Document:

EX-10.3

 Exhibit 10.3 

SUBSCRIPTION AGREEMENT 

This SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into on January 24, 2021, by and between TS
Innovation Acquisitions Corp., a Delaware corporation (the “Company”), and the undersigned subscriber (“Subscriber”). 

WHEREAS, immediately following the execution and delivery of this Subscription Agreement, the Company will enter into that certain Agreement
and Plan of Merger, dated as of January 24, 2021 (as amended, supplemented or otherwise modified from time to time in accordance with its terms, the “Merger Agreement”) with Latch, Inc., a Delaware corporation
(“Latch”), and Lionet Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”), pursuant to which Merger Sub will be merged with and into Latch, with Latch surviving as a
wholly owned subsidiary of the Company (the “Merger”), on the terms and subject to the conditions set forth therein (the Merger, together with the other transactions contemplated by the Merger Agreement, the
“Transactions”); 
 WHEREAS, in connection with the Transactions, Subscriber desires to subscribe for and purchase from the
Company, immediately prior to the consummation of the Transactions, that number of shares of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Shares”), set forth on the
signature page hereto (the “Subscribed Shares”) for a purchase price of $10.00 per share (the “Per Share Price” and the aggregate of such Per Share Price for all Subscribed Shares being referred to herein as the
“Purchase Price”), and the Company desires to issue and sell to Subscriber the Subscribed Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to the Company; and 

WHEREAS, concurrently with the execution of this Subscription Agreement, the Company is entering into subscription agreements (the
“Other Subscription Agreements” and together with this Subscription Agreement, the “Subscription Agreements”) with certain other investors (the “Other Subscribers” and together with the Subscriber,
the “Subscribers”), pursuant to which such Other Subscribers have agreed to purchase on the closing date of the Transactions (the “Closing Date”), Class A Shares that, inclusive of the Subscribed Shares,
represent an aggregate of 19,000,000 Class A Shares, at the Per Share Price. 
 NOW, THEREFORE, in consideration of the foregoing and
the mutual representations, warranties and covenants, and subject to the terms and conditions herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

1. Subscription. Subject to the terms and conditions hereof, at the Closing (as defined below), Subscriber hereby agrees to
subscribe for and purchase, and the Company hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Subscribed Shares (such subscription and issuance, the “Subscription”). 

 2. Closing. 

a. The consummation of the Subscription contemplated hereby (the “Closing”) shall occur immediately prior to
the consummation of the Transactions on the Closing Date. 
 b. At least five (5) Business Days before the anticipated
Closing Date, the Company shall deliver written notice to Subscriber (the “Closing Notice”) specifying (i) the anticipated Closing Date and (ii) the wire instructions for delivery of the Purchase Price to the Company. No
later than two (2) Business Day prior to the Closing Date, Subscriber shall deliver to the Company (a) the Purchase Price via wire transfer of United States dollars in immediately available funds to the account specified by the Company in
the Closing Notice, such funds to be held by the Company in escrow until the Closing, and (b) such information as is reasonably requested in the Closing Notice in order for the Company to cause the Subscribed Shares to be issued and delivered
to Subscriber. The Company shall deliver to Subscriber (i) at the Closing, the Subscribed Shares in book entry form, free and clear of any liens or other restrictions (other than those arising under this Subscription Agreement or applicable
securities laws), in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable, and (ii) as promptly as practicable after the Closing, written notice from the
Company or its transfer agent evidencing the issuance to Subscriber (or such nominee or custodian, as applicable) of the Subscribed Shares on and as of the Closing Date. In the event that the Closing Date does not occur within five (5) Business
Days after the anticipated Closing Date specified in the Closing Notice, the Company shall promptly (but not later than ten (10) Business Days after the anticipated Closing Date specified in the Closing Notice) return the funds so delivered by
Subscriber to the Company by wire transfer in immediately available funds to the account specified by Subscriber. For the purposes of this Subscription Agreement, “Business Day” means any day other than a Saturday, Sunday or a day
on which the Federal Reserve Bank of New York is closed. 
 c. The Closing shall be subject to the satisfaction or valid
waiver by the Company, on the one hand, and the Subscriber, on the other, on the Closing Date of each of the following conditions: 

(i) all conditions precedent to the closing of the Transactions set forth in the Merger Agreement shall have been satisfied (as
determined by the parties to the Merger Agreement) or waived by the party entitled to the benefit thereof under the Merger Agreement (other than those conditions which, by their nature, are to be satisfied at the closing of the Transactions pursuant
to the Merger Agreement), and the closing of the Transactions shall be scheduled to occur concurrently with or immediately following the Closing; 

(ii) no governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule or
regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making the consummation of the transactions contemplated hereby illegal or otherwise 

  
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restraining or prohibiting consummation of the transactions contemplated hereby, and no governmental authority shall have instituted or threatened in writing a proceeding seeking to impose any
such prohibition (except in the case of a governmental authority located outside the United States where such restraint or prohibition would not reasonably be expected to have an Company Material Adverse Effect (as defined herein)); 

(iii) no suspension of the qualification of the Class A Shares for offering or sale or trading in any jurisdiction, and
the Subscribed Shares shall have been approved for listing on The Nasdaq Stock Market (“Nasdaq”), subject to official notice of issuance; and 

(iv) all consents, waivers, authorizations or orders of, any notice required to be made to, and any filing or registration
with, any court or other federal, state, local or other governmental authority, self-regulatory organization or other person in connection with the execution, delivery and performance of this Subscription Agreement (including, without limitation,
the issuance of the Subscribed Shares) required to be made in connection with the issuance and sale of the Subscribed Shares shall have been obtained or made, except where the failure to so obtain or make would not prevent the Company from
consummating the transaction contemplated hereby, including the issuance and sale of the Subscribed Shares. 
 d. The
obligation of the Company to consummate the Closing shall be subject to the satisfaction or valid waiver by the Company of the additional conditions that, on the Closing Date, (i) the representations and warranties made by the Subscriber in
this Subscription Agreement shall be true and correct in all material respects as of the Closing Date (other than those representations and warranties expressly made as of an earlier date, which shall be true and correct in all material respects as
of such date, and other than those representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect, which shall be true and correct in all respects as of the Closing Date) and (ii) Subscriber shall have
performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by Subscriber at or prior to the Closing; provided, that
this condition shall be deemed satisfied unless written notice of such non-compliance is provided by the Company to Subscriber and Subscriber fails to cure such
non-compliance in all material respects within five (5) Business Days of receipt of such notice. 

e. The obligation of Subscriber to consummate the Closing shall be subject to the satisfaction or valid waiver by Subscriber of
the additional conditions that, on the Closing Date: 
 (i) no amendment, modification or waiver of the Merger Agreement
shall have occurred that would reasonably be expected to materially and adversely affect the economic benefits that Subscriber would reasonably expect to receive under this Subscription Agreement; 

  
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 (ii) the representations and warranties made by the Company in this
Subscription Agreement shall be true and correct as of the Closing Date (other than those representations and warranties expressly made as of an earlier date, which shall be true and correct as of such date), except, in the case of this clause (ii),
for any failure of any such representation and warranty to be so true and correct (without giving effect to any qualification by materiality or Company Material Adverse Effect contained therein)
that would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect; 

(iii) the Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and
conditions required by this Subscription Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing; provided, that this condition shall be deemed satisfied unless written notice of such non-compliance is provided by Subscriber to the Company and the Company fails to cure such non-compliance in all material respects within five (5) Business Days of
receipt of such notice; and 
 (iv) there shall have been no amendment, waiver or modification to the Other Subscription
Agreements that materially economically benefits the Other Subscribers unless the Subscriber has been offered substantially the same benefits. 

f. At least one (1) Business Day prior to the Closing, Subscriber shall deliver to the Company a duly completed and
executed Internal Revenue Service Form W-9 or appropriate Form W-8. 

3. Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take such
additional actions as the parties reasonably may deem to be practical and necessary to consummate the subscription as contemplated by this Subscription Agreement. 

4. Company Representations and Warranties. The Company represents and warrants to Subscriber that: 

a. The Company (i) is duly organized, validly existing and in good standing under the laws of the State of Delaware,
(ii) has the requisite power and authority to own, lease and operate its properties, to carry on its business as it is now being conducted and to enter into and perform its obligations under this Subscription Agreement, and (iii) is duly
licensed or qualified to conduct its business and, if applicable, is in good standing under the laws of each jurisdiction (other than its jurisdiction of incorporation) in which the conduct of its business or the ownership of its properties or
assets requires such license or qualification, except, with respect to the foregoing clauses (ii) and (iii), where the failure to be in good standing would not reasonably be expected to have a Company Material Adverse Effect. For purposes of
this Subscription Agreement, a “Company Material Adverse Effect” means an event, change, development, occurrence, condition or effect with respect to the Company and its subsidiaries, taken together as a whole (on a consolidated
basis), that, 

  
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individually or in the aggregate, would reasonably be expected to have a material adverse effect on (i) the business, financial condition, stockholders’ equity or results of operations
of the Company and its subsidiaries, taken together as a whole (on a consolidated basis) or (ii) the validity of the Subscribed Shares or the Company’s ability to consummate the transactions contemplated hereby, including the issuance and
sale of the Subscribed Shares. 
 b. As of the Closing Date, the Subscribed Shares will be duly authorized and, when issued
and delivered to Subscriber against full payment therefor, will be free and clear of any liens or other restrictions whatsoever (other than those specified hereunder) in accordance with the terms of this Subscription Agreement and registered with
the Company’s transfer agent, will be validly issued, fully paid and non-assessable and will not have been issued in violation of any preemptive rights, whether created under the Company’s
organizational documents (as adopted on or prior to the Closing Date) or the laws of its jurisdiction of incorporation or otherwise. 

c. This Subscription Agreement has been duly authorized, executed and delivered by the Company, and assuming the due
authorization, execution and delivery of the same by Subscriber, this Subscription Agreement shall constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable remedies. 

d. Assuming the accuracy of the representations and warranties of Subscriber in this Agreement, the execution and delivery of
this Subscription Agreement, the issuance and sale of the Subscribed Shares and the compliance by the Company with all of the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein will not conflict
with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, (i) the organizational documents of the Company; (ii) any indenture, mortgage, deed of trust, loan agreement, lease, license or
other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject; or (iii) any statute or any judgment, order, rule or regulation of any court or
governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its properties that, in the case of clauses (ii) and (iii), would, individually or in the aggregate, reasonably be expected to have a Company
Material Adverse Effect. 
 e. Assuming the accuracy of the representations and warranties of the Subscriber, the Company is
not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization (including
Nasdaq) or other person in connection with the execution, delivery and performance of this Subscription Agreement (including, without limitation, the issuance of the Subscribed Shares), other than (i) filings required by applicable state
securities laws, (ii) the filing of the Registration Statement (as defined below) pursuant to Section 6, (iii) the filing, if required, of a Notice 

  
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of Exempt Offering of Securities on Form D with the United States Securities and Exchange Commission (the “SEC”) under Regulation D of the Securities Act of 1933, as
amended (the “Securities Act”), (iv) those required by Nasdaq, including with respect to obtaining shareholder approval, (v) those required to consummate the Transactions as provided under the Merger Agreement,
(vi) the filing of notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, if applicable, and (vii) the failure of which to obtain would not reasonably be expected to have a Company Material Adverse Effect. 

f. As of their respective dates, all reports, statements, schedules, prospectuses, proxy statements, registration statements
and other documents filed by the Company with the SEC prior to the date of this Subscription Agreement (the “SEC Reports”) complied in all material respects with the requirements of the Securities Act and the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), and the rules and regulations of the SEC promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company has timely filed each SEC Report since its initial registration of the
Class A Shares with the SEC. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect
at the time of filing and fairly present in all material respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited
statements, to normal, year-end audit adjustments. There are no material outstanding or unresolved comments in comment letters from the SEC Staff with respect to any of the SEC Reports. 

g. As of the date hereof and as of immediately prior to the Transactions, the authorized share capital of the Company consists
of (a) 250,000,000 Class A Shares and 25,000,000 shares of Class B common stock, par value $0.0001 per share (“Class B Shares” and together with the Class A Shares, “Common Stock”) and
(b) 2,500,000 shares of preferred stock, par value $0.0001 per share (“Preferred Stock”). As of the Closing Date (and immediately after the consummation of the Transactions), the authorized share capital of the Company will
consist of 1,000,000,000 shares of Common Stock and 100,000,000 shares of Preferred Stock. As of the date hereof: (i) 30,000,000 Class A Shares and 7,500,000 Class B Shares; (ii) no shares of Preferred Stock; and
(iii) 10,000,000 public warrants and 5,333,334 private placement warrants (collectively, the “Warrants”), each exercisable to purchase one Class A Share at $11.50 per share, were issued and outstanding; and (iii) no
Common Stock was subject to issuance upon exercise of outstanding options. No Warrants are exercisable on or prior to the Closing. All (i) issued and outstanding Common Stock has been duly authorized and validly issued, is fully paid and non-assessable and is not subject to preemptive rights and (ii) outstanding Warrants have been duly authorized and validly issued, are fully paid and are not subject to preemptive rights. As of the date hereof,
except as set forth above and pursuant to (i) the Other Subscription Agreements and (ii) the Merger Agreement, there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Company

