Document:

Exhibit 4.1

ZQ|CERT#|COY|CLS|RGSTRY|ACCT#|TRANSTYPE|RUN#|TRANS#   . ORDINARY SHARES PAR VALUE BMD$ 0.01 ORDINARY SHARES Shares * * 000000 * * *   * * * * * * * * * * * * * * * * * * 000000 * * * * * * * * * * * * * * * * *   * * * * 000000 * * * * * * * * * * * * * * * * * * * * * 000000 * * * * * * *   * * * * * * * * * * * * * * 000000 * * * * * * * * * * * * * * Certificate   Number ZQ00000000 THE BANK OF N.T. BUTTERFIELD & SON LIMITED INCORPORATED   UNDER THE LAWS OF BERMUDA ** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David THIS CERTIFIES THAT Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander Alexander   David SamMple ***R* Mr. A.lexaSnderADavidMSampPle ***L* MrE. Alexan&der   DavMid SamRple **S** Mr.. AleSxandeAr DaMvid SamPple *L*** MEr.   Alex&ander David Sample **** David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample Sample **** Mr. AlexandeMr DaviRd Sam.ple   S**** MAr. AleMxandePr DavLid SEample *&*** Mr. AMlexanRder DaSvid S.ampSle   ***A* Mr.MAlexanPder DLavidESample **** Mr. Alexander **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David SEE REVERSE FOR   CERTAIN DEFINITIONS David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Alexander David Sample **** Mr. Alexander David Sample **** Mr.   Alexander David Sample **** Mr. Alexander David Sample **** Mr. Alexander   David Sample **** Mr. Alexander David Sample **** Mr. Alexander David Sample   **** Mr. Sample **** Mr. Sample is the owner of   **000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares***   *000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****   000000**Shar*es****0*000Z00**SEhareRs****00O0000**ShHares**U**0000N00**SDhares*R***000E000**DShares**T**000H000**SOhares*U***000S000**AShareNs****00D0000**Shares****0   00000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****00   0000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000   000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****0000   00**Shares****0Z0000E0**ShRares***O*000000*H*ShareUs****0N00000D**SharRes****0E0000D0**ShareAs****0N00000D**SharesZ****00E0000R**SharOes****0*000*00**Shares****00000   0**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000   **Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000*   *Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**   Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**Shares****000000**S   FULLY-PAID AND NON-ASSESSABLE ORDINARY SHARES OF The Bank of N.T. Butterfield   & Son Limited (hereinafter called the “Company”), transferable in   accordance with the Incorporating Act, Memorandum of Association and Bye-laws   of the Company in person or by duly authorised attorney, upon surrender of   this Certificate properly endorsed. This Certificate and the shares   represented hereby, are issued and shall be held subject to all of the provisions   of the Incorporating Act, Memorandum of Association and Bye-laws of the   Company (copies of which are on file with the Company and with the Transfer   Agent), to all of which each holder, by acceptance hereof, assents. This   Certificate is not valid unless countersigned and registered by the Transfer   Agent and Registrar. Witness the facsimile seal of the Company and the   facsimile signatures of its duly authorised officers. DATED DD-MMM-YYYY t   COUNTERSIGNED AND REGISTERED: COMPUTERSHARE TRUST COMPANY, N.A. TRANSFER   AGENT AND REGISTRAR, Director 1904 BERMUDA By Secretary AUTHORISED SIGNATURE   i CUSIP Holder ID Insurance Value Number of Shares DTC Certificate Numbers   1234567890/1234567890 1234567890/1234567890 1234567890/1234567890   1234567890/1234567890 1234567890/1234567890 1234567890/1234567890 Total   Transaction XXXXXX XX X XXXXXXXXXX 1,000,000.00 123456 12345678   123456789012345 PO BOX 43004, Providence, RI 02940-3004 Num/No. Denom. Total   1 2 3 4 5 6 7 1 2 3 4 5 6 1 2 3 4 5 6 MR A SAMPLE DESIGNATION (IF ANY) ADD 1   ADD 2 ADD 3 ADD 4 CUSIP 

