Document:

EX-4.6

 Exhibit 4.6 

Option No.________ 
 SPERO
THERAPEUTICS, INC. 
 Stock Option Grant Notice 

Stock Option Grant under the Company’s 

2017 Stock Incentive Plan (As Amended on August 17, 2021) 
  

					
	 1.
	  	 Name and Address of Participant:
	  	 
		  		  	 
		  		  	 
			
	 2.
	  	 Date of Option Grant:
	  	 
			
	 3.
	  	 Type of Grant:
	  	 
			
	 4.
	  	 Maximum Number of Shares for which this Option is exercisable:
	  	 
			
	 5.
	  	 Exercise (purchase) price per share:
	  	 
			
	 6.
	  	 Option Expiration Date:
	  	 
			
	 7.
	  	Vesting Start Date:	  	 

  

	8.	 Vesting Schedule: This Option shall become exercisable (and the Shares issued upon exercise shall be vested) as
follows provided the Participant is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting date: 

[25% of the Shares shall be vested on the first anniversary of the Vesting Start Date, and thereafter the remainder of the Shares not yet
vested shall vest in equal monthly installments for 36 months beginning on the first anniversary of the Vesting Start Date.] 
 The
foregoing rights are cumulative and are subject to the other terms and conditions of this Agreement. 
 The Company and the Participant
acknowledge receipt of this Stock Option Grant Notice and agree to the terms of the Stock Option Agreement attached hereto and incorporated by reference herein and the Company’s 2017 Stock Incentive Plan, as amended. 

 

			
	SPERO THERAPEUTICS, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	 
	Participant

 SPERO THERAPEUTICS, INC. 

STOCK OPTION AGREEMENT—INCORPORATED TERMS AND CONDITIONS 

AGREEMENT made as of the date of grant set forth in the Stock Option Grant Notice by and between Spero Therapeutics, Inc. (the
“Company”), a Delaware corporation, and the individual whose name appears on the Stock Option Grant Notice (the “Participant”). 

WHEREAS, the Company desires to grant to the Participant an Option to purchase shares of its common stock, $0.001 par value per share (the
“Shares”), under and for the purposes set forth in the Company’s 2017 Stock Incentive Plan, as amended (the “Plan”); 

WHEREAS, the Company and the Participant understand and agree that any terms used and not defined herein have the same meanings as in the
Plan; and 
 WHEREAS, the Company and the Participant each intend that the Option granted herein shall be of the type set forth in the Stock
Option Grant Notice. 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable
consideration, the parties hereto agree as follows: 
 1. GRANT OF OPTION. 

The Company hereby grants to the Participant the right and option to purchase all or any part of an aggregate of the number of Shares set
forth in the Stock Option Grant Notice, on the terms and conditions and subject to all the limitations set forth herein, under United States securities and tax laws, and in the Plan, which is incorporated herein by reference. The Participant
acknowledges receipt of a copy of the Plan. 
 2. EXERCISE PRICE. 

The exercise price of the Shares covered by the Option shall be the amount per Share set forth in the Stock Option Grant Notice, subject to
adjustment, as provided in the Plan, in the event of a stock split, reverse stock split or other events affecting the holders of Shares after the date hereof (the “Exercise Price”). Payment shall be made in accordance with Paragraph 9
of the Plan. 
 3. EXERCISABILITY OF OPTION. 

Subject to the terms and conditions set forth in this Agreement and the Plan, the Option granted hereby shall become vested and exercisable as
set forth in the Stock Option Grant Notice and is subject to the other terms and conditions of this Agreement and the Plan. 
 4. TERM OF
OPTION. 
 This Option shall terminate on the Option Expiration Date as specified in the Stock Option Grant Notice and, if this Option
is designated in the Stock Option Grant Notice as an ISO and the Participant owns as of the date hereof more than 10% of the total combined voting power of all classes of capital stock of the Company or an Affiliate, such date may not be more than
five years from the date of this Agreement, but shall be subject to earlier termination as provided herein or in the Plan. 

 If the Participant ceases to be an Employee, director or Consultant of the Company or of an
Affiliate for any reason other than the death or Disability of the Participant, or termination of the Participant for Cause (the “Termination Date”), the Option to the extent then vested and exercisable pursuant to Section 3 hereof as
of the Termination Date, and not previously terminated in accordance with this Agreement, may be exercised within three months after the Termination Date, or on or prior to the Option Expiration Date as specified in the Stock Option Grant Notice,
whichever is earlier, but may not be exercised thereafter except as set forth below. In such event, the unvested portion of the Option shall not be exercisable and shall expire and be cancelled on the Termination Date. 

If this Option is designated in the Stock Option Grant Notice as an ISO and the Participant ceases to be an Employee of the Company or of an
Affiliate but continues after termination of employment to provide service to the Company or an Affiliate as a director or Consultant, this Option shall continue to vest in accordance with Section 3 above as if this Option had not terminated
until the Participant is no longer providing services to the Company. In such case, this Option shall automatically convert and be deemed a Non-Qualified Option as of the date that is three months from
termination of the Participant’s employment and this Option shall continue on the same terms and conditions set forth herein until such Participant is no longer providing service to the Company or an Affiliate. 

Notwithstanding the foregoing, in the event of the Participant’s Disability or death within three months after the Termination Date, the
Participant or the Participant’s Survivors may exercise the Option within one year after the Termination Date, but in no event after the Option Expiration Date as specified in the Stock Option Grant Notice. 

In the event the Participant’s service is terminated by the Company or an Affiliate for Cause, the Participant’s right to exercise
any unexercised portion of this Option even if vested shall cease immediately as of the time the Participant is notified his or her service is terminated for Cause, and this Option shall thereupon terminate. Notwithstanding anything herein to the
contrary, if subsequent to the Participant’s termination, but prior to the exercise of the Option, the Administrator determines that, either prior or subsequent to the Participant’s termination, the Participant engaged in conduct which
would constitute Cause, then the Participant shall immediately cease to have any right to exercise the Option and this Option shall thereupon terminate. 

In the event of the Disability of the Participant, as determined in accordance with the Plan, the Option shall be exercisable within one year
after the Participant’s termination of service due to Disability or, if earlier, on or prior to the Option Expiration Date as specified in the Stock Option Grant Notice. In such event, the Option shall be exercisable: 

 

	 	(a)	 to the extent that the Option has become exercisable but has not been exercised as of the date of the
Participant’s termination of service due to Disability; and 

  

	 	(b)	 in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the
date of the Participant’s termination of service due to Disability of any additional vesting rights that would have accrued on the next vesting date had the Participant not become Disabled. The proration shall be based upon the number of days
accrued in the current vesting period prior to the date of the Participant’s termination of service due to Disability. 

In the event of the death of the Participant while an Employee, director or Consultant of the Company or of an Affiliate, the Option shall be
exercisable by the Participant’s Survivors within one year after the date of death of the Participant or, if earlier, on or prior to the Option Expiration Date as specified in the Stock Option Grant Notice. In such event, the Option shall be
exercisable: 
  

	 	(x)	 to the extent that the Option has become exercisable but has not been exercised as of the date of death; and

  
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	 	(y)	 in the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the
date of death of any additional vesting rights that would have accrued on the next vesting date had the Participant not died. The proration shall be based upon the number of days accrued in the current vesting period prior to the Participant’s
date of death. 