  
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any Common Stock or other equity interests in the Company (collectively, “Equity Interests”) or securities convertible into or exchangeable or exercisable for Equity Interests.
Other than Merger Sub, as of the date hereof, the Company has no subsidiaries and does not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated. Pursuant to the terms of
the Company’s certificate of incorporation, there are no securities or instruments issued by or to which the Company is a party containing anti-dilution or similar provisions that will be triggered by the issuance of (i) the Subscribed
Shares or (ii) the shares to be issued pursuant to any Other Subscription Agreement. 
 h. Except for such matters as
have not had and would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, there is no (i) suit, action, proceeding or arbitration before a governmental authority or arbitrator pending, or,
to the knowledge of the Company, threatened in writing against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental authority or arbitrator outstanding against the Company. 

i. The issued and outstanding Class A Shares as of the date of this Agreement are registered pursuant to
Section 12(b) of the Exchange Act, and are listed for trading on Nasdaq under the symbol “TSIA.” There is no suit, action, proceeding or investigation pending or, to the knowledge of the Company, threatened against the Company by
Nasdaq or the SEC to deregister the Class A Shares or prohibit or terminate the listing of the Class A Shares on Nasdaq. The Company has taken no action that is designed to terminate or expected to result in the termination of the
registration of the Class A Shares under the Exchange Act. 
 j. Assuming the accuracy of Subscriber’s
representations and warranties set forth in Section 5 of this Subscription Agreement, no registration under the Securities Act is required for the offer and sale of the Subscribed Shares by the Company to Subscriber. The Subscribed Shares
(i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws. 
 k. The Company is in compliance with all applicable laws, except where such
non-compliance would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. The Company has not received any written communication, from a governmental
authority that alleges that the Company is not in compliance with or is in default or violation of any applicable law, except where such non-compliance, default or violation would not reasonably be expected to
have a Company Material Adverse Effect. 
 l. Except for the Placement Agents (as defined below), no broker or finder is
entitled to any brokerage or finder’s fee or commission solely in connection with the sale of the Subscribed Shares by the Company to Subscriber. The Company is solely responsible for paying any fees or any other commission owed to the
Placement Agents in connection with the transactions contemplated by this Subscription Agreement. 

  
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 m. The Company acknowledges and agrees that, notwithstanding anything herein
to the contrary, the Subscribed Shares may be pledged by the Subscriber in connection with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Subscribed Shares hereunder, and the Subscriber effecting
a pledge of Subscribed Shares shall not be required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Subscription Agreement. The Company hereby agrees to execute and deliver such
documentation as a pledgee of the Subscribed Shares may reasonably request in connection with a pledge of the Subscribed Shares to such pledgee by the Subscriber, provided that the Subscriber shall be responsible for payment of legal fees and
expenses incurred by the Company in connection with such request. 
 5. Subscriber Representations and Warranties. Subscriber
represents and warrants to the Company that: 
 a. Subscriber has been duly organized or incorporated and is validly existing
and in good standing under the laws of its jurisdiction of organization or incorporation, and (ii) has the requisite power and authority to enter into and perform its obligations under this Subscription Agreement. 

b. This Subscription Agreement has been duly authorized, executed and delivered by Subscriber, and assuming the due
authorization, execution and delivery of the same by the Company, this Subscription Agreement shall constitute the valid and legally binding obligation of Subscriber, enforceable against Subscriber in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws affecting creditors generally and by the availability of equitable remedies. 

c. The execution and delivery of this Subscription Agreement, the purchase of the Subscribed Shares and the compliance by
Subscriber with all of the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default
under (i) the organizational documents of Subscriber; (ii) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party or by which Subscriber is bound or to which
any of the property or assets of Subscriber is subject; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of its
properties that, in the case of clauses (ii) and (iii), would reasonably, individually or in the aggregate, be expected to have a Subscriber Material Adverse Effect. For purposes of this Subscription Agreement, a “Subscriber Material
Adverse Effect” means an event, change, development, occurrence, condition or effect with respect to Subscriber that would reasonably be expected to have a material adverse effect on Subscriber’s ability to consummate the transactions
contemplated hereby, including the purchase of the Subscribed Shares. 

  
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 d. Subscriber (i) is an “institutional account” as defined in
FINRA Rule 4512(c); (ii) is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), Rule 501(a)(2), Rule 501(a)(3), or Rule 501(a)(7) under the Securities Act) satisfying the applicable
requirements set forth on Annex A; (iii) is acquiring the Subscribed Shares only for its own account and not for the account of others, or if Subscriber is subscribing for the Subscribed Shares as a fiduciary or agent for one or more
investor accounts, each owner of such account is a “qualified institutional buyer” (within the meaning of Rule 501(a) under the Securities Act) and Subscriber has full investment discretion with respect to each such account, and the
full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account; and (iv) is not acquiring the Subscribed Shares with a view to, or for offer or sale in connection with,
any distribution thereof in violation of the Securities Act (and has provided the Company with the requested information on Annex A following the signature page hereto). Subscriber is not an entity formed for the specific purpose of
acquiring the Subscribed Shares. 
 e. Subscriber understands that the Subscribed Shares are being offered in a transaction
not involving any public offering within the meaning of the Securities Act and that the Subscribed Shares have not been registered under the Securities Act or any state securities law in reliance on the availability of an exemption from such
registration. Subscriber understands that the Subscribed Shares may not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except (i) to the
Company or a subsidiary thereof, or (ii) pursuant to an applicable exemption from the registration requirements of the Securities Act, and, in each of cases (i) and (ii), in accordance with any applicable securities laws of the states and
other jurisdictions of the United States, and that any certificates or book entries representing the Subscribed Shares shall contain a legend to such effect. Subscriber acknowledges that the Subscribed Shares will not be eligible for resale pursuant
to Rule 144A promulgated under the Securities Act, absent a change in law or receipt of regulatory no-action relief or exemption. Subscriber understands and agrees that the Subscribed Shares will be subject to
the foregoing restrictions and, as a result, Subscriber may not be able to readily resell the Subscribed Shares and may be required to bear the financial risk of an investment in the Subscribed Shares for an indefinite period of time. Subscriber
understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Subscribed Shares. 

f. Subscriber understands and agrees that Subscriber is purchasing the Subscribed Shares directly from the Company. Subscriber
further acknowledges that there have not been, and Subscriber hereby agrees that it is not relying on, any representations, warranties, covenants or agreements made to Subscriber by the Company, Latch, the Placement Agents (as defined below), any of
their respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives, any other party to the Transactions or any other person or entity, expressly or by implication, other than those

  
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representations, warranties, covenants and agreements of the Company expressly set forth in this Subscription Agreement, and Subscriber expressly disclaims any representations, warranties,
covenants or agreements not expressly set forth in this Subscription Agreement. In particular, without limiting the foregoing, Subscriber acknowledges that certain information provided by the Company was based on projections, forecasts, estimates,
budgets or other prospective information, and such information is based on assumptions and estimates that are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could
cause actual results to differ materially from those contained in the projections, and neither the Company nor any other person, including the Placement Agents, makes any representation relating to any such information. 

g. In making its decision to purchase the Subscribed Shares, Subscriber has relied solely upon independent investigation made
by Subscriber. Subscriber acknowledges and agrees that Subscriber has received such information as Subscriber deems necessary to make an investment decision with respect to the Subscribed Shares, including with respect to the Company, Latch and its
subsidiaries (collectively, the “Acquired Companies”) and the Transactions. Subscriber represents and agrees that Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask such questions,
receive such answers and obtain such information as Subscriber and Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Subscribed Shares. Subscriber further acknowledges and
agrees that neither BofA Securities, Inc., Allen & Co. or Goldman Sachs & Co. LLC, acting as placement agents to the Company (each, a “Placement Agent” and, collectively, the “Placement Agents”), nor any
affiliate or control person, officer, director or employee of any Placement Agent, has provided Subscriber with any information or advice with respect to the Subscribed Shares nor is such information or advice necessary or desired. The Placement
Agents have not made and do not make any representation as to the Company or the Acquired Companies or the quality or value of the Subscribed Shares and the Placement Agents may have acquired non-public
information with respect to the Company or the Acquired Companies which Subscriber agrees need not be provided to it. In connection with the issuance of the Subscribed Shares to Subscriber, the Placement Agents have not acted as a financial advisor
or fiduciary to Subscriber. Subscriber further acknowledges that Subscriber is aware that Goldman Sachs & Co. LLC is acting as a Placement Agent for the Company and as financial advisor to Latch in connection with the Transactions. For the
avoidance of the doubt, Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by the Placement Agents in making its investment or decision to invest in the Company. 

h. Subscriber became aware of this offering of the Subscribed Shares solely by means of direct contact between Subscriber and
the Company or by means of contact from the Placement Agents, Latch and/or their respective agents, control persons, representatives, affiliates, directors, officers, managers, members, and/or employees, and/or the representatives of such persons
(such parties referred to collectively as “Representatives”). The Subscribed Shares were offered to Subscriber solely by direct contact between 

  
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Subscriber and the Company, the Placement Agents, Latch and/or their respective Representatives. Subscriber did not become aware of this offering of the Subscribed Shares, nor were the Subscribed
Shares offered to Subscriber, by any other means and none of the Company, the Placement Agents, Latch or their respective Representatives acted as investment advisor, broker or dealer to Subscriber. Subscriber acknowledges that the Company
represents and warrants that the Subscribed Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in
violation of, the Securities Act, or any state securities laws. 
 i. Subscriber acknowledges that it is aware that there are
substantial risks incident to the purchase and ownership of the Subscribed Shares. Subscriber is a sophisticated institutional investor and has such knowledge and experience in financial and business matters, and in investing in private placement
securities, as to be capable of evaluating the merits and risks of an investment in the Subscribed Shares. At the time of making its investment decision, Subscriber has had access to such financial and other information concerning the Company and
its subsidiaries as Subscriber deemed necessary or desirable in making a decision to purchase the Subscribed Shares, including an opportunity to ask questions and receive answers from officers of the Company and to obtain additional information
necessary to verify the accuracy of any information furnished to Subscriber or to which Subscriber had access. Subscriber has independently made its own analysis and decision to purchase the Subscribed Shares and determined based on its own
independent review, and such professional advice from its own advisors (including as to tax, legal and accounting matters) as Subscriber may deem appropriate, that its purchase of the Subscribed Shares (i) is consistent with Subscriber’s
financial needs, objectives and condition, (ii) complies with all investment policies, guidelines and other restrictions that are applicable to Subscriber, (iii) does not and will not violate any law, rule, regulation, agreement or other
obligation to which Subscriber is bound (assuming the accuracy of the Company’s representations and warranties contained herein), and (iv) is a fit, proper and suitable investment for Subscriber, notwithstanding the risks associated with a
purchase of the Subscribed Shares. 
 j. Subscriber has adequately analyzed and fully considered the risks of an investment
in the Subscribed Shares and determined that the Subscribed Shares are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s
investment in the Company. Subscriber acknowledges specifically that a possibility of total loss exists. 
 k. Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Subscribed Shares or made any findings or determination as to the fairness of this investment. 

