<SEC-DOCUMENT>0001104659-21-103348.txt : 20210811
<SEC-HEADER>0001104659-21-103348.hdr.sgml : 20210811
<ACCEPTANCE-DATETIME>20210811123311
ACCESSION NUMBER:		0001104659-21-103348
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210809
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20210811
DATE AS OF CHANGE:		20210811

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:		211162715

	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>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2124763d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="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>FORM 8-K</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>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</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>Date of Report</B> (Date of earliest event
reported):<B>&nbsp;August 11,&nbsp;2021 </B>(August 9, 2021)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>C&#298;ON
Investment Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;(Exact Name of Registrant as Specified
in Charter)</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="border-bottom: Black 1pt solid; width: 32%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maryland</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.8pt; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>000-54755</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.8pt; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>45-3058280</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or Other Jurisdiction of Incorporation)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission
    File Number)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S.
    Employer Identification No.)</FONT></TD></TR>
</TABLE>
<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="background-color: white">
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>3 Park Avenue, 36th
        Floor</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>New York, New York
        10016</B></P></TD>
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
    (Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 40%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(212)
    418-4700</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant&rsquo;s
    telephone number, including area code)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 40%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
    applicable</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 30%; padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(Former
    name or former address, if changed since last report)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;
</FONT>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;
</FONT>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;
</FONT>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;
</FONT>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</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-top: 0pt; margin-bottom: 0pt; text-align: left">Securities registered
pursuant to Section&nbsp;12(b) of the Act:</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: justify; text-indent: 0.5in"></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 NOWRAP STYLE="width: 25%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title
    of each class</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 25%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    symbol(s)</FONT></TD>
    <TD NOWRAP STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 48%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name
    of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>None</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not applicable</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not applicable</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. <FONT STYLE="font-family: Wingdings">&#168;</FONT></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-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 1.01. Entry Into a Material Definitive
Agreement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 10, 2021, C&Imacr;ON
Investment Corporation (&ldquo;CIC&rdquo;) entered into an amended and restated investment advisory agreement (the &ldquo;Amended Advisory
Agreement&rdquo;) with CION Investment Management, LLC (&ldquo;CIM&rdquo;), <FONT STYLE="background-color: white">CIC&rsquo;s investment
adviser. </FONT> The Amended Advisory Agreement is effective upon <FONT STYLE="background-color: white">a future listing of CIC&rsquo;s
outstanding shares of common stock on a national securities exchange (the &ldquo;Listing&rdquo;)</FONT>,
except for the change to the calculation of the subordinated incentive fee payable to CIM that expresses the hurdle rate required for
CIM to earn, and be paid, the subordinated incentive fee as a percentage of CIC&rsquo;s net assets rather than adjusted capital, which
was effective upon shareholder approval and not dependent upon the Listing. A complete description of the Amended Advisory Agreement is
set forth in Proposal No. 3 in CIC&rsquo;s definitive proxy statement filed on May 13, 2021 (the &ldquo;Proxy Statement&rdquo;). The Amended
Advisory Agreement was approved by CIC&rsquo;s shareholders on August 9, 2021 at CIC&rsquo;s reconvened 2021 annual meeting of shareholders.
As a result, on August 10<FONT STYLE="background-color: white">,</FONT> 2021, CIC and CIM entered into the Amended Advisory Agreement
in order to implement this change to the calculation of the subordinated incentive fee payable to CIM.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the Amended Advisory Agreement as set forth in this Item&nbsp;1.01 is a summary only and is qualified in all respects by the provisions
of such agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B>Item
5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">On
August 11, 2021, CIC&rsquo;s board of directors (the &ldquo;Board&rdquo;) approved an increase in the size of the Board from six to
eight directors, and thereafter appointed Cathy Choi as an independent director for a term expiring at&nbsp;CIC&rsquo;s 2023 annual
meeting of shareholders or until her successor is duly elected and qualified. On August 11, 2021, the Board also appointed Edward J.
Estrada as an independent director for a term expiring at&nbsp;CIC&rsquo;s 2022 annual meeting of shareholders or until his
successor is duly elected and qualified. Ms. Choi and Mr. Estrada were also appointed to serve as members
of&nbsp;CIC&rsquo;s Audit Committee and Nominating and Corporate Governance Committee. As a result of the appointment of Ms. Choi and Mr. Estrada, the Board consists of six independent directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">There
are no arrangements or understandings between Ms. Choi and any other person pursuant to which Ms. Choi was appointed as a director of&nbsp;CIC.
Ms. Choi has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation
S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">There
are no arrangements or understandings between Mr. Estrada and any other person pursuant to which Mr. Estrada was appointed as a director
of&nbsp;CIC. Mr. Estrada has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a)
of Regulation S-K.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Cathy Choi</I>, 49, has
served as President of BULBRITE Industries, a leading manufacturer and supplier of energy-efficient lighting solutions, since 2009. Founded
50 years ago by her parents, BULBRITE is a family-owned business renowned for its commitment to innovation, education and exceptional
service. In her role as President, Ms. Choi oversees all aspects of the company&rsquo;s operations including sales, marketing, operations,
manufacturing and product development. During her tenure as President of BULBRITE, Ms. Choi has expanded sales and services to a broader
community and distributor base throughout North America. She has helped expand the breadth of the company&rsquo;s product line to LED
decorative bulbs and patio string lights as well as a line of smart bulbs, Bulbrite Solana&reg;, that has been featured in the Washington
Post, Dwell, House Beautiful and Apartment Therapy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Recipient of the 2021 Women
in Lighting Leadership Award and Residential Lighting Industry Leadership Award in 2010, Ms. Choi is an active leader in the lighting