 5. METHOD OF EXERCISING OPTION. 

Subject to the terms and conditions of this Agreement, the Option may be exercised by written notice to the Company or its designee, in
substantially the form of Exhibit A attached hereto (or in such other form acceptable to the Company, which may include electronic notice). Such notice shall state the number of Shares with respect to which the Option is
being exercised and shall be signed by the person exercising the Option (which signature may be provided electronically in a form acceptable to the Company). Payment of the Exercise Price for such Shares shall be made in accordance with Paragraph 9
of the Plan. The Company shall deliver such Shares as soon as practicable after the notice shall be received, provided, however, that the Company may delay issuance of such Shares until completion of any action or obtaining of any consent, which the
Company deems necessary under any applicable law (including, without limitation, state securities or “blue sky” laws). The Shares as to which the Option shall have been so exercised shall be registered in the Company’s share register
in the name of the person so exercising the Option (or, if the Option shall be exercised by the Participant and if the Participant shall so request in the notice exercising the Option, shall be registered in the Company’s share register in the
name of the Participant and another person jointly, with right of survivorship) and shall be delivered as provided above to or upon the written order of the person exercising the Option. In the event the Option shall be exercised, pursuant to
Section 4 hereof, by any person other than the Participant, such notice shall be accompanied by appropriate proof of the right of such person to exercise the Option. All Shares that shall be purchased upon the exercise of the Option as provided
herein shall be fully paid and nonassessable. 
 6. PARTIAL EXERCISE. 

Exercise of this Option to the extent above stated may be made in part at any time and from time to time within the above limits, except that
no fractional share shall be issued pursuant to this Option. 
 7. NON-ASSIGNABILITY.

 The Option shall not be transferable by the Participant otherwise than by will or by the laws of descent and distribution. If this Option
is a Non-Qualified Option then it may also be transferred (i) pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act or the rules
thereunder or (ii) for no consideration to or for the benefit of the Participant’s Immediate Family (including, without limitation, to a trust for the benefit of the Participant’s Immediate Family or to a partnership or limited
liability company for one or more members of the Participant’s Immediate Family), and the transferee shall remain subject to all the terms and conditions applicable to the Option prior to such transfer and each such transferee shall so
acknowledge in writing as a condition precedent to the effectiveness of such transfer. The term “Immediate Family” shall mean the Participant’s spouse, former spouse, parents, children, stepchildren, adoptive relationships, sisters,
brothers, nieces, nephews and grandchildren (and, for this purpose, shall also include the 

  
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Participant). Except as provided above in this paragraph, the Option shall be exercisable, during the Participant’s lifetime, only by the Participant (or, in the event of legal
incapacity or incompetency, by the Participant’s guardian or representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar
process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any rights granted hereunder contrary to the provisions of this Section 7, or the levy of any attachment or similar process upon the
Option shall be null and void. 
 8. NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE. 

The Participant shall have no rights as a stockholder with respect to Shares subject to this Agreement until registration of the Shares in the
Company’s share register in the name of the Participant. Except as is expressly provided in the Plan with respect to certain changes in the capitalization of the Company, no adjustment shall be made for dividends or similar rights for which the
record date is prior to the date of such registration. 
 9. ADJUSTMENTS. 

The Plan contains provisions covering the treatment of Options in a number of contingencies such as stock splits and mergers. Provisions in
the Plan for adjustment with respect to stock subject to Options and the related provisions with respect to successors to the business of the Company are hereby made applicable hereunder and are incorporated herein by reference. 

10. TAXES. 
 The
Participant acknowledges and agrees that (i) any income or other taxes due from the Participant with respect to this Option or the Shares issuable upon exercise of this Option shall be the Participant’s responsibility; (ii) the
Participant was free to use professional advisors of his or her choice in connection with this Agreement, has received advice from his or her professional advisors in connection with this Agreement, understands its meaning and import, and is
entering into this Agreement freely and without coercion or duress; (iii) the Participant has not received and is not relying upon any advice, representations or assurances made by or on behalf of the Company or any Affiliate or any employee of
or counsel to the Company or any Affiliate regarding any tax or other effects or implications of the Option, the Shares or other matters contemplated by this Agreement; and (iv) neither the Administrator, the Company, its Affiliates, nor any of
its officers or directors, shall be held liable for any applicable costs, taxes, or penalties associated with the Option if, in fact, the Internal Revenue Service were to determine that the Option constitutes deferred compensation under
Section 409A of the Code. 
 If this Option is designated in the Stock Option Grant Notice as a
Non-Qualified Option or if the Option is an ISO and is converted into a Non-Qualified Option and such Non-Qualified Option is
exercised, the Participant agrees that the Company may withhold from the Participant’s remuneration, if any, the minimum statutory amount of federal, state and local withholding taxes attributable to such amount that is considered compensation
includable in such person’s gross income. At the Company’s discretion, the amount required to be withheld may be withheld in cash from such remuneration, or in kind from the Shares otherwise deliverable to the Participant on exercise of
the Option. The Participant further agrees that, if the Company does not withhold an amount from the Participant’s remuneration sufficient to satisfy the Company’s income tax withholding obligation, the Participant will reimburse the
Company on demand, in cash, for the amount under-withheld. 

  
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	 	11.	 PURCHASE FOR INVESTMENT. 

Unless the offering and sale of the Shares to be issued upon the particular exercise of the Option shall have been effectively registered under
the Securities Act, the Company shall be under no obligation to issue the Shares covered by such exercise unless the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act and
until the following conditions have been fulfilled: 
  

	 	(a)	 The person(s) who exercise the Option shall warrant to the Company, at the time of such exercise, that such
person(s) are acquiring such Shares for their own respective accounts, for investment, and not with a view to, or for sale in connection with, the distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by
the provisions of the following legend which shall be endorsed upon any certificate(s) evidencing the Shares issued pursuant to such exercise: 

“The shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any
person, including a pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel
satisfactory to it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state securities laws;” and 

(b) If the Company so requires, the Company shall have received an opinion of its counsel that the Shares may be issued upon such particular
exercise in compliance with the Securities Act without registration thereunder. Without limiting the generality of the foregoing, the Company may delay issuance of the Shares until completion of any action or obtaining of any consent, which the
Company deems necessary under any applicable law (including without limitation state securities or “blue sky” laws). 
  

	 	12.	 RESTRICTIONS ON TRANSFER OF SHARES. 

12.1 The Participant agrees that in the event the Company proposes to offer for sale to the public any of its equity securities and such
Participant is requested by the Company and any underwriter engaged by the Company in connection with such offering to sign an agreement restricting the sale or other transfer of Shares, then it will promptly sign such agreement and will not
transfer, whether in privately negotiated transactions or to the public in open market transactions or otherwise, any Shares or other securities of the Company held by him or her during such period as is determined by the Company and the
underwriters, not to exceed 180 days following the closing of the offering, plus such additional period of time as may be required to comply with FINRA rules or similar rules thereto promulgated by another regulatory authority (such period, the “Lock-Up Period”). Such agreement shall be in writing and in form and substance reasonably satisfactory to the Company and such underwriter and pursuant to customary and prevailing terms and conditions.
Notwithstanding whether the Participant has signed such an agreement, the Company may impose stop-transfer instructions with respect to the Shares or other securities of the Company subject to the foregoing restrictions until the end of the Lock-Up Period. 
 12.2 The Participant acknowledges and agrees that neither the Company, its stockholders
nor its directors and officers, has any duty or obligation to disclose to the Participant any material information regarding the business of the Company or affecting the value of the Shares before, at the time of, or following a termination of the
service of the Participant by the Company, including, without limitation, any information concerning plans for the Company to make a public offering of its securities or to be acquired by or merged with or into another firm or entity. 

