Document:

Exhibit 4.2

 

 

 

SECOND SUPPLEMENTAL INDENTURE

 

between

 

OWL ROCK TECHNOLOGY FINANCE CORP.

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

 

as Trustee

 

Dated as of September 23, 2020

 

 

 

     

     

    

 

SECOND SUPPLEMENTAL INDENTURE

 

THIS SECOND SUPPLEMENTAL
INDENTURE (this “Second Supplemental Indenture”), dated as of September 23, 2020, is between Owl Rock Technology
Finance Corp., a Maryland corporation (the “Company”), and Wells Fargo Bank, National Association, as trustee
(the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the Base Indenture (as
defined below) unless otherwise defined herein.

 

RECITALS OF THE COMPANY

 

The Company and the
Trustee executed and delivered an Indenture, dated as of June 12, 2020 (the “Base Indenture” and, as supplemented
by this Second Supplemental Indenture, collectively, the “Indenture”), to provide for the issuance by the Company
from time to time of the Company’s unsecured debentures, notes or other evidences of indebtedness (the “Securities”),
to be issued in one or more series as provided in the Indenture.

 

The Company desires
to issue and sell $400,000,000 aggregate principal amount of the Company’s 4.75% Notes due 2025 (the “Notes”).

 

The Company previously
entered into the First Supplemental Indenture, dated as of June 12, 2020 (the “First Supplemental Indenture”),
which supplemented the Base Indenture.  The First Supplemental Indenture is not applicable to the Notes.

 

Sections 9.01(iv) and
9.01(vi) of the Base Indenture provide that without the consent of Holders of the Securities of any series issued under the
Indenture, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time,
may enter into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions
of the Indenture when there is no Security Outstanding of any series created prior to the execution of a supplemental indenture
that is entitled to the benefit of such provision and (ii) establish the form or terms of Securities of any series as permitted
by Section 2.01 and Section 3.01 of the Base Indenture.

 

The Company desires
to establish the form and terms of the Notes and to modify, alter, supplement and change certain provisions of the Base Indenture
for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (“Future
Supplemental Indenture”)).

 

The Company has duly
authorized the execution and delivery of this Second Supplemental Indenture to provide for the issuance of the Notes and all acts
and things necessary to make this Second Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute
a valid agreement of the Company, in accordance with its terms, have been done and performed.

 

    	 	1	 

     

    

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration
of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit
of all Holders of the Notes, as follows:

 

ARTICLE I

TERMS OF THE NOTES

 

Section 1.01         Terms
of the Notes. The following terms relating to the Notes are hereby established:

 

(a)            The
Notes shall constitute a series of Securities having the title “4.75% Notes due 2025” and shall be designated as Senior
Securities under the Indenture. The Notes offered and sold to QIBs in reliance on Rule 144A of the Securities Act shall bear
a CUSIP number of 691205 AC2 and an ISIN number of US691205AC21 and the Notes offered and sold to Institutional “Accredited
Investors” under Rule 501(a)(1), (2), (3) or (7) under the Securities Act or, upon effectiveness of the amendments
thereto, Rule 501(a)(9) under the Securities Act shall bear a CUSIP number of 691205 AD0 and an ISIN number of US691205AD04.

 

(b)            The
aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes
authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections
3.04, 3.05, 3.06, 9.06 or 11.07 of the Base Indenture) shall be $400,000,000. Under a Board Resolution, Officers’ Certificate
pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of the Holders
of Notes, issue additional Notes (in any such case “Additional Notes”) having the same ranking and the same
interest rate, maturity, CUSIP number and other terms as the Notes (except for the issue date, offering price and, if applicable,
the initial interest payment date); provided that such Additional Notes must either (i) be issued in a “qualified
reopening” for U.S. Federal income tax purposes, with no more than a de minimis amount of original issue discount,
or otherwise (ii)  be part of the same issue as the Notes for U.S. federal income tax purposes. Any Additional Notes and the
existing Notes will constitute a single series under the Indenture and all references to the relevant Notes herein shall include
the Additional Notes unless the context otherwise requires.

 

(c)            The
entire Outstanding principal amount of the Notes shall be payable on December 15, 2025, unless earlier redeemed or repurchased
in accordance with the provisions of this Second Supplemental Indenture.

 

(d)            The
rate at which the Notes shall bear interest shall be 4.75% per annum.

 

    	 	2	 

     

    

 

(e)            The
date from which interest shall accrue on the Notes shall be September 23, 2020, or the most recent Interest Payment Date to
which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be June 15 and December 15
of each year, commencing December 15, 2020 (if an Interest Payment Date falls on a day that is not a Business Day, then the
applicable interest payment will be made on the next succeeding Business Day with the same force and effect as if made on the scheduled
Interest Payment Date and no additional interest will accrue as a result of such delayed payment); the initial interest period
will be the period from and including September 23, 2020 (or the most recent Interest Payment Date to which interest has been
paid or provided for), to, but excluding, the initial Interest Payment Date, and the subsequent interest periods will be the periods
from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case
may be; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid to the Person
in whose name the Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for
such interest, which shall be June 1 and December 1 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the
Corporate Trust Office of the Paying Agent, which shall initially be the Trustee, in such coin or currency of the United States
of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that in
the case of Notes that are not in global form, at the option of the Company, payment of interest may be made by check mailed to
the address of the Person entitled thereto as such address shall appear in the Security Register; provided, further, however,
that so long as the Notes are registered to Cede & Co., such payment will be made by wire transfer in accordance with
the procedures established by the Depository Trust Company and the Trustee. Interest on the Notes will be computed on the basis
of a 360-day year of twelve 30-day months.

