Document:

Exhibit 4.30

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of February ___, 2020, by and between CollPlant Biotechnologies Ltd.,
a company organized under the laws of the State of Israel (the “Company”), and each purchaser identified on
the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS, the Company
and each Purchaser are executing and delivering this Agreement in accordance with and in reliance upon the exemption from securities
registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) and/or
Regulation S (“Regulation S”) as promulgated under the Securities Act; and

 

WHEREAS, the Company
desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company,
securities of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1 
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms have the meanings set forth in this Section 1.1:

 

“Action”
means any action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company,
threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator,
governmental or administrative agency or regulatory authority (federal, state, county, local or foreign).

 

“ADS(s)”
means American Depositary Shares issued pursuant to the Deposit Agreement (as defined below), each representing one (1) Ordinary
Share.

 

“Accredited
Investor” shall have the meaning ascribed to such term in Section 3.2(a).

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common
control with a Person as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board
of Directors” means the board of directors of the Company.

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
a legal holiday in Israel or any day on which banking institutions in the State of New York or Israel are authorized or required
by law or other governmental action to close.

 

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“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing
Date” means the date on which all of the Transaction Documents have been executed and delivered by the applicable parties
thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s
obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later than the Termination
Date.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Company
Israeli Counsel” means Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav & Co. with offices located at One Azrieli
Center, Round Building, Tel Aviv 6701101, Israel.

 

“Company
US Counsel” means McDermott Will & Emery LLP, with offices located at 340 Madison Avenue, New York, NY 10173-1922.

 

“Confidentiality
Agreement” shall have the meaning ascribed to such term in Section 3.2(j).

 

“Deposit
Agreement” means the Deposit Agreement, dated March 3, 2015, among the Company, The Bank of New York Mellon as Depositary
and the owners and holders of ADSs from time to time, as such agreement may be amended or supplemented

 

“Depositary”
means The Bank of New York Mellon, as Depositary under the Deposit Agreement.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Israeli
Companies Law” means the Israeli Companies Law, 5759-1999, as amended, and the rules and regulations promulgated thereunder.

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(a).

 

“Ordinary
Shares” means the ordinary shares of the Company, par value NIS 1.50 per share, and any other class of securities into
which such securities may hereafter be reclassified or changed.

 

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“Ordinary
Share Equivalents” means any securities of the Company or any Subsidiary which would entitle the holder thereof to acquire
at any time Ordinary Shares or ADSs, including, without limitation, any debt, preferred share, right, option, warrant or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Ordinary Shares or ADSs.

 

“Per
ADS Purchase Price” equals $10.00 subject to adjustment for reverse and forward share splits, share dividends, share
combinations and other similar transactions of ADSs and/or the Ordinary Shares that occur after the date of this Agreement.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint share company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Regulation
S” shall have the meaning ascribed to such term in the recitals.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(d).

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Securities”
means the ADSs and the Ordinary Shares underlying the ADSs.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares”
means the Ordinary Shares, as represented by ADSs, each ADS representing one (1) Ordinary Share, issued and issuable to each Purchaser
pursuant to this Agreement.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include locating and/or borrowing shares of Ordinary Shares, and/or ADSs). 

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for the ADSs, each ADS representing one (1) Ordinary
Share purchased hereunder as specified below such Purchaser’s name on the signature page of this Agreement and next to the
heading “Subscription Amount,” in United States dollars and in immediately available funds.

 

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“Subsidiary”
means any subsidiary of the Company, and shall, where applicable, also include any direct or indirect subsidiary of the Company
formed or acquired after the date hereof.

 

“Termination
Date” means the date that is five calendar days from the date of execution of this Agreement.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the ADSs and/or the Ordinary Shares are listed or quoted
for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement, the Confidentiality Agreement and any other documents or agreements executed in connection
with the transactions contemplated hereunder.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1 Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution
and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly,
agree to purchase, up to an aggregate of $[________________] million of ADSs. Each Purchaser shall deliver to the Company, via
wire transfer, immediately available funds equal to such Purchaser’s Subscription Amount as set forth on the signature page
hereto executed by such Purchaser and the Company shall deposit the Shares and instruct the Depositary to deliver to each Purchaser
its respective ADSs as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items
set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2
and 2.3, the Closing shall occur at the offices of McDermott Will & Emery LLP, New York, New York, or such other location as
the parties shall mutually agree.

 

2.2 Deliveries.

 

(a) On
or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i) this
Agreement duly executed by the Company; and

 

(ii) upon
receipt of such Purchaser’s Subscription Amount, a number of Shares equal to such Purchaser’s Subscription Amount divided
by the Per Share Purchase Price delivered in book entry form at the Depositary.

 

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(b) On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

 

(i) this
Agreement duly executed by such Purchaser; and

 

(ii) such
Purchaser’s Subscription Amount, by wire transfer to the account specified by the Company.

 

2.3 Closing
Conditions.

 

(a) The
obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i) the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as
of a specific date therein in which case they shall be accurate as of such date);

 

(ii) all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been
performed; and

 

(iii) the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b) The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being
met:

 

(i) the
accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse
Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein
(unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii) all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;
and

 

(iii) the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement.

 

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ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1 Representations
and Warranties of the Company. The Company hereby makes the following representations and warranties to each Purchaser:

 

(a) Organization
and Qualification. The Company and any Subsidiary is an entity duly incorporated or otherwise organized, validly existing and
in good standing (if applicable in such jurisdiction) under the laws of the jurisdiction of its incorporation or organization,
with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.
Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles
of incorporation, bylaws or other organizational or charter documents. Each of the Company and any Subsidiary is duly qualified
to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature
of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified
or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on
the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations,
assets, business, prospects or condition (financial or otherwise) of the Company and any Subsidiary, taken as a whole, or (iii)
a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under
any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been
instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.

 

(b) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.
Assuming the representations and warranties of the Purchasers in Section 3.2(p) are true and correct, the execution and delivery
of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated
hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required
by the Company, the Board of Directors or the Company’s shareholders in connection herewith or therewith other than in connection
with the Required Approvals. This Agreement and each other Transaction Document to which it is a party has been (or upon delivery
will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute
the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited
by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by
applicable law.

 

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(c) No
Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to
which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby
and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate
or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any
of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution
or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company
or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii)
subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction,
decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal
and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected;
except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material
Adverse Effect.

 

(d) Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i)
the filings required pursuant to Section 4.2 of this Agreement, (ii) the filing with the Commission of Form D, to the extent required,
(iii) application(s) to each applicable Trading Market for the listing of the Shares for trading thereon in the time and manner
required thereby, (iv) filings with the Israeli Registrar of Companies, if required, and (v) such filings as are required to be
made under applicable state securities laws (collectively, the “Required Approvals”).

 

(e) Issuance
of the Securities. If and when issued and paid for in accordance with this Agreement, the Securities will be duly authorized
and will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than
restrictions on exercise or transfer provided for in this Agreement.

 

3.2 Representations
and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as
of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they
shall be accurate as of such date):

 

(a) Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law. Such Purchaser’s execution, delivery and performance of this
Agreement and the other Transaction Documents and the consummation by it of the transactions contemplated hereby do not and will
not (i) conflict with or violate any provision of such Purchaser’s certificate or articles of incorporation, bylaws or other
organizational or charter documents, or (ii) conflict with or result in a violation of any law, rule, regulation, order, judgment,
injunction, decree or other restriction of any court or governmental authority to which such Purchaser is subject (including federal
and state securities laws and regulations), or by which any property or asset of such Purchaser is bound or affected.

