Document:

EX-10.4

 Exhibit 10.4 

Cash-Settled Director RSU 
  

MERCANTIL BANK HOLDING CORPORATION 

Restricted Stock Unit Agreement for Non-Employee Directors 

This RESTRICTED STOCK UNIT AGREEMENT (this “Agreement”) is made as of December [__], 2018, by and between Mercantil
Bank Holding Corporation, a Florida corporation (the “Company”), and [_________________] (the “Grantee”). 

1. Certain Definitions. Capitalized terms used, but not otherwise defined, in this Agreement will have the meanings given to
such terms in the Mercantil Bank Holding Corporation 2018 Equity and Incentive Compensation Plan, as the same may be amended from time to time (the “Plan”). 

2. Grant of RSUs. Subject to and upon the terms, conditions and restrictions set forth in this Agreement and in the Plan,
pursuant to authorization under a resolution of the Committee or Board, as applicable, that was duly adopted on December [__], 2018, the Company has granted to the Grantee, effective [_________ __], 2018 (the “Date of
Grant”), [__________] Restricted Stock Units (the “RSUs”). Each RSU represents the right of the Grantee to receive solely cash payments subject to the terms and conditions of this Agreement and under no
circumstances will the Grantee be entitled to receive shares of Common Stock or any other security. Furthermore, the RSUs evidenced hereby do not provide any voting or other rights of a holder of Common Stock. 

3. RSUs Not Transferrable. None of the RSUs nor any interest therein or in any Common Stock underlying such RSUs will be
transferable other than by will or the laws of descent and distribution prior to payment. Any purported transfer or encumbrance of any RSU in violation of the provisions of this Section 3 shall be void, and the other party to any
such purported transaction shall not obtain any rights to or interest in such RSU. 
 4. Vesting of RSUs. Subject to the terms
and conditions of Section 5 and Section 6 of this Agreement, the RSUs covered by this Agreement shall become nonforfeitable and payable to the Grantee pursuant to Section 6 in substantially
equal installments on each of the first three anniversaries of the Date of Grant (each such date, a “Vesting Date”), provided that the Grantee shall have been in the continuous service as a Director through each such date.

 5. Accelerated Vesting of RSUs. Notwithstanding the provisions of Section 6 of this Agreement, and
subject to the payment provisions of Section 7 hereof, the RSUs will become nonforfeitable and payable earlier than the times provided for in Section 4 under the following circumstances (to the extent the RSUs
have not previously become nonforfeitable): 
  

	 	(a)	 Death or Disability: If the Grantee’s service as a Director is terminated as a result of the
Grantee’s death or Disability prior to any Vesting Date, all of the RSUs covered by this Agreement that are unvested at such time of termination will vest and become payable in full. 

  

					
		 	1	 	RSU – Cash Settled

 Cash-Settled Director RSU 
  

 

	 	(b)	 Change in Control. Upon a Change in Control that occurs prior to any Vesting Date while the Grantee is a
Director, all of the RSUs covered by this Agreement that are unvested at such time will vest and become payable in full. 

  

	 	(c)	 Definitions. For purposes of this Agreement: 

 

	 	(i)	 “Change in Control” shall mean the occurrence (after the Date of Grant)
of any of the following events: 

  

	 	(A)	 any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act)
(a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (i) the then-outstanding shares of Common
Stock of any class (the “Outstanding Company Common Stock”) or (ii) the combined voting power of the then-outstanding Voting Securities (as defined below) (the “Outstanding Company Voting
Securities”); provided, however, that, for purposes of this definition, the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the Company, (2) any acquisition by the
Company which reduces the number of Outstanding Company Voting Securities and thereby results in any person acquiring beneficial ownership of more than 25% of the Outstanding Company Voting Securities; provided, that, if after such
acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control of the Company
shall then occur, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, (4) an acquisition by an underwriter temporarily holding securities pursuant to a bona fide
public offering of such securities, (5) an acquisition pursuant to a Business Combination (as defined in Section 5(c)(i)(C)(i), (ii) or (iii) below), or (6) a transaction (other than the one described in
paragraph (C) below) in which Company Voting Securities are acquired from the Company, if a majority of the Incumbent Directors approve a resolution providing expressly that the acquisition pursuant to this clause (6) does not constitute a
Change in Control of the Company under this paragraph (A); or (7) any acquisition pursuant to a transaction that complies with Section 5(c)(i)(C) below; 