    

 

. THE BANK OF   N.T. BUTTERFIELD & SON LIMITED THE COMPANY WILL FURNISH WITHOUT CHARGE TO   EACH SHAREHOLDER WHO SO REQUESTS, A SUMMARY OF THE POWERS, DESIGNATIONS,   PREFERENCES AND RELATIVE, PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF   EACH CLASS OF STOCK OF THE COMPANY AND THE QUALIFICATIONS, LIMITATIONS OR   RESTRICTIONS OF SUCH PREFERENCES AND RIGHTS, AND THE VARIATIONS IN RIGHTS,   PREFERENCES AND LIMITATIONS DETERMINED FOR EACH SERIES, WHICH ARE FIXED BY   THE INCORPORATING ACT, MEMORANDUM OF ASSOCIATION, AND BYE-LAWS OF THE   COMPANY, AS AMENDED, AND THE RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE   COMPANY, AND THE AUTHORITY OF THE BOARD OF DIRECTORS TO DETERMINE VARIATIONS   FOR FUTURE SERIES. SUCH REQUEST MAY BE MADE TO THE OFFICE OF THE SECRETARY OF   THE COMPANY OR TO THE TRANSFER AGENT. THE BOARD OF DIRECTORS MAY REQUIRE THE   OWNER OF A LOST OR DESTROYED STOCK CERTIFICATE, OR HIS LEGAL REPRESENTATIVES,   TO GIVE THE COMPANY A BOND TO INDEMNIFY IT AND ITS TRANSFER AGENTS AND   REGISTRARS AGAINST ANY CLAIM THAT MAY BE MADE AGAINST THEM ON ACCOUNT OF THE   ALLEGED LOSS OR DESTRUCTION OF ANY SUCH CERTIFICATE. (Cust) (Minor) (State)   (Cust) and not as tenants in common (Minor) (State) PLEASE INSERT SOCIAL   SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE For value received, hereby   sell, assign and transfer unto (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,   INCLUDING POSTAL ZIP CODE, OF ASSIGNEE) Shares of the Ordinary Shares   represented by the within Certificate, and do hereby irrevocably constitute   and appoint Attorney to transfer the said shares on the books of the within   named Company with full power of substitution in the premises. Dated: 20   Signature: Signature: Notice: The signature to this assignment must   correspond with the name as written upon the face of the certificate, in   every particular, without alteration or enlargement, or any change whatever.   The IRS requires that the named transfer agent (“we”) report the cost basis   of certain shares or units acquired after January 1, 2011. If your shares or   units are covered by the legislation, and you requested to sell or transfer   the shares or units using a specific cost basis calculation method, then we   have processed as you requested. If you did not specify a cost basis calculation   method, then we have defaulted to the first in, first out (FIFO) method.   Please consult your tax advisor if you need additional information about cost   basis. If you do not keep in contact with the issuer or do not have any   activity in your account for the time period specified by state law, your   property may become subject to state unclaimed property laws and transferred   to the appropriate state. Signature(s) Guaranteed: Medallion Guarantee Stamp   THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION   (Banks, Stockbrokers, Savings and Loan Associations and Credit Unions) WITH   MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO   S.E.C. RULE 17Ad-15. The following abbreviations, when used in the inscription   on the face of this certificate, shall be construed as though they were   written out in full according to applicable laws or regulations: TEN COM - as   tenants in common UNIF GIFT MIN ACT -   ............................................Custodian ................................................   TEN ENT - as tenants by the entireties under Uniform Gifts to Minors   Act......................................................... JT TEN - as   joint tenants with right of survivorship UNIFTRF MIN ACT - ............................................Custodian   (until age ................................)   .............................under Uniform Transfers to Minors Act   ................... Additional abbreviations may also be used though not in   the above list.Exhibit 10.24

 

AMENDED AND RESTATED STOCKHOLDER AGREEMENT

 

THIS AMENDED AND RESTATED STOCKHOLDER AGREEMENT
is entered into as of August 30, 2016 (this “Agreement”), by and among CM Finance Inc, a Maryland corporation
(the “Company”), CM Investment Partners LLC, a Delaware limited liability company (the “Adviser”),
Stifel Venture Corp., a Missouri corporation (“Stifel”) and for purposes of Section 3 only, Stifel, Nicolaus
& Company, Incorporated, and is effective as of the effective time of the Merger (as defined below).

