Document:

orccii-ex106_116.htm

Exhibit 10.6

 

Owl Rock Capital Advisors LLC

399 Park Avenue, 38th Floor

New York, NY 10022

 

February  27, 2019

 

Craig W. Packer

Owl Rock Capital Corporation II

399 Park Avenue, 38th Floor

New York, NY 10022

 

			
	
 
	
Re:
	
Waiver of Incentive Fee on Income

 

Dear Mr. Packer,

 

Reference is hereby made to the Investment Advisory Agreement (the “Investment Advisory Agreement”), dated February 6, 2017, by and between Owl Rock Capital Corporation II (the “Company”) and Owl Rock Capital Advisors LLC (the “Adviser”). Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Investment Advisory Agreement.

 

We hereby agree to waive 100% of the Incentive Fee on Income for the year ended December 31, 2018, as calculated in accordance with U.S. GAAP.  

 

Any portion of the Incentive Fee on Income waived shall not be subject to recoupment.  

 For the avoidance of doubt, the purpose of the waiver described herein is to reduce aggregate fees payable to the Adviser by the Company for the year ended December 31, 2018. 

			
	
 
	
 
	
 

	
 
	
Sincerely yours,

	
 
	
 

	
 
	
Owl Rock Capital Advisors LLC

	
 
	
 

	
 
	
By:
	
          

	
 
	
 
	
Name: Alan Kirshenbaum

	
 
	
 
	
Title: Chief Operating Officer

 

 

1Exhibit 10.1

 

Summary of BSA Plans

 

Share warrants or BSA (bons de souscription d’actions) are purchased by the holders and entitle each of them to subscribe for new shares of our Company at an exercise price set at the time of grant.

 

Administration. Pursuant to delegations granted at our general meeting of the shareholders, our board of directors determines (and formerly our executive board (directoire) determined) the list of the beneficiaries, the granting dates, the purchase price, the exercise price, the number of BSA granted and the terms and conditions of the BSA, including the number shares underlying each BSA, their exercise period.

 

Grants. Our BSA were granted to independent members of our former supervisory board (conseil de surveillance), independent members of the board of directors and scientific consultants of our Company. A total of 167,630 BSA has been granted and 155,940 BSA has been purchased by the beneficiaries under six (6) plans, in 2014, 2015 and 2017 (BSA 2014-A, BSA 2014-B, BSA 2015-A, BSA 2015-B, BSA 2017-A and BSA 2017-B), which have different terms and conditions as set out below.

 

Underlying shares. The securities to which our BSA give right are new ordinary shares of our Company. The number of ordinary shares to which each BSA 2014-A, BSA 2014-B, BSA 2015-A and BSA 2015-B gives right is one point zero three (1.03) new ordinary share. The number of ordinary shares to which each BSA 2017-A and BSA 2017-B gives right is one (1) new ordinary share.

 

The number of ordinary shares to which each BSA gives right can be adjusted, upwards or downwards, as a result of certain corporate transactions, such as rights issues.

 

Standard terms. Our BSA are exercisable by tranches of a minimum of 2,000 BSA, or a multiple thereof, with an exception for any outstanding balance of unexercised BSA under 2,000.

 

The BSA 2014-A and BSA 2014-B have been issued at a price of €0.01 and at an exercise price of €23.50 per BSA.

 

The BSA 2015-A and BSA 2015-B have been issued at a price of €0.01 and at an exercise price of €35.95 per BSA.

 

The BSA 2017-A and BSA 2017-B have been issued at a price of €2.00 and at an exercise price of €19.97 per BSA.

 

Exercise periods. The exercise periods of our BSA plans are:

 

	
 
    	
 
    	
Exercise period
    
	
BSA 2014-A
    	
 
    	
November 1, 2014 to   September 30, 2018 (1)
    
	
BSA 2014-B
    	
 
    	
March 1, 2015 to   February 28, 2019
    
	
BSA 2015-A
    	
 
    	
June 1, 2015 to   May 31, 2019
    
	
BSA 2015-B
    	
 
    	
December 1, 2015 to   November 30, 2019
    
	
BSA 2017-A
    	
 
    	
July 1, 2018 to   June 30, 2022
    
	
BSA 2017-B
    	
 
    	
July 16, 2018 to   July 15, 2022
    

 

(1)    On September 30, 2018, all BSA 2014-A have become void.

