Document:

Exhibit 4.7

 

STOCK LENDING AGREEMENT

 

Between                                                Nordic Biotech Opportunity Fund K/S

c/o NB Capital ApS

Østergade 24 A, 1

DK-1100 Copenhagen

Denmark

 

and                                                                          Forward Pharma A/S

Østergade 24 A, 1

DK-1100 Copenhagen K

Denmark

 

and                                                                          Leerink Partners LLC

1 Federal Street, 37th Floor

Boston, MA 02110

United States of America

 

 

TABLE OF CONTENTS

 

	
1
    	
DELIVERY   AND USE OF THE FIRM LENDING SHARES
    	
9
    
	
 
    	
 
    	
 
    
	
2
    	
DELIVERY   AND USE OF THE OPTION LENDING SHARES
    	
10
    
	
 
    	
 
    	
 
    
	
3
    	
EXCHANGE   OF SHARES
    	
12
    
	
 
    	
 
    	
 
    
	
4
    	
REDELIVERY
    	
13
    
	
 
    	
 
    	
 
    
	
5
    	
NO   CLOSING
    	
13
    
	
 
    	
 
    	
 
    
	
6
    	
PROLONGATION   OF SHARE LOAN
    	
14
    
	
 
    	
 
    	
 
    
	
7
    	
RIGHTS   AND TITLE
    	
14
    
	
 
    	
 
    	
 
    
	
8
    	
REPRESENTATIONS   AND WARRANTIES
    	
15
    
	
 
    	
 
    	
 
    
	
9
    	
INDEMNIFICATION
    	
15
    
	
 
    	
 
    	
 
    
	
10
    	
EXPENSES,   TAXES AND OTHER DUTIES
    	
16
    
	
 
    	
 
    	
 
    
	
11
    	
TERMINATION
    	
16
    
	
 
    	
 
    	
 
    
	
12
    	
GOVERNING   LAW; SUBMISSION TO JURISDICTION
    	
16
    
	
 
    	
 
    	
 
    
	
13
    	
SEVERABILITY
    	
18
    
	
 
    	
 
    	
 
    
	
14
    	
NOTICES
    	
18
    
	
 
    	
 
    	
 
    
	
15
    	
COUNTERPARTS
    	
19
    

 

2

 

INDEX OF EXHIBITS AND ANNEXES

 

	
Exhibit 1:
    	
 
    	
Notice from the   Lender and the Company to the Transfer Agent of the transfer of Firm Lending   Shares
    
	
 
    	
 
    	
 
    
	
Exhibit 2:
    	
 
    	
Notice from the   Company and the Depository to the Transfer Agent of the transfer of Firm   Lending Shares
    
	
 
    	
 
    	
 
    
	
Exhibit 3:
    	
 
    	
Form Borrowing   Notice from the Company to the Lender
    
	
 
    	
 
    	
 
    
	
Exhibit 4:
    	
 
    	
Form Notice from   the Company and the Depository to the Transfer Agent of the transfer of   Option Lending Shares
    
	
 
    	
 
    	
 
    
	
Exhibit 5:
    	
 
    	
Notice from Leerink   and the Depository to the Transfer Agent of the transfer of Firm Shares
    
	
 
    	
 
    	
 
    
	
Exhibit 6:
    	
 
    	
Notice from the   Company and the Depository to the Transfer Agent of the transfer of Firm   Lending Shares
    
	
 
    	
 
    	
 
    
	
Exhibit 7:
    	
 
    	
Form notice from   Leerink and the Depository to the Transfer Agent of the transfer of Option   Shares
    
	
 
    	
 
    	
 
    
	
Exhibit 8:
    	
 
    	
Form notice from   the Company and the Depository to the Transfer Agent of the transfer of   Option Lending Shares
    
	
 
    	
 
    	
 
    
	
Exhibit 9:
    	
 
    	
Notice from the   Company and the Lender to the Transfer Agent of the redelivery of the Firm   Lending Shares
    
	
 
    	
 
    	
 
    
	
Exhibit 10:
    	
 
    	
Form notice from   the Company and the Lender to the Transfer Agent of the redelivery of the   Option Lending Shares
    
	
 
    	
 
    	
 
    
	
Exhibit 11:
    	
 
    	
Form notice from   the Company and the Depository to the Transfer Agent of the transfer of the   Lending Shares and/or the Option Lending Shares in case of no Closing
    

 

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Exhibit 12:
    	
 
    	
Form notice from   the Company and the Lender to the Transfer Agent of the transfer of the   Lending Shares and/or the Option Lending Shares in case of no Closing
    
	
 
    	
 
    	
 
    
	
Exhibit 13:
    	
 
    	
Form notice of   prolongation from Leerink to the Lender
    
	
 
    	
 
    	
 
    
	
Annex 1:
    	
 
    	
Agreement between the   Company, Leerink and the Depositary
    

 

4

 

INDEX OF DEFINED TERMS

 

All capitalised terms used in this Agreement shall have the same meaning as is given to them in the Underwriting Agreement (as defined below). In addition, the following terms have the following meanings:

 

	
ADSs
    	
 
    	
has the meaning set out in recital (A).
    
	
 
    	
 
    	
 
    
	
Agreement
    	
 
    	
means this Agreement.
    
	
 
    	
 
    	
 
    
	
Borrowing Notice
    	
 
    	
has the meaning set   out in Clause 2.1.
    
	
 
    	
 
    	
 
    
	
Business Day
    	
 
    	
means any day which   is not a Saturday, a Sunday or a bank or public holiday in New York (USA) or   Copenhagen (Denmark).
    
	
 
    	
 
    	
 
    
	
Closing Date
    	
 
    	
means the [·] 2014, regardless of whether settlement of the Firm   ADSs actually occurs.
    
	
 
    	
 
    	
 
    
	
Company
    	
 
    	
has the meaning given   to in the preamble of the Agreement.
    
	
 
    	
 
    	
 
    
	
Depositary
    	
 
    	
means the Bank of New   York Mellon, a New York banking corporation whose principal office is located   at One Wall Street, New York, NY 10286 (USA).
    
	
 
    	
 
    	
 
    
	
Firm ADSs
    	
 
    	
has the meaning set   out in recital (A).
    

 

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Firm Lending Shares
    	
 
    	
has the meaning set   out in recital (B).
    
	
 
    	
 
    	
 
    
	
Firm Shares
    	
 
    	
has the meaning set   out in recital (A).
    
	
 
    	
 
    	
 
    
	
Leerink
    	
 
    	
has the meaning given   to in the preamble of the Agreement.
    
	
 
    	
 
    	
 
    
	
Lender
    	
 
    	
has the meaning given   to in the preamble of the Agreement.
    
	
 
    	
 
    	
 
    
	
Lending Shares
    	
 
    	
has the meaning set   out in recital (B).
    
	
 
    	
 
    	
 
    
	
Offering
    	
 
    	
has the meaning set   out in recital (A)
    
	
 
    	
 
    	
 
    
	
Option ADSs
    	
 
    	
has the meaning set   out in recital (A).
    
	
 
    	
 
    	
 
    
	
Option Closing Date
    	
 
    	
means the expected   settlement date for the Option ADSs as set out in the notice of exercise of   overallotment option (as described in the Underwriting Agreement), regardless   of whether settlement of the Option ADSs actually occurs.
    
	
 
    	
 
    	
 
    
	
Option Lending Shares
    	
 
    	
has the meaning set   out in recital (C).
    
	
 
    	
 
    	
 
    
	
Option Shares
    	
 
    	
has the meaning set   out in recital (A).
    

 

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Ordinary Shares
    	
 
    	
means the Company’s   ordinary shares, nominal value DKK [0.05] per share.
    
	
 
    	
 
    	
 
    
	
Overallotment Option
    	
 
    	
has the meaning set   out in recital (A).
    
	
 
    	
 
    	
 
    
	
Purchase Price
    	
 
    	
has the meaning set   out in the Underwriting Agreement.
    