  
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 l. Subscriber is not (i) a person or entity named on the List of
Specially Designated Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or in any Executive Order issued by the President of the United States and administered
by OFAC (“OFAC List”), or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank. Subscriber agrees to provide law enforcement agencies, if requested thereby, such
records as required by applicable law, provided that Subscriber is permitted to do so under applicable law. Subscriber represents that, if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as
amended by the USA PATRIOT Act of 2001 and its implementing regulations (collectively, the “BSA/PATRIOT Act”), Subscriber maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT
Act. Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed to ensure compliance with applicable OFAC sanctions programs, including the OFAC List. Subscriber further represents and
warrants that, to the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by Subscriber and used to purchase the Subscribed Shares were legally derived. 

m. As of the date hereof Subscriber does not have, and during the thirty (30) day period immediately prior to the date
hereof Subscriber has not entered into, any “put equivalent position” as such term is defined in Rule 16a-1 under the Exchange Act or short sale positions with respect to the securities of the
Company. 
 n. Except as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by such
Subscriber with the SEC with respect to the beneficial ownership of the Class A Shares, Subscriber is not currently (and at all times through Closing will refrain from being or becoming) a member of a “group” (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) (other than with its affiliated persons and entities) acting for the purpose of acquiring, holding, voting or disposing of equity securities of the
Company or Latch (within the meaning of Rule 13d-5(b)(1) under the Exchange Act). 

o. Subscriber is not a foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments
of a single foreign state have a substantial interest (as defined in 31 C.F.R. Part 800.244) that will acquire a substantial interest (as defined in 31 C.F.R. Part 800.244) in the Company as a result of the purchase and sale of the Shares hereunder.

 p. If Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account
or other arrangement that is subject to section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”) or an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as
defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal,
state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code, or an entity whose underlying assets are considered to include “plan assets” of any such
plan, account or arrangement (each, a “Plan”) subject to 

  
 12 

 
the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code, Subscriber represents and warrants that, to its knowledge, neither the Company nor any of its affiliates
(the “Transaction Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to acquire and hold the Subscribed Shares, and none of the Transaction Parties shall at any time be
relied upon as the Plan’s fiduciary with respect to any decision to acquire, continue to hold or transfer the Subscribed Shares. 

q. Subscriber has, and at the Closing will have sufficient funds available to it to pay the Purchase Price pursuant to
Section 2(b). 
 r. No broker, finder, or other financial consultant has acted on behalf of or at the direction
of Subscriber in connection with this Subscription Agreement or the transactions contemplated hereby in such a way as to create any liability on the Company, Latch or any of their respective subsidiaries. 

s. Subscriber acknowledges and agrees that the certificate or book-entry position representing the Subscribed Shares will bear
or reflect, as applicable, a legend substantially similar to the following: 
 “THIS SECURITY WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. THE HOLDER OF
THIS SECURITY AGREES THAT THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) PURSUANT TO ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, (II) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, OR (III) TO THE COMPANY, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.” 

t. Subscriber agrees that, notwithstanding Section 9(n), the Placement Agents may rely upon the representations and
warranties made by Subscriber to the Company in this Subscription Agreement. 
 u. Without limitation of the foregoing,
Subscriber hereby further acknowledges and agrees that (i) the Placement Agents are acting solely as placement agents in connection with the transactions contemplated hereby and are not acting as an underwriter, initial purchaser, dealer or in
any other such capacity and are not and shall not be construed as a fiduciary for Subscriber, the Company or any other person or entity in connection with the transactions contemplated hereby (ii) the Placement Agents have not made and will not
make any representation or warranty, whether express or implied, of any kind or character and have not provided any advice or recommendation in connection with the transactions 

  
 13 

 
contemplated hereby, (iii) the Placement Agents will have no responsibility with respect to (A) any representations, warranties or agreements made by any person or entity under or in
connection with the transactions contemplated hereby or any of the documents furnished pursuant thereto or in connection therewith, or the execution, legality, validity or enforceability (with respect to any person) of any thereof, or (B) the
financial condition, business, or any other matter concerning the Company or the transactions contemplated hereby and (iv) the Placement Agents shall have no liability or obligation (including without limitation, for or with respect to any
losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by Subscriber, the Company or any other person or entity), whether in contract, tort or otherwise, to Subscriber, or to any
person claiming through Subscriber, in respect of the Transactions. 
 6. Registration of Subscribed Shares. 

a. In the event that the Subscribed Shares are not registered in connection with the consummation of the Transactions, the
Company agrees that the Company will file with the SEC (at the Company’s sole cost and expense) a registration statement (including the prospectus included in such registration statement, amendments (including post-effective amendments) and
supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement, the “Registration Statement”) registering the resale of the Subscribed Shares, within fifteen
(15) Business Days after the Closing Date (the “Filing Deadline”), and the Company shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing
thereof, but no later than the earlier of (i) the 60th calendar day (or 90th calendar day if the SEC notifies the Company that it will
“review” the Registration Statement) following the Closing Date and (ii) the 10th business day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be
“reviewed” or will not be subject to further review (such earlier date, the “Effectiveness Date”); provided, however, that the Company’s obligations to include the Subscribed Shares in the Registration
Statement are contingent upon Subscriber furnishing in writing to the Company such information regarding Subscriber, the securities of the Company held by Subscriber and the intended method of disposition of the Subscribed Shares as shall be
reasonably requested by the Company to effect the registration of the Subscribed Shares, and shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in
similar situations; provided further that Subscriber shall not, in connection with the foregoing, be required to execute any lock-up or similar agreement or otherwise be subject to any contractual
restriction on the ability to transfer the Subscribed Shares. With respect to the information to be provided by Subscriber pursuant to this Section 6(a), the Company shall request such information from Subscriber at least seven
(7) Business Days prior to the anticipated filing date of the Registration Statement and the Subscriber shall provide such requested information to the Company at least two (2) Business Days prior to the anticipated filing date of the
Registration Statement. For purposes of this Section 6, “Subscribed Shares” shall include the 

  
 14 

 
Subscribed Shares acquired pursuant to this Subscription Agreement and any other equity security of the Company issued or issuable with respect to the Subscribed Shares by way of share split,
dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise. For purposes of clarification, any failure by the Company to file the Registration Statement by the Filing Deadline or to effect such Registration
Statement by the Effectiveness Date shall not otherwise relieve the Company of its obligations to file or effect the Registration Statement set forth in this Section 6. 

b. In the case of the registration, qualification, exemption or compliance effected by the Company pursuant to this
Subscription Agreement, the Company shall, upon reasonable request, inform Subscriber as to the status of such registration, qualification, exemption and compliance. Except for such times as the Company is permitted hereunder to suspend the use of
the prospectus forming part of a Registration Statement, at its expense, the Company shall use its commercially reasonable efforts to maintain the continuous effectiveness of the Registration Statement, and any qualification, exemption or compliance
under state securities laws which the Company determines to obtain, and to keep the Registration Statement free of any material misstatements or omissions, until the earliest of (i) the date on which the Subscribed Shares may be resold without
volume or manner of sale limitations pursuant to Rule 144 promulgated under the Securities Act and without the requirement for the Company to be in compliance with the current public information required under Rule 144(c)(2) (or Rule 144(i)(2), if
applicable), (ii) the date on which such Subscribed Shares have actually been sold and (iii) the date which is three (3) years from the date the initial Registration Statement filed pursuant to this Section 6 is declared
effective. At its expense, the Company shall: 
 (i) advise Subscriber within five (5) Business Days (A) when a
Registration Statement or any amendment thereto has been filed with the SEC and when such Registration Statement or any post-effective amendment thereto has become effective; (B) of the issuance by the SEC of any stop order suspending the
effectiveness of any Registration Statement or the initiation of any proceedings for such purpose; (C) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Subscribed Shares included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and (D) subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes
in any Registration Statement or prospectus included therein so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in
the case of a prospectus, in the light of the circumstances under which they were made) not misleading. 
 Notwithstanding
anything to the contrary set forth herein, the Company shall not, when so advising Subscriber of such events, provide Subscriber with any material, nonpublic information regarding the Company other than to the extent that providing notice to
Subscriber of the occurrence of the events listed in (A) through (D) above may be deemed to constitute material, nonpublic information regarding the Company; 

  
 15 

 (ii) use its commercially reasonable efforts to obtain the withdrawal of any
order suspending the effectiveness of any Registration Statement as soon as reasonably practicable; 
 (iii) upon the
occurrence of any event contemplated above, except for such times as the Company is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, the Company shall use its commercially
reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers
of the Subscribed Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading; 
 (iv) use its commercially reasonable efforts to cause all Subscribed Shares to be listed on each
securities exchange or market, if any, on which the Class A Shares issued by the Company have been listed; 
 (v) use
its commercially reasonable efforts (A) to take all other steps necessary to effect the registration of the Subscribed Shares contemplated hereby and (B) with a view to making available to Subscriber the benefits of Rule 144 or any similar
rule or regulation of the SEC that may permit Subscriber to sell the Subscribed Shares to the public without registration, for so long as the Subscriber holds the Subscribed Shares, to (I) make and keep public information available, as those
terms are understood and defined in Rule 144, (II) file all reports and other materials required to be filed by the Exchange Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is
required for the applicable provisions of Rule 144, and (III) furnish to Subscriber, promptly upon request, (x) a written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144, the Securities
Act and the Exchange Act and (y) such other information as may reasonably be requested to enable Subscriber to sell the Subscribed Shares under Rule 144 without registration; and 

(vi) if the Subscribed Shares are either eligible to be sold (A) pursuant to an effective Registration Statement or
(B) without restriction under, and without the Company being in compliance with the current public information requirements of, Rule 144, then at the Subscriber’s request, the Company shall use its commercially reasonable efforts to cause
its transfer agent to remove any remaining restrictive legend set forth on such Shares. In connection therewith, if required by the Company’s transfer agent, the Company will promptly use its commercially reasonable efforts to cause an opinion
of counsel to be delivered to and maintained 

  
 16 

 
with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent that authorize and direct the transfer agent to issue such shares
without any such legend; provided, that Subscriber shall promptly provide such representation letters as may be reasonably requested by the Company’s counsel in support of such opinion. 

c. Notwithstanding anything to the contrary in this Subscription Agreement, the Company shall be entitled to delay or postpone
the effectiveness of the Registration Statement, and from time to time to require any Subscriber not to sell under the Registration Statement or to suspend the effectiveness thereof, (i) if any information (e.g., compensation data) is not
readily available and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Company’s board of directors, upon the advice of legal counsel, to
cause the Registration Statement to fail to comply with applicable disclosure requirements, (ii) at any time the Company is required to file a post-effective amendment to the Registration Statement and the SEC has not declared such amendment
effective or (iii) if the negotiation or consummation of a transaction by the Company or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event, the Company’s board of directors reasonably believes,
upon the advice of legal counsel, would require additional disclosure by the Company in the Registration Statement of material information that the Company has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of the Company’s board of directors, upon the advice of legal counsel, to cause the Registration
Statement to fail to comply with applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided, however, that the Company may not delay or suspend the Registration Statement on more than
two (2) occasions or for more than sixty (60) consecutive calendar days, or more than one hundred and twenty (120) total calendar days, in each case during any twelve (12) month period. Upon receipt of any written notice from the
Company of the happening of any Suspension Event (which notice shall not contain material non-public information and shall not be subject to any duty of confidentiality) during the period that the Registration
Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made (in the case of the prospectus) not misleading, each Subscriber agrees that it will immediately discontinue offers and sales of the Subscribed Shares under the
Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until Subscriber receives copies of a supplemental or amended prospectus (which the Company agrees to promptly prepare) that corrects the
misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by the Company that it may resume such offers and sales (which notice shall not contain material
non-public information and shall not be subject to any duty of confidentiality). If so directed by the Company, each Subscriber will deliver to the Company or, in Subscriber’s sole discretion destroy, all
copies of the prospectus covering the Subscribed Shares in Subscriber’s possession; provided, however, that this obligation 

  
 17 

 
to deliver or destroy all copies of the prospectus covering the Subscribed Shares shall not apply (i) to the extent Subscriber is required to retain a copy of such prospectus (a) to
comply with applicable legal, regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored
electronically on archival servers as a result of automatic data back-up. 
 d. The
Company shall, notwithstanding the termination of this Subscription Agreement, indemnify, defend and hold harmless each Subscriber (to the extent a seller under the Registration Statement), its officers, directors, employees, members, managers,
partners, advisers and agents, and each person who controls Subscriber (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the officers, directors, employees, advisers and agents of such
controlling persons, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively,
“Losses”), as incurred, that arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in the Registration Statement, any prospectus included in the Registration Statement or any form of
prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements
therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, that such untrue statements or alleged untrue statements, omissions
or alleged omissions are based upon information regarding Subscriber furnished in writing to the Company by Subscriber expressly for use therein or Subscriber has omitted a material fact from such information or otherwise violated the Securities
Act, Exchange Act or any state securities law or any rule or regulation thereunder in connection with any sale pursuant to the Registration Statement. 

e. The Subscriber shall, severally and not jointly with any Other Subscriber, indemnify and hold harmless the Company, its
directors, officers, agents and employees, and each person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and
against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any prospectus included in the Registration Statement, or any form of prospectus, or
in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of
any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent, that such untrue statements or omissions are based upon information
regarding Subscriber furnished in writing to the Company by Subscriber expressly for use therein. In no event shall the liability of any Subscriber be greater in amount than the dollar amount of the net proceeds received by Subscriber upon the sale
of the Subscribed Shares giving rise to such indemnification obligation. 