 

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(b) Investment
Purpose. Such Purchaser understands that the Securities have not been registered under the Securities Act by reason of a claimed
exemption under the provisions of the Securities Act that depends, in part, upon such Purchaser’s investment intention. In
this connection, such Purchaser hereby represents that such Purchaser is purchasing the Securities for the Purchaser’s own
account for investment and not with a view toward the resale or distribution to other; provided, however, that by making the representations
herein, such Purchaser does not agree to hold any of the Securities for any minimum or other specific term and reserves the right
to dispose of the Securities at any time in accordance with or pursuant to a registration statement or an exemption under the Securities
Act.

 

(c) Purchaser
Status. Such Purchaser is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D (an “Accredited
Investor”) and is not subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i)
to (viii) under the Securities Act. Such Purchaser is not required to be registered as a broker-dealer under Section 15 of the
Exchange Act and such Purchaser is not a broker-dealer, nor an affiliate of a broker-dealer. If such Purchaser is not a U.S. Person,
such Purchaser (i) acknowledges that the certificate(s) representing or evidencing the Securities contains a customary restrictive
legend restricting the offer, sale or transfer of any Securities except in accordance with the provisions of Regulation S, pursuant
to registration under the Securities Act, or pursuant to an available exemption from registration, (ii) agrees that all offers
and sales by such Purchaser of Securities shall be made pursuant to an effective registration statement under the Securities Act
or pursuant to an exemption from, or a transaction not subject to the registration requirements of, the Securities Act, (iii) represents
that the offer to purchase the Securities was made to such Purchaser outside of the United States, and such Purchaser was, at the
time of the offer and will be, at the time of the sale and is now, outside the United States, (iv) has not engaged in or directed
any unsolicited offers to purchase Securities in the United States, (v) is neither a U.S. Person nor a Distributor (as such terms
are defined in Rule 902(k) and 902(d), respectively, of Regulation S), (vi) has purchased the Securities for its own account and
not for the account or benefit of any U.S. Person, (vii) is the sole beneficial owner of the Securities specified on signature
pages hereto opposite his name and has not pre-arranged any sale with a Purchaser in the United States, and (ix) is familiar with
and understands the terms and conditions and requirements contained in Regulation S, specifically, without limitation, each Purchaser
understands that the statutory basis for the exemption claimed for the sale of the Securities would not be present if the sale,
although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the Securities
Act. Such Purchaser (i) is not a resident of the State of Israel, (ii) represents that the offer to purchase the Securities was
made to such Purchaser outside of the State of Israel, and such Purchaser was, at the time of the offer and will be, at the time
of the sale and is now, outside the State of Israel, and (iii) has purchased the Securities for its own account and not for the
account or benefit of any resident of the State of Israel. Such Purchaser is an investor listed in the First Supplement of the
Israeli Securities Law of 1968, is aware of the implications of the status of being a ‘Classified Investor’ and consents thereto,
and is purchasing the Securities for their own account and not for distribution or resale purposes.

 

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(d) Reliance
on Exemptions. Such Purchaser understands that the Securities are being offered and sold to it in reliance upon specific exemptions
from the registration requirements of United States federal and state securities laws and the prospectus requirements of the laws
of the State of Israel and that the Company is relying upon the truth and accuracy of, and such Purchaser’s compliance with,
the representations, warranties, agreements, acknowledgments and understandings of such Purchaser set forth herein in order to
determine the availability of such exemptions and the eligibility of such Purchaser to acquire the Securities.

 

(e) Experience
of Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities,
and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk of an investment
in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(f) General
Solicitation.  Such Purchaser is not purchasing the Securities as a result of any advertisement, article,
notice or other communication regarding Securities published in any newspaper, magazine or similar media or broadcast
over television or radio or presented at any seminar or any other general advertisement.

 

(g) Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including
all exhibits and schedules thereto) and the Company’s filings with the Commission and has been afforded, (i) the opportunity
to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the
terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to
information about the Company and its financial condition, results of operations, business, properties, management and prospects
sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company
possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with
respect to the investment. 

 

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(h) Transfer
or Re-sale. Such Purchaser understands that (i) the sale or re-sale of the Securities has not been and is not being registered
under the Securities Act or any applicable state securities laws, and the Securities may not be transferred unless (a) the Securities
are sold pursuant to an effective registration statement under the Securities Act, (b) such Purchaser shall have delivered to the
Company, at the cost of such Purchaser, an opinion of counsel that shall be in form, substance and scope customary for opinions
of counsel in comparable transactions to the effect that the Securities to be sold or transferred may be sold or transferred pursuant
to an exemption from such registration, which opinion may be accepted by the Company in its reasonable discretion, (c) the Securities
are sold or transferred to an “affiliate” (as defined in Rule 144) of such Purchaser who agrees to sell or otherwise
transfer the Securities only in accordance with this Section 3.2(h) and who is an Accredited Investor, or (d) the Securities are
sold pursuant to Rule 144 or Regulation S, and such Purchaser shall have delivered to the Company, at the cost of such Purchaser,
an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in corporate transactions, which
opinion may be accepted by the Company in its reasonable discretion; (ii) any sale of such Securities made in reliance on Rule
144 may be made only in accordance with the terms of said Rule 144 and further, if said Rule 144 is not applicable, any re-sale
of such Securities under circumstances in which the selling Purchaser (or the person through whom the sale is made) may be deemed
to be an underwriter (as that term is defined in the Securities Act) may require compliance with some other exemption under the
Securities Act or the rules and regulations of the SEC thereunder; and (iii) neither the Company nor any other person is under
any obligation to register such Securities under the Securities Act or any state securities laws or to comply with the terms and
conditions of any exemption thereunder (in each case).

 

(i) Legends.
Such Purchaser consents to the placement of a legend on any certificate or other document evidencing the Securities that such securities
have not been registered under the Securities Act or any state securities or “blue sky” laws and setting forth or referring
to the restrictions on transferability and sale thereof contained in this Agreement. Such Purchaser is aware that the Company will
make a notation in its appropriate records with respect to the restrictions on the transferability of such Securities. The legend
to be placed on each certificate shall be in form substantially similar to the following:

 

THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS. THESE SECURITIES MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH
A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

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(j) Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first executed a confidentiality agreement with the Company dated January [___], 2020 (the “Confidentiality
Agreement”) and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser
that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s
assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing
other portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion
of assets managed by the portfolio manager that made the investment decision to purchase the ADSs covered by this Agreement. Other
than to other Persons party to this Agreement or to such Purchaser’s representatives, including, without limitation, its
officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality
of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).

 

(k) Residency.
Such Purchaser is a resident of the jurisdiction set forth immediately below such Purchaser’s name on the signature pages
hereto.

 

(l) Brokers
and Finders.  No Person will have, as a result of the transactions contemplated by this Agreement, any valid right, interest
or claim against or upon the Company or such Purchaser for any commission, fee or other compensation pursuant to any agreement,
arrangement or understanding entered into by or on behalf of such Purchaser.

 

(m) Independent
Investment Decision.  Such Purchaser has independently evaluated the merits of its decision to purchase the Securities
pursuant to the Transaction Documents.  Such Purchaser understands that nothing in this Agreement or any other materials presented
by or on behalf of the Company to such Purchaser in connection with the purchase of the Securities constitutes legal, tax or investment
advice.  Such Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary
or appropriate in connection with its purchase of the Securities.

 

(n) Reserved.

 

(o) Group.
Such Purchaser represents that it is not a “group” within the meaning of Section 13d-5 under the Exchange Act with
any holder or beneficial owner of the Company’s securities and in calculating and reporting such Purchaser’s beneficial
ownership, such Purchaser is not required under the rules and regulations promulgated under the Exchange Act to include the beneficial
ownership of the securities of the Company held by another holder or beneficial owner of the Company’s securities.

