Exhibit 10.2
FORM OF INVESTMENT SUB-ADVISORY
AGREEMENT
BY AND AMONG
OFS CAPITAL MANAGEMENT, LLC,
EVOLV CAPITAL ADVISORS LLC
AND
XXXXXXX PARK CORPORATE INCOME, INC.
THIS INVESTMENT SUB-ADVISORY
AGREEMENT (this “Agreement”) is made this [—] day
of [ ] 2016, by and among OFS Capital Management, LLC, a
Delaware limited liability company (the “Adviser”), Evolv Capital Advisors LLC, a Delaware limited liability
company (the “Sub-Adviser”), and Xxxxxxx Park Corporate Income, Inc., a Maryland corporation (the “BDC”).
WHEREAS, the Adviser
and the Sub-Adviser are investment advisers that are registered under the Investment Advisers Act of 1940, as amended (the “Advisers
Act”), and engage in the business of providing investment management services; and
WHEREAS, the Adviser
has been retained to act as the investment adviser to the BDC, a closed-end management investment company that has elected to be
regulated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”),
pursuant to an Investment Advisory Agreement dated [—], 2016 (the “Advisory
Agreement”); and
WHEREAS, Section 1(c)
of the Advisory Agreement permits the Adviser, subject to the supervision and direction of the BDC’s board of directors (the
“Board”), to delegate certain of its duties thereunder to other investment advisers, subject to the requirements
of the 1940 Act; and
WHEREAS, the Adviser
desires to retain the Sub-Adviser to assist it in fulfilling certain of its obligations under the Advisory Agreement, and the Sub-Adviser
is willing to assist the Adviser in the manner and on the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:
| 1. | Duties of the Sub-Adviser. |
| a. | Retention of Sub-Adviser. The Adviser hereby engages the Sub-Adviser to assist the Adviser in managing the investment
and reinvestment of the assets of the BDC in accordance with the terms set forth herein and subject to the supervision of the Board. |
| b. | Responsibilities of Sub-Adviser. The Sub-Adviser shall, during the term and subject to the provisions of this Agreement: |
| i. | Provide observations, advice and recommendations with respect
to the BDC’s existing and potential shareholders’ expectations regarding ongoing portfolio design and management, including: |
| 1. | the BDC’s asset allocation and potential acquisitions; |
| 2. | market trends and developments; |
| 3. | the BDC’s risk composition, including metrics such as weighted
average credit quality, industry diversification, geographic diversification, credit terms, etc; |
| 4. | current or potential utilization of leverage or derivatives;
and |
| 5. | the BDC’s structure and operations and any proposed changes
thereto. |
| ii. | Coordinate ongoing portfolio due diligence and communication
regarding and provide observations, advice and recommendations with respect to the BDC’s existing and potential shareholders’
expectations regarding: |
| 1. | Acquisitions and divestures; |
| 2. | non-standard transactions; |
| 3. | macro and micro level market trends; |
| 4. | changes to the BDC; and |
| 5. | Adviser organizational changes. |
| iii. | Assist with identifying and managing ongoing third-party service
providers to the BDC, including transfer agent services, escrow services, investor relation services, distribution payment processing,
tax reporting, proxy voting, and any servicing broker-dealers.; and |
| iv. | Any additional services mutually agreed upon by the parties.
Notwithstanding the foregoing, however, all investment decisions will ultimately be the responsibility of the Adviser. The Sub-Adviser shall not be responsible or liable for any such investment decision. Further, the parties acknowledge and agree that the Sub-Adviser shall only provide the services expressly set forth herein, and shall have no responsibility to provide any other services whatsoever.