  
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	 	13.	 NO OBLIGATION TO MAINTAIN RELATIONSHIP. 

The Participant acknowledges that: (i) the Company is not by the Plan or this Option Agreement obligated to continue the Participant as an
employee, director or Consultant of the Company or an Affiliate; (ii) the Plan is discretionary in nature and may be suspended or terminated by the Company at any time; (iii) the grant of the Option is a
one-time benefit which does not create any contractual or other right to receive future grants of options, or benefits in lieu of options; (iv) all determinations with respect to any such future grants,
including, but not limited to, the times when options shall be granted, the number of shares subject to each option, the option price, and the time or times when each option shall be exercisable, will be at the sole discretion of the Company;
(v) the Participant’s participation in the Plan is voluntary; (vi) the value of the Option is an extraordinary item of compensation which is outside the scope of the Participant’s employment or consulting contract, if any; and
(vii) the Option is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments. 

 

	 	14.	 IF OPTION IS INTENDED TO BE AN ISO. 

If this Option is designated in the Stock Option Grant Notice as an ISO so that the Participant (or the Participant’s Survivors) may
qualify for the favorable tax treatment provided to holders of Options that meet the standards of Section 422 of the Code then any provision of this Agreement or the Plan which conflicts with the Code so that this Option would not be deemed an
ISO is null and void and any ambiguities shall be resolved so that the Option qualifies as an ISO. The Participant should consult with the Participant’s own tax advisors regarding the tax effects of the Option and the requirements necessary to
obtain favorable tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements. 

Notwithstanding the foregoing, to the extent that the Option is designated in the Stock Option Grant Notice as an ISO and is not deemed to be
an ISO pursuant to Section 422(d) of the Code because the aggregate Fair Market Value (determined as of the Date of Option Grant) of any of the Shares with respect to which this ISO is granted becomes exercisable for the first time during any
calendar year in excess of $100,000, the portion of the Option representing such excess value shall be treated as a Non-Qualified Option and the Participant shall be deemed to have taxable income measured by
the difference between the then Fair Market Value of the Shares received upon exercise and the price paid for such Shares pursuant to this Agreement. 

Neither the Company nor any Affiliate shall have any liability to the Participant, or any other party, if the Option (or any part thereof)
that is intended to be an ISO is not an ISO or for any action taken by the Administrator, including without limitation the conversion of an ISO to a Non-Qualified Option. 

 

	 	15.	 NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION OF AN ISO. 

If this Option is designated in the Stock Option Grant Notice as an ISO then the Participant agrees to notify the Company in writing
immediately after the Participant makes a Disqualifying Disposition of any of the Shares acquired pursuant to the exercise of the ISO. A Disqualifying Disposition is defined in Section 424(c) of the Code and includes any disposition

  
 6 

 
(including any sale) of such Shares before the later of (a) two years after the date the Participant was granted the ISO or (b) one year after the date the Participant acquired Shares
by exercising the ISO, except as otherwise provided in Section 424(c) of the Code. If the Participant has died before the Shares are sold, these holding period requirements do not apply and no Disqualifying Disposition can occur thereafter.

  

	 	16.	 NOTICES. 

Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier service, facsimile,
registered or certified mail, return receipt requested, addressed as follows: 
 If to the Company: 

Spero Therapeutics, Inc. 

675 Massachusetts Avenue 

Cambridge, MA 02139 

Attention: Chief Financial Officer 

If to the Participant, at the address set forth on the Stock Option Grant Notice 

or to such other address or addresses of which notice in the same manner has previously been given. Any such notice shall be deemed to have been given upon
the earlier of receipt, one business day following delivery to a recognized courier service or three business days following mailing by registered or certified mail. 
  

	 	17.	 GOVERNING LAW. 

This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to its internal
principles governing the conflict of law. For the purpose of litigating any dispute that arises under this Agreement, the parties hereby consent to exclusive jurisdiction in the Commonwealth of Massachusetts and agree that such litigation
shall be conducted in the state courts of Suffolk County, Massachusetts or the federal courts of the United States for the District of Massachusetts. 
  

	 	18.	 BENEFIT OF AGREEMENT. 

Subject to the provisions of the Plan and the other provisions hereof, this Agreement shall be for the benefit of and shall be binding upon
the heirs, executors, administrators, successors and assigns of the parties hereto. 
  

	 	19.	 ENTIRE AGREEMENT. 

This Agreement, together with the Plan, embodies the entire agreement and understanding between the parties hereto with respect to the subject
matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof (with the exception of acceleration of vesting provisions contained in any other agreement with the Company). No statement,
representation, warranty, covenant or agreement not expressly set forth in this Agreement shall affect or be used to interpret, change or restrict, the express terms and provisions of this Agreement. Notwithstanding the foregoing in all events, this
Agreement shall be subject to and governed by the Plan. 

  
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	 	20.	 MODIFICATIONS AND AMENDMENTS. 

The terms and provisions of this Agreement may be modified or amended as provided in the Plan. 

 

	 	21.	 WAIVERS AND CONSENTS. 

Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only
by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement,
whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent. 

22. DATA PRIVACY. 
 By
entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of
its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the grant of options and the administration of the Plan; and (ii) authorizes the Company and each Affiliate to store and transmit
such information in electronic form for the purposes set forth in this Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
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 Exhibit A 

NOTICE OF EXERCISE OF STOCK OPTION 

[Form for Shares registered in the United States] 

To:    Spero Therapeutics, Inc. 

IMPORTANT NOTICE: This form of Notice of Exercise may only be used at such time as the Company has filed a Registration Statement with the Securities
and Exchange Commission under which the issuance of the Shares for which this exercise is being made is registered and such Registration Statement remains effective. 

Ladies and Gentlemen: 
 I hereby exercise my
Stock Option to purchase _________ shares (the “Shares”) of the common stock, $0.001 par value, of Spero Therapeutics, Inc. (the “Company”), at the exercise price of $________ per share, pursuant to and subject to the
terms of that Stock Option Grant Notice dated _______________, 201_. 
 I understand the nature of the investment I am making and the
financial risks thereof. I am aware that it is my responsibility to have consulted with competent tax and legal advisors about the relevant national, state and local income tax and securities laws affecting the exercise of the Option and the
purchase and subsequent sale of the Shares. 
 I am paying the option exercise price for the Shares as follows: 

 
  

Please issue the Shares (check one): 

☐ to me; or 
 ☐ to me
and ____________________________, as joint tenants with right of survivorship, 
 at the following address: 

 

					
		  	 	  	
		  	 	  	
		  	 	  	

 My mailing address for stockholder communications, if different from the address listed above, 

is: 
  

					
		  	 	  	
		  	 	  	
		  	 	  	

  
 Exhibit A-1 

 
	
	Very truly yours,
	
	   

	Participant (signature)
	
	   

	Print Name
	
	   

	Date

  
 Exhibit A-2EX-10.1

 Exhibit 10.1 

Execution Version 

AGREEMENT OF PURCHASE AND SALE 

This Agreement of Purchase and Sale, dated as of September 20, 2021 (the “Purchase Agreement”), is by and among (i) Blue
Owl Capital Inc., a Delaware corporation (the “Company”), (ii) Blue Owl Capital Holdings LP, a Delaware limited partnership (the “Holdings Partnership” and, together with the Company, “Blue Owl”), and
(iii) Illiquid Markets 1888 Fund, LLC (“Investor”). 
 WITNESSETH 