 

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(p) No
Shareholder Agreements. Such Purchaser represents that it is not as of the date hereof, and does not currently intend or contemplate
to become, a party to any agreement, contract, arrangement or understanding, written or oral, between such Purchaser and any other
party, including, without limitation, another holder of the Company’s securities or an entity in which another holder of
the Company’s securities is an Interested Party (as such term is defined in the Israeli Companies Law), relating to the acquisition,
ownership or voting of any securities of the Company or the exercise (or omission to exercise) any right related to the securities
of the Company or otherwise with respect to the securities of the Company (in each case, including the Securities), including,
without limitation, any voting agreements, shareholder agreements or any other similar agreement even if its title is different
or has any other relationship or agreements with another holder of the Company’s securities as of the date hereof with respect
to the securities of the Company (including the Securities). Such Purchaser is familiar with the tender offer rules under the Israeli
Companies Law and such Purchaser represents that (i) it is not acquiring the Securities, and will not hold the Securities, in concert
with another holder of the Company’s securities (within the meaning of such terms in the Israeli Companies Law) (other than
the other Purchasers); and (ii) for purposes of determining the application of the tender offer rules under the Israeli Companies
Law in connection with the transactions contemplated hereunder, is not required to include the securities of the Company held by
another holder of the Company’s securities (other than the other Purchasers). Such Purchaser acknowledges and confirms that
the Company is relying upon the truth and accuracy of the representation and warranties of such Purchaser set forth in this Section
‎3.2(p) in assessing the eligibility of such Purchaser to acquire the Securities under this Agreement and the application of
the tender offer rules under the Israeli Companies Law in connection with the transactions contemplated hereunder.

 

(q) Sanctions
Compliance. Neither such Purchaser, nor any person having a direct or indirect beneficial interest in Purchaser has been
or is (i) the subject of sanctions administered or enforced by the United States (including without limitation the U.S. Department
of the Treasury’s Office of Foreign Asset Control), the United Kingdom, the European Union or any other governmental authority
(collectively, “Sanctions”), (ii) organized or resident in a country or territory that is the subject of country-wide
or territory-wide Sanctions, or (iii) otherwise a party with which the Company is prohibited from dealing with under applicable
laws.

 

(r) Anti-money
Laundering; Counter-Terrorism Financing. To the extent required by applicable laws, such Purchaser has complied and will
continue to comply with all anti-money laundering and counter-terrorism financing requirements.

 

(s) Funds
and Payments. The funds such Purchaser is using to purchase the Securities are not derived from or related to any unlawful
activities, including but not limited to money laundering or terrorist financing. All payments by or on behalf of Purchaser under
this Agreement will be made only in Purchaser’s name, from a bank account not located in a country or territory that has
been designated as a “non-cooperative country or territory” by the Financial Action Task Force, and from a bank that
is not a “foreign shell bank” within the meaning of the U.S. Bank Secrecy Act (31 U.S.C. § 5311 et seq.),
as amended, and the regulations promulgated thereunder by the Financial Crimes Enforcement Network, as such regulations may be
amended from time to time.

 

The Company acknowledges
and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right
to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties
contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this
Agreement or the consummation of the transactions contemplated hereby.

 

    12

     

    

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1 Securities
Laws Disclosure; Publicity. The Company shall (a) by 9:00 a.m. (New York City time) on the fourth Trading Day immediately following
the date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current
Report on Form 6-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the
Exchange Act. The Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing
with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a)
as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b)
to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers
with prior notice of such disclosure.

 

4.2 Use
of Proceeds. The Company shall use the net proceeds from the sale of the ADSs hereunder for working capital and general corporate
purposes.

 

4.3 Listing
of Shares. Concurrently with the Closing, the Company shall apply to list or quote all of the Shares on the Trading Market
on which it is currently listed and promptly secure the listing of all of the Shares on such Trading Market to the extent required.
The Company further agrees, if the Company applies to have the Shares traded on any other Trading Market, it will then include
in such application all of the Shares, and will take such other action as is necessary to cause all of the Shares to be listed
or quoted on such other Trading Market as promptly as possible.

 

4.4 Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither
it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales of any of the Company’s securities during the period commencing with the execution of Confidentiality Agreement
and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial
press release as described in Section 4.2.  Each Purchaser, severally and not jointly with the other Purchasers, covenants
that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial
press release as described in Section 4.2, such Purchaser will maintain the confidentiality of the existence and terms of this
transaction in accordance with the Confidentiality Agreement. 

 

4.5 Registration
Statement. The Company shall use its commercially reasonable efforts to file a registration statement on Form F-1 or F-3 within
nine months of the Closing Date providing for the resale by the Purchasers of the Shares.

 

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ARTICLE V.

MISCELLANEOUS

 

5.1 Termination. 
This Agreement may be terminated by (i) any Purchaser, as to such Purchaser’s obligations hereunder only and without any
effect whatsoever on the obligations between the Company and the other Purchasers, or (ii) the Company, in each case, by written
notice to the other parties, if the Closing has not been consummated on or before 5:00 p.m. (New York City time) on the Termination
Date; provided, however, that no such termination will affect the right of any party to sue for any breach by any
other party (or parties).

 

5.2 Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Depositary fees
(including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company),
stamp taxes and other taxes and duties levied in connection with the delivery of any ADSs to the Purchasers.

 

5.3 Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of
the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or
written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered
via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto
at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such
notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth
on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (c) the second (2nd)Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight
courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices
and communications shall be as set forth on the signature pages attached hereto.

 

5.5 Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the ADSs based on the
initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such waived provision
is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group
of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required. No waiver
of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver
in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall
any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed
amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative
to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected
Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities
and the Company.

 

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5.6 Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof.

 

5.7 Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of
each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to
whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect
to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8 No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors
and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

5.9 Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party
hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced
exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect
to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action
or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding
is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or
overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and
agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence an Action
or Proceeding to enforce any provisions of the Transaction Documents, then the prevailing party in such Action or Proceeding shall
be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such Action or Proceeding.

 

    15

     

    

 

5.10 Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities for a period of
twelve months from the date hereof.

 

5.11 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being
understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf”
signature page were an original thereof.

 

5.12 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated
by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that
they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be
hereafter declared invalid, illegal, void or unenforceable.

 

5.13 Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand
or election in whole or in part without prejudice to its future actions and rights.

 

5.14 Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or
in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall
also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

    16

     

    

 

5.15 Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

5.16 Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document
or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17 Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several
and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance
or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any
other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the
Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers
are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction
Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the
rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser
to be joined as an additional party in any Proceeding for such purpose. Each Purchaser has been represented by its own separate
legal counsel in its review and negotiation of the Transaction Documents. It is expressly understood and agreed that each provision
contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between
the Company and the Purchasers collectively and not between and among the Purchasers.

 

5.18Saturdays,
Sundays, Holidays, etc.If the last or appointed day for the taking of any action or the expiration of any right required
or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

5.19 Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction
Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and
every reference to share prices, ADSs, and shares of Ordinary Shares in any Transaction Document shall be subject to adjustment
for reverse and forward share splits, share dividends, share combinations and other similar transactions of the ADSs and Ordinary
Shares that occur after the date of this Agreement.

 

5.20 WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE
PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature Pages Follow)

 

    17

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories
as of the date first indicated above.

