Document:

EX-4.2

 Exhibit 4.2 

THIRD SUPPLEMENTAL INDENTURE 

between 
 FIDUS
INVESTMENT CORPORATION 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 Dated as of
October 16, 2019 
 THIS THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), dated as of October 16,
2019, is between Fidus Investment Corporation, a Maryland corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the Base
Indenture (as defined below). 
 RECITALS OF THE COMPANY 

The Company and the Trustee executed and delivered an Indenture, dated as of February 2, 2018 (the “Base Indenture” and, as
supplemented by this Third Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the
“Securities”), to be issued in one or more series as provided in the Indenture. 
 The Company desires to issue and sell up to
$55,000,000 aggregate principal amount (or up to $63,250,000 aggregate principal amount if the underwriters’ overallotment option to purchase additional Notes is exercised in full) of the Company’s 5.375% Notes due 2024 (the
“Notes”). 
 The Company previously entered into the First Supplemental Indenture, dated as of February 2, 2018 (the
“First Supplemental Indenture”), and the Second Supplemental Indenture, dated as of February 8, 2019 (the “Second Supplemental Indenture”), each of which amended and supplemented the Base Indenture. The First Supplemental
Indenture and the Second Supplemental Indenture are not applicable to the Notes. 
 Sections 901(4) and 901(6) of the Base Indenture provide
that without the consent of Holders of the Securities of any series issued under the Indenture, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the Indenture when there is no Security Outstanding of any series created prior to the execution of the supplemental indenture that is entitled to
the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted by Section 201 and Section 301 of the Base Indenture. 

 The Company desires to establish the form and terms of the Notes and to modify, alter,
supplement and change certain provisions of the Base Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each, a “Future Supplemental Indenture”)). 

The Company has duly authorized the execution and delivery of this Third Supplemental Indenture to provide for the issuance of the Notes and
all acts and things necessary to make this Third Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of the Company, in accordance with its terms, have been done and performed. 

NOW, THEREFORE, for and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the
equal and proportionate benefit of all Holders of the Notes, as follows: 
 ARTICLE I 

TERMS OF THE NOTES 

Section 1.01. Terms of the Notes. The following terms relating to the Notes are hereby established:

 (a) The Notes shall constitute a series of Senior Securities having the title 5.375% Notes due 2024.” The Notes shall bear a CUSIP
number of 316500 404 and an ISIN number of US3165004041, as may be supplemented or replaced from time to time. 
 (b) The aggregate principal
amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 304, 305,
306, 906, 1107 or 1305 of the Base Indenture, and except for any Securities that, pursuant to Section 303 of the Base Indenture, are deemed never to have been authenticated and delivered under the Indenture) shall be $55,000,000 (or up to
$63,250,000 aggregate principal amount if the underwriters’ overallotment option to purchase additional Notes is exercised in full). Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement,
the Company may from time to time, without the consent of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same interest rate, maturity and other terms as the Notes;
provided that, if such Additional Notes are not fungible with the Notes (or any other tranche of Additional Notes) for U.S. federal income tax purposes, then such Additional Notes will have different CUSIP numbers from the Notes (and any such other
tranche of Additional Notes). Any Additional Notes and the existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise requires.