industry, current serving on the Lighting Board of Governors for the Dallas Market Center since 2018, and was a former Chair of the American
Lighting Association Education Foundation Board from 2013 to 2015. She is an ALA Certified Lighting Specialist.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A sought-after industry expert
and leadership speaker, Ms. Choi was recognized as a Woman of Influence in 2013 by the NJ Commerce and Industry Association. She is also
an elected member of the President&rsquo;s Council for Cornell Women since 2017, and has served as a director for the Ridgewood Public
Library Foundation since 2017 and for a privately held company in NJ since 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ms. Choi earned her MBA from
New York University in 1996 and her BA from Cornell University in 1993. She is the Co-Chair of the NYU Stern Women in Business Alumnae
Group, and Advisory Council Member for the Seton Hall Business School Leadership Program.&nbsp;&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Edward
J. Estrada</I>, 48, has been in private legal practice since 1997.&nbsp; He has been a partner with the global law firm, Reed Smith, LLP,
since 2007.&nbsp; In addition to his practice in Reed Smith, LLP&rsquo;s Global Financial Industry Group, he also serves as a director
for a family foundation since 2021 and as an advisory and executive board member for certain non-profit businesses. Ed counsels his clients
in a wide range of business matters, including acting as outside counsel, and addressing their regulatory, transactional and litigation
needs. Ed has held multiple leadership positions at Reed Smith, LLP, most recently as global chair of the firm&rsquo;s Financial Industry
Group from 2016 to 2021. Ed has also served as co-head of Reed Smith, LLP&rsquo;s U.S. Litigation Group (2010 to 2012), has served two
terms on the firm&rsquo;s Executive Committee (2009 and 2014), has served as Managing Partner of the New York Office (2012 to 2014), and
has served as the firm&rsquo;s Global Head of Business Strategy on the firm&rsquo;s Senior Management Team (2014 to 2016).&nbsp; In his
practice, and in his role as global chair of Reed Smith, LLP&rsquo;s Financial Industry Group, Ed has counseled clients ranging from private
funds to investment and regional banks, and is responsible for identifying and responding to market and industry trends.&nbsp; Mr. Estrada
received his J.D. from George Washington Law School in 1997 and his B.A. from Cornell University in 1994.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5.07. Submission of Matters to a Vote
of Security Holders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 9, 2021, CIC&nbsp;reconvened
its Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;).&nbsp;&nbsp;The Annual Meeting was initially called to order on
July&nbsp;8,&nbsp;2021 and was adjourned on such date until August 9, 2021 with respect to certain proposals to permit additional time
to solicit shareholder votes for such proposals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of May 10, 2021, the record
date for the determination of shareholders entitled to notice of, and to vote at, the Annual Meeting,&nbsp;113,514,454 shares of common
stock were eligible to be voted, and 58,450,862 of those shares were voted in person or by proxy at the reconvened Annual Meeting. Shareholders
were asked to consider and act upon the following proposals, each of which is described in detail in the Proxy Statement:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposal No. 2 &ndash; the&nbsp;<FONT STYLE="background-color: white">approval of five proposals that will collectively amend and restate CIC&rsquo;s charter to reflect amendments described in the Proxy Statement, which will become effective upon a future Listing, and which will serve to conform more closely certain provisions in CIC&rsquo;s charter to provisions in the charters of other business development companies whose securities are listed and publicly-traded on a national securities exchange (the &ldquo;Listing Charter Amendment Proposals&rdquo;);</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposal No. 3 &ndash; the&nbsp;<FONT STYLE="background-color: white">approval of an amended and restated investment advisory agreement between CIC and CIM, CIC&rsquo;s investment adviser, which will become effective upon a future Listing, except, as described in the Proxy Statement, for the change to the calculation of the incentive fee payable to CIC&rsquo;s investment adviser such that it is based on net assets rather than &ldquo;Adjusted Capital&rdquo;, which will be effective upon obtaining shareholder approval and not upon a Listing (the &ldquo;Advisory Agreement Amendment Proposal&rdquo;); and</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 92%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proposal No. 4 &ndash; to&nbsp;<FONT STYLE="background-color: white">authorize flexibility for CIC, with the approval of CIC&rsquo;s board of directors, to offer and sell shares of common stock at a price below net asset value during the next 12 months following shareholder approval, subject to certain limitations described in the Proxy Statement (the &ldquo;Share Issuance Proposal&rdquo;).</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The&nbsp;Advisory Agreement
Amendment Proposal was approved by CIC&rsquo;s shareholders at the reconvened Annual Meeting.&nbsp;The votes for, votes against, abstentions
and broker non-votes are set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 48%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Votes For</FONT></TD>
    <TD STYLE="width: 52%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,164,700</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Votes Against</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,531,901</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Abstentions</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,754,261</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker Non-Votes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The&nbsp;<FONT STYLE="background-color: white">Share
Issuance </FONT>Proposal was also approved by CIC&rsquo;s shareholders at the reconvened Annual Meeting.&nbsp;The votes for, votes against,
abstentions and broker non-votes are set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&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: 48%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Votes For</FONT></TD>
    <TD STYLE="width: 52%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46,367,487</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Votes Against</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,963,394</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Abstentions</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,119,981</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker Non-Votes</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 9, 2021, CIC further
adjourned the Annual Meeting with respect to the&nbsp;<FONT STYLE="background-color: white">Listing Charter Amendment Proposals</FONT>
to permit additional time to solicit shareholder votes for such proposal. The reconvened meeting (the &ldquo;Reconvened Annual Meeting&rdquo;)
will be held on Tuesday, September 7, 2021 at 5:00 p.m., Eastern Time, and will be held virtually at www.virtualshareholdermeeting.com/CIC2021.
Valid proxies submitted prior to the Annual Meeting will continue to be valid for the Reconvened Annual Meeting, unless properly changed
or revoked prior to votes being taken at the Reconvened Annual Meeting. The record date of May 10, 2021 will remain the same for the Reconvened
Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8.01. Other Events.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 11, 2021, the Board authorized the filing of an application
for a Listing with the New York Stock Exchange (&ldquo;NYSE&rdquo;). Subject to market conditions, final Board approvals and NYSE approval,
CIC currently expects to seek the commencement of trading as part of the Listing in the period following receipt of shareholder approval
of the Listing Charter Amendment Proposals at the Reconvened Annual Meeting. There can be no assurance that CIC will be able to obtain
such shareholder approval or complete the Listing in any certain timeframe or at all.</P>