 

(f)            The
Notes offered and sold to QIBs in reliance on Rule 144A shall be initially issuable in global form (each such Note, a “144A
Global Note”) which, along with the Trustee’s certificate of authentication thereon shall be substantially in the
form of Exhibit A to this Second Supplemental Indenture. The Notes offered and sold to Institutional “Accredited
Investors” under Rule 501(a)(1), (2), (3) or (7) under the Securities Act or, upon the effectiveness of the
amendments thereto, Rule 501(a)(9) under the Securities Act shall be initially issuable in global form (each such Note,
a “IAI Global Note” and together with the 144A Global Note, the “Global Notes”) which, along
with the Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit B to this
Second Supplemental Indenture. Each Global Note shall represent the Outstanding Notes as shall be specified therein and each shall
provide that it shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and that the aggregate
amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of Outstanding
Notes represented thereby shall be made by the Trustee or the Security Registrar, in accordance with Sections 2.03 and 3.05 of
the Base Indenture.

 

(g)            Every
Note authenticated and delivered hereunder shall bear an additional legend in substantially the following form (the “Restricted
Securities Legend”) unless and until such Restricted Securities Legend is no longer required in accordance with Section 1.01(i) of
this Second Supplemental Indenture:

 

THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

    	 	3	 

     

    

 

THE HOLDER OF THIS
SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT IT IS [A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”))]/[AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN
THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT OR, UPON THE EFFECTIVENESS OF THE AMENDMENTS
THERETO, RULE 501(a)(9) UNDER THE SECURITIES ACT THAT IS NOT A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”))] AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER
SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS ONE YEAR (OR SUCH OTHER
DATE WHEN RESALES OF SECURITIES BY NON-AFFILIATES ARE FIRST PERMITTED UNDER RULE 144(d)) AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF (OR ANY PREDECESSOR OF THIS SECURITY) OR THE DATE OF ANY SUBSEQUENT REOPENING OF THE SECURITIES AND THE LAST DATE ON
WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO
THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY
BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT OR, UPON THE EFFECTIVENESS
OF THE AMENDMENTS THERETO, RULE 501(a)(9) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, OR (E) PURSUANT TO ANOTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER JURISDICTION, INCLUDING
ANY STATE OF THE UNITED STATES, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL SATISFACTORY TO EACH OF THEM AND/OR A CERTIFICATE OF TRANSFER OR EXCHANGE IN THE
FORM PRESCRIBED IN THE INDENTURE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE.

 

(h)            With
respect to any proposed registration or transfer of any Note prior to (x) the date which is one year (or such other date when
resales of securities by non-Affiliates are first permitted under Rule 144(d) of the Exchange Act) after the later of
the date of the original issue date of the applicable Notes or the date of any subsequent reopening of such Notes and the last
date on which the Company or any of the Company’s Affiliates were the owner of such Notes (or any predecessor thereto) or
(y) such later date, if any, as may be required by applicable law (the “Resale Restriction Termination Date”),
the Holder of such Note and each subsequent Holder thereof shall offer, sell, or otherwise transfer such Note only (i) to
the Company or any of the Company’s Subsidiaries, (ii) pursuant to a registration statement which has become effective
under the Securities Act, (iii) for so long as such Note is eligible for resale pursuant to Rule 144A, to a Person it
reasonably believes is a QIB that purchases for its own account or for the account of a QIB to whom notice is given that the transfer
is being made in reliance on Rule 144A, (iv) to an institutional “accredited investor” within the meaning
of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or, upon the effectiveness of the amendments thereto,
Rule 501(a)(9) under the Securities Act that is purchasing for its own account or for the account of such an institutional
 “accredited investor” or (v) pursuant to any other available exemption from the registration requirements of the
Securities Act; in each of the foregoing cases subject to any requirements of law that the disposition of its property or the property
of such investor account or accounts be at all times within its or their control and in compliance with any applicable state securities
laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date.