  
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 (c) The entire outstanding principal of the Notes shall be payable on November 1, 2024,
unless earlier redeemed or repurchased in accordance with the provisions of this Third Supplemental Indenture. 
 (d) The rate at which the
Notes shall bear interest shall be 5.375% per annum (the “Applicable Interest Rate”). The date from which interest shall accrue on the Notes shall be October 16, 2019, or the most recent Interest Payment Date to which interest has
been paid or provided for; the Interest Payment Dates for the Notes shall be February 1, May 1, August 1 and November 1 of each year, commencing February 1, 2020 (if an Interest Payment Date falls on a day that is not a
Business Day, then the applicable interest payment will be made on the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment); the initial interest period will be the period from and including
October 16, 2019, to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated
Maturity, as the case may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person in whose name the Note (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be January 15, April 15, July 15 and October 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of
principal of (and premium, if any, on) and any such interest on the Notes will be made at the office of the Trustee located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Fidus Investment Corporation (5.375% Notes Due 2024) and at such other
address as designated by the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company
payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register; provided, further, however, that so long as the Notes are registered to
Cede & Co., such payment will be made by wire transfer in accordance with the procedures established by The Depository Trust Company and the Trustee. Interest on the Notes will be computed on the basis of a
360-day year of twelve 30-day months. 
 (e) The Notes shall
be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A to this Third Supplemental Indenture.
Each Global Note shall represent the aggregate amount of the outstanding Notes as shall be specified therein and each shall provide that it shall represent the aggregate amount of outstanding Notes from time to time endorsed thereon and that the
aggregate amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the
amount of outstanding Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 203 and 305 of the Base Indenture. 

(f) The depositary for such Global Notes (the “Depositary”) shall be The Depository Trust Company, New York, New York. The Security
Registrar with respect to the Global Notes shall be the Trustee. 

  
 3 

 (g) The Notes shall be defeasible pursuant to Section 1402 or Section 1403 of the
Base Indenture. Covenant defeasance contained in Section 1403 of the Base Indenture shall apply to the covenants contained in Sections 1007, 1008, 1009, and 1010 of the Indenture. 

(h) The Notes shall be redeemable pursuant to Section 1101 of the Base Indenture and as follows: 

(i) The Notes will be redeemable in whole or in part at any time or from time to time, at the option of the Company, on or after
November 1, 2021, at a Redemption Price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the
Redemption Date. 
 (ii) Notice of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier
guaranteeing next-day delivery, to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address
appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 1104 of the Base Indenture. 

(iii) Any exercise of the Company’s option to redeem the Notes will be done in compliance with the Indenture and the Investment Company
Act, to the extent applicable. 
 (iv) If the Company elects to redeem only a portion of the Notes, the Trustee or, with respect to the
Global Notes, the Depositary will determine the method for selecting the particular Notes to be redeemed, in accordance with Section 1103 of the Base Indenture and the Investment Company Act and the rules of any national securities exchange or
quotation system on which the Notes are listed, in each case to the extent applicable. 
 (v) Unless the Company defaults in payment of the
Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes called for redemption hereunder. 
 (i) The
Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture. 
 (j) The Notes shall be issuable in
denominations of $25 and integral multiples of $25 in excess thereof. 
 (k) Holders of the Notes will not have the option to have the Notes
repaid prior to the Stated Maturity. 
 (l) The Notes are hereby designated as “Senior Securities” under the Indenture. 

  
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 ARTICLE II 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 2.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by adding the following defined terms to Section 101 in appropriate alphabetical
sequence, as follows: 
 “‘Exchange Act’ means the Securities Exchange Act of 1934, as amended, and any statute
successor thereto.” 
 “‘GAAP’ means generally accepted accounting principles in the United States set forth in
the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and the statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States, which are in effect from time to time.” 

“‘Investment Company Act’ means the Investment Company Act of 1940, as amended, and the rules, regulations and
interpretations promulgated thereunder, to the extent applicable, and any statute successor thereto.” 
 “‘national
securities exchange’ means an exchange registered under Section 6 of the Exchange Act.” 

Section 2.02. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 104 of the Base Indenture shall be amended by replacing clause (d) thereof with the following: 

“(d) If the Company shall solicit from the Holders of Registered Securities any request, demand, authorization, direction, notice,
consent, waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent,
waiver or other Act, but the Company shall have no obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution, which date shall be a date not earlier than the date 30 days prior to the first
solicitation of Holders generally in connection therewith and not earlier than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given
before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Securities have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed as of such record date; provided that no such authorization,
agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date.” 