<P STYLE="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 9pt; text-align: justify; text-indent: -9pt"><B>Item 9.01.
Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&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: 5%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="width: 90%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&nbsp;&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: 10%; padding-right: 0.8pt; text-align: center; font-size: 10pt"><A HREF="tm2124763d1_ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></A></TD>
    <TD STYLE="width: 90%; padding-right: 0.8pt; font-size: 10pt"><A HREF="tm2124763d1_ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amended
and Restated Investment Advisory Agreement, dated as of August 10, 2021, by and between C&Imacr;ON Investment Corporation and CION Investment
Management, LLC</FONT></A></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: justify"></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 34%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SIGNATURES</U></B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 0.8pt">&nbsp;</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">Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"><B>C&#298;ON Investment Corporation</B></P>
                                                                           <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"><B>&nbsp;</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%; font: 10pt Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="width: 45%; font: 10pt Times New Roman, Times, Serif">  August 11, 2021</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: <U>/s/ Michael A. Reisner</U></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Co-Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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; text-align: center"><B>EXHIBIT LIST</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">
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    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXHIBIT<BR>
NUMBER</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 85%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION</B></FONT></TD></TR>
</TABLE>

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  <TR>
    <TD STYLE="vertical-align: top; width: 14%; padding-right: 0.8pt; font-size: 10pt"><A HREF="tm2124763d1_ex10-1.htm">10.1</A></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 0.8pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 85%; padding-right: 0.8pt; font-size: 10pt"><A HREF="tm2124763d1_ex10-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amended
and Restated Investment Advisory Agreement, dated as of August 10, 2021, by and between C&Imacr;ON Investment Corporation and CION Investment
Management, LLC</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2124763d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit 10.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>C&Imacr;ON INVESTMENT CORPORATION</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Amended and Restated Investment Advisory Agreement
(the &ldquo;Agreement&rdquo;) is made as of August 10, 2021, by and between C&Imacr;ON INVESTMENT CORPORATION, a Maryland corporation
(the &ldquo;Company&rdquo;), and CION INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the &ldquo;Adviser&rdquo;).</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">WHEREAS, the Company is a non-diversified, closed-end
management investment company that has elected to be treated as a business development company (&ldquo;BDC&rdquo;) under the Investment
Company Act of 1940, as amended (together with the rules promulgated thereunder, the &ldquo;1940 Act&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-indent: 0.5in">WHEREAS, the Adviser is registered as an investment
adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated thereunder, the &ldquo;Advisers Act&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-indent: 0.5in">WHEREAS, the Company and the Adviser had previously
entered into an investment advisory agreement (the &ldquo;Original Agreement&rdquo;) effective as of June 19, 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; text-indent: 0.5in">WHEREAS, the Company and the Adviser desire to
amend and restate the Original Agreement by entering into this Agreement; 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; text-indent: 0.5in">WHEREAS, the Adviser is willing to continue providing
investment advisory services to the Company in the manner and on the terms and conditions hereinafter set forth.</P>

<P STYLE="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">NOW, THEREFORE, in consideration of the premises
and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the Company and the Adviser hereby agree as follows:</P>

<P STYLE="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>1. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Duties of the Adviser.</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">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Retention of Adviser</U>. The Company hereby appoints the Adviser
to act as the investment adviser to the Company and to manage the investment and reinvestment of the assets of the Company, subject to
the supervision of the board of directors of the Company (the &ldquo;Board of Directors&rdquo;), for the period and upon the terms herein
set forth in accordance with:</P>

<P STYLE="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">(i) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;during the term of this Agreement, all other
applicable federal and state laws, rules and regulations, and the Company&rsquo;s articles of incorporation, as further amended and restated
from time to time (&ldquo;Articles of Incorporation&rdquo;);</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">(ii)&#8239;&#8239;&#8239;&#8239;&#8239; such investment policies, directives, regulatory
restrictions as the Company may from time to time establish or issue and communicate to the Adviser in writing; and</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">(iii) &#8239;&#8239;&#8239;&#8239;the Company&rsquo;s compliance policies and
procedures as applicable to the Company&rsquo;s adviser and as administered by the Company&rsquo;s chief compliance officer.</P>

<P STYLE="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) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Responsibilities of Adviser</U>. Without limiting the generality
of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement:</P>

<P STYLE="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">(i) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;determine the composition and allocation of
the Company&rsquo;s investment portfolio, the nature and timing of any changes therein and the manner of implementing such changes;</P>

<P STYLE="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">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; identify, evaluate and negotiate the structure
of the investments made by the Company;</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">(iii)&#8239;&#8239;&#8239;&#8239;&#8239; perform due diligence on prospective portfolio
companies;</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">(iv)&#8239;&#8239;&#8239;&#8239; execute, close, service and monitor the Company&rsquo;s
investments;</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">(v) &#8239;&#8239;&#8239;&#8239;&#8239;determine the securities and other assets that
the Company shall purchase, retain, or sell;</P>

<P STYLE="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">(vi) &#8239;&#8239;&#8239;&#8239;provide the Company with such other investment
advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds; 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; text-indent: 0.5in">(vii) &#8239;&#8239;&#8239;to the extent permitted under the 1940 Act
and the Advisers Act, on the Company&rsquo;s behalf, and in coordination with any Sub-Adviser (as defined below) and administrator, provide
significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940
Act, including utilizing appropriate personnel of the Adviser to, among other things, participate in board and management meetings, consult
with and advise officers of portfolio companies and provide other organizational and financial guidance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Power and Authority</U>. To facilitate the Adviser&rsquo;s performance
of these undertakings, but subject to the restrictions contained herein, the Company hereby delegates to the Adviser, and the Adviser
hereby accepts, the power and authority to act on behalf of the Company to effectuate investment decisions for the Company, including
the execution and delivery of all documents relating to the Company&rsquo;s investments and the placing of orders for other purchase or
sale transactions on behalf of the Company. In the event that the Company determines to acquire debt financing, the Adviser shall use
commercially reasonable efforts to arrange for such financing on the Company&rsquo;s behalf, subject to the oversight and approval of
the Board of Directors. If it is necessary for the Adviser to make investments on behalf of the Company through a special purpose vehicle,
the Adviser shall have authority to create, or arrange for the creation of, such special purpose vehicle and to make investments through
such special purpose vehicle in accordance with applicable law. The Company also grants to the Adviser power and authority to engage in
all activities and transactions (and anything incidental thereto) that the Adviser deems, in its sole discretion, appropriate, necessary
or advisable to carry out its duties pursuant to this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Acceptance of Appointment</U>. The Adviser hereby accepts such
appointment and agrees during the term hereof to render the services described herein for the compensation provided herein, subject to
the limitations contained 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">(e) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Sub-Advisers</U>. The Adviser is hereby authorized to enter
into one or more sub-advisory agreements (each a &ldquo;Sub-Advisory Agreement&rdquo;) with other investment advisers (each a &ldquo;Sub-
Adviser&rdquo;) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities
hereunder, subject to the oversight of the Adviser and/or the Company, with the scope of such services and oversight to be set forth in
each Sub- Advisory Agreement.</P>

<P STYLE="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">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; The Adviser and not the Company shall be responsible
for any compensation payable to any Sub-Adviser; provided, however, that the Adviser shall have the right to direct the Company to pay
directly any Sub-Adviser, but only with respect to the amounts due and payable to such Sub-Adviser from the fees and expenses payable
to the Adviser under this Agreement.</P>

<P STYLE="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">(ii)&#8239;&#8239;&#8239;&#8239;&#8239; Any Sub-Advisory Agreement entered into by
the Adviser shall be in accordance with the requirements of the 1940 Act and the Advisers Act, including without limitation, the requirements
of the 1940 Act relating to Board of Directors and Company stockholder approval thereunder, and other applicable federal and state 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iii) &#8239;&#8239;&#8239;&#8239;Any Sub-Adviser shall be subject to the same
fiduciary duties as are imposed on the Adviser pursuant to this Agreement, the 1940 Act and the Advisers Act, as well as other applicable
federal and state law, taking into account any limitations of the scope of responsibilities of such Sub-Adviser.</P>

