<SEC-DOCUMENT>0001104659-20-035928.txt : 20200319
<SEC-HEADER>0001104659-20-035928.hdr.sgml : 20200319
<ACCEPTANCE-DATETIME>20200319165245
ACCESSION NUMBER:		0001104659-20-035928
CONFORMED SUBMISSION TYPE:	40-APP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200319
DATE AS OF CHANGE:		20200319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Trinity Capital Inc.
		CENTRAL INDEX KEY:			0001786108
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15111
		FILM NUMBER:		20729109

	BUSINESS ADDRESS:	
		STREET 1:		3075 WEST RAY ROAD
		STREET 2:		SUITE 525
		CITY:			CHANDLER
		STATE:			AZ
		ZIP:			85226
		BUSINESS PHONE:		480.374.5350

	MAIL ADDRESS:	
		STREET 1:		3075 WEST RAY ROAD
		STREET 2:		SUITE 525
		CITY:			CHANDLER
		STATE:			AZ
		ZIP:			85226
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP
<SEQUENCE>1
<FILENAME>tm2013093d1_40app.htm
<DESCRIPTION>40-APP
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-indent: 0; text-align: right">No.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">APPLICATION FOR AN ORDER PURSUANT TO SECTION&nbsp;6(c)&nbsp;OF
THE INVESTMENT COMPANY ACT OF 1940 (the &ldquo;ACT&rdquo;) GRANTING AN EXEMPTION FROM SECTIONS 23(a), 23(b)&nbsp;AND 63 OF THE
ACT, AND PURSUANT TO SECTIONS 57(a)(4)&nbsp;AND 57(i)&nbsp;OF THE ACT AND RULE 17d-1 UNDER THE ACT AUTHORIZING CERTAIN JOINT TRANSACTIONS
OTHERWISE PROHIBITED BY SECTION&nbsp;57(a)(4)&nbsp;OF THE ACT, AND PURSUANT TO SECTION&nbsp;23(c)(3)&nbsp;OF THE ACT GRANTING AN
EXEMPTION FROM SECTION&nbsp;23(c)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Trinity Capital Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3075 West Ray Road, Suite&nbsp;525</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chandler, Arizona 85226</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>All Communications, Notices and Orders
to:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Steven L. Brown</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trinity Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3075 West Ray Road, Suite&nbsp;525</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chandler, Arizona 85226</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Copies to:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cynthia M. Krus,&nbsp;Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Stephani M. Hildebrandt,&nbsp;Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Anne G. Oberndorf,&nbsp;Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Eversheds Sutherland (US) LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">700 Sixth Street NW, Suite&nbsp;700</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, DC 20001</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0">March 19,
2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Table of Contents</U></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 5%; font: 10pt Times New Roman, Times, Serif; vertical-align: top">I.</TD>
    <TD STYLE="width: 88%; font: 10pt Times New Roman, Times, Serif">INTRODUCTION</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: center">3</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">II.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">BACKGROUND</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">III.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">EXEMPTION TO ISSUE RESTRICTED STOCK</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">4</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">IV.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">TAX WITHHOLDING OBLIGATIONS AND PARTICIPANTS TO PAY THE EXERCISE PRICE OF OPTIONS WITH STOCK ALREADY OWNED</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">16</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">V.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">CONCLUSION</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">19</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">VI.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">PROCEDURAL MATTERS</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">19</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES OF AMERICA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Before the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the Matter of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>TRINITY CAPITAL INC.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3075 West Ray Road, Suite&nbsp;525</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chandler, Arizona 85226</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">File No.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Company Act of 1940</P></TD>
    <TD STYLE="text-align: center; width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt">)<BR>
)<BR>
)<BR>
)<BR>
)<BR>
)<BR>
)<BR>
)<BR>
)<BR>
)<BR>
)<BR>
)<BR>
)<BR>
)</FONT></TD>
    <TD STYLE="width: 48%; font-size: 10pt"><FONT STYLE="font-size: 10pt">APPLICATION FOR AN ORDER<BR>
 PURSUANT TO SECTION&nbsp;6(c)&nbsp;OF THE<BR>
 INVESTMENT COMPANY ACT OF<BR>
 1940 (the &ldquo;ACT&rdquo;) GRANTING AN <BR>
EXEMPTION FROM SECTIONS 23(a), <BR>
23(b)&nbsp;AND 63 OF THE ACT, AND<BR>
 PURSUANT TO SECTIONS 57(a)(4)<BR>
AND 57(i)&nbsp;OF THE ACT AND RULE<BR>
 17d-1 UNDER THE ACT <BR>
AUTHORIZING CERTAIN JOINT <BR>
TRANSACTIONS OTHERWISE<BR>
 PROHIBITED BY SECTION&nbsp;57(a)(4)&nbsp;OF<BR>
 THE ACT, AND PURSUANT TO <BR>
SECTION&nbsp;23(c)(3)&nbsp;OF THE ACT<BR>
 GRANTING AN EXEMPTION FROM <BR>
SECTION&nbsp;23(c)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>I.</B></TD><TD><B>INTRODUCTION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Trinity Capital Inc. (&ldquo;<B><I>Applicant</I></B>&rdquo;),
an internally managed closed-end investment company that has elected to be regulated as a business development company (&ldquo;<B><I>BDC</I></B>&rdquo;)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
under the Investment Company Act of 1940 (the &ldquo;<B><I>Act</I></B>&rdquo;)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT>,
hereby applies for an order (the &ldquo;<B><I>Order</I></B>&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;)
pursuant to Section&nbsp;6(c)&nbsp;granting an exemption from Sections 23(a), 23(b), and 63, and pursuant to Sections 57(a)(4)&nbsp;and
57(i)&nbsp;and Rule&nbsp;17d-1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>3</SUP></FONT> authorizing
certain joint transactions otherwise prohibited by Section&nbsp;57(a)(4), and pursuant to Section&nbsp;23(c)(3)&nbsp;granting an
exemption from Section&nbsp;23(c). The Order would permit Applicant to (i)&nbsp;issue Restricted Stock (as defined below) as part
of the compensation package for its non-employee directors (the &ldquo;<B><I>Non-Employee Directors</I></B>&rdquo;)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
through its Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan (the &ldquo;<B><I>Non-Employee Director Plan</I></B>&rdquo;),
(ii)&nbsp;issue Restricted Stock and Restricted Stock Units (as defined below)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT>
as part of the compensation package for certain of its Employee Participants, excluding the Non-Employee Directors, through its
2019 Trinity Capital Inc. Long Term Incentive Plan (the &ldquo;<B><I>Long Term Incentive Plan</I></B>&rdquo;)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>6</SUP></FONT>;
(iii)&nbsp;withhold shares of Applicant&rsquo;s common stock or purchase shares of Applicant&rsquo;s common stock from Participants
to satisfy tax withholding obligations relating to the vesting of Restricted Stock or the exercise of Options (as defined below)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT>
that will be granted pursuant to the Long Term Incentive Plan; and (iv)&nbsp;permit Participants to pay the exercise price of Options
that will be granted to them pursuant to the Long Term Incentive Plan with shares of Applicant&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> Section 2(a)(48) defines a BDC to be any closed-end
investment company that operates for the purpose of making investments in securities described in sections 55(a)(1)through 55(a)(3)
of the Act and makes available significant managerial assistance with respect to the issuers of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> Unless otherwise indicated, all section references
herein are to the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> Unless otherwise indicated, all rule references
herein are to rules under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> Employees, officers and employee directors, together
the &ldquo;<B><I>Employee Participants</I></B>&rdquo; and each, an &ldquo;<B><I>Employee Participant</I></B>.&rdquo; The Employee
Participants and Non-Employee Directors, together the &ldquo;<B><I>Participants</I></B>&rdquo; and each, a &ldquo;<B><I>Participant</I></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> For purposes of this Application, Restricted Stock
and Restricted Stock Units are collectively referred to herein as &ldquo;<B><I>Restricted Stock Awards</I></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> The &ldquo;Long Term Incentive Plan&rdquo; and
 &ldquo;Non-Employee Director Plan,&rdquo; together the &ldquo;<B><I>Plans</I></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> For the purposes of this Application, Incentive
Stock Options and Non-Statutory Stock Options (as defined in the Long Term Incentive Plan) are collectively referred to as &ldquo;<B><I>Options</I></B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>II.</B></TD><TD><B>BACKGROUND</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Applicant is a Maryland corporation that
was formed in August&nbsp;2019. On January&nbsp;16, 2020, Applicant used the proceeds of a private offering to acquire its initial
investment portfolio (the &ldquo;<B><I>Legacy Portfolio</I></B>&rdquo;) from the following entities, which were managed by members
of Applicant&rsquo;s management team and investment committee: (i)&nbsp;Trinity Capital Investments, LLC (&ldquo;<B><I>TCI</I></B>&rdquo;);
(ii)&nbsp;Trinity Capital Fund II, L.P. (&ldquo;<B><I>Fund II</I></B>&rdquo;); (iii)&nbsp;Trinity Capital Fund III, L.P. (&ldquo;<B><I>Fund
III</I></B>&rdquo;); (iv)&nbsp;Trinity Capital Fund IV, L.P. (&ldquo;<B><I>Fund IV</I></B>&rdquo;); and (v)&nbsp;Trinity Sidecar
Income Fund, L.P. (&ldquo;<B><I>Sidecar Fund</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Applicant is an internally managed, non-diversified
closed-end investment company that has elected to be regulated as a BDC under the Act. Applicant also intends to elect to be treated,
and intends to qualify annually thereafter, as a regulated investment company (&ldquo;<B><I>RIC</I></B>&rdquo;) under Subchapter
M of the Internal Revenue Code of 1986, as amended (the &ldquo;<B><I>Code</I></B>&rdquo;), for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board of Directors (the &ldquo;<B><I>Board</I></B>&rdquo;)
consists of five members, three of whom are not &ldquo;interested persons&rdquo; of Applicant within the meaning of Section&nbsp;2(a)(19)
of the Act (the &ldquo;<B><I>Non-Interested Directors</I></B>&rdquo;). As of December&nbsp;31, 2019 Applicant had twenty-eight
employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Applicant is a leading provider of debt
to growth stage companies, including venture-backed companies and companies with institutional equity investors, and, to a lesser
extent, equipment lease financing. Applicant&rsquo;s investment objective is to generate current income and, to a lesser extent,
capital appreciation through its investors. Applicant seeks to achieve its investment objective by making investments consisting
primarily of term debt investments, and, to a lesser extent, equipment lease financing, working capital loans, equity and equity
related investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B>III.</B></TD><TD><B>EXEMPTION TO ISSUE RESTRICTED STOCK AWARDS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Applicant is applying for an order of the
Commission pursuant to Section&nbsp;6(c)&nbsp;granting an exemption from Sections 23(a), 23(b), and 63, and from Section&nbsp;57(a)(4)&nbsp;pursuant
to Sections 57(a)(4)&nbsp;and 57(i)&nbsp;and Rule&nbsp;17d-1 to enable Applicant to issue Restricted Stock Awards to its Employee
Participants and Non-Employee Directors pursuant to the Plans, and pursuant to Section&nbsp;23(c)(3)&nbsp;granting an exemption
from Section&nbsp;23(c). In particular, the Order would (1)&nbsp;enable the Applicant to appropriately compensate Employee Participants
and Non-Employee Directors in the form of Restricted Stock Awards, in the amount of which would be determined by the Board, a committee
thereof, or Applicant&rsquo;s Compensation Committee, as applicable, provided that, in no event shall the total number of shares
of Restricted Stock Awards subject to the annual grant to Non-Employee Directors exceed 60,000 shares of Restricted Stock Awards,
and (2)&nbsp;allow the Applicant to remain competitive within its sector of the financial services industry to attract and retain
qualified employees and non-employee directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Reason for Request</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compensation Practices in the Asset
Management Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">While Applicant believes that, because
the market for superior investment professionals is highly competitive, the Applicant&rsquo;s successful performance depends on
its ability to offer fair compensation packages to its professionals that are competitive with those offered by other investment
management businesses. While the Applicant recognizes that employee and non-employee director retention is critical for all companies,
the Applicant also believes that the highly specialized nature of its business, the competitiveness of its market and the small
size of its employee base relative to its assets and revenue make such retentions even more critical for the Applicant. In that
regard, the ability to offer equity-based compensation to its Employee Participants and Non-Employee Directors, which both aligns
employee and Board behavior with stockholder interests and provides a retention tool, is vital to the Applicant&rsquo;s future
growth and success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Plans would enable Applicant to offer
Employee Participants and Non-Employee Directors compensation packages that are more competitive with those offered by other lending
businesses and investment management businesses, which would enhance the ability of Applicant to attract and retain superior senior
management, qualified non-employee directors and other key personnel. Offering competitive compensation packages is critical to
Applicant&rsquo;s ability to generate the best possible risk-adjusted returns for its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Use of Restricted Stock Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicant strongly believes that Restricted Stock Awards offers
an attractive form of equity-based compensation for certain Employee Participants and Non-Employee Directors. Relative to other
forms of equity-based compensation, Restricted Stock Awards will allow Applicant to (1)&nbsp;compete more successfully with commercial
banks, investment banks, other publicly traded companies, and private equity funds for skilled employees and directors; (2)&nbsp;develop
superior alignment of Applicant&rsquo;s business strategy, stockholder interests and employee interests; (3)&nbsp;manage dilution
and cash expenses associated with equity-based compensation and salaries and bonuses; and (4)&nbsp;match the return expectations
of the business more closely with its equity-based compensation. The Applicant believes the Restricted Stock Awards will have a
clear and meaningful benefit to its stockholders and its business prospects that supports approval of this application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Successfully Competing with Private Equity Firms</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to compete successfully with private equity funds for
talented portfolio and business management personnel, Applicant ideally would be able to pass through to its employees, in the
form of long-term capital gain payments, at least 20 percent of the net realized income of Applicant over time. Inasmuch as Applicant
cannot utilize the pass through of capital gain payments to its employees that is available to the general partners of partnerships
and desires to build capital rather than make cash payments to its Employee Participants and Non-Employee Directors, the equity-based
compensation structure that Applicant believes comes closest to replicating the fund structure is Restricted Stock Awards. Restricted
Stock Awards require no cash outlay by Applicant. Furthermore, an Employee Participant or Non-Employee Director who receives Restricted
Stock Awards and pays tax at ordinary rates based on the value of the stock at the time of vesting<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>8</SUP></FONT>
will be able to treat as long-term gain any subsequent appreciation prior to sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Developing Alignment in Business Plan, Stockholder Interests
and Employee Interests</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alignment of a company&rsquo;s business plans, its stockholder
expectations and its employee compensation is an essential component of long-term business success. Long-term business success
is in the interest of the Applicant&rsquo;s stockholders and employees. The Applicant typically makes longer term investments primarily
in privately held businesses that typically stay in its portfolio for the long term. Its business plan involves targeting investments
in growth stage companies, including venture backed companies, with institutional equity investors. Applicant&rsquo;s business
model involves taking on investment risks with potential for higher returns, while also obtaining warrants or contingent exit fees
from portfolio companies at funding to provide an additional potential source of investment returns. Applicant&rsquo;s primary
investment objective is to generate current income, and to a lesser extent, capital appreciation through its investments. Applicant
intends to make quarterly distributions and to distribute, out of assets legally available for distribution, substantially all
of the available earnings as determined by the Board in its sole discretion and in accordance with RIC requirements. Because Applicant
is a taxpayer that will elect to be regulated as a RIC under Subchapter M of the Code, the Applicant will be required to pay out
90% of its annual taxable income to maintain its tax advantaged status and 98% of its annual taxable income (and 98.2% of capital
gains) to avoid non-deductible excise taxes. This &ldquo;pass through&rdquo; configuration means that, assuming the Applicant performs
successfully, the shares of the Applicant&rsquo;s common stock will appreciate modestly if at all over time since earnings are
distributed currently and not accumulated. Rather, the primary return for the Applicant&rsquo;s stockholders will be in the form
of current income through the payment of dividends rather than capital appreciation through a rising stock price. This recurring
payout requires a methodical asset acquisition approach and active monitoring and management of the investment portfolio over time.