  
 5 

 ARTICLE III 

REMEDIES 

Section 3.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 501 of the Base Indenture shall be amended by replacing clauses (2), (6), and (7) thereof with the following: 

“(2) default in the payment of the principal of (or premium, if any, on) any Security of that series when it becomes due and payable at
its Maturity;” 
 “(6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against the Company in an involuntary case or proceeding, or 

(B) adjudges the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company, or 
 (C) appoints a Custodian of the Company or for all or
substantially all of its property, or 
 (D) orders the winding up or liquidation of the Company, 

and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days;
or”. 
 “(7) if, pursuant to Sections 18(a)(1)(C)(ii) and 61 of the Investment Company Act, on the last business day of each of
twenty-four consecutive calendar months Securities of that series shall have an asset coverage (as such term is used in the Investment Company Act) of less than 100 per centum, giving effect to any exemptive relief granted to the Company by the
Commission with respect to the Company’s exclusion from its consolidated asset coverage ratio of any senior securities representing indebtedness that are issued by the Company’s small business investment company subsidiaries; or”.

 ARTICLE IV 

COVENANTS 

Section 4.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by adding the following new Sections 1007, 1008, 1009, and 1010 thereto, each as set
forth below: 
 “Section 1007. Section 18(a)(1)(A) of the Investment Company Act. 

  
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 The Company hereby agrees that for the period of time during which Notes are Outstanding,
the Company will not violate Section 18(a)(1)(A) as modified by such provisions of Section 61(a) of the Investment Company Act as may be applicable to the Company from time to time or any successor provisions thereto, whether or not the
Company continues to be subject to such provisions of the Investment Company Act, but giving effect, in either case, to any exemptive relief granted to the Company by the Commission.” 

“Section 1008. Section 18(a)(1)(B) of the Investment Company Act. 

The Company hereby agrees that for the period of time during which Notes are Outstanding, the Company will not violate Section 18(a)(1)(B)
as modified by such provisions of Section 61(a) of the Investment Company Act as may be applicable to the Company from time to time or any successor provisions thereto, whether or not the Company is subject to such provisions of the Investment
Company Act, and after giving effect to any exemptive relief granted to the Company by the Commission, except that the Company may declare a cash dividend or distribution, notwithstanding the prohibition contained in Section 18(a)(1)(B) as
modified by such provisions of Section 61(a) of the Investment Company Act as may be applicable to the Company from time to time or any successor provisions thereto, but only up to such amount as is necessary in order for the Company to
maintain its status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986; provided, however, that the prohibition in this Section 1008 shall not apply until such time as the Company’s asset coverage has
been below the minimum asset coverage required pursuant to Section 18(a)(1)(B) as modified by such provisions of Section 61(a) of the Investment Company Act as may be applicable to the Company from time to time or any successor provisions
thereto (after giving effect to any exemptive relief granted to the Company by the Commission) for more than six (6) consecutive months. Notwithstanding Section 18(g) of the Investment Company Act regarding the use of the term “senior
security” in Section 18(a)(1)(B) of the Investment Company Act, for the purposes of determining “asset coverage” as used in this Section 1008, any and all indebtedness of the Company, including any promissory note or other
evidence of indebtedness issued in consideration of any loan, extension, or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed, shall be deemed a “senior security” of the
Company.” 
 “Section 1009. Commission Reports and Reports to Holders. 

If, at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic
reports with the Commission, the Company agrees to furnish to the Holders of the Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company,
audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited interim consolidated financial
statements of the Company. All such financial statements shall be prepared, in all material respects, in accordance with GAAP.” 

  
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 “Section 1010. Listing. 