  

					
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	 	(B)	 individuals who, as of the Date of Grant, constitute the Board (the “Incumbent Board”)
cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Date of Grant whose election, or nomination for election by the Stockholders, was approved by a vote of
at least a majority of the directors then comprising the Incumbent Board (either by specific vote or by approval of the proxy statement of the Company in which such individual is named as a nominee for director, without objection to such nomination)
shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to
the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;  

 

	 	(C)	 consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction
involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or securities of another entity by the Company or any of its subsidiaries (each, a
“Business Combination”), in each case unless, following such Business Combination, (i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and
the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of voting common stock (or, for a
non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding Voting Securities, as the case may be, of the entity resulting from such Business Combination (including,
without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their
ownership immediately prior to such Business 

  

					
		 	3	 	RSU – Cash Settled

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	 	Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any entity resulting from such Business Combination or any employee
benefit plan (or related trust) of the Company or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 35% or more of, respectively, the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) of the entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such entity, except to the extent that
such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity
resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 

 

	 	(D)	 approval by the Stockholders of a complete liquidation or dissolution of the Company. 

A Change in Control shall exclude the sale by the selling shareholder named in the preliminary prospectus dated November 26, 2018
included in the Company’s Registration Statement on Form S-1 filed with the United States Securities and Exchange Commission (File No. 333-227744) in
connection with the Company’s initial public offering (“IPO”) but shall not exclude any Person that acquires Common Stock in the IPO or otherwise and is described in Section 5(c)(i)(A).

  

	 	(ii)	 “Disability” shall mean the Grantee’s inability, due to physical or
mental incapacity, to substantially perform the Grantee’s duties and responsibilities with the Company for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred twenty (120) consecutive
days. 

  

	 	(iii)	 “Voting Securities” shall have the meaning provided in Board of Governors of the
Federal Reserve System Regulation Y, §225.2(q). As of December 1, 2018, the Company’s only Voting Securities were its outstanding shares of Class A Common Stock. 

  

					
		 	4	 	RSU – Cash Settled

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	6.	 Forfeiture of RSUs. Except to the extent the RSUs covered by this Agreement have become
nonforfeitable pursuant to Section 4 or Section 5 hereof, the RSUs covered by this Agreement shall be forfeited automatically and without further notice on the date that the Grantee ceases to be a Director.

  

	7.	 Form and Time of Payment of RSUs. Payment in respect of the RSUs, after and to the extent they
have become nonforfeitable, shall be made solely in cash in an amount equal to the Market Value per Share on the Vesting Date multiplied by the number of RSUs that became nonforfeitable on such Vesting Date. Payment shall be made within ten
(10) days following the date that the RSUs become nonforfeitable pursuant to Section 4 or Section 5 hereof. 

 

	8.	 Payment of Dividend Equivalents. With respect to each of the RSUs covered by this Agreement, the
Grantee shall be credited on the records of the Company with dividend equivalents in an amount equal to the amount per Common Stock of any cash dividends declared by the Board on the outstanding Common Stock during the period beginning on the Date
of Grant and ending on the date on which the Grantee receives payment for the RSUs pursuant to Section 5 hereof. These dividend equivalents will accumulate without interest and, subject to the terms and conditions of this
Agreement, will be paid at the same time, to the same extent and in the same manner, in cash as the RSUs for which the dividend equivalents were credited. 

  

	9.	 Compliance with Law. The Company shall make reasonable efforts to comply with all applicable
federal and state laws. 

  

	10.	 Adjustments. The RSUs covered by this Agreement and the other terms and conditions of the grant
evidenced by this Agreement are subject to adjustment as provided in Section 11 of the Plan. 

  

	11.	 Amendments. Any amendment to the Plan shall be deemed to be an amendment to this Agreement to the
extent that the amendment is applicable hereto; provided, however, that (a) no amendment shall adversely affect the rights of the Grantee under this Agreement without the Grantee’s written consent, and (b) the
Grantee’s consent shall not be required to an amendment that is deemed necessary by the Company to ensure compliance with Section 409A of the Code and Section 10D of the Exchange Act. 

 

	12.	 Severability. In the event that one or more of the provisions of this Agreement shall be
invalidated for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable.