A meaningful part of the Applicant&rsquo;s employee base is dedicated to the maintenance of asset values and expansion of this
recurring revenue to support and grow dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif">A
Participant who receives a grant of </FONT>Restricted Stock may, however, elect to be taxed at the time of receipt, as further
described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The implications of the Applicant&rsquo;s business model, as
described above, on the attractiveness of using Restricted Stock Awards are relatively clear. Restricted Stock Awards have intrinsic
value that may not be offered through other forms of equity-based compensation. Holders of Restricted Stock, over time, become
owners of the stock with a vested interest in value maintenance and, importantly in the Applicant&rsquo;s case, the income stream
and stock appreciation. These interests are completely aligned with those of the Applicant&rsquo;s stockholders. Stock option holders,
by way of comparison, only earn compensation if the stock price increases and do not benefit from dividends or valuation protection,
two concepts that have high priority for the Applicant&rsquo;s stockholders. Stock options are arguably less effective for the
Applicant in terms of motivating behaviors consistent with the business objectives of moderate appreciation and stable and growing
dividends, in part because the Act does not provide a mechanism for BDCs to adjust the exercise price of a stock option when a
dividend is issued or to issue dividend equivalent rights in order to align the interests of an option holder with those of a stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, the private equity funds with which the Applicant
competes are able to pay higher total cash compensation, composed of salaries and bonuses than the Applicant is able to pay because
of the expenses that the Applicant must pay that are related to the maintenance of its status as a publicly held company. In addition,
the private firms with which Applicant must compete for personnel typically permit their employees to co-invest with them, which
Applicant is not permitted to do under the Act absent a Commission order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Managing Dilution and Cash Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dilution is an important consideration for stockholders, and
Restricted Stock Awards are inherently less dilutive and more predictable than other common forms of equity based compensation,
such as stock options. Because Restricted Stock Awards have intrinsic value, it takes fewer shares of Restricted Stock Awards to
generate a similar level of economic benefit to Employee Participants and Non-Employee Directors. This is particularly true given
the high level of dividend statutorily embedded in the Applicant&rsquo;s business model and regulatory structure, which does not
accrue to the benefit of the option holder. In other words, the Applicant believes that the number of shares of Restricted Stock
Awards that it will grant will be less than the number of shares that would be subject to option were the Applicant to offer equivalent
economic incentives through its Long Term Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board, including the Required Majority, found that permitting
an annual grant of Restricted Stock to each Non-Employee Director will allow the Applicant to better align its business plan with
stockholder interests based on the nature of the Applicant&rsquo;s business as well as the characteristics of Restricted Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicant can also pay less cash compensation if it can issue
Restricted Stock Awards to the Participants. Holding down cash compensation, like declaring deemed dividends rather than paying
cash dividends, is significant to the Applicant&rsquo;s ability to maximize its cash available for investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Matching Return Expectations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Restricted Stock Awards motivate behavior that is consistent
with the type of return expectations that the Applicant has established for its stockholders. To this end, Restricted Stock Awards
place more value on the quality of originated assets over the quantity of originated assets, and thus, Restricted Stock Awards
are an attractive compensation tool for the Applicant to align Employee Participant and Non-Employee Director interests with stockholder
interests. Shares of Restricted Stock Awards that vest over time or are based upon performance targets will allow the Applicant
to set objectives and provide meaningful rewards over time to Employee Participants who effectuate the targeted outcome of income
and principal stability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicant&rsquo;s management and the Board, including the Compensation
Committee, as applicable, have considered each of the factors discussed above and believe that the issuance of Restricted Stock
Awards as a form of equity-based compensation is in the best interest of Applicant&rsquo;s stockholders, employees and business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Plans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October&nbsp;17, 2019, by unanimous
vote, Applicant&rsquo;s Board, including the required majority as defined by Section&nbsp;57(o)&nbsp;(the &ldquo;<B><I>Required
Majority</I></B>&rdquo;)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT>, adopted
the Plans. Once Applicant receives the Order from the Commission, the Plans will become effective upon approval by the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>The Non-Employee Director Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Non-Employee Director Plan, a copy of which is attached
to this Application as Exhibit&nbsp;A<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>10</SUP></FONT>,
provides for grants of Restricted Stock Awards to Non-Employee Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon election to the Board, each Non-Employee Director may be
granted shares of Restricted Stock Awards at or about the beginning of each one-year term of service on the Board, for which forfeiture
restrictions will lapse at the end of that year; provided that the Board may provide in any award agreement, or may determine in
any individual case, that restrictions or forfeiture conditions relating to Restricted Stock Awards will be waived in whole or
in part in the event of terminations resulting from any cause, and the Board may in other cases waive in whole or in part the forfeiture
of Restricted Stock Awards. The number of shares of Restricted Stock Awards granted to each Non-Employee Director each year will
be determined in the discretion of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The maximum aggregate number of shares
of common stock that may be authorized for issuance under Restricted Stock Awards under the Non-Employee Director Plan is 60,000
shares. Any Restricted Stock Award granted pursuant to the Non-Employee Director Plan but that is forfeited pursuant to the terms
of the Plan or an award agreement shall again be available under the Non-Employee Director Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the Non-Employee Director Plan, the Board may modify,
revise or terminate the Non-Employee Director Plan at any time and from time to time, subject to applicable requirements in (a)&nbsp;the
Applicant&rsquo;s articles of incorporation or by-laws and (b)&nbsp;applicable law and orders. The Board shall seek stockholder
approval of any action modifying a provision of the Non-Employee Director Plan where it is determined that such stockholder approval
is appropriate under the provisions of (a)&nbsp;applicable law or orders, or (b)&nbsp;the Applicant&rsquo;s articles of incorporation
or by-laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Non-Employee Director Plan shall be administered by the
Compensation Committee of the Board, which is comprised solely of directors who are not interested persons of the Company within
the meaning of Section&nbsp;2(a)(19) of the Act. The Compensation Committee shall interpret the Non-Employee Director Plan and,
to the extent and in the manner contemplated herein, shall exercise the discretion reserved to it hereunder. The Compensation Committee
may prescribe, amend and rescind rules&nbsp;and procedures relating to the Non-Employee Director Plan and make all other determinations
necessary for its administration. The decision of the Compensation Committee on any interpretation of the Non-Employee Director
Plan or administration hereof, if in compliance with the provisions of the Act and regulations promulgated thereunder, shall be
final and binding with respect to the Applicant and the Non-Employee Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> Section 57(o) provides that the term &ldquo;required
majority,&rdquo; when used with respect to the approval of a proposed transaction, plan, or arrangement, means both a majority
of a BDC&rsquo;s directors or general partners who have no financial interest in such transaction, plan, or arrangement, means
both a majority of a BDC&rsquo;s directors or general partners who have no financial interest in such transaction, plan or arrangement
and a majority of such directors or general partners who are not interested persons of such company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> The Non-Employee Director Plan is attached for
informational purposes only. The Applicant is solely responsible for the content of the Non-Employee Director Plan, and in any
event of any conflict between the terms and conditions applicable to the requested Order (as described in Application, excluding
Exhibit A) and the Non-Employee Director Plan, the former will govern the requested relief herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless the Board expressly provides otherwise, if a Non-Employee
Director holding shares of Restricted Stock Awards ceases to be an eligible Non-Employee Director, any shares of Restricted Stock
Awards held by such Non-Employee Director or the Non-Employee Director&rsquo;s Permitted Transferee (as defined below) that have
not vested will be terminated and such shares will be returned to the Applicant and again be available for issuance under the
Non-Employee Director Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise provided in an award agreement, in the event
of a Change of Control (as defined in the Non-Employee Director Plan) in which there is an acquiring or surviving entity, the Board
may provide for the assumption of some or all outstanding grants of Restricted Stock Awards, or for the grant of new Restricted
Stock Awards in substitution therefor, by the acquirer or survivor or an affiliate of the acquirer or survivor, in each case on
such terms and subject to such conditions as the Board determines. In the absence of such an assumption or if there is no substitution,
except as otherwise provided in the grant of Restricted Stock Awards, each grant of Restricted Stock Awards will become fully vested
or exercisable prior to the Change in Control on a basis that gives the holder of the Restricted Stock Awards a reasonable opportunity,
as determined by the Board, to participate as a stockholder in the Change in Control following vesting or exercise, and the award
will terminate upon consummation of the Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Non-Employee Director Plan also provides that upon the occurrence
of certain changes in the Applicant&rsquo;s common stock, such as a stock dividend, stock split or combination of shares (including
a reverse stock split), recapitalization or other change in the Applicant&rsquo;s capital structure, the Board will make appropriate
adjustments to the maximum number of shares that may be delivered under the Non-Employee Director Plan, to the maximum per-participant
share limit and will also make appropriate adjustments to the number and kind of shares of stock or securities subject to awards
then outstanding or subsequently granted and any other provision of awards affected by such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While subject to forfeiture provisions, Restricted Stock Awards
shall not be transferable other than to the spouse or lineal descendants (including adopted children) of the Non-Employee Director,
any trust for the benefit of the Non-Employee Director or the benefit of the spouse or lineal descendants (including adopted children)
of the Non-Employee Director, or the guardian or conservator of the participant (&ldquo;<B><I>Permitted Transferees</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendments required to be approved by the stockholders under
the laws of Maryland, the Commission under the Act (including Section&nbsp;61), the rules&nbsp;of any applicable stock exchange
or national market system, or in order to comply with the exemptions set forth in Rule&nbsp;16b-3 under the Exchange Act, will
not be effective until so approved. All questions of interpretation with respect to the Non-Employee Director Plan and awards granted
thereunder will be determined by the Board. The Board will not make any material amendment to the Non-Employee Director Plan unless
the Applicant receives an order from the Commission approving the terms of such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicant acknowledges that Restricted Stock Awards granted
under the Non-Employee Director Plan would have a dilutive effect on the shareholders&rsquo; equity of the Applicant, but, as further
explained herein, believes that effect would be outweighed by the anticipated benefits of the Non-Employee Director Plan to the
Applicant and its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>The Long Term Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Long Term Incentive Plan, a copy of
which is attached to this Application as Exhibit&nbsp;B,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>11</SUP></FONT>
provides for grants of Restricted Stock Awards and Options (collectively, &ldquo;<B><I>Awards</I></B>&rdquo;), which are subject
to certain vesting and forfeiture provisions, as well as Incentive Stock Options, Non-Statutory Stock Options, Performance Awards,
Dividend Equivalent Rights and Other Stock-Based Awards (each as defined in the Long Term Incentive Plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> The 2019 Long Term Incentive Plan is attached
for informational purposes only. The Applicant is solely responsible for the content of the Plan, and in any event of any conflict
between the terms and conditions applicable to the requested Order (as described in Application, excluding Exhibit B) and the
Plan, the former will govern the requested relief herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The maximum aggregate number of shares
of common stock that may be authorized for issuance under the Long Term Incentive Plan pursuant to grants of Restricted Stock
Awards, other stock-based awards or the exercise of Options is 3,600,000 shares. The maximum number of shares of common stock
for which any Employee may be granted in a calendar year is 300,000 shares. If any Award for any reason expires or otherwise terminates,
in whole or in part, the shares of common stock, not acquired under the Award shall revert back to and again become available
for issuance under the Long Term Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Under the Long Term Incentive Plan, the
Board may, subject to and consistent with the express provisions of the Long Term Incentive Plan (i)&nbsp;determine which of the
persons eligible under the Long Term incentive Plan will be granted Awards, and the terms and conditions of those Awards, to the
extent permitted by the requirements of the Act and any exemptive relief that may be granted by the Commission or other relief
that may be granted by the staff of the Commission&rsquo;s Division of Investment Management; (ii)&nbsp;construe and interpret
the Long Term Incentive Plan and award agreements granted thereunder and correct defects, supply omissions, or reconcile inconsistencies
therein; (iii)&nbsp;amend the Long Term Incentive Plan and awards thereunder; (iv)&nbsp;terminate or suspend the Long Term Incentive
Plan; and (v)&nbsp;make all other decisions and determinations as the Board deems necessary or expedient to promote the best interest
of the Applicant and that are not in conflict with the provisions of the Long Term Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Unless the Board expressly provides otherwise,
immediately upon the cessation of an Employee Participant&rsquo;s continuous service that portion, if any, (i)&nbsp;of any Restricted
Stock Awards held by the Employee Participant or the Employee Participant&rsquo;s Permitted Transferee that is not then vested
will terminate, and, in the case of Restricted Stock Awards, the unvested shares will be returned to the Applicant and will be
available to be issued as Awards under the Long Term Incentive Plan and (ii)&nbsp;of any Option held by an Employee Participant
or such Employee Participant&rsquo;s Permitted Transferee that is not yet exercisable will terminate and the balance will remain
exercisable for the lesser of (x)&nbsp;a period of three months or (y)&nbsp;the period ending on the latest date on which such
Option could have been exercised; provided that the Option (including the vested portion thereof) will terminate under certain
circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The Long Term Incentive Plan also provides
that upon the occurrence of certain changes in the Applicant&rsquo;s common stock, such as a stock dividend, stock split or combination
of shares (including a reverse stock split), recapitalization or other change in the Applicant&rsquo;s capital structure, the Board
will make appropriate adjustments to the maximum number of shares that may be delivered under the Long Term Incentive Plan, to
the maximum per-participant share limit, and will also make appropriate adjustments to the number and kind of shares of stock or
securities subject to awards then outstanding or subsequently granted, any exercise prices relating to Awards and any other provision
of awards affected by such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Awards will not be transferable except
for disposition by will or the laws of descent and distribution and shall be exercisable during the lifetime of the Employee Participant
and only the Employee Participant. In addition, a Non-Statutory Stock Option shall also be transferable, to the extent provided
by the Board, by gift to Permitted Transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Amendments required to be approved by the
stockholders under the laws of Maryland, the Commission under the Act (including Section&nbsp;61), the rules&nbsp;of any applicable
stock exchange or national market system, or in order to comply with the exemptions set forth in Rule&nbsp;16b-3 under the Exchange
Act, will not be effective until so approved. All questions of interpretation with respect to the Long Term Incentive Plan and
Awards granted thereunder will be determined by the Board. The Board will not make any material amendment to the Long Term Equity
Incentive Plan unless the Applicant receives an order from the Commission approving the terms of such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Applicant acknowledges that Awards granted
under the Long Term Incentive Plan would have a dilutive effect on the shareholders&rsquo; equity of the Applicant, but, as further
explained herein, believes that effect would be outweighed by the anticipated benefits of the Long Term Incentive Plan to the Applicant
and its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicant will comply with all disclosure requirements applicable
to BDCs, including the amended disclosure requirements for executive officer and director compensation, related party transactions,
director independence, and other corporate governance matters, and security ownership of officers and directors to the extent adopted
and applicable to BDCs and Applicant.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>12</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> See Executive Compensation and Related Party
Disclosure, Securities Act Release No. 8655 (Jan. 27, 2006) (proposed rule); Executive Compensation and Related Party Disclosure,