WHEREAS, in connection with its investments therein, Investor was granted the right to receive certain contractual management fee shares (the
“Management Fee Shares”) and carried interest shares with respect to each of Dyal Capital Partners III (A) LP, Dyal Capital Partners III (B) LP, Dyal Capital Partners IV (A) LP, Dyal Capital Partners IV (B) LP, Dyal
Capital Partners IV (C) LP, Dyal Capital Partners V (A) LP and Dyal Capital Partners V (B) LP as well as their respective feeder funds, alternative vehicles and parallel funds (collectively, the “Dyal Equity Funds”), as set
forth in the applicable side letter by and between the investment advisor and the general partner of each Dyal Equity Fund and Investor (collectively, the “Dyal Equity Fund Side Letters”); 

WHEREAS, pursuant to the applicable Dyal Equity Fund Side Letters, Investor is entitled to (i) make a capital commitment to any successor
partnership to Dyal Capital Partners V (A) LP and Dyal Capital Partners V (B) LP (collectively, “Dyal Equity Fund V”) in the amount up to its capital commitment to Dyal Equity Fund V and (ii) receive similar management fee
and carried interest revenue shares in any future investment funds, accounts, vehicles and/or other similar arrangements investing alongside, or formed in succession of, the Dyal Equity Funds (including as a result of any restructuring thereof) (the
rights described in clauses (i) and (ii), collectively, the “Future Dyal Revenue Rights”); 
 WHEREAS, pursuant to the Dyal
Equity Fund Side Letter in respect of Dyal Equity Fund V, NB Alternatives Advisers LLC, its direct or indirect controlled subsidiaries and their respective successors or assigns are subject to certain limitations on sponsoring, or serving as
investment manager for, Competing Funds (as defined in such Dyal Equity Fund Side Letter) of Dyal Equity Fund V (the “Competing Fund Covenant”); 

WHEREAS, Investor and Blue Owl have agreed that Investor will relinquish the Management Fee Shares, the Future Dyal Revenue Rights and the
Competing Fund Covenant, and, in consideration thereof, the Company will issue shares of its Class A common stock, par value $0.0001 per share (“Company Class A Common Stock”), and the Holdings Partnership will make certain cash
payment, to Investor, upon the terms and subject to the conditions set forth in this Purchase Agreement; and 
 WHEREAS, Investor desires to
make an incremental commitment of $50 million to Dyal Equity Fund V. 
 NOW THEREFORE, in consideration of the mutual agreements,
covenants, representations, warranties and indemnities contained in this Purchase Agreement, Blue Owl and Investor agree as follows: 

	1.	 Definitions. 

In addition to terms otherwise defined herein, the following terms shall have the meanings set forth below for purposes of this Purchase
Agreement: 
 (a) “Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 (b) “Additional Investor’s Documents” shall mean, collectively, (i) the Registration Rights Agreement and
(ii) each Amended Side Letter. 
 (c) “Approvals” shall mean, with respect to this Purchase Agreement and the transactions
contemplated hereby, all notices, legal opinions, consents, amendments, waivers and modifications required pursuant to the terms hereof or such other documents in order to permit consummation of the transactions contemplated by this Purchase
Agreement. 
 (d) “Cash Purchase Price” shall mean $7.5 million in cash. 

(e) “Code” shall mean the Internal Revenue Code of 1986, as amended. 

(f) “Equity Purchase Price” shall mean 3,733,342 shares of the Company Class A Common Stock. 

(g) “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

(h) “Lien” shall mean any lien, pledge, claim, security interest, encumbrance, charge, restriction or limitation of any kind,
whether arising by agreement, operation of law or otherwise. 
 (i) “Person” shall mean any individual, corporation, partnership,
limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

(j) “Registration Rights Agreement” shall mean the Registration Rights Agreement by and between the Company and Investor, dated as
of the date hereof. 
  

	2.	 Closing. 

(a) The relinquishment of the Management Fee Shares, the Future Dyal Revenue Rights and the Competing Fund Covenant by Investor, the issuance
of the shares of the Company Class A Common Stock in respect of the Equity Purchase Price by the Company to Investor and the payment of the Cash Purchase Price from the Holdings Partnership to Investor shall take place remotely (by the mutual
exchange of electronic signatures (including portable document format (.PDF)) and wire transfer) at approximately 4 p.m., Eastern Time, on the date hereof (the “Closing Date”). In reliance on the representations, warranties and agreements
set forth in this Purchase Agreement, the following shall take place on the Closing Date: 

  
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 (i) Investor shall waive, relinquish and release all interests, rights and
claims with respect to the Management Fee Shares, the Future Dyal Revenue Rights and the Competing Fund Covenant, and, in connection therewith, each Dyal Equity Fund Side Letter shall be amended and restated as follows, effective as of the Closing
Date: 
 (1) paragraphs 1(a)(ii), 1(a)(iv), 1(b) and 1(d), all references to the “Management Fee Amount”, “Revenue Share
Entity” and “Successor Partnership” and all other references related to the Management Fee Shares shall be deleted in full from each Dyal Equity Fund Side Letter (and, for greater certainty, no Management Fee Shares shall apply to any
current or future Revenue Share Entity (as defined in such Dyal Equity Fund Side Letter)); and 
 (2) paragraph 34 (“Successor
Funds”) and paragraph 36 (“Competing Funds”) in the Dyal Equity Fund Side Letter of Dyal Equity Fund V shall be deleted in full (each Dyal Equity Fund Side Letter as amended in accordance with the foregoing clauses
(1) and (2) and in the form set forth on Exhibit A hereto, an “Amended Side Letter”); 
 (ii) the Holdings
Partnership shall pay Investor by wire transfer of immediately available funds the Cash Purchase Price (as adjusted in accordance with Paragraph 2(b) hereof), net of any required withholding (as determined in good faith by Blue Owl); 

(iii) the Company shall issue the shares of the Company Class A Common Stock in respect of the Equity Purchase Price to
Investor; 
 (iv) Investor shall increase its capital commitment to Dyal Equity Fund V on the existing terms, other than as
modified hereby, resulting in an aggregate capital commitment of $100 million; and 
 (v) Investor shall deliver or
cause to be delivered to Blue Owl all Additional Investor’s Documents, and Blue Owl shall deliver or cause to be delivered to Investor all Additional Investor’s Documents. 

(b) The Cash Purchase Price shall be reduced by an aggregate amount equal to all amounts distributed to Investor in respect of the Management
Fee Share from May 20, 2021 through the Closing Date (the “Interim Period”). To the extent that any amounts in respect of the Management Fee Share have been accrued but have not been distributed to Investor during the Interim Period,
Investor shall waive, relinquish and release all interests, rights and claims with respect to such accrued and undistributed amounts. 
 (c)
For greater certainty, Investor shall remain (i) entitled to its Performance Share (as defined in the applicable Dyal Equity Fund Side Letter) in respect of the applicable Dyal Equity Fund and (ii) liable for its share of any Interim
Clawback Amount (as defined in the applicable Dyal Equity Fund Side Letter) and Clawback Amount (as defined in the applicable Dyal Equity Fund Side Letter), in each case of clauses (i) and (ii) in accordance with the applicable Dyal Equity Fund
Side Letter. 

  
 3 

 (d) In the event that Investor is or is required to file a Schedule 13D/G (or Schedule 13D/G
amendment) with the Securities and Exchange Commission (the “SEC”) pursuant to the Securities Exchange Act of 1934, as amended with respect to the shares of the Company Class A Common Stock, then Investor shall, in advance of filing
the Schedule 13D/G or Schedule 13D/G amendment with the SEC, provide the Company and its counsel with a reasonable opportunity to review and consult on the disclosure contained in the Schedule 13D/G or Schedule 13D/G amendment, any proposed
revisions to which the Investor will consider in good faith. 
  