	
 
    	
 
    	
 
    
	
Subscription List
    	
 
    	
has the meaning set   out in recital (A).
    
	
 
    	
 
    	
 
    
	
Transaction Date
    	
 
    	
means one Business   Day prior to the Closing Date.
    
	
 
    	
 
    	
 
    
	
Transfer Agent
    	
 
    	
means Computershare   A/S.
    
	
 
    	
 
    	
 
    
	
Underwriters
    	
 
    	
has the meaning set   out in the Underwriting Agreement.
    
	
 
    	
 
    	
 
    
	
Underwriting   Agreement
    	
 
    	
has the meaning set   out in recital (A).
    

 

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This Stock Lending Agreement is entered into on [Date] between:

 

(1)                                                   Nordic Biotech Opportunity Fund K/S, a limited partnership incorporated under the laws of the Kingdom of Denmark registered with the Danish Business Authority under CVR number 31 26 24 88, and whose registered office is c/o NB Capital ApS, Østergade 24 A, 1, DK-1100 Copenhagen (the “Lender”);

 

(2)                                                   Forward Pharma A/S, a public limited liability company incorporated under the laws of the Kingdom of Denmark registered with the Danish Business Authority under CVR number 28 86 58 80, and whose registered office is at Østergade 24 A, 1, DK-1100 Copenhagen (the “Company”);

 

(3)                                                   Leerink Partners LLC whose registered office is at 1 Federal Street, 37th Floor Boston, MA 02110 (“Leerink”);

 

- the Lender, Leerink and the Company hereinafter collectively referred to as the “Parties” and separately as a “Party”

 

WHEREAS

 

(A)                                                 Leerink is acting as Representative of the Underwriters (as defined in the Underwriting Agreement dated the date hereof among the Company and the Underwriters (the “Underwriting Agreement”)) with respect to (i) the sale by the Company and the purchase by the Underwriters from the Company, acting severally and not jointly, of the respective numbers of Ordinary Shares, to be represented by and delivered in the form of American Depositary Shares (the “Firm ADSs”), each ADS representing one Ordinary Share, set forth in Schedule A to the Underwriting Agreement (the “Offering”) and (ii) the grant by the Company to the Underwriters, acting severally and not jointly, of the option described in Section 2(b) hereof to purchase from the Company all or any part of [•] additional Ordinary Shares, to be represented by and delivered in the form of ADSs (the “Option ADSs” and together with the Firm ADS the “ADSs”), each Option ADS representing one Ordinary Shares solely for the purpose of covering over-allotments (the “Overallotment Option”). In connection with the Offering, Leerink (as Representative of the Underwriters) will subscribe for such number of Ordinary Shares issued by the Company as will be set out in Schedule A to the Underwriting Agreement (the “Firm Shares”) pursuant to a Subscription list to be entered into to facilitate the transactions contemplated by the Underwriting Agreement (the “Subscription List”). Pursuant to 

 

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Clause [26] of the Underwriting Agreement, the Company has further granted the Underwriters an option, exercisable by Leerink (as Representative of the Underwriters), to subscribe for such number of Ordinary Shares issued by the Company as is set forth in the Underwriting Agreement (the “Option Shares”).  Such exercise of the Underwriters’ option to purchase the Option Shares shall be evidenced by a separate Subscription List.  The Company desires to provide, as set forth in the Deposit Agreement among the Company and the Depositary, for the deposit of Ordinary Shares with the Depositary for the creation of ADSs representing Ordinary Shares.

 

(B)                                                 Subject to the Company and the Underwriters entering into the Underwriting Agreement, the Lender desires to lend to the Company [·] existing Ordinary Shares (the “Firm Lending Shares”) in an amount that equals the number of Ordinary Shares underlying the Firm ADSs in connection with the Offering, and the Company desires to borrow such Firm Lending Shares from the Lender, for the purpose of surrendering such Firm Lending Shares to the Depositary and thereby enabling the Depositary to create the Firm ADSs before the Firm Shares are paid in, issued and registered with the Danish Business Authority.

 

(C)                                                 Subject to the Underwriters exercise of the Overallotment Option, the Lender desires to lend to the Company up to [•] existing Ordinary Shares in the Company (the “Option Lending Shares” and together with the Firm Lending Shares the “Lending Shares”) in an amount that equals the number of Ordinary Shares underlying the Option ADSs in connection with the Offering and the Company desires to borrow such Option Lending Shares from the Lender, for the purpose of surrendering such Option Lending Shares to the Depositary and thereby enabling the Depositary to create the Option ADSs before the Option Shares are paid in, issued and registered with the Danish Business Authority.

 

NOW IT IS HEREBY AGREED AS FOLLOWS:

 

1                                                           Delivery and use of the Firm Lending Shares

 

1.1                                                 The Lender hereby agrees to lend the Firm Lending Shares to the Company and the Lender and the Company shall give notice to the Transfer Agent of the transfer, for value and available for delivery not later than [Time] on the Transaction Date. No consideration is payable by the Company under this Agreement. A signed

 

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notice is attached to this Agreement as Exhibit 1 and held in escrow with automatic release on [Time] on the Transaction Date. The transfer of the Firm Lending Shares from the Lender to the Company shall be evidenced by an updated shareholders’ register signed and delivered by the Transfer Agent.

 

1.2                                                 As soon as practicable following receipt by the Company of the updated shareholders’ register signed and delivered by the Transfer Agent pursuant to Clause 1.1, the Firm Lending Shares shall be transferred and surrendered (which for the purpose of this Agreement is characterized as a transfer of all rights and title to the Firm Lending Shares) by the Company to the Depositary in accordance with Annex 1 to this Agreement, for value and available for delivery not later than [Time] on the Transaction Date. A signed notice is attached to this Agreement as Exhibit 2 (and attached as Exhibit 2.1 to Annex 1) and held in escrow with automatic release following delivery of the updated shareholders’ register signed and delivered by the Transfer Agent pursuant to Clause 1.1. The transfer of the Firm Lending Shares from the Company to the Depositary shall be evidenced by an updated shareholders’ register signed and delivered by the Transfer Agent.

 

1.3                                                 The Firm Lending Shares are lent subject to the Company’s separate obligation to redeliver the Firm Lending Shares or Firm Shares (as defined below) as provided for respectively in Clauses 4 or 5 hereof. The Firm Lending Shares shall be used by the Company solely for the purpose of surrendering the Firm Lending Shares to the Depositary, and thereby enabling the Depositary to create the Firm ADSs before the Firm Shares are paid in, issued and registered with the Danish Business Authority.

 

1.4                                                 If during the period while it holds the Firm Lending Shares, the Company receives any interest, dividends or other distributions in respect of the Firm Lending Shares, it will deliver such interest, dividends or distributions to the Lender.

 

2                                                           Delivery and Use of the Option Lending Shares

 

2.1                                                 The Lender hereby agrees to lend the Option Lending Shares to the Company upon delivery to the Lender by the Company of a signed and completed notice (a form “Borrowing Notice”, attached as Exhibit 3), specifying the number of Option Lending Shares to be borrowed. The Company may deliver multiple Borrowing Notices and as a consequence hereof, Clauses 2 (Delivery and Use of the Option Lending

 

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Shares), 3 (Exchange of Shares), 4 (Redelivery), and 5 (No Closing) shall apply to each loan of Option Lending Shares.

 

2.2                                                 The Borrowing Notice shall also be deemed as a notice to the Transfer Agent of the transfer pursuant to Clause 2.1. The transfer of the Option Lending Shares from the Lender to the Company shall be for value and available for delivery not later than [Time] on the Business Day following receipt of the Borrowing Notice and shall be evidenced by an updated shareholders’ register signed and delivered by the Transfer Agent.