Securities Act Release No. 8732A (Aug. 29, 2006) (final rule and proposed rule), as amended by Executive Compensation Disclosure,
Securities Act Release No. 8756 (Dec. 22, 2006) (adopted as interim final rules with request for comments).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Applicable Law and Need for Relief</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;63 makes applicable to BDCs the provisions of Section&nbsp;23(a)&nbsp;generally
prohibiting a registered closed-end investment company from issuing securities for services or for property other than cash or
securities and of Section&nbsp;23(b)&nbsp;generally prohibiting a registered closed-end investment company from selling any common
stock of which it is the issuer at a price below the stock&rsquo;s current net asset value, except with the consent of a majority
of the company&rsquo;s common stockholders or under certain other enumerated circumstances not applicable to the Plans. Section&nbsp;63(2)&nbsp;provides
that, notwithstanding Section&nbsp;23(b), a BDC may sell any common stock of which it is the issuer at a price below the current
net asset value of such stock and may sell warrants, options, or rights to acquire any such common stock at a price below the current
net asset value of such stock if, (1)&nbsp;the holders of a majority of the BDC&rsquo;s outstanding voting securities, and the
holders of a majority of the BDC&rsquo;s voting securities who are not affiliated persons of the BDC, approved the BDC&rsquo;s
policy and practice of making such sales of securities at the last annual meeting of stockholders within one year immediately prior
to any such sale; (2)&nbsp;the Required Majority has determined that such sale would be in the best interests of the BDC and its
stockholders; and (3)&nbsp;the Required Majority, in consultation with the underwriter or underwriters of the offering if it is
to be underwritten, has determined in good faith, and as of a time immediately prior to the first solicitation by or on behalf
of such company of firm commitments to purchase such securities or immediately prior to the issuance of such securities that the
price at which such securities are to be sold is not less than a price which closely approximates the market value of those securities,
less any distributing commission or discount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because Restricted Stock Awards that would be granted under
the Plans would not meet the terms of Section&nbsp;63(2)(A)&nbsp;(i.e., the Plans will not be approved by the holders of a majority
of the company&rsquo;s outstanding voting securities that are not affiliated persons of the Applicant), Section&nbsp;23(b)&nbsp;would
prevent the issuance of Restricted Stock Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;57(a)&nbsp;proscribes certain transactions between
a BDC and persons related to the BDC in the manner described in Section&nbsp;57(b)&nbsp;(&ldquo;<B><I>57(b)&nbsp;persons</I></B>&rdquo;),
absent a Commission order. Section&nbsp;57(a)(4)&nbsp;generally prohibits a 57(b)&nbsp;person from effecting a transaction in which
the BDC is a joint participant absent such order. Rule&nbsp;17d-1, made applicable to transactions subject to Sections 57(a)(4)&nbsp;by
Section&nbsp;57(i)&nbsp;to the extent the Commission has not adopted a rule&nbsp;under Section&nbsp;57(a)(4), generally proscribes
participation in a &ldquo;joint enterprise or other joint arrangement or profit-sharing plan,&rdquo; which includes, pursuant to
paragraph 17d-1(c), a stock option or purchase plan. Employees and directors of a BDC are 57(b)&nbsp;persons. Thus, although a
compensation plan involving grants of Restricted Stock Awards is not specifically referred to by Section&nbsp;57(a)(4)&nbsp;or
Rule&nbsp;17d-1, the issuance of shares of Restricted Stock Awards could be deemed to involve a joint transaction involving a BDC
and a 57(b)&nbsp;person in contravention of Section&nbsp;57(a)(4).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;6(c)&nbsp;provides, in part, that the Commission
may, by order upon application, conditionally or unconditionally exempt any person, security, or transaction, or any class or classes
thereof, from any provision of the Act, if and to the extent that the exemption is necessary or appropriate, in the public interest
and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;57(a)(4)&nbsp;and Rule&nbsp;17d-l provides that
the Commission may, by order upon application, grant relief under Section&nbsp;57(a)(4)&nbsp;and Rule&nbsp;17d-1 permitting certain
joint enterprises or arrangements and profit-sharing plans. Rule&nbsp;17d-1(b)&nbsp;further provides that in passing upon such
an application, the Commission will consider (i)&nbsp;whether the participation of the BDC in such enterprise, arrangement, or
plan is consistent with the policies and purposes of the Act and (ii)&nbsp;the extent to which such participation is on a basis
different from or less advantageous than that of other participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Applicant&rsquo;s Legal Arguments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Commission and Congress have recognized the need for certain
types of investment companies, including closed-end investment companies and BDCs, to be able to offer their employees and non-employee
directors equity-based compensation. Applicant believes that its ability to offer equity-based compensation in the form of the
Restricted Stock Awards is necessary for Applicant to recruit and retain management talent and align that talent with the interests
of its stockholders. Thus, Applicant believes that its request for an Order is consistent with the policies underlying the provisions
of the Act permitting the use of equity compensation by BDCs as well as prior exemptive relief granted by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Similarity to Issuances Currently Permitted under the Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Congress recognized the importance of equity-based compensation
as a means of attracting and retaining qualified management personnel, including Non-Employee Directors, in the Small Business
Investment Incentive Act of 1980 (the &ldquo;<B>1980 Amendments</B>&rdquo;). Section&nbsp;61, enacted as part of the 1980 Amendments,
permits BDCs to issue to their directors, officers, employees, and general partners warrants, options, and rights to purchase voting
securities of such companies pursuant to executive compensation plans in compliance with certain conditions.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>13</SUP></FONT>
Applicant believes that the issuance of Restricted Stock Awards to Applicant&rsquo;s Employee Participants and Non-Employee Directors,
for purposes of investor protection under the Act, is substantially similar to what is currently permitted under Section&nbsp;61.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicant is not aware of any specific discussion in the legislative
history of the 1980 Amendments regarding the use of direct grants of stock as incentive compensation; however, the legislative
history recognizes the crucial role that equity-based compensation played in the operation of a private equity fund and its ability
to attract and retain employees. Congress endowed BDCs with the ability to issue derivative securities to employees in order to
ensure that BDCs would be able to compete for skilled personnel in light of compensation practices as they existed in 1980. In
the late 1970s, direct grants of stock were not a widely used form of compensation. In fact, publications in the late 1970s indicate
that it was stock options &mdash; which the 1980 Amendments made permissible for use by BDCs &mdash; that were the most widely
used type of incentive compensation.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>14</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prior Commission Orders Relating to Compensation for Employees
and Non-Employee Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicant notes that the relief requested herein is substantially
similar to relief contained in orders issued by the Commission to Hercules Capital,&nbsp;Inc.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>15</SUP></FONT>
and Equus Total Return,&nbsp;Inc.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>16</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Order Relating to the Use of Restricted Stock by a BDC</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The important role that restricted stock can play in attracting
and retaining qualified personnel has been expressly recognized by the Commission with respect to BDCs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Triangle Capital Corporation</I>. On March&nbsp;21, 2013,
the Commission issued an amended order granting Triangle relief under Sections 6(c), 23(a), 23(b), 57(a)(4), 57(i), and 63 and
Rule&nbsp;17d-1 (the &ldquo;<B><I>Amended Triangle Order</I></B>&rdquo;). The Amended Triangle Order increases the number of restricted
shares of common stock Triangle can issue to its non-employee directors.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>17</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Harris&nbsp;&amp; Harris Group,&nbsp;Inc.</I> On April&nbsp;3,
2012, the Commission issued an order granting Harris&nbsp;&amp; Harris Group,&nbsp;Inc. (&ldquo;<B><I>Harris&nbsp;&amp; Harris</I></B>&rdquo;)
relief under Sections 6(c), 23(a), 23(b), 57(a)(4), 57(i)&nbsp;and Rule&nbsp;17d-1 (the &ldquo;<B><I>Harris&nbsp;&amp; Harris
Order</I></B>&rdquo;). The Harris&nbsp;&amp; Harris Order permits Harris&nbsp;&amp; Harris, a BDC, (i)&nbsp;to issue restricted
stock pursuant to its equity-based employee and director compensation plan; (ii)&nbsp;to withhold shares of common stock or purchase
shares of common stock from directors, officers, and other employees to satisfy tax withholding obligations; and (3)&nbsp;to allow
such individuals to pay the exercise price of Options that were granted to them pursuant to a predecessor plan.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>18</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> See Section 61(a)(4)(B) of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> See &ldquo;Successors to the Qualified Stock
Option&rdquo; Harvard Business Review (Jan./Feb. 1978) stating: &ldquo;Stock options predominate among the long-term incentives
for executives&rdquo; and &ldquo;Restricted stock, once widely used in executive compensation, declined in popularity after the
1969 tax law changes and is now a rarity.&rdquo; See also &ldquo;Annual Survey of Executive Compensation&rdquo; Business Week
(May 14, 1979) stating: &ldquo;Most companies still use stock option grants and appreciation rights as their predominant incentives.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>15</SUP> <I>Hercules Capital Inc.</I>, Investment Company
Act Release No. 33360 (Jan. 30, 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>16</SUP> <I>Equus Total Return, Inc.</I>, Investment Company
Act Release No. 32421 (Jan. 10, 2017).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>17</SUP> <I>Triangle Capital Corporation</I>, Investment
Company Act Release No. 30432 (March 21, 2013).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>18</SUP> <I>Harris &amp; Harris Group, Inc.</I>, Investment
Company Act Release No.&nbsp;30027 (April 3, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Medallion Financial Corp.</I> On April&nbsp;26, 2010, the
Commission issued an order granting Medallion Financial Corp. (&ldquo;<B><I>Medallion</I></B>&rdquo;) relief under Sections 6(c),
23(a), 23(b), 57(a)(4), 57(i), and 63 and Rule&nbsp;17d-1 (the &ldquo;<B><I>Medallion Order</I></B>&rdquo;). The Medallion Order
permits Medallion, a BDC, to issue restricted shares of its common stock, pursuant to an equity compensation plan, as part of compensation
packages for certain of its employees and certain employees of its wholly owned subsidiaries.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>19</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Triangle Capital Corporation</I>. On March&nbsp;18, 2008,
the Commission issued an order granting Triangle Capital Corporation (&ldquo;<B><I>Triangle</I></B>&rdquo;) relief under Sections
6(c), 57(a)(4)&nbsp;and 57(i)&nbsp;and Rule&nbsp;17d-1 (the &ldquo;<B><I>Triangle Order</I></B>&rdquo;). The Triangle Order permits
Triangle, a BDC, to issue restricted stock pursuant to its equity-based employee and director compensation plan.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>20</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Main Street Capital Corporation</I>. On January&nbsp;16,
2008, the Commission issued an order granting Main Street Capital Corporation and certain affiliated entities relief under Sections
6(c), 57(a)(4)&nbsp;and 57(i)&nbsp;and Rule&nbsp;17d-1 (the &ldquo;<B><I>Main Street Order</I></B>&rdquo;). The Main Street Order
permits Main Street Capital Corporation and certain affiliated entities to issue restricted stock pursuant to its equity-based
employee compensation plan.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>21</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>MCG Capital Corporation</I>. On April&nbsp;4, 2006, the Commission
issued an order granting MCG Capital Corporation (&ldquo;<B><I>MCG Capital</I></B>&rdquo;) relief under Sections 6(c), 57(a)(4)&nbsp;and
57(i)&nbsp;and Rule&nbsp;17d-1 (the &ldquo;<B><I>MCG Order</I></B>&rdquo;). The MCG Order permits MCG Capital Corporation, a BDC,
to issue restricted stock pursuant to its equity-based employee and director compensation plans.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>22</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Orders Relating to Use of Equity-Based Compensation by Internally
Managed Closed-End Investment Companies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The important role that equity compensation can play in attracting
and retaining qualified personnel has been expressly recognized by the Commission with respect to internally managed closed-end
investment companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Baker, Fentress&nbsp;&amp; Company and Adams Express Company,
et al. </I>In 1998, the Commission issued an order granting Baker, Fentress&nbsp;&amp; Company (&ldquo;<B><I>Baker Fentress</I></B>&rdquo;)
exemptive relief from Sections 17(a)&nbsp;and (d), 18(d), and 23(a), (b), and (c)&nbsp;and Rule&nbsp;17d-1. More recently, in 2005,
the Commission issued a similar order granting Adams Express Company and Petroleum and Resources Corporation (&ldquo;<B><I>Adams
Express</I></B>&rdquo;) exemptive relief from Sections 17(d), 18(d), and 23(a), (b), and (c)&nbsp;and Rule&nbsp;17d-1. These orders
permitted the companies to implement broad equity-based compensation plans that included the issuance of restricted stock to their
employees.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>23</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although each of the plans permitted under the Adams Express
Order and Baker Fentress Order provides a distinct method of providing for equity-based compensation, the fundamental purpose of
each is similar; awarding individuals equity-based compensation for competitive purposes, and each was deemed ultimately to benefit
the stockholders of the underlying investment company. Importantly, relief in each of the above cases was granted to closed-end
funds that had not elected BDC status and, thus, were not within the class of entities that, like Applicant, Congress had determined
should be allowed to issue equity compensation to officers, employees and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>19</SUP> <I>Medallion Financial Corp.</I>, Investment
Company Act Release No.&nbsp;29258 (April 26, 2010).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>20</SUP> <I>In the Matter of Triangle Capital Corporation</I>,
Investment Company Act Release No.&nbsp;28196 (March 18, 2008).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>21</SUP> <I>Main Street Capital Corporation</I>, Investment
Company Act Release No.&nbsp;28120 (January 16, 2008).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>22</SUP> <I>MCG Capital Corporation</I>, Investment Company
Act Release No.&nbsp;27280 (April 4, 2006).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>23</SUP> <I>See Baker, Fentress&nbsp;&amp; Company</I>,
Investment Company Act Release No.&nbsp;23619 (Dec. 22, 1998) (the &ldquo;<B><I>Baker Fentress Order</I></B>&rdquo;) and Adams
Express Company, et. al, Investment Company Act Release No.&nbsp;26780 (March&nbsp;8, 2005) (the &ldquo;<B><I>Adams Express Order</I></B>&rdquo;).
Applicant notes that, in each of their respective applications, Adams Express and Baker Fentress cited the legislative history
of the 1980 Amendments as standing for the idea that Congress had recognized the importance of equity-based compensation as a
means of attracting and retaining qualified management personnel. Both Adams Express and Baker Fentress received orders from the
Commission permitting the issuance of equity-based compensation, including direct grants of stock. Baker Fentress and Adams Express
were also granted relief to issue stock options to their Non-Employee Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Standards for Exemption under Section&nbsp;6(c)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;6(c), which governs Applicant&rsquo;s request for
exemptive relief from Section&nbsp;23 provides, in part, that the Commission may, by order upon application, conditionally or unconditionally
exempt any person, security, or transaction, or any class or classes thereof, from any provisions of the Act, if and to the extent
that such exemption is necessary or appropriate in the public interest and consistent with the protection of investors and the
purposes fairly intended by the Act&rsquo;s policy and provisions.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>24</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Necessary or Appropriate in the Public Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As indicated above, both the Commission and Congress have long
recognized the importance of equity-based compensation in attracting and retaining qualified personnel. Applicant submits that
maintaining the ability of a BDC that identifies, invests in and actively works with early stage growth oriented companies to attract
and retain highly qualified personnel is in the public interest, including the interests of Applicant&rsquo;s stockholders. Applicant
competes for talent with commercial banks, investment banks, and other publicly traded companies that also are not investment companies
registered under the Act and are not subject to the limitations of the Act. These organizations are able to offer all types of
equity-based compensation to their employees and directors, including restricted stock, and, therefore, have an advantage over
Applicant and its subsidiaries in attracting and retaining highly qualified personnel. For Applicant to compete on a more equal
basis with such organizations, it must be able to attract and retain talented personnel and offer them comparable compensation
packages.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to Applicant&rsquo;s primary competition, private
equity funds, Applicant has proportionately greater overhead unrelated to its investment personnel and therefore cannot pay total
salaries and bonuses as high as those of its competition without increasing its total overhead. Availability of Restricted Stock
Awards would enable Applicant to substitute Restricted Stock Awards for overall cash compensation, and compensate for the loss
of the carried interest that our investment professionals would receive at a private equity firm, among other things. The Plans
will enhance the ability of Applicant to compensate its personnel and Non-Employee Directors competitively, while also aligning
the interests of its personnel and Non-Employee Directors with the success of the company and the interests of its stockholders
and preserving cash for further investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consistency with the Protection of Investors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors will be protected to at least the same extent that
they are currently protected under Section&nbsp;61(a)(3). The Plans will be approved by stockholders in accordance with Section&nbsp;61(a)(3)(A)(iv).
