Document:

Exhibit 10.2

 

CLASS A COMMON STOCK REPURCHASE AGREEMENT

 

THIS CLASS A COMMON
STOCK REPURCHASE AGREEMENT (the “Agreement”) is entered into as of December 11, 2021 by and between Jackson Financial
Inc., a Delaware corporation (the “Company”), and Athene Co-Invest Reinsurance Affiliate 1A Ltd., a Bermuda Class C
insurer under the Bermuda Insurance Act 1978 (the “Stockholder”).

 

RECITALS

 

WHEREAS,
Prudential plc, a company incorporated and registered in England and Wales (“Prudential”), and the Company
have entered into a Class A Common Stock Repurchase Agreement dated as of the date hereof, whereby the Company will repurchase two
million two hundred forty-two thousand five hundred sixteen (2,242,516) shares of the Company’s Class A Common Stock, $0.01
par value (“Class A Common Stock”) from Prudential (the “Prudential Repurchase”), at the same
price per share of Class A Common Stock as the price per Share (as defined below) set forth in Section 1.1;

 

WHEREAS,
the Stockholder is the holder of shares of the Company’s Class A Common Stock and shares of Company’s Class B
Common Stock, $0.01 par value (“Class B Common Stock”); and

 

WHEREAS,
concurrently with the Prudential Repurchase, the Stockholder desires to sell, and the Company desires to repurchase, the Shares
(as defined below) on the terms and subject to the conditions set forth in this Agreement (the “Repurchase”).

 

NOW, THEREFORE, in consideration
of the promises, covenants and agreements herein contained, the parties agree as follows:

 

AGREEMENT

 

SECTION 1.
REPURCHASE OF SHARES.

 

1.1
Repurchase. At the Closing (as defined below), the Company hereby agrees to repurchase from the Stockholder, and the Stockholder
hereby agrees to sell, assign and transfer to the Company, all of the Stockholder’s right, title and interest in and to an aggregate
of one million one hundred thirty-four thousand seven hundred sixty-seven (1,134,767) shares of Class A Common Stock (the “Shares”)
at a price per Share of $37.01, which represents the closing share price on the New York Stock Exchange of the Class A Common Stock
on December 10, 2021, discounted by 5%, for an aggregate repurchase price of $41,997,726.67 (the “Repurchase Amount”).
Upon the execution of this Agreement, the Stockholder shall execute an Assignment Separate from Certificate, in the form attached hereto
as Exhibit A (the “Stock Assignment”). At the Closing, (i) the Company shall pay the Repurchase Amount
in US Dollars by wire transfer of immediately available funds to such account as the Stockholder shall have specified in writing, (ii) the
Company and the Stockholder shall cause the Shares to be transferred to the Company’s account at the Company’s transfer agent
and (iii) the Stockholder shall deliver the Stock Assignment to the Company.

 

1.2
Closing. The closing of the Repurchase (the “Closing”) shall take place at the offices of the Company,
1 Corporate Way, Lansing, Michigan on December 13, 2021, or at such other time and place as the parties hereto shall mutually agree.

 

1.3
Termination of Rights to the Shares. Upon payment of the Repurchase Amount, the Shares shall cease to be outstanding for
any and all purposes, and the Stockholder shall no longer have any rights with respect to the Shares.

 

1.4 Conversion. After
the Closing, the Company and the Stockholder acknowledge and agree to cooperate reasonably with each other in connection with any steps
required to be taken to cause any required conversion of Class B Common Stock into Class A Common Stock pursuant to the terms
of the Company’s Second Amended and Restated Certificate of Incorporation.

 

     

     

    

 

1.5
No Withholding. The Company acknowledges and agrees that no amount is required to be withheld from the Repurchase Amount
under the U.S. Internal Revenue Code of 1986, as amended, or any provision of foreign, state or local tax law, and that no such withholding
shall be made.

 

SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER.