|
| c. | Acceptance of Engagement. The Sub-Adviser hereby agrees during the term hereof to render
the services described herein for the compensation provided herein, subject to the limitations contained herein. The Sub-Adviser
shall seek to carry out its responsibilities under this Agreement in compliance with: (i) the BDC’s investment objectives,
policies and restrictions as set forth in the BDC’s then current private placement memorandum (the “Memorandum”)
or, if applicable, any registration statement filed with the Securities and Exchange Commission; (ii) such policies, directives,
regulatory restrictions and compliance policies as the Adviser may from time to time establish or issue and communicate to the
Sub-Adviser in writing; and (iii) applicable law and related regulations applicable to the Sub-Adviser. |
| d. | Independent Contractor Status. The Sub-Adviser shall, for all purposes herein provided,
be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act
for or represent the Adviser or the BDC in any way or otherwise be deemed an agent of the Adviser or the BDC. |
| a. | Except as provided below in this Section 2, the Sub-Adviser assumes no obligation with respect
to, and shall not be responsible for, the expenses of the Adviser or the BDC in fulfilling the Sub-Adviser’s obligations
hereunder. |
| b. | During the term of this Agreement, except as set forth herein, the Sub-Adviser shall pay all expenses
incurred by it in connection with the activities it undertakes to meet its obligations hereunder. The Sub-Adviser shall, at its
sole expense, employ or consult with such persons as it believes to be qualified to assist it in the execution of its duties under
this Agreement, including without limitation, persons employed or otherwise retained by the Sub-Adviser or made available to the
Sub-Adviser by its affiliates. From to time to time, if the Sub-Adviser requests and the Adviser agrees in writing, the Adviser
may cause the Sub-Adviser to be reimbursed, directly or indirectly, for certain expenses by the BDC. The Sub-Adviser shall maintain
records of all such expenses and provide such records to the BDC or the Adviser upon their reasonable request. |
| c. | Upon the reasonable request of the Sub-Adviser, the Adviser shall permit representatives of the
Sub-Adviser to examine, make copies of, and meet with representatives of the Adviser to discuss and ask questions regarding, the
books and records of the Adviser and the BDC, as applicable, and the Adviser shall furnish the Sub-Adviser and its representatives
with such additional financial, operating and other data and information as the Sub-Adviser may reasonably request. Such examinations
and meetings shall be made during normal business hours and with the least amount of interference with the BDC’s and Adviser’s,
as applicable, business and operations as reasonably practicable. |
| d. | Upon the reasonable request of the Adviser, the Sub-Adviser shall permit representatives of the
Adviser to examine, make copies of, and meet with representatives of the Sub-Adviser to discuss and ask questions regarding, the
books and records of the Sub-Adviser, and the Sub-Adviser shall furnish the Adviser and its representatives with such additional
financial, operating and other data and information as the Adviser may reasonably request. Such examinations and meetings shall
be made during normal business hours and with the least amount of interference with the Sub-Adviser’s business and operations
as reasonably practicable. |
| e. | Upon the reasonable request of the Sub-Adviser, the BDC shall permit representatives of the Sub-Adviser
to meet with the BDC’s directors who are not “interested persons” (as such term is defined in Section 2(a)(19)
of the 1940 Act) (“Independent Directors”). Such meetings shall take place during normal business hours,
at a mutually agreeable date and time and with the least amount of interference with the BDC’s business and operations as
reasonably practicable. The Adviser shall be permitted to have a representative attend any of these meetings. |
| f. | The parties hereto acknowledge and agree that the following categories of expenses shall constitute
the only categories of personnel expenses for which the Adviser or the BDC’s administrator may seek reimbursement from the
BDC in furtherance of and in addition to the expenses described in Section 2 of the Advisory Agreement: (i) compliance; (ii) legal;
(iii) accounting and SEC and shareholder reporting obligations; (iv) administration; (v) operations; (vi) investor
relations and other shareholder services: (vii) marketing (solely related to marketing the services of the BDC); and (viii) similar
functions performed in connection with the operation of the BDC. |
| 3. | Compensation. In consideration for the Sub-Adviser’s services hereunder, with
respect to each Term Year (as defined herein), the Adviser shall pay the Sub-Adviser the fee described herein, payable quarterly
in arrears within ten (10) business days of when fees are paid to the Adviser. |
| a. | With respect to any fees payable by the BDC during a Term Year (including without limitation the
Base Management Fees and Incentive Fees, as such terms are defined in the Advisory Agreement, collectively referred to herein as
the “Advisory Fees”), the Sub-Adviser shall be entitled to receive 20% of any such amounts; provided,
however, that such amounts will accrue but will not be payable to the Sub-Adviser until the Adviser has been reimbursed by the
BDC (i) for any Organization Expenses (as defined in the Advisory Agreement) for which it is entitled to be reimbursed, or would
be so entitled but for the passage of time, pursuant to the terms of the Advisory Agreement, and (ii) for any amounts, other than
amounts attributable to Offering Expenses (as defined in the Advisory Agreement), for which it is entitled to be reimbursed, or
would be so entitled but for the passage of time, pursuant to the terms of the expense support and conditional reimbursement agreement
between the Adviser and the BDC. For the avoidance of doubt, Advisory Fees shall be deemed for purposes hereof to include
Incentive Fees received by the Adviser in connection with the orderly liquidation of the BDC’s assets. |
| b. | In the event that this Agreement is terminated other than at the end of a calendar year, for purposes
of determining fees payable to the Sub-Adviser under this Section 3 during the Term Year in which such termination occurs,
the Advisory Fees payable to the Adviser shall be calculated as if the Advisory Agreement terminated as of the termination date
of this Agreement. |
For purposes of this Agreement,
a “Term Year” shall mean each annual period beginning on the Effective Date (as defined in Section 9
hereof) or anniversary thereof, and ending on the day prior to the anniversary of the Effective Date.