<P STYLE="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">(iv)&#8239;&#8239;&#8239;&#8239; In the event that the terms and provisions
of any Sub-Advisory Agreement related to the rights, responsibilities and obligations of the Sub-Adviser conflict with this Agreement,
the terms of the Sub-Advisory Agreement 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">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Independent Contractor Status</U>. The Adviser shall, for all
purposes herein provided, be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have
no authority to act for or represent the Company in any way or otherwise be deemed an agent 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">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Record Retention</U>. Subject to review by and the overall control
of the Board of Directors, the Adviser shall maintain and keep all books, accounts and other records of the Adviser that relate to activities
performed by the Adviser hereunder as required under the 1940 Act and the Advisers Act. The Adviser agrees that all records that it maintains
and keeps for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours,
and shall be promptly surrendered to the Company upon the termination of this Agreement or otherwise on written request by the Company.
The Adviser further agrees that the records that it maintains and keeps for the Company shall be preserved in the manner and for the periods
prescribed by the 1940 Act, unless any such records are earlier surrendered as provided above. The Adviser shall have the right to retain
copies, or originals where required by Rule 204- 2 promulgated under the Advisers Act, of such records to the extent required by applicable
law, subject to observance of its confidentiality obligations under this Agreement. The Adviser shall maintain records of the locations
where books, accounts and records are maintained among the persons and entities providing services directly or indirectly to the Adviser
or 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"><B><I>The following provisions in this Section 1 shall apply for only
so long as shares of the Company&rsquo;s common stock are not listed on a national securities exchange.</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">(h) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>State Administrator</U>. The Adviser shall, upon request by
an official or agency administering the securities laws of a state, province, or commonwealth (a &ldquo;State Administrator&rdquo;), submit
to such State Administrator the reports and statements required to be distributed to Company stockholders pursuant to this Agreement,
the Company&rsquo;s Registration Statement on Form N-2 as declared effective by the Securities and Exchange Commission (the &ldquo;SEC&rdquo;),
as supplemented, amended or superseded from time to time (the &ldquo;Registration Statement&rdquo;) and applicable federal and state law;
provided, however, the Adviser shall notify (unless prohibited by applicable law, rule or regulation) the Company in writing in advance
of any such submission.</P>

<P STYLE="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)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Fiduciary Duty</U>. It is acknowledged that the Adviser shall
have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Company, whether or not in the Adviser&rsquo;s
immediate possession or control. The Adviser shall not employ, or permit another to employ, such funds or assets in any manner except
for the exclusive benefit of the Company. The Adviser shall not, by entry into an agreement with any stockholder of the Company or otherwise,
contract away the fiduciary obligation owed to the Company and the Company&rsquo;s stockholders under common law or otherwise.</P>

<P STYLE="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>2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Expenses Payable by the Company.</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">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Adviser Personnel</U>. All investment personnel of the Adviser,
when and to the extent engaged in providing investment advisory services and managerial assistance hereunder and the compensation and
routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by 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">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Costs</U>. Subject to the limitations on expense reimbursement
of the Adviser as set forth in Section 2(c), the Company, either directly or through reimbursement to the Adviser, shall bear all costs
and expenses of its investment operations and its investment transactions, including without limitation, expenses relating to: expenses
deemed to be &ldquo;organization and offering expenses&rdquo; of the Company for purposes of Conduct Rule 2310(a)(12) of the Financial
Industry Regulatory Authority (for purposes of this Agreement, such expenses, exclusive of commissions, the dealer manager fee and any
discounts, are hereinafter referred to as &ldquo;Organization and Offering Expenses&rdquo;); corporate and organizational expenses relating
to borrowings and offerings of the Company&rsquo;s common stock and other securities and incurrences of indebtedness, subject to limitations
included in the Agreement; interest; the cost of calculating the Company&rsquo;s net asset value, including the cost of any third-party
valuation services; the cost of effecting sales and repurchases of shares of the Company&rsquo;s common stock and other securities; investment
advisory fees of the Adviser; fees payable to third parties relating to, or associated with, making investments and valuing investments,
including fees and expenses associated with performing due diligence reviews of prospective investments; transfer agent and custodial
fees, fees and expenses associated with marketing efforts (including attendance at investment conferences and similar events); federal
and state registration fees; federal, state and local taxes; the fees and expenses of any directors of the Company who are not affiliated
persons (as defined in the 1940 Act) of the Adviser; costs of proxy statements, stockholders reports and notices; fidelity bond, directors
and officers errors and omissions liability insurance and other insurance premiums; direct costs such as printing, mailing, long distance
telephone and staff costs; costs associated with the Company&rsquo;s reporting and compliance obligations under the 1940 Act and applicable
federal and state securities laws, including compliance with the Sarbanes-Oxley Act of 2002;fees and expenses associated with accounting,
independent audits and legal costs; brokerage commissions for the Company&rsquo;s investments; and all other expenses of any person in
connection with administering the Company&rsquo;s business, including expenses incurred by the Company&rsquo;s Adviser and administrator
in performing administrative services for the Company, including supplying the Company&rsquo;s chief financial officer and chief compliance
officer and personnel supporting them.</P>

<P STYLE="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 Adviser and/or one or more of its affiliates
will be entitled to receive reimbursement from the Company of Organization and Offering Expenses it has paid on behalf of the Company,
up to 5.00% of the aggregate gross proceeds of any offerings of the Company&rsquo;s securities (the &ldquo;Reimbursable O&amp;O Expenses&rdquo;)
until all of the Organization and Offering Expenses and any future Organization and Offering Expenses incurred and/or paid by the Adviser
and each such affiliate have been recovered.</P>

<P STYLE="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">Under the terms of this Agreement, after the Company
meets the minimum offering requirement, the Adviser and certain of its affiliates will become entitled to receive 1.5% of gross proceeds
raised until all offering costs and organization costs and any future offering or organization costs incurred have been recovered.</P>

<P STYLE="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 following provisions in this Section 2(c) shall apply for
only so long as shares of the Company&rsquo;s common stock are not listed on a national securities exchange.</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">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Limitations on Reimbursement of Expenses</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">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
addition to the compensation paid to the Adviser pursuant to Section 3, the Company shall reimburse the Adviser for all expenses of the
Company incurred by the Adviser as well as the actual cost of goods and services used for or by the Company and obtained from entities
not affiliated with the Adviser. The Adviser may be reimbursed for the administrative services performed by it on behalf of the Company;
provided, however, the reimbursement shall be an amount equal to the lower of the Adviser&rsquo;s actual cost or the amount the Company
would be required to pay third parties for the provision of comparable administrative services in the same geographic location; and provided,
further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming
with generally accepted accounting principles. No reimbursement shall be permitted for services for which the Adviser is entitled to compensation
by way of a separate fee. Excluded from the allowable reimbursement shall be:</P>

<P STYLE="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">(A)&#8239;&#8239;&#8239;&#8239;&#8239; rent or depreciation, utilities, capital equipment,
and other administrative items allocated to a person with a controlling interest in the Adviser; 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; text-indent: 0.5in">(B) &#8239;&#8239;&#8239;&#8239;&#8239;salaries, fringe benefits, travel expenses
and other administrative items incurred or allocated to any executive officer or board member of the Adviser (or any individual performing
such services) or a holder of 10% or greater equity interest in the Adviser (or any person having the power to direct or cause the direction
of the Adviser, whether by ownership of voting securities, by contract or otherwise).</P>

<P STYLE="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">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Reimbursement</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">Expenses incurred by the Adviser on behalf of the
Company and payable pursuant to this section shall be reimbursed by the Company for its expenses incurred in accordance with this Section
2 promptly following its request therefor, but in no event later than 10 business days following such request. The Adviser shall prepare
a statement documenting the expenses of the Company and the calculation of the reimbursement and shall deliver such statement to the Company
prior to full reimbursement.</P>