 

In connection with the transactions
provided for hereby, the Stockholder represents and warrants to the Company as follows:

 

2.1
Existence and Authorization. The Stockholder is a company incorporated and registered in Bermuda, and has all necessary
power and authority to execute, deliver and perform the Stockholder’s obligations under this Agreement and all agreements, instruments
and documents contemplated hereby and to sell and deliver the Shares being sold hereunder. This Agreement constitutes a legal, valid
and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms, except as may be limited
by bankruptcy, insolvency or other equitable remedies.

 

2.2 Waiver and Consent.
The Stockholder has delivered a waiver and consent to Prudential, dated December 10, 2021 (the “Waiver”), duly
executed by the Stockholder, relating to the Repurchase and the Prudential Repurchase. A copy of the fully executed Waiver has been delivered
to the Company.

 

2.3
Ownership of Shares. The Stockholder has good and marketable right, title and interest (legal and beneficial) in and to
all of the Shares, free and clear of all liens, pledges, security interests, charges, claims, equity or encumbrances of any kind (“Encumbrances”).
Upon paying for the Shares in accordance with this Agreement, the Company will acquire good and marketable title to the Shares, free
and clear of all Encumbrances.

 

2.4
No Conflict; No Approval. The execution and delivery of this Agreement by the Stockholder and the consummation of
the transactions contemplated hereby will not result in a breach by the Stockholder of, or constitute a default by the Stockholder under,
any agreement, instrument, decree, judgment or order to which the Stockholder is a party or by which the Stockholder may be bound. No
authorization, approval or consent, except such as have been obtained, is required in connection with the execution and delivery of this
Agreement by the Stockholder and the consummation of the transactions contemplated hereby.

 

2.5
Experience and Evaluation. The Stockholder acknowledges and agrees that, except as set forth in this Agreement, the Company
is not making any express or implied warranties in connection with the transactions contemplated hereby, and the Company hereby disclaims
any other express or implied representations or warranties with respect to itself. The Stockholder acknowledges that by reason of the
Stockholder’s business or financial experience or the business or financial experience of the Stockholder’s professional
advisers who are unaffiliated with the Company and who are not compensated by the Company, the Stockholder has the capacity to protect
the Stockholder’s own interests in connection with the sale of the Shares to the Company and to make an informed investment decision.
The Stockholder is capable of evaluating the potential risks and benefits of the sale hereunder of the Shares.

 

2.6
Access to Information. The Stockholder has received all of the information that the Stockholder considers necessary or
appropriate for deciding whether to sell the Shares hereunder and perform the other transactions contemplated hereby. The Stockholder
further represents that the Stockholder has had an opportunity to ask questions and receive answers from the Company regarding the business,
properties, prospects and financial condition of the Company and to seek from the Company such additional information as the Stockholder
has deemed necessary to verify the accuracy of any such information furnished or otherwise made available to the Stockholder by or on
behalf of the Company.

 

    	 	2	 

     

    

 

2.7
No Future Participation. The Stockholder acknowledges that the Stockholder will have no future participation in any Company
gains, losses, profits or distributions with respect to the Shares. If the Shares increase in value by any means, the Stockholder acknowledges
that the Stockholder is voluntarily forfeiting any opportunity to share in any resulting increase in value from the Shares.

 

2.8
Tax Matters. The Stockholder has had an opportunity to review with the Stockholder’s tax advisers the federal, state,
local and foreign tax consequences of the Repurchase and the transactions contemplated by this Agreement. The Stockholder is relying
solely on such advisers and, other than as set forth in Section 1.5, not on any statements or representations of the Company or
any of its agents. Subject to, and without limiting, Section 1.5, the Stockholder understands that the Stockholder (and not the
Company) shall be responsible for the Stockholder’s tax liability and any related interest and penalties that may arise as a result
of the transactions contemplated by this Agreement.

 

SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

In connection with the transactions
provided for hereby, the Company represents and warrants to the Stockholder as follows:

 

3.1
Existence and Authorization. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware and has all necessary power and authority to execute, deliver and perform the Company’s obligations
under this Agreement and all agreements, instruments and documents contemplated hereby. This Agreement constitutes a legal, valid and
binding obligation of the Company enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy,
insolvency or other equitable remedies.