 

    	 	4	 

     

    

 

(i)            Upon
the transfer or replacement of a Global Note (or beneficial interest therein) not bearing a Restricted Securities Legend (an “Unrestricted
Global Note”) the Trustee shall deliver an Unrestricted Global Note (or beneficial interest therein) and upon the transfer
or replacement of a definitive Note not bearing a Restricted Securities Legend (an “Unrestricted Definitive Note”),
the Trustee shall deliver an Unrestricted Definitive Note. Upon the transfer, exchange, or replacement of a Global Note (or beneficial
interest therein) bearing a Restricted Securities Legend (a “Restricted Global Note”) the Trustee shall deliver
only a Restricted Global Note (or beneficial interest therein) and upon the transfer, exchange or replacement of a definitive Note
bearing a Restricted Securities Legend (a “Restricted Definitive Note”), the Trustee shall deliver only Restricted
Definitive Notes unless, in each case, (i) a Note is being transferred pursuant to an effective registration statement, (ii) Notes
are being exchanged for Notes that do not bear the Restricted Securities Legend in accordance with the following paragraph, or
(iii) there is delivered to the Trustee an Opinion of Counsel satisfactory to it stating that neither such legend nor the
related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act, upon which
opinion the Trustee may conclusively rely. Any Notes sold in a registered offering shall not be required to bear the Restricted
Securities Legend.

 

Upon
the Company’s satisfaction that the Restricted Securities Legend shall no longer be required in order to maintain compliance
with the Securities Act, beneficial interests in a Restricted Global Note may be automatically exchanged into beneficial interests
in an Unrestricted Global Note without any action required by or on behalf of the Holder (the “Automatic Exchange”)
at any time on or after the date that is the 366th calendar day after the later of the date of the original issue date of
the applicable Notes or the date of any subsequent reopening of such Notes, or in each case, if such day is not a Business Day,
on the next succeeding Business Day.

 

Upon the Company’s
satisfaction that the Restricted Securities Legend shall no longer be required in order to maintain compliance with the Securities
Act, the Company may cause the Restricted Securities Legend to be removed by (i) providing the Depositary an instruction letter
for the Depositary’s mandatory exchange process (or any successor notice, form, or action required pursuant to the Depositary’s
applicable procedures) to the extent required; (ii) providing written notice to the Trustee (x) instructing the Trustee
to take any actions as may be necessary so that the Restricted Securities Legend set forth on the Global Notes shall be deemed
removed from the Global Notes in accordance with the terms and conditions of the Notes and the Indenture, without further action
on the part of Holders and (y) instructing the Trustee to take any actions as may be necessary so that the restricted CUSIP
number for the Notes shall be removed from the Global Notes and replaced with an unrestricted CUSIP number; and (iii) on or
prior to the effective date of the Automatic Exchange (such date, the “Automatic Exchange Date”), deliver to
the Trustee for authentication one or more Unrestricted Global Notes, duly executed by the Company, in an aggregate principal amount
equal to the aggregate principal amount of Restricted Global Notes to be exchanged into such Unrestricted Global Notes. The Restricted
Global Note from which beneficial interests are transferred pursuant to an Automatic Exchange shall be cancelled following the
Automatic Exchange.

 

    	 	5	 

     

    

 

Any definitive Note
delivered in exchange for an interest in a Global Note pursuant to Sections 2.04 and 3.05 of the Base Indenture shall bear the
applicable legend regarding transfer restrictions applicable thereto set forth in this Section 1.01 of this Second Supplemental
Indenture unless (i) the Global Note is an Unrestricted Global Note, or (ii) there is delivered to the Trustee an Opinion
of Counsel satisfactory to it stating that neither such legend nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities Act, upon which opinion the Trustee may conclusively rely.

 

The Trustee shall have
no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this Second Supplemental Indenture and any Notes, and to examine the same to determine substantial compliance as to form with the
express requirements hereof.

 

All certifications,
certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 1.01 of this Second
Supplemental Indenture to effect a registration of transfer or exchange may be submitted by facsimile.

 

(j)            The
depositary for such Global Notes shall be the Depositary Custodian. The Security Registrar with respect to the Global Notes shall
be the Trustee.

 

(k)            The
Notes shall be defeasible pursuant to Section 14.02 or Section 14.03 of the Base Indenture. Covenant defeasance contained
in Section 14.03 of the Base Indenture shall apply to the covenants contained in Sections 10.07, 10.08, and 10.09 of the Indenture.

 

(l)            The
Notes shall be redeemable pursuant to Section 11.01 of the Base Indenture and as follows:

 

(i)            The
Notes will be redeemable, in whole or in part, at any time, or from time to time, at the option of the Company, at a Redemption
Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption
Date:

 

A.            100%
of the principal amount of the Notes to be redeemed, or

 

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B.            the
sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest
to the Redemption Date) on the Notes to be redeemed, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points;

 

provided,
however, that if the Company redeems any Notes on or after November 15, 2025, the Redemption Price for the Notes will be equal
to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption
Date.

 

For purposes
of calculating the Redemption Price in connection with the redemption of the Notes, on any Redemption Date, the following terms
have the meanings set forth below:

 

“Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity
of the Comparable Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such Redemption Date. The Redemption Price and the Treasury Rate will be determined by the Company.

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance
with customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term
of the Notes being redeemed.

 

“Comparable
Treasury Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than
four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“Quotation
Agent” means a Reference Treasury Dealer selected by the Company.

