FORM OF TERMINATION OF CONSULTING AGREEMENT
Exhibit (k)(6)
FORM OF TERMINATION OF CONSULTING AGREEMENT
This TERMINATION AGREEMENT (“Agreement”) is made and entered into as of the ___day of ___, 2005, by and among PATRIOT CAPITAL FUNDING, INC. (“Patriot”), a Delaware corporation, and PHILAN LLC (“Philan”), a Connecticut limited liability company.
WHEREAS, Patriot and Philan are parties to a Consulting Agreement dated January 31, 2003 (the “Consulting Agreement”), whereby Philan was retained as a consultant for Patriot; and
WHEREAS, subsequent to the date of this Agreement, Patriot intends to conduct an initial public offering (“IPO”) of shares of its common stock; and
WHEREAS, in connection with the IPO, Patriot intends to file with the Securities and Exchange Commission an election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940 Act, as amended (the “BDC Election”); and
WHEREAS, the parties wish to terminate the business relationship set forth in the Consulting Agreement upon the Company’s filing of the BDC Election with the Securities and Exchange Commission.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Termination of Consulting Agreement. Patriot and Philan agree that the Consulting Agreement shall be terminated effective upon Patriot’s filing of the BDC Election with the Securities and Exchange Commission (the “Effective Date”).
2. Effect of Termination. As of the Effective Date, each of the parties to the Consulting Agreement shall have no further duties or obligations thereunder, except that Patriot will be obligated to pay Philan any accrued but unpaid consulting fees owed to Philan under the Consulting Agreement as of the Effective Date. Patriot agrees to pay Philan any such consulting fees within five (5) business days after the completion of the IPO.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers on the year and day first above written.
| PATRIOT CAPITAL FUNDING, INC. | ||||||
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| PHILAN LLC | ||||||
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