Document:

EX-10.2

 Exhibit 10.2 

LENSAR, INC. 
 2020
INCENTIVE AWARD PLAN 
 RESTRICTED STOCK GRANT NOTICE 

Capitalized terms not specifically defined in this Restricted Stock Grant Notice (the “Grant Notice”) have the
meanings given to them in the 2020 Incentive Award Plan (as amended from time to time, the “Plan”) of LENSAR, Inc. (the “Company”). 

The Company has granted to the participant listed below (“Participant”) the shares of Restricted Stock
described in this Grant Notice (the “Shares”), subject to the terms and conditions of the Plan and the Restricted Stock Agreement attached as Exhibit A (the “Agreement”), both of which are
incorporated into this Grant Notice by reference. 
  

			
	Participant:	  	
		
	Grant Date:	  	
		
	Total Number of Shares of Restricted Stock:	  	
		
	Target Percentage:	  	
		
	Vesting Schedules:	  	 [vesting schedule to be specified in individual agreements]

 By his or her signature and the Company’s signature below, Participant agrees to be
bound by the terms and conditions of the Plan, the Agreement and this Grant Notice. Participant has reviewed the Plan, the Agreement and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing
this Grant Notice and fully understands all provisions of the Plan, this Grant Notice and the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions
arising under the Plan, this Grant Notice or the Agreement. Participant shall also execute and deliver to the Company the stock assignment duly endorsed in blank, attached to this Grant Notice as Exhibit B (the “Stock
Assignment”). If Participant is married, his or her spouse has signed the Consent of Spouse attached to this Grant Notice as Exhibit C. 
  

									
	LENSAR, INC.	 		 	PARTICIPANT
					
	By:	 	  
	 		 	By:	 	  

	Print Name:	 	  
	 		 	Print Name:	 	  

	Title:	 	  
	 		 	State of Residence:	 	  

 EXHIBIT A 

RESTRICTED STOCK AGREEMENT 

Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Participant the number of Shares indicated in the
Grant Notice under the Plan. The terms, conditions and definitions set forth in the Plan shall apply to the Award (including but not limited to the adjustment provisions contained in Section 8 of the Plan), and the Award shall be subject to
such terms, conditions and definitions, which are hereby incorporated into this Agreement by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. Capitalized terms not specifically
defined in this Agreement have the meanings specified in the Grant Notice or, if not defined in the Grant Notice, in the Plan. 
 ARTICLE
I. 
 GRANT OF RESTRICTED STOCK. 

1.1 Grant of Restricted Stock. In consideration of Participant’s past and/or continued employment with or service to the
Company or a parent or subsidiary of the Company and for other good and valuable consideration, which the Board has determined exceeds the par value per Share, effective as of the Grant Date set forth in the Grant Notice, the Company irrevocably
grants to Participant the Shares set forth in the Grant Notice, upon the terms and conditions set forth in the this Agreement. 
 1.2
Issuance of Shares. On the Grant Date, the Company shall issue the Shares to Participant and shall (i) cause a share certificate or certificates representing the Shares to be registered in the name of Participant, or
(ii) cause such Shares to be held in book entry form. If a share certificate is issued, it shall be delivered to and held in custody by the Company and shall bear the restrictive legends required by Section 3.3 below. If the Shares are
held in book entry form, then such entry will reflect that the Shares are subject to the restrictions of this Agreement. 
 1.3 Rights as
a Stockholder. Except as otherwise provided herein, upon issuance of the Shares by the Company to Participant (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), Participant
shall have all the rights of a stockholder with respect to said Shares, including the right to receive any cash or stock dividends or other distributions paid to or made with respect to the Shares, subject to the restrictions described in the
following sentence, which restrictions shall lapse when the Unreleased Shares are released from the Forfeiture Restriction as set forth in Article 2. Unless otherwise provided by the Board, if any dividends or distributions are paid in cash or
shares, or consist of a dividend or distribution to holders of Common Stock of property, the cash, shares or other property paid or made with respect to Unreleased Shares will be retained in custody by the Company (without interest) (the
“Retained Distributions”) and subject to the same forfeiture and transferability restrictions as the Unreleased Shares with respect to which they were paid or made and shall automatically be forfeited to the Company for no
consideration in the event of the forfeiture of the Unreleased Shares with respect to which they were paid pursuant to the Forfeiture Restriction. Any Retained Distributions held by the Company that were paid on those Unreleased Shares as to which
the Forfeiture Restriction, and transfer restrictions lapse or are removed shall also be released to Participant at the time of such lapse or removal. In no event shall a Retained Distribution be paid with respect to Unreleased Shares later than the
end of the calendar year in which the corresponding dividends or distributions are paid to holders of Common Stock or, if later, the 15th day of the third month following the later of (i) the date the dividends or distributions are paid to
holders of Common Stock and (ii) the date the Unreleased Shares with respect to which the Retained Distributions are paid vest. Participant shall enjoy rights as a stockholder until such time as Participant disposes of the Shares or the Company
and/or its 

 
assignee(s) exercises the Right of First Refusal under the Plan. Upon such exercise, Participant shall have no further rights as a holder of the Shares except the right to receive payment for the
Shares so purchased in accordance with the provisions of this Agreement, and Participant shall forthwith cause the certificate(s), if any issued, evidencing the Shares so purchased to be surrendered to the Company for transfer or cancellation. 

ARTICLE II. 
 FORFEITURE
RESTRICTION 
 2.1 Forfeiture Restriction. Subject to the provisions of Section 2.2 below, in the event of
Participant’s Termination of Service for any reason, all of the Shares which, from time to time, have not yet been released from the Forfeiture Restriction, shall thereupon be forfeited immediately and without any further action by the Company
(the “Forfeiture Restriction”). Upon the occurrence of such forfeiture, the Company shall become the legal and beneficial owner of the Unreleased Shares (as defined below) so forfeited, and all rights and interests therein or
relating thereto, and the Company shall have the right to retain and transfer to its own name the number of Unreleased Shares being forfeited by Participant. 

2.2 Release of Shares from Restrictions. Any Shares that have not yet been released from the Forfeiture Restriction, together with and
any Retained Distributions paid thereon pursuant to Section 1.3 and held by the Company, are referred to herein as the “Unreleased Shares.” The Unreleased Shares shall be released from the Forfeiture Restriction in
accordance with the vesting schedule set forth in the Grant Notice. The Unreleased Shares shall be held by the Company in accordance with Section 3 until the Shares are forfeited as provided in Section 2.1, until such Unreleased Shares are
fully released from the Forfeiture Restriction, or until such time as this Agreement no longer is in effect. Participant hereby authorizes and directs the Secretary of the Company, or such other person designated by the Board, to transfer the
Unreleased Shares which have been forfeited pursuant to Section 2.1 from Participant to the Company. As soon as administratively practicable following the release of any Unreleased Shares from the Forfeiture Restriction, the Company shall, as
applicable, either deliver to Participant the certificate or certificates representing such Shares in the Company’s possession belonging to Participant, or, if the Shares are held in book entry form, then the Company shall remove the notations
on the book form. Participant (or the beneficiary or personal representative of Participant in the event of Participant’s death or incapacity, as the case may be) shall deliver to the Company any representations or other documents or assurances
as the Company or its representatives deem necessary or advisable in connection with any such delivery. 
 2.3 Escrow. To insure the
availability for delivery of the Unreleased Shares in the event of the application of the Forfeiture Restriction, Participant appoints the Secretary of the Company, or such other person designated by the Board from time to time as escrow agent, as
its attorney-in-fact to sell, assign and transfer unto the Company, such Unreleased Shares, if any, forfeited pursuant to the Forfeiture

  
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Restriction, together with any Retained Distributions paid thereon pursuant to Section 1.2 and held by the Company, and shall deliver and deposit with the Secretary of the Company, or such
other person designated by the Board from time to time, the share certificate(s) representing the Shares, together with the Stock Assignment. The Unreleased Shares and Stock Assignment (and any Retained Distributions) shall be held by the Secretary,
or such other person designated by the Board from time to time, in escrow, until the Unreleased Shares are forfeited as provided in Article 2, until such Unreleased Shares are fully released from the Forfeiture Restriction, or until such time as
this Agreement no longer is in effect. Upon release of the Unreleased Shares from the Forfeiture Restriction, the escrow agent shall as soon as reasonably practicable deliver to Participant the certificate or certificates representing such Shares in
the escrow agent’s possession belonging to Participant, and the escrow agent shall be discharged of all further obligations hereunder. The Company, or its designee, shall not be liable for any act it may do or omit to do with respect to holding
the Unreleased Shares (or any Retained Distributions) in escrow and while acting in good faith and in the exercise of its judgment. 

ARTICLE III. 

RESTRICTIONS ON SHARES 

3.1 Transferability. Except as otherwise permitted by the Board, the Unreleased Shares are subject to the restrictions on transfer in
the Plan and may not be sold, assigned or transferred in any manner. Any attempted transfer or disposition of Unreleased Shares or related Retained Distributions prior to the time the Unreleased Shares are released from the Forfeiture Restriction
will be null and void. The Company will not be required to (i) transfer on its books any Unreleased Share that has been sold or otherwise transferred in violation of this Agreement or (ii) treat as owner of such Unreleased Share or accord
the right to vote or pay dividends to any purchaser or other transferee to whom such Unreleased Share has been so transferred. 
 3.2
Restrictions on Shares; Claw-Back Provisions. The Shares shall be subject to the provisions of Section 10.14 of the Plan as if such provision were fully set forth herein. Participant hereby agrees to execute such further instruments and
to take such further action as the Company requests to carry out the purposes and intent of such section, including, without limitation, restrictions on the transferability of shares of Common Stock, the right of the Company to repurchase shares of
Common Stock, the right of the Company to require that shares of Common Stock be transferred in the event of certain transactions, tag-along rights, bring-along rights, redemption and co-sale rights and voting requirements in accordance with such section. 
 3.3 Restrictive Legends and
Stop-Transfer Orders. 
 (a) Legends. Participant understands and agrees that the
Company shall cause any certificates issued evidencing the Shares to have the legends set forth below or legends substantially equivalent thereto, together with any other legends that may be required by Applicable Laws: 

THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”), NOR HAVE THEY BEEN
REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE. NO 

  
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TRANSFER OF SUCH SECURITIES WILL BE PERMITTED UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER, THE TRANSFER IS MADE IN ACCORDANCE WITH RULE 144 UNDER THE ACT, OR IN
THE OPINION OF COUNSEL (WHICH MAY BE COUNSEL FOR THE COMPANY) REGISTRATION UNDER THE ACT IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT AND WITH APPLICABLE STATE SECURITIES LAWS. 

THE SHARES REPRESENTED BY THIS CERTIFICATE MAY BE SUBJECT TO FORFEITURE AND/OR REPURCHASE PURSUANT TO, AND MAY BE TRANSFERRED ONLY IN
ACCORDANCE WITH, THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. SUCH FORFEITURE, REPURCHASE AND/OR TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES.

 (b) Stop Transfer Orders. Participant agrees that, in order to ensure compliance with the restrictions referred to in this
Agreement, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

 (c) Impermissible Transfers Void. The Company shall not be required (i) to transfer on its books any Shares that have been
sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares shall have
been so transferred. Any transfer or attempted transfer of the Shares not in accordance with the terms of this Agreement shall be void. 

ARTICLE IV. 
 TAXES

 4.1 Tax Consequences of Award. Participant understands that Participant may suffer adverse tax consequences as a result of
Participant’s receipt of, vesting in or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants or personal advisors Participant deems advisable in connection with the receipt of the Shares and
that Participant is not relying on the Company for any tax or other advice. Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Participant understands that Participant
(and not the Company) shall be responsible for Participant’s tax liability that may arise as a result of the transactions contemplated by this Agreement. 

4.2 Section 83(b) Election for Unreleased Shares. Participant acknowledges that, unless an election is filed by Participant with the
Internal Revenue Service and, if necessary, the proper state taxing authorities, within thirty days of the Grant Date, electing pursuant to Section 83(b) of the Code (and similar state tax provisions if applicable) to be taxed currently on
their Fair Market Value on the date of issuance, there will be a recognition of taxable income to Participant equal to the Fair Market Value of the Unreleased Shares at the time the restrictions thereon lapse. Participant represents that Participant
has consulted any tax consultants or personal advisors Participant deems advisable in connection with the filing of the election under Section 83(b) of the Code and similar tax provisions. 