 

2.3                                                 As soon as practicable following receipt by the Company of the updated shareholders’ register signed and delivered by the Transfer Agent pursuant to Clause 2.2, the Option Lending Shares shall be transferred and surrendered (which for the purpose of this Agreement is characterized as a transfer of all rights and title to the Option Lending Shares) by the Company to the Depositary in accordance with and pursuant to Annex 1 to this Agreement. In order to effect the aforementioned transfer, notice shall be given to the Transfer Agent.  A notice form is attached to this Agreement as Exhibit 4 (and attached as Exhibit 3.1 to Annex 1). The Option Lending Shares shall be transferred for value and available for delivery not later than [Time] on the Business Day following receipt of the notice referred to in the preceding paragraph and shall be evidenced by an updated shareholders’ register signed and delivered by the Transfer Agent.

 

2.4                                                 The Option Lending Shares are lent subject to the Company’s separate obligation to redeliver the Option Lending Shares or Firm Option Shares as provided for in Clauses 4 or 5 hereof. The Option Lending Shares shall be used by the Company solely for the purpose of surrendering such Option Lending Shares to the Depositary and thereby enabling the Depositary to create the Option ADSs before the Option Shares are paid in, issued and registered with the Danish Business Authority.

 

2.5                                                 If during the period while it holds the Option Lending Shares, the Company receives any interest, dividends or other distributions in respect of the Option Lending Shares, it will deliver such interest, dividends or distributions to the Lender.

 

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3                                                           Exchange of Shares

 

3.1                                                 Subject to, and following the issuance, creation and delivery of the Firm ADS’s and/or the Option ADS’s (as the case may be) by the Depositary to an account designated by Leerink, Leerink will, (as Representative of the Underwriters) and pursuant to the Subscription List, subscribe for the Firm Shares and/or the Option Shares (as the case may be).

 

3.2                                                 As soon as practicable following registration of a capital increase with the Danish Business Authority effecting the issuance of the Firm Shares and/or the Option Shares (as the case may be) and delivery of an updated shareholders’ register signed and delivered by the Transfer Agent, the Firm Shares and/or the Option Shares (as the case may be), shall, in accordance with and pursuant to Annex 1, be substituted for the Firm Lending Shares and/or the Option Lending Shares (as the case may be) to the effect that (i) the Firm Shares and/or the Option Shares (as the case may be) are transferred from Leerink to the Depositary, and (ii) as soon as practicable thereafter the Firm Lending Shares and/or the Option Lending Shares (as the case may be) are transferred from the Depositary to the Company. In order to effect the aforementioned substitution, notice shall be given to the Transfer Agent. With respect to the transfer of Firm Shares from Leerink to the Depositary, a signed notice is attached as Exhibit 5 (and attached as Exhibit 4.1 to Annex 1) and held in escrow with automatic release upon registration with the Danish Business Authority and delivery of an updated shareholders’ register signed and delivered by the Transfer Agent pursuant to Clause 3.1. With respect to the transfer of Firm Lending Shares from the Depositary to the Company, a signed notice is attached as Exhibit 6 (and attached as Exhibit 4.2 to Annex 1) and held in escrow with automatic release upon release of Exhibit 5 and delivery of an updated shareholders’ register signed and delivered by the Transfer Agent. With respect to the transfer of Option Shares from Leerink to the Depositary, a form notice is attached as Exhibit 7 (and attached as Exhibit 5.1 to Annex 1) and with respect to the transfer of Option Lending Shares from the Depositary to the Company, a form notice is attached as Exhibit 8 (and attached as Exhibit 5.2 to Annex 1). In each case, the exchange of shares pursuant to this Clause 3.2 shall be evidenced by an updated shareholders’ register signed and delivered by the Transfer Agent.

 

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4                                                           Redelivery

 

4.1                                                 As soon as practicable following the exchange of shares pursuant to Clause 3.2, the Company shall redeliver the Firm Lending Shares and/or the Option Lending Shares (as the case may be) to the Lender. In order to effect the aforementioned redelivery, notice shall be given to the Transfer Agent by the Company and the Lender as soon as practicable. With respect to the Firm Lending Shares, a signed notice is attached as Exhibit 9 and held in escrow with automatic release upon delivery of an updated shareholders’ register signed and delivered by the Transfer Agent pursuant to Clause 3.2. With respect to the Option Lending Shares, a form notice is attached as Exhibit 10. In each case, the redelivery shall be evidenced by an updated shareholders’ register signed and delivered by the Transfer Agent.

 

5                                                           No Closing

 

5.1                                                 In the event that (i) registration of the Firm Shares or the Option Shares (as the case may be) with the Danish Business Authority has not occurred by [Time] on the Closing Date or the Option Closing Date (as the case may be), or (ii) delivery of the Firm ADS’s and/or the Option ADS’s (as the case may be) by the Depositary to an account designated by Leerink has not occurred by [Time] on the Closing Date or the Option Closing Date (as the case may be), the Depository shall, upon certification by Leerink that the applicable transaction has failed to close (which Leerink may decide to postpone for such period, if any, which the loan period is extended pursuant to clause 6.1), in accordance with and pursuant to Annex 1 to this Agreement, as soon as practicable redeliver to the Company the Lending Shares and/or the Option Lending Shares (as the case may be) and the Company and the Depository shall, in accordance with and pursuant to Annex 1 to this Agreement, as soon as practicable give notice to the Transfer Agent of such redelivery. A form notice is attached as Exhibit 11 (and attached as Exhibit 6.1B to Annex 1). The redelivery shall be evidenced by an updated shareholders’ register signed and delivered by the Transfer Agent.

 

5.2                                                 As soon as practicable after the redelivery of the Lending Shares and/or the Option Lending Shares (as the case may be) by the Depositary to the Company pursuant to Annex 1 to this Agreement, the Company shall redeliver the Lending Shares and/or the Option Lending Shares (as the case may be) to the Lender, and the Company and the Lender shall as soon as practicable give notice to the Transfer

 

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Agent of the redelivery. A form notice is attached as Exhibit 12. The redelivery shall be evidenced by an updated shareholders’ register signed and delivered by the Transfer Agent.

 

6                                                           Prolongation of share loan

 

6.1                                                 In the event that (i) registration of the Firm Shares or the Option Shares (as the case may be) with the Danish Business Authority has not occurred by [Time] on the Closing Date or the Option Closing Date (as the case may be), or (ii) ) delivery of the Firm ADS’s and/or the Option ADS’s (as the case may be) by the Depositary to an account designated by Leerink has not occurred by [Time] on the Closing Date or the Option Closing Date (as the case may be), Leerink may, upon written notice to the Company and the Lender (a notice form is attached as Exhibit 13 and attached as Exhibit 8 to Annex 1), elect to continue the loan of the Lending Shares until the earlier of (x) registration of the Firm Shares or the Option Shares (as the case may be) has occurred and (y) five (5) business after the Closing Date or the Option Closing Date (as the case may be).

 

6.2                                                 In case this Agreement is prolonged pursuant to Clause 6.1, Leerink (as Representative of the Underwriters) shall not be obligated to release the net amount of the Purchase Price which would otherwise be payable to the Company pursuant to the Underwriting Agreement before registration of the Firm Shares or the Option Shares (as the case may be) has been effected and this has been sufficiently documented by the Company by way of presenting a compiled summary from the Danish Business Authority with a translation into the English language. The Purchase Price shall carry no interest.

 

7                                                           Rights and Title

 

7.1                                                 Each of the Lender, the Company and Leerink shall execute and deliver all necessary documents and give all necessary instructions to procure that all right, title and interest in the Lending Shares delivered pursuant to this Agreement shall pass between the Parties (as the case may be), free from all liens, charges, encumbrances or transfer taxes.

 

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8                                                           Representations and Warranties

 

8.1                                                 Each Party hereby represents, warrants and undertakes that (a) it is not restricted under the terms of its articles of association, charter, bylaws or other governing documents, the law of its place of incorporation or jurisdiction in which it is domiciled, statute, order, rule or regulation or in any other manner from lending or borrowing (as the case may be) the Lending Shares in accordance with this Agreement, or from otherwise performing its obligations hereunder, and (b) it has all necessary licences and approvals and is duly authorised and empowered to perform its duties and obligations under this Agreement and will do nothing to prejudice the continuation of such authorisations, licences or approvals.