 

“Reference
Treasury Dealer” means each of (1) Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and RBC Capital
Markets, LLC, or their respective affiliates which are primary U.S. government securities dealers in the United States (a “Primary
Treasury Dealer”) and their respective successors; provided, however, that if any of the foregoing or their
affiliates shall cease to be a Primary Treasury Dealer, the Company shall select another Primary Treasury Dealer and (2) two
other Primary Treasury Dealers selected by the Company.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as
a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York
time on the third Business Day preceding such Redemption Date.

 

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All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be
final and binding absent manifest error.

 

(ii)          Notice
of redemption shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery,
or sent electronically in accordance with Applicable Procedures with respect to Notes in global form, to each Holder of the Notes
to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing
in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.
If the Redemption Price is not known at the time such notice is to be given, the actual Redemption Price, calculated as described
in the terms of the Notes, will be set forth in an Officers’ Certificate of the Company delivered to the Trustee no later
than two Business Days prior to the Redemption Date.

 

(iii)        Any
exercise of the Company’s option to redeem the Notes will be done in compliance with the Investment Company Act, to the extent
applicable.

 

(iv)        If
the Company elects to redeem only a portion of the Notes, the particular Notes to be redeemed will be selected by the Trustee on
a pro rata basis to the extent practicable, or, if a pro rata basis is not practicable for any reason, by lot or
in such other manner as the Trustee shall deem fair and appropriate, and in any case in accordance with the applicable procedures
of the Depositary and in accordance with the Investment Company Act as directed by the Company; provided, however,
that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $2,000.

 

(v)         Unless
the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the
Notes called for redemption hereunder.

 

(m)            The
Notes shall not be subject to any sinking fund pursuant to Section 12.01 of the Base Indenture.

 

(n)            The
Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

(o)            Holders
of the Notes will not have the option to have the Notes repaid prior to the Stated Maturity other than in accordance with Article Thirteen
of the Indenture.

 

    	 	8	 

     

    

 

ARTICLE II

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 2.01         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article One of the Base Indenture shall be amended by
adding the following defined terms to Section 1.01 of the Base Indenture in appropriate alphabetical sequence, as follows:

 

“Below Investment
Grade Rating Event” means the Notes are downgraded below Investment Grade by both Rating Agencies on any date from the
date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public
notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly
announced consideration for possible downgrade by either Rating Agency); provided that a Below Investment Grade Rating Event
otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular
Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change
of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise
apply do not announce or publicly confirm or inform the Company in writing that the reduction was the result, in whole or in part,
of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether
or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 

“Change of
Control” means the occurrence of any of the following:

 

(1)          the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one
or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken
as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange
Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any
secured debt instrument of the Company or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer,
conveyance or disposition;

 

(2)          the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders)
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of more than 50% of the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; or

 

(3)          the
approval by the Company’s stockholders of any plan or proposal relating to the liquidation or dissolution of the Company.

 

“Change of
Control Repurchase Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

 

    	 	9	 

     

    

 

“Controlled
Subsidiary” means any Subsidiary of the Company, 50% or more of the outstanding equity interests of which are owned by
the Company and its direct or indirect Subsidiaries and of which the Company possesses, directly or indirectly, the power to direct
or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or
otherwise.

 

“Depositary”
means, with respect to each Note in global form, The Depository Trust Company, until a successor shall have been appointed and
becomes such person, and thereafter, Depositary shall mean or include such successor.

 

“Investment
Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of
Moody’s) and BBB- or better by KBRA (or its equivalent under any successor rating categories of KBRA) (or, in each case,
if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent investment grade
credit rating from any Rating Agency selected by the Company as a replacement Rating Agency).

 

“KBRA”
means Kroll Bond Rating Agency or any successor thereto.

 

“Moody’s”
means Moody’s Investor Services, Inc. or any successor thereto.

 

“Permitted
Holders” means (i) the Company, (ii) one or more of the Company’s Controlled Subsidiaries and (iii) Owl
Rock Technology Advisors LLC, any Affiliate of Owl Rock Technology Advisors LLC that is organized under the laws of a jurisdiction
located in the United States of America and in the business of managing or advising clients.

 

“Rating Agency”
means (1) each of Moody’s and KBRA; and (2) if either of Moody’s or KBRA ceases to rate the Notes or fails
to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized
statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act selected by the Company as a replacement
agency for Moody’s or KBRA or both as the case may be.

 

“QIB”
means any “qualified institutional buyer” as such term is defined in Rule 144A under the Securities Act.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated
thereunder, as amended.

 

“Significant
Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02
of Regulation S-X under the Exchange Act, as such regulation is in effect on the original date of this Indenture (but excluding
any Subsidiary which is (a) a non-recourse or limited recourse Subsidiary, (b) a bankruptcy remote special purpose vehicle
or (c) not consolidated with the Company for purposes of GAAP).

 

“Voting Stock”
as applied to stock of any Person, means shares, interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of
such Person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence
of a contingency.

