This Employment Agreement (this “Agreement”), effective as of the date of the consummation of the initial
public offering of common stock of Triangle Capital Corporation (the “Effective Date”), is entered into by and
among Triangle Capital Corporation, a Maryland corporation (the “Company”), and Steven C. Lilly (the
W I T N E S S E T H:
WHEREAS, the Company desires to induce the Executive to enter into an agreement of employment with the
Company for the period provided in this Agreement; and
WHEREAS, the Executive is willing to accept such employment on a full-time basis, all in accordance with the
terms and conditions set forth below;
NOW, THEREFORE, for and in consideration of the mutual covenants contained herein, the parties hereto
hereby covenant and agree as follows:
(a) The Company hereby agrees to employ the Executive, and the Executive hereby agrees to accept such
employment with the Company, beginning on the Effective Date and continuing for the period set forth in
Section 2 hereof, all upon the terms and conditions hereinafter set forth.
(b) The Executive affirms and represents that as of the Effective Date, he is under no obligation to any
former employer or other party that is in any way inconsistent with or imposes any restriction on the Executive’s
acceptance of employment hereunder with the Company, the employment of the Executive by the Company, or
the Executive’s undertakings under this Agreement.
2. Term of Employment
(a) Unless earlier terminated as provided in this Agreement, the term of the Executive’s employment
pursuant to this Agreement shall be for a period beginning on the Effective Date and ending on the second
anniversary of the Effective Date (the “Initial Term”).
(b) The term of the Executive’s employment under this Agreement shall be automatically renewed for
additional one-year terms (each a “Renewal Term”),