Document:

EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”), dated as of May 10, 2021, is made by and between Seres Therapeutics, Inc.,
a Delaware corporation (together with any successor thereto, the “Company”), and David Arkowitz (“Executive”) (collectively referred to as the “Parties” or individually referred to as a
“Party”). 
 RECITALS 
  

	A.	 It is the desire of the Company to assure itself of the services of Executive by entering into this Agreement.

  

	B.	 Executive and the Company mutually desire that Executive be employed by the Company on the terms herein
provided, commencing on June 1, 2021 or another date mutually agreed by the Parties (the date Executive actually commences such employment, the “Effective Date”). 

 

	C.	 This Agreement will become effective upon the Effective Date. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties hereto agree as follows: 
 1.
Employment. 
 (a) General. Effective as of the Effective Date, the Company shall employ Executive and Executive shall
remain in the employ of the Company, for the period and in the positions set forth in this Section 1, and subject to the other terms and conditions herein provided. 

(b) At-Will Employment. The Company and Executive acknowledge that Executive’s employment
is and shall continue to be at-will, as defined under applicable law, and that Executive’s employment with the Company may be terminated by either Party at any time for any or no reason (subject to the
notice requirements of Section 3(b)). This “at-will” nature of Executive’s employment shall remain unchanged during Executive’s tenure as an employee and may not
be changed, except in an express writing signed by Executive and a duly authorized officer of the Company. If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, award or
compensation other than as provided in this Agreement or otherwise agreed to in writing by the Company or as provided by applicable law. The term of this Agreement (the “Term”) shall commence on the Effective Date and end on the
date this Agreement is terminated under Section 3. 
 (c) Positions and Duties. During the Term, Executive
shall serve as Executive Vice President, Chief Financial Officer and Head of Business Development of the Company, initially reporting directly to the Chief Executive Officer of the Company (the “CEO”) with such responsibilities,
duties and authority normally associated with such positions and as may from time to time be assigned to Executive, or altered, by the CEO. Executive shall devote 

 
substantially all of Executive’s working time and efforts to the business and affairs of the Company (which shall include service to its affiliates, if applicable) and shall not engage in
outside business activities (including serving on outside boards or committees) without the consent of the CEO, provided that Executive shall be permitted to (i) manage Executive’s personal, financial and legal affairs,
(ii) participate in trade associations, (iii) serve on the board of directors of not-for-profit or tax-exempt
charitable organizations, and (iv) continue serving on the board of directors of Yumanity Therapeutics, and F-star Therapeutics, Inc, in each case, subject to compliance with this Agreement and provided
that such activities do not materially interfere with Executive’s performance of Executive’s duties and responsibilities hereunder. Executive agrees to observe and comply with the rules and policies of the Company as adopted by the Company
from time to time, in each case as amended from time to time, as set forth in writing, and as delivered or made available to Executive (each, a “Policy”). 

2. Compensation and Related Matters. 

(a) Annual Base Salary. During the Term, Executive shall receive a base salary at a rate of $455,000 per annum, which shall be paid in
accordance with the customary payroll practices of the Company and shall be pro-rated for partial years of employment. Such annual base salary shall be reviewed (and may be adjusted) from time to time by the
Board of Directors of the Company or an authorized committee of the Board (in either case, the “Board,” and such annual base salary, as it may be adjusted from time to time, the “Annual Base Salary”). 

(b) Bonus. During the Term, Executive will be eligible to participate in an annual incentive program established by the Board.
Executive’s annual incentive compensation under such incentive program (the “Annual Bonus”) shall be targeted at 40% of Executive’s Annual Base Salary (such target, as may be adjusted by the Board from time to time, the
“Target Bonus”). The Annual Bonus payable under the incentive program shall be based on the achievement of performance goals to be determined by the Board and may be pro-rated for any partial
year of employment. The payment of any Annual Bonus pursuant to the incentive program shall be subject to Executive’s continued employment with the Company through the date of payment, except as otherwise provided in
Section 4(b). 
 (c) Benefits. During the Term, Executive shall be eligible to participate in employee
benefit plans, programs and arrangements of the Company (including medical, dental and 401(k) plans), subject to the terms and eligibility requirements thereof and as such plans, programs and arrangements may be amended or in effect from time to
time. In no event shall Executive be eligible to participate in any severance plan or program of the Company, except as set forth in Section 4 of this Agreement. 

(d) Vacation. During the Term, Executive shall be entitled to paid personal leave in accordance with the Company’s Policies. Any
vacation shall be taken at the reasonable and mutual convenience of the Company and Executive. 
 (e) Business Expenses. During the
Term, the Company shall reimburse Executive for all reasonable travel and other business expenses incurred by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement Policy.

  
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 (f) Key Person Insurance. At any time during the Term, the Company shall have the
right to insure the life of Executive for the Company’s sole benefit. The Company shall have the right to determine the amount of insurance and the type of policy. Executive shall reasonably cooperate with the Company in obtaining such
insurance by submitting to physical examinations, by supplying all information reasonably required by any insurance carrier, and by executing all necessary documents reasonably required by any insurance carrier, provided that any information
provided to an insurance company or broker shall not be provided to the Company without the prior written authorization of Executive. Executive shall incur no financial obligation by executing any required document, and shall have no interest in any
such policy. 
 (g) Equity. Subject to approval by the Board, the Company will grant Executive an option (the
“Option”) under the Company’s 2015 Incentive Award Plan (the “Plan”) to purchase 270,000 shares of the Company’s common stock (subject to adjustment for corporate events as set forth in the Plan) at an
exercise price per share equal to the per share fair market value of the Company’s common stock on the date of grant, as determined in accordance with the Plan. The Option will vest as to 25% of the shares subject to the Option on the first
anniversary of the Effective Date and as to an additional 6.25% of such shares upon Executive’s completing each three months of continuous service to the Company thereafter. In all respects, the Option will be governed by and subject to the
terms of the Plan and a separate stock option agreement to be entered into between Executive and the Company. Additionally, subject to approval by the Board, the Company will grant Executive an award of 5,000 restricted stock units (the
“RSUs”) under the Plan (subject to adjustment for corporate events as set forth in the Plan), which will vest in a single installment on the first 15th of the calendar month
following the first anniversary of the Effective Date, subject to Executive’s continued service to the Company. In all respects, the RSUs will be governed by and subject to the terms of the Plan and a separate RSU award agreement to be entered
into between Executive and the Company. 
 (h) Sign-On Bonus. Executive will be paid a one-time sign-on bonus of $50,000 (the “Sign-On Bonus”), which shall be paid in a single lump sum on the first payroll
date after the Effective Date. If Executive’s employment with the Company terminates due to Executive’s resignation from the Company without Good Reason or the Company’s termination of Executive for Cause, which, in either case,
occurs prior to the first anniversary of the Effective Date, then (x) Executive shall be required to repay the full gross amount of the Sign-On Bonus to the Company within 90 days following such
termination of employment and (y) the Company may, but shall not be required to, offset any amounts required to be repaid under the foregoing clause (x) against any amounts otherwise owed to Executive by the Company to the extent that such
offset will not cause a violation of, or result in any additional tax or penalty under, Section 409A (as defined below). 

  
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 3. Termination. 

Executive’s employment hereunder and the Term may be terminated by the Company or Executive, as applicable, without any breach of this
Agreement under the following circumstances and the Term will end on the Date of Termination: 
 (a) Circumstances. 

(i) Death. Executive’s employment hereunder shall terminate upon Executive’s death. 

(ii) Disability. If Executive has incurred a Disability, as defined below, the Company may terminate Executive’s
employment. 
 (iii) Termination for Cause. The Company may terminate Executive’s employment for Cause, as
defined below. 
 (iv) Termination without Cause. The Company may terminate Executive’s employment without Cause.

 (v) Resignation from the Company for Good Reason. Executive may resign Executive’s employment with the Company
for Good Reason, as defined below. 
 (vi) Resignation from the Company Without Good Reason. Executive may resign
Executive’s employment with the Company for any reason other than Good Reason or for no reason. 
 (b) Notice of Termination. Any
termination of Executive’s employment by the Company or by Executive under this Section 3 (other than termination pursuant to paragraph (a)(i)) shall be communicated by a written notice to the other Party hereto
(i) indicating the specific termination provision in this Agreement relied upon, (ii) setting forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the
provision so indicated, if applicable, and (iii) specifying a Date of Termination which, if submitted by Executive, shall be at least forty-five (45) days following the date of such notice (a “Notice of Termination”);
provided, however, that in the event that Executive delivers a Notice of Termination to the Company, the Company may, in its sole discretion, change the Date of Termination to any date that occurs following the date of the Company’s
receipt of such Notice of Termination and is prior to the date specified in such Notice of Termination but the termination will still be considered a resignation by Executive. A Notice of Termination submitted by the Company may provide for a Date
of Termination on the date Executive receives the Notice of Termination, or any date thereafter elected by the Company in its sole discretion. The failure by the Company to set forth in the Notice of Termination any fact or circumstance which
contributes to a showing of Cause shall not waive any right of the Company hereunder or preclude the Company from asserting such fact or circumstance in enforcing the Company’s rights hereunder. 