 

3.2
No Conflict; No Approval. The execution and delivery of this Agreement by the Company and the consummation of the
transactions contemplated hereby will not result in a breach by the Company of, or constitute a default by the Company under, any agreement,
instrument, decree, judgment or order to which the Company is a party or by which the Company may be bound. No authorization, approval
or consent, except such as have been obtained, is required in connection with the execution and delivery of this Agreement by the Company
and the consummation of the transactions contemplated hereby.

 

SECTION 4. MISCELLANEOUS.

 

4.1
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to
the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any Shares). Nothing
in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this
Agreement.

 

4.2
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
except the choice-of-law provisions thereof.

 

4.3
Entire Agreement. This Agreement contains the entire understanding of the parties, and there are no further or other agreements
or understandings, written or oral, in effect between the parties relating to the subject matter hereof, except as expressly referred
to herein.

 

4.4
Amendments and Waivers. Any term of this Agreement may be amended, and the observance of any term of this Agreement may
be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of
the Stockholder and the Company.

 

4.5
Further Action. Each party hereto agrees to execute any additional documents and to take any further action as may be necessary
or desirable in order to implement the transactions contemplated by this Agreement.

 

    	 	3	 

     

    

 

4.6
Survival. The representations and warranties herein shall survive the Closing.

 

4.7
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Agreement.

 

4.8
Notices. 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 the Company shall be delivered to 1 Corporate
Way, Lansing, Michigan 48951, (telephone: (517) 381-5500); Attention: General Counsel. Notices to the Stockholder shall be delivered
to Washington House, Second Floor, 16 Church Street, Hamilton HM 11, Bermuda, (telephone: (441) 279-8400); Attention: Legal.

 

4.9
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF, each
of the parties has executed this Class A Common Stock Repurchase Agreement as of the day and year first above written.

 

	 	COMPANY:
	 	 
	 	Jackson Financial Inc.
	 	 
	 	By:	/s/
    Marcia Wadsten
	 	Name:	Marcia Wadsten
	 	Title:	Executive Vice President, Chief Financial Officer
	 	 
	 	STOCKHOLDER:
	 	 
	 	Athene Co-Invest Reinsurance Affiliate
    1A Ltd.
	 	By: 	Apollo Insurance Solutions Group LP, its investment
    advisor
	 	By: 	AISG GP Ltd., its General Partner
	 	 
	 	By:	/s/ James R.
    Belardi
	 	Name:	James R. Belardi
	 	Title:	Chief Executive Officer

 

    	 	5	 

     

    

 

EXHIBIT A

 

ASSIGNMENT SEPARATE FROM CERTIFICATE

 

FOR
VALUE RECEIVED, the Stockholder hereby sells, assigns and transfers unto Jackson Financial Inc. (the “Company”)
one million one hundred thirty-four thousand seven hundred sixty-seven (1,134,767) shares of the Company’s Class A
Common Stock, $0.01 par value standing in the Stockholder’s name and does hereby irrevocably constitute and appoint the Company's
secretary, Carrie Chelko, the Stockholder’s attorney-in-fact, to transfer such stock on the books of the Company with full power
of substitution in the premises.

 

	Dated:	 	 

 

(Signature page follows)

 

    	 	6	 

     

    

 

	 	STOCKHOLDER
	 	 
	 	By:	                         
	 	Name:	 
	 	Title:	 

 

This
Assignment Separate from Certificate was executed pursuant to the terms of that certain Class A Common Stock Repurchase Agreement
by and between Jackson Financial Inc. and the Stockholder dated December 11, 2021.EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

INCREMENTAL COMMITMENT AND ASSUMPTION AGREEMENT 

dated as of December 10, 2021, 

made by 
 OAKTREE SPECIALTY
LENDING CORPORATION 
 as Borrower 

THE ASSUMING LENDER PARTY HERETO, 

as Assuming Lender, 
 and 

ING CAPITAL LLC 
 as Administrative
Agent and Issuing Bank 
 relating to the 

AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT 

AGREEMENT 
 dated as of
February 25, 2019, 
 among 

OAKTREE SPECIALTY LENDING CORPORATION 

as Borrower 
 The LENDERS Party
Thereto 
 ING CAPITAL LLC 
 as
Administrative Agent 
 ING CAPITAL LLC, 