  
 A-4 

 PARTICIPANT ACKNOWLEDGES THAT IT IS PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE
COMPANY’S TO TIMELY FILE THE ELECTION UNDER SECTION 83(B) OF THE CODE, AND THE COMPANY AND ITS REPRESENTATIVES SHALL HAVE NO OBLIGATION OR AUTHORITY TO MAKE THIS FILING ON PARTICIPANT’S BEHALF. 

4.3 Tax Withholding. 

(a) The Company shall have the authority and the right to deduct or withhold, or require Participant to remit to the Company, an amount
sufficient to satisfy federal, state, local and foreign taxes (including Participant’s employment tax obligation) required by Applicable Law to be withheld with respect to any taxable event concerning Participant arising as a result of the
grant or vesting of the Shares or otherwise under this Agreement, including, without limitation, the authority to deduct such amounts from other compensation payable to Participant by the Company. 

(b) Participant acknowledges that Participant is ultimately liable and responsible for all taxes owed in connection with the Shares,
regardless of any action the Company or any Subsidiary takes with respect to any tax withholding obligations that arise in connection with the Shares (the “Tax Withholding Obligation”). 

(c) (i) Notwithstanding anything to the contrary contained in the Plan or this Section 4.3, unless the Company makes a Withhold to Cover
Election (as described below), following the Public Trading Date, any Tax Withholding Obligation shall automatically, and without further action by Participant, be satisfied through a mandatory sale of Shares arranged by the Company and its
designated broker (together with any other party the Company determines necessary to execute the transactions described herein, the “Agent”) on Participant’s behalf. In the event Participant’s Tax Withholding
Obligation will be satisfied under this Section 4.3(c), then the Agent shall sell on Participant’s behalf such whole number of Shares subject to this Award as is required to generate cash proceeds sufficient to satisfy Participant’s
Tax Withholding Obligation, plus all applicable fees and commissions or other costs due to, or required to be collected by, the Agent with respect to such sale (with such Tax Withholding to be calculated based on Participant’s Applicable Tax
Withholding Rate (as defined below)) (a “Sell to Cover”). 
 (ii) Participant acknowledges that the instruction to
the Agent to sell Shares pursuant to this Section 4.3(c) is intended to comply with the requirements of Rule 10b5-1(c)(1)(i)(B) under the Exchange Act and to be interpreted to comply with the requirements
of Rule 10b5-1(c)(1) under the Exchange Act (the “10b5-1 Arrangement”). Participant hereby appoints the Company as Participant’s agent and attorney-in-fact to instruct the Agent with respect to the number of Shares to be sold under this 10b5-1 Arrangement. Any Sell to Cover
will be further subject to Section 10.18 of the Plan. Participant hereby acknowledges that the Agent is under no obligation to arrange for such sale at any particular price and that the proceeds of any such sale may not be sufficient to
satisfy the Tax Withholding Obligation. 
 (iii) Participant acknowledges that it may not be possible to sell Shares during the term of
this 10b5-1 Arrangement due to (A) a legal or contractual restriction applicable to Participant or to the Agent, (B) a market disruption, (C) rules governing order execution priority on the
stock exchange on which the Shares are traded, (D) a sale effected pursuant to this 10b5-1 Arrangement that fails to comply (or in the reasonable opinion of counsel to the Company or the Agent is likely
not to comply) with Rule 144 under the Securities Act or would result in a short-swing profit under Section 16 of the Exchange Act, or (E) the Company’s determination that sales may not be effected under this 10b5-1 Arrangement. 
 (iv) This 10b5-1 Arrangement shall
terminate on the earliest of: (A) the date on which all Tax Withholding Obligations arising in connection with the Shares have been satisfied; (B) 

  
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forfeiture of the Shares pursuant to Article II; (C) the date of Participant’s death; or (D) as soon as practicable after (but in no event later than the end of the next business
day following) the announcement of (1) a tender or exchange offer for shares of Common Stock by the Company or any other person, or (2) a merger, acquisition, recapitalization or comparable transaction as a result of which Common Stock is
to be exchanged or converted into shares of another company. 
 (v) Participant represents that (A) Participant is not presently aware
of any material nonpublic information about the Company or its securities; (B) Participant is entering into this Agreement and the 10b5-1 Arrangement in good faith and not as part of a plan or scheme to
evade the prohibitions of Rule 10b5-1 or any other provision of any federal, state or foreign securities laws or regulations; (C) Participant shall have full responsibility for compliance with
(1) any reporting requirements under Rule 144 under the Securities Act and Section 13 or 16 of the Exchange Act, (2) the short-swing profit recovery provisions under Section 16 of the Exchange Act, and (3) any federal, state
or foreign securities laws or regulations concerning trading while aware of material nonpublic information; and (D) Participant is aware that in order for this 10b5-1 Arrangement to constitute an
instruction pursuant to Rule 10b5-1(c), Participant must not alter or deviate from the terms of the instruction in this Section 4.3(c) (whether by changing the amount, price, or timing of any purchase or
sale hereunder), exercise any subsequent discretion over the terms hereof or enter into or alter a corresponding or hedging transaction with respect to the Common Stock to be sold pursuant to this instruction or any securities convertible into or
exchangeable for such Common Stock. 
 (vi) Participant acknowledges that this 10b5-1 Arrangement
is subject to the terms of any policy adopted now or hereafter by the Company governing the adoption of 10b5-1 plans. Participant’s acceptance of the Award constitutes the Participant’s instruction
and authorization to the Company and any Agent to complete the transactions described in this Section 4.3(c). 
 (d) Notwithstanding
the foregoing, to the maximum extent permitted by Applicable Laws, for any date on which a Tax Withholding Obligation arises, the Company, upon approval of the Administrator, may elect to override the automatic Sell to Cover method described in
Section 4.3(c) above or a commitment under a previously established Company-approved 10b5-1 plan, and to instead satisfy all or any portion of the Tax Withholding Obligation by retaining Shares from
Participant with a fair market value equal to the Tax Withholding Obligation based on Participant’s Applicable Tax Withholding Rate (a “Withhold to Cover Election”). In the event Participant’s Tax Withholding
Obligation will be satisfied pursuant to a Withhold to Cover Election, then the Company, upon approval of the Administrator, may elect (in lieu of simply retaining the Shares) to instruct the Agent to execute a Sell to Cover of such Shares on
Participant’s behalf. Participant’s acceptance of this Award constitutes Participant’s instruction and authorization to the Company and the Agent to complete the transactions described in the previous sentence, as applicable. To
the maximum extent permitted by law, the Company has the right to satisfy the Tax Withholding Obligation by making the Withhold to Cover Election, but shall be under no obligation to do so. 

(e) For purposes of this Agreement, “Applicable Tax Withholding Rate” means (i) if Participant is
subject to Section 16 of the Exchange Act, the greater of (A) Participant’s minimum applicable statutory tax withholding rate or (B) with Participant’s consent, the maximum individual tax withholding rate permitted under the
rules of the applicable taxing authority for tax withholding attributable to the underlying transaction, or (ii) if Participant is not subject to Section 16 of the Exchange Act, Participant’s minimum applicable statutory tax
withholding rates or such other higher rates approved by 

  
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the Company; provided, however, that in no event shall Participant’s Tax Withholding Rate exceed the maximum individual statutory tax rate in the applicable jurisdiction at the
time of such withholding (or such other rate as may be required to avoid the liability classification of the Award under generally accepted accounting principles in the United States of America); provided, further, that the number of
Shares withheld by the Company to satisfy the Tax Withholding Obligation shall be rounded up to the nearest whole Share to the extent rounding up to the nearest whole Share does not result in the liability classification of the applicable award
under generally accepted accounting principles in the United States of America. 
 (f) The Company will determine the fair market value of
the Shares for purposes of this Section 4.3 using such methodology as may be required by Applicable Laws or as appropriate for administrative reasons, which fair market value may not be the same as the price Participant receives for the Shares
to be sold on Participant’s behalf pursuant to the Sell to Cover. 
 ARTICLE V. 

PARTICIPANT REPRESENTATIONS 

Participant hereby makes the following certifications and representations with respect to the Shares listed above: 

(a) Participant is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the
Company to reach an informed and knowledgeable decision to acquire the Shares. Participant is acquiring these Shares for investment for Participant’s own account only and not with a view to, or for resale in connection with, any
“distribution” thereof within the meaning of the Securities Act. 
 (b) Participant acknowledges and understands that the Shares
constitute “restricted securities” under the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of
Participant’s investment intent as expressed herein. Participant understands that the Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available.
Participant further acknowledges and understands that the Company is under no obligation to register the Shares. Participant understands that the certificate evidencing the Shares will be imprinted with a legend which prohibits the transfer of the
Shares unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company and any other legend required under Applicable Laws. 

(c) Participant is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in
substance, permit limited public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain
conditions. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, ninety days thereafter (or such longer period as any market stand-off
agreement may require) the securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144. 

(d) In the event that the Company does not qualify under Rule 701 at the time of issuance of the Shares, then the securities may be
resold in certain limited circumstances subject to the provisions of Rule 144. 
 (e) Participant further understands that in the event
all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules
144 and 

  
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701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered
offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who
participate in such transactions do so at their own risk. Participant understands that no assurances can be given that any such other registration exemption will be available in such event. 

ARTICLE VI. 

MISCELLANEOUS. 
 6.1
Adjustments. Participant acknowledges that the Restricted Shares are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan. 

6.2 Notices. Any notice to be given under the terms of this Agreement to the Company must be in writing and addressed to the Company in
care of the Company’s Secretary at the Company’s principal office or the Secretary’s then-current email address or facsimile number. Any notice to be given under the terms of this Agreement to Participant must be in writing and
addressed to Participant at Participant’s last known mailing address, email address or facsimile number in the Company’s personnel files. By a notice given pursuant to this Section, either party may designate a different address for
notices to be given to that party. Any notice will be deemed duly given when actually received, when sent by email, when sent by certified mail (return receipt requested) and deposited with postage prepaid in a post office or branch post office
regularly maintained by the United States Postal Service, when delivered by a nationally recognized express shipping company or upon receipt of a facsimile transmission confirmation. 

6.3 Governing Law. The provisions of this Agreement, including the Shares, shall be governed by and interpreted in accordance with
the laws of the State of Delaware, disregarding choice-of-law principles of the law of any state that would require the application of the laws of a jurisdiction other
than such state. 
 6.4 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or
construction of this Agreement. 
 6.5 Conformity to Securities Laws. Participant acknowledges that the Plan, the Grant Notice and
this Agreement are intended to conform to the extent necessary with all Applicable Laws and, to the extent Applicable Laws permit, will be deemed amended as necessary to conform to Applicable Laws. 

6.6 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this
Agreement will inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in this Agreement or the Plan, this Agreement will be binding upon and inure to the benefit of the heirs, legatees,
legal representatives, successors and assigns of the parties hereto. 
 6.7 Limitations Applicable to Section 16
Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Grant Notice, this Agreement and the Restricted Shares will be subject to any additional
limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3) that are requirements for the application of such exemptive rule. To the
extent Applicable Laws permit, this Agreement will be deemed amended as necessary to conform to such applicable exemptive rule. 

  
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 6.8 Entire Agreement. The Plan, the Grant Notice and this Agreement (including any
exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof. Participant hereby agrees to execute
such further instruments and to take such further action as the Company requests to carry out the purposes and intent of this Agreement, including, without limitation, restrictions on the transferability of shares of Common Stock, the right of the
Company to reacquire or repurchase shares of Common Stock, the right of the Company to require that shares of Common Stock be transferred in the event of certain transactions, tag-along rights, bring-along
rights, redemption and co-sale rights and voting requirements in accordance with this Agreement. 

5.8 Agreement Severable. In the event that any provision of the Grant Notice or this Agreement is held illegal or invalid, the
provision will be severable from, and the illegality or invalidity of the provision will not be construed to have any effect on, the remaining provisions of the Grant Notice or this Agreement. 

5.9 Limitation on Participant’s Rights. Participation in the Plan confers no rights or interests other than as herein provided.
This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and may not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant will have
only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the Award. 

5.10 Not a Contract of Employment. Nothing in the Plan, the Grant Notice or this Agreement confers upon Participant any right to
continue in the employ or service of the Company or any Subsidiary or interferes with or restricts in any way the rights of the Company and its Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of
Participant at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary and Participant. 

5.11 Counterparts. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject
to Applicable Law, each of which will be deemed an original and all of which together will constitute one instrument. 