 

8.2                                                 In addition, each Party hereby represents, warrants and undertakes to the other Parties that it is entitled to pass full legal and beneficial ownership of the Firm Shares and/or the Option Shares (as the case may be), free from all liens, charges, encumbrances and transfer taxes.

 

8.3                                                 Finally, the Lender hereby represents, warrants and undertakes to the Company and to Leerink (As Representative of the Underwriters) that it is acting for its own account, and it has made its own independent decisions to enter into the loan of the Lending Shares on the terms and conditions set out in this Agreement and as to whether said loan is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of Leerink or any other Underwriter as investment advice or as a recommendation to enter into the loan of the Lending Shares; it being understood that information and explanations related to the terms and conditions of such loan shall not be considered investment advice or a recommendation to enter into such loan. No communication (written or oral) received from Leerink or any other Underwriter shall be deemed to be an assurance or guarantee as to the expected results of the loan of the Lending Shares.

 

9                                                           Indemnification

 

9.1                                                 The Company shall, indemnify and hold harmless each of the Lender, Leerink, and each of the other Underwriters their affiliates, their selling agents, directors, officers, members and representatives and each person, if any against any and all losses, claims, expenses, damages, liabilities and/or actions suffered or incurred

 

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by any of the said persons directly or indirectly as a result of (i) breach by the Company of any of the representations and warranties made by the Company or the Lender set out in clause 8 above or (ii) failure by the Company to perform any corporate action set out or implied in this Agreement.

 

9.2                                                 As this indemnification is a prerequisite for the transactions described in Recitals (A)-(C), the Board of Directors of the Company have in connection with signing this Agreement assessed that the indemnification in this Clause 9 is in the overall best interest of the Company.

 

9.3                                                 Section 6(c)-6(d) and Section 7 of the Underwriting Agreement shall apply mutadis mutandis to the indemnification in this Clause 9.

 

10                                                    Expenses, Taxes and other Duties

 

10.1                                          Expenses, taxes and other duties triggered by the delivery and/or redelivery of the Firm Shares, Option Shares or Lending Shares under this Agreement, shall be borne by the Company.

 

10.2                                          The Company shall not pay any fees, interest or other consideration or provide any collateral to the Lender or any other party as payment for the lending of the Lending Shares.

 

11                                                    Termination

 

11.1                                          This Agreement shall terminate automatically when all Lending Shares are redelivered to the Lender.

 

12                                                    Governing Law; Submission to Jurisdiction

 

12.1                                          This Agreement, the relationship among the parties and any non-contractual obligations arising out of or in connection with this Agreement shall be governed by and construed in accordance with Danish law.

 

12.2                                          Each of the Parties irrevocably submits to the jurisdiction of the courts of the Kingdom of Denmark, in any legal suit, action or proceeding based on or arising under this Agreement whether on a contractual or non-contractual basis and

 

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agrees that all claims in respect of such suit or proceeding may be determined in any such court. Further, each of the Parties irrevocably waives the defence of an inconvenient forum or objections to personal jurisdiction with respect to the maintenance of such legal suit, action or proceeding. Lastly, and to the extent permitted by law, each of the Parties hereby irrevocably waives any objections to the enforcement by any competent court of any judgment validly obtained in any such court in the Kingdom of Denmark on the basis of any such legal suit, action or proceeding.

 

12.3                                          Notwithstanding the agreement in Clause 12.1, the Underwriters shall retain the right to bring proceedings against the Company and the Lender in any other court of competent jurisdiction or concurrently in more than one jurisdiction. The Underwriters shall retain the right to join or counterclaim under or for any breach of this Agreement against the Company and the Lender in any proceeding to which the Underwriters are or will be enjoined or a party in any other court in any jurisdiction outside of the Kingdom of Denmark relating to this Agreement, including, without prejudice to the generality of the foregoing, in any court of competent jurisdiction in the Kingdom of Denmark. The Company and the Lender irrevocably waives any objection to the jurisdiction of any court referred to in this Clause 12.3.

 

12.4                                          The Company and the Lender agrees to appoint an agent for service of process in any other jurisdiction than Denmark in which Underwriters are subject to legal suit, action or proceedings based on or arising under this Agreement within 14 days of receiving written notice of such legal suit, action or proceedings and the request to appoint such agent for service. In the event that the Company or the Lender does not appoint such an agent within 14 days of the notice requesting it to do so, the Underwriters may appoint a commercial agent for service for the Company or the Lender (as the case may be) and the Company and the Lender agrees that subject to being notified of such appointment in writing, service upon such commercial agent will constitute service upon the Company and the Lender.

 

12.5                                          Each Party hereby waives to the fullest extent permitted by applicable law, all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, attachment (both before and after judgment) and execution to which it might otherwise be entitled in any action or proceeding in the courts of any country or jurisdiction, relating in any way to this Agreement and agrees that (i) it will not raise, claim or cause to be pleaded any such immunity at or in respect of any such action

 

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or proceeding and (ii) it can be sued in its own name and is subject to civil and commercial laws with respect to its obligations under this Agreement.

 

12.6                                          Each party irrevocably agrees that a judgment and/or order of any court referred to in this Clause 12 based on any matter arising out of this Agreement shall be conclusive and binding on it and may be enforced against it in any other jurisdiction, whether or not (subject to due process having been served on it) it participates in the relevant proceedings.

 

13                                                    Severability

 

13.1                                          If any provision in this Agreement should be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions shall not be affected thereby. No variation of this Agreement shall be effective unless in writing and signed by or on behalf of each of the parties to this Agreement. No third party shall be required to agree to any such variation. No party may assign any of its rights under this Agreement without the consent of the party against whom the right operates.

 

13.2                                          The Company, Lender and Leerink recognize that the Depositary is not a party to this Agreement, is not privy to its terms and is not bound by it. The Company, Lender and Leerink understand and agree that to the extent that the performance by the Depositary pursuant to the terms of the Deposit Agreement and Annex I is not consistent with the descriptions set forth in this Agreement, the terms of the Deposit Agreement and Annex I, respectively, shall prevail.

 

14                                                    Notices

 

14.1                                          All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to Leerink shall be given to Leerink Partners LLC, One Federal Street, Boston MA 02210, Attn: the General Counsel. Notices to the Lender shall be given to Florian Schönharting, email: fs@nordicbiotech.com. Notices to the Company shall be given to Peder Møller Andersen, email: pma@forward-pharma.com.

 

18

 

15                                                    Counterparts

 

15.1                                          This Agreement may be executed by any one or more of the parties hereto and thereto in any number of counterparts, each of which shall be deemed to be an original, but all of such respective counterparts shall together constitute one and the same instrument.

 

In witness whereof, this Agreement has been duly executed on behalf of the parties hereto the day and year first before written.

 

For and on behalf of Nordic Biotech Opportunity Fund K/S:

 

 

	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
Name:
    
	
Title:
    	
 
    	
Title:
    

 

 

For and on behalf of Leerink Partners LLC (as Representative of the Underwriters):

 

 

	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
Name:
    
	
Title:
    	
 
    	
Title:
    

 

 

For and on behalf of Forward Pharma A/S:

 

 

	
 
    	
 
    	
 
    
	
Name:
    	
 
    	
Name:
    
	
Title:
    	
 
    	
Title:
    

 

19Exhibit 10.10

 

 

[_____], 2014

 

Mr. Todd Owens

c/o Fifth Street

777 West Putnam Avenue, 3rd
Floor

Greenwich, CT 06830

 

		Re:	Amended & Restated Employment Offer

 

Dear Todd:

 

Reference is made to that certain employment
offer, dated as of September 2, 2014 (the “Original Agreement”) pursuant to which you were offered the position of
Co-President of Fifth Street Management LLC (the “Company”) and FSC CT, Inc., which employment was to commence upon
the earliest expiration of the notice period applicable in connection with your former employer, but in no event later than September
29, 2014. The Company and FSC CT, Inc. deem it advisable and appropriate to amend and restate the terms of the Original Agreement.
For good and valuable consideration, the receipt and sufficiency of which you hereby acknowledge, you, the Company and FSC CT,
Inc. agree to amend and restate the Original Agreement on the terms provided for herein, effective as of [_____], 2014 (the “Employment
Letter”). The Employment Letter supersedes all prior written or oral agreements between you, the Company and FSC CT, Inc.
with respect to your employment, and upon execution of this Employment Letter, the Original Agreement shall be of no force or effect.