A proxy statement submitted to Applicant&rsquo;s stockholders will contain a concise &ldquo;plain English&rdquo; description of
the Plans and their potential dilutive effect. If a Plan is not approved by stockholders, it will not be implemented. Furthermore,
each grant of Restricted Stock Awards will be approved by the Required Majority on the basis that the issuance is in the best interests
of Applicant and its stockholders. Applicant is subject to the standards and guidelines adopted by the Financial Accounting Standards
Board for operating companies relating to the accounting for and disclosure of the Restricted Stock Awards, and the Securities
Exchange Act of 1934 (&ldquo;<B><I>Exchange Act</I></B>&rdquo;) requirements relating to executive compensation disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the manner in which the issuance of Restricted Stock
Awards pursuant to the Plans will be administered, the Restricted Stock Awards will be no more dilutive than if Applicant were
to issue only Options to Employee Participants, as is permitted by Section&nbsp;61(a)(3). Because it takes fewer shares of Restricted
Stock Awards, as compared with Options, to compensate an employee at the same level, the number of shares of Restricted Stock Awards
awarded would be fewer than the number of shares on which an employee would have to be given an Option. Furthermore, there is a
limit on the total number of shares that Applicant can issue under the Plans. Applicant acknowledges that awards granted under
the Plans may have a dilutive effect on the stockholders&rsquo; equity per share in Applicant, but believes that effect would be
outweighed by the anticipated benefits of the Plans to Applicant and its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>24</SUP> We note that the staff has previously stated
that it would not recommend enforcement action to the Commission under Section&nbsp;23(a) if closed-end funds directly compensate
their directors with fund shares, provided that the directors&rsquo; services are assigned a fixed dollar value prior to the time
that the compensation is payable. <I>Statement of Staff Position, Interpretive Matters Concerning Independent Directors of Investment
Companies</I> (Oct. 14, 1999).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;61(a)(4)&nbsp;provides that the amount of voting
securities that would result from the exercise of all of a BDC&rsquo;s outstanding warrants, options, or rights, at the time of
issuance, may not exceed 25&nbsp;percent of the outstanding voting securities of such BDC, except that if the amount of voting
securities that would result from the exercise of all outstanding warrants, options, and rights issued to such BDC&rsquo;s directors,
officers, and employees, would exceed 15&nbsp;percent of the outstanding voting securities of such BDC, then the total amount of
voting securities that would result from the exercise of all outstanding warrants, options, and rights, at the time of issuance
shall not exceed 20&nbsp;percent of the outstanding voting securities of such BDC. Under the Plans, the maximum amount of Restricted
Stock Awards that may be outstanding at any particular time will be ten percent of the Applicant&rsquo;s voting securities. For
purposes of determining Applicant&rsquo;s compliance with the limits in Section&nbsp;61(a)(3), Applicant will treat Restricted
Stock Awards issued under the Plans as voting securities that would result from the exercise of all outstanding warrants, options
and rights issued to directors, officers and employees.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>25</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consistency with the Purposes of the Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As indicated earlier, Applicant is at a disadvantage in competing
with other financial services companies, particularly private equity firms, in attracting and retaining management personnel because
it cannot offer shares of the company in the form of Restricted Stock Awards as part of a compensation plan that would have a long-term
capital gain component and its overhead associated with being publicly held reduces the cash compensation it can pay to its employees.
In addition, Applicant believes it also competes directly for experienced executives and other professionals with other public
companies and non-public companies, many of which offer restricted stock as part of their equity incentive plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Commission previously recognized the problem of restricting
equity compensation in the context of small business investment companies in 1971 and granted a limited exemption from the Act&rsquo;s
provisions to permit them to issue qualified stock options. Congress amended the Act in 1980 to permit BDCs also to issue warrants,
options, and rights subject to certain conditions and limitations. The Commission again recognized these problems in the context
of closed-end investment companies in 1985 and granted a limited exemption from the Act&rsquo;s provisions to permit certain internally
managed closed-end investment companies to issue incentive stock options. In 1998, the Commission issued the Baker Fentress Order
and in 2005, the Commission issued the Adams Express Order, both Orders permitting numerous types of equity compensation, including
the issuance of restricted stock by a registered closed-end investment company. Finally, the SEC issued the MCG Order, the Main
Street Order and Triangle Order permitting BDCs to issue restricted stock. In each of these instances, it was found that equity
compensation would not offend the Act&rsquo;s policies and purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the present case, Applicant is requesting that it be allowed
to issue Restricted Stock Awards in a similar manner. Applicant notes if the Order is granted, it would be subject to greater restrictions
as to the number of shares of Restricted Stock Awards that may be issued as compared to the number of Options. The Commission has,
by way of exemptive order, permitted other BDCs to issue restricted stock to employees and directors and numerous BDCs to issue
warrants, options and rights to purchase to directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicant further submits that the Plans would not violate
the purposes behind Sections 23(a)&nbsp;and (b). The concerns underlying the enactment of those provisions included (i)&nbsp;preferential
treatment of investment company insiders and the use of options and other rights by insiders to obtain control of the investment
company; (ii)&nbsp;complication of the investment company&rsquo;s structure that made it difficult to determine the value of the
company&rsquo;s shares; and (iii)&nbsp;dilution of stockholders&rsquo; equity in the investment company.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>26</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>&nbsp;</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP></SUP></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>25 </SUP>For purposes of calculating compliance with
this limit, the Applicant will count as Restricted Stock Awards all shares of its common stock that are issued under the Plans
less any shares that are forfeited back to the Applicant and cancelled as a result of forfeiture restrictions not lapsing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>26 </SUP><I>Southwest Corporation</I>, Investment
Company Release No. 29491 (October 26, 2010).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Restricted Stock Awards element of the Plans does not raise
concerns about preferential treatment of Applicant&rsquo;s insiders because this element is a bona fide compensation plan of the
type that is common among corporations generally, and that is contemplated by Section&nbsp;61 and approved by the Commission in
the orders given to MCG Capital, Main Street, Triangle, Baker Fentress and Adams Express. Applicant also asserts that the issuance
of Restricted Stock Awards would not become a means for insiders to obtain control of Applicant because the maximum amount of
Restricted Stock Awards that may be issued under the Plans at any one time will be ten percent of the outstanding shares of common
stock of Applicant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicant further states that the Restricted Stock Awards feature
will not unduly complicate Applicant's capital structure because equity-based incentive compensation arrangements are widely used
among corporations and commonly known to investors. Applicant also states that on an ongoing basis it will comply with the proxy
disclosure requirements in Item 10 of Schedule 14A under the Exchange Act. Applicant further notes that the Plans will be disclosed
to investors in accordance with the requirements of the Form&nbsp;N-2 registration statement for closed-end investment companies
and the standards and guidelines adopted by the Financial Accounting Standards Board for operating companies. Applicant thus concludes
that the Plans will be adequately disclosed to investors and appropriately reflected in the market value of Applicant&rsquo;s shares.
Applicant states that its stockholders will be further protected by the conditions to the requested order that assure continuing
oversight of the operation of the Plans by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Standards for an Order under Rule&nbsp;17d-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rule&nbsp;17d-l, made applicable to BDCs by Section&nbsp;57(i),
provides that the Commission may, by order upon application, grant relief under Section&nbsp;57(a)(4)&nbsp;and Rule&nbsp;17d-1
permitting certain joint enterprises or arrangements and profit-sharing plans. Rule&nbsp;17d-1(b)&nbsp;further provides that in
passing upon such an application, the Commission will consider (i)&nbsp;whether the participation of the BDC in such enterprise,
arrangement or plan is consistent with the policies and purposes of the Act and (ii)&nbsp;the extent to which such participation
is on a basis different from or less advantageous than that of other participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consistency with the Act&rsquo;s Policies and Purposes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The arguments as to why the Plans are consistent with the Act
are almost identical to the standards for exemptions under Section&nbsp;6(c)&nbsp;and have been set forth above. Additionally,
Section&nbsp;57(j)(1)&nbsp;expressly permits any director, officer or employee of a BDC to acquire warrants, options and rights
to purchase voting securities of such BDC, and the securities issued upon the exercise or conversion thereof, pursuant to an executive
compensation plan which meets the requirements of Section&nbsp;61(a)(3)(B). Applicant submits that the issuance of Restricted Stock
Awards pursuant to the Plans poses no greater risk to stockholders than the issuances permitted by Section&nbsp;57(j)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Differences in Participation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicant&rsquo;s role is necessarily different from that
of other Participants in the Plans since the other Participants in the Plans are its directors, officers and employees. Since
the Applicant and the Employee Participants are in an employer/employee relationship, their respective rights and duties are
different and not comparable. Likewise, the respective rights and duties of the Applicant and its Non-Employee Directors are
different and not comparable. However, Applicant&rsquo;s participation with respect to the Plans will not be &ldquo;less
advantageous&rdquo; than that of the Participants. Applicant, either directly or indirectly, is responsible for the
compensation of the Participants; the Plans are simply Applicant&rsquo;s chosen method of providing such compensation.
Moreover, Applicant believes that the Plans will benefit Applicant by enhancing its ability to attract and retain highly
qualified personnel. The Plans, although benefiting the Participants and the Applicant in different ways, are in the interest
of Applicant&rsquo;s stockholders, because it will help align the interests of the Applicant&rsquo;s employees with those of
its stockholders, which will encourage conduct on the part of those employees designed to produce a better return for
Applicant&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Applicant&rsquo;s Conditions with Respect to Issuance
of Restricted Stock Awards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Applicant agrees that the order granting
the requested relief will be subject to the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Plans will be authorized by Applicant&rsquo;s stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Each issuance of Restricted Stock Awards to an Employee Participant or Non-Employee Director will
be approved by the Required Majority of Applicant&rsquo;s directors on the basis that such grant is in the best interest of Applicant
and its stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The amount of voting securities that would result from the exercise of all of the Applicant&rsquo;s
outstanding warrants, options and rights, together with any Restricted Stock Awards issued pursuant to the under the Plans, at
the time of issuance shall not exceed 25% of the outstanding voting securities of the Applicant, except that if the amount of voting
securities that would result from the exercise of all of the Applicant&rsquo;s outstanding warrants, options and rights issued
to the Applicant&rsquo;s directors, officers and employees, together with any Restricted Stock Awards issued pursuant to the Plans,
would exceed 15% of the outstanding voting securities of the Applicant, then the total amount of voting securities that would result
from the exercise of all outstanding warrants, options and rights, together with any Restricted Stock Awards issued pursuant to
the Plans, at the time of issuance shall not exceed 20% of the outstanding voting securities of the Applicant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The amount of Restricted Stock Awards issued and outstanding will not at the time of issuance of
any shares of Restricted Stock Awards exceed ten percent of Applicant&rsquo;s outstanding voting securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The Board will review the Plans at least annually. In addition, the Board will review periodically the potential impact that
the issuance of Restricted Stock Awards under the Plans could have on Applicant&rsquo;s earnings and net asset value per share,
such review to take place prior to any decisions to grant Restricted Stock Awards under the Plans, but in no event less frequently
than annually. Adequate procedures and records will be maintained to permit such review. The Board will be authorized to take appropriate
steps to ensure that the issuance of Restricted Stock Awards under the Plans will be in the best interest of Applicant&rsquo;s
stockholders. This authority will include the authority to prevent or limit the granting of additional Restricted Stock Awards
under the Plans. All records maintained pursuant to this condition will be subject to examination by the Commission and its staff.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B><A NAME="split_02_001"></A>IV.</B></TD><TD><B>TAX WITHHOLDING OBLIGATIONS AND PARTICIPANTS TO PAY THE EXERCISE PRICE OF OPTIONS WITH STOCK ALREADY OWNED</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Requested Order</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Applicant requests an order of the Commission for relief under
Section&nbsp;23(c)&nbsp;to permit Applicant to withhold shares of its common stock or purchase shares of Applicant&rsquo;s common
stock from participants to satisfy tax withholding obligations related to the vesting of Restricted Stock or the exercise of Options
to purchase shares of Applicant&rsquo;s common stock that will be granted pursuant to the Long Term Incentive Plan. In addition,
Applicant requests an exemption from Section&nbsp;23(c)&nbsp;to permit participants to pay the exercise price of Options to purchase
shares of Applicant&rsquo;s common stock that will be granted to them pursuant to the Long Term Incentive Plan with shares of Applicant&rsquo;s
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Consequences of Restricted Stock Awards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, a grant under the Plans of Restricted Stock will
not result in taxable income to the recipient for U.S. federal income tax purposes at the time of the grant. Instead, the value
of the Restricted Stock will generally be taxable to the recipient as ordinary income in the years in which the restrictions on
the shares lapse. Such value will be the fair market value of the shares on the dates the restrictions lapse. Any recipient, however,
may elect pursuant to Section&nbsp;83(b)&nbsp;of the Code to treat the fair market value of the shares on the date of grant as
ordinary income in the year of the grant, provided the recipient makes the election within 30 days after the date of the grant.
Generally, participants forego such elections in order to avoid the risk of being taxed on compensation they never realize, either
because they forfeit the Restricted Stock or the value of the Restricted Stock drops prior to vesting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On the date the Restricted Stock vests (assuming no Section&nbsp;83(b)&nbsp;election
has been made), the shares are released to the Participant and available for sale or transfer (subject to the Applicant&rsquo;s
share retention guidelines). In accordance with the applicable regulations of the IRS, the Applicant requires the recipient to
pay to it an amount sufficient to satisfy withholding taxes in respect of such compensation income at the time the restrictions
on the shares lapse or the recipient makes a Section&nbsp;83(b)&nbsp;election. Where the cumulative withholding for all employees
exceeds $100,000, the amounts withheld generally must be deposited with the IRS by the next business day, therefore procedures
generally must be implemented to collect the withholding from employees on the vesting date itself or as soon as possible thereafter.
In lieu of receiving a cash payment or withholding other compensation from a participant, typically a stock plan will provide
for withholding of shares equal in value at the vesting date to the monetary amount of the company&rsquo;s withholding obligation,
sometimes referred to as a &ldquo;net share settlement.&rdquo; In this scenario, shares with value equal to the tax payment are
withheld from the award and may be returned to the plan reserve, if permitted under the terms of the plan or award agreement.