The Company hereby agrees that for the period of time during which Notes are Outstanding, the Company will use its reasonable best efforts
(i) to effect within thirty (30) days of October 16, 2019, the listing of the Notes on the Nasdaq Stock Market LLC and (ii) to maintain the listing of the Notes on the Nasdaq Stock Market LLC or another national securities
exchange.” 
 ARTICLE V 

REDEMPTION OF SECURITIES 

Section 5.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 1103 of the Base Indenture shall be amended by replacing the first paragraph thereof with the following: 

“If less than all the Securities of any series issued on the same day with the same terms are to be redeemed, the
particular Securities to be redeemed shall be selected by the Trustee, or by the Depositary in the case of global Securities, in compliance with the requirements of DTC, from the Outstanding Securities of such series issued on such date with the
same terms not previously called for redemption, in compliance with the requirements of the principal national securities exchange on which the Securities are listed (if the Securities are listed on any national securities exchange), or if the
Securities are not held through DTC or listed on any national securities exchange, or DTC prescribed no method of selection, by such method as the Trustee shall deem fair and appropriate and subject to and otherwise in accordance with the procedures
of the applicable Depositary; provided that such method complies with the rules of any national securities exchange or quotation system on which the Securities are listed, and may provide for the selection for redemption of portions (equal to the
minimum authorized denomination for Securities of that series or any integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series;
provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Security not redeemed to less than the minimum authorized denomination for Securities of such series.” 

ARTICLE VI 
 MEETINGS OF
HOLDERS OF SECURITIES 
 Section 6.01. Except as may be provided in a Future Supplemental Indenture, for the
benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 1505 of the Base Indenture shall be amended by replacing clause (c) thereof with the
following: 
 “(c) At any meeting of Holders, each Holder of a Security of such series or proxy shall be entitled to one
vote for each $25.00 principal amount of the Outstanding Securities of such series held or represented by such Holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not
Outstanding and ruled by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy.” 

  
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 ARTICLE VII 

MISCELLANEOUS 

Section 7.01. This Third Supplemental Indenture and the Notes shall be governed by and construed in accordance with
the law of the State of New York, without regard to principles of conflicts of laws. This Third Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent
applicable, be governed by such provisions. 
 Section 7.02. In case any provision in this Third Supplemental
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 7.03. This Third Supplemental Indenture may be executed in counterparts, each of which will be an original,
but such counterparts will together constitute but one and the same Third Supplemental Indenture. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means
shall constitute effective execution and delivery of this Third Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other electronic means shall be deemed to be their
original signatures for all purposes. 
 Section 7.04. The Base Indenture, as supplemented and amended by this
Third Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Third Supplemental Indenture shall be read, taken and construed as one and the same instrument with respect to the Notes. All provisions
included in this Third Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as supplemented
by this Third Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Third Supplemental Indenture. 

Section 7.05. The provisions of this Third Supplemental Indenture shall become effective as of the date hereof. 

Section 7.06. Notwithstanding anything else to the contrary herein, the terms and provisions of this Third
Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under the Indenture and this Third Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change the
terms and provisions of any other series of Securities under the Indenture, whether now or hereafter issued and Outstanding. 

  
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 Section 7.07. The recitals contained herein and in the Notes shall
be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Third Supplemental Indenture, the Notes or any Additional
Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Third Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall not be
accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be
duly executed as of the date first above written. 
  

			
	FIDUS INVESTMENT CORPORATION
		
	By:	 	/s/ Edward H. Ross
	Name:	 	Edward H. Ross
	Title:	 	Chief Executive Officer
	
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	/s/ Karen R. Beard
	Name:	 	Karen R. Beard
	Title:	 	Vice President

 [Signature page to Third Supplemental Indenture] 

 Exhibit A – Form of Global Note 

This Security is a Global Note within the meaning of the Indenture hereinafter referred to and is registered in the name of The Depository Trust Company or a
nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered, in the name of any Person other than The Depository Trust Company or a nominee
thereof, except in the limited circumstances described in the Indenture. 
 Unless this certificate is presented by an authorized representative of The
Depository Trust Company to the issuer or its agent for registration of transfer, exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co., or such other name as requested by
an authorized representative of The Depository Trust Company, any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an interest herein. 

 

					
	Fidus Investment Corporation
	No.	  		  	$
		  		  	CUSIP No. 316500 404
		  		  	ISIN No. US3165004041

 5.375% Notes due 2024 

Fidus Investment Corporation, a corporation duly organized and existing under the laws of Maryland (herein called the “Company,”
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of (U.S. $ ) on November 1, 2024, and to pay
interest thereon from October 16, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly February 1, May 1, August 1 and November 1 of each year, commencing
February 1, 2020, at the rate of 5.375% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be January 15, April 15, July 15 and October 15 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less
than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series. 