  
 18 

 f. Any person entitled to indemnification herein shall (i) give prompt
written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification hereunder to the extent such failure
has not prejudiced the indemnifying party) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not
be subject to any liability for any settlement made by the indemnified party without its consent. An indemnifying party who elects not to assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for
all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of legal counsel to any indemnified party a conflict of interest exists between such indemnified party and any other of the indemnified
parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party (which consent shall not be unreasonably withheld, conditioned or delayed), consent to the entry of any judgment or enter into any
settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation. 

g. If the indemnification provided under this Section 6 from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable
by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant
equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge,
access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be subject to the limitations set forth in this
Section 6 and deemed to include any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 6(f) from any person who was not guilty of such fraudulent misrepresentation. Each indemnifying party’s obligation to make a
contribution pursuant to this Section 6(f) shall be individual, not joint and several, and in no event shall the liability of Subscriber hereunder exceed the net proceeds received by Subscriber upon the sale of the Subscribed Shares
giving rise to such indemnification obligation. 

  
 19 

 7. Termination. This Subscription Agreement shall terminate and be void and of
no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) such date and time as the Merger
Agreement is terminated in accordance with its terms, (b) upon the mutual written agreement of the Company and the Subscriber to terminate this Subscription Agreement, and (c) if the consummation of the Transactions shall not have occurred
by July 31, 2021; provided, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover
losses, liabilities or damages arising from such breach. The Company shall notify Subscriber of the termination of the Merger Agreement promptly after the termination thereof. 

8. Trust Account Waiver. Subscriber hereby acknowledges that the Company has established a trust account (the “Trust
Account”) containing the proceeds of its initial public offering (the “IPO”) and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of the
Company’s public shareholders and certain other parties (including the underwriters of the IPO). For and in consideration of the Company entering into this Subscription Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Subscriber hereby irrevocably waives any and all right, title, interest or claim of any kind it has or may have in the future as a result of, or arising out of, this Subscription Agreement, in or to any
assets held in the Trust Account, and agrees not to seek recourse or make or bring any action, suit, claim or other proceeding against the Trust Account as a result of, or arising out of, this Subscription Agreement, regardless of whether such claim
arises based on contract, tort, equity or any other theory of legal liability; provided however, that nothing in this Section 8 shall be deemed to limit Subscriber’s right to distributions from the Trust Account in
accordance with the Company’s amended and restated certificate of incorporation in respect of Common Stock of the Company acquired by any means other than pursuant to this Subscription Agreement. 

9. Miscellaneous. 

a. All notices, requests, demands, claims and other communications hereunder shall be in writing. Any notice, request, demand,
claim or other communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) when sent by electronic mail, on the date of transmission to such recipient; provided, that such notice, request,
demand, claim or other communication is also sent to the recipient pursuant to clauses (i), (iii) or (iv) of this Section 9(a), (iii) one (1) Business Day after being sent to the recipient by reputable overnight courier service
(charges prepaid), or (iv) four (4) Business Days after being mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, and, in each case, addressed to the intended recipient at its address specified
on the signature page hereof or to such electronic mail address or address as subsequently modified by written notice given in accordance with this Section 9(a). 

  
 20 

 b. Subscriber acknowledges that the Company and the Placement Agents will
rely on the acknowledgments, understandings, agreements, representations and warranties of Subscriber contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees to promptly notify the Company if it becomes aware that any of
the acknowledgments, understandings, agreements, representations and warranties of Subscriber set forth herein are no longer accurate in all material respects. The Company acknowledges that Subscriber and others will rely on the acknowledgments,
understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, the Company agrees to promptly notify Subscriber if it becomes aware that any of the acknowledgments, understandings,
agreements, representations and warranties of the Company set forth herein are no longer accurate in all material respects. 

c. Each of the Company, Latch and Subscriber is irrevocably authorized to produce this Subscription Agreement or a copy hereof
to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 

d. Subscriber shall pay all of its own expenses in connection with this Subscription Agreement and the transactions
contemplated herein. 
 e. Subscriber hereby acknowledges and agrees that it will not, nor will any person acting at the
Subscriber’s direction or pursuant to any understanding with the Subscriber, directly or indirectly offer, sell, pledge, contract to sell, sell any option, engage in hedging activities or execute any “short sales” as defined in Rule
200 of Regulation SHO under the Exchange Act (“Short Sales”), of the Subscribed Shares until the consummation of the Transactions (or such earlier termination of this Subscription Agreement in accordance with its terms). For the
avoidance of doubt, this Section 9(e) shall not apply to (i) any sale (including the exercise of any redemption right) of securities of the Company (A) held by the Subscriber, its controlled affiliates or any person or entity acting
on behalf of the Subscriber or any of its controlled affiliates prior to the execution of this Subscription Agreement or (B) purchased by the Subscriber, its controlled affiliates or any person or entity acting on behalf of the Subscriber or
any of its controlled affiliates in an open market transaction after the execution of this Subscription Agreement or (ii) ordinary course, non-speculative hedging transactions. Notwithstanding the
foregoing, (i) nothing herein shall prohibit other entities under common management or control with Subscriber that have no knowledge of this Subscription Agreement or of Subscriber’s participation in the Subscription (including the
Subscriber’s controlled affiliates and/or affiliates) from entering into any Short Sales and (ii) in the case of a Subscriber that is a multi-managed investment vehicle in which separate portfolio managers manage separate portions of such
Subscriber’s assets and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers managing other portions of such Subscriber’s assets, the representation set forth above shall only apply with
respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Subscribed Shares covered by this Subscription Agreement; provided, however, that if any other portfolio manager is
aware of the investment decision to purchase the Subscribed Shares covered by this Subscription Agreement, the representation set forth above shall also apply to with respect to the portion of assets managed such portfolio manager. 

  
 21 

 f. Neither this Subscription Agreement nor any rights that may accrue to
Subscriber hereunder (other than the Subscribed Shares acquired hereunder, if any) may be transferred or assigned. Neither this Subscription Agreement nor any rights that may accrue to the Company hereunder may be transferred or assigned
(provided, that, for the avoidance of doubt, the Company may transfer the Subscription Agreement and its rights hereunder in connection with the Transactions). Notwithstanding the foregoing, Subscriber may assign its rights and obligations
under this Subscription Agreement to any fund or account managed by the same investment manager as the Subscriber or to an affiliate thereof without the prior consent of the Company, provided that (x) prior to such assignment,
any such assignee shall agree in writing to be bound by the terms hereof and(y) no such assignment shall relieve Subscriber of its obligations hereunder if any such assignee fails to perform such obligations. 

g. All the agreements, representations and warranties made by each party hereto in this Subscription Agreement shall survive
the Closing. 
 h. The Company may request from Subscriber such additional information as the Company may deem reasonably
necessary to evaluate the eligibility of Subscriber to acquire the Subscribed Shares, and Subscriber shall provide such information as may be reasonably requested, to the extent readily available and to the extent consistent with its internal
policies and procedures, provided that the Company agrees to keep any such information confidential. 
 i. This
Subscription Agreement may not be amended, modified, waived or terminated except by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, waiver or termination is sought. 

j. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as provided in Section 6(d), Section 6(e), Section 6(f), Section 6(g) and
Section 9(n), this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto and their respective permitted successors and assigns. 

k. Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and
be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns. 
 l. If any
provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall
continue in full force and effect. 

  
 22 

 m. This Subscription Agreement may be executed and delivered in one or more
counterparts (including by facsimile or electronic mail or in .pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed and delivered shall be
construed together and shall constitute one and the same agreement. 
 n. This Subscription Agreement is intended for the
benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person; provided, however, that the Placement Agents shall be an
intended third party beneficiary of the representations and warranties of the Company in Section 4 and of the Subscribers in Section 5. 

o. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Subscription
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement and to
enforce specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise. 

p. This Subscription Agreement and all disputes, legal actions, suits and proceedings arising out of or relating to this
Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, including its statutes of limitations, without giving effect to the principles of conflicts of laws that would otherwise require the
application of the law of any other jurisdiction. 
 q. EACH PARTY HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY
OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY OR ANY
AFFILIATE OF ANY OTHER SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE
PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS
SUBSCRIPTION AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT. 

  
 23 

 r. The parties agree that all disputes, legal actions, suits and proceedings
arising out of or relating to this Subscription Agreement must be brought exclusively in the Court of Chancery of the State of Delaware and any state appellate court therefrom within the State of Delaware (or, if the Court of Chancery of the State
of Delaware declines to accept jurisdiction over a particular matter, any federal court within the State of Delaware or, in the event each federal court within the State of Delaware declines to accept jurisdiction over a particular matter, any state
court within the State of Delaware) (collectively, the “Designated Courts”). Each party hereby consents and submits to the exclusive jurisdiction of the Designated Courts. No legal action, suit or proceeding with respect to this
Subscription Agreement may be brought in any other forum. Each party hereby irrevocably waives all claims of immunity from jurisdiction and any objection which such party may now or hereafter have to the laying of venue of any suit, action or
proceeding in any Designated Court, including any right to object on the basis that any dispute, action, suit or proceeding brought in the Designated Courts has been brought in an improper or inconvenient forum or venue. Each of the parties also
agrees that delivery of any process, summons, notice or document to a party hereof in compliance with Section 9(a) shall be effective service of process for any action, suit or proceeding in a Designated Court with respect to any matters
to which the parties have submitted to jurisdiction as set forth above. 
 s. This Subscription Agreement may only be
enforced against, and any claim, action, suit or other legal proceeding based upon, arising out of, or related to this Subscription Agreement, or the negotiation, execution or performance of this Subscription Agreement, may only be brought against
the entities that are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with respect to such party. 

t. Each party hereto agrees that the Subscriber’s identity and the Subscription, as well as nature of the
Subscriber’s obligations hereunder, may be disclosed in filings made with the SEC, including in any registration statements, proxy statements, consent solicitation statements and other SEC filings to be filed by the Company, and filings with
Nasdaq and other regulatory bodies, in each case in connection with the Subscription and/or the Transactions; provided that such disclosure is limited to the extent required to comply with law, rules or regulations, in response to a comment
or request from the staff of the SEC or another regulatory agency or under Nasdaq regulations; provided further that, to the extent permitted by the foregoing, Subscriber shall have an opportunity to review all disclosures in which it is
named prior to filing or public release. In all other cases, the Company acknowledges and agrees that, without the prior written consent of the Subscriber, the Company will not, and will cause its directors, officers and representatives, including
the Placement Agents and their respective representatives, not to publicly make reference to the Subscriber, its investment adviser or any of their respective affiliates in connection with the Transactions or this Subscription Agreement, including
in any press release or marketing materials of the Company or for any similar or related purpose. 

  
 24 

 u. The Company shall on the first (1st) Business Day immediately following
the date of this Subscription Agreement, issue one or more press releases or file with the SEC a Current Report on Form 8-K (collectively, the “Disclosure Document”) disclosing, to the extent
not previously publicly disclosed, all material terms of the transactions contemplated hereby and the Other Subscription Agreements, the Transactions, and any other material, nonpublic information that the Company or any of its directors, officers
and representatives, including the Placement Agents and their respective representatives, provided to Subscriber at any time prior to the filing of the Disclosure Document. From and after the issuance of the Disclosure Document, the Subscriber shall
not be in possession of any material, non-public information received from the Company or any of its directors, officers and representatives, including the Placement Agents and their respective
representatives, and the Subscriber shall no longer be subject to any confidentiality or similar obligations under any current agreement, whether written or oral, with the Company or any of its directors, officers and representatives, including the
Placement Agents and their respective representatives, relating to the transactions contemplated by this Subscription Agreement. Except with the express written consent of Subscriber and unless prior thereto the Subscriber shall have executed a
written agreement regarding the confidentiality and use of such information, the Company shall not, and shall cause its officers, directors, employees and agents, not to, provide Subscriber with any material,
non-public information regarding the Company or the Transaction from and after the filing of the Disclosure Document. 

v. The obligations of Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other
Subscriber or any other investor under the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance of the obligations of any Other Subscriber under this Subscription Agreement or any other investor under
the Other Subscription Agreements. The decision of Subscriber to purchase Subscribed Shares pursuant to this Subscription Agreement has been made by Subscriber independently of any Other Subscriber or any other investor and independently of any
information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of the Company or any of its subsidiaries which may have
been made or given by any Other Subscriber or investor or by any agent or employee of any Other Subscriber or investor, and neither Subscriber nor any of its agents or employees shall have any liability to any Other Subscriber or investor (or any
other person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement, and no action taken by Subscriber or Other Subscriber or investor pursuant hereto or
thereto, shall be deemed to constitute the Subscriber, any Other Subscriber and other investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Subscriber and other investors are in any
way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements. Subscriber acknowledges that no Other Subscriber has acted as agent for the
Subscriber in connection with making its investment hereunder and no Other Subscriber will be acting as agent of the Subscriber in connection with monitoring its investment in the Subscribed Shares or enforcing its rights under this Subscription
Agreement. Subscriber shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Subscriber or investor to be
joined as an additional party in any proceeding for such purpose. 
 [Signature pages follow.] 