If the Applicant withholds shares to satisfy this withholding tax obligation, instead of cash, the recipient nonetheless will
be required to include in income the fair market value of the shares withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plans incorporate this concept of &ldquo;net share settlement.&rdquo;
Specifically, the Plans provide that Applicant has the right to withhold stock (in whole or in part) from any award of Restricted
Stock to satisfy all withholding tax obligations. However, no such withholding of shares will take place except pursuant to written
assurance from the staff of the Commission or exemptive relief from the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Consequences of Stock Option Awards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Non-Statutory Stock Options may be granted under the Long Term
Incentive Plan. Non-Statutory Stock Options granted under the Long Term Incentive Plan will not be taxable to a recipient at the
time of grant. Upon the exercise of a Non-Statutory Stock Option, the amount by which the fair market value of the shares of the
Applicant&rsquo;s common stock received, determined as of the date of exercise, exceeds the exercise price will be treated as ordinary
income to the recipient of the option in the year of exercise. In accordance with applicable regulations of the IRS, Applicant
requires the optionee to pay to it an amount sufficient to satisfy taxes required to be withheld in respect of such compensation
income at the time of the exercise of the option. If Applicant withholds shares to satisfy this withholding tax obligation, instead
of cash, the optionee nonetheless will be required to include in income the fair market value of the shares withheld. When the
optionee sells the shares of common stock received upon exercise of the Non-Statutory Stock Option, he or she will generally recognize
a capital gain or loss (long-term or short-term, depending upon the holding period of the stock sold) in an amount equal to the
difference between the amount realized upon the sale of the shares and his or her basis in the shares (i.e., the exercise price
plus the amount taxed to the optionee as compensation income).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Applicable Law and Need for Relief</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;23(c), which is made applicable to BDCs by Section&nbsp;63,
generally prohibits a BDC from purchasing any securities of which it is the issuer except in the open market pursuant to tenders,
or &ldquo;under such other circumstances as the Commission may permit by rules&nbsp;and regulations or orders for the protection
of investors in order to insure that such purchases are made in a manner or on a basis which does not unfairly discriminate against
any holders of the class or classes of securities to be purchased.&rdquo; No rule&nbsp;addresses &ldquo;purchases&rdquo; by a BDC
in the circumstances described in this Application. Thus, to the extent that the transactions between Applicant and the Participants
described in this Application with respect to the Plans constitute &ldquo;purchases&rdquo; by Applicant of its own securities,
Section&nbsp;23(c)&nbsp;would prohibit these transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Applicant&rsquo;s Legal Arguments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;23(c)(3)&nbsp;permits a BDC to purchase securities
of which it is the issuer &ldquo;under such . . . circumstances as the Commission may permit by . . . orders for the protection
of investors in order to insure that such purchases are made in a manner or on a basis which does not unfairly discriminate against
any holders of the class or classes of securities to be purchased.&rdquo; As noted above, the transactions between Applicant and
the participants described in this Application with respect to the Plans may entail &ldquo;purchases&rdquo; by Applicant of its
own securities within the meaning of Section&nbsp;23(c). However, the Applicant submits that any such purchases will be made in
a manner that does not unfairly discriminate against Applicant&rsquo;s other stockholders. In that regard, Applicant will use the
closing sales price of its shares of common stock on any applicable stock exchange or national market system on which its shares
may be listed as the &ldquo;fair market value&rdquo; of its common stock under the Plans (i.e., the public market price on the
date of grant of Restricted Stock and the date of grant of Options). The shares of the Applicant&rsquo;s common stock used to satisfy
tax withholding will be valued based on the current fair market value on the date of the transaction. Because all of the transactions
between the Applicant and the participants described in this Application with respect to the Plans will take place at the public
market price for the Applicant&rsquo;s common stock, these transactions will not be significantly different than could be achieved
by any stockholder selling in a transaction on any applicable stock exchange or national market system on which its shares of common
stock may be listed. Moreover, these transactions may be made only as permitted by the Plans, which will be approved by the Applicant&rsquo;s
stockholders prior to any application of the relief. These transactions permit Applicant to deliver only shares net of the required
tax withholding to the award recipients, thereby reducing the number of shares issued in connection with awards granted under the
Plans. The resulting reduction in dilution using these transactions should benefit all of Applicant&rsquo;s stockholders. Finally,
without the relief sought hereby, Applicant&rsquo;s executives and employees may be forced to sell more shares in the open market
or a portion of the non-cash awards that vest or are delivered under the Plans to satisfy their tax withholding obligations. A
large influx of Applicant shares into the open market over a short period of time would not be beneficial to the Applicant&rsquo;s
stockholders. No transactions will be conducted pursuant to the requested Order on days where there are no reported market transactions
involving Applicant&rsquo;s shares. Moreover, the withholding provisions in the Plans do not raise concerns about preferential
treatment of Applicant&rsquo;s insiders because each Plan is a bona fide compensation plan of the type that is common among corporations
generally. Finally, the vesting schedule is determined at the time of the initial grant of the Restricted Stock and the option
exercise price is determined at the time of the initial grant of the Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In light of the foregoing, Applicant believes that the requested
relief meets the standards of Section&nbsp;23(c)(3). Moreover, the important role that equity compensation can play in attracting
and retaining qualified personnel has been expressly recognized by the Commission with respect to certain types of investment
companies, including closed-end investment companies, small business investment companies and BDCs. Applicant believes that its
request for an Order is consistent with the policies underlying the provisions of the Act permitting the use of equity compensation
as well as prior exemptive relief granted by the Commission for relief under Section&nbsp;23(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Precedent</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Commission has previously granted exemptive relief from
Section&nbsp;23(c)&nbsp;to BDCs in substantially similar circumstances, and, in particular, the Commission previously granted substantially
similar relief to Hercules Capital Inc. in 2018,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>27</SUP></FONT>
to Newtek Business Services Corp,<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>28</SUP></FONT>
to Equus Total Return,&nbsp;Inc.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>29</SUP></FONT>
and to Capital Southwest Corporation.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>30</SUP></FONT>
Additionally, on April&nbsp;3, 2012, the Commission issued an order for an exemption from Section&nbsp;23(c)&nbsp;to permit Harris&nbsp;&amp;
Harris to withhold shares of its common stock from participants and to permit participants to pay the exercise price of options
that were granted to them pursuant to a predecessor plan with shares of common stock.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>31</SUP></FONT>
On April&nbsp;20, 2010, the Commission issued an order for an exemption from Section&nbsp;23(c)&nbsp;permitting MCG Capital to
withhold shares of its common stock or purchase shares of its common stock from the participants to satisfy tax withholding obligations
related to the vesting of Restricted Stock that were or will be granted pursuant to its incentive compensation plans.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>32</SUP></FONT>
On May&nbsp;5, 2009, the Commission issued an order granting Triangle exemptive relief from Section&nbsp;23(c)&nbsp;in connection
with withholding obligations related to vesting Restricted Stock and option exercises, and the payment of an option exercise price
with shares of common stock already held by the participant.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>33</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, in 1998, the Commission issued Baker Fentress
and Adams Express exemptive relief from Section&nbsp;23(c)&nbsp;in connection with the payment of a stock option exercise price
with previously acquired stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because the exemptive relief sought by this Application is substantially
identical to those in a number of orders granted by the Commission permitting comparable arrangements, including the orders issued
to Triangle and MCG Capital discussed above, Applicant respectfully requests that the Commission grant the exemptive relief requested
by this Application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP></SUP></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>27</SUP> <I> Hercules Capital, Inc.,</I> Investment
Company Act Release No. 33360 (Jan. 30, 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>28</SUP></FONT><I>
Newtek Business Services Corp.</I>, Investment Company Act Release No.&nbsp;32109 (May 10, 2016).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>29 </SUP><I>Equus Total Return, Inc.</I>, Investment
Company Act Release No.&nbsp;32421 (Jan 10, 2017).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>30 </SUP></FONT><I>Capital
Southwest Corporation</I>, Investment Company Act Release No.&nbsp;32787 (Aug. 22, 2017).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>31</SUP></FONT><I>
Harris&nbsp;&amp; Harris Group, Inc.</I>, Investment Company Act Release No.&nbsp;30027 (April 3, 2012).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>32 </SUP></FONT><I>See
MCG Capital Corporation</I>, Investment Company Act Release No.&nbsp;29210 (April 20, 2010).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>33 </SUP><I>See Triangle Capital Corporation, </I>Investment
Company Act Release No. 28718 (May 5, 2009)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, it is important to highlight that that stock withholding
provisions and the other provisions contained in the Plans described in this Application are common features found in the equity
compensation plans of many public companies not regulated under the Act with which the Applicant competes for personnel resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, Applicant respectfully requests that the Commission
issue an order under Section&nbsp;23(c)&nbsp;to permit (1)&nbsp;Applicant to withhold shares of its common stock or purchase shares
of Applicant&rsquo;s common stock from Participants to satisfy tax withholding obligations related to the vesting of Restricted
Stock or the exercise of Options to purchase shares of Applicant&rsquo;s common stock that were granted will be granted pursuant
to the Long Term Incentive Plan, and (2)&nbsp;Participants to pay the exercise price of Options to purchase shares of Applicant&rsquo;s
common stock that were will be granted to them pursuant to the Long Term Incentive Plan with shares of Applicant&rsquo;s stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B><A NAME="split_02_002"></A>V.</B></TD><TD><B>CONCLUSION</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the reasons set forth above, Applicant believes that granting
an exemption from the above provisions would be appropriate in the public interest and consistent with the protection of investors
and the purposes fairly intended by the policy and provisions of the Act. It would not involve any overreaching and the terms are
fair and reasonable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><B><A NAME="split_02_003"></A>VI.</B></TD><TD><B>PROCEDURAL MATTERS</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Communications</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="text-align: justify">Please address all communications concerning this Application
and the Notice and Order to:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Steven L. Brown</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Trinity Capital Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3075 West Ray Road, Suite&nbsp;525</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Chandler, Arizona 85226</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"></TD><TD STYLE="text-align: justify">Please address any questions, and a copy of any communications, concerning this Application,
                                                                             the Notice and Order to:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cynthia M. Krus,&nbsp;Esq.<BR>
Stephani M. Hildebrandt,&nbsp;Esq.<BR>
Anne G. Oberndorf,&nbsp;Esq.<BR>
Eversheds Sutherland (US) LLP<BR>
700 Sixth Street NW, Suite&nbsp;700<BR>
Washington, DC 20001</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Authorizations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The verification required by Rule&nbsp;0-2(d)&nbsp;under
the Act is attached as Exhibit&nbsp;C. The filing of this Application has been specifically authorized by a resolution of the Board
of Directors of Applicant dated October 17, 2019. A copy of this resolution, which remains in full force and effect,
is attached to this Application as Exhibit&nbsp;D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Applicant has caused this Application
to be duly signed on its behalf on the 19<SUP>th</SUP> day of March, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>TRINITY CAPITAL INC.</B></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-size: 10pt; width: 50%"></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 47%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-size: 10pt">Steven L. Brown </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt">Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Trinity
Capital Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>2019
NON-EMPLOYEE Director Restricted Stock Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>1. PURPOSE OF THE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The purpose of this Trinity Capital Inc.
2019 Non-Employee Director Restricted Stock Plan (this &ldquo;Plan&rdquo;) is to advance the interests of Trinity Capital Inc.
(the <B>&ldquo;</B>Company<B>&rdquo;</B>) by providing to members of the Company&rsquo;s Board of Directors who are not employees
of the Company (&ldquo;Non-Employee Directors&rdquo;) additional incentives, to the extent permitted by law, to exert their best
efforts on behalf of the Company, and to provide a means to attract and retain persons of outstanding ability to the service of
the Company. It is recognized that the Company&rsquo;s efforts to attract or retain these individuals will be facilitated with
this additional form of compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>2. ADMINISTRATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Plan shall be administered by the
Compensation Committee (the &ldquo;Committee&rdquo;) of the Company&rsquo;s Board of Directors (&ldquo;Board&rdquo;), which is
comprised solely of directors who are not interested persons of the Company within the meaning of Section&nbsp;2(a)(19) of the
Investment Company Act of 1940, as amended (the &ldquo;Act&rdquo;). The Committee shall interpret this Plan and, to the extent
and in the manner contemplated herein, shall exercise the discretion reserved to it hereunder. The Committee may prescribe, amend
and rescind rules&nbsp;and procedures relating to this Plan and make all other determinations necessary for its administration.
The decision of the Committee on any interpretation of this Plan or administration hereof, if in compliance with the provisions
of the Act and regulations promulgated thereunder, shall be final and binding with respect to the Company and the Non-Employee
Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>3. SHARES SUBJECT TO THE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The shares subject to this Plan shall be
shares of the Company&rsquo;s common stock, par value $0.001 per share (<B>&ldquo;</B>Shares<B>&rdquo;</B>). Subject to the provisions
hereof concerning adjustment, the total number of Shares that may be awarded as restricted stock under this Plan shall not exceed
sixty thousand (60,000) Shares. Any Shares that were granted pursuant to an award of restricted stock under this Plan but that
are forfeited pursuant to the terms of the Plan or an award agreement shall again be available under this Plan. Shares used for
tax withholding shall not again be available under this Plan. Shares may be made available from authorized, un-issued or reacquired
stock or partly from each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>4. AWARDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;Non-Employee Directors may, in
the discretion of the Board, each receive a grant of shares of restricted stock at or about the beginning of each one-year term
of service on the Board, for which forfeiture restrictions will lapse at the end of that year; <I>provided</I> that the Board
may provide in any award agreement, or may determine in any individual case, that restrictions or forfeiture conditions relating
to restricted stock will be waived in whole or in part in the event of terminations resulting from any cause, and the Board may
in other cases waive in whole or in part the forfeiture of restricted stock. The number of shares of restricted stock granted
to each Non-Employee Director each year will be determined in the discretion of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;All restricted stock granted under
this Plan will be evidenced by an agreement. The agreement documenting the award of any restricted stock granted pursuant to this
Plan shall contain such terms and conditions as the Committee shall deem advisable, including but not limited to the lapsing of
forfeiture restrictions. Agreements evidencing awards made to different participants or at different times need not contain similar
provisions. In the case of any discrepancy between the terms of this Plan and the terms of any award agreement, the Plan provisions
shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp; Holders of restricted stock shall
have all the rights of a holder upon issuance of the restricted stock award including, without limitation, voting rights and the
right to receive dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>5. LIMITATIONS ON RESTRICTED STOCK
AWARDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Grants of restricted stock awards shall
be subject to the following limitations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;The total number of shares that
may be outstanding as restricted stock under all of the Company&rsquo;s compensation plans shall not exceed ten (10)&nbsp;percent
of the total number of shares outstanding on the effective date of the Plan and the Company&rsquo;s 2019 Long Term Incentive Plan
(together, the <B>&ldquo;</B>Plans<B>&rdquo;</B>) plus 10% of the number of shares of stock issued or delivered by the Company
(other than pursuant to compensation plans) during the term of the Plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;The amount of voting securities
that would result from the exercise of all of the Company&rsquo;s outstanding warrants, options, and rights, together with any
restricted stock issued pursuant to this Plan and any other compensation plan of the Company, at the time of issuance shall not
exceed twenty-five (25) percent of the outstanding voting securities of the Company, <I>provided, however,</I> that if the amount
of voting securities that would result from the exercise of all of the Company&rsquo;s outstanding warrants, options, and rights
issued to the Company&rsquo;s directors, officers, and employees, together with any restricted stock issued pursuant to this Plan
and any other compensation plan of the Company, would exceed fifteen (15) percent of the outstanding voting securities of the Company,
then the total amount of voting securities that would result from the exercise of all outstanding warrants, options, and rights,
together with any restricted stock issued pursuant to this Plan and any other compensation plan of the Company, at the time of
issuance shall not exceed twenty (20) percent of the outstanding voting securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>6. TRANSFERABILITY OF RESTRICTED
STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">While subject to forfeiture provisions,
restricted stock shall not be transferable other than to the spouse or lineal descendants (including adopted children) of the participant,
any trust for the benefit of the participant or the benefit of the spouse or lineal descendants (including adopted children) of
the participant, or the guardian or conservator of the participant (&ldquo;Permitted Transferees&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>7. EFFECT OF CHANGE IN STOCK SUBJECT
TO THE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event of a stock dividend, stock
split or combination of shares (including a reverse stock split), recapitalization or other change in the Company&rsquo;s capital
structure, the Board will make appropriate adjustments to the maximum number of shares that may be delivered under this Plan, to
the maximum per-participant share limit, and will also make appropriate adjustments to the number and kind of shares of stock or
securities subject to awards then outstanding or subsequently granted and any other provision of awards affected by such change.