| 4. | Representations, Warranties and Covenants of the Sub-Adviser. The Sub-Adviser represents,
warrants and covenants to the Adviser and the BDC as follows: |
| a. | The Sub-Adviser is registered as an investment adviser under the Advisers Act and shall maintain
such registration during the term of this Agreement; |
| b. | The Sub-Adviser is a limited liability company duly organized and validly existing under the laws
of the State of Delaware with the power to carry on its duties and obligations hereunder; |
| c. | The execution, delivery and performance by the Sub-Adviser of this Agreement are within the Sub-Adviser’s
powers and have been duly authorized by all necessary action on the part of its managing member and no action by or in respect
of, or filing with, any governmental body, agency or official is required on the part of the Sub-Adviser for the execution, delivery
and performance by the Sub-Adviser of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement
do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Sub-Adviser’s
governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Adviser; |
| d. | The Form ADV (the “Form ADV”) of the Sub-Adviser previously provided
to the Adviser is a true and complete copy of the form as currently filed with the Securities and Exchange Commission (the “SEC”)
and the information contained therein is accurate and complete in all material respects and does not omit to state any material
fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.
The Sub-Adviser will promptly provide the Adviser and the BDC with a complete copy of all subsequent amendments to its Form ADV; |
| e. | The Sub-Adviser has adopted a written code of ethics and compliance policies complying with the
requirements of Rule 204A-1 of the Advisers Act and will provide the Adviser and the BDC with a copy of such code and policies,
together with evidence of their adoption and implementation. Within 20 days of the end of each calendar quarter during which this
Agreement remains in effect, a duly authorized officer of the Sub-Adviser shall certify to the Adviser or the BDC that the Sub-Adviser
has complied with the requirements of Rule 17j-1 of the 1940 Act during the previous quarter and that there have been no material
violations of the Sub-Adviser’s code of ethics or compliance policies or, if such a violation has occurred, that appropriate
action has been taken in response to such violation. Upon the written and reasonable request of the Adviser or the BDC, the Sub-Adviser
shall permit representatives of the Adviser or the BDC, including compliance consultants retained by the Adviser or the BDC at
the sole expense of the Sub-Adviser, to examine the reports (or summaries of the reports) required to be made to the Sub-Adviser
by Rule 17j-1(c)(1) of the 1940 Act and other records or personnel (including examinations conducted at the offices of the Sub-Adviser)
evidencing enforcement of the code of ethics and compliance procedures; provided, however, that such examinations
shall: (x) be made during normal business hours and with the least amount of interference with the Sub-Adviser’s business
and operations as reasonably practicable; and (y) shall be conducted no less frequently than annually after the first anniversary
of this Agreement unless the Adviser or BDC has cause, in their reasonable judgment, to conduct such examinations more frequently;
and |
| f. | In connection with the services provided under this Agreement, the Sub-Adviser shall comply with
all requirements applicable to the investment adviser of a business development company like the BDC under the Advisers Act and
the 1940 Act in all material respects. |
| 5. | Representations, Warranties and Covenants of the Adviser. The Adviser represents,
warrants and covenants to the Sub-Adviser and the BDC (as applicable) as follows: |
| a. | The Adviser is registered as an investment adviser under the Advisers Act and shall maintain such
registration; |
| b. | The Adviser is a limited liability company duly organized and validly existing under the laws of
the State of Delaware with the power to carry on its duties and obligations hereunder; |
| c. | The execution, delivery and performance by the Adviser of this Agreement are within the Adviser’s
powers and have been duly authorized by all necessary action and no action by or in respect of, or filing with, any governmental