<P STYLE="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>3. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Compensation of the Adviser.</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: 0.5in">The Company agrees to pay, and the Adviser agrees
to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (&ldquo;Base Management Fee&rdquo;)
and an incentive fee (&ldquo;Incentive Fee&rdquo;) as hereinafter set forth. The Adviser may, in its sole discretion, elect or agree to
temporarily or permanently waive, defer, reduce or modify, in whole or in part, the Base Management Fee and/or the Incentive Fee. Any
of the fees payable to the Adviser under this Agreement for any partial month or calendar quarter shall be appropriately prorated. The
fees payable to the Adviser as set forth in this Agreement shall be calculated using a detailed calculation policy and procedures approved
by the Adviser and the Board of Directors, including a majority of the Independent Directors (as defined below), and shall be consistent
with the calculation of such fees as set forth in this Section.</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">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Base Management Fee</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">(i) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Base Management Fee will be calculated
at an annual rate of 2.0% of average gross assets, excluding cash and cash equivalents, payable quarterly in arrears, and will be calculated
based on the average value of the Company&rsquo;s gross assets at the end of the two (2) most recently completed calendar quarters. Base
Management Fees for any partial quarter will be appropriately pro-rated.</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">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Effective upon the Company&rsquo;s shares
of common stock being listed on a national securities exchange, the Base Management Fee will be calculated at an annual rate of 1.5% of
average gross assets (including cash pledged as collateral for the Company&rsquo;s secured financing arrangements, but excluding other
cash and cash equivalents so that investors do not pay the base management fee on such assets), payable quarterly in arrears, and will
be calculated based on the average value of the Company&rsquo;s gross assets at the end of the two (2) most recently completed calendar
quarters; <I>provided, however</I> that a Base Management Fee of 1.0% of the average value of the Company&rsquo;s gross assets (including
cash pledged as collateral for the Company&rsquo;s secured financing arrangements, but excluding other cash and cash equivalents so that
investors do not pay the base management fee on such assets), will apply to any amount of assets attributable to leverage decreasing the
Company&rsquo;s asset coverage ratio below 200%. Base Management Fees for any partial quarter will be appropriately pro-rated.</P>

<P STYLE="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)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Incentive Fee</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">(i) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Incentive Fee will be divided into two
parts: (1) a subordinated incentive fee on income, and (2) an incentive fee on capital gains. Each part of the Incentive Fee is outlined
below.</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">The first part, the subordinated incentive fee
on income, will be calculated and payable quarterly in arrears based upon the Company&rsquo;s &ldquo;pre-incentive fee net investment
income&rdquo; for the immediately preceding quarter. The subordinated incentive fee on income will be subject to a hurdle rate, measured
quarterly and expressed as a rate of return on the net assets of the Company at the beginning of the most recently completed calendar
quarter, of 1.875% (7.50% annualized), subject to a &ldquo;catch up&rdquo; feature. For this purpose, &ldquo;pre-incentive fee net investment
income&rdquo; means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial
assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio
companies) accrued during the calendar quarter, minus the Company&rsquo;s operating expenses for the quarter (including the base management
fee, expenses reimbursed to the Administrator under the administration agreement and any interest expense and dividends paid on any issued
and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments
with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities),
accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital
gains, realized capital losses or unrealized capital appreciation or depreciation. The calculation of the subordinated incentive fee on
income for each quarter is as follows:</P>

<P STYLE="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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">No subordinated incentive fee on income is payable to the Adviser in any
calendar quarter in which the Company&rsquo;s pre-incentive fee net investment income does not exceed the preferred return rate of 1.875%
(the &ldquo;hurdle rate&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">100% of the Company&rsquo;s pre-incentive fee net investment income, if any,
that exceeds the hurdle rate, but is less than or equal to 2.34375% in any calendar quarter (9.375% annualized) is payable to the Adviser.
This portion of the Company&rsquo;s pre-incentive fee net investment income is referred to as the &ldquo;catch-up.&rdquo; The &ldquo;catch-up&rdquo;
provision is intended to provide the Adviser with an incentive fee of 20.0% on all of the Company&rsquo;s pre-incentive fee net investment
income when the Company&rsquo;s pre-incentive fee net investment income reaches 2.34375% in any calendar quarter.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">20.0% of the amount of the Company&rsquo;s pre-incentive fee net investment
income, if any, that exceeds 2.34375% in any calendar quarter (9.375% annualized) is payable to the Adviser once the hurdle rate is reached
and the catch-up is achieved (20.0% of all pre-incentive fee net investment income thereafter is allocated to the Adviser).</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">These calculations will be appropriately pro-rated
for any period of less than three (3) months.</P>