  
 Exhibit A – 1 

 Payment of the principal of (and premium, if any, on) and any such interest on this Security
will be made at the office of the Trustee located at 111 Fillmore Avenue, St. Paul, MN 55107, Attention: Fidus Investment Corporation (5.375% Notes Due 2024) and at such other address as designated by the Trustee, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register; provided, further, however, that so long as this Security is registered to Cede & Co., such payment will be made by wire transfer in accordance with the procedures
established by The Depository Trust Company and the Trustee. 
 Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 Exhibit A – 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

Dated: 
  

			
	FIDUS INVESTMENT CORPORATION

 
			
		
	By:	 	      

	Name:	 	
	Title:	 	

  

			
	 Attest
	 	

			
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
 Exhibit A – 3 

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
 Dated: 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 
			
		
	By:	 	  

		 	Authorized Signatory

  
 Exhibit A – 4 

 Fidus Investment Corporation 

5.375% Notes due 2024 
 This
Security is one of a duly authorized issue of Senior Securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of February 2, 2018 (herein called the
“Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Base Indenture), and reference is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered, as supplemented by the Third Supplemental Indenture relating to the Securities, dated as of October 16, 2019, by and between the Company and the Trustee (herein
called the “Third Supplemental Indenture”, the Third Supplemental Indenture and together with the Base Indenture, collectively are herein called the “Indenture”). In the event of any conflict between the Base Indenture and the
Third Supplemental Indenture, the Third Supplemental Indenture shall govern and control. 
 This Security is one of the series designated on
the face hereof, which series is initially limited in aggregate principal amount to $                (or up to
$                aggregate principal amount if the underwriters’ overallotment option to purchase additional Securities is exercised in full). Under a Board
Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such case
“Additional Securities”) having the same ranking and the same interest rate, maturity and other terms as the Securities; provided that, if such Additional Securities are not fungible with the Securities (or any other tranche of Additional
Securities for U.S. federal income tax purposes, then such Additional Securities will have a different CUSIP numbers from the Securities (and any such other tranche of Additional Securities). Any Additional Securities and the existing Securities
will constitute a single series under the Indenture and all references to the relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented hereby
may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. 
 The Securities of this series are
subject to redemption in whole or in part at any time or from time to time, at the option of the Company, on or after November 1, 2021, at a Redemption Price per security equal to 100% of the outstanding principal amount thereof plus accrued
and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the Redemption Date. 
 Notice of
redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Securities to be redeemed, not less than thirty
(30) nor more than sixty (60) days prior to the Redemption Date, at the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 1104 of the Base Indenture.

  
 1 

 Any exercise of the Company’s option to redeem the Securities will be done in
compliance with the Indenture and the Investment Company Act, to the extent applicable. 
 If the Company elects to redeem only a portion of
the Securities, the Trustee or, with respect to global Securities, the Depositary will determine the method for selecting the particular Securities to be redeemed, in accordance with Section 1.01 of the Third Supplemental Indenture and
Section 1103 of the Base Indenture. In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon
the cancellation hereof. 
 Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will
cease to accrue on the Notes called for redemption. 
 Holders of Securities do not have the option to have the Securities repaid prior to
November 1, 2024. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or
certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee indemnity, security, or both reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received

  
 2 

 
from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such
proceeding, for sixty (60) days after receipt of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more
new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $25 and any integral multiples of $25
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company, the Trustee, or the Security Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee, or the Security Registrar and any agent of
the Company, the Trustee, or the Security Registrar shall treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the Trustee, the Security
Registrar, or any agent thereof shall be affected by notice to the contrary. 
 All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 
 To the extent any provision of this Security conflicts with the
express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 
 The Indenture and this Security
shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws. 