  

	13.	 Relation to Plan. This Agreement is subject to the terms and conditions of the Plan, including
Section 23, pursuant to which the Company may require the Grantee to enter into a lock-up agreement. In the event of any inconsistency between the provisions of this Agreement and the Plan, the Plan shall
govern. The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein or in the Plan, have the right to determine any questions which arise in connection with this Agreement.

  

					
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 Cash-Settled Director RSU 
  

 

	14.	 Electronic Delivery. The Company may, in its sole discretion, deliver any documents related to
the RSUs and the Grantee’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or request the Grantee’s consent to participate in the Plan by electronic means. The Grantee hereby consents to
receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party
designated by the Company. 

  

	15.	 Governing Law. This Agreement shall be governed by and construed with the internal substantive
laws of the State of Florida, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction. 

  

	16.	 Compliance with Section 409A of the Code. To the extent applicable, it is intended that this
Agreement and the Plan comply with, or be exempt from, the provisions of Section 409A of the Code, so that the income inclusion provisions of Section 409A(a)(1) of the Code do not apply to the Grantee. This Agreement and the Plan shall be
administered in a manner consistent with this intent. Reference to Section 409A of the Code is to Section 409A of the Internal Revenue Code of 1986, as amended, and will also include any regulations or any other formal guidance promulgated
with respect to such Section by the U.S. Department of the Treasury or the Internal Revenue Service. 

  

	17.	 Successors and Assigns. Without limiting Section 3 hereof, the
provisions of this Agreement shall inure to the benefit of, and be binding upon, the successors, administrators, heirs, legal representatives and assigns of the Grantee, and the successors and assigns of the Company. 

 

	18.	 Acknowledgement. The Grantee acknowledges that the Grantee (a) has received a copy of the
Plan, (b) has had an opportunity to review the terms of this Agreement and the Plan, (c) understands the terms and conditions of this Agreement and the Plan and (d) agrees to such terms and conditions. Nothing in this Agreement
prevents the Grantee from providing, without prior notice to the Company, information to governmental authorities regarding possible legal violations or otherwise testifying or participating in any investigation or proceeding by any governmental
authorities regarding possible legal violations. 

  

	19.	 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together will constitute one and the same agreement. 

 [SIGNATURES ON
FOLLOWING PAGE] 

  

					
		 	6	 	RSU – Cash Settled

 Cash-Settled Director RSU 
  

 

			
	 MERCANTIL BANK HOLDING CORPORATION

		
	By:	 	 
	 Name:

Title:
	 	
	
	 GRANTEE

		
	By:	 	 
	 Name:
	 	
	 Title:
	 	

  

					
		 	7	 	RSU – Cash SettledEX-10.1

 EXHIBIT 10.1 

INVESTMENT ADVISORY 

AGREEMENT 
 BETWEEN

 FS KKR CAPITAL CORP. 

AND 
 FS/KKR ADVISOR, LLC

 This Investment Advisory Agreement (this “Agreement”) made this 20th day of December, 2018, by and between FS
KKR CAPITAL CORP., a Maryland corporation (the “Company”), and FS/KKR ADVISOR, LLC, a Delaware limited liability company (the “Adviser”). 

WHEREAS, the Company is a non-diversified, closed-end
management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”); 

WHEREAS, the Adviser is a newly organized investment adviser that intends to register as an investment adviser under the Investment Advisers
Act of 1940, as amended (the “Advisers Act”); and 
 WHEREAS, the Company desires to retain the Adviser to furnish
investment advisory services (the “Investment Advisory Services”) to the Company on the terms and conditions hereinafter set forth, and the Adviser wishes to be retained to provide such services. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows: 

1.    Duties of the Adviser. 

(a)    Retention of the Adviser. The Company hereby appoints the Adviser to act as an investment adviser to the
Company and to manage the investment and reinvestment of the assets of the Company, subject to the supervision of the Board of Directors of the Company (the “Board”), for the period and upon the terms herein set forth, in
accordance with: 
 (i)    the investment objectives, policies and restrictions that are set forth in the
Company’s filings with the Securities and Exchange Commission (the “SEC”), as supplemented, amended or superseded from time to time; 

(ii)    all other applicable federal and state laws, rules and regulations, and the Company’s articles
of amendment and restatement (as may be amended from time to time, the “Articles”) and bylaws (as may be amended from time to time); and 