  
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 EXHIBIT B 

TO STOCK OPTION GRANT NOTICE 

STOCK ASSIGNMENT 
 [See
instructions below] 
 FOR VALUE RECEIVED I,
                    , hereby sell, assign and transfer unto
                     the shares of the Common Stock of LENSAR, Inc. registered in my name on the books of said corporation represented by
Certificate No.          and do hereby irrevocably constitute and appoint                     
to transfer the said stock on the books of the within named corporation with full power of substitution in the premises. 
 This Assignment
Separate from Certificate may be used only in accordance with the Restricted Stock Grant Notice and Restricted Stock Agreement between LENSAR, Inc. and the undersigned dated [●], 2020.  

Dated:
                             ,
                 
  

			
	Signature:	 	  

	Print Name:	 	  

 INSTRUCTIONS: Please do not fill in any blanks other than the signature line. The purpose of this assignment
is to enable the Company to enforce the Forfeiture Restriction, as set forth in the Restricted Stock Grant Notice and Restricted Stock Agreement, without requiring additional signatures on the part of Participant. 

  
 B-1 

 EXHIBIT C 

TO RESTRICTED STOCK GRANT NOTICE 

CONSENT OF SPOUSE 
 I,
                    , spouse of
                    , have read and approve the foregoing Restricted Stock Grant Notice and Restricted Stock Agreement dated
                    ,         , between my spouse and LENSAR, Inc. In consideration of issuing
to my spouse the shares of the Common Stock of LENSAR, Inc. set forth in the Restricted Stock Grant Notice and Restricted Stock Agreement, I hereby appoint my spouse as my
attorney-in-fact in respect to the exercise of any rights under the Restricted Stock Grant Notice and Restricted Stock Agreement and agree to be bound by the provisions
of the Restricted Stock Grant Notice and Restricted Stock Agreement insofar as I may have any rights in said Agreement or any shares issued pursuant thereto under the community property laws or similar laws relating to marital property in effect in
the state of our residence as of the date of the signing of the Restricted Stock Grant Notice and Restricted Stock Agreement. 
  

									
	Dated:                    ,         	 		 		 	Signature of Spouse:	 	  

 FORM OF 83(B) ELECTION AND INSTRUCTIONS 

These instructions are provided to assist you if you choose to make an election under Section 83(b) of the Internal Revenue Code, as
amended, with respect to the shares of common stock of LENSAR, Inc. transferred to you. Please consult with your personal tax advisor as to whether an election of this nature will be in your best interests in light of your personal tax
situation. 
 The executed original of the Section 83(b) election must be filed with the Internal Revenue Service not later than 30
days after the date the shares were transferred to you. There is no remedy for failure to file on time. The steps outlined below should be followed to ensure the election is mailed and filed correctly and in a timely manner. If you make
the Section 83(b) election, the election is irrevocable. 
 Complete the Section 83(b) election form (attached
as Attachment 1) and make four (4) copies of the signed election form. Your spouse, if any, should sign the Section 83(b) election form as well. 

Prepare the cover letter to the Internal Revenue Service (sample letter attached as Attachment 2). 

Send the cover letter with the originally executed Section 83(b) election form and one (1) copy via certified mail, return receipt
requested to the Internal Revenue Service at the address of the Internal Revenue Service where you file your personal tax returns. We suggest that you have the package date-stamped at the post office. The post office will provide you with a
certified receipt that includes a dated postmark. Enclose a self-addressed, stamped envelope so that the Internal Revenue Service may return a date-stamped copy to you. However, your postmarked receipt is your proof of having timely filed the
Section 83(b) election if you do not receive confirmation from the Internal Revenue Service. 
 One (1) copy must be sent to
LENSAR, Inc. for its records. 
 Retain the Internal Revenue Service file stamped copy (when returned) for your records. 

Please consult your personal tax advisor for the address of the office of the Internal Revenue Service to which you should mail your election
form. 

  
 A-2 

 ATTACHMENT 1 

ELECTION UNDER INTERNAL REVENUE CODE SECTION 83(B) 

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in
taxpayer’s gross income for the current taxable year the amount of any compensation taxable to taxpayer in connection with taxpayer’s receipt of shares (the “Shares”) of Common Stock of LENSAR, Inc., a Delaware
corporation (the “Company”). 
 The name, address and taxpayer identification number of the undersigned taxpayer are: 

 

					
	  
	  	
	  
	  	
	  
	  	
			
	SSN:	 	  
	  	

 The name, address and taxpayer identification number of the Taxpayer’s spouse are (complete if
applicable): 
  

					
	  
	  	
	  
	  	
	  
	  	
			
	SSN:	 	  
	  	

 Description of the property with respect to which the election is being made: 

                     shares of Common
Stock of the Company. 
 The date on which the property was transferred was [●], 2020. The taxable year to which this election relates is calendar
year 2020. 
 Nature of restrictions to which the property is subject: 

The Shares are subject to forfeiture upon the occurrence of certain events. This forfeiture restriction lapses based upon the continued
performance of services by the taxpayer over time or upon performance conditions related to the issuer of the Shares. 
 The fair market value at the time
of transfer (determined without regard to any lapse restrictions, as defined in Treasury Regulation Section 1.83-3(i)) of the Shares was $[●] per Share. 

The amount paid by the taxpayer for the Shares was $[●] per share. 

A copy of this statement has been furnished to the Company. 
  

									
	Dated:	 	  
	 		 	Taxpayer Signature	 	  

 The undersigned spouse of Taxpayer joins in this election. (Complete if applicable). 

 

									
	Dated:	 	  
	 		 	Spouse’s SignatureThird Amended and Restated Revolving Credit Note Agreement

 Execution Version 

Dated as of September 30, 2020 

CM FINANCE SPV LTD., 
 as
Issuer 
 THE ENTITIES FROM TIME TO TIME PARTY HERETO, 

as the Class A-R Noteholders 

INVESTCORP CREDIT MANAGEMENT BDC, INC. 

U.S. BANK NATIONAL ASSOCIATION, 

as Revolving Credit Note Agent 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Trustee 
  

 
  

 

 
 THIRD AMENDED
AND RESTATED REVOLVING 
 CREDIT NOTE AGREEMENT 
  

 

 
  

 CONTENTS 
  

					
	 SECTION
	  	 	PAGE	 
		
	 1.   Definitions and Interpretation
	  	 	- 1 -	 
		
	 1.1.    Definitions
	  	 	- 1 -	 
		
	 1.2.    Interpretation
	  	 	- 4 -	 
		
	 2.   The Class A-R
Notes
	  	 	- 4 -	 
		
	 2.1.    Borrowings
	  	 	- 4 -	 
		
	 2.2.    Advances; Repayments; Class A-R Commitment Amounts
	  	 	- 6 -	 
		
	 2.3.    Outstanding
Class A-R Funded Amount
	  	 	- 7 -	 
		
	 2.4.    Agency Compensation
	  	 	- 7 -	 
		
	
2.5.    Class A-R
Prepayment Account; Withdrawals
	  	 	- 8 -	 
		
	
2.6.    Class A-R Note
Interest
	  	 	- 10 -	 
		
	 3.   Conditions Precedent to Borrowings
	  	 	- 10 -	 
		
	 3.1.    Conditions to Funding
	  	 	- 10 -	 
		
	 3.2.    Representations regarding
Conditions
	  	 	- 10 -	 
		
	 4.   Assignments
	  	 	- 11 -	 
		
	 4.1.    Assignment
	  	 	- 11 -	 
		
	 4.2.    Rights of Assignee under this
Agreement
	  	 	- 13 -	 
		
	 4.3.    Notice of Assignment
	  	 	- 13 -	 
		
	
4.4.    Class A-R Note
Register; Information
	  	 	- 14 -	 
		
	 5.   Representations and Warranties
	  	 	- 14 -	 
		
	 5.1.    Representations and Warranties of the
Issuer
	  	 	- 14 -	 
		
	 5.2.    Representations and Warranties of each Class A-R Noteholder
	  	 	- 15 -	 
		
	 6.   The Revolving Credit Note Agent
	  	 	- 16 -	 
		
	 7.   Miscellaneous
	  	 	- 20 -	 
		
	 7.1.    Waivers; Amendments; Etc.
	  	 	- 20 -	 
		
	 7.2.    Notices, Etc.
	  	 	- 20 -	 
		
	 7.3.    Captions
	  	 	- 21 -	 
		
	 7.4.    Governing Law; Jurisdiction; Venue
	  	 	- 21 -	 
		
	 7.5.    Consent to Service of Process
	  	 	- 21 -	 

  
 - 1 - 

					
	 7.6.    Waiver of Jury Trial
	  	 	- 22 -	 
		
	 7.7.    Execution in Counterparts
	  	 	- 22 -	 
		
	 7.8.    Tax Treatment of Notes
	  	 	- 22 -	 
		
	 7.9.    Transfer Taxes
	  	 	- 22 -	 
		
	 7.10.   Severability
	  	 	- 22 -	 
		
	 7.11.   Further Assurances
	  	 	- 23 -	 
		
	 7.12.   Limited Recourse,
Non-Petition as to the Issuer
	  	 	- 23 -	 

 Exhibit A - Form of Notice of Borrowing 

Exhibit B - Form of Assignment and Acceptance 

  
 - 2 - 

 THIRD AMENDED AND RESTATED REVOLVING CREDIT NOTE AGREEMENT, dated as of September 30,
2020 (this “Agreement”), between: 
 CM FINANCE SPV LTD., an exempted company incorporated with limited liability
under the laws of the Cayman Islands (the “Issuer”); 
 UBS AG, LONDON BRANCH, as Holder of all of the Class A-R Notes on the date hereof (the “Initial Holder”), and any entity that becomes a party hereto as a Class A-R Noteholder (each, together with
the Initial Holder, a “Class A-R Noteholder”); 
 INVESTCORP CREDIT MANAGEMENT
BDC, INC., a corporation organized in the State of Maryland (“ICMB”) 
 U.S. BANK NATIONAL ASSOCIATION, a
national banking association, as agent for the Issuer (in such capacity, together with its successors in such capacity, the “Revolving Credit Note Agent”); and 

U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee under the Indenture (the “Trustee”). 

WHEREAS, the Issuer and the Trustee are parties to the Eighth Amended and Restated Indenture, dated as of September 30, 2020 (as
the same may be amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), pursuant to which the Issuer may issue up to U.S.$26,666,667 Class A-R Notes
(the “Class A-R Notes”). 
 ACCORDINGLY, the parties hereto agree as
follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	 	1.1.	 Definitions 

Capitalized terms used but not defined herein (including any Exhibits hereto) have the meanings given to them in the Indenture. As used in
this Agreement (including any Exhibits hereto), the following terms have the meanings specified below: 
 “Advance” means
any advance made or to be made by (or on behalf of) a Class A-R Noteholder to the Issuer in respect of any Borrowing. 

“Assignment and Acceptance” means an assignment and acceptance entered into by a
Class A-R Noteholder and any assignee of such Class A-R Noteholder, and delivered to the Revolving Credit Note Agent on behalf of the Issuer, in substantially
the form of Exhibit B, pursuant to which a Class A-R Noteholder assigns all, but not less than all, of its rights and obligations under this Agreement with respect to the portion of such Class A-R Noteholder’s Class A-R Notes being assigned in accordance with the terms of Section 4.1(b)(i). 

  
 - 3 - 

 “Borrowing” means any advance of funds to the Issuer contemplated by
Section 2.1; provided that, the term “Borrowing” shall exclude any amounts that remain on deposit in any Class A-R Prepayment Account. 

“Borrowing Date” means the date of any proposed Borrowing, as set forth in the applicable Notice of Borrowing. 

“Borrowing Request” has the meaning set forth in Section 2.1(a). 

“Class A-R Commitment Amount” means, on any date and as to any Class A-R Noteholder (or, prior to the Repo Termination Date, ICMB), the product of (a) the Commitment Percentage of such Class A-R Noteholder (or, prior to the
Repo Termination Date, ICMB) as of such day and (b) an amount which is the Remaining Unfunded Facility Commitment (expressed as a Dollar amount) on such date. 

“Class A-R Noteholder” means, with respect to any
Class A-R Note, the Person in whose name such Class A-R Note is registered in the Class A-R Note Register. 

“Class A-R Prepayment Account” has the meaning set forth in Section 2.5(a). 