 

	CollPlant
    Biotechnologies Ltd.	 	Address
    for Notice:
	 	 	 
	By:	                    	 	Fax:

		Name:	 	E-mail:
		Title:	 	 
	 	 	 
	With a copy to (which shall not constitute notice):	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

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[PURCHASER SIGNATURE PAGES TO CHEK
SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Purchaser: _________________________________________________________

 

Signature of Authorized Signatory of
Purchaser: _________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Email Address of Authorized Signatory:_________________________________________

 

Facsimile Number of Authorized Signatory: __________________________________________

 

Address for Notice to Purchaser:

 

Address for Delivery of Shares to Purchaser (if not same as
address for notice):

 

Subscription Amount: $_________________________

 

Shares: _________________________

 

 

 

19Exhibit 10.1

 

SECOND AMENDED AND RESTATED INVESTMENT
ADVISORY AGREEMENT

 

BETWEEN

 

OWL ROCK CAPITAL CORPORATION

 

AND

 

OWL ROCK CAPITAL ADVISORS LLC

 

This Second Amended
and Restated Investment Advisory Agreement (the “Agreement”) is made as of March 31, 2020, by and between Owl Rock
Capital Corporation, a Maryland corporation (the “Company”), and Owl Rock Capital Advisors LLC, a Delaware limited
liability company (the “Adviser”).

 

WHEREAS, the Company
is a closed-end management investment company that intends to elect to be treated as a business development company (“BDC”)
under the Investment Company Act of 1940 (the “Investment Company Act”);

 

WHEREAS, the Adviser
is an investment adviser that is registered under the Investment Advisers Act of 1940 (the “Advisers Act”);

 

WHEREAS, the Company
and the Adviser entered into the investment advisory agreement dated March 1, 2016 (the “Original Agreement”)
which was amended and restated pursuant to the First Amended and Restated Investment Advisory Agreement, dated February 27, 2019
(the “First A&R Agreement”); and

 

WHEREAS, the Company
and the Adviser desire to amend and restate the First A&R Agreement in its entirety to reflect, among other things, a revision
to the Management Fee (as defined below) payable following an Exchange Listing (as defined below).

 

NOW, THEREFORE, in
consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

 

		1)	Duties of the Adviser
	 	 	 

		a)	The Company hereby employs 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 “Board”), for the period and upon the terms herein set forth, (x) in accordance with
                                                                the investment objective, policies and restrictions that are set forth in the Company’s registration statement on
                                                                Form 10 (as amended from time to time, the “Registration Statement”) to be filed with the Securities
                                                                and Exchange Commission (the “SEC”), and prior to the date on which the SEC declares the Company’s
                                                                Registration Statement effective, in accordance with the investment objective, policies and restrictions that are set forth
                                                                in the Company’s confidential private placement memorandum dated February 23, 2016 and as amended from time to time;
                                                                (y) in accordance with all other applicable federal and state laws, rules and regulations, and the Company’s
                                                                charter and by-laws as the same shall be amended from time to time; and (z) in
accordance with the Investment Company Act. Without limiting the generality of the foregoing, the Adviser shall, during the term
and subject to the provisions of this Agreement: (i) determine the composition of the portfolio of the Company, the nature
and timing of the changes therein and the manner of implementing such changes; (ii) identify/source, research, evaluate and
negotiate the structure of the investments made by the Company; (iii) close and monitor the Company’s investments; (iv)
determine the securities and other assets that the Company will purchase, retain, or sell; (v) use reasonable endeavors to
ensure that the Company’s investments consist mainly of shares, securities or currencies (or derivative contracts relating
thereto), which for the avoidance of doubt may include loans, notes and other evidences of indebtedness; (vi) perform due
diligence on prospective portfolio companies; and (vii) 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, including providing
operating and managerial assistance to the Company and its portfolio companies as required. Subject to the supervision of the Board,
the Adviser shall have the power and authority on behalf of the Company to effectuate its investment decisions for the Company,
including the execution and delivery of all documents relating to the Company’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 will arrange for such financing on the Company’s behalf, subject to the oversight and approval of the Board.
If it is necessary or appropriate 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 such investments
through such special purpose vehicle (in accordance with the Investment Company Act).

 

     1

     

    

 

		b)	The Adviser hereby accepts such employment and agrees during the term hereof to render the services
described herein for the compensation provided herein.
	 	 	 

		c)	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.
	 	 	 

		d)	The Adviser shall keep and preserve for the period required by the Investment Company Act any books
and records relevant to the provision of its investment advisory services to the Company and shall specifically maintain all books
and records in accordance with Section 31(a) of the Investment Company Act with respect to the Company’s portfolio transactions
and shall render to the Board such periodic and special reports as the Board may reasonably request. The Adviser agrees that all
records that it maintains for the Company are the property of the Company and will surrender promptly to the Company any such records
upon the Company’s request, provided that the Adviser may retain a copy of such records.
	 	 	 

		e)	The Adviser shall be primarily responsible for the execution of any trades in securities in the
Company’s portfolio and the Company’s allocation of brokerage commissions.

 

     2

     

    

 

		f)	Following a continuous public offering through the independent broker-dealer network (a “Non-Listed
Offering”) and prior to such time as the Company’s common stock is listed on a national securities exchange (an
 “Exchange Listing”), the Adviser shall, upon request by an official or agency administering the securities laws
of a state (a “State Administrator”), submit to such State Administrator the reports and statements required
to be distributed to the Company’s stockholders pursuant to this Agreement, any registration statement filed with the SEC
and applicable federal and state law.
	 	 	 

		g)	The Adviser has a fiduciary responsibility and duty to the Company and the Company’s stockholders
for the safekeeping and use of all the funds and assets of the Company, whether or not in the Adviser’s immediate possession
or control. Following a Non-Listed Offering and prior to an Exchange Listing, the Adviser (i) shall not employ, or permit another
to employ, such funds or assets except for the exclusive benefit of the Company and (ii) may not contract away the fiduciary obligation
owed to the Company and the Company’s stockholders under common law.
	 	 	 

		h)	Following a Non-Listed Offering and prior to an Exchange Listing, the provisions set forth in “Annex
A —IV. Conflicts of Interest” shall apply.
	 	 	 

		2)	Company’s Responsibilities and Expenses Payable by the Company 

 

Except as
otherwise provided herein or in the Administration Agreement (the “Administration Agreement”), dated March
1, 2016, between the Company and the Adviser (the Adviser, in its capacity as the administrator, the
 “Administrator”), the Adviser shall be solely responsible for the compensation of its investment
professionals and employees and all overhead expenses of the Adviser (including rent, office equipment and utilities). The
Company will bear all other costs and expenses of its operations, administration and transactions, including (without
limitation): the cost of its organization and any offerings; the cost of calculating its net asset value, including the cost
of any third-party valuation services; the cost of effecting any sales and repurchases of the Common Stock and other
securities; fees and expenses payable under any dealer manager agreements, if any; debt service and other costs of borrowings
or other financing arrangements; costs of hedging; expenses, including travel expense, incurred by the Adviser, or members of
the Investment Team, or payable to third parties, performing due diligence on prospective portfolio companies and, if
necessary, enforcing the Company’s rights; transfer agent and custodial fees; fees and expenses associated with
marketing efforts; federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;
federal, state and local taxes; independent directors’ fees and expenses including certain travel expenses; costs of
preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other
regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation of
professionals responsible for the preparation of the foregoing; the costs of any reports, proxy statements or other notices
to stockholders (including printing and mailing costs), the costs of any stockholder or director meetings and the
compensation of personnel responsible for the preparation of the foregoing and related matters; commissions and other
compensation payable to brokers or dealers; research and market data; fidelity bond, directors and officers errors and
omissions liability insurance and other insurance premiums; direct costs and expenses of administration, including printing,
mailing, long distance telephone and staff; fees and expenses associated with independent audits, outside legal and
consulting costs; costs of winding up; costs incurred in connection with the formation or maintenance of entities or vehicles
to hold the Company’s assets for tax or other purposes; extraordinary expenses (such as litigation or indemnification);
and costs associated with reporting and compliance obligations under the Advisers Act and applicable federal and state
securities laws. Notwithstanding anything to the contrary contained herein, the Company shall reimburse the Adviser (or its
affiliates) for an allocable portion of the compensation paid by the Adviser (or its affiliates) to the Company’s Chief
Compliance Officer and Chief Financial Officer and their respective staffs (based on a percentage of time such individuals
devote, on an estimated basis, to the business affairs of the Company). For the avoidance of doubt, the Adviser shall be
solely responsible for any placement or “finder’s” fees payable to placement agents engaged by the Company
or its affiliates in connection with the offering of securities by the Company.