(iii)    such investment policies, directives and regulatory restrictions as the Company may from time to
time establish or issue and communicate to the Adviser in writing. 
 (b)    Responsibilities of the Adviser.
Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement: 

(i)    determine the composition and allocation of the Company’s investment portfolio, the nature and
timing of any changes therein and the manner of implementing such changes; 

  
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 (ii)    identify, evaluate and negotiate the structure
of the investments made by the Company; 
 (iii)    execute, monitor and service the Company’s
investments; 
 (iv)    place orders with respect to, and arrange for, any investment by the Company;

 (v)    determine the securities and other assets that the Company shall purchase, retain, or sell;

 (vi)    perform due diligence on prospective portfolio companies; and 

(vii)    provide the Company with such other investment advisory, research and related services as the
Company may, from time to time, reasonably require for the investment of its funds. 
 (c)    Power and Authority.
To facilitate the Adviser’s performance of these undertakings, but subject to the restrictions contained herein, the Company hereby delegates to the Adviser (which power and authority may be delegated by the Adviser to one or more Sub-Advisers (as defined below)), and the Adviser hereby accepts, the power and authority to act on behalf of the Company to effectuate investment decisions for the Company, including the negotiation, execution and
delivery of all documents relating to the Company’s investments and the placing of orders for other purchase or sale transactions on behalf of the Company. In the event that the Company determines to acquire debt or other financing (or to
refinance existing debt or other financing), the Adviser shall seek to arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board. If it is necessary or appropriate for the Adviser to make investments
on behalf of the Company through one or more special purpose vehicles, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicles and to make such investments through such special purpose vehicles in
accordance with applicable law. The Company also grants to the Adviser power and authority to engage in all activities and transactions (and anything incidental thereto) that the Adviser deems appropriate, necessary or advisable to carry out its
duties pursuant to this Agreement, including the authority to provide, on behalf of the Company, significant managerial assistance to the Company’s portfolio companies to the extent required by the Investment Company Act or otherwise deemed
appropriate by the Adviser. 
 (d)    Acceptance of Appointment. The Adviser hereby accepts such appointment and
agrees during the term hereof to render the services described herein for the compensation provided herein, subject to the limitations contained herein. 

(e)    Sub-Advisers. The Adviser is hereby authorized to enter into one or
more sub-advisory agreements (each, a “Sub-Advisory Agreement”) with other investment advisers or other service providers (each, a “Sub-Adviser”) pursuant to which the Adviser may obtain the services 

  
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of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities hereunder, subject to the oversight of the Adviser and the Company.
Specifically, the Adviser may retain a Sub-Adviser to recommend specific securities or other investments based upon the Company’s investment objectives, policies and restrictions, and work, along with the
Adviser, in sourcing, structuring, negotiating, arranging or effecting the acquisition or disposition of such investments and monitoring investments on behalf of the Company, subject to the oversight of the Adviser and the Company, with the scope of
such services and oversight to be set forth in each Sub-Advisory Agreement. 

(i)    The Adviser and not the Company shall be responsible for any compensation payable to any Sub-Adviser; provided, however, that the Adviser shall have the right to direct the Company to pay directly any Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees and expenses otherwise payable to the Adviser under this Agreement. 

(ii)    Any Sub-Advisory Agreement entered into by the Adviser
shall be in accordance with the requirements of the Investment Company Act, including, without limitation, the requirements relating to the Board and Company stockholder approval thereunder, and other applicable federal and state law. 

(iii)    Any Sub-Adviser shall be subject to the same fiduciary
duties imposed on the Adviser pursuant to this Agreement, the Investment Company Act and the Advisers Act, as well as other applicable federal and state law. 

(f)    Independent Contractor Status. The Adviser shall, for all purposes herein provided, be deemed to be an
independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company. 

(g)    Record Retention. Subject to review by, and the overall control of, the Board, the Adviser shall keep and
preserve for the period required by the Investment Company Act or the Advisers Act, as applicable, any books and records relevant to the provision of the Investment Advisory Services to the Company and shall specifically maintain all books and
records with respect to the Company’s portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request or as may be required under applicable federal and state law, and shall make such
records available for inspection by the Board and its authorized agents, at any time and from time to time during normal business hours. The Adviser agrees that all records that it maintains for the Company are the property of the Company and shall
surrender promptly to the Company any such records upon the Company’s request and upon termination of this Agreement pursuant to Section 9, provided that the Adviser may retain a copy of such records. The Adviser shall
have the right to retain copies, or originals where required by Rule 204-2 promulgated under the Advisers Act, of such records to the extent required by applicable law. 