To the extent consistent with continued exclusion from or compliance with Section&nbsp;409A of the Internal Revenue Code of 1986,
as amended and in effect, or any successor statute as from time to time in effect, and other applicable law, the Board may also
make adjustments of the type described in the preceding sentence to take into account distributions to stockholders other than
those provided for in such sentence, or any other event, if the Board determines that adjustments are appropriate to avoid distortion
in the operation of the Plan and to preserve the value of awards granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as otherwise provided in an award,
in the event of a Change in Control (as defined below) in which there is an acquiring or surviving entity, the Board may provide
for the assumption of some or all outstanding awards, or for the grant of new awards in substitution therefor, by the acquirer
or survivor or an affiliate of the acquirer or survivor, in each case on such terms and subject to such conditions as the Board
determines. In the absence of such an assumption or if there is no substitution, except as otherwise provided in the award, each
award will become fully vested or exercisable prior to the Change in Control on a basis that gives the holder of the award a reasonable
opportunity, as determined by the Board, to participate as a stockholder in the Change in Control following vesting or exercise,
and the award will terminate upon consummation of the Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A &ldquo;Change in Control&rdquo; means
an event set forth in any one of the following paragraphs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(i)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">any
 &ldquo;person&rdquo; or group (as defined in Section&nbsp;3(a)(9)&nbsp;of the Securities Exchange Act of 1934 (as amended, and
including the rules&nbsp;and regulations promulgated thereunder, the &ldquo;Exchange Act&rdquo;), and as modified in Section&nbsp;13(d)&nbsp;and
14(d)&nbsp;of the Exchange Act), together with their affiliates and associates (both as defined in Rule&nbsp;12b-2 under the Exchange
Act) <I>other than</I> (i)&nbsp;the Company or any of its subsidiaries, (ii)&nbsp;any employee benefit plan of the Company or any
of its subsidiaries, or the trustee or other fiduciary holding securities under any such employee benefit plan, (iii)&nbsp;a company
owned, directly or indirectly, by stockholders of the Company in substantially the same proportions as their ownership of the Company
or (iv)&nbsp;an underwriter temporarily holding securities pursuant to an offering of such securities by the Company, becomes the
 &ldquo;beneficial owner&rdquo; (as defined in Rule&nbsp;13d-3 of the Exchange Act), directly or indirectly, of more than 30% of
combined voting power of the voting securities of the Company then outstanding; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(ii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">individuals
who, as of the effective date of the Plan, constitute the Board (the &ldquo;Incumbent Board&rdquo;) cease for any reason to constitute
at least a majority of the Board; <I>provided, however,</I> that for purposes of this definition of Change in Control, any individual
becoming a director subsequent to the effective date of the Plan whose appointment or nomination for election to the Board was
approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption
of office occurs as a result of an election contest with respect to the election or removal of directors or other solicitation
of proxies or consents by or on behalf of a person <I>other than</I> the Board; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iii)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
consummation of any merger, reorganization, business combination or consolidation of the Company or one of its subsidiaries (a
 &ldquo;Business Combination&rdquo;) with or into any other entity, <I>other </I>than a merger, reorganization, business combination
or consolidation a result of which (or immediately after which) the holders of the voting securities of the Company outstanding
immediately prior thereto holding securities would represent immediately after such merger, reorganization, business combination
or consolidation more than a majority of the combined voting power of the voting securities of the Company or the surviving entity
or the parent of such surviving entity; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(iv)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
consummation of a sale or disposition by the Company of all or substantially all of the Company&rsquo;s assets, <I>other than</I>
a sale or disposition if the holders of the voting securities of the Company outstanding immediately prior thereto hold securities
immediately thereafter which represent more than a majority of the combined voting power of the voting securities of the acquirer,
or parent of the acquirer, of such assets; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">(v)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">Notwithstanding the foregoing,
a &ldquo;Change in Control&rdquo; shall not be deemed to have occurred by virtue of the consummation of any transaction or series
of integrated transactions immediately following which the record holders of the stock of the Company immediately prior to such
transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all
or substantially all of the assets of the Company immediately following such transaction or series of transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>8. MISCELLANEOUS PROVISIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;The Committee is authorized to
take appropriate steps to ensure that neither the grant of nor the lapsing of the forfeiture restrictions on awards under this
Plan would have an effect contrary to the interests of the Company&rsquo;s stockholders. This authority includes the authority
to prevent or limit the granting of additional awards under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;The granting of any award under
the Plan shall not impose upon the Company any obligation to appoint or to continue to appoint as a director or employee any participant,
and the right of the Company and its subsidiaries to terminate the employment of any employee, or service of any director, shall
not be diminished or affected by reason of the fact that an award has been made under the Plan to such participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp; The Company may make such provisions
as it deems appropriate to withhold any taxes the Company determines it is required to withhold with respect to any award, including
without limitation, in its sole discretion, by withholding the number of vested Shares awarded under this Plan as restricted stock
with a Fair Market Value as of the date of such transaction equal to such required withholding amounts (&ldquo;net share settlement&rdquo;).
For purposes of this Section&nbsp;8(C), the &ldquo;Fair Market Value&rdquo; of a Share as of a certain date shall be (i)&nbsp;if
Shares are listed on any stock exchange or national market system, the listed price per Share as of such date, and (ii)&nbsp;if
Shares are not listed on any stock exchange or national market system, the current market value of, or if no such market value
exists, the current net asset value of, a Share as determined in good faith by the Board. Shares that are used to settle tax withholding
obligations pursuant to this Section&nbsp;8(C)&nbsp;shall be included as &ldquo;restricted stock&rdquo; for purposes of the calculations
set forth in Section&nbsp;3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(D)&nbsp; The Plan and all awards and actions
taken hereunder shall be governed by the laws of the State of Maryland, without regard to the choice of law principles of any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>9. AMENDMENT AND TERMINATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp; The Board may modify, revise
or terminate this Plan at any time and from time to time, subject to applicable requirements in (a)&nbsp;the Company&rsquo;s articles
of incorporation or by-laws and (b)&nbsp;applicable law and orders. The Board shall seek stockholder approval of any action modifying
a provision of the Plan where it is determined that such stockholder approval is appropriate under the provisions of (a)&nbsp;applicable
law or orders, or (b)&nbsp;the Company&rsquo;s articles of incorporation or by-laws. Any amendment required to be approved by stockholders
under the laws of Maryland, applicable securities laws or the rules&nbsp;of any stock exchange or national market system will not
be effective until so approved. Any amendments required to be approved by the Securities and Exchange Commission will not be effective
until so approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp; Unless sooner terminated, the
Plan shall terminate on the day before the tenth (10th) anniversary of the date the Plan is initially adopted by the Board or approved
by the stockholders of the Company, whichever is later. Notwithstanding the termination of the Plan, awards granted prior to termination
of the Plan shall continue to be effective and shall be governed by the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>10. EFFECTIVE DATE OF THE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Plan shall become effective upon the
latest to occur of (1)&nbsp;adoption by the Board, and (2)&nbsp;approval of this Plan by the shareholders of the Company<FONT STYLE="background-color: white">;
provided, however, that the Plan shall not be </FONT>effective <FONT STYLE="background-color: white">with respect to any award
to a Non-Employee Director unless the Company has received an order from the Securities and Exchange Commission that permits such
award.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adopted: ________, 2019; Effective: ________, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2019 TRINITY CAPITAL INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LONG TERM INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>PURPOSE. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;&nbsp;&nbsp;&nbsp;<U>General Purpose</U>.&nbsp;&nbsp;The
Plan has been established to advance the interests of Trinity Capital Inc. (the &ldquo;Company&rdquo;) by providing for the grant
of Awards to Participants. At all times during such periods as the Company qualifies or is intended to qualify as a &ldquo;business
development company&rdquo; under the 1940 Act, the terms of the Plan shall be construed so as to conform to the stock-based compensation
requirements applicable to &ldquo;business development companies&rdquo; under the 1940&nbsp;Act. An Award or related transaction
will be deemed to be permitted under the 1940 Act if permitted by any exemptive or &ldquo;no-action&rdquo; relief granted by the
Commission or its staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Available Awards</U>.&nbsp;&nbsp;The
purpose of the Plan is to provide a means by which eligible recipients of Awards may be given an opportunity to benefit from increases
in the value of the Company&rsquo;s Stock through the granting of Restricted Stock, Restricted Stock Unit,&nbsp;Incentive Stock
Options, Non-statutory Stock Options, Performance Awards, Dividend Equivalent Rights and Other Stock-Based Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligible
Participants</U>.&nbsp;&nbsp;All key Employees and all Employee Directors are eligible to be granted Awards by the Board under
the Plan; provided that, no person shall be granted Awards of Restricted Stock unless such person is an Employee of the Company
or an Employee of a wholly-owned subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>DEFINITIONS. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>1940 Act</B>&rdquo;
means the Investment Company Act of 1940, as amended, and the rules&nbsp;and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Affiliate</B>&rdquo;
means any corporation or other entity that stands in a relationship to the Company that would result in the Company and such corporation
or other entity being treated as one employer under Section&nbsp;414(b)&nbsp;or Section&nbsp;414(c)&nbsp;of the Code, except that
in determining eligibility for the grant of an Option by reason of service for an Affiliate, Sections&nbsp;414(b)&nbsp;and 414(c)&nbsp;of
the Code shall be applied by substituting &ldquo;at least 50%&rdquo; for &ldquo;at least 80%&rdquo; under Section&nbsp;1563(a)(1),
(2)&nbsp;and (3)&nbsp;of the Code and Treas. Regs.&nbsp;&sect;&nbsp;1.414(c)-2. The Company may at any time by amendment provide
that different ownership thresholds (consistent with Section&nbsp;409A) apply. Notwithstanding the foregoing provisions of this
definition, except as otherwise determined by the Board, a corporation or other entity shall be treated as an Affiliate only if
its employees would be treated as employees of the Company for purposes of the rules&nbsp;promulgated under the Securities Act
of 1933, as amended, with respect to the use of Form&nbsp;S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Award</B>&rdquo;
means an award of Restricted Stock, Restricted Stock Unit,&nbsp;Incentive Stock Options, Non-statutory Stock Options, Performance
Awards, Dividend Equivalent Rights or Other Stock-Based Awards granted pursuant to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Board</B>&rdquo;
means the Board of Directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Code</B>&rdquo;
means the Internal Revenue Code of 1986, as amended and in effect, or any successor statute as from time to time in effect. Any
reference to a provision of the Code shall be deemed to include a reference to any applicable guidance (as determined by the Board)
with respect to such provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Commission</B>&rdquo;
means the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(G)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Committee</B>&rdquo;
means a committee of two or more members of the Board appointed by the Board in accordance with Section&nbsp;3(C)&nbsp;of this
Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(H)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Company</B>&rdquo;
means Trinity Capital Inc., a Maryland corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Continuous Service</B>&rdquo;
means the Participant&rsquo;s uninterrupted service with the Company or an Affiliate, whether as an Employee or Employee Director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(J)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Covered Transaction</B>&rdquo;
means any of (i)&nbsp;a consolidation, merger, stock sale or similar transaction or series of related transactions in which the
Company is not the surviving corporation or which results in the acquisition of all or substantially all of the Company&rsquo;s
then outstanding common stock by a single person or entity or by a group of persons and/or entities acting in concert, (ii)&nbsp;a
sale or transfer of all or substantially all the Company&rsquo;s assets, (iii)&nbsp;a dissolution or liquidation of the Company
or (iv)&nbsp;following such time as the Company has a class of equity securities listed on a national securities exchange or quoted
on an inter-dealer quotation system, a change in the membership of the Board for any reason such that the individuals who, as of
the Effective Date, constitute the Board of Directors of the Company (the &ldquo;<B>Continuing Directors</B>&rdquo;) cease for
any reason to constitute at least a majority of the Board (a &ldquo;<B>Board Change</B>&rdquo;); provided, however, that any individual
becoming a director after the Effective Date whose election or nomination for election by the Company&rsquo;s shareholders was
approved by a vote of at least a majority of the Continuing Directors will be considered as though such individual were a Continuing
Director, but excluding for this purpose any such individual whose initial assumption of office occurs as a result of either an
actual or threatened election contest (as such terms are used in Rule&nbsp;14a-11 of Regulation&nbsp;14A promulgated under the
Securities Exchange Act of 1934, as amended) or other actual or threatened solicitation of proxies or consents by or on behalf
of any person or entity other than the Board. Where a Covered Transaction involves a tender offer that is reasonably expected to
be followed by a merger described in clause&nbsp;(i)&nbsp;(as determined by the Board), the Covered Transaction shall be deemed
to have occurred upon consummation of the tender offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(K)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Dividend Equivalent
Rights</B>&rdquo; has the meaning set forth in Section&nbsp;13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(L)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Effective Date&rdquo;</B>
has the meaning set forth in Section&nbsp;15.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(M)&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Employee</B>&rdquo;
means any person employed by the Company or an Affiliate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(N)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Employee Director</B>&rdquo;
means a member of the Board of Directors of the Company who is also an Employee of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(O)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Family Member</B>&rdquo;
means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law,
father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing
the Participant&rsquo;s household (other than a tenant or employee), a trust in which these persons have more than fifty percent
of the beneficial interest, a foundation in which these persons (or the Participant) control the management of assets, and any
other entity in which these persons (or the Participant) own more than fifty percent of the voting interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(P)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Incentive Stock
Option</B>&rdquo; means an Option intended to qualify as an incentive stock option within the meaning of Section&nbsp;422 of the
Code and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(Q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Non-Employee Director
Plan</B>&rdquo; means the Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan, as from time to time amended and
in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(R)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Non-statutory
Stock Option</B>&rdquo; means an Option that is not an Incentive Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(S)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Option</B>&rdquo;
means an Incentive Stock Option or a Non-statutory Stock Option granted pursuant to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(T)&nbsp; &nbsp;&nbsp;&nbsp;&ldquo;<B>Other Stock-Based Award</B>&rdquo;
means an Award described in Section&nbsp;10 of this Plan that is not covered by another section of this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(U)&nbsp;&nbsp;&ldquo;<B>Participant</B>&rdquo;
means a person to whom an Award is granted pursuant to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(V)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Performance Award&rdquo;</B>
means any Award granted pursuant to Section&nbsp;9 of this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(W)&nbsp; &nbsp;&nbsp;&ldquo;<B>Permitted Transferee</B>&rdquo;
means a Family Member of a Participant to whom an Award has been transferred by gift.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(X)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Plan</B>&rdquo;
means this 2019 Trinity Capital Inc. Long Term Incentive Plan, as from time to time amended and in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(Y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<B>Restricted Stock</B>&rdquo;
means an Award of Stock for so long as the Stock remains subject to restrictions requiring that it be forfeited to the Company
if specified conditions are not satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(Z)&nbsp;&nbsp;&nbsp;&nbsp; &ldquo;<B>Restricted Stock Unit</B>&rdquo;
means any Award granted under Section&nbsp;8 of the Plan that is not an Award of Restricted Stock. A Restricted Stock Unit may
be a &ldquo;<B>Performance Restricted Stock Unit</B>,&rdquo; which is a Restricted Stock Unit that vests only upon the attainment
of performance conditions and/or performance objectives as specified in the applicable Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(AA) &ldquo;<B>Securities Act</B>&rdquo;
means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(AB)&nbsp;&nbsp;&ldquo;<B>Stock</B>&rdquo;
means the common stock of the Company, par value $.01&nbsp;per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ADMINISTRATION. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;&nbsp;&nbsp;&nbsp; <U>Administration
By Board</U>.&nbsp;&nbsp;The Board shall administer the Plan unless and until it delegates administration to a Committee, as provided
in Section&nbsp;3(C).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Powers of
the Board</U>.&nbsp;&nbsp;The Board shall have the power, subject to the express provisions of the Plan and applicable law:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(i)&nbsp; &nbsp;To determine from
time to time which of the persons eligible under the Plan shall be granted Awards; when and how each Award shall be granted and
documented; what type or combination of types of Awards shall be granted; the provisions of each Award granted, including the time
or times when a person shall be permitted to exercise an Award; and the number of shares of Stock with respect to which an Award
shall be granted to each such person;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(ii)&nbsp; &nbsp;To construe and interpret
the Plan and Awards granted under it, and to establish, amend and revoke rules&nbsp;and regulations for its administration. The
Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan or in any Award documentation,
in such manner and to such extent as it shall deem necessary or expedient to make the Plan fully effective;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(iii)&nbsp;&nbsp;To amend the Plan
or an Award as provided in Section&nbsp;14;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(iv)&nbsp;&nbsp;To take any actions
to preserve the tax treatment of Awards under the Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(v)&nbsp;&nbsp;&nbsp;To terminate or suspend
the Plan as provided in Section&nbsp;15; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(vi)&nbsp; Generally, to exercise
such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and
that are not in conflict with the provisions of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp;&nbsp;&nbsp;&nbsp;<U>Delegation
to Committee</U>.&nbsp;&nbsp;The Board may delegate the administration of the Plan to a Committee or Committees composed of not
less than two members of the Board, each of whom shall be (i)&nbsp;a &ldquo;non-employee director&rdquo; for purposes of Exchange
Act Section&nbsp;16 and Rule&nbsp;16b-3 thereunder, (ii)&nbsp;an &ldquo;outside director&rdquo; for purposes of Section&nbsp;162(m)&nbsp;and
the regulations promulgated under the Code, and each of whom shall be, subject to any applicable transitional rules&nbsp;for newly
public issuers, &ldquo;independent&rdquo; within the meaning of the listing standards of any applicable stock exchange or national
market system, and the term &ldquo;<B>Committee</B>&rdquo; shall apply to any persons to whom such authority has been delegated;
provided that a &ldquo;required majority,&rdquo; as defined in Section&nbsp;57(o)&nbsp;of the 1940 Act, must approve each issuance
of Awards and Dividend Equivalent Rights in accordance with Section&nbsp;61(a)(3)(A)(iv)&nbsp;of the 1940 Act. If administration
is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the powers theretofore
possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized
to exercise (and references in this Plan to the Board, other than the Board reference at the end of this sentence and the Board
references in the last sentence of this subsection&nbsp;(C), shall thereafter be to the Committee or subcommittee), subject, however,
to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board. The Board
may abolish the Committee at any time and revest in the Board the administration of the Plan, unless such actions are prohibited
by the condition of exemptive relief obtained from the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(D)&nbsp;&nbsp;&nbsp;&nbsp; <U>Effect of
the Board&rsquo;s Decision</U>.&nbsp;&nbsp;Determinations, interpretations and constructions made by the Board in good faith shall
not be subject to review by any person and shall be final, binding and conclusive on all persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT></TD>
    <TD STYLE="text-indent: -0.125in; padding-left: -0.125in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>AWARD AGREEMENTS. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All Awards granted under the Plan will be
evidenced by an agreement. The agreement documenting the Award shall contain such terms and conditions as the Board shall deem
advisable. Agreements evidencing Awards made to different participants or at different times need not contain similar provisions.