<P STYLE="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 second part of the incentive fee, the incentive
fee on capital gains, will be an incentive fee on capital gains earned on liquidated investments from the portfolio and will be determined
and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee will equal
twenty percent (20%) of the Company&rsquo;s realized capital gains on a cumulative basis from inception, calculated as of the end of each
calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate
amount of any previously paid capital gain incentive fees.</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">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Effective upon the Company&rsquo;s shares
of common stock being listed on a national securities exchange, the Incentive Fee will be calculated as set forth below:</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">The first part, the subordinated incentive fee
on income, will be calculated and payable quarterly in arrears based upon the Company&rsquo;s &ldquo;pre-incentive fee net investment
income&rdquo; for the most recently completed calendar quarter. The subordinated incentive fee on income will be subject to a hurdle rate,
measured quarterly and expressed as a rate of return on the net assets of the Company at the beginning of the most recently completed
calendar quarter, of 1.625% (6.5% annualized), subject to a &ldquo;catch up&rdquo; feature. For this purpose, &ldquo;pre-incentive fee
net investment income&rdquo; means interest income, dividend income and any other income (including any other fees, other than fees for
providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company
receives from portfolio companies) accrued during the calendar quarter, minus the Company&rsquo;s operating expenses for the quarter (including
the base management fee, expenses reimbursed to the Administrator under the administration agreement and any interest expense and dividends
paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes,
in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest
and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does
not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The calculation of
the subordinated incentive fee on income for each quarter is as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No subordinated incentive fee on income is payable to the Adviser in any calendar quarter in which the Company&rsquo;s pre-incentive fee net investment income does not exceed the preferred return rate of 1.625% (the &ldquo;hurdle rate&rdquo;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100% of the Company&rsquo;s pre-incentive fee net investment income, if any, that exceeds the hurdle rate, but is less than or equal to 1.970% in any calendar quarter (7.879% annualized) is payable to the Adviser. This portion of the Company&rsquo;s pre-incentive fee net investment income is referred to as the &ldquo;catch-up.&rdquo; The &ldquo;catch-up&rdquo; provision is intended to provide the Adviser with an incentive fee of 17.5% on all of the Company&rsquo;s pre-incentive fee net investment income when the Company&rsquo;s pre-incentive fee net investment income reaches 1.970% in any calendar quarter.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.5% of the amount of the Company&rsquo;s pre-incentive fee net investment income, if any, that exceeds 1.970% in any calendar quarter (7.879% annualized) is payable to the Adviser once the hurdle rate is reached and the catch-up is achieved (17.5% of all pre-incentive fee net investment income thereafter is allocated to the Adviser).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These calculations will be appropriately pro-rated
for any period of less than three (3) months.</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">The second part of the incentive fee, the incentive
fee on capital gains, will be an incentive fee on capital gains earned on liquidated investments from the portfolio and will be determined
and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee will equal
seventeen and one-half percent (17.5%) of the Company&rsquo;s realized capital gains on a cumulative basis from inception, calculated
as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis,
less the aggregate amount of any previously paid capital gain incentive fees.</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">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Waiver or Deferral of Fees</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">The Adviser may elect to defer or waive all or
a portion of the Base Management Fee and/or the Incentive Fee that would otherwise be paid to it. Prior to the payment of any fee to the
Adviser, the Company shall obtain written instructions from the Adviser with respect to any deferral or waiver of any portion of such
fees. Any portion of a deferred fee payable to the Adviser and not paid over to the Adviser with respect to any month, calendar quarter
or year shall be deferred without interest and may be paid over in any such other month prior to the occurrence of the termination of
this Agreement or a liquidity event, as the Adviser may determine upon written notice to the Company.</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"><B>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Covenant of the Adviser.</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">(a) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration of Adviser</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">The Adviser covenants that it is or will be registered
as an investment adviser under the Advisers Act on the effective date of this Agreement as set forth in Section 11 herein, and shall maintain
such registration until the expiration or termination of this Agreement. The Adviser agrees that its activities shall at all times comply
in all material respects with all applicable federal and state laws governing its operations and investments. The Adviser agrees to observe
and comply with applicable provisions of the code of ethics adopted by the Company pursuant to Rule 17j-1 under the 1940 Act, as such
code of ethics may be amended from time to time.</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"><B><I>The following provisions in this Section 4 shall apply for only
so long as shares of the Company&rsquo;s common stock are not listed on a national securities exchange.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Reports to Stockholders</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">The Adviser shall prepare or shall cause to be
prepared and distributed to stockholders during each year the following reports of the Company (either included in a periodic report filed
with the SEC or distributed in a separate report):</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">(i) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Quarterly Reports</I>. Within sixty (60)
days of the end of each quarter, a report containing the same financial information contained in the Company&rsquo;s Quarterly Report
on Form 10-Q filed by the Company under the Securities Exchange Act of 1934, 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: 0.5in">(ii) <I>&#8239;&#8239;&#8239;&#8239;&#8239;Annual Report</I>. Within 120 days after
the end of the Company&rsquo;s fiscal year, an annual report containing:</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: 1in">(A)&#8239;&#8239;&#8239;&#8239; A balance sheet as of the end of each fiscal
year and statements of income, equity, and cash flow, for the year then ended, all of which shall be prepared in accordance with generally
accepted accounting principles and accompanied by an auditor&rsquo;s report containing an opinion of an independent certified public accountant;</P>

<P STYLE="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">(B)&#8239;&#8239;&#8239;&#8239;&#8239; A report of the activities of the Company
during the period covered by the report;</P>

<P STYLE="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: 1in">(C)&#8239;&#8239;&#8239;&#8239;&#8239; Where forecasts have been provided to the Company&rsquo;s
shareholders, a table comparing the forecasts previously provided with the actual results during the period covered by the report;</P>

<P STYLE="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: 1in">(D)&#8239;&#8239;&#8239;&#8239;&#8239; To the extent applicable, a report setting forth
distributions by the Company for the period covered thereby and separately identifying distributions from (i) cash flow from operations
during the period; (ii) cash flow from operations during a prior period which have been held as reserves; and (iii) proceeds from disposition
of Company assets.</P>

<P STYLE="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">(iii)&#8239;&#8239;&#8239;&#8239; <I>Previous Reimbursement Reports</I>. The
Adviser shall prepare or shall cause to be prepared a report, prepared in accordance with the American Institute of Certified Public Accountants
United States Auditing Standards relating to special reports, and distributed to stockholders not less than annually, containing an itemized
list of the costs reimbursed to the Adviser for the previous fiscal year. The special report shall at a minimum provide:</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: 1in">(A)&#8239;&#8239;&#8239;&#8239; A review of the time records of individual employees,
the costs of whose services were reimbursed; 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 0.5in; text-indent: 0.5in">(B) &#8239;&#8239;&#8239;&#8239;&#8239;A review of the specific nature of
the work performed by each such employee.</P>

<P STYLE="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">(iv)&#8239;&#8239;&#8239;&#8239; <I>Proposed Reimbursement Reports</I>. The
Adviser shall prepare or shall cause to be prepared a report containing an itemized estimate of all proposed expenses for which it shall
receive reimbursements pursuant to Section 2(c) of this Agreement for the next fiscal year, together with a breakdown by year of such
expenses reimbursed in each of the last five public programs formed by the Adviser.</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">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Reports to State Administrators</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">The Adviser shall, upon written request of any
State Administrator, submit any of the reports and statements to be prepared and distributed by it to such State Administrator; provided
that, the Adviser shall provide written notice to the Company in advance of any such submission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reserves</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">In performing its duties hereunder, the Adviser
shall cause the Company to provide for adequate reserves for normal replacements and contingencies (but not for payment of fees payable
to the Adviser hereunder) by causing the Company to retain a reasonable percentage of proceeds from offerings and revenues.</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">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Recommendations Regarding Reviews</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">From time to time and not less than quarterly,
the Adviser must review the Company&rsquo;s accounts to determine whether cash distributions are appropriate. The Company may, subject
to authorization by the Board of Directors, distribute pro rata to the stockholders funds received by the Company which the Adviser deems
unnecessary to retain in the Company.</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">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Temporary Investments</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">The Adviser shall, in its sole discretion, temporarily
place proceeds from offerings by the Company into short term, highly liquid investments which, in its reasonable judgment, afford appropriate
safety of principal during such time as it is determining the composition and allocation of the portfolio of the Company and the nature,
timing and implementation of any changes thereto pursuant to Section 1(b); provided, however, that the Adviser shall be under no fiduciary
obligation to select any such short-term, highly liquid investment based solely on any yield or return of such investment. The Adviser
shall cause any proceeds of the offering of Company securities not committed for investment within the later of two (2) years from the
date of effectiveness of the Registration Statement or one year from termination of the offering, unless a longer period is permitted
by the applicable State Administrator, to be paid as a distribution to the stockholders of the Company as a return of capital without
deduction of Front End Fees (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR>
</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>5. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Brokerage Commissions.</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">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Selection of Brokers</U>. The Adviser is hereby authorized,
to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker
or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such
exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account
factors, including without limitation, price (including the applicable brokerage commission or dealer spread), size of order, difficulty
of execution, and operational facilities of the firm and the firm&rsquo;s risk and skill in positioning blocks of securities, that such
amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker
or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company&rsquo;s portfolio,
and is consistent with the Adviser&rsquo;s duty to seek the best execution on behalf of the Company. Notwithstanding the foregoing, with
regard to transactions with or for the benefit of the Company, the Adviser may not pay any commission or receive any rebates or give-ups,
nor participate in any business arrangements which would circumvent this restriction.</P>