 

If a BSA has not been exercised at the end of its exercise period, it becomes void.

 

1Exhibit 10.2

 

Summary of BSAAR Plans

 

Redeemable share warrants or BSAAR (bons de souscription et/ou d’acquisition d’actions remboursables) are purchased by the holders and entitle each holder to subscribe for new shares and/or purchase existing shares of our Company at an exercise price set at the time of grant. They can be redeemed by our Company as further set out below.

 

Administration. Pursuant to delegations granted at our general meeting of the shareholders, our board of directors determines (and formerly our executive board (directoire) determined) the list of the beneficiaries, the granting dates, the purchase price, the exercise price, the number of BSAAR granted and the terms and conditions of the BSAAR, including the number of shares underlying each BSAAR and their exercise period.

 

Grants. Our BSAAR were granted to members of our former executive board and employees of our Company. A total of 118,677 BSAAR has been granted and a total of 73,517 BSAAR has been purchased by the beneficiaries under five (5) plans, in 2014 and 2016 (BSAAR 2014-A, BSAAR 2014-B, BSAAR 2014-C, BSAAR 2016-A and BSAAR 2016-B), with different terms and conditions as set out below.

 

Underlying shares. The securities to which our BSAAR give right are new ordinary shares of our Company. The number of ordinary shares to which each BSAAR gives right is one point zero three (1,03) new ordinary share.

 

The number of ordinary shares to which each BSAAR gives right can be adjusted, upwards or downwards, as a result of certain corporate transactions, such as rights issues.

 

Standard terms. Our BSAAR are exercisable by fraction of a number of redeemable warrants equal to one third (1/3) of the number of BSAAR of each plan held by each beneficiary.

 

Exercise of the BSAAR is subject to the effective presence of the beneficiary in our Company or one of our controlled subsidiaries at the date of the receipt of the exercise request accompanied by payment of the exercise price.

 

The BSAAR 2014-A, BSAAR 2014-B and BSAAR 2014-C have been issued at a price of €5.61 and at an exercise price of €23.50 per BSAAR.

 

There are no performance conditions associated with the benefit of the BSAAR granted pursuant to our 2014 BSAAR plan.

 

The BSAAR 2016-A and BSAAR 2016-B have been issued at a price of €4.60 and at an exercise price of €23.50 per BSAAR.

 

The exercise of the BSAAR 2016-A is subject to a performance condition: “our Company should have, at the date it receives the exercise notice accompanied by the payment of the exercise price, the financial means to carry out its research and development programs, and at the least, its development program for Elafibranor in NASH, until at least the end of 2018”.

 

The exercise of the BSAAR 2016-B is also subject to a performance condition: “our Company should have published, on the date it receives the exercise notice accompanied by the exercise price, the main results of the RESOLVE-IT clinical trial for which it is the sponsor”.

 

These performance conditions are assessed by our board of directors.

 

Redemption at the option of the Company. Our Company may, at its sole discretion, from the date of issue of the BSAAR and up to the end of the exercise period of the BSAAR, repay all or part of the outstanding BSAAR at a price of €0.01; however, such redemption will only be possible if the arithmetic average, calculated over 10 consecutive trading days among the 20 trading days preceding the notification of the redemption (as such date appears on the postmark), of the closing prices of the Company’s shares multiplicated

 

 

by the exercise ratio in effect at this date, exceeds either (i) €94, i.e. 400% of the exercise price of BSAAR 2014 or (ii) €47, i.e. 200% of the exercise price of the BSAAR 2016.

 

Exercise periods. The exercise periods of our BSAAR plans are:

 

	
 
    	
 
    	
Exercise period
    
	
BSAAR 2014-A
    	
 
    	
September 15, 2015   to September 15, 2018
    
	
BSAAR 2014-B
    	
 
    	
September 15, 2015   to May 4, 2019
    
	
BSAAR 2014-C
    	
 
    	
September 15, 2015   to July 1st, 2019
    
	
BSAAR 2016-A
    	
 
    	
January 1st, 2018 to   July 27, 2020
    
	
BSAAR 2016-B
    	
 
    	
August 1st, 2018 to   July 27, 2020
    

 

If a BSAAR has not been exercised at the end of its exercise period, it becomes void.

 

2Exhibit 10.3

 

Summary of Stock Options Plans

 

Stock options (options de souscription et/ou d’achat d’actions) are granted for free and entitle each holder to subscribe for new shares and/or purchase existing shares of our Company at an exercise price set at the time of grant.