  
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 (c) Company Obligations upon Termination. Upon termination of Executive’s
employment pursuant to any of the circumstances listed in this Section 3, Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the portion of Executive’s Annual Base Salary earned
through the Date of Termination, but not yet paid to Executive; (ii) any expense reimbursements owed to Executive pursuant to Section 2(e); and (iii) any amount accrued and arising from Executive’s
participation in, or benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (collectively, the
“Company Arrangements”). Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s rights to salary, severance, benefits, bonuses and other compensatory amounts
hereunder (if any) shall cease upon the termination of Executive’s employment hereunder. In the event that Executive’s employment is terminated by the Company for any reason, Executive’s sole and exclusive remedy shall be to receive
the payments and benefits described in this Section 3(c) or Section 4, as applicable. 

(d) Deemed Resignation. Upon termination of Executive’s employment for any reason, Executive shall be deemed to have resigned from
all offices and directorships, if any, then held with the Company or any of its subsidiaries. 
 4. Severance Payments. 

(a) Termination for Cause, or Termination Upon Death, Disability or Resignation from the Company Without Good Reason. If
Executive’s employment shall terminate as a result of Executive’s death pursuant to Section 3(a)(i) or Disability pursuant to Section 3(a)(ii), pursuant to
Section 3(a)(iii) for Cause, or pursuant to Section 3(a)(vi) for Executive’s resignation from the Company without Good Reason, then Executive shall not be entitled to any severance payments or
benefits, except as provided in Section 3(c). 
 (b) Termination without Cause, or Resignation from the Company
for Good Reason. If Executive’s employment terminates without Cause pursuant to Section 3(a)(iv), or pursuant to Section 3(a)(v) due to Executive’s resignation for Good Reason, then,
except as otherwise provided by Section 4(c) and subject to Executive signing on or before the 21st day following Executive’s Separation from Service (as defined
below), and not revoking, a release of claims substantially in the form attached as Exhibit A to this Agreement (the “Release”), and Executive’s continued compliance with Section 5, Executive
shall receive, in addition to payments and benefits set forth in Section 3(c), the following: 

(i) an amount in cash equal to the product of (x) 1.0 times (y) the Annual Base Salary, payable in the form of
salary continuation in regular installments over the 12-month period following the date of Executive’s Separation from Service (the “Severance Period”) in accordance with the
Company’s normal payroll practices; 
 (ii) to the extent unpaid as of the Date of Termination, an amount of cash equal
to any Annual Bonus earned by Executive for the Company’s fiscal year prior to the fiscal year in which the Date of Termination occurs, as determined by the Board in its discretion based upon actual performance achieved, which Annual Bonus, if
any, shall be paid to Executive in the fiscal year in which the Date of Termination occurs when bonuses for such prior fiscal year are paid in the ordinary course to actively employed senior executives of the Company; and 

 

  
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 (iii) if Executive timely elects to receive continued medical, dental or
vision coverage under one or more of the Company’s group healthcare plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), then the Company shall directly pay, or reimburse Executive
for, the COBRA premiums for Executive and Executive’s covered dependents under such plans during the period commencing on Executive’s Separation from Service and ending upon the earliest of (X) the last day of the Severance Period,
(Y) the date that Executive and/or Executive’s covered dependents become no longer eligible for COBRA or (Z) the date Executive becomes eligible to receive healthcare coverage from a subsequent employer (and Executive agrees to
promptly notify the Company of such eligibility). Notwithstanding the foregoing, if the Company determines in its sole discretion that it cannot provide the foregoing benefit without potentially violating applicable law (including, without
limitation, Section 2716 of the Public Health Service Act) or incurring an excise tax, the Company shall in lieu thereof provide to Executive a taxable monthly payment in an amount equal to the monthly COBRA premium that Executive would be
required to pay to continue Executive’s and Executive’s covered dependents’ group health coverage in effect on the Date of Termination (which amount shall be based on the premium for the first month of COBRA coverage), which payments
shall be made regardless of whether Executive elects COBRA continuation coverage and shall commence in the month following the month in which the Date of Termination occurs and shall end on the earlier of (X) the last day of the Severance
Period, (Y) the date that Executive and/or Executive’s covered dependents become no longer eligible for COBRA or (Z) the date Executive becomes eligible to receive healthcare coverage from a subsequent employer (and Executive agrees
to promptly notify the Company of such eligibility). 
 (c) Change in Control. In lieu of the payments and benefits set forth in
Section 4(b), in the event Executive’s employment terminates without Cause pursuant to Section 3(a)(iv), or pursuant to Section 3(a)(v) due to Executive’s
resignation for Good Reason, in either case, within 60 days prior to or 12 months following the date of a Change in Control, subject to Executive signing on or before the 21st day following Executive’s Separation from Service, and not revoking,
the Release, and Executive’s continued compliance with Section 5, Executive shall receive the following: 

(i) without duplication, the payments and benefits described in Section 4(b); 

(ii) an amount in cash equal to the product of (x) 1.0 times (y) the Target Bonus, payable in a lump sum within
thirty (30) days following the later of Executive’s Separation from Service and the date of a Change in Control; and 
  

  
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 (iii) all unvested equity or equity-based awards held by Executive under any
Company equity compensation plans that vest solely based on the passage of time shall immediately become 100% vested (and if the Date of Termination precedes the Change in Control, all such unvested awards shall remain outstanding and eligible to
vest in accordance with this Section 4(c)(iii) if a Change Control occurs within 60 days after the Date of Termination, provided that in no event will any such award remain outstanding beyond the final expiration date of the award set forth in
the documents governing such award), with any other equity or equity-based awards (including awards that vest in whole or in part based on the attainment of performance-vesting conditions) being governed by the terms of the applicable award
agreement. 
 (d) Survival. Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 5 through
9 will survive the termination of Executive’s employment and the termination of the Term. 
 5. Restrictive
Covenants. As a condition to the effectiveness of this Agreement, Executive will execute and deliver to the Company no later than the Effective Date the Employee Non-Competition, Non-Solicitation, Confidentiality and Assignment Agreement attached as Exhibit B (the “Proprietary Information Agreement”). Executive agrees to abide by the terms of the Proprietary
Information Agreement, which are hereby incorporated by reference into this Agreement. Executive acknowledges that the provisions of the Proprietary Information Agreement will survive the termination of Executive’s employment and the
termination of the Term for the periods set forth in the Proprietary Information Agreement. 
 6. Assignment and Successors. 

The Company may assign its rights and obligations under this Agreement to any of its affiliates or to any successor to all or substantially all
of the business or the assets of the Company (by merger or otherwise), and may assign or encumber this Agreement and its rights hereunder as security for indebtedness of the Company and its affiliates. This Agreement shall be binding upon and inure
to the benefit of the Company, Executive and their respective successors, assigns, personal and legal representatives, executors, administrators, heirs, distributees, devisees, and legatees, as applicable. None of Executive’s rights or
obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred only by will or operation of law. Notwithstanding the foregoing, Executive shall be entitled, to the extent
permitted under applicable law and applicable Company Arrangements, to select and change a beneficiary or beneficiaries to receive compensation hereunder following Executive’s death by giving written notice thereof to the Company. 

7. Certain Definitions. 
 (a)
Cause. The Company shall have “Cause” to terminate Executive’s employment hereunder upon: 
 (i)
Executive’s refusal to (A) substantially perform Executive’s duties with the Company (other than any such failure resulting from Executive’s Disability) or (B) comply with, in any material respect, any of the Company’s
Policies; 

  
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 (ii) the Board’s determination that Executive refused in any material
respect to carry out or comply with any lawful and reasonable directive of the Board; 
 (iii) Executive’s material
breach of a material provision of this Agreement; 
 (iv) Executive’s conviction, plea of no contest, plea of nolo
contendere, or imposition of unadjudicated probation for any felony or crime involving moral turpitude; 
 (v)
Executive’s unlawful use (including being under the influence) or possession of illegal drugs on the Company’s (or any of its affiliate’s) premises or while performing Executive’s duties and responsibilities under this Agreement;
or 
 (vi) Executive’s commission of an act of fraud, embezzlement, misappropriation, willful misconduct, or breach of
fiduciary duty against the Company or any of its affiliates; 
 provided, however, that Executive’s termination will not be considered for Cause unless
and until (a) the Company has provided Executive, within 60 days of the Company’s knowledge of the occurrence of the facts and circumstances underlying the Cause event, written notice stating with reasonable specificity the applicable
facts and circumstances underlying such finding of Cause and (b) in the case of alleged Cause under clause (i), (ii) or (iii) of the foregoing definition and to the extent the applicable condition or event is reasonably capable of being
cured, Executive shall have failed to cure such condition or event within 30 days after the receipt of such notice. 
 (b) Change in
Control. “Change in Control” shall have the meaning set forth in the version of the Seres Therapeutics, Inc. 2015 Incentive Award Plan in effect on the Effective Date. 