 

WHEREAS, the Company, the Adviser, Stifel,
Stifel, Nicolaus & Company, Incorporated (for purposes of Section 3 only), CM Finance LLC, a Maryland limited liability company
(the “Private Fund”) and CM Investment Partners, LP, a Delaware limited partnership (the “Old Adviser”)
previously entered into that certain Stockholder Agreement dated as of December 17, 2013 (the “Old Stockholder Agreement”);

 

WHEREAS, immediately prior to the initial
public offering of the Company’s common stock in February 2014, the Private Fund was merged with and into the Company with
the Company as the surviving entity and, thereafter, the Private Fund no longer exists;

 

WHEREAS, the Old Adviser ceased all operations
in February 2014 and formally dissolved;

 

WHEREAS, the parties hereto desire to amend
and restate the Old Stockholder Agreement in its entirety setting forth certain rights and obligations with respect to the nomination
of a director to the Board of Directors of the Company (the “Board”) and other matters relating to the Board.

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

Section 1.          Definitions.
As used in this Agreement, the following terms shall have the meanings ascribed to them below:

 

“Affiliate” means, with
respect to any Person that is an entity, any other Person directly or indirectly controlling, controlled by or under common control
with such Person. As used in this definition, the term “control” (including with correlative meanings, the terms “controlling”,
“controlled by” and “under common control with”) means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities,
by contract or otherwise.

 

 

    	 	1	 

     

    

  

“Articles of Incorporation”
means the Articles of Amendment and Restatement of the Company, as may be amended from time to time.

 

“Bylaws” means the Bylaws
of the Company, as may be amended from time to time.

 

“Person” means any individual,
corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, Governmental
Entity or other entity.

 

Section 2.          Board
Nomination.

 

(a) For so long as Stifel holds ownership
interests in the Adviser (the “Adviser Interests”) equal to at least 15% (except as provided in Section 2(h))
of the total ownership interests in the Adviser (such time period, the “Stifel Nomination Period”), Stifel shall
have the right to designate in writing (the “Stifel Nominee Notice”) a Person (the “Stifel Nominee”)
to serve as a member of the Board. Subject to Section 2(c) and Section 2(h), upon receipt of the Stifel Nominee Notice, the Board
shall nominate the Stifel Nominee to serve as a member of the Board as part of the Company’s slate of directors at each annual
or special meeting of the stockholders (the “Stockholders”) in which the term of any Stifel Nominee will expire
and of the Company (or, if permitted, by any action by written consent of the Stockholders) at or by which directors of the Company
are to be elected during the Stifel Nomination Period, and recommend that the Stockholders vote to elect the Stifel Nominee at
each such meeting or by such written consent.

 

(b) Subject to Section 2(f), vacancies arising
through the death, resignation or removal of the Stifel Nominee who was elected or appointed to the Board pursuant to this Section
2, may be filled by the Board only with a Stifel Nominee, and the director so chosen shall hold office until the next election
or until his or her successor is duly elected and qualified, or until his or her earlier death, resignation or removal. Notwithstanding
the provisions of this Section 2, in the event that Stifel does not designate a Stifel Nominee to fill any vacancy arising through
the death, resignation or removal of the Stifel Nominee who was elected or appointed to the Board pursuant to this Section 2, the
Board may reduce the size of the Board pursuant to the provisions of the Articles of Incorporation and Bylaws to eliminate any
such vacancy.