 

The Company and its affiliates take employee
development seriously and are dedicated to providing resources and pathways for personal growth and advancement. We believe that
your experience and background will contribute much to our organization. We may, in our discretion, also request that you serve
as an officer of various affiliates of the Company, which you agree to do under the terms of this employment offer. The position
of Co-President shall report to our Chief Executive Officer.

 

1. Salary; Bonus; Equity.
 Commencing on your first day of employment (the “Commencement Date”), your annual salary will be $500,000;
paychecks will be issued semi-monthly on the fifteenth day of each month and the last business day of each month. If the fifteenth
day of the month falls on a weekend, paychecks will be issued the Friday prior to or the Monday following the weekend. If the day
is a holiday, paychecks will be issued the following business day. You will receive a performance review each year and will be
considered eligible for annual salary increases based on your performance.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 2

 

For the period from
the Commencement Date through December 31, 2014, and conditioned on your active service through such date, you shall receive an
additional bonus such that your total compensation for the period ending on December 31, 2014 is $1.0 million (it being understood
that bonus payments shall be made on or before March 15 of the year following the year of service). For your service in 2015, you
will be eligible for a discretionary target bonus of at least $1.5 million, based on the achievement of such performance goals
and other factors as the Company may in its sole discretion determine (the “2015 Bonus”). All bonuses shall be paid
in accordance with the Fifth Street Deferred Bonus and Retention Plan (the “Plan”), a copy of which is attached hereto,
so long as the Plan remains in effect; provided that, (i) any bonus due you with respect to the period ending December 31, 2014
shall not be subject to the Plan, (ii) 2015 shall be the “Award Year” under the Plan for the 2015 Bonus, (iii) for
purposes of amounts that may be deferred under the Plan, the definition of “Cause” shall be as defined in this offer
letter, and (iv) for purposes of the Plan your resignation for “Good Reason” (as defined in Annex B hereto) will be
treated in the same manner as a termination by the Company without Cause.

 

In connection with
your commencement of employment, you will be granted upon the pricing of the initial public offering (“IPO”) of Fifth
Street Asset Management Inc. (“FSAM”) on or prior to March 31, 2015, (i) [861,000] options to purchase Class A shares
of FSAM (the “Options”) and (ii) [156,333] restricted stock units of FSAM (the “RSUs”). The terms of the
grant of Options and RSUs are set forth in Annex A attached hereto.

 

2. Benefits. You will become
eligible to join Fifth Street’s health insurance plan the first of the month following the completion of 60 days of full-time
employment in accordance with the terms of such plan. Fifth Street’s health insurance plan is currently structured so that
we offer a choice of three plans: a basic plan, a mid-level plan and a high-level plan. The Company will pay approximately eighty
percent (80%) of your medical policy premiums for the basic plan, and you will be responsible for approximately twenty percent
(20%) of such premiums. If you choose either the mid-level or high-level plan, you will be responsible for the excess cost over
the basic plan. We also currently will pay a portion of your dental policy premiums. From time to time, we may make changes to
such plans in the future and you will be notified of any such changes.

 

You will be entitled to 25 days paid vacation
each year (which shall accrue and be earned pro rata over the course of the year), starting with your third full month of employment,
four sick days and holidays in accordance with Fifth Street’s written policies. You will be provided with a copy of our written
policies on your start date.

 

You will become eligible to join Fifth Street’s
401(k) plan the first of the month after completing three months as a full-time employee (credit for your first month will be given
as long as you have had at least one day of service during the month). Your participation is subject to the terms of the plan which
may be amended from time to time.

 

Your business expenses will be reimbursed
under the Company’s business expenses and reimbursement policies as in effect from time to time. You will be eligible for
first class air travel on “red-eye” flights from California to New York City, and your other air travel will be business
class (or, in the absence of available business class, first class).

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 3

 

In connection with your relocation to the
New York City area, you will be entitled to (i) a housing allowance of $2500 per month through August 31, 2015 and (ii) payment
by the Company or reimbursement to you of moving expenses of up to $30,000. You will be responsible for all taxes associated with
such payments (except to the extent of any qualified moving expenses paid by the Company or qualified reimbursements).

 

Notwithstanding the foregoing, you will
be entitled to at least a comparable level of benefits, in the aggregate, provided to other senior executives of the Company of
comparable status (other than the Chairman) during the term of your employment by the Company.

 

3. At-Will Employment; Policies.
While we hope that we both find our professional relationship mutually beneficial, you understand that your employment is “at-will.”
This means that either you or we may terminate your employment at any time, for any or no reason. In the event that your employment
is terminated without “Cause” (as defined in Annex B) or you resign for “Good Reason” (as defined in Annex
B), in addition to the payment to you of any unpaid salary and benefits (including reimbursement for reimbursable business expenses
incurred prior to such termination) owed to you as of the date of such termination, you shall be entitled to (i) receive monthly
severance payments over a twelve month period totaling $2.0 million (subject to applicable taxes and withholding), commencing on
the first regularly scheduled payroll date that is more than 30 days following the date of such termination or resignation, and
(ii) accelerated vesting of the Options and RSUs as provided for in Annex A, in each case conditioned on your compliance with your
post-termination obligations and your execution, delivery and non-revocation, within thirty days following the date of such termination
or resignation, of a general release in favor of the Company and its affiliates in the form attached hereto as Exhibit B, and subject
to paragraph 2(f) of the Non-Competition, Non-Solicitation and Non-Disclosure Agreement dated as of September 2, 2014.

 

You will perform your duties diligently
and to the best of your ability and will comply with Fifth Street’s policies and procedures, which will be provided to you
at the start of your employment. It is your responsibility to read and understand these policies and procedures, and if you have
any questions now or in the future, it is your responsibility to make the appropriate inquiries.

 

4. Non-Solicitation and Non-Disclosure.
As a condition to your employment, you will be required to execute a Non-Competition, Non-Solicitation and Non-Disclosure Agreement,
a copy of which is provided with this offer letter.

 

5. Representations. As a condition
to your employment, you represent and warrant as to the matters set forth in Annex C hereto.

 

6. Miscellaneous.
We are required by law to confirm your eligibility for employment in the United States. Thus, you will be required to provide
proof of your eligibility to work in the U.S. on your start date. This offer is subject to our satisfaction with the results of
a background check. This offer is also subject to the provisions of Annex D hereto, with respect to matters arising under Sections
409A and 4999/280G of the Internal Revenue Code.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 4

 

This offer letter (together with the Non-Competition,
Non-Solicitation and Non-Disclosure Agreement) sets forth the entire agreement and understanding between us and you relating to
your employment and supersedes all prior discussions between us.

 

All payments pursuant to this offer letter
will be subject to applicable withholding taxes.

 

If this offer of employment is acceptable
to you, please sign a copy of this letter and return it to me on or before _____________, 2014.

 

We look forward to having you join our team!

 

	 	Sincerely,
	 	 
	 	 
	 	Bernard D. Berman

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 5

 

I accept your offer of employment. I represent that I have never
been convicted of a felony or a crime involving moral turpitude, and I have not engaged in any conduct which could reasonably tend
to bring Fifth Street or any of its affiliates into public disgrace or disrepute. I have never been sanctioned, reprimanded or
otherwise punished by the U.S. Securities and Exchange Commission. No oral commitments have been made concerning my employment.
I understand that my employment is at-will and can be terminated by either party at any time, with or without cause and with or
without notice. I specifically acknowledge and agree that I am an exempt employee and am therefore not eligible to receive overtime
pay.