(c) Code. “Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated
thereunder. 
 (d) Date of Termination. “Date of Termination” shall mean (i) if Executive’s employment is
terminated by Executive’s death, the date of Executive’s death; or (ii) if Executive’s employment is terminated pursuant to Section 3(a)(ii) – (vi) either the date indicated in the Notice of
Termination or the date specified by the Company pursuant to Section 3(b), whichever is earlier. 
 (e)
Disability. “Disability” shall mean, at any time the Company or any of its affiliates sponsors a long-term disability plan for the Company’s employees, “disability” as defined in such long-term disability plan for the
purpose of determining a participant’s eligibility for benefits, provided, however, if the long-term disability plan contains multiple definitions of disability, “Disability” shall refer to that definition of disability which,
if Executive qualified for such disability benefits, would provide coverage for the longest period of time. The determination of whether Executive has a Disability shall be made by the person or persons required to make disability determinations
under the long-term disability plan. At any time the 

  
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Company does not sponsor a long-term disability plan for its employees, “Disability” shall mean Executive’s inability to perform, with or without reasonable accommodation, the
essential functions of Executive’s positions hereunder for a total of three months during any six-month period as a result of incapacity due to mental or physical illness as determined by a physician
selected by the Company or its insurers and acceptable to Executive or Executive’s legal representative, with such agreement as to acceptability not to be unreasonably withheld or delayed. Any refusal by Executive to submit to a medical
examination for the purpose of determining Disability shall be deemed to constitute conclusive evidence of Executive’s Disability. 

(f) Good Reason. For the sole purpose of determining Executive’s right to severance payments and benefits as described above,
Executive’s resignation will be for “Good Reason” if Executive resigns within ninety days after any of the following events, unless Executive consents to the applicable event: (i) a material decrease in Executive’s Annual
Base Salary, (ii) a material decrease in Executive’s authority or areas of responsibility as are commensurate with Executive’s title or positions, including Executive ceasing to report directly to the chief executive officer of the
Company’s ultimate parent company following a Change in Control (or of the Company if there is no such parent entity), (iii) the Company’s material breach of a material provision of this Agreement or another written agreement with
Executive or (iv) the relocation of Executive’s primary office to a location more than 50 miles from the Boston metropolitan area. Notwithstanding the foregoing, no Good Reason will have occurred unless and until Executive has:
(a) provided the Company, within 60 days of Executive’s knowledge of the occurrence of the facts and circumstances underlying the Good Reason event, written notice stating with reasonable specificity the applicable facts and circumstances
underlying such finding of Good Reason; (b) provided the Company with an opportunity to cure the same within 30 days after the receipt of such notice; and (c) the Company shall have failed to cure such condition within such 30 day period.

 8. Parachute Payments. 
 (a)
Notwithstanding any other provisions of this Agreement or any Company equity plan or agreement, in the event that any payment or benefit by the Company or otherwise to or for the benefit of Executive, whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise (all such payments and benefits, including the payments and benefits under Section 4(b) and Section 4(c) hereof, being hereinafter
referred to as the “Total Payments”), would be subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Total Payments shall be reduced (in the order
provided in Section 8(b)) to the minimum extent necessary to avoid the imposition of the Excise Tax on the Total Payments, but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the
net amount of federal, state and local income and employment taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater
than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income and employment taxes on such Total Payments and the amount of the Excise Tax to which
Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). 

 

  
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 (b) The Total Payments shall be reduced in the following order: (i) reduction on a pro-rata basis of any cash severance payments that are exempt from Section 409A of the Code (“Section 409A”), (ii) reduction on a
pro-rata basis of any non-cash severance payments or benefits that are exempt from Section 409A, (iii) reduction on a
pro-rata basis of any other payments or benefits that are exempt from Section 409A, and (iv) reduction of any payments or benefits otherwise payable to Executive on a
pro-rata basis or such other manner that complies with Section 409A; provided, in case of clauses (ii), (iii) and (iv), that reduction of any payments attributable to the acceleration of vesting of
Company equity awards shall be first applied to Company equity awards that would otherwise vest last in time. 
 (c) All determinations
regarding the application of this Section 8 shall be made by an accounting firm or consulting group with experience in performing calculations regarding the applicability of Section 280G of the Code and the Excise Tax
selected by the Company (the “Independent Advisors”). For purposes of determinations, no portion of the Total Payments shall be taken into account which, in the opinion of the Independent Advisors, (i) does not constitute a
“parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) or (ii) constitutes reasonable compensation for services actually rendered, within the
meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation. The costs of obtaining such determination and all related fees
and expenses (including related fees and expenses incurred in any later audit) shall be borne by the Company. 
 (d) In the event it is later
determined that a greater reduction in the Total Payments should have been made to implement the objective and intent of this Section 8, the excess amount shall be returned promptly by Executive to the Company. 

9. Miscellaneous Provisions. 
 (a)
Governing Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with its express terms, and otherwise in accordance with the substantive laws of the Commonwealth of Massachusetts without reference to the
principles of conflicts of law of the Commonwealth of Massachusetts or any other jurisdiction that would result in the application of the laws of a jurisdiction other than the Commonwealth of Massachusetts, and where applicable, the laws of the
United States. 
 (b) Validity. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect
the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
  

  
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 (c) Notices. Any notice, request, claim, demand, document and other communication
hereunder to any Party shall be effective upon receipt (or refusal of receipt) and shall be in writing and delivered personally or sent by facsimile or certified or registered mail, postage prepaid, as follows: 

(i) If to the Company, the Chief Legal Officer at its headquarters, 

(ii) If to Executive, at the last address that the Company has in its personnel records for Executive, or 

(iii) at any other address as any Party shall have specified by notice in writing to the other Party. 

(d) Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of
which together will constitute one and the same Agreement. Signatures delivered by facsimile or PDF shall be deemed effective for all purposes. 

(e) Entire Agreement. The terms of this Agreement, and the Proprietary Information Agreement incorporated herein by reference as set
forth in Section 5, are intended by the Parties to be the final expression of their agreement with respect to the subject matter hereof and supersede all prior understandings and agreements, whether written or oral. The
Parties further intend that this Agreement shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding to vary the terms
of this Agreement. 
 (f) Amendments; Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in
writing, signed by Executive and a duly authorized officer of Company. By an instrument in writing similarly executed, Executive or a duly authorized officer of the Company may waive compliance by the other Party with any specifically identified
provision of this Agreement that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent failure. No
failure to exercise and no delay in exercising any right, remedy, or power hereunder will preclude any other or further exercise of any other right, remedy, or power provided herein or by law or in equity. 

(g) No Inconsistent Actions. The Parties hereto shall not voluntarily undertake or fail to undertake any action or course of action
inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the Parties hereto to act in a fair and reasonable manner with respect to the interpretation and application of the provisions of this
Agreement. 
 (h) Construction. This Agreement shall be deemed drafted equally by both the Parties. Its language shall be construed as
a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The headings in this Agreement are only for convenience and are not intended to affect construction or
interpretation. Any references to paragraphs, subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly indicates to the contrary. Also, unless the context clearly indicates to the contrary, (i) the
plural includes the 

  
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singular and the singular includes the plural; (ii) “and” and “or” are each used both conjunctively and disjunctively; (iii) “any,” “all,”
“each,” or “every” means “any and all,” and “each and every”; (iv) “includes” and “including” are each “without limitation”; (v) “herein,” “hereof,”
“hereunder” and other similar compounds of the word “here” refer to the entire Agreement and not to any particular paragraph, subparagraph, section or subsection; and (vi) all pronouns and any variations thereof shall be
deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the entities or persons referred to may require. 

(i) Arbitration. Any controversy, claim or dispute arising out of or relating to this Agreement, shall be settled solely and exclusively
by a binding arbitration process administered by JAMS/Endispute in Boston, Massachusetts. Such arbitration shall be conducted in accordance with the then-existing JAMS/Endispute Rules of Practice and Procedure, with the following exceptions if in
conflict: (i) one arbitrator who is a retired judge shall be chosen by JAMS/Endispute; (ii) each Party to the arbitration will pay one-half of the expenses and fees of the arbitrator, together with
other expenses of the arbitration incurred or approved by the arbitrator; and (iii) arbitration may proceed in the absence of any Party if written notice (pursuant to the JAMS/Endispute rules and regulations) of the proceedings has been given
to such Party. Each Party shall bear its own attorney’s fees and expenses; provided that the arbitrator may assess the prevailing Party’s fees and costs against the non-prevailing Party as part of
the arbitrator’s award. The Parties agree to abide by all decisions and awards rendered in such proceedings. Such decisions and awards rendered by the arbitrator shall be final and conclusive. All such controversies, claims or disputes shall be
settled in this manner in lieu of any action at law or equity; provided, however, that nothing in this subsection shall be construed as precluding the bringing of an action for injunctive relief or specific performance as provided in this
Agreement or Proprietary Information Agreement. This dispute resolution process and any arbitration hereunder shall be confidential and neither any Party nor the neutral arbitrator shall disclose the existence, contents or results of such process
without the prior written consent of all Parties, except where necessary or compelled in a court to enforce this arbitration provision or an award from such arbitration or otherwise in a legal proceeding. If JAMS/Endispute no longer exists or is
otherwise unavailable, the Parties agree that the American Arbitration Association (“AAA”) shall administer the arbitration in accordance with its then-existing rules as modified by this subsection. In such event, all references
herein to JAMS/Endispute shall mean AAA. Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue or dispute over intellectual property rights by court action instead of arbitration. 