“Commitment Percentage” means, for any Class A-R Noteholder as of any date of
determination, a percentage equal to (a)(i) the pro rata portion of the Remaining Unfunded Facility Commitment represented by the Class A-R Notes of such
Class A-R Noteholder divided by (ii) the Remaining Unfunded Facility Commitment multiplied by (b) 100%; provided that, until the occurrence of the Repo Termination Date, and
notwithstanding any transfer of any Class A-R Notes, the Commitment Percentage shall be as set out below: 
  

			
	  	  	  

Commitment Percentage
  

	 	 
	UBS AG, London Branch	  	75%
	 Investcorp Credit

Management BDC, Inc.
	  	25%

 “Commitment Termination Date” means the earliest to occur of (a) the Stated Maturity of
the Class A-R Notes; and (b) the occurrence of an Enforcement Event. 
 “Maximum
RCN Facility Funding Commitment” means, in the aggregate, U.S.$26,666,667. 
 “Minimum Borrowing Amount” means,
with respect to any Borrowing (a) U.S. $5,000,000, (b) if a Borrowing of U.S. $5,000,000 would cause the Outstanding Class A-R Funded Amount to exceed the Maximum RCN Facility Funding
Commitment, an amount equal to (x) the Maximum RCN Facility Funding Commitment prior to such 

  
 - 4 - 

 
Borrowing minus (y) the Outstanding Class A-R Funded Amount prior to such Borrowing, or (c) if UBS AG, London Branch is a Class A-R Noteholder at the time of such Borrowing, such other amount as may be approved by UBS. 

“Minimum Repayment Amount” means, with respect to any repayment of Advances (a) U.S. $5,000,000, (b) if the Outstanding Class A-R Funded Amount as of such date is less than U.S. $5,000,000, the Minimum Repayment Amount shall be the Outstanding Class A-R Funded Amount, or (c) if
UBS AG, London Branch is a Class A-R Noteholder at the time of such repayment, such other amount as may be approved by UBS; provided that the Minimum Repayment Amount shall not apply to any
repayment of the Outstanding Class A-R Funded Amount in connection with any Mandatory Repayment. 

“Notice of Borrowing” has the meaning set forth in Section 2.1(b). 

“Notice of Repayment” has the meaning set forth in Section 2.5(e). 

“Outstanding Class A-R Funded Amount” means the aggregate
outstanding principal amount of Borrowings funded by Class A-R Noteholders pursuant to Section 2.1 of this Agreement which have not been repaid. The Outstanding
Class A-R Funded Amount shall be subject to adjustment as described in Sections 2.2 and 2.5 of this Agreement. 

“Prepayment Refund Date” means, with respect to any Class A-R Noteholder that
has deposited all (or a portion of) its Class A-R Commitment Amount into such Class A-R Noteholder’s
Class A-R Prepayment Account in accordance with Section 2.5(a), the Business Day after the Commitment Termination Date has occurred (or such earlier date designated by the relevant Class A-R Noteholder by notice to the Trustee, the Issuer and the Revolving Credit Note Agent). 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Remaining Unfunded Facility
Commitment” means, with respect to any date of determination, the excess (if any) of: (a) the Maximum RCN Facility Funding Commitment over (b) the Outstanding Class A-R
Funded Amount. For the avoidance of doubt, the Remaining Unfunded Facility Commitment shall not be reduced by the amount of any funds deposited in any Class A-R Prepayment Account by the relevant Class A-R Noteholder. 
 “Repo Agreement” means the repurchase transaction relating
to the Class A-R Notes entered into pursuant to an amended and restated confirmation between UBS AG, London Branch and Investcorp Credit Management BDC, Inc. dated as of September 30, 2020 under the
Global Master Repurchase Agreement. 

  
 - 5 - 

 “Repo Termination Date” means the date on which each of UBS AG, London Branch
and Investcorp Credit Management BDC, Inc. confirm in writing to the Revolving Credit Note Agent that the Repo Agreement has been terminated. 

“Revolving Credit Note Agent Expenses” has the meaning set forth in Section 2.4(b). 

“Substitution Notice” has the meaning set forth in Section 2.5(f). 

 

	 	1.2.	 Interpretation 

Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings set forth below
for all purposes of this Agreement, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms. Except as otherwise specified herein or
as the context may otherwise require: (i) references to an agreement or other document are to it as amended, supplemented, restated and otherwise modified from time to time and to any successor document (whether or not already so stated); (ii)
references to a statute, regulation or other government rule are to it as amended from time to time and, as applicable, are to corresponding provisions of successor governmental rules (whether or not already so stated); (iii) the word
“including” and correlative words shall be deemed to be followed by the phrase “without limitation” unless actually followed by such phrase or a phrase of like import; (iv) the word “or” is always used inclusively
herein (for example, the phrase “A or B” means “A or B or both,” not “either A or B but not both”), unless used in an “either ... or” construction; (v) references to a Person are references to such
Person’s successors and assigns (whether or not already so stated); (vi) all references in this Agreement to designated “Articles”, “Sections”, “sub-Sections”, other
subdivisions, Schedules and Exhibits are to the designated articles, sections, sub-sections, other subdivisions, schedules and exhibits of this Agreement; and (vii) the words “herein”,
“hereof”, “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular article, section, sub-section or other subdivision. 

 

	2.	 THE CLASS A-R
NOTES 

  

	 	2.1.	 Borrowings 

 

	(a)	 Subject to the terms and conditions hereof, on any Business Day prior to the Commitment Termination Date,
the Issuer (or the Collateral Manager on behalf of the Issuer) may request Borrowings (each a “Borrowing Request”) hereunder in an amount equal to or greater than the Minimum Borrowing Amount. 

 

	(b)	 From time to time as required pursuant to and in accordance with the terms of the Indenture, the Issuer (or
the Collateral Manager on behalf of the Issuer) may deliver to the Revolving Credit Note Agent and the Class A-R Noteholders a notice (with a copy to the Trustee and the Collateral Manager, if not the
notifying party), 

  
 - 6 - 

	 	 
substantially in the form of Exhibit A hereto (each, a “Notice of Borrowing”), of a proposed Borrowing no later than 5:00 p.m. (New York City time) on the 35th (thirty-fifth) calendar day (or such fewer number of days as may be approved in writing by UBS and the Revolving Credit Note Agent) prior to the proposed Borrowing Date. Each of the Issuer and, if
applicable, the Collateral Manager agrees that any Notice of Borrowing delivered pursuant to this Section 2.1(b) shall be transmitted to the Revolving Credit Note Agent and the Class A-R Noteholders
by electronic mail (to the electronic mail address specified on the Revolving Credit Note Agent’s and each Class A-R Noteholder’s respective signature pages to this Agreement), shall be
substantially in the form of Exhibit A hereto, and shall specify the proposed Borrowing Date (which shall be a Business Day), the amount of such proposed Borrowing and relevant wire transfer instructions. In the event any Notice of Borrowing is not
transmitted to the Revolving Credit Note Agent and the Class A-R Noteholders until after 5:00 p.m. (New York City time) on a Business Day, it will be treated as having been transmitted on the following
Business Day for all purposes hereunder. The Revolving Credit Note Agent shall notify the Collateral Manager promptly (and in any event within one Business Day) of any change to the electronic mail address specified on each Class A-R Noteholder’s signature page to this Agreement to the extent that the Revolving Credit Note Agent has received notice of such change from a Class A-R
Noteholder. 

  

	(c)	 So long as (x) the Commitment Termination Date has not occurred and (y) the conditions to funding
set out in Section 3.1 have been satisfied, the Class A-R Noteholders (or, prior to the Repo Termination Date, ICMB) shall make Advances to the Issuer on the Borrowing Date specified in the Notice of
Borrowing (pro rata based on their respective Commitment Percentages) as follows: 

  

	 	(i)	 each Class A-R Noteholder obligated to make an Advance
hereunder (or, prior to the Repo Termination Date, ICMB), no later than 12:00 p.m. (New York City time) on the Borrowing Date specified in the Notice of Borrowing, shall have made available to the Trustee, in immediately available funds, an amount
equal to its Commitment Percentage of the Borrowing in respect of such Advance in accordance with the wire transfer instructions set forth in the Notice of Borrowing; and 

 

	 	(ii)	 a Class A-R Noteholder that has elected to establish a Class A-R Prepayment Account pursuant to Section 2.5(a) shall be deemed to satisfy its obligation under clause (i) if, no later than 12:00 p.m. (New York City time) on the Borrowing Date specified in
the Notice of Borrowing, such Class A-R Noteholder has cash standing to the credit of its Class A-R Prepayment Account in an amount no less than its Commitment
Percentage of the Borrowing in respect of such Advance; 

 If, as of 12:00 p.m. (New York City time) on
the Borrowing Date specified in the related Notice of Borrowing: 

  
 - 7 - 

	 	(A)	 each Class A-R Noteholder (and, prior to the Repo Termination
Date, ICMB) has satisfied its Advance payment obligation (either by payment to the Trustee in accordance with Section 2.1(c)(i) or deemed satisfaction pursuant to Section 2.1(c)(ii) above), (I) the Trustee shall transfer all funds received
pursuant to Section 2.1(c)(i) to the Principal Collection Subaccount and (II) in the case of any Class A-R Noteholder that has satisfied such obligation pursuant to Section 2.1(c)(ii), the
Trustee shall (at the direction of the Collateral Manager) instruct the Custodian (without consent of such Class A-R Noteholder) to transfer cash in an amount equal to such
Class A-R Noteholder’s Commitment Percentage of the Borrowing in respect of such Advance from such Class A-R Prepayment Account to the Principal
Collection Subaccount; or 

  

	 	(B)	 any Class A-R Noteholder (or, prior to the Repo Termination
Date, ICMB) has failed to satisfy its Advance payment obligation (whether by payment to the Trustee in accordance with Section 2.1(c)(i) or deemed satisfaction pursuant to Section 2.1(c)(ii) above), (I) if the Trustee has received
funds from a Class A-R Noteholder (or, prior to the Repo Termination Date, ICMB) pursuant to Section 2.1(c)(i), the Trustee shall return such funds to such
Class A-R Noteholder (or ICMB, as applicable) and (II) with respect to any funds standing to the credit of a Class A-R Prepayment Account, the Trustee
shall (at the direction of the Collateral Manager) instruct the Custodian to return such funds to the related Class A-R Noteholder. 

For the avoidance of doubt, if with respect to any Advance, a Class A-R
Noteholder has satisfied its Advance payment obligation pursuant to Section 2.1(c)(ii) but any other Class A-R Noteholder has failed to satisfy its own Advance payment obligation as of 12:00 p.m.
(New York City time) on the Borrowing Date, the Trustee shall not be entitled to instruct the Custodian to transfer cash from such Class A-R Prepayment Account to the Issuer or any other Person (other
than such Class A-R Noteholder as required by sub-clause (B) above) without the consent of such Class A-R
Noteholder. 
  

	(d)	 The Issuer hereby agrees that each Class A-R Noteholder and
ICMB, acting in good faith, (i) is entitled to rely upon any Notice of Borrowing furnished to such Class A-R Noteholder and ICMB by the Collateral Manager purporting to act on behalf of the Issuer,
is genuine and authorized and (ii) shall not be liable to the Issuer with respect to any action taken or omitted to be taken by such Class A-R Noteholder or ICMB in good faith in accordance with any
such Notice of Borrowing. 

  

	 	2.2.	 Advances; Repayments; Class A-R Commitment Amounts

  

	(a)	 All Advances to the Issuer hereunder may be repaid by the Issuer pursuant to (i) Section 2.5(e),
notwithstanding the Priority of Payments and (ii) a Mandatory 

  
 - 8 - 

	 	 
Repayment in accordance with the Priority of Payments, and any such Advances repaid by the Issuer may, subject to the conditions set forth herein, be reborrowed from time to time by the Issuer
hereunder. 

  

	(b)	 Repayments of Advances to any Class A-R Noteholders under
Section 2.2(a) and Section 2.5(e) of this Agreement or Section 11.1(a)(ii) of the Indenture (including, without limitation, in connection with a Mandatory Repayment) shall be applied to pay the
Class A-R Noteholders, pro rata, based on the respective portions of the Outstanding Class A-R Funded Amount represented by their Class A-R Notes, and such payment shall reduce the Outstanding Class A-R Funded Amount. 

 

	(c)	 Any deposit by a Class A-R Noteholder of any amount into such Class A-R Noteholder’s Class A-R Prepayment Account pursuant to the terms hereof will not reduce such Class A-R
Noteholder’s Class A-R Commitment Amount. 