 

(c) Notwithstanding the provisions of this
Section 2, Stifel shall not be entitled to designate a Person as a nominee to the Board if the Nominating and Corporate Governance
Committee of the Company reasonably determines in writing (which determination shall set forth the reasonable grounds for such
determination) that such Person would not be qualified under any applicable law, rule or regulation to serve as a director of the
Company; provided, that in such event, Stifel shall be entitled to designate another Person as the Stifel Nominee and the provisions
of Section 2 shall apply to such alternate Person. Only the Nominating and Corporate Governance Committee of the Company shall
have the right to object to any Stifel Nominee.

 

    	 	2	 

     

    

  

(d) During the Stifel Nomination Period,
the Company shall notify Stifel in writing of the date on which proxy materials are expected to be mailed by the Company in connection
with an election of directors at an annual or special meeting of the Stockholders that includes the election of the Stifel Nominee
at least 45 days prior to such expected mailing date. Following receipt of such Company notice, Stifel shall deliver a Stifel Nominee
Notice setting forth (i) the name and address of the Stifel Nominee and (ii) the information required for director nominees under
Items 401, 403 and 404 of Regulation S-K under the federal securities laws. The Company shall provide Stifel with a reasonable
opportunity to review and provide comments on any portion of the proxy materials relating to the Stifel Nominee and the rights
and obligations provided under this Agreement and to discuss any such comments with the Company. The Company shall include Stifel’s
reasonable comments in the proxy materials relating to such matters. The Company shall notify Stifel of any opposition to a Stifel
Nominee sufficiently in advance of the date on which such proxy materials are to be mailed by the Company in connection with such
election of directors so as to enable Stifel to propose a replacement Stifel Nominee, if necessary, in accordance with the terms
of this Agreement.

 

(e) In the event the Stockholders fail to
elect or consent to a Stifel Nominee in accordance with the preceding sentence, (i) Stifel shall designate another Person as the
Stifel Nominee and the provisions of Section 2 shall apply to such alternate Person and (ii) the Company shall promptly appoint
the Stifel Nominee to any such vacancy on the Board created by the Stockholders failure to elect or consent to a Stifel Nominee.
For the avoidance of doubt, in no event shall the Company be required to nominate or appoint a Stifel Nominee to the Board of Directors
of the Company if the Stockholders fail to elect or consent to such Stifel Nominee.

 

(f) In the event that Stifel ceases to have
the right to designate a Person to serve as a director pursuant to this Section 2, Stifel shall use its best efforts to cause the
applicable Stifel Nominee to resign immediately.

 

(g) The Company agrees that at all times
during the Stifel Nomination Period (i) subject to applicable legal requirements, the Bylaws and the Articles of Incorporation
shall accommodate, be subject to, and shall not in any way conflict with, Stifel’s rights and obligations set forth herein
and (ii) the Company shall not enter into any other agreements or understandings that in any way conflict with Stifel’s rights
and obligations set forth herein; provided, however, if Stifel has not designated a Person to serve on the Board pursuant to this
Section 2, the Board may reduce the size of the Board to eliminate any vacancies on the Board as provided in Section 2(b). The
Company further agrees that it shall not enter into any agreements or understandings with any Stockholders (other than agreements
or understandings equally applicable to all Stockholders) without prior notice to Stifel; provided, that the Company shall provide
to Stifel (x) substantially final copies of all documentation relating to such agreements or understandings no later than five
(5) business days prior to the signing of such documentation and (y) fully executed copies of such documentation promptly following
their execution.

 

(h) During the Stifel Nomination Period,
in the event that (i) the Board has reduced the size of the Board to eliminate a vacancy arising through the death, resignation
or removal of the Stifel Nominee and/or the failure of Stifel to designate a Stifel Nominee in accordance with Section 2(b), and
(ii) Stifel subsequently provides a Stifel Nominee Notice in accordance with Section 2(a), not later than the 90th day from the
Company’s receipt of a Stifel Nominee Notice in accordance with Section 2(a), the Board shall increase the size of the Board
to create a vacancy for a Stifel Nominee to be nominated to fill and, subject to Section 2(c), the Company shall appoint the Stifel
Nominee to the Board to fill such vacancy.

