staff, agents or clients who may reasonably be expected
to come into contact with such systems. Client agrees that any breach of this confidentiality provision may result in its being liable for damages as provided by Applicable Law. 

This section shall survive the termination of this Agreement. 

7.04 Governing Law. This Agreement is governed by and construed in accordance with the laws of the State of New York. Any dispute arising out of or
relating to this Agreement shall be subject to Section 7.10 Litigation/Arbitration as specified below. 
 7.05 Limitation of Liability. No party
shall have any liability for any special, indirect, consequential or punitive damages relating to or arising from any system or inputting errors that results in an incorrect determination of margin requirements hereunder other than to correct such
error as soon as reasonably practicable; provided that the foregoing limitation of liability shall not apply in the case of such party’s gross negligence, willful misconduct, fraud, willful breach of this Agreement or willful violation of
Applicable Law. For the avoidance of doubt, correcting such error includes refunding to Client any excess margin interest charged prior to such correction. 

  
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 7.06 Amendments; Waivers. Any provision of this Agreement or the Special Custody and Pledge Agreement may
be amended or waived if, but only if, such amendment or waiver is in writing and is signed by Client and Pershing. 
 7.07 Counterparts. This
Agreement may be executed in facsimile counterparts, each of which will be deemed an original instrument and all of which together will constitute one and the same agreement. 

7.08 Use of Name. Client and Pershing agree not to use the other party’s name for any purpose without the other party’s prior written
consent, including, but not limited to, in any advertisement, publication or offering material; provided, however, that Pershing consents to Client’s stating in its offering documents and other filings with the Securities and Exchange
Commission that Pershing is providing financing so long as such statement is factually accurate at the time the statement is made and it is made clear in such disclosure that Pershing has no responsibility for the preparation and accuracy of such
offering documents. 
 7.09 Notices. Written communications and notices hereunder shall be sent by electronic mail, provided via online posting on
Pershing’s website (for the avoidance of doubt either shall be considered written notification), or sent by facsimile transmission, regular mail, overnight delivery, or hand delivered as required herein or by any other means agreed to by the
parties, in any such case addressed: 
  

					
	(a)	 	if to Client, to:	 	Pacholder High Yield Fund
		 		 	270 Park Avenue, 22nd Floor
		 		 	New York, NY 10017
		 		 	Matthew Plastina
		 		 	Fax No.: N/A
		 		 	Phone No.: 1-877-217-9502
		 		 	E-mail: Pacholder_Loan_Facility@jpmorgan.com
			
	(b)	 	if to Pershing, to:	 	Pershing LLC
		 		 	1 Pershing Plaza
		 		 	Jersey City, NJ 07399
		 		 	Attention: Peter Murphy
		 		 	Fax No.: 201-395-1299
		 		 	Phone No.: 201-413-2637
		 		 	E-Mail: pemurphy@pershing.com
		
		 	For financial information Client shall provide and additional copy to:
			
		 		 	Attention: Credit and Risk Department
		 		 	Fax No.: 201-434-3243
		 		 	Email: PershingCreditRiskReporting@pershing.com

 Each such notice, request, consent or other communication shall be effective (a) if given by facsimile, transmission,
when such facsimile is transmitted to the facsimile number specified in this Section and the appropriate confirmation is received, (b) if given by mail, 72 hours after such communication is deposited in the mails with first class postage
prepaid, addressed as aforesaid or (c) if given by overnight delivery, hand delivery, electronic mail or any other means, when delivered at the address specified in this Section. For the avoidance of doubt, e-mail notice and facsimile
transmission (for example, notice of a margin call) is effective upon transmission to the relevant address above. 

  
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 7.10 Litigation/Arbitration. Client agrees that any all controversies that may arise between Client and
Pershing, including, but no limited to, those arising out of or relating to the transactions contemplated hereby, the Accounts established hereunder, any activity or claim related to Client’s Accounts or the construction, performance or breach
of this Agreement between Client and Pershing shall be settled by means of either arbitration or litigation in accordance with the following procedures, unless the parties agree to other procedures in writing which supersedes this provision.

  

	 	(a)	Dispute Resolution Mechanism. All disputes shall be resolved by arbitration pursuant to the procedures set forth in the subparagraph (b) below unless Client shall elect that a dispute be solved by litigation, in
which case the dispute shall be resolved by litigation pursuant to the procedures set forth in subparagraph (c) below. Client shall make such election either (i) by instituting litigation if neither party has already commenced arbitration
proceedings, or (ii) by electing to proceed by litigation in writing by registered mail addressed to Pershing at its main office within thirty (30) days of notification that Pershing has taken the first step in the commencement of
arbitration proceedings. 

  

	 	(b)	Arbitration. This Agreement contains a predispute arbitration clause. By signing an arbitration agreement, the parties agree as follows: 

(1) All parties to this Agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as
provided by the rules of the arbitration forum in which a claim is filed. 
 (2) Arbitration awards are generally final and binding;
a party’s ability to have a court reverse or modify an arbitration award is very limited. 
 (3) The ability of the parties to
obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings. 
 (4)
The arbitrators do not have to explain the reason(s) for their award. 
 (5) The panel of arbitrators will typically include a
minority of arbitrators who were or are affiliated with the securities industry, unless Client is a member of the organization sponsoring the arbitration facility, in which case all arbitrators may be affiliated with the securities industry.