	3.	 Representations and Warranties of Investor. 

Investor hereby represents and warrants to Blue Owl, as of the date of this Purchase Agreement, as follows: 

(a) Authorization. Investor is an entity duly organized and validly existing in good standing under the laws of its jurisdiction of
organization. Investor has the requisite power and authority to enter into, execute and deliver this Purchase Agreement and each Additional Investor’s Document and to perform all of the obligations to be performed by it hereunder and
thereunder. This Purchase Agreement, each Additional Investor’s Document and the transactions contemplated hereby and thereby have been duly authorized, executed and delivered by it, and this Purchase Agreement and each Additional
Investor’s Document constitute its valid and binding obligation, enforceable against it in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization and moratorium
laws and other laws of general application affecting enforcement of creditors’ rights generally. All Approvals have been obtained and any other consents and approvals required to be obtained by Investor from any court, governmental agency,
creditor or any other Person for the execution, delivery and performance of this Purchase Agreement shall have been obtained. 
 (b)
Title. Investor owns all right, title and interests (legal and beneficial), as applicable, in and to the Management Fee Shares, Future Dyal Revenue Rights and Competing Fund Covenant, free and clear of all Liens other than restrictions under
U.S. federal and state securities laws (or similar restrictions under the laws of any jurisdiction outside the United States, to the extent applicable). 

(c) No Conflicts. Neither the execution and delivery of this Purchase Agreement or any Additional Investor’s Document, nor the
performance or consummation of the transactions contemplated hereby or thereby by Investor, will conflict with, result in the breach of, constitute a default under or accelerate the performance required by the terms of: (i) any law, rule or
regulation of any government or governmental or regulatory agency to which Investor may be subject; (ii) any judgment, order, writ, decree, permit or license of any court or governmental or regulatory agency to which Investor may be subject;
(iii) any contract, agreement, commitment or instrument to which Investor is a party or by which any of its assets is bound and which relates to, or imposes any restrictions upon the ability of Investor to relinquish, the Management Fee Shares,
Future Dyal Revenue Rights and Competing Fund Covenant pursuant to this Purchase Agreement; or (iv) Investor’s constituent documents or other governing instruments (or constitute an event which, with the passage of time or action by a
third party, would result in any of the foregoing). The execution and delivery of this Purchase Agreement by Investor and the performance and consummation by Investor of the transactions contemplated hereby do not require any registration, filing,
qualification, consent or approval with respect to Investor under any such law, rule, regulation, judgment, order, writ, decree, permit or license to which Investor may be subject. 

  
 4 

 (d) Litigation. There is no action, suit, claim, proceeding, arbitration,
governmental inquiry or investigation pending or, to Investor’s knowledge, threatened against Investor, at law or in equity, before or by any governmental or regulatory department, commission, board, bureau, agency or instrumentality, domestic
or foreign, which, if adversely determined, would question the validity of, or prevent or materially delay the consummation of, the transactions contemplated by this Purchase Agreement or Investor’s ability to perform its obligations hereunder
or materially and adversely affect Investor’s ability to relinquish the Management Fee Shares, Future Dyal Revenue Rights and Competing Fund Covenant pursuant to this Purchase Agreement. There is no action or suit by Investor pending or
threatened against any other Person relating to the Management Fee Shares, Future Dyal Revenue Rights and Competing Fund Covenant that would, if adversely determined, materially and adversely affect the Management Fee Shares, Future Dyal Revenue
Rights and Competing Fund Covenant being relinquished by Investor pursuant to this Purchase Agreement. 
 (e) Certain Conduct.
Investor has not (i) sold, assigned, transferred, delivered or otherwise disposed of; (ii) converted, exchanged or redeemed; (iii) other than restrictions under federal and state securities laws (or similar restrictions under the laws
of any jurisdiction outside the United States, to the extent applicable), created or permitted to exist any Lien on; nor (iv) agreed to do any of the foregoing in respect of, any of the Management Fee Shares, the Future Dyal Revenue Rights and
the Competing Fund Covenant which Investor is relinquishing hereunder. 
 (f) Acknowledgments. Investor is a sophisticated,
experienced investor, capable of evaluating the value of the Management Fee Shares, the Future Dyal Revenue Rights, the Competing Fund Covenant and the Equity Purchase Price, and in making its decision to acquire the shares of the Company
Class A Common Stock issued in respect of the Equity Purchase Price and to relinquish the Management Fee Shares, the Future Dyal Revenue Rights and the Competing Fund Covenant pursuant to this Purchase Agreement, it (i) is responsible for
making its own evaluation of information about Blue Owl that it may receive from Blue Owl, and (ii) has not relied upon any representations, warranties, covenants, or agreements of Blue Owl or any affiliate thereof other than those set forth in
this Purchase Agreement. Investor acknowledges that Blue Owl has no obligation to provide information to Investor relating to the value of the shares of the Company Class A Common Stock issued in respect of the Equity Purchase Price or
otherwise, except as specified in this Purchase Agreement, and the aggregate Cash Purchase Price and Equity Purchase Price in exchange for the relinquishment of the Management Fee Shares, the Future Dyal Revenue Rights and the Competing Fund
Covenant may be more or less than the fair market value thereof. Investor hereby confirms that it has consulted to the extent deemed appropriate by Investor with Investor’s own advisers, and has reviewed all publicly available information, with
respect to Company. Investor further represents and warrants that it has, independently and without reliance upon Blue Owl, its affiliates or agents, and based on such documents and information as Investor has deemed appropriate, made its own
appraisal of, and investigation into, the business, operations, property, legal, regulatory, accounting, financial, tax and other conditions, creditworthiness and consequences of an investment in Blue Owl and made its own decision with respect to
the transactions contemplated hereunder. Investor acknowledges that Blue Owl may be in possession 

  
 5 

 
of material non-public information with respect to the Management Fee Shares, the Future Dyal Revenue Rights and the Competing Fund Covenant. Investor
acknowledges that it has not requested Blue Owl to disclose any material or potentially material non-public information relating to Blue Owl or its securities other than as represented and warranted in this
Purchase Agreement, and Blue Owl has not done so. Investor agrees that Blue Owl shall not be obligated to disclose any material non-public information it may have other than as represented and warranted in
this Purchase Agreement, or have any liability with respect to such non-disclosure. Investor hereby waives its right to rescind or invalidate the relinquishment of the Management Fee Shares, the Future Dyal
Revenue Rights and the Competing Fund Covenant or to seek damages or other remuneration from Blue Owl based on Blue Owl’s possession of such information or the lack of possession of any such information by Investor. 

(g) Equity Purchase Price. Investor understands that the shares of the Company Class A Common Stock issued in respect of the
Equity Purchase Price has not been registered under the Act or any state or non-U.S. securities laws, and are being offered and sold in reliance upon U.S. federal, state and applicable non-U.S. exemptions from registration requirements for transactions not involving a public offering. Investor represents and warrants that the shares of the Company Class A Common Stock issued in respect of the
Equity Purchase Price shall be acquired by Investor solely for the account of Investor, for investment purposes only and not with a view to the distribution thereof. Investor represents and warrants that Investor (i) is a sophisticated investor
with the knowledge and experience in business and financial matters to enable Investor to evaluate the merits and risks of an investment in the Company, (ii) is able to bear the economic risk and lack of liquidity of an investment in the
Company and (iii) is able to bear the risk of loss of its entire investment in the Company. 
 (h) ERISA. Either
(i) Investor is not, nor is Investor acting on behalf of or with assets of, an “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to Title I of ERISA, or a “plan” within the meaning of and
subject to Section 4975 of the Code, or a governmental plan or other plan that is subject to any applicable law that is substantially similar to the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of
the Code, or an entity whose assets are treated as assets of any such employee benefit plan or plan, or (ii) Investor is not a “party-in-interest” of Blue
Owl within the meaning of Section 3(14) of ERISA or a “disqualified person,” with respect to Blue Owl within the meaning of Section 4975(e) of the Code and the consummation of the transactions contemplated by this Purchase
Agreement will not be a “prohibited transaction” (within the meaning of Section 406 of ERISA or Section 4975 of the Code). 
  