  
 3Exhibit 10.1

 

 

	 	October 10, 2019

 

Paul S. Lalljie

 

Paul, we appreciate the
time you have spent with us during the interview process, and we are excited about you becoming the next Chief Financial Officer
of 2U, Inc. (“2U” or the “Company”). This offer letter (this “Letter”) contains the terms of
your offer of employment with 2U and any termination arrangements thereafter.

 

You will serve as the Chief Financial Officer of the Company,
starting on October 14, 2019 (your “Start Date”). In this position, you will report directly to Christopher
 “Chip” Paucek, Co-founder and CEO. Your primary office location is located in 2U’s office in Lanham, Maryland.

 

Base Salary

 

Your regular annual base salary will be $515,000 USD, subject
to annual review for increase (but not decrease) by the Compensation Committee (as defined below). Your base salary will be paid
semi-monthly in accordance with 2U’s standard payroll practices and subject to all deductions and withholdings required by
law. Your position is a full-time position and is classified as “exempt” for wage and hour purposes.

 

Signing Bonus

 

You will receive a signing
bonus of $250,000 (subject to all deductions and withholdings required by law) in
the first pay period after your Start Date (the “Signing Bonus”); provided that you agree to repay a pro rata
portion of the Signing Bonus if, prior to six (6) month anniversary of your Start Date, you terminate your employment without Good
Reason (as defined in the Restrictive Covenant Agreement) or are terminated by the Company for Cause (as defined in the Restrictive
Covenant Agreement).

 

Annual Bonus

 

For each calendar year during your employment, you will be eligible
to receive an annual bonus (the “Annual Bonus”) with a target amount equal to 100% of your annual base salary
during that calendar year (or portion thereof during which you were employed) (the “Target Bonus”). The exact
percentage of the Annual Bonus, and whether it is earned, will be determined in accordance with the 2U bonus plan in effect for
executive officers of 2U for the applicable calendar year, as determined by the compensation committee of 2U’s Board of Directors
(the “Compensation Committee”). You will first be eligible for the Annual Bonus beginning with the 2019 calendar
year (which bonus payment will be pro-rated based on the period of 2019 during which you are employed by 2U from and after the
Start Date and, to the extent earned in accordance with the applicable 2U bonus plan, will be made in the first quarter of 2020).
Please note that, the Annual Bonus is not guaranteed and will only be paid according to the terms of the bonus plan for the applicable
calendar year.

 

One-Time RSU Award

 

Subject to approval of the Compensation Committee, you will
be granted a one-time equity award in the form of a number of restricted stock units equal to $3,000,000 divided by the Fair Market
Value (as defined in the Company’s Amended and Restated 2014 Equity Incentive Plan (the “Plan”)) on the
date of grant (the “One-Time RSU Award”). The One-Time RSU Award shall be made on or as soon as practicable
following the Start Date

 

     

     

    

 

 

and will vest over three years, with 33.33% of the One-Time RSU Award vesting on each
of the first, second and third anniversaries of October 1, 2019. If you terminate your employment with Good Reason or are terminated
by the Company without Cause (excluding terminations due to death or mental or physical disability) while any portion of the One-Time
RSU Award remains unvested, and provided that as a result of such termination you become entitled to receive the severance payments
and benefits set forth in the Restrictive Covenant Agreement in accordance with the terms and conditions thereof (including, without
limitation, the requirement to timely execute, deliver and not revoke the Separation and Release (as defined in the Restrictive
Covenant Agreement)), the then outstanding unvested portion of the One-Time RSU Award will become fully vested as of the date of
such termination.

 

Annual Equity Award

 

During your employment
with 2U, you will be eligible to participate in all long-term cash and equity incentive plans and programs generally applicable
to other executive officers of the Company as in effect from time to time, subject to the terms and conditions of such plans and
programs. For each calendar year during your employment with 2U beginning with calendar year 2020, subject to the annual approval
of the Compensation Committee, your annual equity award will have a target value of $2,500,000 and will be granted in such form(s)
and with a vesting schedule and other terms and conditions (excluding number of covered shares and performance criteria) consistent
with those applicable generally to grants to other executive officers.