JPMORGAN CHASE BANK, N.A. and 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

as Joint Lead Arrangers and Joint Bookrunners 

and 
 JPMORGAN CHASE BANK, N.A.
and 
 BANK OF AMERICA, N.A. 
 as
Syndication Agents 

 INCREMENTAL COMMITMENT AND ASSUMPTION AGREEMENT, dated as of December 10, 2021 (this
“Agreement”), among OAKTREE SPECIALTY LENDING CORPORATION, a Delaware corporation (the “Borrower”), OCSL SRNE, LLC, a Delaware limited liability company, FSFC Holdings, Inc., a Delaware corporation, ING CAPITAL LLC
(“ING”), in its capacity as Administrative Agent and Issuing Bank, and the financial institution listed on Schedule 1 hereto, as assuming lender (the “Assuming Lender”), relating to the AMENDED AND RESTATED
SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as of February 25, 2019 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Administrative Agent and the
Lenders from time to time party thereto. 
 A. The Borrower has requested that the Assuming Lender become a Lender to the Credit Agreement
and provide a Commitment Increase in an amount equal to the amount set forth opposite the Assuming Lender’s name on Schedule 1 hereto (the “Incremental Commitment”) pursuant to Section 2.07(e) of the Credit
Agreement. 
 B. The Assuming Lender is willing to make the Incremental Commitment on and as of the Effective Date (as defined below) to the
Borrower on the terms and subject to the conditions set forth herein and in the Credit Agreement. 
 Accordingly, in consideration of the
mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows: 

SECTION 1. Defined Terms; Interpretation; Etc. Capitalized terms used and not defined herein shall have the meanings assigned to
such terms in the Credit Agreement. The rules of construction set forth in Section 1.03 of the Credit Agreement shall apply equally to this Agreement. This Agreement shall be a “Loan Document” for all purposes of the Credit Agreement
and the other Loan Documents. 
 SECTION 2. Incremental Commitment. 

(a) Pursuant to Section 2.07(e) of the Credit Agreement and subject to the terms and conditions hereof, the Assuming Lender hereby agrees
to make the Incremental Commitment to the Borrower effective on and as of the Effective Date. The Incremental Commitment of the Assuming Lender shall constitute an additional “Commitment” and a “Commitment Increase” for all
purposes of the Credit Agreement and the other Loan Documents, and the Effective Date shall be the “Commitment Increase Date” of the Incremental Commitment for purposes of Section 2.07(e) of the Credit Agreement. 

(b) The terms and provisions of the Incremental Commitment shall be identical to the terms and provisions of Loans issued by, and the
Commitments of, the Lenders immediately prior to the Effective Date. 

 (c) On the Effective Date, in connection with the adjustments, if any, to any outstanding
Loans and participation interests contemplated by Section 2.07(e)(iv) of the Credit Agreement, the Assuming Lender shall make a payment to the Administrative Agent for the account of the other Lenders, in an amount calculated by the
Administrative Agent in accordance with such Section, so that after giving effect to such payment and to the distribution thereof to the other Lenders in accordance with such Section, the Loans are held ratably by the Lenders in accordance with the
respective Commitments of such Lenders (after giving effect to the Incremental Commitment and any other Commitment Increases, if any, occurring on the Effective Date). 

SECTION 3. Conditions Precedent to Incremental Commitment. This Agreement, and the obligations of the Assuming Lender to make the
Incremental Commitment, shall become effective on and as of the Business Day (the “Effective Date”) on which the following conditions precedent have been satisfied (unless a condition shall have been waived in accordance with
Section 9.02 of the Credit Agreement): 
 (a) the Administrative Agent shall have received counterparts of this Agreement that, when
taken together, bear the signatures of the Borrower, each Subsidiary Guarantor, the Administrative Agent, the Issuing Bank and the Assuming Lender; 