  

	(d)	 Each repayment of Advances by the Issuer (other than a repayment thereof in connection with a Mandatory
Repayment) shall be in an amount equal to or greater than the Minimum Repayment Amount. 

  

	 	2.3.	 Outstanding Class A-R Funded Amount

 The parties hereto hereby acknowledge and agree that all Borrowings shall be deemed to be part of the Outstanding Class A-R Funded Amount, regardless of whether the conditions to the related Borrowing set forth herein or in the Indenture were in fact satisfied, until such amounts are repaid in accordance with the terms of
this Agreement, the Indenture and such Class A-R Notes. Each of the Class A-R Noteholders acknowledges that the obligations of the Issuer to pay any
Outstanding Class A-R Funded Amount under the Class A-R Notes, and the terms of repayment thereof, are governed by this Agreement and the Indenture. No
interest shall accrue on the Outstanding Class A-R Funded Amount. 
  

	 	2.4.	 Agency Compensation 

 

	(a)	 The Issuer agrees to reimburse the Revolving Credit Note Agent (subject to any written agreement between the
Issuer and the Revolving Credit Note Agent) forthwith upon its request for all reasonable expenses incurred or made by the Revolving Credit Note Agent in accordance with any provision of this Agreement or the Indenture. 

 

	(b)	 The Issuer will reimburse, and does hereby indemnify and hold harmless, the Revolving Credit Note Agent and
its affiliates, directors, officers, shareholders, agents and employees with respect to all expenses, losses, damages, liabilities, demands, charges and claims of any nature (including the reasonable fees and expenses of counsel and other experts)
in respect of or arising from its appointment as Revolving Credit Note Agent or from any acts or omissions performed or omitted by the Revolving Credit Note Agent, its affiliates, directors, officers,

  
 - 9 - 

	 	 
shareholders, agents or employees hereunder in good faith except to the extent resulting from gross negligence, willful misconduct or fraud on the part of the Revolving Credit Note Agent or any
Affiliate thereof (any such amounts, together with expenses reimbursable under Section 2.4(b), “Revolving Credit Note Agent Expenses”). The indemnification obligations of the Issuer shall survive termination of this Agreement
and the resignation or removal of the Revolving Credit Note Agent. 

  

	(c)	 The Revolving Credit Note Agent Expenses shall be considered Administrative Expenses and shall be payable
from the Expense Account or pursuant to the Priority of Payments in each case in accordance with the Indenture. 

  

	(d)	 The Revolving Credit Note Agent hereby agrees not to cause the filing of a petition in bankruptcy,
reorganization, arrangement, insolvency, moratorium or liquidation proceedings under any law or jurisdiction against the Issuer for the non-payment to the Revolving Credit Note Agent of any amounts provided by
this Section 2.4 before 366 days have elapsed or, if longer, the applicable preference period then in effect (including, without limitation, any period established pursuant to the laws of the Cayman Islands) (plus one day) after the payment in
full of all Notes issued under the Indenture. 

  

	 	2.5.	 Class A-R Prepayment Account; Withdrawals

  

	(a)	 The Trustee shall cause to be established and maintained by the Custodian, as Securities Intermediary, a
separate securities account (each such account, a “Class A-R Prepayment Account”) for each Class A-R Noteholder that elects to establish such an
account, which securities account shall be established in the name of the Trustee as entitlement holder in trust for the benefit of the Issuer and such Class A-R Noteholder. The Trustee shall deposit any amounts received from a Class A-R Noteholder to pay an Advance payment obligation into such Class A-R Noteholder’s Class A-R Prepayment
Account. UBS AG, London Branch, as the Initial Holder, has elected to establish such a Class A-R Prepayment Account, and the Trustee shall cause to be established and maintained by the Custodian, as
Securities Intermediary, a Class A-R Prepayment Account in the name of the Trustee as entitlement holder in trust for the benefit of the Issuer and UBS AG, London Branch, as the Initial Holder, in
accordance with the terms of this Agreement and Section 10.3(e) of the Indenture. 

  

	(b)	 Subject to the terms of this Agreement and the Indenture, the only permitted withdrawal from or application
of funds or other property standing to the credit of any Class A-R Prepayment Account shall be for the purpose of (i) investing or reinvesting such funds or other property in Eligible Investments
pursuant to Section 2.5(c); (ii) any withdrawal in connection with an Advance pursuant to Section 2.1(c); (iii) any withdrawal in connection with a Prepayment Refund Date pursuant

  
 - 10 - 

	 	 
to Section 2.5(d); or (iv) any withdrawal in connection with any other payment pursuant to Section 2.5(e). 

 

	(c)	 The Trustee shall, pursuant to the written directions of a
Class A-R Noteholder, invest and reinvest funds standing to the credit of such Class A-R Noteholder’s
Class A-R Prepayment Account in Eligible Investments. None of the Issuer, the Revolving Credit Note Agent, the Trustee or the Custodian shall in any way be held liable for reason of any insufficiency of
any Class A-R Prepayment Account resulting from any loss relating to any investment of funds standing to the credit of such Class A-R Prepayment Account,
except to the extent such loss results from the Issuer’s, the Revolving Credit Note Agent’s, the Trustee’s or the Custodian’s fraud, gross negligence or willful misconduct. 

 

	(d)	 The Trustee shall, at any time (including any time on or following any Prepayment Refund Date) with respect
to a Class A-R Prepayment Account, upon and pursuant to the written directions of the related Class A-R Noteholder, withdraw all (or any portion) of the funds
and other property (including any funds and other property in excess of such Class A-R Noteholder’s Class A-R Commitment Amount, whether as a result of
increased market value or otherwise) standing to the credit of such Class A-R Noteholder’s Class A-R Prepayment Account, and direct the Custodian to pay
or transfer the same to such Class A-R Noteholder (or to such account or accounts as such Class A-R Noteholder shall otherwise direct the Trustee in writing).

  

	(e)	 So long as no Event of Default has occurred and is continuing, the Issuer (or the Collateral Manager on
behalf of the Issuer) shall have the right at any time to repay any Advance by delivering to the Revolving Credit Note Agent and the relevant Class A-R Noteholders a notice (with a copy to the Trustee and
the Collateral Manager, if not the notifying party) (each, a “Notice of Repayment”) of a proposed repayment (which shall be in an amount equal to or greater than the Minimum Repayment Amount) no later than 5:00 p.m. (New York City
time) on the third Business Day prior to the proposed repayment. Each of the Issuer and, if applicable, the Collateral Manager agrees that any Notice of Repayment delivered pursuant to this Section 2.5(e) shall be transmitted to the Revolving
Credit Note Agent and the relevant Class A-R Noteholders by electronic mail (to the electronic mail address specified on the Revolving Credit Note Agent’s and such
Class A-R Noteholders’ respective signature pages to this Agreement) and shall specify the proposed repayment date (which shall be a Business Day) and the amount of such proposed repayment. In the
event any Notice of Repayment is not transmitted to the Revolving Credit Note Agent and the Class A-R Noteholders until after 5:00 p.m. (New York City time) on a Business Day, it will be treated as having
been transmitted on the following Business Day for all purposes hereunder. The Trustee shall, on the proposed repayment date and in accordance with Section 2.2(b) of this Agreement and Section 11.1(a)(ii) of the Indenture, direct the
Custodian to pay or transfer the amount of such proposed repayment from the Principal Collection 

  
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Subaccount to each Class A-R Noteholder in accordance with the wire instructions provided by such
Class A-R Noteholder in the Subscription Agreement pursuant to which it subscribed for the Class A-R Notes or such account or accounts as such Class A-R Noteholder shall otherwise direct the Trustee in writing). Pursuant to Section 2.2(b), any repayment under this Section 2.5(e) shall reduce the Outstanding
Class A-R Funded Amount. Notwithstanding the foregoing, no Notice of Repayment shall be required in connection with any repayment of the Outstanding Class A-R
Funded Amount in connection with any Mandatory Repayment, with respect to which (i) only the notice contemplated by Section 9.2(b) of the Indenture shall be required, (ii) the Minimum Repayment Amount shall not apply, and
(iii) the condition to repayment that no Event of Default has occurred and is continuing shall not apply. 

  

	(f)	 Upon three Business Days prior written notice (the “Substitution Notice”) by any Class A-R Noteholder to the Trustee and the Collateral Manager specifying which Eligible Investments standing to the credit of the Class A-R Prepayment Account of
such Class A-R Noteholder are to be exchanged (and the principal amount and CUSIP (if applicable) of the new Eligible Investments to be delivered), a Class A-R
Noteholder may on any Business Day, at its own expense, deposit into its Class A-R Prepayment Account substitute Eligible Investments and the Trustee shall, not later than the Business Day following the
date on which the Trustee receives such substitute Eligible Investments, transfer to such Class A-R Noteholder the Eligible Investments specified in such written notice; provided that, the Trustee
shall not transfer Eligible Investments to any Class A-R Noteholder as specified in such written notice if and to the extent that such transfer would cause the balance of such Class A-R Prepayment Account to decrease. 

  

	 	2.6.	 Class A-R Note Interest 

Eligible Investment Income received on Eligible Investments standing to the credit of Class A-R
Prepayment Accounts shall be payable to the applicable Holders of the Class A-R Notes as and to the extent provided in the Indenture. 

 

	3.	 CONDITIONS PRECEDENT TO BORROWINGS

  

	 	3.1.	 Conditions to Funding. 

The obligation of any Class A-R Noteholder to fund its Commitment Percentage of any Borrowing
under Section 2.1 is subject to the following conditions: 
  

	(a)	 at the time of such Borrowing, the Commitment Termination Date shall not have occurred;

  

	(b)	 the Indenture shall have been executed and delivered by each party thereto; 

 

	(c)	 no Event of Default shall have occurred and be continuing; 

  
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	(d)	 the amount of such Borrowing is equal to or greater than the Minimum Borrowing Amount;

  

	(e)	 the Asset Coverage Ratio Test will be satisfied on the applicable Borrowing Date immediately after giving
effect to such Borrowing (as shall be evidenced by written confirmation thereof from UBS (which may be by e-mail) to the Revolving Note Credit Agent); and 

 

	(f)	 in the case of a Borrowing made at any time prior to the Repo Termination Date when UBS and/or any of its
Affiliates or funding vehicles are Holders of 100% of the Class A-R Notes, Investcorp Credit Management BDC, Inc. shall (notwithstanding the fact that it is not a
Class A-R Noteholder at the time of such Borrowing) have funded on behalf of UBS and such Affiliates or funding vehicles a portion of such Borrowing equal to the original Commitment Percentage specified
for Investcorp Credit Management BDC, Inc. in the definition of “Commitment Percentage” in accordance with the proviso to such definition. 

UBS shall be an express third party beneficiary of this Agreement for purposes of providing the confirmation contemplated under
Section 3.1(e) above and enforcing the obligation of Investcorp Credit Management BDC, Inc. under Section 3.1(f) above. 
  

	 	3.2.	 Representations regarding Conditions. 

Each Borrowing and the delivery of the related Borrowing Request shall be deemed to constitute a representation and warranty by the Issuer on
the date thereof that the conditions specified in sub-sections (a) through (e) of Section 3.1 are satisfied. 
  

	4.	 ASSIGNMENTS 

 

	 	4.1.	 Assignment 

 

	(a)	 Successors and Assigns; General Prohibition. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns. Except as provided in Section 7.1(b) hereof, no Person other than the parties hereto, their respective successors and assigns and, to the extent expressly
contemplated by the Indenture, the Secured Parties as beneficiaries of the Grant of the Issuer provided for in the Indenture shall have any rights under this Agreement. Neither this Agreement nor any right or obligation in or under this Agreement
may be transferred (whether by way of security or otherwise) or delegated by any party hereto. Any purported transfer that is not in compliance with this provision will be void. 

 

	(b)	 Permitted Assignments of Class A-R Notes and
Obligations under this Agreement;. 