 

  
 25 

 IN WITNESS WHEREOF, each of the Company and Subscriber has executed or caused this
Subscription Agreement to be executed by its duly authorized representative as of the date first set forth above. 
  

			
	TS INNOVATION ACQUISITIONS CORP.
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for Notices:
	
	c/o Tishman Speyer
	 Rockefeller Center
 45 Rockefeller
Plaza

	New York, New York 10111

 
			
	SUBSCRIBER:
	
	Print Name:
                                         
               
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for Notices:
	  

	  

	
	Name in which shares are to be registered:
	
	  

 

					
	 Number of Subscribed Shares subscribed for:
	  			
		  	  
	  
	 
		
	 Price Per Subscribed Share:
	  	$	10.00	 
		
	 Aggregate Purchase Price:
	  	$	                 	 

 You must pay the Purchase Price by wire transfer of United States dollars in immediately available funds to
the account of the Company specified by the Company in the Closing Notice. 
 [Signature Page to Subscription Agreement] 

 ANNEX A 

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

This Annex A should be completed by Subscriber 

and constitutes a part of the Subscription Agreement. 
  

					
	A.	  	INSTITUTIONAL ACCREDITED INVESTOR STATUS (Please check the box)
			
		  	☐	  	Subscriber is an institutional “accredited investor” (within the meaning of Rule 501(a) under the Securities Act) or an entity in which all of the equity holders are accredited investors within the meaning of
Rule 501(a) under the Securities Act, and has marked and initialed the appropriate box on the following page indicating the provision under which it qualifies as an “accredited investor.”
		
	B.	  	 AFFILIATE STATUS
 (Please check the
applicable box)

		
		  	SUBSCRIBER:
			
		  	☐	  	is:
			
		  	☐	  	is not:
			
		  		  	an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company or acting on behalf of an affiliate of the Company.

  
 A-1 

 Rule 501(a), in relevant part, states that an “accredited investor” shall
mean any person who comes within any of the below listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by
marking and initialing the appropriate box below, the provision(s) below which apply to Subscriber and under which Subscriber accordingly qualifies as an institutional “accredited investor.” 

 

	 	☐	 Any bank, registered broker or dealer, insurance company, registered investment company, business development
company, or small business investment company;

  

	 	☐	 Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of
a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

  

	 	☐	 Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a
bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;

  

	 	☐	 a corporation, similar business trust, partnership or any organization described in Section 501(c)(3) of
the Internal Revenue Code, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

  

	 	☐	 Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is
directed by a sophisticated person; or

  

	 	☐	 Any entity in which all of the equity owners are accredited investors meeting one or more of the above tests or
one of the following tests. 

 [Specify which
tests:                    ] 
 Any
director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;

Any natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds
$1,000,000. For purposes of calculating a natural person’s net worth: (a) the person’s primary residence must not be included as an asset; (b) indebtedness secured by the person’s primary residence up to the estimated fair
market value of the primary residence must not be included as a liability (except that if the amount of such indebtedness outstanding at the time of calculation exceeds the amount outstanding 60 days before such time, other than as a result of
the acquisition of the primary residence, the amount of such excess must be included as a liability); and (c) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the residence must
be included as a liability; or 

  
 A-2 

 Any natural person who had an individual income in excess of $200,000 in each of the two
most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year.

  
 A-3Exhibit 4.1

    

     

      

    
      BLACKROCK DIRECT LENDING CORP.

       

      Shares of Common Stock, par value $0.001 per share

       

      Form of Supplement to Subscription Agreement for Entities

       

                              2020

       

      Note: The Anti-Money Laundering Questionnaire attached hereto (the “Questionnaire”) forms part of, and must be completed and returned together with, this Supplement to Subscription Agreement (this
        “Supplement”).

       

      Reference is made to (i) the Confidential Private Offering Memorandum of BlackRock Direct Lending Corp. (the “Company” or the “Fund”) with respect to the offering of shares of common stock, par value $0.001 per share
        (the “Common Shares” or the “Interests”) (such Confidential Private Offering Memorandum, together with any amendments, updates or supplements thereto, being herein called the “Memorandum”), (ii) the Certificate of Incorporation of the Fund and the
        By-Laws of the Fund (collectively, as amended, modified, restated or supplemented from time-to-time, the “Governing Documents” or the “Fund Agreement”), and (iii) the most recent Master Subscription Agreement executed by the undersigned investor
        (the “Master Subscription Agreement”), each of which is incorporated by reference in its entirety in this Supplement. By executing this Supplement, the investor (a) agrees to make, and upon acceptance of this
        Supplement shall have made, a capital commitment to the Company (the “Capital Commitment”) and (b) acknowledges that the investor has read and understands the terms, provisions and requirements set forth herein and in the Master Subscription
        Agreement, the Memorandum and the Fund Agreement. By executing this Supplement, the investor certifies and agrees that all the responses, certifications, representations, warranties, covenants and other agreements, information and documents that
        the investor has provided, given or made in, or in connection with, this Supplement (including the Questionnaire) and the Master Subscription Agreement are and remain complete, true and correct, and have been complied with in all respects, as of
        the date hereof. The investor agrees to promptly notify BlackRock Alternatives Client Services via email at AlternativesClientServices@blackrock.com of any changes to the
          information contained in, or provided in connection with, this Supplement (including the Questionnaire) or the Master Subscription Agreement.

       

      Capitalized terms used, but not defined herein shall have the respective meanings given them in the Memorandum. If any provision of this Supplement or the Master Subscription Agreement shall conflict with, or
        otherwise be inconsistent with, any provision of the Fund Agreement, then the terms of the Fund Agreement shall control and such provisions of this Supplement or the Master Subscription Agreement shall be deemed modified to be consistent with the
        Fund Agreement.

       

      Delivery Instructions:

       

      Return all pages of this Supplement, fully completed and properly executed as instructed, along with all other subscription and anti-money laundering documentation, as requested by BlackRock during the onboarding
        process, at least ten (10) business days prior to the relevant closing date via email to AlternativesClientServices@blackrock.com. Should you have any questions, please contact Alternatives Client Services via email at
        AlternativesClientServices@blackrock.com.

      

      

      
        
          

      

      
      The investor hereby agrees as follows:

       

      	1.	
              Capital Commitment.

            

      

      

      	

            	a.	
              The investor hereby agrees to subscribe for Interests and agrees to make a Capital Commitment in the amount of $   in accordance with the terms of this Supplement, the Memorandum and the Fund Agreement and agrees to fund all capital
                contributions required pursuant to this Supplement in respect of its Capital Commitment. The investor acknowledges that this Capital Commitment is conditioned upon acceptance by the Fund, and may be accepted or rejected, in whole or in
                part, in the Fund’s sole and absolute discretion.

            

       

      	

            	b.	
              The investor acknowledges and agrees that Interests may not be issued until such time as the Fund and/or the Administrator has received and is satisfied with all the information and documentation requested.

            

       

      	

            	c.	
              The investor acknowledges and agrees that the investor is not entitled to cancel, terminate or revoke the Capital Commitment or any agreements hereunder, except as otherwise set forth in the Memorandum, the Fund Agreement, the Master
                Subscription Agreement or as required under applicable law, and such Capital Commitment and agreements, including the power of attorney set forth in Section 1(d), shall survive changes in the transactions, documents and instruments
                described in the Memorandum and the Fund Agreement.

            

       

      	

            	d.	
              The investor hereby irrevocably constitutes and appoints each of BlackRock Capital Investment Advisors, LLC (the “Manager”) and the Administrator (and any substitute or successor of each acting in
                such capacity), and their respective members, managers and any of their officers, as the investor’s true and lawful attorney-in-fact in the investor’s name, place and stead, to make, execute, sign, acknowledge, swear to, record, file,
                complete or correct, on the investor’s behalf, all documents to be executed by the investor in connection with the investor’s Capital Commitment, including, without limitation, filling in or amending amounts, dates, and other pertinent
                information, and to make, execute, sign, acknowledge, swear to, record and file: (i) any counterparts of the Fund Agreement to be entered into pursuant to this Supplement and any amendments thereto, each only as authorized by the investor
                in accordance with the terms of this Supplement and the Fund Agreement, (ii) any agreements or other documents relating to the obligations of the Fund, as limited and defined in the Fund Agreement, (iii) any certificates of formation
                required by law and all amendments thereto, (iv) all certificates and other instruments necessary to qualify, or continue the qualification of, the Fund in the states or other jurisdictions where it may be doing business, (v) all
                assignments, conveyances or other instruments or documents necessary to effect the dissolution, winding-up and termination of the Fund and (vi) all other filings with agencies of the federal government, of any state or local government, or
                of any other jurisdiction, which the Fund or the Manager considers necessary or desirable to carry out the purposes of this Supplement, the Fund Agreement and the business of the Fund. The investor understands that this power of attorney
                (1) shall be deemed coupled with an interest, (2) is intended to secure and interest in property and shall survive the transfer of the investor’s Interests, (3) shall be given by way of security for the performance of each investor’s
                obligations under this Supplement and the Fund Agreement, (4) shall be irrevocable and shall survive the incapacity of the investor granting the power and (5) may be exercised by the holder on behalf of the investor by a facsimile or
                electronic signature or by listing all of the investors in the Fund (including the undersigned investor) executing any instrument with a single signature as attorney-in-fact for all of them. In addition, the investor authorizes each of the
                Manager and the Administrator to receive and pay over to the Fund on the investor’s behalf, to the extent set forth in this Supplement, all funds received hereunder.

            

       

      	

            	e.	
              In connection with procuring financing for the Fund, the Fund may determine that it is necessary or desirable to pledge, charge, mortgage, assign, transfer and/or grant to the provider of such financing (the “Lender”) collateral
                consisting of the Fund’s assets, including, without limitation, the rights of the Fund to issue capital call notices and the right to receive the Drawdown Purchase Price from the investor (and any related rights of the Fund and to enforce
                an investor’s obligation to pay such Drawdown Purchase Price.  The investor hereby consents to the implementation of such financing, and upon written request from the Fund, agrees to acknowledge its obligations to pay the Drawdown Purchase
                Price pursuant to this Supplement and execute and deliver such documents as may be reasonably required to acknowledge and perfect the security interest in its Unused Capital Commitment.  Without limiting the generality of the foregoing,
                upon written request from the Fund, the investor agrees to (i) confirm that the investor’s obligation to pay the Drawdown Purchase Price to the Fund is unconditional, subject only to the limitations and conditions expressly set forth herein
                and in the Fund Agreement, and that it will honor calls for Drawdown Purchases made in accordance with the terms of this Supplement and the Fund Agreement without defense, counterclaim or offset of any kind; provided, that such agreement to
                fund shall not act as a waiver of any claim the investor may have against any other investor in the Fund, the Manager or the Fund, (ii) provide such financial information with respect to the investor as shall be reasonably requested by the
                Fund (or the Lender), including confirmation of the amount of the investor’s aggregate Capital Commitment and Unused Capital Commitment, as applicable, and (iii) execute and deliver such other acknowledgements, documents and certificates as
                shall be reasonably required by the Fund (or the Lender, to the extent the Fund has assigned its rights thereto) in connection therewith.

            

      

      
        2

        
          

      

      	

            	f.	
              The investor confirms that the investor and its beneficial owner(s), controller(s) and authorized person(s) are not identified on or subject to any sanctions administered or enforced by the U.S. Office of Foreign Assets Control, the
                United Nations Security Council, the European Union, the United Kingdom, or other relevant sanctions authority (collectively, “Sanctions”) and agrees that the investor will not directly or indirectly transfer funds into an account of the
                Fund that are derived from entities, persons or activities subject to Sanctions. The investor shall not use funds received from the Fund and/or its account for the benefit of and/or to transact with, directly or indirectly, any person,
                entity, or government on a sanctions list or subject to Sanctions. The investor confirms that the investor and its beneficial owner(s), controller(s) and authorized person(s) are not domiciled in and do not conduct business in or derive
                revenue from countries subject to Sanctions, including Syria, North Korea, Iran and Cuba. The investor confirms that the investor is the legal owner of the funds being invested in the Fund and is not investing them for the benefit of anyone
                not otherwise identified herein.

            

       

      	

            	g.	
              The investor waives any counterclaim to, and any right to any setoff or reduction of, its obligation to make capital contributions or other payments to the Fund based on any claim that it has against any person (without prejudice to the
                investor’s right to assert such claim in a separate action).

            

       

      	

            	h.	
              The investor is not and will not be a Benefit Plan (as defined in the Master Subscription Agreement).

            

       

      	

            	i.	
              The investor is aware and acknowledges that the Fund may have no or only a limited operating history.