  
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 2.    Expenses Payable by the Adviser. 

All personnel of the Adviser, when and to the extent engaged in providing the Investment Advisory Services herein, and the compensation and
routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser or its affiliates and not by the Company. 

3.    Compensation of the Adviser. 

The Company agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser herein, a base
management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”) as hereinafter set forth. Any of the fees payable to the Adviser under this Agreement for any partial month or
calendar quarter shall be appropriately prorated. The Adviser may agree to temporarily or permanently waive, in whole or in part, the Base Management Fee and/or the Incentive Fee. Prior to the payment of any fee to the Adviser, the Company shall
obtain written instructions from the Adviser with respect to any waiver or deferral of any portion of such fees. Any portion of a deferred fee payable to the Adviser and not paid over to the Adviser with respect to any month, calendar quarter or
year shall be deferred without interest and may be paid over in any such other month prior to the termination of this Agreement, as the Adviser may determine upon written notice to the Company. 

(a)    Base Management Fee. The Base Management Fee shall be calculated at an annual rate of 1.50% of the
Company’s average weekly gross assets. The Base Management Fee shall be payable quarterly in arrears, and shall be calculated based on the average weekly value of the Company’s gross assets during the most recently completed calendar
quarter. All or any part of the Base Management Fee not taken as to any quarter shall be deferred without interest and may be taken in such other quarter as the Adviser shall determine. For purposes of computing the Base Management Fee, cash and
cash equivalents shall be excluded from gross assets. 
 (b)    Incentive Fee. The Incentive Fee shall consist of
two parts, as follows: 
 (i)    The first part of the Incentive Fee, referred to as the
“Subordinated Incentive Fee on Income,” shall be calculated and payable quarterly in arrears based on the Company’s “Pre-Incentive Fee Net Investment Income” for the
immediately preceding quarter. The payment of the Subordinated Incentive Fee on Income shall be subject to a quarterly hurdle rate expressed as a rate of return on the value of the Company’s net assets at the end of the most recently completed
calendar quarter, of 1.75% (7.0% annualized) (the “Hurdle Rate”), subject to a “catch up” feature (as described below). 

For this purpose, “Pre-Incentive Fee Net Investment Income” means interest
income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from
portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee, expenses reimbursed to the Adviser under that certain Administration Agreement, dated as of
April 9, 2018, as the same may be amended from time to time, whereby the Adviser provides administrative services necessary for the operation of the Company, and any interest expense and dividends paid on any issued and outstanding preferred
stock, but excluding the Incentive Fee). Pre-

  
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Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not
include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. 
 The calculation of the
Subordinated Incentive Fee on Income for each quarter is as follows: 
 (A)    No Subordinated Incentive
Fee on Income shall be payable to the Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate; 

(B)    100% of the Company’s Pre-Incentive Fee Net Investment
Income, if any, that exceeds the Hurdle Rate but is less than or equal to 2.1875% in any calendar quarter (8.75% annualized) shall be payable to the Adviser. This portion of the Company’s Subordinated Incentive Fee on Income is referred to as
the “catch up” and is intended to provide the Adviser with an incentive fee of 20% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 2.1875% (8.75% annualized) on net assets in any calendar quarter; and 

(C)    For any quarter in which the Company’s Pre-Incentive
Fee Net Investment Income exceeds 2.1875% (8.75% annualized) on net assets, the Subordinated Incentive Fee on Income shall equal 20.0% of the amount of the Company’s Pre-Incentive Fee Net Investment
Income, as the Hurdle Rate and catch-up will have been achieved; 
 provided that, the
Subordinated Incentive Fee on Income is subject to a cap (the “Incentive Fee Cap”). 
 The Incentive
Fee Cap is an amount equal to: 
  

	 	(i)	 20% of the Per Share Pre-Incentive Fee Return for the Current
Quarter (as defined below) and the eleven quarters preceding the Current Quarter, less 

  

	 	(ii)	 the cumulative Per Share Incentive Fees accrued and/or payable for the eleven calendar quarters preceding the
Current Quarter. 

 multiplied by the weighted average number of shares of common stock of the Company outstanding
during the calendar quarter (or any portion thereof) for which the Subordinated Incentive Fee on Income is being calculated (the “Current Quarter”). 