  
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	 	(i)	 Subject to the requirements set forth in the Indenture with respect to transfers of Notes, a Class A-R Noteholder may assign all of its rights and obligations hereunder (in whole but not in part) in respect of a specified Aggregate Outstanding Amount of its
Class A-R Notes to an assignee if (i) all conditions precedent to the transfer of the relevant Class A-R Notes specified in the Indenture and in the
legend on the Class A-R Note have been satisfied; (ii) the transferee and transferor have complied with all the requirements set forth in the Indenture, including Section 2.5 of the Indenture
and any eligibility requirements for any Noteholder of Class A-R Notes; (iii) the representations set forth on the transfer certificates or other documents required under the Indenture with respect
to its acquisition of a Class A-R Note are true with respect to such assignee; and (iv) the parties to such assignment shall have executed and delivered to the Trustee a duly completed Assignment and
Acceptance. Any such assignment by a Class A-R Noteholder shall be effected by the execution and delivery to the Revolving Credit Note Agent of (A) a duly completed Assignment and Acceptance executed
by the transferee and any other items required under Section 2.5 of the Indenture and (B) the physical security representing the Class A-R Notes to be transferred by the Class A-R Noteholder. Upon satisfaction of the conditions to such assignment, (1) the Issuer shall execute (x) a new Class A-R Note in the name of the
assignee; and (y) if the assigning Class A-R Noteholder is retaining a portion of the Aggregate Outstanding Amount of its Class A-R Notes following such
transfer, a new Class A-R Note in the name of the assigning Class A-R Noteholder reflecting the portion so retained; and (2) the Trustee shall
authenticate and deliver such Class A-R Note(s) to the relevant Class A-R Noteholder(s). From and after the Effective Date (as defined in the applicable
Assignment and Acceptance), the Revolving Credit Note Agent shall reflect the assignment of the Class A-R Notes in the Class A-R Note Register and shall direct
the Trustee to make all payments in respect of the assigned portion of the Class A-R Notes (including, without limitation, all payments of principal and fees with respect thereto) to the new Class A-R Noteholder as reflected in the Class A-R Note Register. For avoidance of doubt, in transferring all or a portion of a
Class A-R Note to a transferee in accordance with this Section 4.1(b)(i), such Class A-R Noteholder is simultaneously transferring an equivalent share of
its then-existing Class A-R Commitment Amount to such transferee. 

  

	 	(ii)	 [Reserved] 

  

	 	(iii)	 [Reserved] 

  

	 	(iv)	 Notwithstanding any other provision of this Agreement, until the occurrence of the Repo Termination Date,
Investcorp Credit Management BDC, Inc. may not transfer any of its interests in the Class A-R Notes to 

  
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any party other than any other party as may be agreed to by UBS AG, London Branch. 

  

	(c)	 Trustee and Revolving Credit Note Agent Duties in Respect of Assignments. The Trustee and the
Revolving Credit Note Agent shall have no obligation with respect to determining whether any transfer or assignment is permitted hereunder and whether the representations set forth in any transfer certificate or other document are true with respect
to it; provided that, in the case of any such certificates or forms which by any provision of this Agreement are specifically required to be furnished to the Trustee or the Revolving Credit Note Agent, the Trustee and the Revolving Credit
Note Agent shall be under a duty to examine the same to determine whether or not they substantially conform on their face to the requirements of this Agreement (or the Indenture, as the case may be) and shall promptly notify the party delivering the
same and the Collateral Manager if such certificate or form does not conform. 

  

	 	4.2.	 Rights of Assignee under this Agreement 

Upon any assignment in accordance with Section 4.1(b), the assignee receiving such assignment shall be a party hereto and have all of the
rights and obligations of a Class A-R Noteholder hereunder with respect to its Class A-R Notes and all of the rights and obligations hereunder. In addition,
the related assigning Noteholder shall, to the extent of the interest assigned, be released from its obligations hereunder (and, in the case of an Assignment and Acceptance covering all of the assigning Noteholder’s rights and obligations under
this Agreement and in respect of Class A-R Notes, such Noteholder shall cease to be a party hereto). 
  

	 	4.3.	 Notice of Assignment 

Each Class A-R Noteholder that is assigning any of its rights and obligations under this
Agreement or any Class A-R Notes shall provide notice to the Revolving Credit Note Agent, the Issuer, the Trustee and the Collateral Manager of such assignment of any interest in any Class A-R Note or any of its rights or obligations under this Agreement. 
  

	 	4.4.	 Class A-R Note Register; Information 

 

	(a)	 The Class A-R Note Registrar shall record in the Class A-R Note Register: (i) the names and addresses of the Class A-R Noteholders, (ii) the Class A-R
Commitment Amount of and Outstanding Class A-R Funded Amount owing to each Class A-R Noteholder from time to time and (iii) the amounts (if any) that each
Class A-R Noteholder has deposited in a Class A-R Prepayment Account. The entries in the Class A-R Note Register
shall be conclusive and binding for all purposes (including as to the entitlement to exercise voting and other consensual rights), absent manifest error, and the Issuer, the Trustee, the Revolving Credit Note Agent and the Class A-R Noteholders may treat each Person whose name is recorded in 

  
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the Class A-R Note Register as a Class A-R Noteholder hereunder for all purposes of this Agreement.
Neither the Revolving Note Credit Agent nor the Trustee shall have any liability for any failure or delay in making any payment or providing any notice hereunder due to a failure of any Class A-R
Noteholder to provide to the Revolving Note Credit Agent or the Trustee contact information, payment instructions or any other information necessary for the distributions or notices required hereunder. 

 

	(b)	 On each date that (i) a Borrowing is funded pursuant to the terms hereof, (ii) any Outstanding Class A-R Funded Amount or Class A-R Prepayment Account or any interest therein is assigned to any other Person or (iii) the Outstanding Class A-R Funded Amount is, or funds or other property on deposit in any Class A-R Prepayment Account are, reduced or increased, a duly authorized officer, employee
or agent of the Class A-R Note Registrar shall make appropriate notations in the Class A-R Note Register of the amount of such Borrowing, assignment, reduction
or increase, as applicable, and the allocation of the amount of such Borrowing, assignment, reduction or increase, as applicable, among the Holders of the Class A-R Notes, as applicable, and shall
promptly report the same to the Trustee for notation in its records. 

  

	(c)	 The Class A-R Note Registrar will, promptly following a request
from the Trustee, provide such information to the Trustee regarding the date and amount of each Borrowing and any other information pertinent to the performance by the Trustee of its duties under the Indenture as the Trustee may reasonably request.

  

	5.	 REPRESENTATIONS AND WARRANTIES 

 

	 	5.1.	 Representations and Warranties of the Issuer 

The Issuer hereby represents and warrants to each Class A-R Noteholder as follows: 

 

	(a)	 it has full power and authority, and has taken all corporate action necessary, to execute and deliver this
Agreement and to fulfill its obligations under, and consummate the transactions contemplated by, this Agreement; 

  

	(b)	 the execution, delivery and performance by it of this Agreement and all documents required to be executed
and delivered by it hereunder do not and will not violate in any material respect any law or regulation of the jurisdiction of its organization or any other law or regulation applicable to it or any material agreement to which it is a party or is
bound or subject; 

  

	(c)	 this Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable
principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)); and 

  
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	(d)	 all approvals and authorizations of, all filings with, and all actions by, any governmental or other
administrative or judicial authority necessary for the validity or enforceability of its obligations under this Agreement have been obtained. 

  

	 	5.2.	 Representations and Warranties of each Class A-R Noteholder

 Each Class A-R Noteholder hereby represents and warrants to the Issuer
as follows: 
  

	(a)	 it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement
and to fulfill its obligations under, and consummate the transactions contemplated by, this Agreement; 

  

	(b)	 the execution, delivery and performance by it of this Agreement and all documents required to be executed
and delivered by it hereunder do not and will not violate any law or regulation of the jurisdiction of its organization or any other law or regulation applicable to it; 

 

	(c)	 this Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable
principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)); 

  

	(d)	 all approvals and authorizations of, all filings with and all actions by any governmental or other
administrative or judicial authority necessary for the validity or enforceability of its obligations under this Agreement have been obtained; 

  

	(e)	 on the date on which it becomes a party to this Agreement (whether on the date hereof or thereafter pursuant
to Section 4), all representations set forth in the transfer certificates or other documents required under the Indenture with respect to its acquisition of a Class A-R Note and the Assignment and
Acceptance, as applicable, are true with respect to it; and 

  

	(f)	 such Class A-R Noteholder has delivered to the Issuer (or shall
promptly deliver upon request by the Trustee or the Issuer) an investor letter and certification (generally, an Internal Revenue Service Form W-9 (or applicable successor form) in the case of a person that is
a “United States person” within the meaning of Section 7701(a)(30) of the Code or an Internal Revenue Service Form W-8 (or applicable successor form) in the case of a person that is not a
“United States person” within the meaning of Section 7701(a)(30) of the Code) in a form satisfactory to the Issuer, each duly executed and completed. 

  
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	6.	 THE REVOLVING CREDIT NOTE
AGENT 

  

	(a)	 The Issuer hereby irrevocably appoints the Revolving Credit Note Agent as its agent hereunder and under the
Indenture as provided herein. 

  

	(b)	 The Revolving Credit Note Agent shall not have any duties or obligations except those expressly set forth
herein and in the Indenture. Without limiting the generality of the foregoing, (i) the Revolving Credit Note Agent shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is
continuing, (ii) the Revolving Credit Note Agent shall not have any duty to take any discretionary action or exercise any discretionary powers and (iii) the Revolving Credit Note Agent shall not have any duty to disclose, and shall not be
liable for the failure to disclose, any information relating to the Issuer or any of its subsidiaries that is communicated to or obtained by the bank serving as Revolving Credit Note Agent or any of its Affiliates in any capacity. The Revolving
Credit Note Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Issuer or in the absence of its own fraud, gross negligence or willful misconduct. The Revolving Credit Note Agent shall be
deemed not to have knowledge of any Event of Default unless and until written notice thereof is given to the Revolving Credit Note Agent by the Issuer or a Class A-R Noteholder, and the Revolving Credit
Note Agent shall not be responsible for or have any duty to ascertain or inquire into (A) any statement, warranty or representation made in or in connection with this Agreement, (B) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (C) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein, (D) the validity, enforceability,
effectiveness or genuineness of this Agreement or any other agreement, instrument or document, (E) the satisfaction of any condition set forth in Section 3 or elsewhere herein or therein, other than (in each case) to confirm receipt of
items expressly required to be delivered to the Revolving Credit Note Agent, or (F) whether the Repo Termination Date has occurred. 

  

	(c)	 The Revolving Credit Note Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, in the absence of bad faith on its part, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Revolving
Credit Note Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Revolving Credit Note Agent may consult with legal
counsel (who may be counsel for the Issuer), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

  
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	(d)	 The Revolving Credit Note Agent may perform any and all of its duties and exercise its rights and powers by
or through any one or more sub-agents appointed by the Revolving Credit Note Agent. The Revolving Credit Note Agent and any such sub-agent may perform any and all of its
duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding sub-sections shall apply to any such
sub-agent and to the Related Parties of the Revolving Credit Note Agent and any such sub-agent; provided that, the Revolving Credit Note Agent shall not be
relieved of any of its obligations hereunder by virtue of any appointment of a sub-agent. 

  

	(e)	 Subject to the appointment and acceptance of a successor Revolving Credit Note Agent as provided in this sub-section (e), the Revolving Credit Note Agent may resign at any time by notifying the Issuer (with a copy to the Collateral Manager). Upon any such resignation, the Issuer (or the Collateral Manager on the
Issuer’s behalf) shall appoint a successor Revolving Credit Note Agent meeting the requirements set forth below. If no successor shall have been so appointed by the Issuer and shall have accepted such appointment within 30 days after the
retiring Revolving Credit Note Agent gives notice of its resignation, then the retiring Revolving Credit Note Agent may, on behalf of the Issuer, petition a court of competent jurisdiction for the appointment of a successor Revolving Credit Note
Agent. Any successor Revolving Credit Note Agent shall be a bank with an office in New York City or an Affiliate of any such bank having a combined capital and surplus of at least U.S.$200,000,000, having a credit rating of “BBB+” or
better by S&P and “Baa1” or better by Moody’s (and if rated “Baal”, such rating not on watch for downgrade). Upon the acceptance of its appointment as Revolving Credit Note Agent hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Revolving Credit Note Agent and the retiring Revolving Credit Note Agent shall be discharged from its duties and obligations hereunder. The fees
payable by the Issuer to a successor Revolving Credit Note Agent (including a successor appointed pursuant to the last sentence of this sub-section (e)) shall be the same as those payable to its predecessor
unless otherwise agreed between the Issuer and such successor. After the Revolving Credit Note Agent’s resignation hereunder, the provisions of Section 2.4(c) and this Section 6 shall continue in effect for its benefit in respect of
any actions taken or omitted to be taken by it while it was acting as Revolving Credit Note Agent. Notwithstanding the foregoing, the Revolving Credit Note Agent may resign its duties hereunder without any requirement that a successor Revolving
Credit Note Agent be obligated hereunder and without any liability for further performance of any duties hereunder upon at least 60 days prior written notice to the Issuer of termination upon the occurrence of any of the following events and the
failure to cure such event within such 60-day notice period: (i) failure of the Issuer to pay any of the Revolving Credit Note Agent Expenses or (ii) failure of the Issuer to provide any indemnity
payment or expense reimbursement to the Revolving Credit Note Agent required under this Agreement upon the receipt by the Issuer of a written request for such payment or 

  
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reimbursement, in each case, when funds are available therefor in the Expense Account. Upon receipt of any such resignation notice, the Issuer (or the Collateral Manager on the Issuer’s
behalf) shall appoint a successor Revolving Credit Note Agent meeting the requirements set forth above and shall use its reasonable best efforts to effect such appointment within such notice period. 