	4.	 Representations and Warranties of the Company. 

The Company hereby represents and warrants to Investor, as of the date of this Purchase Agreement, as follows: 

(a) Authorization. The Company is an entity duly organized and validly existing in good standing under the laws of its jurisdiction of
organization. The Company has the requisite power and authority to enter into, execute and deliver this Purchase Agreement and the Registration Rights Agreement and to perform all of the obligations to be performed by it hereunder and thereunder.
This Purchase Agreement, the Registration Rights Agreement and the 

  
 6 

 
transactions contemplated hereby and thereby have been duly authorized, executed and delivered by it, and this Purchase Agreement and the Registration Rights Agreement constitute its valid and
binding obligation, enforceable against it in accordance with their respective terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application affecting
enforcement of creditors’ rights generally. All Approvals have been obtained and any other consents and approvals required to be obtained by the Company from any court, governmental agency, creditor or any other Person for the execution,
delivery and performance of this Purchase Agreement shall have been obtained. 
 (b) No Conflicts. Neither the execution and delivery
of this Purchase Agreement or the Registration Rights Agreement nor the performance or consummation of the transactions contemplated hereby or thereby by the Company will conflict with, result in the breach of, constitute a default under or
accelerate the performance required by the terms of: (i) any law, rule or regulation of any government or governmental or regulatory agency to which the Company may be subject; (ii) any judgment, order, writ, decree, permit or license of
any court or governmental or regulatory agency to which the Company may be subject; (iii) any contract, agreement, commitment or instrument to which the Company is a party or by which it or any of its assets is bound; or (iv) the
Company’s constituent documents or other governing instruments (or constitute an event which, with the passage of time or action by a third party, would result in any of the foregoing). The execution and delivery of this Purchase Agreement by
the Company and the performance and consummation by the Company of the transactions contemplated hereby do not require any registration, filing, qualification, consent or approval with respect to the Company under any such law, rule, regulation,
judgment, order, writ, decree, permit or license to which the Company may be subject. 
 (c) Litigation. Except as disclosed in
Company’s public filings (including current and periodic reports), there is no action, suit, claim, proceeding, arbitration, governmental inquiry or investigation pending or, to the Company’s knowledge, threatened against the Company, at
law or in equity, before or by any governmental or regulatory department, commission, board, bureau, agency or instrumentality, domestic or foreign, which, if adversely determined, would question the validity of, or prevent or materially delay the
consummation of, the transactions contemplated by this Purchase Agreement or the Company’s ability to perform its obligations hereunder. 

(d) Equity Purchase Price. The shares of the Company Class A Common Stock issued in respect of the Equity Purchase Price have been
duly authorized and, upon the effective relinquishment of the Management Fee Shares, the Future Dyal Revenue Rights and the Competing Fund Covenant, will constitute validly issued shares of the Company Class A Common Stock in reliance upon U.S.
federal, state and applicable non-U.S. exemptions from registration requirements for transactions not involving a public offering. 
  

	5.	 Survival of Representations and Warranties. 

Each and every representation and warranty in this Purchase Agreement and each Additional Investor’s Document shall survive the execution
and delivery of this Purchase Agreement and shall be fully effective and enforceable until the expiration of the applicable statute of limitations thereto. Any investigation or other examination that may be made at any time by or on behalf of a
party to which representations and warranties are made shall not limit, diminish or 

  
 7 

 
in any way affect the specific representations and warranties in this Purchase Agreement, and the parties may rely on the specific representations and warranties in this Purchase Agreement,
irrespective of any information obtained by them by any investigation, examination or otherwise. All rights to indemnification with respect to any representation and warranty hereunder shall survive only as long as the applicable representation and
warranty survives; provided, however, that with respect to any claim for indemnification asserted prior to the termination of the representation or warranty, the parties’ indemnification obligations shall survive until the claim is
resolved. 
  

	6.	 Indemnification. 

(a) Indemnification by Investor. Investor agrees to defend, indemnify and hold harmless Blue Owl, its affiliates and their respective
officers, directors, partners, members, managers, employees, agents, trustees, successors and assigns, from and against any and all losses, damages, claims, suits, proceedings, liabilities, fees, costs and expenses (including settlement costs,
interest, penalties, reasonable attorneys’ fees and any reasonable legal or other expenses for investigation or defense of any actions or threatened actions) (collectively, “Losses” or “Claims,” as the context requires)
which may be imposed, sustained, incurred or suffered or asserted as a result of, relating to or arising out of (i) any inaccuracy in or breach of any representation or warranty of Investor contained in this Purchase Agreement or any Additional
Investor’s Document and (ii) any failure by Investor to perform any covenant, agreement or obligation of Investor contained in this Purchase Agreement or any Additional Investor’s Document. 

(b) Indemnification by Blue Owl. Blue Owl agrees to defend, indemnify and hold harmless Investor, its affiliates and their respective
officers, directors, partners, members, managers, employees, agents, trustees, successors and assigns from and against any and all Losses and Claims which may be imposed, sustained, incurred or suffered or asserted as a result of, relating to or
arising out of (i) any inaccuracy in or breach of any representation or warranty of Blue Owl contained in this Purchase Agreement and (ii) any failure by Blue Owl to perform any covenant, agreement or obligation of Blue Owl contained in
this Purchase Agreement. 
 (c) Limitations on Indemnification. 

(i) Notwithstanding anything in Paragraph 6(a) to the contrary, the maximum amount payable by Investor (in the aggregate) to
Blue Owl for Losses in respect of claims made by Blue Owl under Paragraph 6(a) for indemnification with respect to the breach of any representations or warranties hereunder shall not exceed an amount equal to the sum of the Cash Purchase Price and
the Equity Purchase Price (valued as of the date hereof); provided, however, that Blue Owl shall not be subject to any limitation pursuant to this Paragraph 6(c)(i) or otherwise, and shall be entitled to
dollar-for-dollar recovery from Investor for Losses in connection with fraud, intentional misrepresentation or a willful breach by Investor of any of its representations
and warranties under this Purchase Agreement. 

  
 8 

 (ii) Notwithstanding anything in Paragraph 6(b) to the contrary, the maximum
amount payable by Blue Owl (in the aggregate) to Investor for Losses in respect of claims made by Investor under Paragraph 6(b) for indemnification with respect to the breach of any representations or warranties hereunder shall not exceed an amount
equal to the sum of the Cash Purchase Price and the Equity Purchase Price (valued as of the date hereof); provided, however, that Investor shall not be subject to any limitation pursuant to this Paragraph 6(c)(ii) or otherwise, and
shall be entitled to dollar-for-dollar recovery from Blue Owl for Losses in connection with fraud, intentional misrepresentation or a willful breach by Blue Owl of any
of its representations and warranties under this Purchase Agreement. 
 (d) Procedure for Third Party Claims. 

