<SEC-DOCUMENT>0001312910-18-000004.txt : 20180105
<SEC-HEADER>0001312910-18-000004.hdr.sgml : 20180105
<ACCEPTANCE-DATETIME>20180105172034
ACCESSION NUMBER:		0001312910-18-000004
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180105
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180105
DATE AS OF CHANGE:		20180105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Investment Corp
		CENTRAL INDEX KEY:			0001534254
		IRS NUMBER:				453058280
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00941
		FILM NUMBER:		18514237

	BUSINESS ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		212 - 418 - 4700

	MAIL ADDRESS:	
		STREET 1:		3 PARK AVENUE
		STREET 2:		36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C&#298;ON Investment Corp
		DATE OF NAME CHANGE:	20111104
</SEC-HEADER>
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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 0pt">CURRENT REPORT</div>

<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 0pt">Pursuant to Section 13 or 15(d) of the</div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date of Report</font> (Date of earliest event reported):&#160;<font style="FONT-WEIGHT: bold">January 5</font><font style="FONT-WEIGHT: bold">, 2018 <font style="FONT-WEIGHT: normal">(January 2, 2018)</font></font></div>

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<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;(Exact Name of Registrant as Specified in Charter)</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(State or Other Jurisdiction of </font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Incorporation)</font></div>
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<td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; WIDTH: 38%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">3 Park Avenue, 36<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">th</font> Floor</font>

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<div style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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<div style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[&#160;&#160;] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>

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<div style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[&#160;&#160;] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>

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<div style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[&#160;&#160;] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>

