X0306 4 2017-01-03 1 0000817473 AMERICAN CAPITAL, LTD ACAS 0001181073 HARPER PHILIP R C/O AMERICAN CAPITAL, LTD. 2 BETHESDA METRO CENTER, 14TH FLOOR BETHESDA MD 20814 1 0 0 0 Common Stock 2017-01-03 4 D 0 930762 D 0 D Common Stock 2017-01-03 4 D 0 12747 D 0 I Held by spouse Options 3.23 2017-01-03 4 D 0 93750 D 2009-05-19 2018-05-19 Common Stock 93750 0 D Options 6.15 2017-01-03 4 D 0 93750 D 2010-06-11 2019-06-11 Common Stock 93750 0 D Options 8.69 2017-01-03 4 D 0 156250 D 2011-09-15 2020-09-15 Common Stock 156250 0 D Pursuant to the Agreement and Plan of Merger, dated as of May 23, 2016 (the "Merger Agreement), by and among American Capital, Ltd. (the "Company"), Ares Capital Corporation ("Parent"), Orion Acqusition Sub, Inc., a direct wholly owned subsidiary of Parent ("Acquisition Sub"), and the other parties thereto, upon the effective time of the merger of Acquisition Sub with and into the Company (the "Company Merger"), each issued and outstanding share of the Company's common stock automatically converted into a right to receive $10.13 in cash and 0.483 of a share of Parent common stock (the "Merger Consideration"). Pursuant to the Merger Agreement, upon the effective time of the Company Merger, each outstanding option was cancelled and automatically converted into the right to receive the Merger Consideration, less the exercise price and any required withholdings applicable to such stock option (which exercise price and withholdings were first deducted from the cash portion of the Merger Consideration to reduce the cash delivered to the Reporting Person, and thereafter reduced the number of shares of Parent's common stock delivered to the Reporting Person). Samual A. Flax, as attorney-in-fact for Philip R. Harper 2017-01-04