(j) Enforcement. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws
effective during the Term, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a portion of this Agreement; and the remaining provisions
of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision
there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable. 

  
 12 

 (k) Withholding. The Company shall be entitled to withhold from any amounts payable
under this Agreement any federal, state, local or foreign withholding or other taxes or charges which the Company is required to withhold. The Company shall be entitled to rely on the advice of counsel if any questions as to the amount or
requirement of withholding shall arise. 
 (l) Section 409A. 

(i) General. The intent of the Parties is that the payments and benefits under this Agreement comply with or be exempt
from Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. 

(ii) Separation from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits
payable under this Agreement that is designated under this Agreement as payable upon Executive’s termination of employment shall be payable only upon Executive’s “separation from service” with the Company within the meaning of
Section 409A (a “Separation from Service”) and, except as provided below, any such compensation or benefits described in Section 4 shall not be paid, or, in the case of installments, shall not commence
payment, until the thirtieth (30th) day following Executive’s Separation from Service (the “First Payment Date”). Any installment payments that would have been made to Executive during the thirty (30) day period
immediately following Executive’s Separation from Service but for the preceding sentence shall be paid to Executive on the First Payment Date and the remaining payments shall be made as provided in this Agreement. 

(iii) Specified Employee. Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the
Company at the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this
Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the six-month period measured from the date of Executive’s Separation from Service with the Company or (ii) the date of Executive’s death. Upon the first business day following the expiration of the
applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive under this Agreement
shall be paid as otherwise provided herein. 
 (iv) Expense Reimbursements. To the extent that any reimbursements
under this Agreement are subject to Section 409A, (i) any such reimbursements payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred,
(ii) Executive shall submit Executive’s reimbursement request promptly following the date the expense is incurred, (iii) the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any
subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and (iv) Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

 

  
 13 

 (v) Installments. Executive’s right to receive any installment
payments under this Agreement, including without limitation any continuation salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly, each such installment
payment shall at all times be considered a separate and distinct payment as permitted under Section 409A. Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration or
deferral would not result in additional tax or interest pursuant to Section 409A. 
 10. Executive Acknowledgement. 

Executive acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance
upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on Executive’s own judgment. 

[Signature Page Follows] 

  
 14 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date and year first
above written. 
  

			
	SERES THERAPEUTICS, INC.
		
	By:	 	 /s/ Thomas J. DesRosier

		 	Thomas J. DesRosier
		 	EVP, Chief Legal Officer

  

	
	 /s/ David Arkowitz

	David Arkowitz

 [Signature Page to Employment Agreement] 

 EXHIBIT A 

Separation Agreement and Release 

This Separation Agreement and Release (“Agreement”) is made by and between David Arkowitz (“Executive”) and
Seres Therapeutics, Inc. (the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”). Capitalized terms used but not defined in this Agreement shall have the
meanings set forth in the Employment Agreement (as defined below). 
 WHEREAS, the Parties have previously entered into that certain
Employment Agreement, dated as of _____________, 2021 (the “Employment Agreement”); and 
 WHEREAS, in connection with
Executive’s termination of employment with the Company or a subsidiary or affiliate of the Company effective ________, 20__, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and
demands that Executive may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Executive’s employment with or separation from the Company
or its subsidiaries or affiliates but, for the avoidance of doubt, nothing herein will be deemed to release any rights or remedies in connection with Executive’s ownership of vested equity securities of the Company or Executive’s right to
indemnification by the Company or any of its affiliates pursuant to contract or applicable law (collectively, the “Retained Claims”). 

NOW, THEREFORE, in consideration of the severance payments and benefits described in Section 4 of the Employment Agreement, which,
pursuant to the Employment Agreement, are conditioned on Executive’s execution and non-revocation of this Agreement, and in consideration of the mutual promises made herein, the Company and Executive
hereby agree as follows: 
 1. Severance Payments and Benefits; Salary and Benefits. The Company agrees to provide Executive with the
severance payments and benefits described in Section 4(b) and/or Section 4(c) of the Employment Agreement, payable at the times set forth in, and subject to the terms and conditions of, the Employment Agreement. In addition, to the extent
not already paid, and subject to the terms and conditions of the Employment Agreement, the Company shall pay or provide to Executive all other payments or benefits described in Section 3(c) of the Employment Agreement, subject to and in
accordance with the terms thereof. 
 2. Release of Claims. Executive agrees that, other than with respect to the Retained Claims, the
foregoing consideration represents settlement in full of all outstanding obligations owed to Executive by the Company, any of its direct or indirect subsidiaries and affiliates, and any of its or their respective current and former officers,
directors, equity holders, managers, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries and predecessor and successor corporations
and assigns (collectively, the “Releasees”). Executive, on Executive’s own behalf and on behalf of any of Executive’s affiliated companies or entities and any of Executive’s or their respective heirs, family members,
executors, agents, and assigns, other than with respect to the Retained Claims, hereby and forever releases the Releasees from, and agrees not to sue 

 
concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or
unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the date Executive signs this Agreement, including, without
limitation: 
 (a) any and all claims relating to or arising from Executive’s employment or service relationship with the Company or any
of its direct or indirect subsidiaries or affiliates and the termination of that relationship; 
 (b) any and all claims relating to, or
arising from, Executive’s right to purchase, or actual purchase of any shares of stock or other equity interests of the Company or any of its affiliates, including, without limitation, any claims for fraud, misrepresentation, breach of
fiduciary duty, breach of duty under applicable state law, and securities fraud under any state or federal law; 
 (c) any and all claims for
wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied;
promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices;
defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; 

(d) any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights
Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standard Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967;
the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; and the Sarbanes-Oxley Act of 2002; 

(e) any and all claims for violation of the federal or any state constitution; 

(f) any and all claims arising out of any other laws and regulations relating to employment or employment discrimination; 

(g) any claim for any loss, cost, damage, or expense arising out of any dispute over the
non-withholding or other tax treatment of any of the proceeds received by Executive as a result of this Agreement; 

(h) any and all claims arising out of the wage and hour and wage payments laws and regulations of the state or states in which Executive has
provided service to the Company or any of its affiliates (including without limitation the Massachusetts Payment of Wages Law); and 

  
 A-2 

 (i) any and all claims for attorneys’ fees and costs. 

Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters
released. This release does not release claims that cannot be released as a matter of law, including, but not limited to, Executive’s right to report possible violations of federal law or regulation to any governmental agency or entity in
accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or
regulation (including Executive’s right to receive an award for information provided to any such government agencies), Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or
any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company (with the understanding that Executive’s release of claims herein bars
Executive from recovering monetary or other individual relief from the Company or any Releasee in connection with any charge, investigation or proceeding, or any related complaint or lawsuit, filed by Executive or by anyone else on Executive’s
behalf before the federal Equal Employment Opportunity Commission or a comparable state or local agency), claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law, claims to
continued participation in certain of the Company’s group benefit plans pursuant to the terms and conditions of COBRA, claims to any benefit entitlements vested as the date of separation of Executive’s employment, pursuant to written terms
of any employee benefit plan of the Company or its affiliates and Executive’s right under applicable law, and any Retained Claims. This release further does not release claims for breach of Section 3(c), Section 4(b) or
Section 4(c) of the Employment Agreement. 
 3. Acknowledgment of Waiver of Claims under ADEA. Executive understands and
acknowledges that Executive is waiving and releasing any rights Executive may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive understands and
agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the date Executive signs this Agreement. Executive understands and acknowledges that the consideration given for this waiver and release
is in addition to anything of value to which Executive was already entitled. Executive further understands and acknowledges that Executive has been advised by this writing that: (a) Executive should consult with an attorney prior to executing
this Agreement; (b) Executive has 21 days within which to consider this Agreement, and the Parties expressly agree that such time period to review this Agreement shall not be extended upon any material or immaterial changes to this Agreement;
(c) Executive has seven business days following Executive’s execution of this Agreement to revoke this Agreement pursuant to written notice to the General Counsel of the Company; (d) this Agreement shall not be effective until after
the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition
precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Executive signs this Agreement and returns it to the Company in less than the 21 day period identified above, Executive hereby acknowledges that
Executive has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. 