 

    	 	10	 

     

    

 

ARTICLE III

REMEDIES

 

Section 3.01         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended
by replacing clause (ii) thereof with the following:

 

		“(ii)	default in the payment
of the principal of (or premium, if any, on) any Note when it becomes due and payable at its Maturity, including upon any Redemption
Date or required repurchase date; or”

 

Section 3.02         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 5.01 of the Base Indenture shall be amended
by adding the following language as clause (ix):

 

		“(ix): 	default by the Company or any
of its Significant Subsidiaries, with respect to any mortgage, agreement or other instrument under which there may be outstanding,
or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $100 million in the aggregate
of the Company and/or any such Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting
in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest
of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise,
unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period
of 30 calendar days after written notice of such failure is given to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least 25% in aggregate principal amount of the Notes then Outstanding.”

 

Section 3.03         Except
as may be provided in in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Section 5.02 of the Base Indenture shall be amended
by replacing the first paragraph of Section 5.02 with the following:

 

“If an Event of Default
with respect to the Notes occurs and is continuing, then and in every such case (other than an Event of Default specified in Section 5.01(v) or
5.01(vi)), the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Notes may declare the principal
of all the Outstanding Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given
by the Holders), and upon any such declaration such principal shall become immediately due and payable; provided that 100%
of the principal of, and accrued and unpaid interest on, the Notes will automatically become due and payable in the case of an
Event of Default specified in Section 5.01(v) or 5.01(vi) hereof.”

 

    	 	11	 

     

    

 

ARTICLE IV

COVENANTS

 

Section 4.01     Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Ten of the Base Indenture shall be amended by
adding the following new Sections 10.07, 10.08, and 10.09 thereto, each as set forth below:

 

“Section 10.07 
Section 18(a)(1)(A) of the Investment Company Act.

 

The Company hereby
agrees that for the period of time during which Notes are Outstanding, the Company will not violate, whether or not it is subject
to, Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act or any successor provisions
thereto of the Investment Company Act, giving effect to any exemptive relief granted to the Company by the Commission.”

 

“Section 10.08 
Commission Reports and Reports to Holders.

 

If, at any time, the
Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports
with the Commission, the Company agrees to furnish to the Holders of Notes and the Trustee for the period of time during which
the Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company, audited annual consolidated
financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than
the Company’s fourth fiscal quarter), unaudited interim consolidated financial statements of the Company. All such financial
statements shall be prepared, in all material respects, in accordance with GAAP, as applicable.

 

Delivery of such reports,
information, and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute actual or constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively
rely exclusively on Officers’ Certificates).”

 

“Section 10.09 
144A Information.

 

If, at any time, the
Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports
with the Commission, the Company will, so long as any of the Notes, at such time, are Outstanding and constitute “restricted
securities” within the meaning of Rule 144 under the Securities Act, furnish to the Holders of the Notes and prospective
investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act.”

 

    	 	12	 

     

    

 

ARTICLE V

THE TRUSTEE

 

Section 5.01         Neither
the Trustee nor any Paying Agent shall be responsible for determining whether any Change of Control or Below Investment Grade Rating
Event has occurred and whether any Change of Control offer with respect to the Notes is required.

 

ARTICLE VI

OFFER TO REPURCHASE UPON A CHANGE OF CONTROL REPURCHASE EVENT

 

Section 6.01         Except
as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities
under the Indenture, whether now or hereafter issued and Outstanding, Article Thirteen of the Base Indenture shall be amended
by replacing Sections 13.01 to 13.05 thereto with the following:

 

“Section 13.01      Change
of Control.

 

If a Change of Control
Repurchase Event occurs, unless the Company shall have exercised its right to redeem the Notes in full, the Company shall make
an offer to each Holder of the Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of
$1,000 principal amount thereabove) of that Holder’s Notes at a repurchase price in cash equal to 100% of the aggregate principal
amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase.
Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control,
but after the public announcement of the Change of Control, the Company will send a notice to each Holder and the Trustee describing
the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase
Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the
date such notice is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the
offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified
in the notice. The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities
laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the
Notes as a result of a Change of Control Repurchase Event.

 

To the extent that
the provisions of any securities laws or regulations conflict with this Section 13.01, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under this Section 13.01 by virtue
of such conflict.

 

On the Change of Control
Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the Investment Company Act, the
Company shall, to the extent lawful:

 

(1)          accept
for payment all Notes or portions of Notes properly tendered pursuant to its offer;

 

    	 	13	 

     

    

 

(2)          deposit
with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered;
and

 

(3)          deliver
or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate
principal amount of Notes being purchased by the Company.

 

The Paying Agent will
promptly remit to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate
upon receipt of a Company Order and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal
amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof.

 

If any Repayment Date
upon a Change of Control Repurchase Event falls on a day that is not a Business Day, then the required payment will be made on
the next succeeding Business Day and no additional interest will accrue as a result of such delayed payment.

 

The Company will not
be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer
in respect of the Notes in the manner, at the time and otherwise in compliance with the requirements for an offer made by the Company
and such third party purchases all Notes properly tendered and not withdrawn under its offer.”

 

ARTICLE VII

  MISCELLANEOUS

 

Section 7.01         This
Second Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New
York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction. This
Second Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture
and shall, to the extent applicable, be governed by such provisions. If any provision of the Indenture limits, qualifies or conflicts
with the duties imposed by Section 318(c) of the Trust Indenture Act, the imposed duties will control.