 

     3

     

    

 

In
addition to the compensation paid to the Adviser pursuant to Section 3, following a Non-Listed Offering and prior to an Exchange
Listing the provisions set forth in “Annex A —I. Company’s Responsibilities and Expenses Payable by the Company”
shall apply.

 

		3)	Compensation of the Adviser
	 	 	 

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 (the “Management Fee”) and an incentive fee (the “Incentive Fee”) as
hereinafter set forth. The Company shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the
Adviser may otherwise direct.

 

		a)	For services rendered under this Agreement, the Management Fee will be payable quarterly in arrears.
Management Fees for any partial month or quarter will be appropriately prorated and adjusted for any share issuances or repurchases
during the relevant month or quarter. The Management fee shall be calculated as follows:
	 	 	 

		i)	Prior to an Exchange Listing, the Management Fee shall be calculated at an annual rate of 0.75%
of (i) the average of the Company’s gross assets, excluding cash and cash-equivalents but including assets purchased with
borrowed amounts, at the end of the two most recently completed calendar quarters and (ii) the average of any remaining undrawn
capital commitments at the end of the two most recently completed calendar quarters.
	 	 	 

		ii)	Following an Exchange Listing, the Management Fee shall be calculated at an annual rate of (x)
1.50% of the average of the Company’s gross assets, excluding cash and cash-equivalents but including assets purchased with
borrowed amounts, that is above an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the Investment
Company Act, and (y) 1.00% of the average of the Company’s gross assets, excluding cash and cash-equivalents but including
assets purchased with borrowed amounts, that is below an asset coverage ratio of 200% calculated in accordance with Sections 18
and 61 of the Investment Company Act, in each case at the end of the two most recently completed calendar quarters.

 

     4

     

    

 

		b)	Prior to an Exchange Listing, the Adviser will not be entitled to an Incentive Fee. Following an
Exchange Listing, the Incentive Fee shall consist of two parts, as follows:
	 	 	 

		i)	One part will be calculated and payable quarterly in arrears based on the pre-Incentive Fee net
investment income for the immediately preceding calendar quarter commencing with the first calendar quarter following an Exchange
Listing. For this purpose, pre-Incentive Fee net investment income means dividends (including reinvested dividends), interest and
fee income accrued by the Company during the calendar quarter, minus the Company’s operating expenses for the calendar quarter
(including the Management Fee, expenses payable under the Administration Agreement to the Administrator, 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 pay-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. Pre-Incentive Fee net investment income, expressed as a rate of return on the value of the Company’s net
assets at the end of the immediately preceding calendar quarter, will be compared to a “hurdle rate” of 1.5% per calendar
quarter (6% annualized). The Company’s net investment income used to calculate this part of the Incentive Fee is also included
in the amount of its gross assets used to calculate the Management Fee.

 

The Company will pay
the Adviser an Incentive Fee with respect to the Company’s pre-Incentive Fee net investment income in each calendar quarter
as follows:

 

		·	With the exception of the Capital Gains Incentive Fee (as defined and discussed in greater detail
below), no Incentive Fee is payable to the Adviser prior to an Exchange Listing or in any calendar quarter in which the Company’s
pre-Incentive Fee net investment income does not exceed the hurdle rate of 1.5% for such calendar quarter.
	 	 	 

		·	100% of the Company’s pre-Incentive Fee net investment income with respect to that portion
of such pre-Incentive Fee net investment income, if any, that exceeds the hurdle rate is payable to the Adviser until the Adviser
has received 17.5% of the total pre-Incentive Fee net investment income for that calendar quarter. The Company refers to this portion
of the Company’s Pre-Incentive Fee net investment income as the “catch-up.”
	 	 	 

		·	Once the hurdle is reached and the catch-up is achieved, 17.5% of all remaining pre-Incentive Fee
net investment income for that calendar quarter is payable to the Adviser.

 

     5

     

    

 

		ii)	The second part of the Incentive Fee (the “Capital Gains Incentive Fee”)
                                                                will be determined and payable in arrears as of the end of each calendar year of the Company (or upon termination of this
                                                                Agreement as set forth below), and will equal 17.5% of the Company’s realized capital gains, if any, on a cumulative
                                                                basis from the date on which the Exchange Listing becomes effective (the “Listing Date”) to the end of
                                                                such calendar year, computed net
of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Listing Date through the end
of each calendar year, minus the aggregate amount of any previously paid Capital Gains Incentive Fees for prior periods. For the
sole purpose of calculating the Capital Gains Incentive Fee, the cost basis as of the Listing Date for all of the Company’s
investments made prior to the Listing Date will be equal to the fair market value of such investments as of the last day of the
calendar quarter in which the Listing Date occurs; provided, however, that in no event will the Capital Gains Incentive Fee payable
pursuant hereto be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205
thereof.
	 	 	 

		iii)	Examples of the quarterly incentive fee calculation are attached hereto as Annex B. Such examples
are included for illustrative purposes only and are not considered part of this Agreement.
	 	 	 

		4)	Covenants of the Adviser

 

The Adviser agrees
that it will remain registered as an investment adviser under the Advisers Act so long as the Company maintains its election to
be regulated as a BDC under the Investment Company Act. The Adviser agrees that its activities will at all times be in compliance
in all material respects with all applicable federal and state laws governing its operations and investments. In addition, following
a Non-Listed Offering and prior to an Exchange Listing, the Adviser shall comply with the covenants set forth in “Annex
A —II. Covenants of the Adviser.”

 

		5)	Excess Brokerage Commissions

 

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 such factors as price (including the applicable brokerage commission or dealer spread), size
of order, difficulty of execution, and operational facilities of the firm and the firm’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’s portfolio, and constitutes the best net results for the Company. Notwithstanding anything herein
to the contrary, following a Non-Listed Offering and prior to an Exchange Listing, the provisions set forth in “Annex
A —III. Excess Brokerage Commissions” shall apply.

 

		6)	Investment Team

 

The
Adviser shall manage the Company’s portfolio through a team of investment professionals (the “Investment Team”)
dedicated primarily to the Company’s business, in cooperation with the Company’s Chief Executive Officer. The Investment
Team shall be comprised of senior personnel of the Adviser, supported by and with access to the investment professionals, analytical
capabilities and support personnel of the Company.

 

     6

     

    

 

		7)	Limitations on the Employment of the Adviser

 

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 those of the Company, so long
as its services to the Company hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right
of any manager, partner, 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’s
portfolio companies, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect,
the Adviser shall be the only investment adviser for the Company, subject to the Adviser’s right to enter into sub-advisory
agreements as set forth herein. The Adviser assumes no responsibility under this Agreement other than to render the services called
for hereunder. 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.

 

		8)	Responsibility of Dual Directors, Officers and/or Employees

 

If
any person who is a manager, partner, officer or employee of the Adviser is or becomes a director, officer and/or employee of the
Company and acts as such in any business of the Company, then such manager, partner, officer and/or employee of the Adviser or
the Administrator shall be deemed to be acting in such capacity solely for the Company, and not as a manager, partner, officer
or employee of the Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if
paid by the Adviser or the Administrator.