  
 A-3 

 4. Post-Termination Obligations. Executive reaffirms Executive’s continuing
obligations under the Proprietary Information Agreement between Executive and the Company dated as of [_________], and, without limiting the foregoing, Executive remakes the non-competition covenants set forth
in the Proprietary Information Agreement as if set forth herein. In addition, Executive agrees to refrain from Disparaging (as defined below) the Company and its affiliates, including their respective services, technologies, practices, directors and
officers. The Company agrees to instruct its officers and directors to refrain from Disparaging Executive. Nothing in this Section shall preclude any Party from making truthful statements that are reasonably necessary to comply with applicable law,
regulation or legal process, or to defend or enforce a Party’s rights under this Agreement or the Employment Agreement. For purposes of this Agreement, “Disparaging” means making remarks, comments or statements, whether written or
oral, that impugn the character, integrity, reputation or abilities of the individual or entity being disparaged. 
 5. Severability.
In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement
shall continue in full force and effect without said provision or portion of provision. 
 6 No Oral Modification. This Agreement may
only be amended in a writing signed by Executive and a duly authorized officer of the Company. 
 7. Governing Law; Dispute
Resolution. This Agreement shall be subject to the provisions of Sections 9(a), 9(c) and 9(i) of the Employment Agreement.  
 8.
Effective Date. Executive has seven business days after Executive signs this Agreement to revoke it and this Agreement will become effective upon the expiration of such seven business day period, so long as it has been signed by the Parties
and has not been revoked by Executive before that date. 
 9. Trade Secrets; Whistleblower Protections. In accordance with 18 U.S.C.
§1833, notwithstanding anything to the contrary in this Agreement, the Employment Agreement, the Proprietary Information Agreement or any other agreement between Executive and the Company or any of its subsidiaries in effect as of the date
Executive receives this Agreement (together, the “Subject Documents”): (a) Executive will not be in breach of the Subject Documents, and shall not be held criminally or civilly liable under any federal or state trade secret law
(i) for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) for the
disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (b) if Executive files a lawsuit for retaliation by the Company for reporting a suspected
violation of law, Executive may disclose the trade secret to Executive’s attorney, and may use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal, and does not disclose
the trade secret, except pursuant to court order. Furthermore, the Parties agree 

  
 A-4 

 
that nothing in the Subject Documents prohibits Executive from reporting possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of
and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation or releases or
restrains Executive’s right to receive an award for information provided to any such government agencies. 
 10. Voluntary Execution
of Agreement. Executive understands and agrees that Executive executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of
Executive’s claims against the Company and any of the other Releasees. Executive acknowledges that: (a) Executive has read this Agreement; (b) Executive has not relied upon any representations or statements made by the Company that
are not specifically set forth in this Agreement; (c) Executive has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of Executive’s own choice or has elected not to retain legal counsel;
(d) Executive understands the terms and consequences of this Agreement and of the releases it contains; and (e) Executive is fully aware of the legal and binding effect of this Agreement. 

[Signature Page Follows] 

  
 A-5 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set
forth below. 
  

							
		 		 	  

	Dated:                     	 		 	David Arkowitz
			
		 		 	SERES THERAPEUTICS, INC.
				
	Dated:                     	 		 	By:
	 	  

		 		 		 	Name:
Title:

  
 1 

 EXHIBIT B 

Employee Non-Competition, Non-Solicitation, Confidentiality
and Assignment Agreement 
 In consideration and as a condition of my employment or continued employment (including my salary or wage,
any bonus I may receive, and any equity granted to me) by Seres Therapeutics, Inc. (the “Company”), I hereby agree as follows: 

 

 1. Proprietary Information. I agree that all information, whether or not in writing,
whether or not disclosed before or after I was first employed by the Company, concerning the Company’s business, technology, business relationships or financial affairs that the Company has not released to the general public (collectively,
“Proprietary Information”), and all tangible embodiments thereof, are and will be the exclusive property of the Company. By way of illustration, Proprietary Information may include information or material that has not been made generally
available to the public, such as: (a) corporate information, including plans, strategies, methods, policies, resolutions, notes, email correspondence, negotiations or litigation; (b) marketing information, including strategies, methods,
customer identities or other information about customers, prospect identities or other information about prospects, or market analyses or projections; (c) financial information, including cost and performance data, debt arrangements, equity
structure, investors and holdings, purchasing and sales data and price lists; and (d) operational and technological information, including plans, specifications, manuals, forms, templates, software, designs, methods, procedures, formulas,
discoveries, inventions, improvements, biological or chemical materials, concepts and ideas; and (e) personnel information, including personnel lists, reporting or organizational structure, resumes, personnel data, compensation structure,
performance evaluations and termination arrangements or documents. Proprietary Information includes, without limitation, (1) information received in confidence by the Company from its customers or suppliers or other third parties, and
(2) all biological or chemical materials and other tangible embodiments of the Proprietary Information. Nothing in this Agreement shall prohibit me from reporting possible violations of federal law or regulation to any governmental agency or
entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 805 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or
federal law or regulation. 

 2. Recognition of Company’s Rights. I will not, at any time, without the
Company’s prior written permission, either during or after my employment, disclose or transfer any Proprietary Information to anyone outside of the Company, or use or permit to be used any Proprietary Information for any purpose other than the
performance of my duties as an employee of the Company. I will cooperate with the Company and use my best efforts to prevent the unauthorized disclosure of all Proprietary Information. I will deliver to the Company all copies and other tangible
embodiments of Proprietary Information in my possession or control upon the earlier of a request by the Company or termination of my employment. 

3. Rights of Others. I understand that the Company is now and may hereafter be subject to
non-disclosure or confidentiality agreements with third persons which require the Company to protect or refrain from use of proprietary information. I agree to be bound by the terms of such agreements in the
event I have access to such proprietary information. 
 4. Commitment to Company; Avoidance of Conflict of Interest. While an employee
of the Company, I will devote my full-time efforts to the Company’s business and I will not engage in any other business activity that conflicts with my duties to the Company. I will advise the president of the Company or his or her
nominee at such time as any activity of either the Company or another business presents me with a conflict of interest or the appearance of a conflict of interest as an employee of the Company. I will take whatever action is requested of me by the
Company to resolve any conflict or appearance of conflict which it finds to exist. 
 5. Developments. I hereby assign and transfer
and, to the extent any such assignment cannot be made at present, will assign and transfer, to the Company and its successors and assigns, all my right, title and interest in and to all Developments (as defined below) that: (a) are
created, developed, made, conceived or reduced to practice by me (alone or jointly with others) or under my direction (collectively, “conceived”) during the period of my

 

  
 2 

 
employment and six (6) months thereafter and that relate to the business of the Company or to products, methods or services being researched, developed, manufactured or sold by the Company;
or (b) result from tasks assigned to me by the Company; or (c) result from the use of premises, Proprietary Information or personal property (whether tangible or intangible) owned, licensed or leased by the Company
(collectively, “Company-Related Developments”), and all patent rights, trademarks, copyrights and other intellectual property rights in all countries and territories worldwide claiming, covering or otherwise arising from or pertaining
to Company-Related Developments (collectively, “Intellectual Property Rights”). I further agree that “Company-Related Developments” include, without limitation, all Developments that (i) were conceived by me before
my employment, (ii) relate to the business of the Company or to products, methods or services being researched, developed, manufactured or sold by the Company, and (iii) were not subject to an obligation to assign to another entity when
conceived. I will make full and prompt disclosure to the Company of all Company-Related Developments, as well as all other Developments conceived by me during the period of my employment and six (6) months thereafter. I acknowledge that all
work performed by me as an employee of the Company is on a “work for hire” basis. I hereby waive all claims to any moral rights or other special rights which I may have or accrue in any Company-Related Developments.
“Developments” mean inventions, discoveries, designs, developments, methods, modifications, improvements, processes, biological or chemical materials, algorithms, databases, computer programs, formulae, techniques, trade secrets, graphics
or images, audio or visual works, and other works of authorship. 
 To preclude any possible uncertainty, I have set forth on Exhibit A attached
hereto a complete list of Developments conceived by me before my employment that are not Company-Related Developments (“Prior Inventions”). I have also listed on Exhibit A all patent rights of which I am an inventor, other than
those contained within Intellectual Property Rights (“Other Patent Rights”). If no such disclosure is attached, I represent that there are no Prior Inventions or Other Patent Rights. If, in the course of my employment with the Company, I
incorporate a Prior Invention into a Company product, process or research or development program or other work done for the Company, I hereby grant to the Company a nonexclusive, royalty-free, fully paid-up,
irrevocable, perpetual, worldwide license 

 (with the full right to sublicense through multiple tiers) to make, have made, modify, use, offer for sale,
import and sell such Prior Invention. Notwithstanding the foregoing, I will not incorporate, or permit to be incorporated, Prior Inventions in any Company-Related Development without the Company’s prior written consent. 

I understand that to the extent this Agreement is required to be construed in accordance with the laws of any state which precludes a requirement in an
employee agreement to assign certain classes of inventions made by an employee, this Section will be interpreted not to apply to any invention which a court rules and/or the Company agrees falls within such classes. 