 

Section 7.02         In
case any provision in this Second Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 7.03         This
Second Supplemental Indenture may be executed in any number of counterparts, each of which will be an original, but such counterparts
will together constitute but one and the same Second Supplemental Indenture. The exchange of copies of this Second Supplemental
Indenture and of signature pages by facsimile, .pdf transmission, email or other electronic means shall constitute effective
execution and delivery of this Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile, .pdf transmission, email or other electronic means shall be deemed to be their original signatures for all purposes.

 

    	 	14	 

     

    

 

Section 7.04         The
Base Indenture, as supplemented and amended by this Second Supplemental Indenture, is in all respects ratified and confirmed, and
the Base Indenture and this Second Supplemental Indenture shall be read, taken and construed as one and the same instrument with
respect to the Notes. All provisions included in this Second Supplemental Indenture supersede any conflicting provisions included
in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts created by the Indenture,
as supplemented by this Second Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Indenture,
as supplemented by this Second Supplemental Indenture. All of the provisions contained in the Base Indenture in respect of the
rights, privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of this Second Supplemental Indenture
as fully and with like force and effect as though fully set forth in full herein.

 

Section 7.05
         The provisions of this Second Supplemental Indenture shall become
effective as of the date hereof.

 

Section 7.06         Notwithstanding
anything else to the contrary herein, the terms and provisions of this Second Supplemental Indenture shall apply only to the Notes
and shall not apply to any other series of Securities under the Indenture and this Second Supplemental Indenture shall not and
does not otherwise affect, modify, alter, supplement or change the terms and provisions of any other series of Securities under
the Indenture, whether now or hereafter issued and Outstanding.

 

Section 7.07         The
recitals contained herein and in the Notes shall be taken as the statements of the Company, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to and shall not be responsible for the validity or sufficiency
of this Second Supplemental Indenture, the Notes or any Additional Notes, except that the Trustee represents that it is duly authorized
to execute and deliver this Second Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations
hereunder. The Trustee shall not be accountable for the use or application by the Company of the Notes or any Additional Notes
or the proceeds thereof.

 

    	 	15	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed as of the date first
above written.

 

	 	OWL ROCK TECHNOLOGY FINANCE CORP.
	 	 
	 	 
	 	/s/ Alan Kirshenbuam
	 	Name: Alan Kirshenbaum
	 	Title: Chief Operating Officer
	 	 
	 	WELLS FARGO BANK,
    NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	/s/ Stefan Victory
	 	Name: Stefan Victory
	 	Title: Vice President

 

[Signature Page to Second Supplemental
Indenture]

 

    	 		 

     

    

 

Exhibit A – Form of
144A Global Note

 

THIS SECURITY IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST
COMPANY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer,
exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co.,
or such other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other
use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an
interest herein.

 

[Insert
Restricted Securities Legend, if applicable]

 

Owl Rock Technology Finance Corp.

 

	No.         	 	Initially $            
	 	 	CUSIP No.  691205 AC2 
	 	 	ISIN No.  US691205 AC2

 

4.75% Notes due 2025

 

Owl
Rock Technology Finance Corp., a corporation duly organized and existing under the laws of Maryland (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of                        dollars (U.S. $                         ), or such other principal sum as shall
be set forth in the Schedule of Increases or Decreases attached hereto, on December 15, 2025, and to pay interest thereon
from September 23, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually, in arrears, on June 15 and December 15 in each year, commencing December 15, 2020, at the
rate of 4.75% per annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security is registered at the close of business on the Regular Record Date for such interest, which shall be June 1 and
December 1(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be given to Holders of Securities of this series
not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series.

 

    		A-1	 

     

    

 

Payment of the principal
of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Paying Agent,
which shall initially be the Trustee, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register;
provided, further, however, that so long as this Security is registered to Cede & Co., such payment
will be made by wire transfer in accordance with the procedures established by the Depository Trust Company and the Trustee.

 

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    		A-2	 

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

Dated:

 

	 	OWL ROCK TECHNOLOGY FINANCE CORP.
	 	 
	 	 
	 	By:	             
	 	 	Name:
	 	 	Title:

 

	 	 
	Attest:	 	 
	 	Name:	 
	 	Title: Secretary	 

 

    		A-3	 

     

    

 

This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture.

 

Dated:

 

	 	
        WELLS FARGO BANK, NATIONAL ASSOCIATION,

        as Trustee

	 	 	 
	 	By:	
 

	 	 	Authorized Signatory

 

    		A-4	 

     

    

 

 

[BACK OF NOTE]

 

Owl Rock Technology Finance Corp.

4.75% Notes due 2025

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of June 12, 2020 (herein called the “Base Indenture”,
which term shall have the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference
is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered, as supplemented by the Second Supplemental Indenture, relating to the Securities, dated as of September 23,
2020, by and between the Company and the Trustee (herein called the “Second Supplemental Indenture”; and together with
the Base Indenture, the “Indenture”). In the event of any conflict between the Base Indenture and the Second Supplemental
Indenture, the Second Supplemental Indenture shall govern and control.