(b) on the Effective Date, each of the conditions set forth or referred to in Section 2.07(e)(i) of the Credit Agreement shall be
satisfied, and pursuant to Section 2.07(e)(ii)(x) of the Credit Agreement, the Administrative Agent shall have received a certificate of a duly authorized officer of the Borrower dated the Effective Date certifying as to the foregoing; 

(c) (i) the Assuming Lender shall have received all fees due to the Assuming Lender on the Effective Date pursuant to any outstanding fee
letters or commitment letters by and between the Borrower, the Assuming Lender and/or ING, as applicable, including payment of any fees under any fee letters or commitment letters entered into on the Effective Date and (ii) ING, in its capacity
as Joint Lead Arranger, shall have received all fees due to it on the Effective Date pursuant to any outstanding fee letters by and between the Borrower and ING, in its capacity as Joint Lead Arranger; 

(d) the Borrower shall have paid, or substantially concurrently with the Effective Date is paying, Dechert LLP, counsel for the Administrative
Agent, for its reasonable and documented fees, charges and disbursements to the extent invoiced on or prior to the Effective Date; and 
 (e)
pursuant to Section 9.03 of the Credit Agreement, the Administrative Agent shall have received all other reasonable and documented out-of-pocket fees, costs and
expenses related to this Agreement owing on the Effective Date. 

 SECTION 4. Representations and Warranties of the Borrower and each Subsidiary
Guarantor. To induce the other parties hereto to enter into this Agreement, the Borrower and each Subsidiary Guarantor represents and warrants to the Administrative Agent and the Assuming Lender that, as of the date hereof and as of the
Effective Date: 
 (a) This Agreement has been duly authorized, executed and delivered by the Borrower and each Subsidiary Guarantor, and
constitutes a legal, valid and binding obligation of the Borrower and each Subsidiary Guarantor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). The Credit Agreement, as modified by this Agreement, constitutes a legal, valid and
binding obligation of the Borrower enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights
generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
 (b) The representations
and warranties made by the Borrower and each Subsidiary Guarantor contained in the Credit Agreement and the other Loan Documents, as applicable, are true and correct in all material respects (other than any representation or warranty already
qualified by materiality or Material Adverse Effect, which are true and correct in all respects) on and as of the Effective Date as if made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as
of a specific date, as of such specific date). 
 (c) No Default or Event of Default has occurred and is continuing on the date hereof or the
Effective Date or shall result from the Incremental Commitment. 
 SECTION 5. Representations, Warranties and Covenants of the Assuming
Lender. The Assuming Lender (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to
become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to make the Incremental Commitment set forth opposite the Assuming
Lender’s name on Schedule 1 hereto and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Incremental Commitment set
forth opposite the Assuming Lender’s name on Schedule 1 hereto, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive
copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Agreement
and to make the Incremental Commitment set forth opposite the Assuming Lender’s name on Schedule 1 hereto, (v) it has made such analysis and decision independently and without reliance on the Administrative Agent or any other
Lender, (vi) if it is a Foreign Lender, it has delivered to the Administrative Agent any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assuming Lender and
(vii) it is not a Disqualified Lender; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Borrower or any other Lender, and based on such

 
documents and information as it shall from time to time deem appropriate, continue to make its own credit decisions in taking or not taking action under or based upon the Loan Documents or any
related agreement or any document furnished thereunder, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

SECTION 6. Consent and Reaffirmation. 

(a) Each of the Subsidiary Guarantors hereby consents to this Agreement and the transactions contemplated hereby. 

(b) The Borrower and each Subsidiary Guarantor (i) agrees that, notwithstanding the effectiveness of this Agreement, the Guarantee and
Security Agreement, and each of the other Security Documents continue to be in full force and effect, (ii) acknowledges that the terms “Revolving Credit Agreement Obligations,” “Guaranteed Obligations” and “Secured
Obligations” (each as defined in the Guarantee and Security Agreement) include any and all Loans made now or in the future by the Assuming Lender in respect of the Incremental Commitment and all interest and other amounts owing in respect
thereof under the Loan Documents, (iii) confirms its grant of a security interest in its assets as Collateral for the Secured Obligations (as defined in the Guarantee and Security Agreement), all as provided in the Loan Documents as originally
executed (and amended prior to the Effective Date and supplemented hereby), and (iv) confirms, as applicable, its guarantee of the Guaranteed Obligations. 