6. Documents and Other Materials. I will keep and maintain adequate and current records of all Proprietary Information and
Company-Related Developments conceived by me, which records will be available to and remain the sole property of the Company at all times. All files, letters, notes, memoranda, reports, records, data, sketches, drawings, notebooks, layouts, charts,
quotations and proposals, specification sheets, program listings, blueprints, models, prototypes, materials or other written, photographic or other tangible material containing or embodying Proprietary Information, whether created by me or others,
which come into my custody or possession, are the exclusive property of the Company to be used by me only in the performance of my duties for the Company. In the event of the termination of my employment for any reason, I will deliver to the Company
all of the foregoing, and all other materials of any nature pertaining to the Proprietary Information of the Company and to my work, and will not take or keep in my possession any of the foregoing or any copies. Any property situated on the
Company’s premises and owned by the Company, including laboratory space, computers, disks and other storage media, filing cabinets or other work areas, is subject to inspection by the Company at any time with or without notice. 

7. Enforcement of Intellectual Property Rights. I will cooperate fully with the Company, both during and after my employment with the
Company, with respect to the procurement, maintenance and enforcement of Intellectual Property Rights, as well as all other patent rights, trademarks, copyrights and other intellectual property rights in all countries and territories worldwide owned
by or licensed to the Company. I will sign, both during and after the term of this Agreement, all papers, including copyright applications, patent applications,

 

  
 3 

 
declarations, oaths, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests in any Company-Related
Development or Intellectual Property Rights. If the Company is unable, after reasonable effort, to secure my signature on any such papers, I hereby irrevocably designate and appoint each officer of the Company as my agent and attorney-in-fact to execute any such papers on my behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and
interests in the same. 
 8. Non-Competition and
Non-Solicitation. In order to protect the Company’s Proprietary Information and good will, during my employment and for a period of twelve (12) months following the termination of my
employment for any reason (the “Restricted Period”): 
 (a) in consideration of the offer of employment, my salary or wage, any bonus I may
receive, and the equity granted to me in connection with commencement of employment with the Company, all of which I deem as fair and reasonable consideration for entering into this Agreement, I will not directly or indirectly, whether as owner,
partner, shareholder, director, consultant, agent, employee, co-venturer or otherwise, engage, participate or invest in any business that develops, manufactures or markets microbiome therapeutics that are
competitive with products or services of the Company, or that the Company has under development, or that are the subject of active planning at any time during my employment (collectively, the “Competitive Products”); provided that this
will not prohibit any possible investment in publicly traded stock of a company representing less than one percent of the stock of such company and provided further that this provision shall apply only if I am an exempt employee (as that term
is defined by the Fair Labor Standards Act) or if and when I subsequently become an exempt employee; and 
 (b) I will not directly or indirectly, in any
manner, other than for the benefit of the Company, (i) call upon, solicit, divert or take away any of the customers, business or prospective customers of the Company or any of its suppliers, and/or (ii) solicit, entice or attempt to
persuade any other employee or consultant of the Company to leave the services of the Company for any reason. 
 I acknowledge and agree that if I violate
any of the provisions of this Section, in addition to any other

 remedies to which the Company may be entitled in law or equity, the running of the Restricted Period will be
extended by the time during which I engage in such violation(s) or up to twenty four (24) months, whichever is longer. 
 I acknowledge and agree that
the provisions of this agreement shall apply during and following my employment by the Company and shall not be affected by any change in my job duties, whether material or immaterial. 

I further acknowledge and agree that I have the right and have had the opportunity to consult with an attorney prior to signing this Agreement. 

9. Government Contracts. I acknowledge that the Company may have from time to time agreements with other persons or with the United
States Government or its agencies which impose obligations or restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. I agree to comply with any such
obligations or restrictions upon the direction of the Company. In addition to the rights assigned under Section 5, I also assign to the Company (or any of its nominees) all rights which I have or acquired in any Developments, full title to
which is required to be in the United States under any contract between the Company and the United States or any of its agencies. 
 10. Prior
Agreements. I hereby represent that, except as I have fully disclosed previously in writing to the Company, I am not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing any trade
secret or confidential or proprietary information in the course of my employment with the Company or to refrain from competing, directly or indirectly, with the business of such previous employer or any other party. I further represent that my
performance of all the terms of this Agreement as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by me in confidence or in trust prior to my employment
with the Company. I will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous employer or others. 

 

 

  
 3 

 11. Remedies Upon Breach. I understand that the restrictions contained in this Agreement
are necessary for the protection of the business and goodwill of the Company and I consider them to be reasonable for such purpose. Any breach of this Agreement is likely to cause the Company substantial and irrevocable damage and therefore, in the
event of such breach, the Company, in addition to such other remedies which may be available, will be entitled to specific performance and other injunctive relief. 

12. Use of Voice, Image and Likeness. I give the Company permission to use my voice, image or likeness, with or without using my name,
for the purposes of advertising and promoting the Company, or for other purposes deemed appropriate by the Company in its reasonable discretion, except to the extent expressly prohibited by law. 

13. Publications and Public Statements. I will obtain the Company’s written approval before publishing or submitting for publication
any material that relates to my work at the Company and/or incorporates any Proprietary Information. To ensure that the Company delivers a consistent message about its products, services and operations to the public, and further in recognition that
even positive statements may have a detrimental effect on the Company in certain securities transactions and other contexts, any statement about the Company which I create, publish or post during my period of employment and for six (6) months
thereafter, on any media accessible by the public, including but not limited to electronic bulletin boards and Internet-based chat rooms, must first be reviewed and approved by an officer of the Company before it is released in the public domain.

 14. No Employment Obligation. I understand that this Agreement does not create an obligation on the Company or any other
person to continue my employment. I acknowledge that, unless otherwise agreed in a formal written employment agreement signed on behalf of the Company by an authorized officer, my employment with the Company is at will and therefore may be
terminated by the Company or me at any time and for any reason. 
 15. Survival and Assignment by the Company. I understand that my
obligations under this Agreement will continue in accordance with its express terms regardless of any changes in my title, position, duties, salary, compensation or benefits or other terms and conditions of employment. I further understand that my
obligations under this Agreement will continue following the termination of my employment regardless of the manner of such termination and will be binding upon my heirs, executors and administrators. The Company will have the right to assign this
Agreement to its 

 affiliates, successors and assigns. I expressly consent to be bound by the provisions of this Agreement for the
benefit of the Company or any parent, subsidiary or affiliate to whose employ I may be transferred without the necessity that this Agreement be resigned at the time of such transfer. 

16. Disclosure to Future Employers. I will provide a copy of this Agreement to any prospective employer, partner or co-venturer prior to entering into an employment, partnership or other business relationship with such person or entity. 

17. Defend Trade Secrets Act Notice of Immunity Rights. I acknowledge that the Company has provided me with the following notice
of immunity rights in compliance with the requirements of the Defend Trade Secrets Act: (i) I shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of Proprietary Information that is made
in confidence to a Federal, State, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, (ii) I shall not be held criminally or civilly liable under any Federal or
State trade secret law for the disclosure of Proprietary Information that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (iii) if I file a lawsuit for retaliation by the
Company for reporting a suspected violation of law, I may disclose the Proprietary Information to my attorney and use the Proprietary Information in the court proceeding, if I file any document containing the Proprietary Information under seal, and
do not disclose the Proprietary Information, except pursuant to court order. 
 18. Exit Interview. If and when I depart from the
Company, I may be required to attend an exit interview and sign an “Employee Exit Acknowledgement” to reaffirm my acceptance and acknowledgement of the obligations set forth in this Agreement. During the Restricted Period following
termination of my employment, I will notify the Company of any change in my address and of each subsequent employment or business activity, including the name and address of my employer or other post-Company employment plans and the nature of my
activities. 
 19. Severability. In case any provisions (or portions thereof) contained in this Agreement will, for any reason, be held
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability will not affect the other provisions of this Agreement, and this Agreement

 

  
 4 

 
will be construed as if such invalid, illegal or unenforceable provision had never been contained herein. If, moreover, any one or more of the provisions contained in this Agreement will for any
reason be held to be excessively broad as to duration, geographical scope, activity or subject, it will be construed by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it will then appear. 

20. Entire Agreement. This Agreement constitutes the entire and only agreement between the Company and me respecting the subject matter
hereof, and supersedes all prior agreements and understandings, oral or written, between us concerning such subject matter. No modification, amendment, waiver or termination of this Agreement or of any provision hereof will be binding unless made in
writing and signed by an authorized officer of the Company. Failure of the Company to insist upon strict compliance with any of the terms, covenants or conditions hereof will not be deemed a waiver of such terms, covenants or conditions. In the
event of any inconsistency between this Agreement and any other contract between the Company and me, the provisions of this Agreement will prevail. 

21. Interpretation. This Agreement will be deemed to be made and entered into in the Commonwealth of Massachusetts, and will in all
respects be interpreted, enforced and governed under the laws of the Commonwealth of Massachusetts. I hereby agree to consent to personal jurisdiction of the state and federal courts situated within Suffolk County, Massachusetts for purposes of
enforcing this Agreement, and waive any objection that I might have to personal jurisdiction or venue in those courts. As used in this Agreement, “including” means “including but not limited to”.