For the foregoing purpose, the “Per Share Pre-Incentive Fee Return” for any
calendar quarter (or portion thereof) is an amount equal to: 
 For any calendar quarter (or portion thereof) following the merger (the
“Merger”) of Corporate Capital Trust, Inc. (“CCT”) and the Company: 
  

	 	(i)	 the sum of the Pre-Incentive Fee Net Investment Income for the period,
realized gains and losses for the period and unrealized appreciation and depreciation of the Company’s investments for the period, divided by 

  
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	 	(ii)	 the weighted average number of shares of common stock of the Company outstanding during such period.

 For any calendar quarter (or portion thereof) prior to the Merger: 

 

	 	(i)	 the sum of the Company’s and CCT’s Pre-Incentive Fee Net
Investment Income (as defined in the applicable investment advisory agreements then in effect) for the period, realized gains and losses of the Company and CCT for the period, unrealized appreciation and depreciation of the Company’s and
CCT’s investments for the period and, in the case of the Company, for any calendar quarter ending prior to January 1, 2018, Base Management Fees (as defined in the applicable investment advisory agreement then in effect) for the calendar
quarter, or, in the case of CCT, Management Fees (as defined in CCT’s investment advisory agreement then in effect) prior to November 14, 2017, divided by 

 

	 	(ii)	 (x) the weighted average number of shares of common stock of the Company outstanding during such period,
plus (y) the weighted average number of shares of common stock of CCT outstanding during such period multiplied by the Exchange Ratio (as defined in that certain Agreement and Plan of Merger, dated as of July 22, 2018, among
the Company, IC Acquisition, Inc., CCT and the Advisor). 

 For the foregoing purpose, the “Per Share Incentive
Fee” for any calendar quarter (or portion thereof) is an amount equal to: 
 For any calendar quarter (or
portion thereof) following the Merger: 
  

	 	(i)	 the Incentive Fee accrued and/or payable by the Company for such period, divided by

  

	 	(ii)	 the weighted average number of shares of common stock of the Company outstanding during such period.

 For any calendar quarter (or portion thereof) prior to the Merger: 

 

	 	(A)	 (i) the Incentive Fees (as defined in the applicable investment advisory agreements then in effect) accrued
and/or payable by the Company and CCT for such period, divided by 

  

	 	(ii)	 (x) the weighted average number of shares of common stock of the Company outstanding during such period,
plus (y) the weighted 

  
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average number of shares of common stock of CCT outstanding during such period multiplied by the Exchange Ratio (as defined in that certain Agreement and Plan of Merger, dated as of
July 22, 2018, among the Company, IC Acquisition, Inc., CCT and the Advisor). 

 If the Incentive Fee Cap is zero or a
negative value, the Company shall pay no Subordinated Incentive Fee on Income to the Adviser for the Current Quarter. 
 If the Incentive Fee
Cap is a positive value but is less than the Subordinated Incentive Fee on Income calculated in accordance with Section 3(b)(i) above, the Company shall pay the Adviser the Incentive Fee Cap for the Current Quarter. 

If the Incentive Fee Cap is equal to or greater than the Subordinated Incentive Fee on Income calculated in accordance with
Section 3(b)(i) above, the Company shall pay the Adviser the Subordinated Incentive Fee on Income for the Current Quarter. 

For the purpose of calculating the Per Share Pre-Incentive Fee Return, any unrealized appreciation or
depreciation recognized as a result of the purchase accounting for the merger of the Company and CCT shall be excluded. 

(ii)    The second part of the Incentive Fee, referred to as the “Incentive Fee on Capital
Gains,” shall be determined and payable in arrears as of the end of each calendar year (or upon termination of this Agreement). This fee shall equal 20.0% of the Company’s incentive fee capital gains, which shall equal both
CCT’s and the Company’s realized capital gains (without duplication) on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation
(without duplication) on a cumulative basis, less the aggregate amount of any capital gain incentive fees previously paid by CCT and the Company. 

4.    Covenants of the Adviser. 

The Adviser is registered as an investment adviser under the Advisers Act and covenants that it will maintain such registration. The Adviser
agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments. 