 

    	 	3	 

     

    

  

(i) The Stifel Nomination Period shall not
terminate in the event Stifel’s ownership of Adviser Interests falls below 15% as a result of a transfer of Adviser Interests
made on a pro rata basis with all members of the Adviser. In the event of such a pro rata transfer, the 15% threshold set forth
the definition of “Stifel Nomination Period” shall be deemed reduced by a percentage equal to the percentage by which
Stifel’s ownership of Adviser Interests was reduced in such pro rata transfer (by way of example only, if all existing members
transfer 10% of their Adviser Interests to a third party, the 15% threshold shall become 13.5%).

 

Section 3.          Stifel
Originated Opportunities.

 

(a)   
Stifel agrees to use its commercially reasonable efforts to offer to the Company all applicable (i.e., reasonably
appropriate for the Company) leveraged finance and high yield corporate debt investment opportunities originated by Stifel, Nicolaus
& Company, Incorporated (each a “Stifel Opportunity”) subject to the terms and conditions of this Section
3, and also subject to any other restrictions pursuant to applicable law (including any requirements that Stifel, Nicolaus &
Company, Incorporated act in the best interests of its clients in connection with any Stifel Opportunity) or pursuant to restrictions
in engagements with clients or Affiliates related to such Stifel Opportunity.

 

(b)  
Subject to the limitations in Section 3(a), Stifel, Nicolaus & Company, Incorporated shall provide notice (the “Opportunity
Notice”) to the Company and the Adviser of each Stifel Opportunity setting forth: (i) any material terms and conditions
of the Stifel Opportunity and (ii) the last date and time on which Stifel will accept bids for such Stifel Opportunity, which date
and time may be adjusted from time to time by Stifel, Nicolaus & Company, Incorporated upon prior notice to the Company and
the Adviser (the “End Date”).  For the avoidance of doubt, Stifel, Nicolaus & Company, Incorporated
agrees that unless otherwise mutually agreed to by the Company and Stifel, Nicolaus & Company, Incorporated, Stifel, Nicolaus
& Company, Incorporated will not consummate the Stifel Opportunity prior to the End Date.  If the Company submits a bid
for the Stifel Opportunity (a “Company Bid”) prior to the End Date, Stifel, Nicolaus & Company, Incorporated
shall use commercially reasonable efforts to accept the Company Bid; provided, however, that Stifel, Nicolaus & Company, Incorporated
shall not be required to accept the Company Bid if: (x) the Company Bid was not received by Stifel, Nicolaus & Company, Incorporated
on or prior to the End Date or (y) Stifel, Nicolaus & Company, Incorporated received bids from third parties with terms more
favorable to the Stifel, Nicolaus & Company, Incorporated client, prior to the End Date, sufficient to fill the Stifel Opportunity. 

 

(c)   
In the event that Stifel, Nicolaus & Company, Incorporated intends to accept the Company Bid pursuant to Section 3(b)
above, Stifel, Nicolaus & Company, Incorporated shall use commercially reasonable efforts to allow the Company to consummate
the Company Bid in an amount equal to the lesser of (x) 30% of the value of the Stifel Opportunity set forth in the Opportunity
Notice and (y) 5% of the Pro Forma AUM of the Company on the End Date.  For purposes of this Section 3(c), “Pro Forma
AUM” means the assets under management as of the most recently completed fiscal quarter; provided, that, as of the date hereof,
5% of the Pro Forma AUM shall be deemed to equal $15,000,000, and 5% of the Pro Forma AUM shall at no time exceed $35,000,000.