 

  
 5 

 BY SIGNING BELOW, I CERTIFY THAT I HAVE READ THIS AGREEMENT CAREFULLY AND AM SATISFIED
THAT I UNDERSTAND IT COMPLETELY. 
 IN WITNESS WHEREOF, the undersigned has executed this agreement as a sealed instrument as of
the date set forth below. 
 Signed: __________________________________________________________ 

                        
        (Employee’s full name) 
 Type or print name: _____________________ 

Date: __________________ 

  
 6 

 EXHIBIT A 

To: [________________] 
 From: ____________________ 

Date: ____________________ 
 SUBJECT: Prior Inventions

 The following is a complete list of all inventions or improvements relevant to the subject matter of my employment by the Company that
have been made or conceived or first reduced to practice by me alone or jointly with others prior to my engagement by the Company: 
  

					
	        	 	☐	  	No inventions or improvements
			
		 	☐	  	See below:
			
		 		  	  

			
		 		  	  

			
		 		  	  

			
		 		  	  

			
		 		  	  

			
		 		  	  

			
		 		  	  

			
		 	☐	  	Additional sheets attached
		
		 	The following is a list of all patents, patent applications and other patent rights that I invented:
			
		 	☐	  	None
			
		 	☐	  	See below:Exhibit 10.1 

 

THIRD AMENDED AND RESTATED INVESTMENT ADVISORY
AGREEMENT 

 

BETWEEN 

 

OWL ROCK CAPITAL CORPORATION II 

 

AND 

 

OWL ROCK CAPITAL ADVISORS LLC

 

This Third Amended and Restated
Investment Advisory Agreement (the “Agreement”) is made as of May 18, 2021, by and between Owl Rock Capital Corporation
II, 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 has elected 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 February 6, 2017 (the “Original Agreement”),
which was amended and restated pursuant to the Amended and Restated Investment Advisory Agreement, dated November 6, 2018 (the “First
A&R Agreement”), and which was further amended and restated pursuant to the Second Amended and Restated Investment Advisory
Agreement, dated February 19, 2020 (the “Second A&R Agreement”); and

 

WHEREAS, as a result of the
change of control of the Adviser that will result from the transaction (“Transaction”) pursuant to which Owl Rock
Capital Group, LLC, the parent of the Adviser, and Dyal Capital Partners will merge to form Blue Owl Capital, Inc. and termination of
the Second A&R Agreement, the Company and the Adviser desire to amend and restate the Second A&R Agreement in its entirety to
set forth terms and conditions for the continued provision by the Adviser of investment advisory services to the Company.

 

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

 

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		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 N-2 (as amended from time to time, the “Registration
Statement”) to be filed with the Securities and Exchange Commission (the “SEC”); (y) in accordance with
all other applicable federal and state laws, rules and regulations, and the Company’s charter as may be amended from time to
time (the “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 and allocation 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)  execute, close, service and monitor the Company’s investments; (iv) determine the securities,
loans 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, loans or currencies (or derivative contracts relating thereto), which for the avoidance
of doubt may include notes and other evidences of indebtedness (whether or not such investment are securities as defined under the Securities
Act); (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).

 

		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)	Subject to review by, and the overall control of, the Board, 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 or as may be required under applicable federal and state law, and shall make such records available for inspection
by the Board and its authorized agents, at any time and from time to time during normal business hours. 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 and termination of this Agreement pursuant to Section 10, provided that the Adviser may retain a copy of
such records.

 

    2 

     

    

  

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

 

		f)	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. The Adviser shall not employ, or permit another to employ, such funds or assets except for the exclusive benefit of the Company.
The Adviser shall not, by entry into an agreement with any stockholder of the Company or otherwise, contract away the fiduciary obligation
owed to the Company and the Company’s stockholders under common law.

 

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

 

		a)	Except as otherwise provided herein or in the Amended and Restated Administration Agreement (the “Administration
Agreement”), dated May 18, 2021, 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).

 

    3 

     

    

  

		b)	The Company, either directly or through reimbursement to the Adviser, shall bear all other costs and expenses
of its operations, administration and transactions, including (without limitation): expenses deemed to be “organization and offering
expenses” of the Company for purposes of Conduct Rule 2310(a)(12) of the Financial Industry Regulatory Authority (for purposes
of this Agreement, such expenses, exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors
at the time of sale of the stock of the Company, are hereinafter referred to as “Organization and Offering Costs”);
corporate and organizational expenses relating to offerings of shares of Common Stock, subject to limitations included in the Agreement;
the cost of calculating the Company’s 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; escrow agent, transfer agent and custodial fees and expenses; 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 fees, listing fees and licenses, 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).

 

Notwithstanding the foregoing, the Company shall not be liable
for Organization and Offering Costs to the extent that Organization and Offering Costs, together with all prior Organization and Offering
Costs, exceed 1.5% of the aggregate gross proceeds from the offering of the Company’s securities.

 

		c)	In addition to the compensation paid to the Adviser pursuant to Section 3, 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. 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,
the 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 U.S.
generally accepted accounting principles. No reimbursement shall be permitted for services for which the Adviser is entitled to compensation
by way of a separate fee. Excluded from the allowable reimbursement shall be:

 

		i)	rent or depreciation, utilities, capital equipment, and other administrative items of the Adviser; and

 

    4 

     

    

  

		ii)	salaries, fringe benefits, travel expenses and other administrative items incurred 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.

 

		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 Adviser may, in its sole discretion,
elect or agree to temporarily or permanently waive, defer, reduce or modify, in whole or in part, the Management Fee and/or the Incentive
Fee. The Company shall make any payments due hereunder to the Adviser or to the Adviser’s designee as the Adviser may otherwise
direct. See Annex A for examples of how these fees are calculated.

 

		a)	The Management Fee will be calculated at an annual rate of 1.50% of the average value 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. The Management Fee will be payable quarterly in arrears. All or any part of the Management Fee not taken
as to any quarter shall be deferred without interest and may be taken in any such other quarter prior to the occurrence of a liquidity
event (as such term is defined in the Registration Statement) as the Adviser shall determine. The Management Fee for any partial quarter
shall be appropriately prorated.

 

The determination of gross assets will
reflect changes in the fair value of the Company’s portfolio investments. The fair value of derivatives and swaps held in the Company’s
portfolio, which will not necessarily equal the notional value of such derivatives and swaps, will be included in the calculation of gross
assets.

 

		b)	The Incentive Fee shall consist of two parts, as follows:

 

		i)	The first part of the Incentive Fee (the “Incentive Fee on Income”) will be calculated
and payable quarterly in arrears based on the Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter.
In the case of a liquidation of the Company or if this Agreement is terminated, the Incentive Fee on Income will also become payable as
of the effective date of the event. The Incentive Fee on Income for each calendar quarter will be calculated as follows:

 

		(1)	No Incentive Fee on Income will be payable in any calendar quarter in which the Pre-Incentive Fee Net
Investment Income does not exceed a quarterly return to investors of 1.5% per quarter on the Company’s Adjusted Capital (the “Quarterly
Preferred Return”).

 

    5 

     

    

  

		(2)	All of the Company’s Pre-Incentive Fee Net Investment Income, if any, that exceeds the Quarterly
Preferred Return, but is less than or equal to 1.818% (the “Upper Level Breakpoint”), of the Company’s Adjusted
Capital in any quarter, will be payable to the Adviser. This portion of the Incentive Fee on Income is referred to as the “catch-up.”
It is intended to provide an incentive fee of 17.5% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Pre-Incentive
Fee Net Investment Income reaches 1.818% of our Adjusted Capital in any quarter, measured as of the end of the immediately preceding calendar
quarter. The Quarterly Preferred Return of 1.5% and Upper Level Breakpoint of 1.818% are also adjusted for the actual number of days each
calendar quarter.

 

		(3)	For any quarter in which our Pre-Incentive Fee Net Investment Income exceeds 1.818% of our Adjusted Capital,
the Incentive Fee on Income will equal 17.5% of the amount of our Pre-Incentive Fee Net Investment Income, because the Quarterly Preferred
Return and catch up will have been achieved.

 

“Pre-Incentive Fee Net Investment
Income” is defined as investment income and any other income, accrued during the calendar quarter, minus operating expenses
for the calendar quarter, including the Management Fee, expenses payable under this Agreement and the Administration Agreement, any interest
expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee. Pre-Incentive Fee Net Investment
Income does not include any expense support payments or any reimbursements by the Company of expense support payments, or any realized
capital gains, realized capital losses or unrealized capital appreciation or depreciation.

 

“Adjusted Capital”
is defined as the cumulative proceeds generated from the sales of the Company’s common stock, including proceeds from the Company’s
distribution reinvestment plan, net of upfront sales load (up-front selling commissions and dealer manager fees) reduced for (1) distributions
paid to the Company’s stockholders that represent a return of capital on a tax basis and (2) amounts paid for share repurchases
pursuant to the Company’s share repurchase program, if any, measured at the end of the immediately preceding calendar quarter.

 

		ii)	The second part of the Incentive Fee (the “Incentive Fee on Capital Gains”) 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 inception through the end
of such calendar year, net of all realized capital losses and unrealized capital depreciation on a cumulative basis, minus the aggregate
amount of any previously paid Incentive Fee on Capital Gains as calculated in accordance with U.S. generally accepted accounting principles
(“U.S. GAAP”).