 

This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $ . Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having
the same ranking and the same interest rate, maturity, CUSIP number and other terms as the Securities (except for the issue date,
offering price and, if applicable, the initial payment date), provided that such Additional Securities must either (i) be
issued in a “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis amount
of original issue discount, or otherwise (ii)  be part of the same issue as the Securities for U.S. federal income tax purposes.
Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to
the relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount
of Outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions.

 

The Securities of this
series are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, at a Redemption
Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption
Date:

 

		(a)	100% of the principal amount of the Securities to be redeemed, or

 

		(b)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis
points;

 

provided,
however, that if the Company redeems any Securities on or after November 15, 2025, the Redemption Price for the
Securities will be equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if
any, to, but excluding, the Redemption Date.

 

    A-5

     

    

 

For purposes of calculating
the Redemption Price in connection with the redemption of the Securities, on any Redemption Date, the following terms have the
meanings set forth below:

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable
Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
The Redemption Price and the Treasury Rate will be determined by the Company.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable
to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with
customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
the Securities being redeemed.

 

“Comparable Treasury
Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

 

“Quotation Agent”
means a Reference Treasury Dealer selected by the Company.

 

“Reference
Treasury Dealer” means each of (1) Deutsche Bank Securities Inc., Goldman Sachs & Co, LLC and RBC Capital
Markets, LLC, or their respective affiliates which are primary U.S. government securities dealers in the United States (a “Primary
Treasury Dealer”) and their respective successors; provided, however, that if any of the foregoing or their
affiliates shall cease to be a Primary Treasury Dealer, the Company shall select another Primary Treasury Dealer and (2) two
other Primary Treasury Dealers selected by the Company.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time
on the third Business Day preceding such Redemption Date.

 

All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be
final and binding absent manifest error.

 

Notice of redemption
shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent
electronically in accordance with Applicable Procedures with respect to Securities in global form, to each Holder of the Securities
to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing
in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.

 

    A-6

     

    

 

Any exercise of the
Company’s option to redeem the Securities will be done in compliance with the Investment Company Act, to the extent applicable.

 

If the Company elects
to redeem only a portion of the Securities, the particular Securities to be redeemed will be selected by the Trustee in accordance
with the applicable procedures of the Depositary and in accordance with the Investment Company Act. In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $2,000.

 

Unless the Company
defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities
called for redemption.

 

Holders will have the
right to require the Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set
forth in the Indenture.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default
with respect to Securities of this series shall occur and be continuing (other than Events of Default related to certain events
of bankruptcy, insolvency or reorganization as set forth in the Indenture), the principal of the Securities of this series may
be declared due and payable in the manner and with the effect provided in the Indenture. In the case of certain events of bankruptcy,
insolvency or reorganization described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities
will automatically become due and payable.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this
series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with
such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this
series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of security or indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest
hereon on or after the respective due dates expressed herein.

 

    A-7

     

    

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in substantially the form Exhibit A hereto duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this
series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination,
as requested by the Holder surrendering the same.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith other than certain exchanges as provided in the Indenture.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    A-8

     

    

 

To the extent any provision
of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

The Indenture and this
Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles
of conflicts of laws.

 

    A-9

     

    

 

Assignment
Form

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert
Assignee’s Legal Name)

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

 

 

 

 

 

 

 

 

(Print or type assignee’s name, address
and zip code)

 

	and irrevocably appoint	 

 

to transfer this Note on the books of the Company. The agent
may substitute another to act for him.

 

Date:                 

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of
this Note)

 

	Signature Guarantee*:	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

The
undersigned hereby certifies that it  ̈ is /  ̈
is not an Affiliate of the Company and that, to its knowledge, the proposed transferee  ̈
is /  ̈ is not an Affiliate of the Company.

 

    A-10

     

    

 

In connection with
any transfer or exchange of any of the Securities evidenced by this certificate occurring prior to the Resale Restriction Termination
Date, the undersigned confirms that such Securities are being transferred:

 

CHECK ONE BOX BELOW:

 

	 	(1)	 ̈	To Owl Rock Technology Finance Corp. or a subsidiary thereof; or
	 	 	 	 
	 	(2)	 ̈	To a “qualified institutional buyer” pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
	 	 	 	 
	 	(3)	 ̈	
        transferred pursuant to an effective
registration statement under the Securities Act; or

	 	 	 	 
	 	(4)	 ̈	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.

 

Unless one of the boxes
is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof, provided, however, that if box (4) is checked, the Company may require, prior to registering
any such transfer of the Securities, in its sole discretion, such legal opinions, certifications and other information as the Company
may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under
such Act.