body, agency or official is required on the part of the Adviser for the execution, delivery and performance by the Adviser of this
Agreement, and the execution, delivery and performance by the Adviser of this Agreement do not contravene or constitute a default
under (i) any provision of applicable law, rule or regulation, (ii) the Adviser’s governing instruments, or (iii) any
agreement, judgment, injunction, order, decree or other instrument binding upon the Adviser; |
| d. | The Form ADV of the Adviser previously provided to the Sub-Adviser is a true and complete copy
of the form as currently filed with the SEC and the information contained therein is accurate and complete in all material respects
and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under
which they were made, not misleading; |
| e. | The Adviser has duly entered into the Advisory Agreement and this Agreement; |
| f. | The Adviser has adopted a written code of ethics complying with the requirements of Rule 204A-1
of the Advisers Act and will provide the Sub-Adviser with a copy of that code, together with evidence of its adoption; and |
| g. | In connection with the services provided under the Advisory Agreement, the Adviser shall comply
with all requirements applicable to the investment adviser of a business development company like the BDC, including the Advisers
Act and the 1940 Act, in all material respects. |
| 6. | Representations, Warranties and Covenants of the BDC. The BDC represents and warrants
to the Sub-Adviser and the Adviser as follows: |
| a. | The BDC is a closed-end investment company that has elected to be regulated as a business development
company under the 1940 Act; |
| b. | The BDC is a Maryland corporation duly incorporated and validly existing under the laws of the
State of Maryland with the power to own and possess its assets and carry on its business as it is now being conducted; |
| c. | The execution, delivery and performance by the BDC of this Agreement are within the BDC’s
powers and have been duly authorized by all necessary action and no action by or in respect of, or filing with, any governmental
body, agency or official is required on the part of the BDC for the execution, delivery and performance by the BDC of this Agreement,
and the execution, delivery and performance by the BDC of this Agreement do not contravene or constitute a default under (i) any
provision of applicable law, rule or regulation, (ii) the BDC’s governing instruments, or (iii) any agreement,
judgment, injunction, order, decree or other instrument binding upon the BDC; |
| d. | The BDC has duly entered into this Agreement and the Advisory Agreement pursuant to which the BDC
authorized the Adviser to enter into this Agreement; |
| e. | The BDC shall comply with all requirements applicable to a business development company like the
BDC, including the Advisers Act and the 1940 Act, in all material respects; |
| 7. | Survival of Representations, Warranties and Covenants; Duty to Update Information.
All representations, warranties and covenants made by the Sub-Adviser, the Adviser and the BDC pursuant to Section 4, 5 and
6, respectively, shall survive for the duration of this Agreement and each party hereto shall promptly notify the other parties
hereto in writing upon becoming aware that any of the foregoing representations, warranties and covenants made by it are no longer
true in any material respect. |
| 8. | Liability and Indemnification. |
| a. | The duties of the Sub-Adviser shall be confined to those expressly set forth in Section 1(b)
hereof and the Sub-Adviser expressly disclaims liability for any other duties. The Sub-Adviser shall not be liable for any loss,
damage, liability, cost or expense (including reasonable attorneys’ fees and amounts paid in settlement) (collectively, “Losses”)
arising in connection with the BDC’s activities, except a Loss resulting from the Sub-Adviser’s willful misfeasance,
bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties
hereunder, except as may otherwise be provided under provisions of applicable state law which cannot be waived or modified hereby,
in each case, as the same is finally determined by judicial proceedings. (As used in this Section 8(a), the term “Sub-Adviser”
shall include, without limitation, its affiliates and the Sub-Adviser’s and its affiliates’ respective partners, shareholders,
directors, members, principals, officers, managers, employees agents and controlling persons, including, without limitation, the