(i) If a Person entitled to assert a claim for indemnification under this Purchase Agreement shall receive written notice of
the assertion by any Person not a party to this Purchase Agreement of any claim or of the commencement of any action or proceeding (a “Third Party Claim”) with respect to which either Investor or Blue Owl is obligated to provide
indemnification, the indemnified party (the “Indemnitee”) shall give the indemnifying party (the “Indemnitor”) prompt written notice after becoming aware of such Third Party Claim. The failure of the Indemnitee to give notice as
provided in this Paragraph shall not relieve the Indemnitor of its obligations for indemnification under this Purchase Agreement, except to the extent that the failure has materially and adversely affected the rights of the Indemnitor. The notice
from the Indemnitee shall describe the Third Party Claim in reasonable detail. 
 (ii) An Indemnitor may elect to compromise
or defend, at the Indemnitor’s own expense and by the Indemnitor’s own counsel, any Third Party Claim. If an Indemnitor elects to compromise or defend a Third Party Claim, it shall, within thirty (30) days (or sooner, if the nature of
the Third Party Claim so requires), notify the Indemnitee in writing of its intent to do so, and the Indemnitee shall cooperate in the compromise of, or defense against, the Third Party Claim. The Indemnitor shall pay the Indemnitee’s
reasonable out-of-pocket expenses incurred in connection with its cooperation. After notice from an Indemnitor to an Indemnitee of its election to assume the defense of
a Third Party Claim, the Indemnitor shall not be liable to the Indemnitee under this Purchase Agreement for any legal expenses subsequently incurred by the Indemnitee in connection with defense of the Third Party Claim; provided that
Indemnitee shall have the right to employ one counsel in each applicable jurisdiction (if more than one jurisdiction is involved) to represent Indemnitee if, in the Indemnitee’s reasonable judgment, a conflict of interest between the Indemnitee
and the Indemnitor exists in respect of such Third Party Claim, and in that event the reasonable fees and expenses of such separate counsel shall be paid by the Indemnitor. If an Indemnitor elects not to defend against a Third Party Claim, or fails
to notify an Indemnitee of its election as provided in this Paragraph, the Indemnitee may pay, compromise or defend such Third Party Claim on behalf of, and for the account and risk of, the Indemnitor; provided that no Indemnitee shall
consent to entry of any judgment or enter into any settlement except with the written consent of the Indemnitor (which consent shall not be unreasonably withheld or delayed). No Indemnitor shall consent to entry of any judgment or enter into any
settlement, in each case with respect to any Third Party Claim, except with the written consent of each affected Indemnitee (which consent shall not be unreasonably withheld or delayed), if such judgment or settlement provides for anything other
than money damages or other money payments for which the Indemnitee is entitled to indemnification under this Purchase Agreement or which does not contain as an unconditional term thereof the giving by the claimant or plaintiff to the Indemnitee of
a release from all liability in respect of the Third Party Claim. 

  
 9 

 (iii) If there is a reasonable likelihood that a Third Party Claim may
materially and adversely affect an Indemnitee, other than as a result of money damages or other money payments for which the Indemnitee is entitled to indemnification hereunder, the Indemnitee will have the right, after consultation with the
Indemnitor, to assume the defense of the Third Party Claim in lieu of the Indemnitor with counsel reasonably acceptable to the Indemnitor. No Indemnitee shall consent to entry of any judgment with respect to any Third Party Claim or enter into any
settlement, except with the written consent of each Indemnitor (which consent shall not be unreasonably withheld or delayed). 
 (e)
Reduction of Claim or Loss. If the amount of any Claim or Loss shall, at any time subsequent to payment pursuant to this Paragraph 6, be reduced by recovery, settlement or otherwise, the amount of such reduction, less any expenses incurred in
connection therewith, shall promptly be repaid by the Indemnitee to the related Indemnitor. 
 (f) Remedies Exclusive. Subject to
Paragraph 8(l), the remedies provided in this Paragraph 6 shall be the sole and exclusive remedy against a party for Losses; provided, however, that notwithstanding the foregoing, nothing in this Paragraph 6(f) shall limit in any way
any remedy at law or equity to which a party may be entitled as a result of fraud or intentional misrepresentation or willful breach by the other party of any of its representations and warranties under this Purchase Agreement or the Additional
Investor’s Documents, as applicable. 
 (g) No Consequential Damages. Neither Blue Owl nor Investor shall be liable to each
other for consequential, punitive, special or incidental damages or Losses or Claims that are indirect, remote, speculative or not reasonably foreseeable in connection with its indemnification obligations under this Paragraph 6, except to the extent
payment in respect of such indemnification obligations are for Losses owed by an indemnified party to a third party. 
 (h)
Mitigation. Subject to the rights and obligations of Blue Owl and Investor set out in this Purchase Agreement, Blue Owl and Investor shall each take all reasonable steps to avoid or mitigate any loss or liability (without prejudice to any
similar obligation existing at law generally or any other specific term of this Purchase Agreement) which might give rise to any claim against the other party. 

(i) Tax Treatment. Any indemnification payment shall be treated for tax purposes as an adjustment to the applicable portion of the Cash
Purchase Price and/or the Equity Purchase Price, to the extent permitted under applicable law. 
  

	7.	 Confidentiality. 

(a) All information furnished in writing by either party to this Purchase Agreement to the other party to this Purchase Agreement in connection
with this Purchase Agreement and the transactions contemplated by it shall be kept confidential by the receiving party and shall be used by the receiving party only in connection with this Purchase Agreement and the transactions contemplated hereby,
except with the specific prior written consent of the disclosing party and except to the extent that such information (i) is information which the receiving party can 

  
 10 

 
demonstrate was already known to the receiving party when received without any obligation of confidentiality to the knowledge of the receiving party, (ii) at the time of disclosure or
thereafter becomes lawfully obtainable from other sources without any obligation to maintain its confidentiality through no act or failure to act on the part of the receiving party, (iii) is required to be disclosed (A) to any federal,
state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or in connection with any litigation, (B) by court order or as otherwise mandated by law or (C) in connection
with any regulation or disclosure obligations of securities laws, a securities exchange, a securities market or a self-regulatory agency (including any financial reporting obligations and filing of financial statements related thereto) of Investor,
Blue Owl or any affiliate of either, including without limitation Company’s public filings (including its current, periodic and annual reports on Forms 8-K, 10-Q
and 10-K); (iv) is disclosed in order to give the notices to obtain any prior regulatory approval, (v) is disclosed in connection with any consultation with attorneys, accountants, employees, or other
advisors retained in connection with the transactions contemplated hereby bound by a written agreement or ethical obligation to keep such information confidential or (vi) is disclosed in connection with any summary financial report or
disclosure document prepared by Investor, Blue Owl or any of their respective affiliates given to investors or prospective investors of Investor, Blue Owl or any of their respective affiliates (provided, that such disclosure is made on a
confidential basis and does not disclose the identity of Blue Owl or Investor, as applicable); provided that with respect to items (iii) and (iv), the receiving party shall disclose only so much of the confidential information as is
legally required. The parties shall use their respective commercially reasonable efforts and establish reasonable precautions to ensure that their principals, agents and employees abide by the terms of this Paragraph. 

(b) Investor acknowledges that federal and state securities laws restrict the trading of securities by a person who has received material, non-public information and agrees to comply with all applicable laws and regulations with respect to the confidential information, including with respect to any applicable restrictions on improper disclosure or
misuse of the confidential information or on trading. 
  