 

	(f)	 Every successor Revolving Credit Note Agent appointed hereunder shall execute, acknowledge and deliver to
the Issuer and the retiring Revolving Credit Note Agent an instrument accepting such appointment. Upon delivery of the required instrument, the resignation or removal of the retiring Revolving Credit Note Agent shall become effective and such
successor Revolving Credit Note Agent, without any other act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of the retiring Revolving Credit Note Agent; provided that, upon request of the Issuer
or the successor Revolving Credit Note Agent, such retiring Revolving Credit Note Agent shall, upon payment of its fees and expenses then unpaid, execute and deliver an instrument transferring to such successor Revolving Credit Note Agent all the
rights, powers and trusts of the retiring Revolving Credit Note Agent. 

  

	(g)	 Each Class A-R Noteholder acknowledges that it has,
independently and without reliance upon the Revolving Credit Note Agent or any other Person and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Class A-R Noteholder also acknowledges that it will, independently and without reliance upon the Revolving Credit Note Agent or any other Person and based on such documents and information as it shall from time
to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement or any related agreement or any document furnished hereunder. 

 

	(h)	 The Revolving Credit Note Agent shall be obligated only for the performance of such duties as are
specifically set forth in this Agreement and may rely and shall be protected in acting or refraining from acting on any written notice, request, waiver, consent or instrument reasonably believed by it to be genuine and to have been signed or
presented by the proper party or parties. The Revolving Credit Note Agent may exercise any of its rights or powers hereunder or perform any of its duties hereunder either directly or by or through agents or attorneys, and the Revolving Credit Note
Agent shall not be responsible for any misconduct or negligence on the part of any non-affiliated appointed agent, or non-affiliated attorney, appointed hereunder with
due care by it. 

  

	(i)	 Anything in this Agreement notwithstanding, in no event shall the Revolving Credit Note Agent be liable for
special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Revolving Credit Note Agent has been advised of such loss or damage and regardless of the form of action.

  
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	(j)	 No provision of this Agreement shall be construed to relieve the Revolving Credit Note Agent from liability
for its own fraud, gross negligence or willful misconduct, except that (i) this subsection shall not be construed to limit the effect of sub-sections (b) and (c) of this Section 6; (ii) the
Revolving Credit Note Agent shall not be liable for any error of judgment made in good faith by an Officer, unless it shall be proven that the Revolving Credit Note Agent was grossly negligent in ascertaining the pertinent facts; and (iii) no
provision of this Agreement shall require the Revolving Credit Note Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers
contemplated hereunder, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

 

	(k)	 The Revolving Credit Note Agent shall not be accountable for the use by the Issuer of the proceeds from the Class A-R Notes, shall not be responsible for any statement of the Issuer or a Class A-R Noteholder in this Agreement or the Indenture or in any document issued in
connection with the sale of the Class A-R Notes and shall in no event assume or incur any liability, duty or obligation to any Class A-R Noteholder. Under no
circumstances shall the Revolving Credit Note Agent be liable for indebtedness evidenced by or arising under the Indenture or any related documents, including the amounts payable on the Class A-R Notes.

  

	(l)	 Notwithstanding anything in this Agreement to the contrary, the Revolving Credit Note Agent shall not be
responsible for enforcing the provisions of this Agreement (including collection actions hereunder) against any Class A-R Noteholder at any time. 

 

	(m)	 The provisions of this Section 6 shall survive the termination of this Agreement and the resignation or
removal of the Revolving Credit Note Agent. 

  

	7.	 MISCELLANEOUS 

 

	 	7.1.	 Waivers; Amendments; Etc. 

 

	(a)	 No Deemed Waivers; Remedies Cumulative. No failure or delay by any party hereto in exercising any
right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the parties to this Agreement hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this
Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by Section 7.1(b), and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given. Without limiting the 

  
 - 21 - 

	 	 
generality of the foregoing, the funding of a Borrowing shall not be construed as a waiver of any Event of Default, regardless of whether the Revolving Credit Note Agent or any Class A-R Noteholder may have had notice or knowledge of such Event of Default at the time. 

  

	(b)	 Amendments. Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Issuer and the Class A-R Noteholders or by the Issuer and the Revolving Credit Note Agent with the consent of the Class A-R Noteholders; provided that, no such agreement shall amend, modify or otherwise affect the (i) rights or duties of the Revolving Credit Note Agent or the Trustee hereunder without the prior
written consent of the Revolving Credit Note Agent or the Trustee, as the case may be; (ii) rights or duties of the Collateral Manager hereunder or under the Collateral Management Agreement or the Indenture without the prior written consent of
the Collateral Manager; and (iii) prior to the Repo Termination Date, the written consent of ICMB shall be required with respect to any amendment or modification. 

 

	(c)	 Third Party Beneficiaries. Each covenant and other agreement under this Agreement stated to be owing
by any party hereto to the Collateral Manager is expressly intended to be made for the benefit of the Collateral Manager, and the Collateral Manager is an express third party beneficiary of each such covenant or other agreement and is entitled to
enforce each such covenant or agreement (without regard to any modification thereof which is adverse to the Collateral Manager) without any act or notice of acceptance hereof or reliance hereon, all as if the Collateral Manager were a party hereto.

  

	 	7.2.	 Notices, Etc. 

All notices and other communications under or in connection with this Agreement shall be given or made in writing (including by telex) to the
intended recipient at its “Address for Notices” specified under its signature hereto or in its Assignment and Acceptance; or, as to any party (including the Collateral Manager), at such other address as shall be set forth in
Section 14.3 of the Indenture or as shall be designated by such party in a notice to each other party. The Revolving Credit Note Agent shall (a) forward any Notices received by the Revolving Credit Note Agent under the Indenture to each Class A-R Noteholder; and (b) promptly (and in any event within one Business Day after receipt of the information) notify the Collateral Manager if any existing
Class A-R Noteholder disposes of its Class A-R Notes or any additional Class A-R Noteholder acquires any Class A-R Notes (together with the notice details for Notices of Borrowing for such additional Class A-R Noteholder) such that the Collateral Manager has the
information that it requires with respect to the Class A-R Noteholders in order to deliver Notices of Borrowing on behalf of the Issuer. 

 

	 	7.3.	 Captions 

  
 - 22 - 

 The captions and section headings appearing herein are included solely for convenience of
reference and are not intended to affect the interpretation of any provision of this Agreement. 
  

	 	7.4.	 Governing Law; Jurisdiction; Venue 

This Agreement shall be construed in accordance with, and this Agreement and any matters arising out of or relating in any way whatsoever to
this Agreement (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York. 
 With respect to any
suit, action or proceedings relating to this Agreement or any matter between the parties arising under or in connection with this Agreement (“Proceedings”), each party irrevocably: (a) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the Southern District of New York, and any appellate court from
any thereof; and (b) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives
the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing in this Agreement precludes any party from bringing Proceedings in any other jurisdiction, nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
  

	 	7.5.	 Consent to Service of Process 

Each party to this Agreement irrevocably consents to service of process by personal delivery, certified mail, postage prepaid or overnight
courier. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
  

	 	7.6.	 Waiver of Jury Trial 

EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY PROCEEDING. Each party hereby (a) certifies that no representative, agent or attorney of any other has represented, expressly or otherwise, that such other would not, in the event of a Proceeding, seek to enforce the foregoing waiver;
and (b) acknowledges that it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this paragraph. 
  

	 	7.7.	 Execution in Counterparts 

This Agreement (and each amendment, modification and waiver in respect of this Agreement) may be executed and delivered in any number of
counterparts (including by e-mail (PDF)) or electronic transmission (including .pdf file, .jpeg file or any electronic signature complying with the U.S. federal ESIGN Act of 2000, including Orbit, Adobe

  
 - 23 - 

 
Sign, DocuSign, or any other similar platform identified by the Issuer and reasonably available at no undue burden or expense to the Trustee and the Revolving Credit Note Agent), each of which
shall be deemed an original and all of which, taken together, shall constitute one and the same instrument, and each of the parties hereto may execute this Agreement by signing any such counterpart. Delivery of an executed counterpart of this
Agreement by e-mail (PDF) shall be deemed to constitute due and sufficient delivery of such counterpart. The Trustee and the Revolving Credit Note Agent shall have no duty to inquire into or investigate the
authenticity or authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without any liability with respect thereto. 

 

	 	7.8.	 Tax Treatment of Notes 

Each of the Issuer, the Revolving Credit Note Agent, the Trustee and each Class A-R Noteholder
hereby agrees to treat the Class A-R Notes as indebtedness solely of the Issuer for U.S. Federal, and, to the extent permitted by law, state and local income and franchise tax purposes, to report all
income (or loss) in accordance with such characterization and not to take any action inconsistent with such treatment unless otherwise required by any relevant taxing authority. 

 

	 	7.9.	 Transfer Taxes 

Any applicable stamp duties or other transfer taxes and duties (including notarial fees) and any costs attributable to the sale and purchase
of the Class A-R Notes shall be payable by the Issuer in accordance with the Priority of Payments. 
  

	 	7.10.	 Severability 

If any term, provision, covenant or condition of this Agreement, or the application thereof to any party hereto or any circumstance, is held
to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants and conditions of this Agreement, modified by the deletion of the unenforceable, invalid or
illegal portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability, invalidity, or illegality will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions,
covenants and conditions of this Agreement, so long as this Agreement, as so modified continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the deletion of such portion of this
Agreement, will not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred upon the parties. 

 

	 	7.11.	 Further Assurances 

  
 - 24 - 

 Each of the Issuer and each Class A-R Noteholder
hereby agrees to execute and deliver such other instruments, and take such other actions, as the other parties may reasonably request in connection with the transactions contemplated by this Agreement. 

 

	 	7.12.	 Limited Recourse, Non-Petition as to the Issuer

 The Class A-R Notes will be limited recourse debt obligations of
the Issuer, and all obligations of the Issuer under this Agreement are limited-recourse obligations of the Issuer, and are payable solely from the Collateral Granted by the Issuer to secure the Notes in accordance with the Priority of Payments and,
following the exhaustion of the Collateral under the Indenture, all obligations of and claims against the Issuer hereunder or arising in connection herewith shall be extinguished and shall not thereafter revive. None of the Collateral Manager, the
Trustee or the Collateral Administrator or any incorporator, stockholder, affiliate, officer, member, manager, partner, employee or director of the Issuer, the Collateral Manager, the Trustee or the Collateral Administrator, or any of their
respective affiliates or any other Person will be obligated to make payments on the Class A-R Notes or hereunder. No recourse shall be had against any officer, member, director, employee, securityholder
or incorporator of the Issuer or its successors or assigns for the payment of any amounts payable under the Class A-R Notes or this Agreement. Notwithstanding any provision of this Agreement, each Class A-R Noteholder hereby agrees not to cause the filing of a petition in bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings or other proceedings under any law or
jurisdiction against the Issuer before 366 days have elapsed or, if longer, the applicable preference period then in effect (including, without limitation, any period established pursuant to the laws of the Cayman Islands) (plus one day) after the
payment in full of all Notes issued under the Indenture. The provisions of this Section 7.12 shall survive the termination of this Agreement. 
  

	 	7.13.	 Prior Agreements 

This Agreement amends, restates and supersedes that certain Second Amended and Restated Revolving Credit Note Agreement dated as of
June 21, 2019, between the Issuer, the Trustee, the Class A-R Noteholders and the Revolving Credit Note Agent. 
  

	 	7.14.	 Rights of Trustee 

In executing and performing its duties under this Agreement, the Trustee shall have all the rights, benefits, protections, indemnities and
immunities afforded to it under the Indenture, including Article 6 thereof. 