5.    Brokerage Commissions. 

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national
securities exchange, broker or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such exchange, broker or dealer would have charged for effecting that transaction, if the
Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm’s risk and
skill in positioning blocks of securities, that such amount of commission is reasonable in relation to the value of the brokerage 

  
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and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company’s
portfolio, and is consistent with the Adviser’s duty to seek the best execution on behalf of the Company. 
 6.    Other
Activities of the Adviser. 
 The services provided by the Adviser to the Company are not exclusive, and the Adviser may engage in
any other business or render similar or different services to others including, without limitation, the direct or indirect sponsorship or management of other investment based accounts or commingled pools of capital, however structured, having
investment objectives similar to those of the Company, so long as its services to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, member (including its members
and the owners of its members), officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or
compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable law). The Adviser assumes no responsibility under
this Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees and stockholders of the Company are or may become interested in the Adviser and its affiliates, as directors, officers,
employees, partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the
Company as stockholders or otherwise. 
 7.    Responsibility of Dual Directors, Officers and/or Employees. 

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

8.    Indemnification. 

The Adviser and any Sub-Adviser (and their officers, managers, partners, members (and their members,
including the owners of their members), agents, employees, controlling persons (as defined in the Investment Company Act) and any other person or entity affiliated with, or acting on behalf of, the Adviser or
Sub-Adviser) (each, an “Indemnified Party” and, collectively, the “Indemnified Parties”), shall not be liable to the Company for any action taken or omitted to
be taken by any such Indemnified Party in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Company (except to the extent specified in Section 36(b) of the
Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Company shall indemnify, defend and

  
 8 

 
protect the Indemnified Parties (each of whom shall be deemed a third party beneficiary hereof) and hold them harmless from and against all damages, liabilities, costs and expenses (including
reasonable attorneys’ fees and amounts reasonably paid in settlement) (“Losses”) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding
(including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Indemnified Parties’ duties or obligations under this Agreement, any Sub-Advisory Agreement, or otherwise as an investment adviser of the Company, to the extent such Losses are not fully reimbursed by insurance, and to the extent that such indemnification would not be inconsistent
with the Articles, the laws of the State of Maryland, the Investment Company Act or other applicable law. Notwithstanding the preceding sentence of this Section 8 to the contrary, nothing contained herein shall protect or
be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any Losses to the Company or its stockholders to which the Indemnified Parties would otherwise be
subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and obligations under this Agreement (to the extent
applicable, as the same shall be determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder). In addition, notwithstanding any of the foregoing to the contrary, the provisions of
this Section 8 shall not be construed so as to provide for the indemnification of any Indemnified Party for any liability (including liability under federal securities laws which, under certain circumstances, impose
liability even on persons that act in good faith), to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of this
Section 8 to the fullest extent permitted by law. 
 9.    Duration and Termination of Agreement.

 (a)    Term. This Agreement shall remain in effect for two (2) years commencing on the date hereof,
and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities
of the Company and (ii) the vote of a majority of the Company’s directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company
Act) of any such party, in accordance with the requirements of the Investment Company Act. 
 (b)    Termination.
This Agreement may be terminated at any time, without the payment of any penalty, upon sixty (60) days’ written notice (i) by the Company to the Adviser, (x) upon vote of a majority of the outstanding voting securities of the
Company (within the meaning of Section 2(a)(42) of the Investment Company Act), or (y) by the vote of the Board, or (ii) by the Adviser to the Company. This Agreement shall automatically terminate in the event of its
“assignment” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act). Further, notwithstanding the termination or nonrenewal of this Agreement as aforesaid, the Adviser shall be entitled
to any amounts owed to it under Section 3 through the date of termination or nonrenewal, the provisions of Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall
remain entitled to the benefits thereof. 

  
 9 

 (c)    Payments to and Duties of Adviser Upon Termination. 

(i)    After the termination of this Agreement, the Adviser shall not be entitled to compensation or
reimbursement for further services provided hereunder, except that it shall be entitled to receive from the Company within thirty (30) days after the effective date of such termination all unpaid reimbursements and all earned but unpaid fees
payable to the Adviser prior to termination of this Agreement. 
 (ii)    The Adviser shall promptly upon
termination: 
 (A)    Deliver to the Board a full accounting, including a statement showing all payments
collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; 

(B)    Deliver to the Board all assets and documents of the Company then in custody of the Adviser; and

 (C)    Cooperate with the Company to provide an orderly management transition. 