In the case of any discrepancy between the terms of the Plan and the terms of any Award agreement, the Plan provisions shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT></TD>
    <TD STYLE="text-indent: -0.125in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>SHARES SUBJECT TO THE PLAN; CERTAIN LIMITS. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;&nbsp;&nbsp;&nbsp;<U>Share Reserve</U>.&nbsp;&nbsp;The
maximum aggregate number of shares of Stock that may be issued under the Plan pursuant to grants of Restricted Stock or Other Stock-Based
Awards or the exercise of Options is three million six hundred thousand (3,600,000)&nbsp;shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;&nbsp;&nbsp;&nbsp;<U>Reversion
of Shares to the Share Reserve</U>.&nbsp;&nbsp;If any Award shall for any reason expire or otherwise terminate, in whole or in
part, the shares of Stock not acquired under such Award shall revert to and again become available for issuance under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp;&nbsp;&nbsp;&nbsp;<U>Type of Shares</U>.&nbsp;&nbsp;The
shares of Stock subject to the Plan may be unissued shares or reacquired shares bought on the market or otherwise. No fractional
shares of Stock will be delivered under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(D)&nbsp;&nbsp;&nbsp;&nbsp;<U>Limits on
Individual Grants</U>.&nbsp;&nbsp;The maximum number of shares of Stock for which any Employee or Employee Director may be granted
Awards in any calendar year is three hundred thousand (300,000) shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(E)&nbsp;&nbsp;&nbsp;&nbsp; <U>Limits on
Grants of Restricted Stock</U>.&nbsp;&nbsp;The combined maximum amount of Restricted Stock that may be issued under the Plan and
the Non-Employee Director Plan will be 10% of the outstanding shares of Stock on the effective date of the plans plus 10% of the
number of shares of Stock issued or delivered by the Company (other than pursuant to compensation plans) during the term of the
plans. No one person shall be granted Awards of Restricted Stock relating to more than 25% of the shares available for issuance
under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(F)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Grants
in Contravention of 1940 Act</U>.&nbsp;&nbsp;At all times during such periods as the Company qualifies or is intended to qualify
as a &ldquo;business development company,&rdquo; no Award may be granted under the Plan if the grant of such Award would cause
the Company to violate the 1940 Act, including, without limitation, Section&nbsp;61(a)(3), and, if otherwise approved for grant,
shall be void and of no effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(G)&nbsp;&nbsp;&nbsp;&nbsp;<U>Limits on
Number of Awards</U>.&nbsp;&nbsp;The amount of voting securities that would result from the exercise of all of the Company&rsquo;s
outstanding warrants, options, and rights, together with any Restricted Stock issued pursuant to this Plan and the Non-Employee
Director Plan, at the time of issuance shall not exceed 25% of the outstanding voting securities of the Company, except that if
the amount of voting securities that would result from the exercise of all of the Company&rsquo;s outstanding warrants, options,
and rights issued to the Company&rsquo;s directors, officers, and employees, together with any Restricted Stock issued pursuant
to this Plan and the Non-Employee Director Plan, would exceed 15% of the outstanding voting securities of the Company, then the
total amount of voting securities that would result from the exercise of all outstanding warrants, options, and rights, together
with any Restricted Stock issued pursuant to this Plan and the Non-Employee Director Plan, at the time of issuance shall not exceed
20% of the outstanding voting securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(H)&nbsp;&nbsp;&nbsp;&nbsp;<U>Date of Award&rsquo;s
Grant</U><I>:</I>&nbsp;&nbsp;The date on which the &ldquo;required majority,&rdquo; as defined in Section&nbsp;57(o)&nbsp;of the
1940 Act, approves the issuance of an Award will be deemed the date on which such Award is granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT></TD>
    <TD STYLE="text-indent: -0.125in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>ELIGIBILITY. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Incentive Stock Options may be granted
to Employees or Employee Directors of the Company or a &ldquo;parent&rdquo; or &ldquo;subsidiary&rdquo; corporation of the Company
as those terms are used in Section&nbsp;424 of the Code. Awards other than Incentive Stock Options may be granted to both Employees
and Employee Directors. By accepting any Award granted hereunder, the Participant agrees to the terms of the Award and the Plan.
Notwithstanding any provision of this Plan to the contrary, awards of an acquired company that are converted, replaced or adjusted
in connection with the acquisition may contain terms and conditions that are inconsistent with the terms and conditions specified
herein, as determined by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT></TD>
    <TD STYLE="text-indent: -0.125in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>OPTION PROVISIONS. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Option shall be evidenced by a written
agreement containing such terms and conditions as the Board shall deem appropriate. All Options shall be separately designated
Incentive Stock Options or Non-statutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate
or certificates shall be issued for shares of Stock purchased on exercise of each type of Option. The provisions of separate Options
need not be identical, but, to the extent relevant, each Option shall include (through incorporation by reference or otherwise)
the substance of each of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;&nbsp;&nbsp;&nbsp;<U>Time and
Manner of Exercise</U>.&nbsp;&nbsp;Unless the Board expressly provides otherwise, an Option will not be deemed to have been exercised
until the Board receives a notice of exercise (in a form acceptable to the Board) signed by the appropriate person and accompanied
by any payment required under the Award, as further described below. If the Option is exercised by any person other than the Participant,
the Board may require satisfactory evidence that the person exercising the Option has the right to do so. No Option shall be exercisable
after the expiration of ten (10)&nbsp;years from the date on which it was granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each exercise of an Option hereunder shall
be subject to the Participant&rsquo;s having made arrangements satisfactory to the Board for the full and timely payment of the
applicable exercise price for such Option. Without limiting the generality of the foregoing, the Participant may satisfy the applicable
exercise price requirements under an Option Award by tendering a check (acceptable to the Board) for the full amount of such exercise
price. Additionally, the Company may, in its sole discretion, permit the satisfaction of the applicable exercise price requirements
(or a portion thereof) under an Option Award by withholding from the Option, the number of vested shares of Stock awarded under
the Option with a Fair Market Value (as defined below) as of the date of such transaction equal to such exercise price (&ldquo;cashless
exercise&rdquo;). Shares that are used to settle exercise price obligations pursuant to this Section&nbsp;7(A)&nbsp;shall be included
as &ldquo;shares of Stock&rdquo; for purposes of the calculations set forth in Section&nbsp;5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;&nbsp;&nbsp;&nbsp; <U>Exercise
Price of an Option</U>.&nbsp;&nbsp;The exercise price of each Option shall be not less than (i)&nbsp;if Shares are listed on any
stock exchange or national market system, the listed price per Share as of such date, and (ii)&nbsp;if Shares are not listed on
any stock exchange or national market system, the current market value of, or if no such market value exists, the current net asset
value of, the stock subject to the Option as determined in good faith by the Board on the date the Option is granted provided,
however, that in any event the current market value will be determined in a manner consistent with the provisions of the Section&nbsp;409A
regulations excluding certain options from being subject to Section&nbsp;409A (the &ldquo;<B>Fair Market Value</B>&rdquo;). In
the case of an Option granted to a 10% Holder and intended to qualify as an Incentive Stock Option, the exercise price will not
be less than 110% of the Fair Market Value determined as of the date of grant. A &ldquo;<B>10% Holder</B>&rdquo; is an individual
owning stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or its parent or
subsidiary corporations. No such Stock Option, once granted, may be repriced other than in accordance with the 1940 Act and the
applicable stockholder approval requirements of any stock exchange or national market system on which the Shares are listed, and
in a manner that would continue to exclude the option from being subject to Section&nbsp;409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp;&nbsp;&nbsp;&nbsp; <U>Consideration</U>.&nbsp;&nbsp;The
purchase price for Stock acquired pursuant to an Option shall be paid in full at the time of exercise either (i)&nbsp;in cash,
or, if so permitted by the Board and if permitted by the 1940 Act and otherwise legally permissible, (ii)&nbsp;through a broker-assisted
exercise program acceptable to the Board, (iii)&nbsp;by such other means of payment as may be acceptable to the Board, or (iv)&nbsp;in
any combination of the foregoing permitted forms of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(D)&nbsp;&nbsp;&nbsp;&nbsp;<U>Transferability
of an Incentive Stock Option</U>.&nbsp;&nbsp;An Incentive Stock Option shall not be transferable except by will or by the laws
of descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(E)&nbsp;&nbsp;&nbsp;&nbsp; <U>Transferability
of a Non-statutory Stock Option</U>.&nbsp;&nbsp;A Non-statutory Stock Option shall be transferable by will or by the laws of descent
and distribution, or, to the extent provided by the Board, by gift to a Permitted Transferee, and a Non-statutory Stock Option
that is nontransferable except at death shall be exercisable during the lifetime of the Participant only by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(F)&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
on Repurchase Rights</U>.&nbsp;&nbsp;If an Option gives the Company the right to repurchase shares of Common Stock issued pursuant
to the Plan upon termination of employment of such Participant, the terms of such repurchase right must comply with the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(G)&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercisability</U>.&nbsp;&nbsp;The
Board may determine the time or times at which an Option will vest or become exercisable and the terms on which an Option requiring
exercise will remain exercisable. Options may further be subject to such forfeiture conditions as the Board may choose to impose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">(H)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><U>Termination
of Continuous Service</U>.&nbsp;&nbsp;Unless the Board expressly provides otherwise, immediately upon the cessation of a Participant&rsquo;s
Continuous Service that portion, if any, of any Option held by the Participant or the Participant&rsquo;s Permitted Transferee
that is not then exercisable will terminate and the balance will remain exercisable for the lesser of (i)&nbsp;a period of three
months or (ii)&nbsp;the period ending on the latest date on which such Option could have been exercised without regard to this
Section&nbsp;6(H), and will thereupon terminate, provided that, if the Board in its sole discretion determines that the cessation
of a Participant&rsquo;s Continuous Service resulted for reasons that cast such discredit on the Participant as to justify immediate
termination of his or her Options, all Options then held by the Participant or the Participant&rsquo;s Permitted Transferee will
immediately terminate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT></TD>
    <TD STYLE="text-indent: -0.125in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>RESTRICTED STOCK AND RESTRICTED STOCK UNIT PROVISIONS. </B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each grant of Restricted Stock and Restricted
Stock Units shall be evidenced by a written agreement containing such terms and conditions as the Board shall deem appropriate.
The provisions of separate grants of Restricted Stock and Restricted Stock Units need not be identical, but, to the extent relevant,
each grant shall include (through incorporation by reference or otherwise) the substance of each of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;&nbsp;&nbsp;&nbsp;<U>Consideration</U>.&nbsp;&nbsp;To
the extent permitted by the 1940 Act, Awards of Restricted Stock and Restricted Stock Units may be made in exchange for past services
or other lawful consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;&nbsp;&nbsp;&nbsp; <U>Transferability
of Restricted Stock</U>.&nbsp;&nbsp;Except as the Board otherwise expressly provides, Restricted Stock and Restricted Stock Unit
Awards shall not be transferable other than by will or by the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp;&nbsp;&nbsp;&nbsp; <U>Vesting</U>.&nbsp;&nbsp;The
Board may determine the time or times at which shares of Restricted Stock will vest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(D)&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Continuous Service</U>.&nbsp;&nbsp;Unless the Board expressly provides otherwise, immediately upon the cessation of a Participant&rsquo;s
Continuous Service that portion, if any, of any Restricted Stock held by the Participant or the Participant&rsquo;s Permitted Transferee
that is not then vested will thereupon terminate and the unvested shares will be returned to the Company and will be available
to be issued as Awards under this Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(E)&nbsp;&nbsp;&nbsp;&nbsp; <U>Payment of Restricted Share
Units</U>. Each Restricted Stock Unit shall have a value equal to the Fair Market Value of a share of Stock. Restricted Stock Units
shall be paid in cash, shares of Stock, other securities or other property, as determined in the sole discretion of the Board,
upon the lapse of the restrictions applicable thereto, or otherwise in accordance with the applicable Award agreement. The applicable
Award agreement will specify whether a Participant will be entitled to receive Dividend Rights in respect of Restricted Stock Units
at the time of any payment of dividends to stockholders on shares of Stock. If the applicable Award agreement specifies that a
Participant will be entitled to receive dividend rights, (i)&nbsp;the amount of any such dividend right shall equal the amount
that would be payable to the Participant as a stockholder in respect of a number of shares of Stock equal to the number of Restricted
Stock Units then credited to the Participant, (ii)&nbsp;any such dividend right shall be paid in accordance with the Company&rsquo;s
payment practices as may be established from time to time and as of the date on which such dividend would have been payable in
respect of outstanding shares of Stock, and (iii)&nbsp;the applicable Award Agreement will specify whether dividend equivalents
shall be paid in respect of Restricted Share Units that are not yet vested. Except as otherwise determined by the Committee at
or after grant, Restricted Share Units may not be sold, assigned, transferred, pledged, hypothecated or otherwise encumbered or
disposed of, and all Restricted Share Units and all rights of the grantee to such Restricted Share Units shall terminate, without
further obligation on the part of the Company, unless the grantee remains in continuous employment of the Company for the entire
restricted period in relation to which such Restricted Share Units were granted and unless any other restrictive conditions relating
to the Restricted Share Unit Award are met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="text-transform: uppercase"><B>9.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Performance
restricted stock unit and other PERFORMANCE-based Awards.</B></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;<U>Grant</U>. The Committee shall
have sole and complete authority to determine the Participants who shall receive a Performance Award, which shall consist of a
right that is (i)&nbsp;denominated in cash or shares of Stock (including, but not limited to, Restricted Stock and Performance
Restricted Stock Units), (ii)&nbsp;valued and/or vested, as determined by the Committee, in accordance with the achievement of
such performance goals during such performance periods as the Committee shall establish, and (iii)&nbsp;settled or payable at such
time and in such form as the Committee shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;<U>Terms and Conditions</U>. Subject
to the terms of the Plan and any applicable Award Agreement, the Committee shall determine the performance goals and/or objectives
to be achieved during any performance period, the length of any performance period, the amount of any Performance Award and the
amount and kind of any payment or transfer to be made pursuant to any Performance Award, and may amend specific provisions of the
Performance Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp;<U>Payment of Performance Awards</U>.