 (6) The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that
is ineligible for arbitration may be brought in court. 
 (7) The rules of the arbitration forum in which the claim is filed, and any
amendments thereto, shall be incorporated into this Agreement. 
 Subject to Section 7.10(a) above, any controversy between Pershing (and any of
Pershing’s affiliates also involved in such controversy) or any of its or their partners, officers, managing directors, directors or employees on the one hand, and Client or Client’s agents on the other hand, arising out of or relating to
this Agreement, the transactions contemplated hereby or the accounts established hereunder, shall be settled by arbitration. The arbitration will be conducted before The Financial 

  
 13 

 
Industry Regulatory Authority Dispute Resolution (“FINRA-DR”). If FINRA-DR should decline to hear the matter, before the American Arbitration Association, in accordance with
their arbitration rules then in force. The award of the arbitrator shall be final, and judgment upon the award rendered may be entered in any court, state or federal, having jurisdiction. 

No person shall bring a putative or certified class action to arbitration nor seek to enforce any pro-dispute arbitration agreement against
any person who has initiated in court a putative class action or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until: (i) the class certification is
denied; (ii) the class is decertified; or (iii) Client is excluded from the class by the court. 
  

	 	(c)	Litigation. Any litigation commenced pursuant to this subparagraph must be instituted in the United States Court for the Southern District of New York, or in the event such court lacks subject matter jurisdiction,
the New York Supreme Court for the County of New York. Customer expressly consents to personal jurisdiction in New York for purposes of such litigation. Any right to trial by jury with respect to any claim or action is hereby waived by all parties
to this Agreement. 

 (REMAINDER OF PAGE INTENTIONALLY LEFT BLANK) 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	PACHOLDER HIGH YIELD FUND
		
	By:	 	 /s/ Laura Del Prato

	Name:	 	Laura Del Prato
	Title:	 	Treasurer
	
	PERSHING LLC
		
	By:	 	 /s/ Peter R. Murphy

	Name:	 	Peter R. Murphy
	Title:	 	Managing Director

  
 15 

 APPENDIX A 

PACHOLDER HIGH YIELD FUND 
  

							
	Interest Rate:	 	One-month LIBOR offered rate plus 75 bps	 			
			
	 Margin Requirements:
  

 
  
	 		 			
	 	US Corporate Investment Grade Bonds	 	 	25	% 
	 	US Corporate High Yield Bonds >$70	 	 	40	% 
	 	US Corporate High Yield Bonds < $70	 	 	100	% 
	 	Loans/Collateralized Mortgage Obligations	 	 	100	% 

					
		
	  
  
  

Margin Eligibility:
	 	 Margin release for all other asset classes or other collateral to be determined on a case by case basis.

 
 Securities eligible for margin shall be those defined under Regulation T of the Federal
Reserve Board and FINRA Rule 4210, provided however that, margin shall not be extended against any security position not capable, in Pershing’s commercially reasonable discretion (the reasonableness of any determination by Pershing shall, in
part, be based upon any information supplied to Pershing by Investment Manager), of being liquidated measured against three (3) trading days; or any 144A security restricted from sale within thirty (30) days.

		
	Diversification:	 	Subject to the final sentence of this Diversification definition, the Margin Requirements specified above shall remain in effect provided the Special Custody Account maintains a diversified group of securities wherein
the securities of any single issue do not account for more than 5% of the gross market value of all securities pledged in the Special Custody Account, the securities of any single issuer, including the sovereign debt of a single country, do not
account for more than 10% of the gross market value of all securities pledged in the Special Custody Account, and the securities of any single state, sector or non-US country (inclusive of sovereign and corporate debt) do not account for more than
20% of the gross market value of all securities pledged in the Special Custody Account. In addition, the amount of a security should not account for more than 10% of the total outstanding issue size of that security. Sub-IG bonds rated CCC or below
(including non-rated bonds) that account for more than 25% of the corporate bond gross market value of securities pledged in the Special Custody Account will be held at 60% margin requirement if rated and 100% if not rated. If at any time the
Special Custody Account fails to satisfy the Diversification conditions set forth above, Client shall remedy such failure within two (2) trading days after receipt of written notice of such failure. If, immediately following such two-trading-day
cure period, the Diversification conditions remain unsatisfied, the Margin Requirements specified above shall no longer remain in effect.
		
	Maximum Debit:	 	Client will not exceed the margin debit limit of US $50 million without the mutual agreement of both parties.

  
 16 

					
	Minimum Balance Fee:	 	If Client’s aggregate principal amount outstanding is not at least 80% of the Maximum Debit for the previous thirty (30) days as of the first day of the interest period, as described in Section 2.02, then Client
shall be charged on the difference between 80% and the aggregate principal amount at One-month LIBOR plus 60 bps.
		
	Fees and Charges:	 	There are no other fees or charges currently contemplated in connection with this Agreement other than those outlined in Appendix A. To the extent any fees and/or charges arise, the parties agree to negotiate in good
faith and a commercially reasonable fashion to determine such fees and/or charges. To the extent fees or charges may arise in connection with services not provided under this Agreement, such fees and charges will be covered under an agreement
related to those services.

  
 17

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