(c) On the Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of similar import shall mean and be a reference to the Credit Agreement as modified by this Agreement and each reference in any other Loan Document shall mean the Credit Agreement as modified hereby. 

SECTION 7. Notices. All notices hereunder shall be given in accordance with the provisions of Section 9.01 of the Credit
Agreement. 
 SECTION 8. Expenses. Pursuant to Section 9.03 of the Credit Agreement, the Borrower agrees to pay all reasonable
and documented out-of-pocket expenses incurred by the Administrative Agent in connection with this Agreement. 

SECTION 9. Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract. Delivery of an executed counterpart of a signature page of this Agreement by
facsimile or electronic transmission shall be as effective as delivery of a manually executed counterpart hereof. 
 SECTION 10.
Governing Law; Jurisdiction; Etc. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. THE PROVISIONS OF SECTION 9.09 OF THE CREDIT AGREEMENT (AND ALL OTHER APPLICABLE PROVISIONS OF ARTICLE IX
OF THE CREDIT AGREEMENT) ARE HEREBY INCORPORATED BY REFERENCE. 

 SECTION 11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 12. Headings. The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the
meaning hereof. 
 SECTION 13. No Third Party Beneficiaries. This Agreement is intended to be solely for the benefit of the parties
hereto and is not intended to confer any benefits upon, or create any rights in favor of, any other person or entity. No person or entity other than the parties hereto shall have any rights under or be entitled to rely upon this Agreement. 

SECTION 14. Electronic Execution of Documents. The words “execution,” “execute”, “signed,”
“signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include electronic signatures, deliveries or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 
 SECTION 15.
Acknowledgment and Consent. The Administrative Agent hereby acknowledges that it has received notice pursuant to Section 2.07(e)(i) of the Credit Agreement within the time period required thereunder. Pursuant to
Section 2.07(e)(i)(C) of the Credit Agreement, each of the Administrative Agent, the Issuing Bank and the Borrower consents to the Assuming Lender becoming a Lender under the Credit Agreement and to the Incremental Commitment provided for
herein. For the avoidance of doubt, pursuant to Section 2.07(e)(iv) of the Credit Agreement, the Borrower hereby acknowledges, and consents to the fact, that the Effective Date (and thereby the Commitment Increase Date with respect to the
Incremental Commitment provided for herein) may occur on a day other than the last day of an Interest Period. 
 [Remainder of page
intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized representatives as of the day and year first above written. 
  

			
	 OAKTREE SPECIALTY LENDING CORPORATION,

as the Borrower

		
	By:	 	 /s/ Mary Gallegly

	Name: Mary Gallegly
	Title: General Counsel and Secretary
	
	OCSL SRNE, LLC, as Subsidiary Guarantor
	By: Oaktree Specialty Lending Corporation
	Its: Managing Member
		
	By:	 	 /s/ Mary Gallegly

	Name: Mary Gallegly
	Title: General Counsel and Secretary
	
	FSFC HOLDINGS, INC., as Subsidiary Guarantor
		
	By:	 	 /s/ Mary Gallegly

	Name: Mary Gallegly
	Title: Secretary

 
			
	ING CAPITAL LLC,
	as Administrative Agent and Issuing Bank
		
	By:	 	 /s/ Patrick Frisch

	Name: Patrick Frisch
	Title: Managing Director
		
	By:	 	 /s/ Ruben De Saegher

	Name: Ruben De Saegher
	Title: Vice President

 
			
	BNP PARIBAS, as the Assuming Lender
		
	By:	 	 /s/ Yelizaveta Shabetayev

	Name: Yelizaveta Shabetayev
	Title: Managing Director
		
	By:	 	 /s/ Sebastian Hebenstreit

	Name: Sebastian Hebenstreit
	Title: Vice President

 SCHEDULE 1 

ASSUMING LENDER 
  

					
	 Assuming Lender
	  	Incremental Commitment Amount	 
	 BNP Paribas
	  	$	50,000,000

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