            

       

      	

            	j.	
              The investor represents that it has read the Memorandum and the Fund Agreement and consulted with its own tax advisors regarding the U.S. and non-U.S. consequences of investing in the Fund.

            

       

      	

            	k.	
              The investor shall be deemed to have reaffirmed, as of each date on which any portion of its Capital Commitment is accepted and each Capital Drawdown Date, each and every representation and warranty made, and all information provided, by
                such investor in the Questionnaire, the Master Subscription Agreement and this Supplement or that is incorporated by reference.

            

       

      	2.	
              Closings and Drawdowns.

            

      

      

      	

            	a.	
              Initial Closing.

            

      

      

      	

            	(i)	
              The Fund will hold its initial closing (the “Initial Closing”) when it first accepts subscriptions for interests from investors who are not affiliates of the Investment Manager.

            

      

      

      	

            	(ii)	
              Each investor subscribing for Interests at the Initial Closing will be required to purchase on the date of the Initial Closing the Initial Closing Share Amount at the Initial Closing Purchase Price.

            

      

      

      The “Initial Closing Share Amount” shall mean a number of Common Shares determined by dividing (i) the Initial Closing Purchase Price by (ii) the Initial Closing Per Share Price.

      

      

      The “Initial Closing Purchase Price” shall mean an amount in U.S. dollars determined by multiplying the (i) the aggregate amount of Capital Commitments being drawn down by the Fund from all
        investors on the Initial Closing Date by (ii) a fraction, the numerator of which is the Capital Commitment being made on the Initial Closing Date by such investor and the denominator of which is the aggregate Capital Commitments being made on the
        Initial Closing Date by all investors. The amount of the Initial Closing Purchase Price will be communicated to each investor prior to the Initial Closing Date at a time mutually agreeable to the parties.

      

      

      The “Initial Closing Per Share Price” shall mean $10.00 per share.

      

      

      	

            	b.	
              Drawdowns.

            

      

      

      	

            	(i)	
              The investor agrees to purchase Interests for an aggregate purchase price equal to its Capital Commitment, payable at such times and in such amounts as required by the Fund, under the terms and subject to the conditions set forth herein.

            

       

      

      
        3

        
          

      

      	

            	(ii)	
              Purchases of Interests will take place on dates selected by the Fund in its sole discretion (each, a “Capital Drawdown Date”) and shall be made in accordance with the provisions of this Section 2.b.

            

      

      

      	

            	(iii)	
              On each Capital Drawdown Date, the investor agrees to purchase from the Fund, and the Fund agrees to issue to the investor, a number of Interests equal to the Drawdown Share Amount (as defined below) at an aggregate price equal to the
                Drawdown Purchase Price (as defined below); provided, however, that in no circumstance will an investor be required to purchase Interests for an amount in excess of its Unused Capital Commitment (as defined below).

            

      

      

      “Drawdown Purchase Price” shall mean, for each Capital Drawdown Date, an amount in U.S. dollars determined by multiplying (i) the aggregate amount of Capital Commitments being drawn down by the
        Fund from all investors on that Capital Drawdown Date, by (ii) a fraction, the numerator of which is the Unused Capital Commitment of the investor and the denominator of which is the aggregate Unused Capital Commitments of all investors that are
        not Defaulting Investors or Excluded Investors (as defined below). For the avoidance of doubt, the Drawdown Purchase Price shall be determined after giving effect to the Catch-Up Purchase Price (as described below).

      

      

      “Drawdown Share Amount” shall mean, for each Capital Drawdown Date, a number of Common Shares determined by dividing (i) the Drawdown Purchase Price for that Capital Drawdown Date by (ii) the
        applicable Per Interest Price (as defined below), which may be a fractional amount, to the extent required.

      

      

      “Per Interest NAV” shall mean, for any Capital Drawdown Date or Catch-Up Date (as defined below), the net asset value per Interest, as determined as of the end of the most recent fiscal quarter for
        which net asset value has been determined prior to the Capital Drawdown Date (as defined below) in accordance with the valuation policies adopted by the Fund's board of directors (the “Board”).

      

      

      “Per Interest Price” shall mean, for any Capital Drawdown Date or Catch-Up Date (as defined below), the Per Interest NAV, subject to adjustment from the latest quarterly valuation date in
        accordance with the Fund’s valuation policy and subject to Section 23 of the Investment Company Act of 1940, as amended (the “1940 Act”) (which generally prohibits the Fund from issuing Interests at a price below the then-current net asset value of
        the Interests as determined within 48 hours, excluding Sundays and holidays, of such issuance).

      

      

      
        	 	
                (iv)

              	
                The Fund shall deliver to the investor, at least ten (10) calendar days prior to each Capital Drawdown Date, a notice (a “Drawdown Notice”) setting forth (i) the Capital Drawdown Date, (ii) the aggregate
                  purchase price of Interests to be sold to all investors on the Capital Drawdown Date, (iii) the applicable Drawdown Purchase Price and (iv) the account to which the Drawdown Purchase Price should be wired.

              

      

      

      

      	

            	(v)	
              The delivery of a Drawdown Notice to the investor shall be the sole and exclusive condition to the investor’s obligation to pay the Drawdown Purchase Price identified in each Drawdown Notice, and shall represent the Fund’s acceptance of
                the investor’s irrevocable and ongoing offer to purchase Interests.

            

      

      

      	

            	(vi)	
              On each Capital Drawdown Date, the investor shall pay the Drawdown Purchase Price to the Fund by bank wire transfer in immediately available funds in U.S. dollars to the account specified in the Drawdown Notice.

            

      

      

      	

            	(vii)	
              The Fund may draw Capital Commitments from investors at any time during the Investment Period (as defined in the Fund Agreement).  Following the end of the Investment Period, any Unused Capital Commitment (other than any Defaulted
                Commitment (as defined below)) may be called only to:

            

      

      

      	

            	(A)	
              cover, or reserve, for actual or anticipated expenses and liabilities of the Fund (including payment of the base management fee and incentive compensation to the Investment Manager, operating expenses and indemnification or other
                obligations of the company, whether contingent or otherwise);

            

      

      

      	

            	(B)	
              complete investments that were approved by the Investment Manager’s investment committee for the Fund prior to the expiration of the Investment Period or as to which a definitive agreement, letter of intent, memorandum of understanding
                or similar document (whether or not legally binding on the parties thereto) has been entered into prior to the expiration of the Investment Period (each, a “Pending Investment”);

            

       

      

      
        4

        
          

      

      
        	 	
                (C)

              	
                satisfy liabilities and other obligations (including any remaining funding obligation) with respect to any existing investment, and any borrowings or guarantees of the Fund;

              

      

      

      

      
        	 	
                (D)

              	
                engage in hedging transactions;

              

      

      

      

      
        	 	
                (E)

              	
                exercise any equity rights held as of the end of the Investment Period;

              

      

      

      

      	

            	(F)	
              fund any additional investment (in addition to any included in (B) and (C) above) that the Investment Manager determines in its discretion is appropriate or necessary to preserve or protect the value of any existing investment (each, a
                “Follow-On Investment”) in an amount equal to up to 15% of the aggregate Capital Commitments.

            

      

      

      For the avoidance of doubt, any investment that is in the nature of a revolving credit facility or line of credit, delayed draw loan or similar financing arrangement will be treated as a Pending
        Investment and not a Follow-On Investment for purposes of the foregoing limitations.

      

      

      	

            	(viii)	
              Notwithstanding anything to the contrary contained in this Supplement, the Master Subscription Agreement, the Memorandum or the Fund Agreement, the Fund shall have the right (a “Limited Exclusion Right”) to exclude any investor (such
                investor, an “Excluded Investor”) from purchasing Interests from the Fund on any Capital Drawdown date if, in the reasonable discretion of the Fund, there is a substantial likelihood that such investor’s purchase of Interests at such time
                would (i) result in a violation of, or noncompliance with, any law or regulation to which such investor, the Fund, the Investment Manager, any other investor or a portfolio company would be subject or (ii) cause the investments of “Benefit
                Plan Investors” (within the meaning of Section 3(42) of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and certain Department of Labor regulations) to be significant and the assets of the Fund to be
                considered “plan assets” under ERISA or Section 4975 of the Code.

            

      

      

      	

            	c.	
              Subsequent Investors.

            

      

      

      	

            	(i)	
              The Fund expects to enter into separate subscription agreements with other investors (the “Other Investors,” and together with the Investor, the “Investors”), providing for the sale of Interests to the Other Investors. Other investors
                may subscribe for Shares at one or more closings after the Initial Closing (each, a “Subsequent Closing”). The Initial Closing and each Subsequent Closing are each referred to as a “Closing.” An Investor whose subscription is accepted at a
                Subsequent Closing (including any Investor that makes an additional capital commitment to purchase Interests on a date after its initial subscription has been accepted) is referred to herein as a “Subsequent Investor.”

            

      

      

      	

            	(ii)	
              Notwithstanding the provisions of Section 2.b, on one or more dates to be determined by the Fund that occur on or following the Subsequent Closing but no later than the next succeeding Capital Drawdown Date (each, a “Catch-Up Date”),
                each Subsequent Investor shall be required to purchase from the Fund, on no less than ten (10) calendar days’ prior notice, a number of Interests with an aggregate purchase price (the “Catch-Up Purchase Price”) necessary to ensure that,
                upon payment of the aggregate purchase price for such Interests by the Subsequent Investor in the aggregate for all Catch-Up Dates, such Subsequent Investor’s Net Contributed Capital Percentage (as defined below) shall be equal to the Net
                Contributed Capital Percentage of all prior Investors (other than any Defaulting Investors, Excluded Investors or any Other Investor who has subscribed on prior Subsequent Closings and have not yet funded the Catch-Up Purchase Price).

            

      

      

      	

            	(iii)	
              Upon payment of the Catch-Up Purchase Price by the Subsequent Investor on a Catch-Up Date, the Fund shall issue to such Subsequent Investor a number of Shares determined by dividing (x) the Catch-Up Purchase Price for such Subsequent
                Investor minus the Organizational Cost Allocation (as defined below) by (y) the Per Interest Price for such Subsequent Investor as of a Catch-Up Date. For the avoidance of doubt, in the event that the Catch-Up Date and a Capital Drawdown
                Date occur on the same calendar day, such Catch-Up Date (and the application of the provisions of this Section 2.c) shall be deemed to have occurred immediately prior to the relevant Capital Drawdown Date.

            

       

      

      
        5

        
          

      

      	

            	(iv)	
              As used in this Section 2.c:

            

       

      

      	

            	(A)	
              “Net Contributed Capital Percentage” means, with respect to an Investor, the percentage determined by dividing such Investor’s Net Contributed Capital (as defined below) by such Investor’s Capital Commitment.

            

      

      

      	

            	(B)	
              “Net Contributed Capital” means (i) the aggregate amount of capital contributions that have been made by an Investor in respect of its Shares, less (ii) the aggregate amount of distributions categorized as Returned Capital (as defined
                below) made by the Fund to such Investors in respect of its Shares. For the avoidance of doubt, Net Contributed Capital will not take into account distributions of the Fund’s investment income (i.e., proceeds received in respect of interest
                payments, dividends or fees, net of expenses) to Investors. Net Contributed Capital with respect to an Investor shall be calculated on the basis of such Investor’s capital contributions and distributions made to such Investor categorized as
                Returned Capital.

            

      

      

      	

            	(C)	
              “Returned Capital” shall mean any distribution, or any portion of distributions, made by the Fund to an investor during the Investment Period which is designated as such (regardless of tax character) and represents (A) proceeds realized
                from the sale or repayment of any investment (as opposed to investment income) during the Investment Period (but not in excess of the cost of any such investment) or (B) a return of such investor’s capital contributions to the Company.

            

      

      

      	

            	(D)	
              “Organizational Cost Allocation” means, with respect to an Investor, the product obtained by multiplying (x) a fraction, the numerator of which is such Investor’s Capital Commitment and the denominator of which is the total Capital
                Commitments received by the Fund to date by (y) the lesser of (a) a dollar amount equal to one million dollars ($1,000,000) and (b) the total amount of organizational expenses and offering costs incurred by the Fund in connection with its
                organization and offering.

            

      

      

      	

            	d.	
              Capital Drawdown Default.

            

      

      

      	

            	(i)	
               If an Investor fails to make full payment of any portion of the Drawdown Purchase Price due from such Investor on any Capital Drawdown Date or Catch-Up Purchase Price due from such Investor on any Catch-Up Date (such amount, together
                with the full amount of such Investor’s remaining Capital Commitment, a “Defaulted Commitment”), the Fund shall give such Investor written notice of its default in payment and in the event such default shall continue beyond the tenth
                calendar day following such notice, the Fund shall be permitted to declare such Investor to be in default of its obligations under this Supplement (any such Investor, a “Defaulting Investor”) and may, in its discretion, take any one or more
                of the following actions:

            

      

      

      	

            	(A)	
              The Fund may assist the Defaulting Investor in finding a buyer for the Defaulting Investors Capital Commitment that will assume the Defaulting Investor's obligations hereunder, subject to the restrictions on transfer contained in the
                Governing Documents (in which case such Person shall, as a condition of purchasing such Capital Commitment, become a party to this Supplement and assume such Defaulting Limited Investor's obligation to make both defaulted and future
                purchases.)