 

		9)	Limitation of Liability of the Adviser; Indemnification

 

The
Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and
any other person or entity affiliated with the Adviser, including without limitation its sole member) 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 its
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 Investment Company Act concerning loss resulting from a breach of fiduciary duty (as the
same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the
Company shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling
persons, members and any other person or entity affiliated with the Adviser, including without limitation its general partner
or managing member and the Administrator each of whom shall be deemed a third party beneficiary hereof) (collectively, the
 “Indemnified Parties”) and hold them harmless from and against all damages, liabilities, costs and
expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) 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 Adviser’s duties or obligations under this Agreement or otherwise as an investment
adviser of the Company. Notwithstanding the preceding sentence of this Section 9 to the contrary, nothing contained herein
shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified
Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified
Parties would otherwise be subject by reason of criminal conduct, willful misfeasance, bad faith or gross negligence in the
performance of the Adviser’s duties or by reason of the reckless disregard of the Adviser’s duties and
obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act and any
interpretations or guidance by the SEC or its staff thereunder). Notwithstanding this Section 9 to the contrary, following a
Non-Listed Offering and prior to an Exchange Listing, the provisions set forth in “Annex A —V. Limitation of
Liability of the Adviser; Indemnification” shall apply.

 

     7

     

    

 

		10)	Effectiveness, Duration and Termination of Agreement
	 	 	 

		a)	This Agreement shall become effective as of the date first written above. This Agreement may be
terminated at any time, without the payment of any penalty, on 60 days’ written notice, by the vote of a majority of
the outstanding voting securities of the Company or by the vote of the Company’s directors or by the Adviser; provided, however,
that following a Non-Listed Offering and prior to an Exchange Listing, the Adviser may only terminate this agreement upon not more
than 120 days’ written notice. The provisions of Section 9 of this Agreement shall remain in full force and effect,
and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding
the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 3
through the date of termination or expiration, and Section 9 shall continue in force and effect and apply to the Adviser and
its representatives as and to the extent applicable.
	 	 	 

		b)	This Agreement shall continue in effect for two years from the date hereof, or to the extent consistent
with the requirements of the Investment Company Act, from the date of the Company’s election to be regulated as a BDC under
the Investment Company Act, and thereafter shall continue automatically for successive annual periods, provided that such continuance
is specifically approved at least annually by (A) the vote of the Board, or by the vote of a majority of the outstanding voting
securities of the Company and (B) the vote of a majority of the Company’s directors who are not parties to this Agreement
or “interested persons” (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such
party, in accordance with the requirements of the Investment Company Act.
	 	 	 

		c)	This Agreement will automatically terminate in the event of its “assignment” (as such
term is defined for purposes of Section 15(a)(4) of the Investment Company Act).
	 	 	 

		d)	Following a Non-Listed Offering and prior to an Exchange
Listing the provisions set forth in “Annex A —VI. Effectiveness, Duration and Termination of Agreement”
shall apply.

 

     8

     

    

 

		11)	Notices

 

Any
notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at
its principal office.

 

		12)	Amendments

 

This
Agreement may be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements
of the Investment Company Act.

 

		13)	Entire Agreement; Governing Law

 

This
Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with
respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of Delaware and
in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of
the State of Delaware, or any of the provisions herein, conflict with the provisions of the Investment Company Act, the latter
shall control.

 

[Remainder of page intentionally left
blank.]

 

* * *

 

     9

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed on the date above written.

 

	 	OWL ROCK CAPITAL CORPORATION
	 	 
	 	By:  	 
	 	 	Name:	                                    
	 	 	Title:	                         
	 
	 	OWL ROCK CAPITAL ADVISORS LLC
	 	 
	 	By:  	 
	 	 	Name:	                 
	 	 	Title:	 

 

     10

     

    

 

Annex A

 

Additional Provisions 

 

		I.	Company’s Responsibilities and Expenses Payable by the Company. In addition to the
compensation paid to the Adviser pursuant to Section 3 of the Agreement, following a Non-Listed Offering 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. Following a Non-Listed Offering the Adviser may be reimbursed
for the administrative services performed by it on behalf of the Company pursuant to any separate administration or co-administration
agreement with the Adviser; provided, however, such reimbursement shall be an amount equal to the lower of the Adviser’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 methods conforming with generally accepted accounting principles. No such reimbursement
shall be permitted for services for which the Adviser is entitled to compensation by way of a separate fee. Excluded from such
allowable reimbursement shall be:
	 	 	 

		a.	rent or depreciation, utilities, capital equipment, and other administrative items of the Adviser;
and
	 	 	 

		b.	salaries, fringe benefits, travel expenses and other administrative items incurred by or allocated
to any Controlling Person of the Adviser. The term “Controlling Person” shall mean a person, whatever his or her title,
who performs functions for the Adviser similar to those of (a) the chairman or other member of a board of directors, (b) executive
officers or (c) those holding 10% or more equity interest in the Adviser, or a person having the power to direct or cause the direction
of the Adviser, whether through the ownership of voting securities, by contract or otherwise.
	 	 	 

		II.	Covenants of the Adviser. Following a Non-Listed Offering and prior to an Exchange Listing:
	 	 	 

		a.	The Adviser shall prepare or shall cause to be prepared and mailed or delivered by any reasonable
means, including an electronic medium, a copy of the Company’s Annual Report on Form 10-K, filed by the Company under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), to each stockholder as of a record date after
the end of the fiscal year within 120 days after the end of the fiscal year to which it relates that shall include: (i) financial
statements prepared in accordance with generally accepted accounting principles which are audited and reported on by independent
certified public accountants; (ii) a report of the material activities of the Company during the period covered by the report;
(iii) where forecasts have been provided to the Company’s stockholders, a table comparing the forecasts previously provided
with the actual results during the period covered by the report; and (iv) a report setting forth distributions to Company’s stockholders for the period covered thereby and separately identifying distributions from: (A) cash flow from operations during the period; (B) cash flow from operations during a prior period which have been held as reserves; (C) proceeds from disposition of assets; and (D) reserves from the gross proceeds. Such Annual Report on Form 10-K must also contain a breakdown of the costs reimbursed to the Adviser. The Company shall take reasonable steps to assure that: (v) within the scope of the annual audit of the Company’s financial statements, the independent certified public accountants preparing such Annual Report on Form 10-K will issue a special report on the allocation of such costs to the Company in accordance with this Agreement; (w) the special report shall be in accordance with the American Institute of Certified Public Accountants United States Auditing Standards relating to special reports; (x) the additional costs of such special report will be itemized and may be reimbursed to the Adviser by the Company in accordance with this Section II(a) only to the extent that such reimbursement, when added to the cost for administrative services rendered, does not exceed the competitive rate for such services as determined above; (y) the special report shall at minimum provide a review of the time records of individual employees, the costs of whose services were reimbursed and the specific nature of the work performed by each such employee; and (z) the prospectus, prospectus supplement or periodic report as filed with the SEC shall disclose in tabular form an itemized estimate of such proposed expenses 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 and subject to the Omnibus Guidelines published by the North American Securities Administrators Association on May 7, 2007. 

 

     A-1

     

    

 

		b.	The Adviser shall prepare or shall cause to be prepared and mailed or delivered to each Company
stockholder within 60 days after the end of each fiscal quarter of the Company a Quarterly Report on Form 10-Q filed by the Company
under the Exchange Act.
	 	 	 

		c.	The Adviser shall prepare or shall cause to be prepared and mailed or delivered within 75 days
after the end of each calendar year of the Company to each person who was at any time during such calendar year a Company stockholder
all information pertaining to such stockholder’s investment in the Company necessary for the preparation of such person’s
federal income tax return.
	 	 	 

		d.	The Adviser shall, upon written request of any State Administrator, submit any of the reports and
statements to be prepared and distributed by it pursuant to this Section II to such State Administrator.
	 	 	 

		e.	In performing its duties hereunder, the Adviser shall cause the Company to provide for adequate
reserves for normal replacements and contingencies (but not for the payment of fees payable to the Adviser described in Section
3 of the Agreement) by causing the Company to retain a reasonable percentage of proceeds from offerings and revenues.