Sub-Adviser’s managing member, each of which shall be deemed a third party beneficiary for purposes hereof). |
| b. | The Sub-Adviser shall indemnify the Adviser and BDC against any Loss arising from, or in connection
with, the Sub-Adviser’s breach of the terms, representations and warranties herein or otherwise based upon the performance
of the Sub-Adviser’s duties or obligations under this Agreement, including by reason of any pending, threatened or completed
claim, action, suit, investigation or other proceeding or regulatory or self-regulatory inquiry (including an action or suit by
or in the right of the BDC (and its officers, managers, partners, agents, employees, controlling persons, members and any other
person or entity affiliated with the Sub-Adviser, including, without limitation, its manager); provided, however, that the Adviser
shall not be indemnified for any Loss that is sustained as a result of the Adviser’s willful misfeasance, bad faith, or gross
negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties
and obligations under this Agreement, in each case, as the same is finally determined by judicial proceedings. |
| c. | The BDC shall indemnify the Sub-Adviser for any Loss whatsoever, arising from, or in connection
with, the Sub-Adviser’s performance of its obligations under this Agreement, and the Adviser shall indemnify the Sub-Adviser
(as defined in Section 8(a)) against any Loss arising from, or in connection with, the Adviser’s breach of the terms,
representations and warranties herein or otherwise based upon the performance of the Adviser’s duties or obligations under
this Agreement or as investment adviser of the BDC, including by reason of any pending, threatened or completed claim, action,
suit, investigation or other proceeding or regulatory or self-regulatory inquiry (including an action or suit by or in the right
of the BDC or the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other
person or entity affiliated with the Adviser, including, without limitation, its manager); provided, however, that the Sub-Adviser
shall not be indemnified for any Loss that is sustained as a result of the Sub-Adviser’s willful misfeasance, bad faith,
or gross negligence in the performance of the Sub-Adviser’s duties or by reason of the reckless disregard of the Sub-Adviser’s
duties and obligations under this Agreement, in each case, as the same is finally determined by judicial proceedings. |
| d. | With respect to any claim of indemnification hereunder, the BDC or the Adviser, as the case may
be, shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might
be sought hereunder if it receives a written undertaking to make reimbursement if it is finally judicially determined that such
person is not entitled to indemnification, and if, in the case of advances by the BDC, a majority of the Independent Directors
or an opinion of independent counsel determines, based on a review of readily available factors (as opposed to a trial determination)
that there is reason to believe that the Sub-Adviser will ultimately be found to be entitled to indemnification. |
| e. | Nothing in this Section 8 shall be construed so as to provide for the indemnification of any
party or any limitation on the liability of any party that would, in either case, be in violation of applicable law, but such provisions
shall otherwise be construed so as to effectuate the provisions of this Section 8 to the fullest extent permitted by applicable
law. |
| 9. | Duration and Termination of Agreement. |
| a. | Term and Effectiveness. This Agreement shall become effective as of the date that the BDC
meets the minimum offering requirement, as such term is defined in the Memorandum (the “Effective Date”).
Subject to Section 9(b) below, this Agreement shall remain in effect for two years, and thereafter shall continue automatically
for successive one-year periods, provided that such continuance is specifically approved at least annually by (i) the vote
of the Board, including the vote of a majority of the BDC’s Independent Directors, in accordance with the requirements of
the 1940 Act, or (ii) by the vote of the holders of a majority of the outstanding voting securities of the BDC. |
| b. | Termination. This Agreement may be terminated at any time: (i) by the BDC or the Adviser
upon not less than 60 days’ prior written notice to the Sub-Adviser and upon either of the following: (A) the vote of