 

Signature ______________________________

 

Print Name _____________________________

 

Date __________________________________

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 6

 

Annex A – Option and RSU Terms

 

		1.	Option Category and Term: The Options will have an option term of ten years. The actual number of such options
to be granted will be determined based on final valuation determinations with respect to such options as of the date of grant.
The options granted to you will have an exercise price that is no less than fair market value of FSAM Class A common stock on the
date of grant.

 

		2.	Restricted Stock Units: You will be granted RSUs representing the right to receive shares of FSAM Class A common
stock subject to fulfillment of vesting and other conditions.

 

		3.	Vesting and Exercise:

		a.	Options – Monthly vesting of 1/36th of the Options, commencing on the 3rd anniversary of the date
of grant, subject to continued employment.

		b.	RSUs – Monthly vesting of 1/36th of the RSUs, commencing on the 3rd anniversary of the date of
grant, subject to continued employment.

		c.	Accelerated Vesting of Options and RSUs

		i. 	Upon a termination by the Company without Cause or termination by you for Good Reason, in each case after the Grant Date:

		1.	Options – Vesting to be determined based on full months of service from date of grant plus 12 months as a percentage
of 72 months (without regard to the vesting schedule set forth in 3a. above).

		2.	RSUs – Vesting to be determined based on full months of service from date of grant plus 12 months as a percentage of
72 months (without regard to the vesting schedule set forth in 3b. above).

		ii. 	Upon a “Change of Control” while you are employed – In the event that Leonard Tannenbaum and his affiliated
entities collectively cease to have beneficial voting control of FSAM (or, if an IPO has not occurred, of Fifth Street Holdings,
LP), 100% of your then unvested Options and RSUs shall vest.

		d.	Exercise – All Options will be exercisable within 1 year following termination by the Company without Cause or by you
for Good Reason; in other cases, exercise terms will be as provided for under the terms of grant.

		e.	Manner of Exercise – Options to be subject to the same manner of exercise afforded to other senior executives receiving
options in FSAM, including broker assisted cashless exercise if available.

		f.	Settlement of RSUs – No later than 60 days following each vesting date, one share of FSAM Class A common stock shall
be issued for each RSU that becomes vested on such vesting date.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 7

 

		4.	Liquidity on Shares Realized Upon Exercise and Settlement

		a.	Options – 100% of the net option shares acquired upon exercise of the vested Options may be sold as follows: 25% after
the 6th anniversary of the Grant Date, an additional 25% after the 7th anniversary of the Grant Date, an
additional 25% after the 8th anniversary of the Grant Date, and an additional 25% after the 9th anniversary
of the Grant Date.

		b.	RSUs – 100% of the net shares acquired upon settlement of vested RSUs may be sold as follows: 25% after the 6th
anniversary of the Grant Date, an additional 25% after the 7th anniversary of the Grant Date, an additional 25% after
the 8th anniversary of the Grant Date, and an additional 25% after the 9th anniversary of the Grant Date.

		c.	Following Termination By Company without Cause/Termination by you for Good Reason – 50% of option shares held by you
resulting from your exercise of the Options may be sold within the first year immediately following such termination, and all option
shares held by you resulting from your exercise of Options may be sold after the 1st anniversary of such termination.
50% of the shares received upon vesting of RSUs may be sold within the first year immediately following such termination, and all
such shares received upon vesting of RSUs may be sold after the 1st anniversary of such termination.

Other Restrictions – In all cases you shall
remain subject to any restrictions on the sale of options shares or RSUs arising under applicable law or imposed by the Company
or its underwriters in connection with any capital markets transactions or securities trading policies, in each case to the extent
equally applicable to all current senior executives of comparable status (other than the Chairman).

 

		5.	Other Provisions

		a.	The foregoing terms will be reflected in, and subject to, one or more written Option and RSU agreements as soon as reasonably
practicable following the effective date of grant, dated as of such grant date. Except as provided for above, the terms of the
Options and RSUs will be subject to the provisions of plan pursuant to which such Options and RSUs are granted, as well as the
provisions of the Option and RSU grants, as the case may be, otherwise applicable to all senior executives of the Company (e.g.
with respect to forfeiture, clawbacks and post-termination exercise periods).

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 8

 

Annex B- “Cause” and “Good Reason”

 

“Cause” for termination means: (i) the commission
of, conviction or admission of, or plea of nolo contendere with respect to, a felony or a crime involving moral turpitude
(other than a motor vehicle offense); (ii) conduct reasonably tending to bring the Company or its affiliates into public disgrace
or disrepute or otherwise materially injurious to their business, reputation or goodwill; (iii) an act of fraud, misappropriation
or embezzlement, (iv) gross negligence, willful misconduct or material breach of fiduciary duty; (v) breach of a material term
or representation of this offer letter; (vi) commission of a reportable violation of any applicable banking, securities or commodities
laws, rules or regulations that constitutes a serious offense or could or does result in a significant fine; (vii) violation of
material policies, practices and standards of behavior of the Company or its affiliates (including, without limitation, any securities
trading, conflict of interest or code of conduct policies); or (viii) a willful failure to follow the lawful directives of the
Board or other governing body of the Company or material breach in the performance of your obligations under your offer letter,
in each case under sub-clauses (vii) or (viii) which remains uncured by you after you have been provided with notice and ten (10)
days to cure (to the extent curable). To the extent that within 120 days following your resignation or termination other than for
“Cause” the Company determines that facts or circumstances existed that would have otherwise constituted “Cause”
under sub-clauses (i)-(iii) or (vi) above, and such facts or circumstances were not actually known to the Company or should have
otherwise been known to the Company through the exercise of reasonable care in each case at the time of such resignation or termination,
then the Company may treat such resignation or termination as a termination for “Cause” for all purposes.

 

“Good Reason” shall mean the occurrence of any of
the following events, without your express written consent, unless such events are cured by the Company within thirty (30) days
following written notification by you to the Company that you intend to terminate your employment for one of the reasons set forth
below:

 

		(i)	Material diminution in your base salary at the rate in effect immediately prior to the reduction or the failure to pay you
any salary or any earned and due bonus or incentive payments; or

 

		(ii)	Material diminution in your duties, authorities or responsibilities (other than temporarily while physically or mentally incapacitated
or as required by applicable law and other than in connection with any service on any informal management committees associated
with the Company or its affiliates); or

 

		(iii)	the termination of your rights to any material employee benefits, except to the extent that any such benefit is replaced with
a comparable benefit, or a material reduction in scope or value thereof, other than as a result of across-the-board reductions
or terminations affecting senior executives of comparable status of the Company generally; or

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 9

 

		(iv)	a change by the Company in the location at which Executive performs his principal duties for the Company to a new location
that is more than sixty (60) miles from Greenwich, CT.

 

You shall provide the Company with a written notice detailing
the specific circumstances alleged to constitute Good Reason within thirty (30) days after the first occurrence of such circumstances
(or any claim of such circumstances as “Good Reason” shall be deemed irrevocably waived by you), and in no event shall
you be entitled to resign for “Good Reason” more than one hundred and eighty (180) days following the occurrence of
any event alleged to constitute “Good Reason.”

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 10

 

Annex C-Representations and Warranties

 

You represent and warrant
as to the following:

 

		(i)	You are not in breach of any agreement requiring you to preserve the confidentiality of any information,
client lists, trade secrets or other confidential information or any agreement not to compete, solicit clients or employees of,
or interfere with, any prior employer, and that neither the execution of this offer letter nor the performance by you of your obligations
hereunder as of the anticipated commencement date will conflict with, result in a breach of, or constitute a default under, any
agreement or policy to which you are a party or to which you may be subject, including any garden leave or notice requirement prior
to resigning your prior employment.

 

		(ii)	You have not taken and will not take any confidential information from any prior employer and will
not use any such information in performing your obligations hereunder but instead will rely on your generalized knowledge and skill
in performing your services hereunder.

 

		(iii)	You are not currently and have never been (a) the subject of any investigation by any prior employer
or a party in any securities-related or banking litigation or arbitration proceeding; (b) the subject or target of any pending
investigation, charge or complaint before a securities regulatory or self-regulatory organization, grand jury or any other forum;
or (c) fined, sanctioned or otherwise found to have violated any securities related regulation by any governmental agency or self-regulatory
organization, whether or not such finding resulted in statutory disqualification.