 

For calendar year 2019, in addition to the One-Time RSU Award,
subject to approval of the Compensation Committee, you will be granted the following annual restricted stock unit award (the “2019
RSU Award”) and performance restricted stock unit award (the “2019 PRSU Award”, and together with
the 2019 RSU Award, the “2019 Annual RSU Award”).

 

		i.	2019 RSU Award. A number of restricted stock units equal to $1,000,000 divided by the Fair Market Value on the date
of grant. The 2019 RSU Award will vest over three years, with 33.33% of the 2019 RSU Award
vesting in equal installments on each of October 1, 2020, October 1, 2021 and October 1, 2022.

 

		ii.	2019 PRSU Award. A target number of performance restricted stock units equal to $1,000,000 divided by the Fair Market
Value on the date of grant. The 2019 PRSU Award will become eligible to vest based on the attainment of performance goals over
three years, with 33.33% of the target number of shares subject to the 2019 PRSU Award eligible
to vest in equal installments on each of October 1, 2020, October 1, 2021 and October 1, 2022.

 

The 2019 Annual RSU Award shall
be made on or as soon as practicable following the Start Date.

 

The equity awards described
in this Letter shall be made pursuant and subject to the Plan and standard form award agreements generally provided to other
executive officers of the Company, to the extent applicable, all of which you will be required to electronically accept as
a condition of receiving the applicable equity award.

 

    	 	2	 

     

    

 

 

Severance and Non-Competition

 

The validity of this Letter
is contingent upon your concurrent execution of the Employee Intellectual Property, Non-Competition, and Non-Solicitation Agreement
in the form attached as Exhibit A (the “Restrictive Covenant Agreement”), which contains a twelve (12) month
non-competition period following your termination of employment with 2U for any reason. You will also be eligible for severance
benefits pursuant to the terms and conditions contained in the Restrictive Covenant Agreement. Notwithstanding anything in this
Letter to the contrary, except as expressly provided in the Restrictive Covenant Agreement or required by applicable law, your
right to any compensation or benefits from 2U or its subsidiaries will cease upon the termination of your employment for any reason.
Upon termination of your employment for any reason, you will be deemed to have resigned from all offices and directorships, if
any, then held with the Company or any of its subsidiaries.

 

Outside Activities

 

You shall devote substantially
all of your working time and efforts to the business and affairs of the Company (which shall include service to its affiliates,
if applicable) and shall not engage in outside business activities. Notwithstanding the foregoing, we recognize that you desire
to serve as a board member of one or more for-profit businesses unrelated to 2U concurrent with your 2U employment. Subject to
prior notice to and approval by the Chief Executive Officer of 2U (such approval not to be unreasonably withheld, conditioned or
delayed), you will be permitted to join up to two (2) outside boards of for-profit businesses, subject to compliance with the Restrictive
Covenant Agreement and provided that such board service (a) does not materially interfere with the performance of your duties and
responsibilities to 2U and (b) does not create a conflict of interest.

 

You agree to observe and
comply in all material respects with the written rules and policies of the Company as adopted or amended by the Company from time
to time and as delivered or made available to you in writing.

 

Clawback Provisions

 

Any amounts payable under
this Letter will be subject to any Company policy (whether in existence as of your Start Date or later adopted) established by
the Board and/or the Compensation Committee and applicable to all executive officers of the Company and providing for clawback
or recovery of amounts that were paid to you, provided that except as otherwise required by applicable law or regulation (including
the rules of any stock exchange on which the Company’s capital stock is listed), in the absence of any willful misconduct
by you, (i) neither the Signing-Bonus nor One-Time RSU Award will be subject to any clawback or recovery under such policy, and
(ii) no clawback or recovery of amounts triggered under any such policy will occur as a result of any required restatement of the
Company’s financial statements for any period in respect of any fiscal year commencing on or before the Start Date. The Company
will make any determination for clawback or recovery in accordance with such policy and in accordance with any applicable law or
regulation or the applicable rules of any stock exchange on which the Company’s capital stock is listed.