<P STYLE="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 following provisions in this Section 5 shall apply for only
so long as shares of the Company&rsquo;s common stock are not listed on a national securities exchange.</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">(b) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Limitations</U>. Notwithstanding anything herein to the contrary:</P>

<P STYLE="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">(i) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;All fees and expenses paid by any party for
any services rendered to organize the Company and to acquire assets for the Company (&ldquo;Front End Fees&rdquo;) shall be reasonable
and shall not exceed 18% of the gross offering proceeds, regardless of the source of payment. Any reimbursement to the Adviser or any
other person for deferred organizational and offering expenses, including any interest thereon, if any, will be included within this 18%
limitation.</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">(ii) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Adviser shall commit at least eighty-two
percent (82%) of the gross offering proceeds towards the investment or reinvestment of assets and reserves as set forth in Section 4(d)
above on behalf of the Company. The remaining proceeds may be used to pay Front End Fees.</P>

<P STYLE="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>6. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Other Activities of the Adviser.</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: 0.5in">The services of the Adviser to the Company are
not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation,
the direct or indirect sponsorship or management of other investment-based accounts or commingled pools of capital, however structured,
having investment objectives similar to or different from those of the Company, and nothing in this Agreement shall limit or restrict
the right of any officer, director, stockholder (and their stockholders or members, including the owners of their stockholders or members),
or officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other
business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for
serving as a director of, or providing consulting services to, one or more of the Company&rsquo;s portfolio companies, subject to applicable
law). The Adviser assumes no responsibility under this Agreement other than to render the services set forth herein. It is understood
that directors, officers, employees and stockholders of the Company are or may become interested in the Adviser and its affiliates, as
directors, officers, employees, partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers,
employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the
Company as stockholders or otherwise.</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"><B>7. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Responsibility of Dual Directors, Officers and/or Employees.</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: 0.5in">If any person who is a director, officer, stockholder
or employee of the Adviser is or becomes a director, officer, stockholder and/or employee of the Company and acts as such in any business
of the Company, then such director, officer, stockholder and/or employee of the Adviser shall be deemed to be acting in such capacity
solely for the Company, and not as a director, officer, stockholder or employee of the Adviser or under the control or direction of the
Adviser, even if paid by the Adviser.</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"></P>

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<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"><B>8. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Indemnification.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Indemnification of Adviser</U>. Subject to Section 9, the Adviser
and each of its directors, officers, stockholders or members (and its stockholders or members, including the owners of their stockholders
or members), agents, employees, controlling persons (as determined under the 1940 Act (&ldquo;Controlling Persons&rdquo;)) and any other
person or entity affiliated with, or acting on behalf of, the Adviser (each an &ldquo;Indemnified Party&rdquo; and, collectively, the
 &ldquo;Indemnified Parties&rdquo;)shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection
with the performance of any of their duties or obligations under this Agreement or otherwise as an investment adviser of the Company (except
to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty with respect to the
receipt of compensation for services), and the Company shall indemnify, defend and protect the Indemnified Parties (each of whom shall
be deemed a third party beneficiary hereof) and hold them harmless from and against all losses, damages, liabilities, costs and expenses
(including reasonable attorneys&rsquo; fees and amounts reasonably paid in settlement) (&ldquo;Losses&rdquo;) incurred by the Indemnified
Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or
suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Indemnified
Parties&rsquo; duties or obligations under this Agreement or otherwise as an investment adviser of the Company to the extent such Losses
are not fully reimbursed by insurance and otherwise to the fullest extent such indemnification would not be inconsistent with the Articles
of Incorporation, the 1940 Act, the laws of the State of Maryland or, to the extent applicable, the provisions of Section II.G of the
Omnibus Guidelines published by the North American Securities Administrators Association on March 29, 1992, as it may be amended from
time to time.</P>

<P STYLE="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 following provisions in this Section 8(b) shall apply for
only so long as shares of the Company&rsquo;s common stock are not listed on a national securities exchange.</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">(b)&#8239;&#8239;&#8239;&#8239;&#8239; <U>Advancement of Funds</U>. The Company shall be permitted to
advance funds to the Indemnified Parties for legal expenses and other costs incurred as a result of any legal action for which indemnification
is being sought only if all of the following conditions 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; text-indent: 0.5in">(i) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The legal action relates to acts or omissions
with respect to the performance of duties or services on behalf 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: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239; the Indemnified Party provides the Company
with written affirmation of the Indemnified Party&rsquo;s good faith belief that the Indemnified Party has met the standard of conduct
necessary for indemnification by 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: 0.5in">(iii)&#8239;&#8239;&#8239;&#8239; The legal action is initiated by a third
party who is not a Company stockholder, or the legal action is initiated by a Company stockholder and a court of competent jurisdiction
specifically approves such advancement; 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; text-indent: 0.5in">(iv)&#8239;&#8239;&#8239; The Indemnified Party provides the Company
with a written agreement to repay the advanced funds to the Company, allocated as advanced, together with the applicable legal rate of
interest thereon, in cases in which the Indemnified Party is not found to be entitled to indemnification pursuant to a final, non-appealable
decision of a court of competent 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">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Indemnification of the Company</U>. The Adviser shall indemnify
the Company, and its affiliates and Controlling Persons, for any Losses that the Company or its Affiliates and Controlling Persons may
sustain as a result of the Adviser&rsquo;s willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder
or violation of applicable law, including, without limitation, the federal and state securities laws.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Limitation on Indemnification.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The following provisions in this Section 9 shall apply for only
so long as shares of the Company&rsquo;s common stock are not listed on a national securities exchange.</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: 0.5in">Notwithstanding Section 8(a) to the contrary, the
Company shall not provide for indemnification of the Indemnified Parties for any liability or loss suffered by the Indemnified Parties,
nor shall the Company provide that any of the Indemnified Parties be held harmless for any loss or liability suffered by the Company,
unless all of the following conditions 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; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; the Indemnified Party has determined, in good
faith, that the course of conduct which caused the loss or liability was in the best interests 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: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239; the Indemnified Party was acting on behalf
of or performing services for the Company;</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">(iii)&#8239;&#8239;&#8239;&#8239; such liability or loss was not the result
of willful misfeasance, bad faith or gross negligence by the Indemnified Party; 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; text-indent: 0.5in">(iv) &#8239;&#8239;&#8239;&#8239;such indemnification or agreement to hold
harmless is recoverable only out of the Company&rsquo;s net assets and not from stockholders 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: 0.5in">Furthermore, the Indemnified Party shall not be
indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws, unless
one or more of the following conditions 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; text-indent: 0.5in">(i) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;there has been a successful adjudication on
the merits of each count involving alleged material securities law violations;</P>