 

    	 	4	 

     

    

  

(d)  
The provisions of this Section 3 shall apply for so long as Stifel holds Adviser Interests equal to at least 15% of the
total ownership interests in the Adviser; provided, however, if Stifel unilaterally sells its Adviser Interests, the provisions
of this Section 3 shall continue to apply, unless Stifel sells 75% or more of its Adviser Interests, in which case the provisions
of this Section 3 shall cease to apply on the third anniversary of such sale.  Any attempt by Stifel to transfer all or a
portion of its Adviser Interests that is not consummated because that sale was not approved by the Board of the Adviser will be
deemed to have been sold by Stifel for purposes of this Section 3.

 

Section 4.           AUM
and Performance.

 

Upon completion of the Merger and the contribution
by Stifel pursuant to the Subscription Agreement, neither the Company nor the Adviser shall object to Stifel’s (a) inclusion
of the performance results of the Company and all assets managed by the Adviser in any and all reports, publications, marketing
materials, prospectuses, press releases, advertisements, webpages, conference materials or other oral or written communications,
in each case in a manner that is consistent with applicable law or regulation or (b) description of the Company’s relationship
with Stifel in any and all reports, publications, marketing materials, prospectuses, press releases, advertisements, webpages,
conference materials or other oral or written communications, in each case, that the Adviser would have been entitled to so include
or describe under applicable law or regulation. To this end, the Company agrees that Stifel shall have the right to access and
retain copies of any records reasonably necessary to substantiate the foregoing. The aforementioned communications and written
materials that include information pertaining to the Company and all assets managed by the Adviser shall be subject to the approval
of the Adviser, but only to the extent necessary to ensure the satisfaction of regulatory requirements.

 

Section 5.           Miscellaneous.

 

(a) Effective Date. This Agreement
shall become effective upon the date first written above.

 

(b) Applicable Law. This Agreement
shall be construed in accordance with and governed by the laws of the State of Maryland without regard to principles of conflict
of laws.

 

(c) Certain Adjustments. The provisions
of this Agreement shall apply to the full extent set forth herein with respect to any and all shares of capital stock of the Company
or any successor or assign of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in
respect of, in exchange for, or in substitution for the shares of Common Stock, by combination, recapitalization, reclassification,
merger, consolidation or otherwise and the term “Common Stock” shall include all such other securities.

 

    	 	5	 

     

    

  

(d) Enforcement. Each of the parties
hereto acknowledges and agrees that irreparable injury to the other party hereto would occur in the event any of the provisions
of this Agreement were not performed in accordance with its specific terms or were otherwise breached, and that such injury would
not be adequately compensable in damages. It is accordingly agreed that Stifel, on the one hand, and the Company, on the other
hand, shall each be entitled to specific enforcement of, and injunctive relief to prevent any violation of, the terms hereof and
the other party hereto will not take any action, directly or indirectly, in opposition to the party seeking relief on the grounds
that any other remedy is available at law or in equity, and each party further agrees to waive any requirement for the security
or posting of any bond in connection with such remedy. Such remedies, shall be cumulative and not exclusive, and shall be in addition
to any other remedy which any party hereto may have.

 

(e) Successors and Assigns. This
Agreement may not be assigned, whether outright or by operation of law, by any party hereto without the prior written consent of
the non-assigning party. Subject to the foregoing, this Agreement shall be binding upon the parties hereto, their heirs, executors,
personal representatives, successors, and assigns.

 

(f) Entire Agreement; Termination.
This Agreement contains the entire understanding among the parties hereto and supersedes all prior written or oral agreements among
them respecting the within subject matter, unless otherwise provided herein. There are no representations, agreements, arrangements
or understandings, oral or written, among the parties hereto relating to the subject matter of this Agreement that are not fully
expressed herein. This Agreement may be terminated at any time by written consent of all of the parties hereto.

 

(g) Dispute Resolution. Any dispute,
controversy or claim arising out of, or in connection with, this Agreement shall be settled by binding arbitration in accordance
with the rules of the American Arbitration Association then in effect. The arbitration shall be conducted on an expedited basis
at a location to be determined by the parties by an independent arbitrator selected by the American Arbitration Association. The
arbitration shall be subject to, and the arbitrator shall have the powers and rights afforded by, the rules of the American Arbitration
Association. The decision of such arbitrator, including any award of attorneys' fees and costs, may be entered in any court with
jurisdiction.