Performance Awards may be paid or settled in a lump sum or in installments following the close of the performance period or, in
accordance with the procedures established by the Committee, on a deferred basis. Termination of employment prior to the end of
any performance period will result in the forfeiture of the Performance Award unless the Award agreement provides otherwise, and
no payments will be made. A Participant&rsquo;s rights to any Performance Award may not be sold, assigned, transferred, pledged,
hypothecated or otherwise encumbered or disposed of in any manner, except by will or the laws of descent and distribution, and/or
except as the Committee may determine at or after grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>Other
Stock-Based Awards.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board shall have the authority to determine
the Participants who shall receive Other Stock-Based Awards, which shall consist of any right that is (i)&nbsp;not an Award described
in above and (ii)&nbsp;an Award of shares of Stock or an Award denominated or payable in, valued in whole or in part by reference
to, or otherwise based on or related to, shares of Stock (including, without limitation, securities convertible into shares of
Stock), as deemed by the Board to be consistent with the purposes of the Plan. Subject to the terms of the Plan and any applicable
Award agreement, the Board shall determine the terms and conditions of any such Other Stock-Based Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>MISCELLANEOUS.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;&nbsp;&nbsp;&nbsp;<U>Acceleration</U>.&nbsp;&nbsp;The
Board shall have the power to accelerate the time at which an Award or any portion thereof vests or may first be exercised, regardless
of the tax or other consequences to the Participant or the Participant&rsquo;s Permitted Transferee resulting from such acceleration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;&nbsp;&nbsp;&nbsp;<U>Stockholder
Rights</U>.&nbsp;&nbsp;No Participant or other person shall be deemed to be the holder of, or to have any of the rights of a holder
with respect to, any shares of Stock subject to an Option or Restricted Stock Unit Award unless and until such Award has been delivered
to the Participant or other person upon exercise of the Award. Holders of Restricted Stock shall have all the rights of a holder
upon issuance of the Restricted Stock Award including, without limitation, voting rights and the right to receive dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(C)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Employment
or Other Service Rights</U>.&nbsp;&nbsp;Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall
confer upon any Participant any right to continue in the employment of, or to continue to serve as a director of, the Company or
an Affiliate or shall affect the right of the Company or an Affiliate to terminate (i)&nbsp;the employment of the Participant (if
the Participant is an Employee) with or without notice and with or without cause or (ii)&nbsp;the service of an Employee Director
(if the Participant is an Employee Director) pursuant to the Bylaws of the Company or an Affiliate and any applicable provisions
of the corporate law of the state in which the Company or the Affiliate is incorporated. Nothing in the Plan will be construed
as giving any person any rights as a stockholder except as to shares of Stock actually issued under the Plan. The loss of existing
or potential profit in Awards will not constitute an element of damages in the event of termination of service for any reason,
even if the termination is in violation of an obligation of the Company or an Affiliate to the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Legal
Conditions on Delivery of Stock</U>.&nbsp;&nbsp;The Company will not be obligated to deliver any shares of Stock pursuant to the
Plan or to remove any restriction from shares of Stock previously delivered under the Plan until: (i)&nbsp;the Company is satisfied
that all legal matters in connection with the issuance and delivery of such shares have been addressed and resolved; (ii)&nbsp;if
the outstanding Stock is at the time of delivery listed on any stock exchange or national market system, the shares to be delivered
have been listed or authorized to be listed on such exchange or system upon official notice of issuance; and (iii)&nbsp;all conditions
of the Award have been satisfied or waived. If the sale of Stock has not been registered under the Securities Act, the Company
may require, as a condition to the grant or the exercise of the Award, such representations or agreements as counsel for the Company
may consider appropriate to avoid violation of the Securities Act. The Company may require that certificates evidencing Stock issued
under the Plan bear an appropriate legend reflecting any restriction on transfer applicable to such Stock, and the Company may
hold the certificates pending lapse of the applicable restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(E)&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding
Obligations</U>.&nbsp;&nbsp;Each grant or exercise of an Award granted hereunder shall be subject to the Participant&rsquo;s having
made arrangements satisfactory to the Board for the full and timely satisfaction of all federal, state, local and other tax withholding
requirements applicable to such grant, exercise or exchange. Without limiting the generality of the foregoing, the Participant
may satisfy such withholding requirements by tendering a check (acceptable to the Board) for the full amount of such withholding.
Additionally, the Company may, in its sole discretion, satisfy any withholding requirements (or a portion thereof) by withholding
from an Award, vested Shares awarded under this Plan, with a Fair Market Value as of the date of such transaction equal to such
required withholding amounts (&ldquo;net share settlement&rdquo;). Shares that are used to settle tax withholding obligations pursuant
to this Section&nbsp;11(E)&nbsp;shall be included as &ldquo;shares of Stock&rdquo; for purposes of the calculations set forth in
Section&nbsp;5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event the Company or an Affiliate
becomes liable for tax withholding with respect to an Option prior to the date of exercise, the Company may require the Participant
to remit the required tax withholding by separate check acceptable to the Company or may make such other arrangements (including
withholding from other payments to the Participant or net share settlement) for the satisfaction of such withholding as it determines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(F)&nbsp;&nbsp;&nbsp;&nbsp;<U>Section&nbsp;409A</U>.&nbsp;&nbsp;Awards
under the Plan are intended either to qualify for an exemption from Section&nbsp;409A or to comply with the requirements thereof,
and shall be construed accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>ADJUSTMENTS UPON CHANGES
IN STOCK.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;&nbsp;&nbsp;&nbsp; <U>Capitalization
Adjustments</U>.&nbsp;&nbsp;In the event of a stock dividend, stock split or combination of shares (including a reverse stock split),
recapitalization or other change in the Company&rsquo;s capital structure, the Board will make appropriate adjustments to the maximum
number of shares specified in Section&nbsp;5(A)&nbsp;that may be delivered under the Plan, to the maximum per-participant share
limit described in Section&nbsp;5(D)&nbsp;and will also make appropriate adjustments to the number and kind of shares of stock
or securities subject to Awards then outstanding or subsequently granted, any exercise prices relating to Awards and any other
provision of Awards affected by such change. To the extent consistent with qualification of Incentive Stock Options under Section&nbsp;422
of the Code and continued exclusion from or compliance with Section&nbsp;409A of the Code, where applicable, the Board may also
make adjustments of the type described in the preceding sentence to take into account distributions to stockholders other than
those provided for in such sentence, or any other event, if the Board determines that adjustments are appropriate to avoid distortion
in the operation of the Plan and to preserve the value of Awards granted hereunder; provided, however, that the exercise price
of Awards granted under the Plan will not be adjusted unless the Company receives an exemptive order from the Securities and Exchange
Commission or written confirmation from the staff of the Securities and Exchange Commission that the Company may do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;&nbsp;&nbsp;&nbsp;<U>Covered Transaction</U>.&nbsp;&nbsp;Except
as otherwise provided in an Award, in the event of a Covered Transaction, each Award will become fully vested or exercisable prior
to the Covered Transaction on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Board,
to participate as a stockholder in the Covered Transaction following vesting or exercise, and the Award will terminate upon consummation
of the Covered Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>13.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>DIVIDEND EQUIVALENT
RIGHTS.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Board may provide for the payment of
amounts in lieu of cash dividends or other cash distributions (&ldquo;<B>Dividend Equivalent Rights</B>&rdquo;) with respect to
Stock subject to an Award; provided, however, that grants of Dividend Equivalent Rights must be approved by order of the Securities
and Exchange Commission. The Board may impose such terms, restrictions and conditions on Dividend Equivalent Rights, including
the date such rights will terminate, as it deems appropriate, and may terminate, amend or suspend such Dividend Equivalent Rights
at any time without the consent of the Participant or Participants to whom such Dividend Equivalent Rights have been granted, if
any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>14.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>AMENDMENT OF THE PLAN
AND AWARDS.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Board may at any time or times amend
the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any time terminate the
Plan as to any future grants of Awards; provided, that except as otherwise expressly provided in the Plan the Board may not, without
the Participant&rsquo;s consent, alter the terms of an Award so as to affect substantially and adversely the Participant&rsquo;s
rights under the Award, unless the Board expressly reserved the right to do so at the time of the grant of the Award. Any amendments
to the Plan shall be conditioned upon stockholder approval only to the extent, if any, such approval is required by law (including
the Code and applicable stock exchange requirements), as determined by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any amendment required to be approved by
stockholders under the laws of Maryland, applicable securities laws or the rules&nbsp;of any stock exchange or national market
system will not be effective until so approved. Any amendments required to be approved by the Securities and Exchange Commission
will not be effective until so approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>15.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>TERMINATION OR SUSPENSION
OF THE PLAN.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(A)&nbsp;&nbsp;&nbsp;&nbsp;<U>Plan Term</U>.&nbsp;&nbsp;The
Board may suspend or terminate the Plan at any time. Unless sooner terminated, the Plan shall terminate on the day before the tenth
(10th)&nbsp;anniversary of the date the Plan is initially adopted by the Board or approved by the stockholders of the Company,
whichever is earlier. No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(B)&nbsp;&nbsp;&nbsp;&nbsp;<U>No Impairment
of Rights</U>.&nbsp;&nbsp;Suspension or termination of the Plan shall not impair rights and obligations under any Awards granted
while the Plan is in effect except with the written consent of the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>16.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>EFFECTIVE DATE OF PLAN.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Plan shall become effective upon approval
by the stockholders of the Company, which approval shall be within twelve (12)&nbsp;months before or after the date the Plan is
adopted by the Board; provided, however, that the Plan shall not be effective with respect to an Award of Restricted Stock or the
grant of Dividend Equivalent Rights unless the Company has received an order of the Commission that permits such Award or grant
(the &ldquo;<B>Effective Date</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>17.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>1940 ACT.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No provision of this Plan is intended to
contravene any portion of the 1940 Act, and in the event of any conflict between the provisions of the Plan or any Award and the
1940 Act, the applicable Section&nbsp;of the 1940 Act shall control and all Awards under the Plan shall be so modified. All Participants
holding such modified Awards shall be notified of the change to their Awards and such change shall be binding on such Participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>18.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>INFORMATION RIGHTS OF
PARTICIPANTS</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company shall provide to each Participant
who acquires Stock pursuant to the Plan, not less frequently than annually, copies of annual financial statements (which need not
be audited). The Company shall not be required to provide such statements to key employees whose duties in connection with the
Company assure their access to equivalent information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>19.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>SEVERABILITY.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If any provision of this Plan or any Award
is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Participant or Award, or would
disqualify this Plan or any Award under any applicable law, such provision shall be construed or deemed amended to conform to the
applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering
the intent of this Plan or the Award, such provision shall be stricken as to such jurisdiction, Participant or Award and the remainder
of this Plan and any such Award shall remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>20.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>OTHER COMPENSATION ARRANGEMENTS</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The existence of the Plan or the grant
of any Award will not in any way affect the Company&rsquo;s right to award a person bonuses or other compensation in addition to
Awards under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>21.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>WAIVER OF JURY TRIAL.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By accepting an Award under the Plan, each
Participant waives any right to a trial by jury in any action, proceeding or counterclaim concerning any rights under the Plan
and any Award, or under any amendment, waiver, consent, instrument, document or other agreement delivered or which in the future
may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim shall be tried before a
court and not before a jury. By accepting an Award under the Plan, each Participant certifies that no officer, representative,
or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of any action, proceeding
or counterclaim, seek to enforce the foregoing waivers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>22.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>LIMITATION ON LIABILITY.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding anything to the contrary
in the Plan, neither the Company nor the Board, nor any person acting on behalf of the Company or the Board, shall be liable to
any Participant or to the estate or beneficiary of any Participant by reason of any acceleration of income, or any additional tax,
asserted by reason of the failure of an Award to satisfy the requirements of Section&nbsp;422 or Section&nbsp;409A or by reason
of Section&nbsp;4999 of the Code; provided, that nothing in this Section&nbsp;21 shall limit the ability of the Board or the Company
to provide by express agreement with a Participant for a gross-up payment or other payment in connection with any such tax or additional
tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt"><B>23.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>GOVERNING LAW.</B></FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Plan and all Awards and actions hereunder
shall be governed by the laws of the state of Maryland, with regard to the choice of law principles of any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Verification Required by Rule&nbsp;0-2(d)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned states that he has duly executed the attached
Application for an Order Pursuant to Section&nbsp;6(c)&nbsp;of the Investment Company Act of 1940 granting an exemption from Sections
23(a), 23(b), and 63 of the Act, and pursuant to Sections 57(a)(4)and 57(i)&nbsp;of the Act and Rule&nbsp;17d-l under the Act authorizing
certain joint transactions otherwise prohibited by Section&nbsp;57(a)(4)&nbsp;of the Act, and pursuant to Section&nbsp;23(c)(3)&nbsp;of
the Act granting an exemption from Section&nbsp;23(c)&nbsp;of the Act for and on behalf of Trinity Capital Inc.; that he or she
is the Chief Executive Officer of such company; and that all action by stockholders, directors, and other bodies necessary to authorize
deponent to execute and file such instrument has been taken. Deponent further says that he is familiar with such instrument, and
the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/</TD></TR>                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT&nbsp;D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Board Resolutions Approving of SEC
Exemptive Application Related to Incentive Plans</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><B>WHEREAS</B>, Trinity
Capital Inc. (the &ldquo;<B><I>Company</I></B>&rdquo;) and the Board of Directors of the Company (the &ldquo;<B><I>Board</I></B>&rdquo;)
have adopted and approved the 2019 Trinity Capital Inc. Long-Term Incentive Plan (the &ldquo;<B><I>Long Term Incentive Plan</I></B>&rdquo;),
pursuant to which the Company may grant awards in the form of restricted stock, restricted and performance stock unit awards, incentive
stock options, non-statutory stock options, performance awards, dividend equivalent rights and other stock based awards to its
executive officers and other key employees, and the Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan (the
 &ldquo;<B><I>Non-Employee Director Plan</I></B>&rdquo;), pursuant to which the Company may grant restricted stock to its independent
directors; <U>and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, it is necessary to obtain
exemptive relief from the U.S. Securities and Exchange Commission (the &ldquo;<B><I>SEC</I></B>&rdquo;) in order to issue certain
of such securities under the Long Term Incentive Plan and the Non-Employee Director Plan; <U>and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Company has prepared
an exemptive application to be filed with the SEC asking for an order to permit it to issue such securities under the Long Term
Incentive Plan and the Non-Employee Director Plan; <U>and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>WHEREAS</B>, the Board has received and
reviewed the draft exemptive application (the &ldquo;<B><I>Exemptive Application</I></B>&rdquo;), in substantially the form provided
to the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>NOW, THEREFORE, BE IT RESOLVED</B>, that
that the Board, hereby approves and authorizes the Exemptive Application, in substantially the form provided to the Board; <U>and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>FURTHER RESOLVED</B>, that the Authorized
Officers (as such term is defined herein) be, and each of them hereby is, authorized and directed to take all actions necessary
to enable the Company to issue such securities, including, without limitation, the filing of the Exemptive Application with the
SEC; <U>and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>FURTHER</B></FONT><B>
RESOLVED</B>, that the Authorized Officers be, and each of them hereby is, authorized, empowered and directed, in the name and
on behalf of the Company, to execute and file, or cause it to be filed, the Exemptive Application with the SEC and any amendments
thereto, with such modifications as the Authorized Officer executing the same, with the advice of counsel, deems necessary or advisable
to carry out the intent of the foregoing resolutions or as may be required to conform with the requirements of applicable law,
such determination to be conclusively evidenced by the execution and/or filing thereof with the SEC, as applicable; <U>and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>FURTHER RESOLVED,</B> that the Authorized
Officers are hereby directed to submit the Long Term Incentive Plan and Non-Employee Director Plan to the Company&rsquo;s stockholders
for their consideration and approval at the next annual or special meeting of stockholders; <U>and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-transform: uppercase"><B>FURTHER</B></FONT><B>
RESOLVED</B>, that any and all actions previously taken by the Company or any of its Directors or Authorized Officers in connection
with the actions contemplated by the foregoing resolutions be, and each of them hereby is, ratified, confirmed, and approved in
all respects as and for the acts and deeds of the Company; <U>and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>FURTHER RESOLVED</B>, that for purposes
of the foregoing resolutions, the Authorized Officers of the Company shall be the Chief Executive Officer, the President, the Chief
Financial Officer, an Executive or Senior Vice President, the General Counsel and the Corporate Secretary of the Company and any
of their respective designees (collectively, the &ldquo;<B><I>Authorized Officers</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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