 

		(iv)	You have disclosed any material information to the Company regarding your personal investments,
professional affairs or any legal or regulatory matter of which you are aware that, if publicly disclosed hereafter, would adversely
reflect on the business, reputation or goodwill of the Company or its affiliates.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 11

 

		(v)	You have not, within the preceding twenty-four (24) months, made a contribution to: (i) any person
(including any election committee for the person) who is an incumbent, candidate or successful candidate for state or local office,
including any such person who is running for federal office; (ii) a political action committee; or (iii) a state or local political
party, other than those contributions that have been previously disclosed to the Company in writing.

 

		(vi)	You have not had an event described in paragraph 9(d)(1)(i)-(viii) of Rule 506 under the Securities Act of 1933 (“Disqualifying
Events”), copy of which has been provided to you, except as expressly disclosed in writing to the Company, and you (a) will
immediately update any information provided to the Company in accordance with the foregoing sentence whenever it ceases to be accurate
in any way and (b) agree to notify the Company immediately of the occurrence after the date hereof of any Disqualifying Event and
provide the Company with such further information as the Company or its affiliates may request concerning any Disqualifying Events
and consent to the disclosure of any such information as the Company or its affiliates may deem appropriate.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 12

 

Annex D – Section 409A Matters

 

		a.	It is intended that the provisions of the offer letter comply with Code Section 409A of the Internal
Revenue Code, and all provisions of the offer letter shall be construed in a manner consistent with the requirements for avoiding
taxes or penalties under Code Section 409A. Notwithstanding the foregoing, the Company shall have no liability with regard to any
failure to comply with Code Section 409A so long as it has acted in good faith with regard to compliance therewith.

 

		b.	If, under the offer letter, an amount is to be paid in two or more installments, for purposes of
Code Section 409A, each installment shall be treated as a separate payment.

 

		c.	A termination of employment shall not be deemed to have occurred for purposes of any provision
of the offer letter providing for the payment of amounts or benefits upon or following a termination of employment unless such
termination is also a “Separation from Service” within the meaning of Code Section 409A and, for purposes of any such
provision of the Agreement, references to a “resignation,” “voluntary termination,” “termination,”
“termination of employment” or like terms shall mean Separation from Service.

 

		d.	If you are deemed on the date of termination of your employment to be a “specified employee”
within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the
Company from time to time, or if none, the default methodology, then:

 

		i.	With regard to any payment, the providing of any benefit or any distribution of equity upon separation
from service that constitutes “deferred compensation” subject to Code Section 409A, such payment, benefit or distribution
shall not be made or provided prior to the earlier of (i) the expiration of the six-month period measured from the date of your
Separation from Service or (ii) the date of your death; and

 

		ii.	On the first day of the seventh month following the date of your Separation from Service or, if
earlier, on the date of your death, (x) all payments delayed pursuant to this Section (d) (whether they would otherwise have been
payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to you in a lump sum, and
any remaining payments and benefits due under the Agreement shall be paid or provided in accordance with the normal dates in accordance
with the terms of the Agreement, and (y) all distributions of equity delayed pursuant to this Section (d) shall be made to you.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 13

 

In determining the amounts that
are subject to the six-month delay requirement described above, the Company shall use all exclusions from the six-month delay rule
that are available to the payments made to you. Please be advised that the Company reserves the right to adopt an alternate method
of complying with the six-month delay requirement which may result in you being deemed a specified employee.

 

		e.	Whenever a payment under the offer letter specifies a payment period with reference to a number
of days (e.g., “payment shall be made within thirty (30) days following the date of termination”), the actual date
of payment within the specified period shall be within the sole discretion of the Company.

 

		f.	With regard to any provision in the offer letter that provides for reimbursement of costs and expenses
or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be
subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, of in-kind benefits,
provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided,
in any other taxable year, provided that the foregoing clause (ii) shall not be violated without regard to expenses reimbursed
under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the
period the arrangement is in effect and (iii) such payments shall be made on or before the last day of your taxable year following
the taxable year in which the expense occurred.

 

Annex D- Section 4999/280G
Matters

 

In the event a nationally recognized accounting firm
as shall be designated by the Company (the “Accounting Firm”) shall determine that receipt of all payments or distributions
by the Company or any affiliate in the nature of compensation to or for your benefit, whether paid or payable pursuant to this
offer letter or otherwise (a “Payment” and collectively, the “Payments”)) would subject you to the excise
tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant
to this offer letter or otherwise (the “Agreement Payments”) to the Reduced Amount (as defined below). “Reduced
Amount” shall mean the greatest amount of Agreement Payments that can be paid that would not result in the imposition of
the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Agreement Payments.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 14

 

EXHBIT B

 

WAIVER AND RELEASE AGREEMENT

 

		1.	In consideration for the severance benefits to be provided to me under Section 3 of my amended and restated offer letter from
Fifth Street Management LLC (the “Company”) dated as of [_____], 2014 (hereinafter referred to as the
“Employment Agreement”) and accelerated vesting of the Options and RSUs as provided for in Annex A to the Employment
Agreement, I, Todd Owens, on behalf of myself and my heirs, executors, administrators, attorneys and assigns, hereby waive, release
and forever discharge FSC CT, Inc., Fifth Street Management LLC, Fifth Street Asset Management Inc. (“FSAM”), Fifth
Street Holdings, L.P., Fifth Street Finance Corp., Fifth Street Senior Floating Rate Corp., Fifth Street Senior Loan Fund I Operating
Entity, LLC, Fifth Street Senior Loan Fund II Operating Entity, LLC, Fifth Street Credit Opportunities Fund, L.P., Fifth Street
Mezzanine Partners II, L.P., Fifth Street Capital LLC, Fifth Street Capital West, Inc., FSC, Inc., FSC Midwest, Inc., and any entities
formed after the date hereof which engage any such entity to provide services, and any affiliates of such entities formed after
the date hereof together with each of their respective subsidiaries, divisions and affiliates, whether direct or indirect, their
respective joint ventures and joint venturers (including each of their respective directors, officers, employees, stockholders,
partners and agents, past, present, and future), and each of their respective successors and assigns, members, branches, divisions,
business units or groups, portfolio companies, agencies, predecessors, successors, assigns, any employee benefit plans established
or maintained by any of the foregoing entities and each and all of their past, present or future officers, directors, employees,
partners, members, trustees, plan administrators, agents, fiduciaries, shareholders, attorneys, representatives and advisors (hereinafter
collectively referred to as “Releasees”), from any and all known or unknown actions, causes of action, claims or liabilities
of any kind which have been or could be asserted against the Releasees, including, without limitation, those arising out of or
related to my employment with and/or separation from employment with the Company and/or any of the other Releasees up to and including
the date of this Waiver and Release Agreement, including but not limited to claims, actions, causes of action or liabilities arising
under Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1866, as amended, the Connecticut Fair Employment
Practices Act, the Connecticut Human Rights and Opportunities Act, the Connecticut Equal Pay Law, the Connecticut Family and Medical
Leave Act, the Connecticut Whistleblower Protection Law, the Connecticut Worker’s Compensation Retaliation Law, Connecticut
Age Discrimination and Employee Benefits Law, the Connecticut Employment Privacy Law, the Connecticut Wage Payment Laws, the Connecticut
Occupational Safety and Health Act, the New York Labor Law, the New York State and New York City Human Rights Laws, the Age Discrimination
in Employment Act of 1967, the California Fair Employment and Housing Act, Cal. Gov’t Code §§ 12940 et seq.; the
laws established by the California Department of Labor Standards Enforcement, e.g., Cal. Lab. Code §§ 200-272; wage and
hour laws as set forth in the California Labor Code, and the opinions issued by the Department of Labor Standards Enforcement,
any Wage Order promulgated by the California Industrial Welfare Commission, and the California Labor Code; Older Workers Benefit
Protection Act, the Americans with Disabilities Act, The Family and Medical Leave Act, the Employee Retirement Income Security
Act of 1974, as amended (other than with respect to any vested benefit as of the Separation Date), the Consolidated
Omnibus Budget Reconciliation Act of 1985, the Equal Pay Act,
the Worker Adjustment and Retraining Notification Act
and the Fair Labor Standards Act, and all other Federal, state or local laws.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 15

 

Capitalized terms used, but not defined herein,
shall have the meanings ascribed to such terms in the Employment Agreement.