 

     A-2

     

    

 

		f.	From time to time and not less than quarterly, the Company shall cause the Adviser to review the
Company’s accounts to determine whether cash distributions are appropriate. The Company may, subject to authorization by
the Board, distribute pro rata to the Company’s stockholders funds which the Board deems unnecessary to retain in the Company.
In no event shall funds be advanced or borrowed solely for the purpose of such cash distributions. Any cash distributions to the
Adviser shall be made only in conjunction with distributions to stockholders and as a result of any shares held by the Adviser.
All such cash distributions shall be made only out of funds legally available therefor pursuant to the Maryland General Corporation
Law, as amended from time to time.
	 	 	 

		g.	The Adviser shall, in its sole discretion, temporarily place proceeds from offerings by the Company
of its equity securities 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 of the Agreement; 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 years from the date of effectiveness of the registration statement relating to the Non-Listed Offering or one
year from termination of the Non-Listed 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.
	 	 	 

		III.	Excess Brokerage Commissions. Notwithstanding anything herein to the contrary, following
a Non-Listed Offering and prior to an Exchange Listing:
	 	 	 

		a.	All Front End Fees (as defined in the Company’s charter) shall be reasonable and shall not
exceed 18% of the gross proceeds of any offering and sale of the Company’s shares, regardless of the source of payment. Any
reimbursement to the Adviser or any other person for deferred Organizational and Offering Expenses (as defined in the Company’s
charter), including any interest thereon, if any, will be included within this 18% limitation.
	 	 	 

		b.	The Adviser shall cause the Company to commit at least 82% of the gross proceeds of any offering
and sale of the Company’s shares towards the investment or reinvestment of assets and reserves as set forth in Section II(e)
of this Annex A on behalf of the Company. The remaining proceeds may be used to pay Front End Fees.
	 	 	 

		IV.	Conflicts of Interest. Following a Non-Listed Offering:
	 	 	 

		a.	The Adviser is
not hereby granted or entitled to an exclusive right to sell or exclusive employment to sell assets for the Company.

 

     A-3

     

    

 

		b.	The Adviser shall not receive or accept any rebate or give-ups or similar arrangement that is prohibited
under applicable federal or state securities laws. The Adviser shall not directly or indirectly pay or award any fees or commissions
or other compensation to any Person engaged to sell shares of the Company’s stock or give investment advice to a potential
stockholder; 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 the Company’s common stock.
	 	 	 

		c.	The Adviser covenants that it shall not permit or cause to be permitted the Company’s funds
from being commingled with the funds of any other entity. However, nothing in this subsection shall prohibit the Adviser from establishing
a master fiduciary account pursuant to which separate sub-trust accounts are established for the benefit of affiliated programs,
provided that the Company’s funds are protected from the claims of other programs and creditors of such programs.
	 	 	 

		V.	Limitation of Liability of the Adviser; Indemnification.
	 	 	 

		a.	Following a Non-Listed Offering and prior to an Exchange
Listing, the Company shall not provide for indemnification of an Indemnified Party for any liability or loss suffered by the an
Indemnified Party, 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:
	 	 	 

		i.	the Indemnified Party has determined, in good faith, that
the course of conduct that caused the loss or liability was in the best interests of the Company;
	 	 	 

		ii.	the Indemnified
Party was acting on behalf of or performing services for the Company;

 

		iii.	such liability
or loss was not the result of (A) negligence or misconduct, in the case that the Indemnified Party is the Adviser or an Affiliate
(as defined in the Articles of Incorporation) of the Adviser, or (B) gross negligence or willful misconduct, in the case that
the Indemnified Party is a director of the Company who is not also an officer of the Company or the Adviser or an Affiliate of
the Adviser; and

 

		iv.	such indemnification
or agreement to hold harmless is recoverable only out of the Company’s net assets and not from the Company stockholders.

 

     A-4

     

    

 

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 by such party unless one or more of the following conditions are met:

 

		i.	there has been a successful adjudication on the merits of
each count involving alleged material securities law violations as to the Indemnified Party;
	 	 	 

		ii.	such claims have
been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnified Party; or
	 	 	 

		iii.	a court of competent
jurisdiction approves a settlement of the claims against the Indemnified Party and finds that indemnification of the settlement
and the related costs should be made, and the court considering the request for indemnification has been advised of the position
of the SEC and of the published position of any state securities regulatory authority in which shares of stock of the Company
were offered or sold as to indemnification for violations of securities laws.
	 	 	 

		b.	Following a Non-Listed Offering and prior to an Exchange
Listing, the Company may pay or reimburse reasonable legal expenses and other costs incurred by the Indemnified Party in advance
of final disposition of a proceeding only if all of the following are satisfied:
	 	 	 

		i.	the proceeding
relates to acts or omissions with respect to the performance of duties or services on behalf of the Company;
	 	 	 

		ii.	the Indemnified
Party provides the Company with written affirmation of such Indemnified Party’s good faith belief that the Indemnified Party
has met the standard of conduct necessary for indemnification by the Company;
	 	 	 

		iii.	the legal proceeding
was initiated by a third party who is not a Company stockholder, or, if by a Company stockholder acting in his or her capacity
as such, a court of competent jurisdiction approves such advancement; and
	 	 	 

		iv.	the Indemnified
Party provides the Company with a written agreement to repay the amount paid or reimbursed by the Company, together with the applicable
legal rate of interest thereon, if it is ultimately determined that the Indemnified Party did not comply with the requisite standard
of conduct and is not entitled to indemnification.

 

     A-5

     

    

 

		VI.	Effectiveness, Duration and Termination of Agreement. Following
a Non-Listed Offering and prior to an Exchange Listing, without the approval of holders of a majority of the shares 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’s assets other than in the ordinary course of the Company’s business; or (v) cause the merger or other
reorganization of the Company. In the event that the Adviser should withdraw pursuant to (ii) above, the withdrawing Adviser shall
pay all expenses incurred as a result of its withdrawal.
The Company may terminate the Adviser’s interest in the Company’s revenues, expenses, income, losses, distributions
and capital by payment of an amount equal to the then present fair market value of the terminated Adviser’s interest, determined
by agreement of the terminated Adviser and the Company. If Company Fund and the Adviser cannot agree upon such amount, the parties
will submit to binding arbitration which cost will be borne equally by the Adviser and the Company. The method of payment to the
terminated Adviser must be fair and must protect the solvency and liquidity of the Company.

 

     A-6

     

    

 

Annex B

 

Examples of Quarterly Incentive Fee
Calculation

 

Example 1: Income Related Portion of Incentive Fee1,2:

 

Alternative 1

 

Assumptions

 

Investment income (including interest, dividends, fees, etc.)
= 2.00%

Hurdle rate3 = 1.50%

Management fee4 = 0.38%

Other expenses (legal, accounting, custodian, transfer agent, etc.)5 = 0.20%

Pre-Incentive Fee net investment income

    (investment income - (management fee + other expenses)) = 1.42%

Pre-incentive net investment income does not exceed hurdle rate, therefore there is no Incentive Fee.

 

Alternative 2

 

Assumptions

 

Investment income (including interest, dividends, fees, etc.)
= 2.25%

Hurdle rate3 = 1.50%

Management fee4 = 0.38%

Other expenses (legal, accounting, custodian, transfer agent, etc.)5 = 0.20%

Pre-Incentive Fee net investment income

    (investment income - (management fee + other expenses)) = 1.67%

Incentive Fee = 100% × pre-Incentive Fee net investment income, subject to the “catch-up”6

    = 100% × (1.67% - 1.5%)

    = 0.17%

 

     B-1

     

    

 

Alternative 3

 

Assumptions

 

Investment income (including interest, dividends, fees, etc.)
= 2.50%

Hurdle rate3 = 1.50%

Management fee4 = 0.38%

Other expenses (legal, accounting, custodian, transfer agent, etc.)5 = 0.20%

Pre-Incentive Fee net investment income

    (investment income - (management fee + other expenses)) = 1.92%

Incentive Fee = 17.50% × pre-Incentive Fee net investment income, subject to “catch-up”6

Incentive Fee = 100% × “catch-up” + (17.50% × (pre-Incentive Fee net investment income - 1.875%))

Catch-up = 1.82% - 1.50% = 0.32%

Incentive Fee = (100% × 0.32%) + (17.50% × (1.92% - 1.82%))

    = 0.32% + (17.50% × 0.92%)

   = 0.32% + 0.02%

    = 0.34%

 

1This example assumes that an Exchange Listing
has occurred.