 

    6 

     

    

  

For purposes of computing
the Incentive Fee on Income and the Incentive Fee on Capital Gains, the calculation methodology will look through derivative financial
instruments or swaps as if the Company owned the reference assets directly, in the manner described above. With respect to the calculation
of quarterly Pre-Incentive Fee Net Investment Income for purposes of calculating the Incentive Fee on Income, net interest, if any, associated
with a derivative or swap (which is defined as the difference between (i) the interest income and transaction fees received in respect
of the reference assets of the derivative or swap and (ii) all interest and other expenses paid by us to the derivative or swap
counterparty) will be included in calculating the Incentive Fee on Income. The notional value of any such derivatives or swaps is not
used for these purposes. With respect to the calculation of the Incentive Fee on Capital Gains, realized gains and realized losses on
the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative or swap, will
be included on a cumulative basis in calculating the Incentive Fee on Capital Gains. 

 

		4)	Covenants of the Adviser

 

		a)	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.

 

		b)	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 U.S. GAAP 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 4(b) 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.

 

    7 

     

    

  

		c)	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.

 

		d)	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.

 

		e)	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 4 to such State Administrator.

 

		f)	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.

 

		g)	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. The Board of Directors may
from time to time authorize the Company to declare and pay to the Company’s stockholders such dividends or other distributions,
in cash or other assets of the Company or in securities of the Company, including in shares of one class or series payable to the holders
of the shares of another class or series, or from any other source as the Board of Directors in its discretion shall determine. Any such
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.

 

		h)	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 or one year from termination of the 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.

 

    8 

     

    

  

		5)	Excess Brokerage Commissions

 

		a)	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 or loan
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.

 

		b)	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.

 

		c)	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 4(f) on
behalf of the Company. The remaining proceeds may be used to pay Front End Fees.

 

		6)	Investment Team

 

The Adviser shall manage
the Company’s portfolio through a team of investment professionals (the “Investment Team”) primarily dedicated
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 Adviser.

 

    9 

     

    

  

		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 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 under the control or direction of the Adviser, even
if paid by the Adviser.

 

		9)	Limitation of Liability of the Adviser; Indemnification

 

		a)	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 sole 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
and an administrative or regulatory proceeding against, or investigation of, the Company)
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 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).

 

    10 

     

    

  

The
following provisions in Sections 9(b) – (c) shall not apply in respect of Owl Rock Capital Securities, LLC.

 

		b)	Notwithstanding Section 9(a) to the contrary, the Company
shall not provide for indemnification of an Indemnified Party for any liability or loss suffered by 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 Company 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 Company has determined, in good faith, that the Indemnified
Party was acting on behalf of or performing services for the Company;

 

		iii)	the Company has determined, in good faith, that 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.

 

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.

 

    11 

     

    

  

		c)	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.

 

		10)	Effectiveness, Duration and Termination of Agreement

 

		a)	This Agreement shall become effective upon consummation of the Transaction. This Agreement may be terminated at any time, without cause or 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 independent directors or, on 120 days’ written notice, by the Adviser. 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 consummation of the Transaction, 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).

 

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		d)	After the termination of this Agreement, the Adviser shall not be entitled to compensation for further
services provided hereunder, except that it shall be entitled to receive from the Company within 30 days after the effective date of such
termination all unpaid reimbursements and all earned but unpaid fees payable to the Adviser prior to termination of this Agreement, including
any deferred fees. The Adviser shall promptly upon termination:

 

		i)	Deliver to the Board a full accounting, including a statement showing all payments collected by it and
a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

 

		ii)	Deliver to the Board all assets and documents of the Company then in custody of the Adviser; and

 

		iii)	Cooperate with the Company to provide an orderly management transition.

 

		e)	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 rights
of the stockholders; (ii) except as otherwise permitted herein, 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
(other than a sub-adviser pursuant to the terms of this Agreement and applicable law); (iv) sell all or substantially all of the
Company’s assets other than in the ordinary course of the Company’s business or as otherwise permitted by law; or (v) cause
the merger or other reorganization of the Company except as permitted by law. 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.

 

		f)	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 the Company 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.

 

		11)	Conflicts of Interest and Prohibited Activities.

 

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

 

		b)	The Adviser shall not: (i) receive or accept any rebate, give-up or similar arrangement that is prohibited
under applicable federal or state securities laws; (ii) participate in any reciprocal business arrangement that would circumvent
provisions of applicable federal or state securities laws governing conflicts of interest or investment restrictions; or (iii) enter
into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under
applicable federal or state securities laws.

 

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		c)	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.

 

		d)	The Adviser covenants that it shall not permit or cause to be permitted the Company’s funds to be
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.

 

		12)	Access to Stockholder List

 

If a Stockholder requests
a copy of the Stockholder List pursuant to Section 10.04 of the Company’s Charter or any successor provision thereto (the “Charter
Stockholder List Provision”), the Adviser is hereby authorized to request a copy of the Stockholder List from the Company’s
transfer agent and send a copy of the Stockholder List to any Stockholder so requesting in accordance with the Charter Stockholder List
Provision. In accordance with Section 9 of this Agreement, the Company shall indemnify, defend and protect the Indemnified Parties
and hold them harmless from and against all damages, liabilities, costs and expenses incurred by the Indemnified Parties in or by reason
of the Adviser’s refusal to exhibit, produce or mail a copy of the Stockholder List.

 

		13)	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.

 

		14)	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.

 

		15)	Certain Definitions

 

As used in this Agreement,
the following terms shall have the following meanings unless the context otherwise requires:

 

Approval of a Majority of the Outstanding Voting
Securities. The term “Approval of a Majority of the Outstanding Voting Securities” shall mean the affirmative vote, at
a duly called and held meeting of stockholders of Company, (a) of the holders of 67% or more of the shares of Company present (in
person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Company entitled
to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the
Company entitled to vote at the meeting, whichever is less.

 

    14 

     

    

  

		16)	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.]

 

* * *

 

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

 

	 	OWL ROCK CAPITAL CORPORATION II

  
	 	By:	/s/ Alan Kirshenbaum
	 	 	Name:	Alan Kirshenbaum
	 	 	Title:	Chief Operating Officer 
	 
	 	OWL ROCK CAPITAL ADVISORS LLC

  
	 	By:	/s/ Alan Kirshenbaum
	 	 	Name:	Alan Kirshenbaum
	 	 	Title:	Chief Operating Officer and Chief Financial Officer

 

    16 

     

    

  

Annex A

 

Examples of Quarterly Incentive Fee Calculation

 

Example 1 — Incentive Fee on pre-incentive fee net investment
income for each quarter

 

	Scenarios expressed as a percentage of adjusted capital	 	Scenario 1	 	 	Scenario 2	 	 	Scenario 3	 
	Pre-incentive fee net investment income	 	 	1.00	%	 	 	1.75	%	 	 	2.50	%
	Catch up incentive fee (maximum of 0.375%)	 	 	—	 	 	 	(0.25	)%	 	 	(0.375	)%
	Split incentive fee (17.5% above 1.818%)	 	 	—	 	 	 	—	 	 	 	(0.063	)%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Net Investment income	 	 	1.00	%	 	 	1.50	%	 	 	2.06	%

 

Scenario 1 — Incentive Fee on Income

 

Pre-incentive fee net investment income does not exceed the 1.5% quarterly
preferred return rate, therefore there is no catch up or split incentive fee on pre-incentive fee net investment income.

 

Scenario 2 — Incentive Fee on Income

 

Pre-incentive fee net investment income falls between the 1.5% quarterly
preferred return rate and the upper level breakpoint of 1.818%, therefore the incentive fee on pre-incentive fee net investment income
is 100% of the pre-incentive fee above the 1.5% quarterly preferred return.

 

Scenario 3 — Incentive Fee on Income

 

Pre-incentive fee net investment income exceeds the 1.5% quarterly
preferred return and the 1.818% upper level breakpoint provision. Therefore the upper level breakpoint provision is fully satisfied by
the 0.375% of pre-incentive fee net investment income above the 1.5% preferred return rate and there is a 17.5% incentive fee on pre-incentive
fee net investment income above the 1.818% upper level breakpoint. This ultimately provides an incentive fee which represents 17.5% of
pre-incentive fee net investment income.

 

Example 2 — Incentive Fee on Capital Gains

 

Assumptions

 

	Year 1:	 	No net realized capital gains or losses
	 	 
	Year 2:	 	6% realized capital gains and 1% realized capital losses and unrealized capital depreciation; capital gain incentive fee = 17.5% x (realized capital gains for year computed net of all realized capital losses and unrealized capital depreciation at year end)
	 	 	 
	Year 1 Incentive Fee on Capital Gains	 	= 17.5% x (0)
	 	 	= 0
	 	 	= No Incentive Fee on Capital Gains
	 	 
	Year 2 Incentive Fee on Capital Gains	 	= 17.5% x (6% -1%)
	 	 	= 17.5% x 5%
	 	 	= 0.875%
	 	 	 	 	 

 

    A-1

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