10.    Proxy Voting. 

The Adviser will exercise voting rights on any assets held in the portfolio securities of portfolio companies. The Adviser is obligated to
furnish to the Company, in a timely manner, a record of all proxies voted in such form and format that complies with applicable federal statutes and regulations. 

11.    Notices. 

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

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

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof. Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Company is
regulated as a BDC under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of New York, or any
of the provisions herein, conflict with the provisions of the Investment Company Act, the latter shall control. 

  
 10 

 14.    Severability.  

If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be
deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. 

15.    Counterparts. 

This Agreement may be executed in counterparts, each of which shall be deemed to be an original copy and all of which together shall
constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart. 

16.    Third Party Beneficiaries. 

Except for any Sub-Adviser (with respect to Section 8) and any Indemnified
Party, such Sub-Adviser and the Indemnified Parties each being an intended beneficiary of this Agreement, this Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing
herein express or implied shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights hereunder. 

17.    Survival. 

The provisions of Sections 8, 9(b), 9(c), 13, 16 and this Section 17 shall
survive termination of this Agreement. 
 18.    Insurance. 

Subject to the requirements of Rule 17d-1(d)(7) under the Investment Company Act, the Company shall
acquire and maintain a directors and officers liability insurance policy or similar insurance policy, which may name the Adviser and any Sub-Adviser each as an additional insured party (each an
“Additional Insured Party” and collectively the “Additional Insured Parties”). Such insurance policy shall include reasonable coverage from a reputable insurer. The Company shall make all premium
payments required to maintain such policy in full force and effect; provided, however, each Additional Insured Party, if any, shall pay to the Company, in advance of the due date of such premium, its allocated share of the premium.
Irrespective of whether the Adviser and any Sub-Adviser is a named Additional Insured Party on such policy, the Company shall provide the Adviser and any Sub-Adviser
with written notice upon receipt of any notice of: (a) any default under such policy; (b) any pending or threatened termination, cancellation or non-renewal of such policy or (c) any coverage
limitation or reduction with respect to such policy. The foregoing provisions of this Section 18 notwithstanding, the Company shall not be required to acquire or maintain any insurance policy to the extent that the same is
not available upon commercially reasonable pricing terms or at all, as determined in good faith by the required majority (as defined in Section 57(o) of the Investment Company Act) of the Board. 

  
 11 

 19.    Brand Usage 

The Adviser conducts its investment advisory business under, and owns all rights to, the trademark “FS/KKR Advisor” and the
“FS/KKR Advisor” design (collectively, the “Brand”). In connection with the Company’s (a) public filings; (b) requests for information from state and federal regulators; (c) offering materials
and advertising materials; and (d) investor communications, the Company may state in such materials that investment advisory services are being provided by the Adviser to the Company under the terms of this Agreement. The Adviser hereby grants
a non-exclusive, non-transferable, non-sublicensable and royalty-free license (the “License”) to the Company for the use of the Brand solely as
permitted in the foregoing sentence. Prior to using the Brand in any manner, the Company shall submit all proposed uses to the Adviser for prior written approval solely to the extent the Company’s use of the Brand or any combination or
derivation thereof has materially changed from the Company’s use of the Brand previously approved by the Adviser. The Adviser reserves the right to terminate the License immediately upon written notice for any reason, including if the usage is
not in compliance with its standards and policies. Notwithstanding the foregoing, the term of the License granted under this Section 19 shall be for the term of this Agreement only, including renewals and extensions, and
the right to use the Brand as provided herein shall terminate immediately upon the termination of this Agreement. The Company agrees that the Adviser is the sole owner of the Brand, and any and all goodwill in the Brand arising from the
Company’s use shall inure solely to the benefit of the Adviser. Without limiting the foregoing, the License shall have no effect on the Company’s ownership rights of the works within which the Brand shall be used. 

[Remainder of page left intentionally blank] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the
date above written. 
  

					
	FS KKR CAPITAL CORP.
		
	By:	 	/s/ Stephen Sypherd
		 	Name:	 	Stephen Sypherd
		 	Title:	 	General Counsel and Secretary
	
	FS/KKR ADVISOR, LLC
		
	By:	 	/s/ Stephen Sypherd
		 	Name:	 	Stephen Sypherd
		 	Title:	 	General Counsel and Secretary

 [Signature Page to Investment Advisory Agreement]

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