	8.	 General Provisions. 

(a) Expenses. All fees and expenses incurred in connection with this Purchase Agreement (and the transactions contemplated hereunder),
including all fees of counsel, accountants, finders and brokers, shall be borne by the party incurring the same. 
 (b) Notices. All
notices, requests, demands and other communications required or permitted under this Purchase Agreement shall be in writing and shall be deemed to have been duly given and received when delivered by hand or courier, when received by electronic mail,
or three (3) days after the date when posted by air mail, with postage prepaid, addressed as follows: 
 (i) If to
Investor, to: 
 1888 Investments, LLC 

1401 Lawrence Street, Suite 1920 

Denver, CO 80202 
 Attention:
Kelly Wapp, Treasurer 
 Email: investments@1888investments.com 

  
 11 

 or to such other Person or address as Investor shall furnish to Blue Owl in writing. 

(ii) If to Blue Owl, to: 

Blue Owl Capital Inc. 
 399 Park
Ave 38th floor, New York, NY 10022 
 Email: Legal@BlueOwl.com 

with copies to: 

Kirkland & Ellis LLP 

601 Lexington Avenue, New York, NY 10022 

Attn: Robert Blaustein, P.C., Townshine Wu 

Email: Robert.Blaustein@Kirkland.com, Townshine.Wu@Kirkland.com 

1601 Elm Street, Dallas, TX 75201 

Attn: Thomas Laughlin, P.C. 

Email: Thomas.Laughlin@Kirkland.com 
 or
to such other Person or address as Blue Owl shall furnish to Investor in writing. 
 (c) Assignment. This Purchase Agreement and all
of its provisions shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. This Purchase Agreement may not be assigned without the prior written consent of each of the parties hereto. 

(d) Governing Law. This Purchase Agreement, and all claims or causes of action (whether in contract, tort or statute) that may be based
upon, arise out of or relate to this Purchase Agreement, or the negotiation, execution or performance of this Purchase Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in
or in connection with this Purchase Agreement or as an inducement to enter into this Purchase Agreement), shall be governed by, and enforced in accordance with, the internal laws of the State of Delaware, including its statutes of limitations. 

(e) Counterparts. This Purchase Agreement may be executed in two or more identical counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. Facsimile or other electronic signatures shall be deemed acceptable and binding. 

(f) Interpretation. The headings of the Paragraphs and Subparagraphs of this Purchase Agreement are inserted for convenience only and
shall not constitute a part of or affect in any way the meaning or interpretation of this Purchase Agreement. The words “include,” “includes” and “including” when used in this Purchase Agreement shall be deemed in each
case to be followed by the words “without limitation.” Defined terms used in this Purchase Agreement shall have the same meanings whether defined or used herein in the singular or the plural, as the case may be. 

  
 12 

 (g) Entire Agreement. This Purchase Agreement and the other documents and
certificates delivered pursuant to the terms of this Purchase Agreement set forth the entire agreement and understanding of the parties with respect to the subject matter of this Purchase Agreement and supersede all prior agreements, promises,
covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party, including, without limitation, any confidentiality agreement entered into by Investor or Blue
Owl or their respective agents or affiliates in respect of the transactions contemplated herein. For greater certainty, all covenants hereunder shall survive until fully performed in accordance with their respective terms hereunder, and the Dyal
Equity Fund Side Letters, as amended and restated in accordance with Paragraph 2(a)(i) hereof, shall survive the execution and delivery of this Purchase Agreement. 

(h) Amendment; Waiver. This Purchase Agreement may be amended only by a written instrument executed by Investor and Blue Owl. Any
failure of Blue Owl to comply with any obligation, agreement or condition under this Purchase Agreement may only be waived in writing by Investor, and any such failure by Investor may only be waived in writing by Blue Owl, but any such waiver shall
not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. No failure by a party to take any action against any breach of this Purchase Agreement or default by the other party shall constitute a waiver of such
party’s right to enforce any provision of this Purchase Agreement or to take any such action. 
 (i) Third Parties. Except as
specifically set forth or referred to in this Purchase Agreement, nothing in this Purchase Agreement, expressed or implied, is intended, or shall be construed, to confer upon or give to any Person other than the parties and their successors or
assigns, any rights or remedies under or by reason of this Purchase Agreement. 
 (j) Publicity. Except as may otherwise be required
by law or regulations, including in connection with Company’s public filings (including its current, periodic and annual reports on Forms 8-K, 10-Q and 10-K), no publicity release or announcement concerning this Purchase Agreement or the transactions contemplated by this Purchase Agreement shall be made by either party without the prior written consent of the other
party. 
 (k) Additional Documents and Acts. Each of the parties agrees to execute and deliver such additional documents,
certificates and instruments, and to perform such additional acts, as may be reasonably requested and as may be necessary or appropriate to carry out the provisions of this Purchase Agreement and to consummate the transactions contemplated by this
Purchase Agreement. 
 (l) Specific Performance. The parties agree that irreparable damage would occur if any provision of this
Purchase Agreement were not performed in accordance with the terms hereof and that the parties shall have the right, in addition to any other rights they may have (whether at law or in equity), to specific performance of this Purchase Agreement. The
parties hereby waive, in any action for specific performance, the defense of adequacy of a remedy at law and the posting of any bond or other security in connection therewith. No failure or delay by any party hereto in exercising any right, power or
privilege hereunder will operate as a waiver thereof, nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

  
 13 

 (m) No Presumption Regarding Drafting. Each of Blue Owl and Investor acknowledges
that it has reviewed this Purchase Agreement prior to its execution and that changes were made to this Purchase Agreement based upon its comments. If any disputes arise with respect to the interpretation of any provision of this Purchase Agreement,
the provision shall be deemed to have been drafted by both of the parties and shall not be construed against any party on the basis that the party was responsible for drafting that provision. 

(n) Severability. If any term, provision, agreement, covenant or restriction of this Purchase Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void, or unenforceable, the remainder of the terms, provisions, agreements, covenants and restrictions of this Purchase Agreement shall remain in full force and effect and shall in no way be affected,
impaired, or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party hereto. Upon such a determination, the parties shall negotiate in good faith to
modify this Purchase Agreement so as to effect the original intent of the parties as closely as possible in a reasonably acceptable manner in order that the transactions contemplated hereby may be consummated as originally contemplated to the
fullest extent possible. 
 (o) Waiver of Jury Trial. EACH OF THE PARTIES TO THIS PURCHASE AGREEMENT HEREBY IRREVOCABLY WAIVES ALL
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS PURCHASE AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement of Purchase and Sale, acting by
their duly authorized agents, as of the date first above written. 
  

									
	INVESTOR:	 		 	BLUE OWL:
			
	ILLIQUID MARKETS 1888 FUND, LLC	 		 	BLUE OWL CAPITAL INC.
					
		 		 		 	By:	 	 /s/ Neena Reddy

	By:	 	/s/ Christopher Welker	 		 	Name:	 	 Neena Reddy

	 Name:
	 	Christopher Welker	 		 	 Title:
	 	 General Counsel and Secretary

	 Title:
	 	COO of its Manager	 		 		 	

  

			
	BLUE OWL CAPITAL HOLDINGS LP,
	solely in respect of the payment of the Cash Purchase Price pursuant to Section 2(a)(ii)
		
	By: 	 	Blue Owl Capital GP LLC, its general partner
		
	By: 	 	/s/ Neena Reddy
	Name:	 	Neena Reddy
	Title:	 	General Counsel and Secretary

 Exhibit A 

[Intentionally Omitted]

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