the holders of a majority of the outstanding voting securities of the BDC or (B) the vote of a majority of the board of directors
including a vote of a majority of the Independent Directors, or (ii) by the Sub-Adviser upon not less than 60 days’
prior written notice to the Adviser and the BDC. This Agreement shall automatically terminate in the event of (1) its “assignment”
(as such term is defined for purposes of Section 15(a)(4) of the 1940 Act and the regulations promulgated thereunder) or (2) the
termination of the Advisory Agreement. |
| c. | (i) Effect of Expiration or Termination. If this Agreement expires as a result of a
failure for its continuation to be approved in accordance with Section 9(a) for Cause (as defined herein), is terminated pursuant
to Section 9(b)(i) for Cause or is terminated pursuant to Section 9(b)(ii) without Good Reason (as defined herein), then
the Sub-Adviser shall be entitled to receive all amounts and any accrued but unreimbursed expenses payable to it and not yet paid
pursuant to Sections 2 and 3 hereof, as applicable. The Adviser may also elect to enforce the restriction on the Sub-Adviser contained
in the proviso in Section 10(a), which shall in the case of such election survive until the third anniversary of the Effective
Date. |
(ii) For purposes of the
foregoing, “Cause” means any of the following, determined in the reasonable discretion of the Adviser:
(A) the Sub-Adviser would be subject to disability under Section 9(a) of the 1940 Act on account of action by itself
or a person subject to its supervision in the absence of receiving an exemptive order under Section 9(c) of the 1940 Act;
(B) the Sub-Adviser becomes subject to disability under Section 9(a) or (b) of the 1940 Act; (C) the Sub-Adviser
breaches this Agreement in any material respect and fails to cure such breach within 30 days after notice by the Adviser; or (D)
Adviser’s continued retention of the Sub-Adviser under the terms and conditions of this Agreement would otherwise violate
any federal or state law, rule, or regulation; and the term “Good Reason” means any of the following,
determined in the reasonable discretion of the Adviser: (A) the Adviser is subject to any of the same potential disabilities,
disabilities or penalties as are set forth for the Sub-Adviser in clauses (A) or (B) of the definition of “Cause”;
or (B) the Adviser or the BDC breaches this Agreement in any material respect and fails to cure such breach within 30 days
after notice by the Sub-Adviser.
(iii) If this Agreement expires
as a result of a failure for its continuation to be approved in accordance with Section 9(a) other than for Cause, is terminated
pursuant to Section 9(b)(i) other than for Cause or is terminated pursuant to Section 9(b)(ii) for Good Reason, then
the Sub-Adviser shall be entitled to receive all amounts and any accrued but unreimbursed expenses, payable to it and not yet paid
pursuant to Sections 2 and 3 hereof, as applicable, and in addition to such amount, for a period of three years following the last
day of the calendar quarter in which such termination becomes effective (the “Termination Date”), but
only so long as the Adviser or an affiliate serves as the investment adviser to the BDC, the Adviser shall pay the Sub-Adviser,
in consideration of the efforts of the Sub-Adviser in assisting in the initial structuring and development of the BDC, an amount
(the “Additional Amount”) equal to, for each quarter commencing with the first quarter following the
Termination Date, 20% of all Advisory Fees paid by the BDC to the Adviser with respect to such quarter, multiplied by the Additional
Amount Percentage (as defined herein).
(iv) For purposes of the foregoing,
“Adjusted Termination Value” means the BDC’s net asset value on the Termination Date, reduced by
4.0% of such for each consecutive quarter for which the Additional Amount is paid; and the term “Additional Amount
Percentage” means the Adjusted Termination Value divided by the BDC’s net asset value at the close of the most
recently completed calendar quarter, but with a maximum value of one (1.00).
(v) The Additional Amount shall
be paid within 20 days after each month in which the BDC makes any payment on which such amount is based and shall be calculated
in accordance with Section 3 hereof except as specifically set forth in subsections (iii) and (iv) above.