<P STYLE="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">(ii)&#8239;&#8239;&#8239;&#8239;&#8239; such claims have been dismissed with prejudice
on the merits by a court of competent jurisdiction; or</P>

<P STYLE="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">(iii) &#8239;&#8239;&#8239;&#8239;a court of competent jurisdiction approves
a settlement of the claims against a particular indemnitee and finds that indemnification of the settlement and related costs should be
made, and the court of law considering the request for indemnification has been advised of the position of the SEC and the published position
of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations
of securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>10.&#8239;&#8239;&#8239;&#8239;&#8239; Conflicts of Interests and Prohibited Activities.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The following provisions in this Section 10 shall apply for only
so long as shares of the Company&rsquo;s common stock are not listed on a national securities exchange.</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">(a) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No Exclusive
Agreement</U>. The Adviser is not hereby granted or entitled to an exclusive right to sell or exclusive employment to sell assets
for 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">(b)&#8239;&#8239;&#8239;&#8239;&#8239; <U>Rebates, Kickbacks and Reciprocal Arrangements</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">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; The Adviser agrees that it shall not (A) receive
or accept any rebate, give-up or similar arrangement that is prohibited under applicable federal or state securities laws, (B)participate
in any reciprocal business arrangement that would circumvent provisions of applicable federal or state securities laws governing conflicts
of interest or investment restrictions, or (C) enter into any agreement, arrangement or understanding that would circumvent the restrictions
against dealing with affiliates or promoters under applicable federal or state securities laws.</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">(ii) &#8239;&#8239;&#8239;&#8239;&#8239;The Adviser agrees that it shall not directly
or indirectly pay or award any fees or commissions or other compensation to any person or entity engaged to sell shares of the Company&rsquo;s
common stock or give investment advice to a potential shareholder; provided, however, that this subsection shall not prohibit the payment
to a registered broker-dealer or other properly licensed agent of sales commissions for selling or distributing shares of the Company&rsquo;s
common 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"></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">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Commingling</U>. The Adviser covenants that it shall not permit
or cause to be permitted the Company&rsquo;s funds to be commingled with the funds of any other entity. Nothing in this Subsection 10(c)
shall prohibit the Adviser from establishing a master fiduciary account pursuant to which separate sub-accounts are established for the
benefit of affiliated programs, provided that, the Company&rsquo;s funds are protected from the claims of other programs and creditors
of such programs.</P>

<P STYLE="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>11.&#8239;&#8239;&#8239;&#8239;&#8239; Effectiveness, Duration and Termination of Agreement.</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">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Term and Effectiveness</U>. This Agreement shall be effective
as of the date first written above and shall remain in effect for two (2) years, and thereafter shall continue automatically for successive
one-year periods, provided that, such continuance is specifically approved at least annually by: (i) the vote of the Board of Directors,
or by the vote of a majority of the outstanding voting securities of the Company, and (ii) the vote of a majority of the Company&rsquo;s
directors who are not parties to this Agreement or &ldquo;interested persons&rdquo; (as such term is defined in Section 2(a)(19) of the
1940 Act) of any such party (&ldquo;Independent Directors&rdquo;), in accordance with the requirements of 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">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; <U>Termination</U>. This Agreement may be terminated at any time,
without the payment of any penalty: (i) by the Company upon sixty (60) days&rsquo; prior written notice to the Adviser: (A) upon the vote
of a majority of the outstanding voting securities of the Company (as defined in Section 2(a)(42) of the 1940 Act) or (B) by the vote
of the Company&rsquo;s Board of Directors; or (ii) by the Adviser upon not less than sixty (60) days&rsquo; prior written notice to the
Company. This Agreement shall automatically terminate in the event of its &ldquo;assignment&rdquo; (as such term is defined for purposes
of construing Section 15(a)(4) of the 1940 Act). The provisions of Sections 8 and 9 of this Agreement shall remain in full force and effect,
and the parties shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. <FONT STYLE="background-color: white">Further,
notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed to it
under Section&nbsp;3 through the date of termination or expiration and Sections&nbsp;8 and 9 shall continue in force and effect and apply
to the Adviser and its representatives as and to the extent applicable.</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>The following provision in this Section 11(d) shall apply for
only so long as shares of the Company&rsquo;s common stock are not listed on a national securities exchange.</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">(d) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Stockholder Voting Rights</U>. Without the approval of holders
of a majority of the Company&rsquo;s securities entitled to vote on the matter, the Adviser shall not: (i) amend this Agreement except
for amendments that do not adversely affect the interests of the stockholders; (ii) voluntarily withdraw as the Adviser, unless such withdrawal
would not affect the tax status of the Company and would not materially adversely affect the stockholders; (iii) appoint a new Adviser;
(iv) sell all or substantially all of the Company&rsquo;s assets other than in the ordinary course of the Company&rsquo;s business; or
(v) cause the merger or other reorganization 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"><B>12.&#8239;&#8239;&#8239;&#8239;&#8239; Notices.</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: 0.5in">Any notice under this Agreement shall be given
in writing, addressed and delivered or mailed, postage prepaid, to the other party at the address listed below or at such other address
for a party as shall be specified in a notice given in accordance with this Section 12.</P>

<P STYLE="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>13.&#8239;&#8239;&#8239;&#8239;&#8239; Amendments.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Agreement may be amended by mutual written
consent of the parties, subject to the provisions of the 1940 Act. Upon the listing of the shares of common stock of the Company on a
national securities exchange, this Agreement may be amended without further action to remove those provisions which become inactive at
such time.</P>

<P STYLE="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>14. &#8239;&#8239;&#8239;&#8239;&#8239;Counterparts.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Agreement may be executed in counterparts,
each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on
all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.</P>

<P STYLE="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>15. &#8239;&#8239;&#8239;&#8239;&#8239;Governing Law.</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: 0.5in">Notwithstanding the place where this Agreement
may be executed by any of the parties hereto and the provisions of Section 8, this Agreement shall be construed in accordance with the
laws of the State of New York. For so long as the Company is regulated as a BDC under the 1940 Act, this Agreement shall also be construed
in accordance with the applicable provisions of the 1940 Act and the Advisers Act. In such case, to the extent the applicable laws of
the State of New York or any of the provisions herein conflict with the provisions of the 1940 Act or the Advisers Act, the latter shall
control. Any reference in this Agreement to a statute or provision of the 1940 Act shall be construed to include any successor statute
or provision to such statute or provision and any reference to any rule promulgated under the Advisers Act shall be construed to include
any successor promulgated rule.</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"></P>

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<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">IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to by duly executed on the date above written.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C&Imacr;ON INVESTMENT CORPORATION</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 3%">By: </TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><I>/s/ Michael A. Reisner</I></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name: Michael A. Reisner</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">a Delaware limited liability company</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="width: 3%">By: </TD>
  <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><I>/s/ Mark Gatto</I></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="margin: 0">&nbsp;</P>

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

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<P STYLE="margin: 0">&nbsp;</P>

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