 

(h) Notices. All notices and demands
under this Agreement and other communications required to be delivered pursuant to this Agreement, shall be in writing or by facsimile,
with a copy via email (which shall not constitute notice hereunder), and shall be deemed to have been duly given if delivered personally
or by overnight courier or if mailed by certified mail, return receipt requested, postage prepaid, or sent by facsimile, to the
following addresses (or to such other address as the party entitled to notice shall hereafter designate in accordance with the
terms hereof):

 

If to the Company:

CM Finance Inc

399 Park Avenue, 39th Floor

New York, New York 10002

Attn: Michael C. Mauer

 

If to the Adviser:

CM Investment Partners LLC

399 Park Avenue, 39th Floor

New York, New York 10002

Attn: Michael C. Mauer

 

    	 	6	 

     

    

  

If to Stifel:

Stifel Venture Corp.

237 Park Avenue, 8th Floor

New York, NY 10017

Attn: Mark Fisher

 

All such notices shall be effective: (a) if delivered personally,
when received (with written confirmation of receipt), (b) if sent by overnight courier, when receipted for, (c) if mailed, five
(5) days after being mailed as described above and (d) upon transmission by facsimile if a customary confirmation of delivery is
received during normal business hours and, if not, the next business day after confirmation of delivery is received.

 

(i) Waiver. No consent or waiver,
express or implied, by any party to, or of any breach or default by another party in the performance of, this Agreement shall be
construed as a consent to or waiver of any subsequent breach or default in the performance by such other party of the same or any
other obligations hereunder.

 

(j) Counterparts. This Agreement
may be executed in several counterparts, which shall be treated as originals for all purposes, and all counterparts so executed
shall constitute one agreement, binding on all the parties hereto, notwithstanding that not all the parties are signatory to the
original or the same counterpart. Any such counterpart shall be admissible into evidence as an original hereof against the Person
who executed it.

 

(k) Headings. The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning of terms contained herein.

 

(l) Invalidity of Provision. The
invalidity or unenforceability of any provision of this Agreement in any jurisdiction shall not affect the validity or enforceability
of the remainder of this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision,
in any other jurisdiction.

 

(m) Amendments and Waivers. The provisions
of this Agreement may be modified or amended at any time and from time to time, and particular provisions of this Agreement may
be waived or modified, with and only with an agreement or consent in writing signed by each of the parties hereto.

 

(n) Further Assistance. The parties
hereto shall execute and deliver all documents, provide all information and take or refrain from all such action as may be necessary
or appropriate to achieve the purposes of this Agreement.

 

(o) No Third-Party Beneficiaries.
This Agreement is not intended to, and does not, confer upon any Person other than the parties hereto any rights or remedies.

 

[Remainder of Page Intentionally Left
Blank] 

 

    	 	7	 

     

    

 

Execution
copy

 

IN WITNESS WHEREOF this Agreement has been
signed by each of the parties hereto, and shall be effective as of the date first above written.

 

	 	CM FINANCE INC 
	 	 
	 	By:	 
	 	Name: 	Michael C. Mauer
	 	Title:	Chief Executive Officer
	 	 
	 	CM INVESTMENT PARTNERS LLC
	 	 
	 	By MMCMIP LLC, its managing member
	 	 
	 	By:	 
	 	Name:	Michael C. Mauer
	 	Title:	Sole Member

 

Agreed and accepted as of the date first set forth above:

 

	STIFEL VENTURE CORP.	 
	 	 
	By:	 	 
	Name:	 	 
	Title: 	 	 

 

Agreed and accepted with respect to Section 3 only as of the
date first set forth above:

 

	STIFEL NICOLAUS & COMPANY, INCORPORATED	 
	 	 
	By:	 	 
	Name:	 	 
	Title: 	 	 

 

[Signature Page – CM Finance Amended
and Restated Stockholder Agreement (August 2016)]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]