X0306 4 2017-01-03 1 0000817473 AMERICAN CAPITAL, LTD ACAS 0001191981 OBRIEN GORDON C/O AMERICAN CAPITAL, LTD. 2 BETHESDA METRO CENTER, 14TH FLOOR BETHESDA MD 20814 0 1 0 0 See Remarks Common Stock 2017-01-03 4 D 0 193893 D 0 D Common Stock 2017-01-03 4 D 0 9030 D 0 I 401(k) Plan Options 16.71 2017-01-03 4 D 0 51132 D 2009-07-24 2018-07-24 Common Stock 51132 0 D Options 16.71 2017-01-03 4 D 0 204519 D 2009-07-24 2018-07-24 Common Stock 204519 0 D Options 4.81 2017-01-03 4 D 0 123528 D 2010-01-07 2019-01-07 Common Stock 123528 0 D Options 6.45 2017-01-03 4 D 0 89957 D 2011-04-29 2020-04-29 Common Stock 89957 0 D Options 5.19 2017-01-03 4 D 0 390173 D 2011-07-22 2020-07-22 Common Stock 390173 0 D Options 6.51 2017-01-03 4 D 0 390173 D 2011-10-21 2020-10-21 Common Stock 390173 0 D Options 8.47 2017-01-03 4 D 0 390173 D 2012-02-01 2021-02-01 Common Stock 390173 0 D Options 10.19 2017-01-03 4 D 0 390173 D 2012-04-27 2021-04-28 Common Stock 390173 0 D Options 10.08 2017-01-03 4 D 0 220349 D 2012-07-20 2021-07-21 Common Stock 220349 0 D Options 6.77 2017-01-03 4 D 0 220349 D 2012-10-19 2021-10-20 Common Stock 220349 0 D Options 8.22 2017-01-03 4 D 0 220349 D 2013-01-30 2022-01-31 Common Stock 220349 0 D Options 9.64 2017-01-03 4 D 0 194722 D 2013-04-27 2022-04-28 Common Stock 194722 0 D Options 14.47 2017-01-03 4 D 0 167391 D 2014-04-25 2023-04-25 Common Stock 167391 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). President, Specialty Finance & Operations Gordon O'Brien 2017-01-04