  
 - 25 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered as of the date first above written. 
  

			
	 CM FINANCE SPV LTD.,

as Issuer

	
	 By:
                                         
                           

	 Name:

	 Title:

	
	Address for Notices:
	
	 c/o Investcorp Credit Management BDC, Inc.

280 Park Avenue, 39th Floor

	 New York, NY 10017

		
	 Attention:
	  	 Matt Bannon and Rocco DelGuercio

	 Telephone no.:
	  	 (212) 257-5193

	 Email:
	  	 cjansen@Investcorp.com;

		  	 mbannon@Investcorp.com

		  	 mmauer@investcorp.com.

	
	 U.S. BANK NATIONAL ASSOCIATION,

as Revolving Credit Note Agent

	
	 By:
                                         
                           

	 Name:

	 Title:

	
	Address for Notices:
	
	 8 Greenway Plaza, Suite 1100

	 Houston, Texas 77046

	 Attention: Global Corporate Trust – CM Finance SPV. Ltd.

	 Email: CM.Finance.SPV@usbank.com

	
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

	
	 By:
                                         
                           

	 Name:

	 Title:

	
	Address for Notices:
	
	 8 Greenway Plaza, Suite 1100

	 Houston, Texas 77046

	 Attention: Global Corporate Trust Services – CM Finance SPV. Ltd.

	 Email: CM.Finance.SPV@usbank.com

	
	 ABS #: 011-000-028

	 Account #: 00608836

	 Account Name: CM Finance SPV Loan Account

	 Reference: CYB1 – Borrower Name & Activity

	
	 UBS AG, LONDON BRANCH,

as the Class A-R Noteholder

	
	 By:
                                         
                           

	 Name:

	 Title:

	
	 By:
                                         
                           

	 Name:

	 Title:

	
	Address for Notices:
	
	 1285 Avenue of the America

	 New York, NY 10019-6064

	 Tel:
+1-203-719-2321

	 Email:ol-us_sct_structuredfunding@ubs.com

			
	INVESTCORP CREDIT MANAGEMENT BDC, INC.
	
	 By:
                                         
                           

	 Name:

	 Title:

	
	Address for Notices:
	
	 280 Park Avenue, 39th Floor

	 New York, NY 10017

		
	 Attention:
	  	 Matt Bannon and Rocco DelGuercio

	 Telephone no.:
	  	 (212) 257-5193

	 Email:
	  	 cjansen@Investcorp.com;

		  	 mbannon@Investcorp.com

		  	 mmauer@investcorp.com.

  

 EXHIBIT A 

FORM OF NOTICE OF BORROWING 

[DATE] 
 U.S. BANK NATIONAL
ASSOCIATION, 
 8 Greenway Plaza, Suite 1100 
 Houston,
Texas 77046 
 Attention: Global Corporate Trust – CM Finance SPV. Ltd. 

Email: CM.Finance.SPV@usbank.com 
 [Insert Notice
Details for each current Class A-R Noteholder (and, prior to the Repo Termination Date, ICMB)] 

Ladies and Gentlemen: 

Reference is hereby made to (i) that certain Eighth Amended and Restated Indenture, dated as of September 30, 2020 (as the same may
be amended, restated, supplemented or otherwise modified from time to time, the “Indenture”) between CM Finance SPV Ltd., an exempted company with limited liability incorporated under the law of the Cayman Islands (the
“Issuer”), and U.S. Bank National Association, as Trustee and as Bank; and (ii) that certain Third Amended and Restated Revolving Credit Note Agreement, dated as of September 30, 2020 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Agreement”) between the Issuer, certain other parties, U.S. Bank National Association, as Revolving Credit Note Agent and the Trustee. Terms defined in the Indenture or the
Agreement and used herein shall have the meanings given such terms in the Indenture or the Agreement. 
 The Issuer hereby gives you notice,
irrevocably, pursuant to Section 2.1(b) of the Agreement that the Issuer hereby requests a Borrowing under the Agreement (the “Proposed Borrowing”) and, in that connection, sets forth below the information relating to such
Proposed Borrowing as required pursuant to the terms of the Agreement: 
  

	(a)	 The Business Day of the Proposed Borrowing is [______]. 

 

	(b)	 The aggregate principal amount of the Proposed Borrowing is U.S.$[______]. 

 

	(c)	 The aggregate principal amount of the Proposed Borrowing is greater than or equal to the Minimum Borrowing
Amount. 

  

	(d)	 The total amount of outstanding Borrowings after giving effect to the Proposed Borrowing is
U.S.$[___________]. 

  

	(e)	 The total amount of the Remaining Unfunded Facility Commitment after giving effect to the Proposed Borrowing
is U.S.$[___________]. 

 Payment shall be made by wire transfer to the Trustee pursuant to the following wire transfer
instructions: 

  
 -I- 

 [INSERT PAYMENT INSTRUCTIONS] 

The submission of this notice constitutes a certification of the Issuer that the conditions to such Borrowing set forth in Section 3 of
the Agreement have been satisfied or waived by each Class A-R Noteholder as of the date of the Proposed Borrowing. 
  

	
	CM FINANCE SPV LTD.
	
	 By: CM INVESTMENT PARTNERS LLC, as Collateral Manager

	
	 By: MMCMIP LLC, as Managing Member

	
	 By:
                                         
                           

	 Name:

	 Title: MMCMIP Designee

  
 -II- 

 EXHIBIT B 

FORM OF ASSIGNMENT AND ACCEPTANCE 

[DATE] 
 ASSIGNMENT AND
ACCEPTANCE, dated [________] (the “Assignment and Acceptance”), among _____________________ (“Assignor”) and _____________________ (“Assignee”). 

Reference is hereby made to (i) that certain Eighth Amended and Restated Indenture, dated as of September 30, 2020 (as the same may
be amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), between CM Finance SPV Ltd., an exempted company with limited liability incorporated under the law of the Cayman Islands (the
“Issuer”), and U.S. Bank National Association, as Trustee and as Bank; and (ii) that certain Third Amended and Restated Revolving Credit Note Agreement, dated as of September 30, 2020 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Agreement”), between the Issuer, certain other parties, U.S. Bank National Association, as Revolving Credit Note Agent and the Trustee. Terms defined in the Indenture or the
Agreement and used herein shall have the meanings given such terms in the Indenture or the Agreement. 
 Assignor hereby sells and assigns,
without recourse, to Assignee, and Assignee hereby purchases and assumes, without recourse, from Assignor, effective as of the Effective Date (as defined below), a [_____]% interest (the “Assigned Interest”) in all of
Assignor’s rights and obligations under the Agreement, the Indenture and under any other Transaction Documents, and in the interests in the Class A-R Notes of Assignor in existence on the Effective
Date, together with the rights of Assignor to payment in respect of outstanding principal relating to such Assigned Interest. The Outstanding Class A-R Funded Amount allocated to the Assigned Interest is
U.S.$[______]. 
 Each of Assignor and Assignee hereby agrees to be bound by all the agreements set forth in the Indenture or the Agreement
(including Section 4.1 of the Agreement), a copy of each of which has been received by each such party. From and after the Effective Date, (i) Assignee shall be a party to and be bound by the provisions of the Agreement and the Indenture
and, to the extent of the interests assigned pursuant to this Assignment and Acceptance, have the rights and obligations of a Class A-R Noteholder thereunder, and (ii) to the extent of the interests
assigned by this Assignment and Acceptance, Assignor hereby relinquishes its rights and is released from its obligations under the Agreement. 

Assignor hereby represents and warrants that the Assigned Interest to be sold hereby is owned by Assignor free and clear of any liens, claims
or encumbrances created or suffered to exist by Assignor. Except as otherwise set forth in the foregoing sentence, or as otherwise agreed in writing by Assignor, Assignor makes no representation or warranty and assumes no responsibility with respect
to (i) any statements, representations or warranties made in or in connection with the Agreement, any Class A-R Note or the execution, legality, validity, enforceability, genuineness, sufficiency or
value of the Agreement or any Class A-R Note, or (ii) the business condition (financial or otherwise), operations, properties or prospects of the Issuer,

  
 -III- 

 
the Collateral Manager or any Affiliate of any thereof or the performance or observance by any party of any of its obligations under the Indenture, the Agreement or otherwise. 

Assignee hereby (i) confirms that it has received a copy of the Agreement, the Indenture, and such other documents and information
requested by it, and that it has, independently and without reliance upon the Trustee, the Revolving Credit Note Agent, the Collateral Manager, the Assignor, or any other Person, and based on such documentation and information as it has deemed
appropriate, made its own decision to enter into this Assignment and Acceptance; (ii) agrees that it shall, independently and without reliance upon the Trustee, the Revolving Credit Note Agent, the Collateral Manager, the Assignor, or any other
Person and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Agreement; (iii) confirms that it satisfies the eligibility
requirements for any Noteholder of Class A-R Notes set forth in the Indenture and that the representations set forth in the transfer certificates or other documents required under the Indenture with
respect to its acquisition of a Class A-R Note are true with respect to it; (iv) makes each representation and warranty set forth in Section 5.2 of the Agreement as if set out in full herein,
each of which is true and correct on and as of the date hereof; (v) agrees that it shall perform in accordance with their terms all of the obligations that by the terms of the Agreement and the Indenture are required to be performed by it as a Class A-R Noteholder; (vi) specifies as its address for notices the office set forth below; and (vii) in the event that Assignee is organized under the laws of a jurisdiction other than the United
States or a state thereof, represents and warrants that attached to this Assignment and Acceptance are the forms and certificates required pursuant to Section 2.5 of the Indenture, accurately completed and duly executed, pursuant to which forms
and certificates each of the Issuer and the Trustee may make payments to, and deposit funds to or for the account of, Assignee hereunder and under the Indenture without any deduction or withholding for or on account of any tax. 

The effective date for this Assignment and Acceptance shall be the later of (A) the date on which the Revolving Credit Note Agent
confirms that this Assignment and Acceptance on its face satisfies the requirements of the Agreement, and (B) [__________ _____, 20__] (the later of such dates being the “Effective Date”). 

Each of the Assignor and the Assignee hereby agrees that the Trustee, the Revolving Credit Note Agent, the Issuer and the Collateral Manager
are third-party beneficiaries of this Assignment and Acceptance. 
 From and after the Effective Date, the Revolving Credit Note Agent shall
reflect the assignment of the Assigned Interest hereunder in the Class A-R Note Register and shall direct the Trustee to make all payments in respect of the Assigned Interests assigned hereby (including,
without limitation, all payments of principal and fees with respect thereto) to Assignee as reflected in the Class A-R Note Register. Assignor and Assignee shall make all appropriate adjustments in
payments under the Agreement and the Assigned Interests for periods prior to the Effective Date directly between themselves. 
 Assignee
agrees that it shall deliver to the Issuer a properly completed and executed “Entity Self-Certification Form” or “Individual Self-Certification Form”, as applicable (in the forms 

  
 -IV- 

 
published by the Cayman Islands Department for International Tax Cooperation, which forms can be obtained at http://www.tia.gov.ky/pdf/CRS_Legislation.pdf). 

This Assignment and Acceptance shall be construed in accordance with, and this Assignment and Acceptance and any matters arising out of or
relating in any way whatsoever to this Assignment and Acceptance (whether in contract, tort or otherwise), shall be governed by, the law of the State of New York. 

Legal Name of Assignor: 
 Legal
Name of Assignee: 
 Registered Name on Class A-R Note: 

[Federal Tax Identification Number of Assignee:] 

Assignee’s Address for Notices: 

  [Address] 

  [Telephone] 

  [Email] 

Assignee’s Wiring Instructions: 

[_____] 
  

	A.	 Immediately after giving effect to this Assignment and Acceptance, the aggregate Outstanding Class A-R Funded Amount of Assignee’s interest in the Class A-R Note is U.S.$[______] and its Class A-R Commitment
Amount is U.S.$[______]. 

  

	B.	 Immediately after giving effect to this Assignment and Acceptance, the aggregate Outstanding Class A-R Funded Amount of Assignor’s interest in the Class A-R Note is U.S.$[______] and its Class A-R Commitment
Amount is U.S.$[______]. 

  

	
	 [ASSIGNOR]

	
	 By:
                                         
                           

	 Name:

	 Title:

	
	 [ASSIGNEE]

	
	 By:
                                         
                           

	 Name:

	 Title:

  
 -V- 

 Attachment: Duly endorsed certificate representing the Class A-R
Note 

  
 -VI-

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