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<div style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">[&#160;&#160;] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Emerging growth company [ ]</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]</div>
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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 1.01.&#160; Entry Into a Material Definitive Agreement.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On January&#160;2, 2018</font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">, C&#298;ON Investment Corporation ("C&#298;ON") entered into a</font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">n expense support and conditional reimbursement agreement (the "Expense Support Agreement") with CION Investment Management, LLC ("CIM")</font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">, C&#298;ON's investment adviser</font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">, for purposes of (i) replacing CION Investment Group, LLC</font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">,&#160;C&#298;ON's sponsor,</font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> and Apollo Investment Management, L.P. ("AIM") with CIM as the expense support provider pursuant to the terms of the Expense Support Agreement; and (ii) extending the termination date to December 31, 2018.&#160;</font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Expense Support Agreement was entered into as part of the new and ongoing relationship among C&#298;ON, CIM and AIM, as previously disclosed by</font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">C&#298;ON. </font><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">No other material terms of the Third Amended and Restated Expense Support and Conditional Reimbursement Agreement, dated as of December 14, 2016, have been amended in connection with the Expense Support Agreement.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">The foregoing description of the <font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Expense Support Agreement</font>, as set forth in this Item 1.01, is a summary only and is qualified in all respects by the provisions of the <font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Expense Support Agreement</font>, a copy of which is filed as Exhibit 10.1 and is incorporated by reference herein.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 9.01. Financial Statements and Exhibits.</div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">10.1</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">Date:</div>
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<td style="TEXT-ALIGN: left; WIDTH: 2.03%; VERTICAL-ALIGN: top">&#160;January 5, 2018</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; FONT-FAMILY: times new roman; MARGIN-LEFT: 0pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0pt">By: <font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">/s/ Michael A. Reisner</font></div>
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<td style="TEXT-ALIGN: left; WIDTH: auto; VERTICAL-ALIGN: top">Co-Chief Executive Officer</td>
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<TYPE>EX-10.1
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-WEIGHT: bold">Exhibit 10.1</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">THIS EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Agreement</u></font>") is made the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">nd</sup> day of January, 2018, by and between CION Investment Corporation, a Maryland corporation (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Company</u></font>") and CION Investment Management, LLC, a Delaware limited liability company (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Adviser</u></font>").</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">WHEREAS, in connection with the joint venture between Apollo Investment Management, L.P., a Delaware limited partnership ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>AIM</u></font>") and CION Investment Group, LLC, a Delaware limited liability company ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>CIG</u></font>" and with AIM, the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Members</u></font>") the Members entered into the Fourth Amended and Restated Limited Liability Company Agreement of the Adviser, dated as of December 4, 2017;</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">WHEREAS, in connection with the new and ongoing relationship between the Members, the Adviser has determined that it is appropriate and in the best interest of the Company and the Adviser to continue to make available expense support to the Company;</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">WHEREAS, the Company and the Adviser have determined that it is appropriate and in the best interests of the Company to reduce the Company's operating expenses to ensure that it bears a reasonable level of expense in relation to its investment income (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Operating Expense Objective</u></font>");</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.3 For purposes of this Agreement, "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Available Operating Funds</u></font>" means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses), and (iii) dividends and other distributions paid to or otherwise earned by the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above.)</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 54pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.</font>&#160;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Reimbursement of Expense Payments by the Company</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">.</font></font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.1 Following any calendar quarter in which Available Operating Funds exceed the cumulative distributions declared to the Company's shareholders in respect of such calendar quarter and such excess is intended to be used to pay expenses qualifying as a Reimbursable Expense (the amount of such excess being hereinafter referred to as "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Excess Operating Funds</u></font>"), the Company shall pay such Excess Operating Funds, or a portion thereof in accordance with Section 2.2, to the Adviser or accrue such Excess Operating Funds as a liability until such time as all Expense Payments made by the Adviser to the Company within three (3) years prior to the last business day of such calendar quarter have been reimbursed or waived. Any payments required to be made by the Company pursuant to this Section 2.1 shall be referred to herein as a "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><u>Reimbursement Payment</u></font>."</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.2 The amount of the Reimbursement Payment for any calendar quarter shall equal the lesser of (i) the Excess Operating Funds in such calendar quarter, or&#160; (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company (or otherwise accrued by the Adviser with respect to the Company) within three (3) years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Company to&#160; the Adviser.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.3 The Company's obligation to make a Reimbursement Payment shall automatically become a liability of the Company and the proportionate right to such share of the Reimbursement Payment shall be an asset of the Adviser no later than the last business day of the applicable calendar quarter. The Reimbursement Payment for any calendar quarter shall, as promptly as possible, be paid by the Company to the Adviser in any combination of cash or other immediately available funds. Any Reimbursement Payments shall be deemed to have reimbursed the Adviser for Expense Payments in chronological order beginning with the oldest Expense Payment eligible for reimbursement under this Section 2.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 54pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3. <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Effective Date; Termination; Survival</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.1 <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Effective Date</u></font>. This Agreement shall become effective as of the date first set forth above.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.2 <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Termination</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(i) Unless otherwise agreed by the parties, this Agreement shall terminate on December 31, 2018.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(ii) This Agreement may be terminated at any time, without the payment of any penalty, by the Company or the Adviser, upon written notice to the Company.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iii) This Agreement shall automatically terminate in the event of (a) the termination by the Company of the Advisory Agreement, or (b) the board of directors of the Company makes a determination to dissolve or liquidate the Company.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 108pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(iv) Notwithstanding anything contrary set forth in this Agreement, if this Agreement terminates automatically pursuant to Section 3.2(iii) above, or, following a termination of this Agreement pursuant to Section 3.2(ii), an event described in Section 3.2(iii) occurs, the Company agrees to pay the Adviser an amount equal to all Expense Payments paid to the Company within three (3) years prior to the date of such termination pursuant to Section 3.2(iii) or the occurrence of such event, as applicable, and that have not been previously reimbursed by the Company to the Adviser. Such repayment shall be made no later than thirty (30) days after such date of termination or the date of such event, as applicable.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.3 <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Survival</u></font>. Sections 3 and 4 of this Agreement shall survive any termination of this Agreement. Notwithstanding anything to the contrary, Section 2 of this Agreement shall survive any termination of this Agreement with respect to any Expense Payments that have not been reimbursed by the Company to the Adviser.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 54pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4. <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Miscellaneous</u></font>.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.1 <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Captions</u></font>. The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.2 <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Entire Agreement</u></font>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.3 <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Interpretation.</u></font> Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of Delaware. For so long as the Company is regulated as a business development company under the 1940 Act, this Agreement shall also be construed in accordance with the applicable provisions of the 1940 Act. In such case, to the extent the applicable laws of the State of Delaware, or any provisions herein, conflict with the provisions of the 1940 Act, the latter shall control. Further, nothing in this Agreement shall be deemed to require the Company to take any action contrary to the Company's Second Articles of Amendment and Restatement of the Articles of Incorporation and/or the Amended and Restated By-Laws, as each may amended or restated, or to relieve or deprive the board of directors of the Company of its responsibility for and control of the conduct of the affairs of the Company.</font></div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 72pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.4 <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Severability</u></font>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 45pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 387pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160; CION INVESTMENT CORPORATION</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 45pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 387pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">&#160; Name:&#160; </font><font style="FONT-WEIGHT: normal">Michael A. Reisner</font></font></font></div>

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