2 The hypothetical amount of pre-Incentive Fee
net investment income shown is based on a percentage of total net assets.

3 Represents 6.0% annualized hurdle rate.

4 Represents 1.50% annualized management fee.

5 Excludes organizational and offering expenses.

6 The “catch-up” provision is intended
to provide the Adviser with an Incentive Fee of 17.50% on all of the Company’s pre-Incentive Fee net investment income as
if a hurdle rate did not apply. The “catch-up” portion of the Company’s pre-Incentive Fee net investment income
is the portion that exceeds the 1.5% hurdle rate but is less than or equal to 1.82% in any quarter.

 

     B-2

     

    

 

Example 2: Capital Gains Portion of Incentive Fee:

 

Assumptions

 

		i)	Year 1: The Listing Date is the last day of the first calendar quarter. Prior to the last day of
the first calendar quarter the Company has made an investment in Company A (“Investment A”), an investment in
Company B (“Investment B”), an investment in Company C (“Investment C”), an investment in
Company D (“Investment D”) and an investment in Company E (“Investment E”). On the last day
of the first calendar quarter the fair market value (“FMV”) of each of Investment A, Investment B, Investment
C, Investment D and Investment E is $10 million. For purposes of calculating the Capital Gains Incentive Fee, the cost basis of
each of Investment A, Investment B, Investment C, Investment D and Investment E is considered to be its FMV as of the last day
of the first calendar quarter; provided, however, that in no event will the Capital Gains Incentive Fee payable pursuant hereto
be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended, including Section 205 thereof.
	 	 	 

		·	Year 2: Investment A sold for $20 million, fair market value (“FMV”) of Investment B determined to
be $8 million, FMV of Investment C determined to be $12 million, and FMV of Investments D and E each determined to be
$10 million.
	 	 	 

		·	Year 3: FMV of Investment of B determined to be $8 million, FMV of Investment C determined to be $14 million, FMV of Investment
D determined to be $14 million and FMV of Investment E determined to be $16 million.
	 	 	 

		·	Year 4: $10 million investment made in Company F (“Investment F”), Investment D sold for $12 million,
FMV of Investment B determined to be $10 million, FMV of Investment C determined to be $16 million and FMV of Investment
E determined to be $14 million.
	 	 	 

		·	Year 5: Investment C sold for $20 million, FMV of Investment B determined to be $14 million, FMV of Investment E
determined to be $10 million and FMV of Investment F determined to $12 million.
	 	 	 

		·	Year 6: Investment B sold for $16 million, FMV of Investment E determined to be $8 million and FMV of Investment
F determined to be $15 million.
	 	 	 

		·	Year 7: Investment E sold for $8 million and FMV of Investment F determined to be $17 million.
	 	 	 

		·	Year 8: Investment F sold for $18 million.

 

     B-3

     

    

 

These assumptions are summarized in the following chart:

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Cumulative	 	Cumulative	 	Cumulative
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Unrealized	 	Realized	 	Realized
	 	 	Investment	 	Investment	 	Investment	 	Investment	 	Investment	 	Investment	 	Capital	 	Capital	 	Capital
	 	 	A	 	B	 	C	 	D	 	E	 	F	 	Depreciation	 	Losses	 	Gains
	Year 1	 	$10 million
    (FMV/cost basis)	 	$10 million
    (FMV/cost basis)	 	$10 million
    (FMV/cost basis)	 	$10 million
    (FMV/cost basis)	 	$10 million
    (FMV/cost basis)	 	—	 	—	 	—	 	—
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 2	 	$20 million (sale
    price)	 	$8 million
    FMV	 	$12 million
    FMV	 	$10 million
    FMV	 	$10 million
    FMV	 	—	 	$2 million	 	—	 	$10 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 3	 	—	 	$8 million
    FMV	 	$14 million
    FMV	 	$14 million
    FMV	 	$16 million
    FMV	 	—	 	$2 million	 	—	 	$10 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 4	 	—	 	$10 million
    FMV	 	$16 million
    FMV	 	$12 million (sale
    price)	 	$14 million
    FMV	 	$10 million
    (cost basis)	 	—	 	—	 	$12 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 5	 	—	 	$14 million
    FMV	 	$20 million (sale
    price)	 	—	 	$10 million
    FMV	 	$12 million
    FMV	 	—	 	—	 	$22 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 6	 	—	 	$16 million (sale
    price)	 	—	 	—	 	$8 million
    FMV	 	$15
    million FMV	 	$2 million	 	—	 	$28 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 7	 	—	 	—	 	—	 	—	 	$8 million (sale
    price)	 	$17 million
    FMV	 	—	 	$2 million	 	$28 million
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year 8	 	—	 	—	 	—	 	—	 	—	 	$18 million (sale
    price)	 	—	 	$2 million	 	$36 million

 

The capital
gains portion of the Incentive Fee would be:

 

	 	 ·	Year 1: None
	 	 	 
	 	 ·	Year 2:
	 	 	 
	 	 	Capital Gains Incentive Fee = 17.50% multiplied by
($10 million realized capital gains on sale of Investment A less $2 million cumulative capital depreciation) = $1.40 million
	 	 	 
	 	 ·	Year 3:
	 	 	 
	 	 	Capital Gains Incentive Fee = 17.50% multiplied by
($10 million cumulative realized capital gains less $2 million cumulative capital depreciation)) less $1.40 million cumulative
Capital Gains Incentive Fee previously paid = $1.40 million less $1.40 million = $0.00

	 	 	 
	 	 ·	Year 4:
	 	 	 
	 	 	Capital Gains Incentive Fee = (17.50% multiplied by
($12 million cumulative realized capital gains)) less $1.40 million cumulative Capital Incentive Gains Fee previously
paid = $2.10 million less $1.40 million = $0.70 million

 

     B-4

     

    

 

	 	 ·	Year 5:
	 	 	 
	 	 	Capital Gains Incentive Fee = (17.50% multiplied by
($22 million cumulative realized capital gains)) less $2.10 million cumulative Capital Gains Incentive Fee previously paid
= $3.85 million less $2.10 million = $1.75 million
	 	 	 
	 	 ·	Year 6:
	 	 	 
	 	 	Capital Gains Incentive Fee = (17.50% multiplied by
($28 million cumulative realized capital gains less $2 million cumulative capital depreciation)) less $3.85 million
cumulative Capital Gains Incentive Fee previously paid = $4.55 million less $3.85 million = $0.70 million
	 	 	 
	 	 ·	Year 7:
	 	 	 
	 	 	Capital Gains Incentive Fee = (17.50% multiplied by
($28 million cumulative realized capital gains less $2 million cumulative realized capital losses)) less $4.55 million
cumulative Capital Gains Incentive Fee previously paid = $4.55 million less $4.55 million = $0.00
	 	 	 
	 	 ·	Year 8:
	 	 	 
	 	 	Capital Gains Incentive Fee = (17.50% multiplied by
($36 million cumulative realized capital gains less $2 million cumulative realized capital losses)) less $4.55 million
cumulative Capital Gains Incentive Fee previously paid = $5.95 million less $4.55 million = $1.40 million

 

     B-5

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