| d. | The provisions of (i) Sections 8, 11 and 14 of this Agreement shall remain in full force and
effect and the Sub-Adviser shall remain entitled to the benefits thereof notwithstanding any termination or expiration of this
Agreement, (ii) Section 10 of this Agreement shall remain in full force and effect notwithstanding any termination or
expiration of this Agreement to the extent provided in Section 9(c) above and (iii) Sections 3(c), 3(d) and 5(h) shall
remain in full force and effect and the Sub-Adviser shall remain entitled to the benefits thereof notwithstanding any termination
or expiration of this Agreement if and to the extent that the consequences set forth in Section 9(c)(ii) apply in the event
of such termination or expiration. |
| 10. | Services Not Exclusive. |
| a. | Nothing in this Agreement shall prevent the Sub-Adviser or any member, manager, officer, employee
or other affiliate thereof from engaging in any other lawful activity and shall not in any way limit or restrict the Sub-Adviser
or any of its members, managers, officers, employees or agents from buying, selling or trading any securities for its or their
own accounts or for the accounts of others for whom it or they may be acting. |
| b. | Nothing in this Agreement shall prevent the Adviser or any member, manager, officer, employee or
other affiliate thereof from engaging in any other lawful activity and shall not in any way limit or restrict the Adviser or any
of its members, managers, officers, employees or agents from buying, selling or trading any securities for its or their own accounts
or for the accounts of others for whom it or they may be acting. |
| 11. | Brand Usage. The Sub-Adviser conducts its investment advisory business under, and
has the right to use, the licensed trade name Evolv Capital Advisors, LLC and/or the licensed logo as set forth on Schedule A attached
hereto (collectively, the “Brand”). Upon the terms and subject to the conditions set forth in this Section 10,
the Sub-Adviser hereby grants to the Adviser a revocable, non-exclusive, non-transferable and non-sublicensable (except as expressly
provided herein) royalty-free limited license (the “License”) to use the Brand solely (i) in connection
with the BDC’s (a) public filings; (b) requests for information from state and federal regulators; (c) offering
materials and advertising materials; and (d) press releases, and (ii) for the Adviser or BDC, as applicable, to state
in such materials that investment advisory services are being provided by the Sub-Adviser to the BDC under the terms of this Agreement.
Prior to using the Brand in any manner (including for the uses described in clauses (i) and (ii) above), the BDC or the
Adviser, as applicable, shall submit all proposed uses of the Brand to the Sub-Adviser for prior written approval. The Adviser
agrees to (x) control the use of the Brand in accordance with the standards and policies as established between the Adviser
and the Sub-Adviser and (y) only use the Brand if it has received the prior written approval of the Sub-Adviser for such specific
use. At no time shall the Adviser contest the validity of the Brand or use the Brand other than in accordance with this Agreement.
The Sub-Adviser reserves the right to terminate the License immediately upon written notice for any reason, including, without
limitation, if any use of the Brand by the Adviser or the BDC is not in compliance with the standards and policies as established
between the Adviser and the Sub-Adviser. Unless terminated earlier by the Sub-Adviser, the term of the License shall be for the
term of this Agreement only, including any renewals and extensions, and the right to use the Brand as provided herein shall terminate
immediately upon the termination or expiration of this Agreement or the investment sub-advisory relationship between the Adviser
and the Sub-Adviser. The Adviser and BDC agree that the Sub-Adviser is the sole owner of the Brand, and any and all goodwill in
the Brand arising from the Adviser’s or BDC’s use of the Brand shall inure solely to the benefit of the Sub-Adviser.
Without limiting the foregoing, the License shall have no effect on the BDC’s ownership rights of the works within which
the Brand shall be used in accordance with this Section 11. The Adviser may sublicense its rights under the License solely
to the BDC; provided that any use of the Brand by the BDC shall be upon the same terms and conditions as contained herein and the
Adviser shall remain liable for the BDC’s use of the Brand. |
| 12. | Notices. Any notice under this Agreement shall be given in writing, addressed and
delivered or mailed, postage prepaid, to each of the other party at its principal office. |
| 13. | Amendments. This Agreement may be amended by mutual consent of the parties, subject
to the requirements of applicable law. |
| 14. | Entire Agreement; Governing Law. This Agreement contains the entire agreement of
the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. Notwithstanding
the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with
the laws of the State of Delaware. For so long as the BDC is regulated as a BDC under the 1940 Act, this Agreement shall also be
construed in accordance with the applicable provisions of the 1940 Act. In such case, to the extent the applicable laws of the
State of Delaware or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control. |
| 15. | Severability. If any provision of this Agreement shall be declared illegal, invalid,
or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted
by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof. |
| 16. | Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on both parties
hereto, notwithstanding that both parties shall not have signed the same counterpart. |
| 17. | Third Party Beneficiaries. Except as otherwise provided in Section 8 hereof,
this Agreement is for the sole benefit of the parties hereto and their permitted assigns and nothing herein express or implied
shall give or be construed to give to any person, other than the parties hereto and such assigns, any legal or equitable rights
hereunder. |
[Remainder of page intentionally left
blank; Signature page to follow]
IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be duly executed on the date above written.
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OFS CAPITAL MANAGEMENT, LLC |
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EVOLV CAPITAL ADVISORS LLC |
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XXXXXXX PARK CORPORATE INCOME, INC. |
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