            

      

      

      	

            	(B)	
              The Fund may pursue and enforce all rights and remedies the Fund may have against the Defaulting Investor, including a lawsuit to collect the overdue amount and the costs (including attorneys' fees) and expenses of collecting such
                overdue amount, with interest calculated thereon commencing on the applicable Capital Drawdown Date at a variable rate per annum equal to the rate of interest published from time to time by The Wall Street Journal as the "prime rate" at
                large United States money center banks, plus eight percent (8%) per annum (but not in excess of the highest rate per annum permitted by applicable law). In addition, the costs of any interim financing obtained by the Fund due to the
                Defaulting Investor's failure to timely make its Drawdown Purchases shall be reimbursed to the Fund by the Defaulting Investor. Any such reimbursement shall be deemed not to constitute payment of a Drawdown Purchase Price or reduce the
                Investor’s Capital Commitment.

            

      

      

      	

            	(C)	
              The Fund may cause two-thirds of the Common Shares then held by the Defaulting Investor to be automatically transferred on the books of the Fund, without any further action being required on the part of the Defaulting Investor, to the
                other non-defaulting Investors, pro rata in accordance with their respective Capital Commitments. The mechanism described in this Section 2(d)(i)(C) is intended to operate as a liquidated damage provision, since the damage to the Company
                and Other Investors resulting from a default by the Defaulting Investor is both significant and not easily susceptible to precise quantification. By entry into this Supplement, the Investor agrees to this transfer and acknowledges that it
                constitutes a reasonable liquidated damage remedy for any default in the Investor’s obligation of the type described.

            

       

      

      
        6

        
          

      

      	

            	(D)	
              The Fund may offer to the Investors (other than such Defaulting Investor) for assumption by the non-defaulting Investors such Defaulting Investor’s Capital Commitment to make its Defaulted Commitment, which offer shall be made pro rata
                in accordance with the non-defaulting Investors' respective Interests. If a non-defaulting Investor elects not to assume the entire portion of the Defaulted Commitment offered to it, such unassumed Defaulted Commitment shall be reoffered
                pro rata to the non-defaulting Investors who have elected to assume the entire portion of the Defaulted Commitment offered to them until either all of such Defaulted Commitment is assumed or no non-defaulting Investor wishes to make a
                further assumption of the Defaulted Commitment. At the closing of such offer (on a date and at a place designated by the Fund), each assuming Investor shall make a payment in an amount equal to that portion of the Defaulted Commitment
                assumed by it in accordance with the provisions of this subparagraph which is then due or past due. The Manager shall specify the procedures for making and accepting the offers contemplated by this subparagraph and shall, in its discretion,
                set time limits for acceptance. If the entire Defaulted Commitment is not assumed pursuant to the preceding provisions, the Fund may offer to any other Person for assumption any remaining portion of the Defaulted Commitment. Such Defaulting
                Investor's Capital Commitment shall be reduced by the aggregate amount of Defaulted Commitment assumed by the non-defaulting Investors and such other Persons and for which payments have been actually received by the Fund.

            

      

      

      	

            	(E)	
              The Fund may reduce (effective on the date of the default) the Defaulting Investor's Unused Capital Commitment (to the extent it has not been assumed by another Investor or Person) to the amount of Capital Commitments actually received
                by the Fund from such Defaulting Investor (net of distributions), and the aggregate Capital Commitment of such Defaulting Investor shall be commensurately reduced; provided, however, that the Capital Commitments of the non-defaulting
                Investors shall not be reduced.

            

      

      

      	

            	(F)	
              If the Defaulting Investor is an entity formed for the purpose of investing in the Fund and such Defaulting Investor's failure to make any portion of a Drawdown Purchase when required is caused by the failure of one or more of such
                Defaulting Investor’s investors to either (i) make an equity contribution or (ii) deliver payment in exchange for any notes issued to such investor, to such Defaulting Investor, the Fund may, in its discretion, apply the provisions of this
                Section 2.d to such Defaulting Investor’s Interests and/or Capital Commitments on a pro rata basis to appropriately reflect the effect of the failure of such Defaulting Investor's defaulting equity investors in a manner which is equitable
                to such Defaulting Investor’s non-defaulting equity investors.

            

      

      

      	

            	(ii)	
              To the maximum extent permitted by applicable law, the Defaulting Investor hereby makes, constitutes and appoints the Fund with full power of substitution, its true and lawful proxy to exercise all voting and other rights of such
                Defaulting Investor with respect to Interests, at every annual, special or adjourned meeting of the shareholders of the Fund and in every written consent in lieu of such meeting in exact proportion to the votes or consents cast by Investors
                other than Defaulting Investors or, in the absence of any such Investors, in the discretion of the proxy.

            

      

      

      	

            	(iii)	
              Notwithstanding anything to the contrary contained in this Supplement, no Interests shall be offered or transferred to any other Investor pursuant to this Section 2.d in the event that such transfer would (x) violate the Securities Act
                of 1933, as amended (the “Securities Act”), the Investment Company Act or any state (or other jurisdiction) securities or “Blue Sky” laws applicable to the Fund or such transfer, (y) constitute a non-exempt “prohibited transaction” under
                Section 406 of ERISA or Section 4975 of the Code or (z) cause all or any portion of the assets of the Fund to constitute “plan assets” under ERISA or Section 4975 of the Code (it being understood that this proviso shall operate only to
                extent necessary to avoid the occurrence of the consequences contemplated herein and shall not prevent such Investor from receiving a partial allocation of its pro rata portion of transferred Interests of the Defaulting Investor).

            

      

      

      	

            	(iv)	
              No consent of any Investor shall be required as a condition precedent to any transfer, assignment, assumption or other disposition of a Defaulting Investor's Interests or Capital Commitment, as the case may be, pursuant to Section 2.d.
                If all of the Defaulting Investor's Interests and its Capital Commitments are transferred and/or purchased in the manner set forth in Section 2.d, such Defaulting Investor shall cease to be an Investor in the Fund and shall cease to have
                the power to exercise any rights or powers of an Investor.

            

      

      

      	

            	(v)	
              The Investor agrees that this Section 2.d is solely for the benefit of the Fund and shall be interpreted by the Fund against a Defaulting Investor in the discretion of the Fund. The Investor further agrees that the Investor cannot and
                will not seek to enforce this Section 2.d against the Fund or any other investor in the Fund.

            

       

      

      
        7

        
          

      

      	3.	
              Authorized Third Party Information.

            

      

      

      Please provide the name and contact information for any third party (for example a custodian, administrator or auditor) who the investor authorises to receive information on behalf of the
        investor’s Capital Commitment. This authorisation will be in force until the investor advises BlackRock or the Administrator in writing otherwise. Add additional sheets if needed.

      

      

      	 	
              Third Party Name: 

              

            	 	 
	 	 	 	 
	 	
              Company:

            	 	 
	 	 	 	 
	 	
              Phone:

            	
              

              

            	 
	 	 	 	 
	 	
              Email:

            	
              

              

            	 
	 	 	 	 
	 	
              Third Party Name: 

              

            	 	 
	 	 	 	 
	 	
              Company:

            	 	 
	 	 	 	 
	 	
              Phone:

            	
              

              

            	 
	 	 	 	 
	 	
              Email:

            	
              

              

            	 

      

      

      
        8

        
          

      

      
        	
                4.

              	
                Capital Contributions and Distributions.

              

      

       

      The investor understands that each capital contribution and/or other payment made to the Fund in respect of the investor’s Capital Commitment must be delivered by wire transfer in immediately
        available funds in U.S. dollars to the account specified in the applicable drawdown notice (in accordance with the instructions provided in such drawdown notice).

       

      The following information regarding the source of the capital contributions and/or other payments to the Fund in respect of the investor’s Capital Commitment and the instructions for payment of
        distributions is required. The investor understands that wire confirmations for capital contributions and/or other payments to the Fund from the investor must match the information provided below. Distribution proceeds will only be paid to the
        account identified below. The Capital Commitment, capital contributions and/or other payments to the Fund may be rejected if this information is incomplete or the wire confirmation does not match the information given below.

      

      

      If the following information changes, the investor must promptly notify BlackRock Alternatives Client Services via email at AlternativesClientServices@blackrock.com.

      

      

      The investor’s capital contributions and/or other payments to the Fund in respect of the investor’s Capital Commitment will be delivered from, and distribution proceeds should be delivered to, the
        following account (must be in the name of the investor):

      

      

      
        
          	 	 	 	 
	 	To:

                	

                	 
	 	Fed Routing #:	

                	 
	 	SWIFT address:	

                	 
	 	For account of: 

                	

                	 
	 	Account #:	

                	 
	 	In favor of:	

                	 
	 	Account #:

                	

                	 
	 	 	 	 

        

        

      

      	5.	
              Investor Eligibility Questions.

            

      

      

      	

            	a.	
              Is the investor a “US Person”1?

            

       

      

      	☐	

            	Yes	☐	No

       

      

      	

            	b.	
              Did the investor receive or accept the offer of the Interests in a US state or territory?

            

       

      

      	☐	 	Yes	☐	No

       

      

      	 	
              If “Yes,” please identify such US state or territory:

              

            	 	 

      

      

      
        
 

      1 For purposes of this Supplement, a “US Person” is an investor that is any (i) natural person resident in the United States; OR
        (ii) partnership or corporation organized or incorporated under the laws of the United States; OR (iii) estate of which any executor or administrator is a US Person; OR (iv) trust of which any trustee is a US Person; OR (v) agency or branch of a
        foreign entity located in the United States; OR (vi) non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a US Person; OR (vii) discretionary account or
        similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated or (if an individual) resident in the United States; OR (viii) partnership or corporation if (a) organized or incorporated under the laws of
        any foreign jurisdiction and (b) formed by a US Person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by Accredited Investors who are not natural
        persons, estates or trusts; BUT does not include: (1) any discretionary or similar account (other than an estate or trust) held for the benefit or account of a non-US Person by a dealer or other professional fiduciary organized, incorporated, or,
        if an individual, resident in the United States; OR (2) any estate administered or executed by a professional fiduciary that is a US Person if (a) the estate is governed by non-US law and (b) an executor or administrator of the estate who is not a
        US Person has sole or shared investment discretion for the assets of the estate; OR (3) any trust of which any professional fiduciary acting as trustee is a US Person, if (a) a trustee who is not a US Person has sole or shared investment discretion
        for the trust’s assets and (b) no beneficiary of the trust (and no settlor, for revocable trusts) is a US Person; OR (4) an employee benefit plan within the meaning of ERISA established and administered in accordance with the law and customary
        practices of a country other than the United States; OR (5) any agency or branch of a US Person located outside the United States if (a) the agency or branch operates for valid business reasons and (b) the agency or branch is engaged in the
        insurance or banking business and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located; OR (6) the International Monetary Fund, the International Bank for Reconstruction and Development, the
        Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and any other similar international organizations, and their agencies, affiliates and pension plans. 

       

      

      
        9

        
          

      

      	

            	c.	
              The investor is an “Accredited Investor,” as defined under Regulation D under the Securities Act, because it is (check all applicable boxes)2:

            

      

      

      	
              i.

            	
              ☐

            	
              A corporation, partnership, limited liability company, Massachusetts or similar business trust, or an organization described in Section 501(c)(3) of the Code, in each case, which was not formed for the
                specific purpose of acquiring Interests in the Fund, and which has total assets in excess of $5,000,000.

            
	 	 	 
	
              ii.

            	
              ☐

            	
              A bank as defined in the Securities Act, or a savings and loan association or other institution as defined in the Securities Act, acting in its individual or fiduciary capacity; a broker-dealer registered
                under the Exchange Act; an investment adviser registered with the Securities and Exchange Commission pursuant to section 203 of the Advisers Act or registered pursuant to the laws of a state; an investment adviser relying on the exemption
                from registering with the Securities and Exchange Commission under section 203(l) or (m) of the Advisers Act; an insurance company as defined in the Securities Act; a business development company as defined in the Investment Company Act; an
                investment company registered under the Investment Company Act; a Small Business Investment Company licensed by the US Small Business Administration under §301(c) or (d) of the Small Business Investment Act of 1958; or a Rural Business
                Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act.

            
	 	 	 
	
              iii.

            	
              ☐

            	
              A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, that has total assets in
                excess of $5,000,000.