 

2.          (a)          I
also agree never to sue any of the Releasees or become party to a lawsuit on the basis of any claim of any type whatsoever arising
out of or related to my employment with and/or separation from employment with the Company and/or any of the other Releasees (except
for claims not released under Section 2(b) below) and/or to challenge the enforceability of this Waiver and Release Agreement,
except I may bring a lawsuit to challenge this Waiver and Release Agreement under the ADEA.

 

(b)          Notwithstanding
any provision of this Waiver and Release Agreement to the contrary, by executing this Waiver and Release Agreement, I am not releasing
(i) claims to enforce this Waiver and Release Agreement and any rights or remedies in respect thereof and my rights under the provisions
of the Employment Agreement that are intended to survive my termination of employment, (ii) claims that arise after the execution
of the Waiver and Release Agreement or that cannot be released by law, (iii) rights to vested and accrued benefits under any applicable
plan, agreement, program, award, policy or arrangement of the Company or any of their subsidiaries or affiliates, or (iv) any rights
I may have to indemnification and D&O coverage under any applicable charter, by-laws or agreements with the Company or insurance
policies in effect with respect to my period of service, or to obtain contribution as permitted by law in the event of entry of
judgment against me as a result of any act or failure to act for which I, on the one hand, and any of the Releasees, on the other
hand, are jointly liable.

 

3.          I
further acknowledge and agree that if I breach the provisions of Paragraph 2 above, then (a) the Company shall be entitled to apply
for and receive an injunction to restrain any violation of Paragraph 2 above, (b) the Company shall not be obligated to continue
payment of severance benefits to me under Section 3 of the Employment Agreement or provide for the accelerated vesting of the Options
under Section 3 of the Employment Agreement (except for any earned but unpaid base salary and any properly incurred but unpaid
business expenses in accordance with Company policies), (c) I shall be obligated to pay to the Company its costs and expenses in
enforcing this Waiver and Release Agreement and defending against such lawsuit (including court costs, expenses and reasonable
legal fees), and (d) as an alternative to (c), at the Company’s option, I shall be obligated upon demand to repay to the
Company all but $100 of severance benefits paid or made available to me under Section 3 of the Employment Agreement. I further
agree that the foregoing covenants in this Paragraph 3 shall not affect the validity of this Waiver and Release Agreement and shall
not be deemed to be a penalty nor a forfeiture.

 

4.          I
further waive my right to any monetary recovery should any foreign, federal, state, or local administrative agency pursue any claims
on my behalf arising out of or related to my employment with and/or separation from employment with the Company and/or any of the
other Releasees. I also acknowledge that I have not suffered any on-the-job injury for which I have not already filed a claim.
I knowingly and voluntarily waive the protection, if any, provided by California Civil Code Section 1542, which provides: "A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR."
In connection with my waiver of this provision, I acknowledge that I may later discover facts different from or in addition to
those that I know or believe to be true with respect to my claims and I agree that in such event this Release shall nonetheless
remain effective in all respects.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 16

 

5.          I
further waive, release and discharge Releasees from any reinstatement rights I have or could have and agree that, unless otherwise
solicited, I will not at any time in the future apply for, or otherwise seek, employment with the Company or any of its subsidiaries,
affiliates or divisions.

 

6.          Upon
the reasonable request of the Company from time to time after the date hereof, I also agree to testify on behalf of the Company,
at deposition, trial or hearing or in an affidavit or otherwise, in connection with any litigation or claim or action brought against
the Company by any present or former employee (including but not limited to those employees or former employees whom I supervised
or managed while employed by the Company), including but not limited to any litigation or claim or action brought under the state
workers’ compensation laws (a “Cooperation”); provided such Cooperation is not contrary to my own legal interests
or the legal interests of my employer and the Company promptly reimburses me in accordance with Company policy for reasonable costs
and expenses incurred by me as a result of providing such Cooperation.

 

7.          I
acknowledge that I have been given at least [twenty-one (21)][forty-five (45)]1
days to consider this Waiver and Release Agreement thoroughly. If executed prior to the end of such [twenty-one (21)][forty-five
(45)] day period, I acknowledge that I voluntarily waive the balance of such period.

 

8.          I
acknowledge that I have been advised in writing to consult with an attorney at my own expense prior to signing this Waiver and
Release Agreement.

 

9.          I
understand that I may revoke this Waiver and Release Agreement within seven (7) days after its signing and that any revocation
must be made in writing and submitted within such seven day period to [__________]. I further understand that if I revoke this
Waiver and Release Agreement, I shall not receive severance benefits under Section 3 the Employment Agreement.

 

10.          I
also understand that the severance benefits under the Employment Agreement which I will receive in exchange for signing and not
later revoking this Waiver and Release Agreement (as provided for in Paragraph 1) are in addition to anything of value to which
I already am entitled.

 

11.          BOTH
PARTIES FURTHER UNDERSTAND THAT, EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS WAIVER AND RELEASE AGREEMENT INCLUDES A RELEASE OF ALL
KNOWN AND UNKNOWN CLAIMS TO DATE.

 

12.          It
is the desire and intent of the parties that the provisions of this Release shall be enforced to the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which enforcement is sought. I acknowledge and agree that if
any provision of this Waiver and Release Agreement is found, held or deemed by a court of competent jurisdiction to be void, invalid,
unlawful or unenforceable under any applicable statute or controlling law, this Release shall be deemed amended to delete therefrom
the portion thus adjudicated to be invalid, unlawful or unenforceable, such deletion to apply only with respect to the operation
of such provision in the particular jurisdiction in which such adjudication is made, and the remainder of this Waiver and Release
Agreement shall continue in full force and effect.

 

 

1 Applicable period to conform to that required by
law based on circumstances at the time of termination.

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

 

    	 

    	 

    

 

Mr. Todd Owens

[_____], 2014

Page 17

 

13.          This
Waiver and Release Agreement in all respects shall be interpreted, enforced and governed under applicable federal law and in the
event reference shall be made to State law, the internal laws of the State of Connecticut shall apply.

 

14.          I
further acknowledge and agree that I have carefully read and fully understand all of the provisions of this Waiver and Release
Agreement and that I voluntarily enter into this Waiver and Release Agreement by signing below and without reservation or duress
and assent to all the terms and conditions contained herein. No promises or representations, written or oral, have been made to
me by any person to induce me to sign this Waiver and Release Agreement other than the payments and benefits as set forth herein.

 

15.          This
Waiver and Release Agreement, together with my Employment Agreement and the Non-Competition, Non-Solicitation and Non-Disclosure
Agreement dated September 2, 2014, integrates the whole of all agreements and understandings between the Company and me concerning
the subject matter of this Waiver and Release Agreement and any other dealings between the Company, the Releasees and me. This
Waiver and Release Agreement supersedes all prior negotiations, discussion or agreements relating to the subject matter of this
Waiver and Release Agreement, if any, between the Company and/or the Releasees, on the one hand, and me, on the other hand.

 

	Signature: 	 	 	Date:	 
	 	 	 	 	 
	 	Todd Owens	 	 	 

 

FIFTH STREET MANAGEMENT LLC

 

	By:	 	 	Date:	 
	 	 	 	 	 
	 	Name:	 	 	 
	 	 	 	 	 
	 	Title:	 	 	 

 

Fifth Street
| 777 West Putnam Avenue, 3rd Floor | Greenwich, CT 06830 | 203-681-3600 | 203-681-3879 (fax) | www.fifthstreetfinance.com

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