 

    	 	3	 

     

    

 

 

Employee Benefits

 

As a full-time employee
of 2U, you will be eligible for benefits beginning on the first day of the full calendar month immediately following your Start
Date. Additionally, you will become eligible to enroll in our employee 401(k) on your Start Date. You are entitled to unlimited
paid-time off in accordance to 2U’s policy.

 

The following list highlights some of the benefits currently
offered by 2U. Please note that each is subject to change and to its own terms and conditions as more fully described in the applicable
plan/benefit documents that you will receive upon starting with 2U.

 

Tuition Reimbursement

Unlimited Paid-Time Off

Volunteer Time-Off (VTO)
(currently 3 days per year)

Benefits: Medical, Dental,
Vision

401(k) Plan with 2U match

 

2U will reimburse you
for all reasonable and necessary business expenditures incurred and timely submitted for reimbursement by you in accordance with
2U’s policies. In addition, you will be eligible for all other fringe benefits and other benefit programs and policies that
are generally provided to 2U’s executive officers, subject to the terms and conditions of such programs and policies. 

 

Indemnification;
D&O Coverage. 2U will indemnify you and hold you harmless against and in respect to any and all actions, suits,
proceedings, claims, demands, judgments, costs, expenses (including reasonable attorneys’ fees), losses, and damages resulting
from your good faith performance of your duties and obligations with 2U, in any case, to the same extent the Company indemnifies
its other executive officers. The Company agrees to maintain a directors’ and officers’ liability insurance policy
covering you to the same extent the Company provides such coverage for its other executive officers.

 

At-Will Employment

 

Please understand your employment with 2U is “at-will”.
This means that either you or 2U may terminate your employment relationship with or without Cause, and with or without notice,
at any time. This Letter does not constitute a contract of employment for any specific period of time, but creates only an “employment
at will” relationship.

 

Section 409A

 

The intent of the parties is that the payments provided hereunder
comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”),
to the extent subject thereto. The Company makes no representation that any or all of the payments described in this Letter will
be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to any such payment.

 

    	 	4	 

     

    

 

 

Withholding

 

The Company shall be entitled to withhold from any amounts payable
under this Letter or the Restrictive Covenant Agreement any federal, state, local or foreign withholding or other taxes or charges
which the Company is required to withhold.

 

Conditions

 

Lastly, please note that this offer is contingent upon:

 

	 	a)	Verification of your right to work in the United States, as demonstrated by your completion of the I-9 form upon hire and your
submission of acceptable documentation (as noted on the I-9 form) verifying your identity and work authorization within three days
of your Start Date. A copy of the I-9 Forms List of Acceptable Documents will be sent to you via SilkRoad. On your first day of
employment, please bring with you the needed documentation to complete the I-9 form.
	 	b)	Satisfactory completion of a background investigation, for which the required notice and consent forms will be sent via our
third-party vendor.
	 	c)	Your review and acknowledgment of receipt of 2U’s Employee Handbook (and any applicable state addenda).

 

This Letter, along with the Restrictive Covenant Agreement and
the exhibits, hereto and thereto, contain our complete agreement, and supersede and prior agreements or undertakings, whether written
or oral, regarding the terms and conditions of your employment. This Letter is personal to your employment with 2U and neither
the Letter nor any of your rights or obligations hereunder may be assigned by you for any reason.

 

We look forward to changing
lives while having fun with you. #NOBACKROW

 

 

Sincerely,

 

 

Christopher “Chip” Paucek

 

	/s/
    Christopher J Paucek	 

 

I accept this offer of employment with 2U and agree to the terms
and conditions set forth in this Letter.

 

 

 

	Date:	October 10, 2019	 	Signature:   	/s/ Paul Lalljie	 

 

    	 	5	 

     

    

 

Exhibit A

 

Restrictive Covenant Agreement

 

[attached]

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