            
	 	 	 
	
              iv.

            	
              ☐

            	
              An employee benefit plan within the meaning of ERISA (other than a self-directed plan) that either has total assets in excess of $5,000,000 or the investment decisions of which are made by a plan fiduciary
                (as defined in Section 3(21) of ERISA) which is a bank, savings and loan association, insurance company, or registered investment adviser.

            
	 	 	 
	
              v.

            	
              ☐

            	
              A revocable trust of which all the grantors are natural persons which are Accredited Investors. If this box is checked, please contact
                  Alternatives Client Services.

            
	 	 	 
	
              vi.

            	
              ☐

            	
              A trust with total assets in excess of $5,000,000 not formed for the specific purpose of acquiring Interests of the Fund, whose purchase is directed by a person who has such knowledge and experience in
                financial and business matters that he or she is capable of evaluating the merits and risks of the prospective investment.

            
	 	 	 
	
              vii.

            	
              ☐

            	
              An entity (other than a trust) all the equity owners of which are Accredited Investors.  If this box is checked, the investor hereby makes the representations, warranties and
                  covenants listed in footnote 4.3

            

      

      
         

        

         “Net Worth” means the excess of a person’s total assets, valued at fair market value, over total liabilities; provided that for purposes of calculating Net Worth (i) the person’s primary
          residence shall not be included as an asset, (ii) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence as of the applicable subscription date, shall not be included as a
          liability (except that if the amount of such indebtedness outstanding as of the subscription date exceeds the amount outstanding 60 days before the subscription date, other than as a result of the acquisition of the primary residence, the amount
          of such excess shall be included as a liability), and (iii) indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary residence as of the applicable subscription date shall be
          included as a liability.

         

        

        
          

        
          
            2 Note that for purposes of items (v) and (vii) of this Question
                6(d), the term “Accredited Investor” includes a natural person (i) whose Net Worth (as defined below), individually or with his or her spouse, exceeds $1,000,000 or (ii) with individual income in excess of $200,000 in each of the two most
                recent years or joint income with his or her spouse in excess of $300,000 in each of those years, with a reasonable expectation of reaching the same income level in the current year. 

          

           

            

          3 Investor hereby represents, warrants and covenants with respect to each stockholder, partner, member or other beneficial owner of
            the investor (each, a “Beneficial Owner”) that: (i) the investor is sufficiently familiar with each such Beneficial Owner’s regulatory status and/or asset ownership to make representations on each such Beneficial Owner’s behalf; (ii)
            each such Beneficial Owner qualifies as an “accredited investor” under one or more of the provisions of this set forth in this Supplement to Subscription Agreement for Entities or the Supplement to Subscription Agreement for Individuals; (iii)
            the Fund may rely on the investor’s representations on behalf of each such Beneficial Owner hereunder to the same extent as if each such Beneficial Owner had completed this Supplement to Subscription Agreement for Entities or the Supplement to
            Subscription Agreement for Individuals; and (iv) the investor shall permit no direct or indirect transfer of beneficial interests in the investor that at any time would result in any of the representations contained in clauses (i)-(iii) ceasing
            to be true.

           

          

        

      

      
        10

        
          

      

      	
              viii.

            	
              ☐

            	
              An entity, of a type not listed above, not formed for the specific purpose of acquiring Interests of the Fund, owning investments in excess of $5,000,000.  For the purposes of this Supplement, “investments”
                is defined in Rule 2a51-1(b) under the Investment Company Act (which definition is summarized below in footnote 5).4

            
	 	 	 
	
              ix.

            	
              ☐

            	
              A “family office,” as defined in Rule 202(a)(11)(G)-1 under the Advisers Act with assets under management in excess of $5,000,000 not formed for the specific purpose of acquiring Interests of the Fund, and
                whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.

            
	 	 	 
	
              x.

            	
              ☐

            	
              A “family client,” as defined in Rule 202(a)(11)(G)-1 under the Advisers Act of a family office meeting the requirements in paragraph (ix) above and whose prospective investment in the Interests is directed
                by such family office.

            
	 	 	 
	
              xi.

            	
              ☐

            	
              None of the above.

            

      
         

        

      

      	

            	d.	
              Is the investor a “Qualified Institutional Buyer,” as defined under Rule 144A under the Securities Act?5 (Note that the investor is not required to be a
                Qualified Institutional Buyer to invest in the Fund.)

            

       

      

      	
              ☐

            	 	Yes	☐	No

      

      
        

      
        4 By way of summary, “Investments” include any or all:  (i) securities (as defined in Section 2(a)(1)
            of the Securities Act), except for securities of an issuer that controls, is controlled by, or is under common control with the investor, unless that issuer is (A) an investment company, a company that would be an investment company but for an
            exclusion provided by Sections 3(c)(1) through 3(c)(9) of the Investment Company Act or the exemptions provided by Section 270.3a 6 or 270.3a 7 of the CFR, or a commodity pool; (B) a company that files reports pursuant to Section 13 or 15(d) of
            the Exchange Act, or has a class of securities that are listed on a “designated offshore securities market” as such term is defined by Regulation S under the Securities Act; (C) a company with shareholders’ equity of not less than $50 million
            (determined in accordance with generally accepted accounting principles) as reflected on the company’s most recent financial statements, provided that such financial statements present the information as of a date within 16 months preceding the
            date on which the investor will acquire the Interests in a Fund; (ii) real estate held for investment purposes; (iii) publicly-traded commodity futures interests, including options thereon, or physical commodities held for investment purposes;
            (iv) certain financial contracts entered into for investment purposes, including swaps, options and repurchase agreements; (v) if the investor is a commodity pool or company that would be an investment company except that it is relying on an
            exception provided in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act, any amounts payable to the investor pursuant to a firm agreement or similar binding commitment pursuant to which a person has agreed to acquire an interest
            in, or make capital contributions to, the Investor upon the demand of the Investor; and (vi) cash or cash equivalents held for investment purposes (including bank deposits, certificates of deposit, bankers’ acceptances and similar bank
            instruments and the net cash surrender value of an insurance company).  Note that, generally, the amount of any indebtedness incurred to acquire an Investment must be deducted.  Investments do not include assets which do not reflect experience
            in the financial markets, such as jewelry, art work, antiques and other collectibles.

      

       

        

      5 Pursuant to Rule 144A under the Securities Act, a “Qualified Institutional Buyer” generally includes: (i) any of the following
        entities, acting for its own account or the accounts of other Qualified Institutional Buyers, that in the aggregate owns and invests on a discretionary basis at least $100,000,000 in securities of issuers that are not affiliated with the entity:
        (A) any insurance company as defined in Section 2(a)(13) of the Securities Act (Note: A purchase by an insurance company for one or more of its separate accounts, as defined by Section 2(a)(37) of the Investment Company Act, which are neither
        registered under Section 8 of the Investment Company Act nor required to be so registered, shall be deemed to be a purchase for the account of such insurance company); (B) any investment company registered under the Investment Company Act or any
        business development company as defined in Section 2(a)(48) of the Investment Company Act; (C) any Small Business Investment Company licensed by the US Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act
        of 1958 or any Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act ; (D) any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a
        state or its political subdivisions, for the benefit of its employees; (E) any employee benefit plan within the meaning of Title I of ERISA; (F) any trust fund whose trustee is a bank or trust company and whose participants are exclusively plans of
        the types identified in clause (E) or (F) above, except trust funds that include as participants IRAs or H.R. 10 plans; (G) any business development company as defined in Section 202(a)(22) of the Advisers Act; (H) any organization described in
        Section 501(c)(3) of the Code, corporation (other than a bank as defined in Section 3(a)(2) of the Securities Act or a savings and loan association or other institution referenced in Section 3(a)(5)(A) of the Securities Act or a foreign bank or
        savings and loan association or equivalent institution), partnership, limited liability company or Massachusetts or similar business trust; and (I) any investment adviser registered under the Advisers Act; and (J) any institutional accredited
        investor, as defined in Rule 501(a) under the Securities Act, of a type not listed in the preceding clauses (i)(A) through (i)(I) or the following clauses (ii) through (vi); (ii) any dealer registered pursuant to Section 15 of the Exchange Act,
        acting for its own account or the accounts of other Qualified Institutional Buyers, that in the aggregate owns and invests on a discretionary basis at least $10,000,000 of securities of issuers that are not affiliated with the dealer, provided that
        securities constituting the whole or a part of an unsold allotment to or subscription by a dealer as a participant in a public offering shall not be deemed to be owned by such dealer, (iii) any dealer registered pursuant to Section 15 of the
        Exchange Act acting in a riskless principal transaction on behalf of a Qualified Institutional Buyer, (iv) any investment company registered under the Investment Company Act, acting for its own account or for the accounts of other Qualified
        Institutional Buyers, that is part of a family of investment companies which own in the aggregate at least $100,000,000 in securities of issuers, other than issuers that are affiliated with the investment company or are part of such family of
        investment companies (meaning any two or more investment companies registered under the Investment Company Act, except for a unit investment trust whose assets consist solely of shares of one or more registered investment companies, that have the
        same investment adviser (or, in the case of unit investment trusts, the same depositor), provided that, for purposes of this definition each series of a series company (as defined in Rule 18f-2 under the Investment Company Act) shall be deemed to
        be a separate investment company; and investment companies shall be deemed to have the same adviser (or depositor) if their advisers (or depositors) are majority-owned subsidiaries of the same parent, or if one investment company's adviser (or
        depositor) is a majority-owned subsidiary of the other investment company's adviser (or depositor)), (v) any entity, all of the equity owners of which are Qualified Institutional Buyers, acting for its own account or the accounts of other Qualified
        Institutional Buyers, and (vi) any bank as defined in Section 3(a)(2) of the Securities Act, any savings and loan association or other institution as referenced in Section 3(a)(5)(A) of the Securities Act, or any foreign bank or savings and loan
        association or equivalent institution, acting for its own account or the accounts of other Qualified Institutional Buyers, that in the aggregate owns and invests on a discretionary basis at least $100,000,000 in securities of issuers that are not
        affiliated with it and that has an audited net worth of at least $25,000,000 as demonstrated in its latest annual financial statements, as of a date not more than 16 months preceding the subscription date in the case of a US bank or savings and
        loan association, and not more than 18 months preceding such date for a foreign bank or savings and loan association or equivalent institution.  For purposes of this definition, the aggregate amount of securities owned and invested on a
        discretionary basis by an entity must be determined in the manner provided in Rule 144A under the Securities Act.

       

      

      
        11

        
          

      

      
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          12

          
            

        

      

      
         •          An investment in our shares
              is not suitable for you if you might need access to the money you invest in the foreseeable future. 

         •          You should not expect to be
              able to sell your shares regardless of how we perform. 

         •          Since you are unable to sell
              your shares, you will be unable to reduce your exposure on any market downturn. 

         •          We do not intend to list our
              shares on any securities exchange, and we do not expect a secondary market in the shares to develop. 

         •          Our distributions may be
              funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to us for investment. Any capital returned to you through distributions will be distributed
              after payment of fees and expenses. 

         •          We will invest in securities
              that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative
              characteristics with respect to the issuer’s capacity to pay interest or repay principal. They may also be difficult to value and illiquid. 

         •          Investing in our stock may be considered speculative and involves a high degree of risk, including the risk of a substantial loss of investment. See “Item 1A. Risk Factors” in the Company's registration
                statement to read about the risks you should consider before buying shares of our stock, including the risk of leverage. 

      

       

        

      IN WITNESS WHEREOF, the undersigned investor has executed this Supplement to Subscription Agreement.

       

      	 	
              Print Name of Entity Investor (Must Match Investor Name on Page 1 of the Master Subscription Agreement)

            
	 	 
	 	
              Signature of Authorized Representative

              X

            
	 	
              Print Name

            
	 	 
	 	
              Print Title

            
	 	 
	 	
              Date

            
	 	 
	 	
              Signature of Additional Authorized Representative (If Required)

              X

            
	 	
              Print Name

            
	 	 
	 	
              Print Title

            
	 	 
	 	
              Date

            
	 	 

      

      

      If the investor’s Capital Commitment is accepted, such acceptance will be evidenced by the execution on behalf of the Fund of the signature page (a copy of which will be delivered to the investor), and will be deemed effective as of the date
        specified on such signature page.

      

      

      
        13

        
          

      

      CAPITAL COMMITMENT ACCEPTED:

       

      The undersigned hereby accepts the Capital Commitment set forth in Section 1(a) above on behalf of the Fund.

       

      BlackRock Direct Lending Corp.

       

      

      	 	
              Signature of Authorized Representative

            
	 	 
	 	
              X

            
	 	 
	 	
              Print Name

            
	 	 
	 	
              Print Title

            
	 	 
	 	
              Date

            
	 	 

      

      

      
         

          

        14

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