 

Administration. Pursuant to delegations granted at our general meeting of the shareholders, our board of directors determines (and formerly our executive board (directoire) determined) the list of the beneficiaries, the granting dates, the exercise price, the number of stock options granted and the terms and conditions of the stock options, including the number of shares underlying each stock option, their vesting schedule and exercise period.

 

Grants. Our stock options were granted to members of our former executive board, executive officers and employees of our Company. A total of 322,125 stock options has been granted and accepted by the beneficiaries under ten (10) plans, in 2016, 2017 and 2018, with different terms and conditions as set out below. We have five (5) stock options plans for French beneficiaries (SO 2016-1, SO 2016-2, SO 2017-1, SO 2017-2 and SO 2018) and five stock plans for U.S. beneficiaries, that were designed to benefit from the “Incentive Stock Options” status (SO US 2016-1, SO US 2016-2, SO US 2017-1, SO US 2017-1 and SO US 2018).

 

Underlying shares. The securities to which our stock options give rights are new ordinary shares of our Company. The number of ordinary shares to which each stock option gives right is one (1) new ordinary share.

 

The number of ordinary shares to which each stock option gives right can be adjusted, upwards or downwards, as a result of certain corporate transactions, such as rights issues.

 

Standard terms. Our stock options are exercisable during a period of seven (7) years following a three (3) years’ vesting period at the end of which the beneficiary must be effectively present in our Company or its consolidated subsidiaries (subject to exceptions) and subject to the realisation of performance conditions that are assessed by our board of directors.

 

The terms and conditions of our stock options in respect of each of our plans are as follows:

 

	
 
    	
 
    	
Performance conditions
    	
 
    	
Assessment date(s)
   of presence and
   performance
   conditions
    	
 
    	
Lock-up period
   end date
    	
 
    	
Exercise
   price
    	
 
    
	
SO 2016-1
    	
 
    	
(i) Internal   performance (1)

   (ii) External performance (2)
    	
 
    	
December 15, 2018 or December 15,   2019 (3)
    	
 
    	
December 16, 2019
    	
 
    	
€
    	
15.79
    	
 
    
	
SO 2016-2
    	
 
    	
 
    	
December 15, 2019
    	
 
    	
December 16, 2019
    	
 
    	
€
    	
15.79
    	
 
    
	
SO 2017-1
    	
 
    	
 
    	
December 31, 2019
    	
 
    	
January 1, 2021
    	
 
    	
€
    	
17.91
    	
 
    
	
SO 2017-2
    	
 
    	
 
    	
December 31, 2020
    	
 
    	
January 1, 2021
    	
 
    	
€
    	
17.91
    	
 
    
	
SO 2018
    	
 
    	
 
    	
December 31, 2020
    	
 
    	
January 1, 2020
    	
 
    	
€
    	
16.00
    	
 
    
	
SO US 2016-1
    	
 
    	
 
    	
December 15, 2018 or December 15,   2019 (3)
    	
 
    	
December 16, 2019
    	
 
    	
€
    	
21.12
    	
 
    
	
SO US 2016-2
    	
 
    	
 
    	
December 15, 2019
    	
 
    	
December 16, 2019
    	
 
    	
€
    	
21.12
    	
 
    
	
SO US 2017-1
    	
 
    	
 
    	
December 31, 2019
    	
 
    	
January 1, 2021
    	
 
    	
€
    	
22.54
    	
 
    
	
SO US 2017-2
    	
 
    	
 
    	
December 31, 2020
    	
 
    	
January 1, 2021
    	
 
    	
€
    	
22.54
    	
 
    
	
SO US 2018
    	
 
    	
 
    	
December 31, 2020
    	
 
    	
January 1, 2021
    	
 
    	
€
    	
21.65
    	
 
    

 

(1)         Based on the achievement of milestones in the development of our Company.

(2)         Based on the evolution of the share price of our Company.

(3)         When the presence and performance conditions are assessed at two dates, stock options that have not vested on the first assessment date because the performance condition pertaining to such stock options were not met, can vest on the second assessment date, if the presence and said performance condition are met. Even if vested on the first assessment dates, stock options do not become exercisable until the end of the three-year vesting period. Stock options that have not vested on the second assessment shares are definitively lost.

 

1

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