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of
this Note)

 

	Signature Guarantee*:	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

TO BE COMPLETED BY PURCHASER IF BOX (2) ABOVE
IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A
or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

Dated:  __________________

 

	 	Your Signature:	 
	 	 	Notice: To be executed by an executive officer

 

	Signature Guarantee*:	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

    A-11

     

    

 

 

SCHEDULE OF INCREASES AND DECREASES OF GLOBAL
NOTE

 

The
initial principal amount of this Global Note is $[ • ]. The following increases
and decreases to this Global Note have been made:

 

	
        Date of Increase or

        Decrease
	 	Amount of Decrease in

Principal Amount at

Maturity

of this Global Note	 	Amount of Increase in

Principal Amount at

Maturity

of this Global Note	 	Principal Amount at

Maturity

of this Global Note

Following such

decrease (or  increase)	 	Signature of

Authorized Signatory

of Trustee or DTC

Custodian
	 	 	 	 	 	 	 	 	 

 

    A-12

     

    

 

Exhibit A

 

[FORM OF CERTIFICATE OF TRANSFER]

 

Owl Rock Technology Finance Corp.

399 Park Avenue, 38th Floor

New York, NY 10022

Attention: Chief Financial Officer

 

email:

 

Wells Fargo Bank, National Association, as Trustee and Registrar

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com

 

Re:
4.75% Notes due 2025

 

Reference
is hereby made to the Indenture, dated as of June 12, 2020 (the “Base Indenture”), by and among
the Owl Rock Technology Finance Corp. (the “Company”) and Well Fargo Bank, National Association (the “Trustee”)
as supplemented by the Second Supplemental Indenture, dated as of September 23, 2020 (the “Second Supplemental Indenture”
and together with the Base Indenture, the “Indenture”). Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture.

 

[●] (the “Transferor”) owns and proposes
to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $[●] in such
Note[s] or interests (the “Transfer”), to [●] (the “Transferee”), as further specified
in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.            ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT RESTRICTED GLOBAL NOTE OR A DEFINITIVE NOTE
PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United
States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby
further certifies that the beneficial interest or definitive Note is being transferred to a Person that the Transferor
reasonably believes is purchasing the beneficial interest or definitive Note for its own account, or for one or more accounts
with respect to which such Person exercises sole investment discretion, and such Person and each such account is a
 “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of
Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United
States.

 

    A-13

     

    

 

2.        
 ̈ CHECK
AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES
ACT OTHER THAN RULE 144A. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and definitive Notes containing the Restricted Securities Legends (“Restricted Definitive
Notes”) and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any
state of the United States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)   ̈
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

(b)   ̈ such
Transfer is being effected to the Company or a subsidiary thereof;

 

(c)   ̈
such Transfer is being effected to an institutional “accredited investor” within the meaning of
Rule 501(a)(1), (2), (3) or (7) under the Securities Act or, upon the effectiveness of the amendments thereto,
Rule 501(a)(9) under the Securities Act that has furnished to the Company and the Trustee a signed letter
containing certain representations and agreements (the form of which letter follows below); or

 

(d)   ̈ such
Transfer is being effected pursuant to an effective registration statement under the Securities Act, and in compliance with
the prospectus delivery requirements of the Securities Act.

 

3.          ̈ CHECK
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE.

 

(a)      
 ̈ CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions
on transfer contained in the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or definitive Note will no longer be subject to the restrictions on transfer enumerated in the Restricted
Securities Legend printed on the Restricted Global Notes, on definitive Notes and in the Indenture.

 

(b)      
 ̈ CHECK IF TRANSFER IS PURSUANT
TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration
requirements of the Securities Act other than Rule 144 and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Restricted Securities Legend are not required in order to maintain compliance with the Securities
Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest
or definitive Note will not be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed
on the Restricted Global Note or Restricted Definitive Notes and in the Indenture.

 

    A-14

     

    

 

This certificate and the statements contained herein are made
for your benefit and the benefit of the Issuers.

 

	 	[Insert Name of Transferor]
	 	 
	 	 
	 	By:	[●]
	 	 	Name:[●]
	 	 	Title:[●]

 

 

Dated: [●]

 

    A-15

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

		1.	The Transferor owns and
proposes to transfer the following:

 

[CHECK ONE]

 

		(a)	 ̈	a beneficial interest in the

 

		(i)	   ̈    Restricted Global Note (CUSIP [                ]), or

 

		(ii)	   ̈    Unrestricted Global Note (CUSIP [                ]); or

 

		(b)	 ̈	a Restricted Definitive Note; or

 

		(c)	 ̈	an Unrestricted Definitive Note.

 

		2.	After the Transfer the
Transferee shall hold:

 

[CHECK ONE]

 

		(a)	 ̈	a beneficial interest in the

 

		(i)	 ̈    Restricted Global Note (CUSIP [                ]), or

 

		(ii)	 ̈    Unrestricted Global Note (CUSIP [                ]); or

 

		(b)	 ̈	a Restricted Definitive Note; or

 

		(c)	 ̈	an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

 

    A-16

     

    

 

[FORM OF LETTER TO BE DELIVERED
IN CONNECTION WITH TRANSFERS

TO INSTITUTIONAL ACCREDITED INVESTORS]

 

Owl Rock Technology Finance Corp.

399 Park Avenue, 38th Floor

New York, NY 10022

Attention: Chief Financial Officer

 

Wells Fargo Bank, National Association

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com

 

Re: Owl Rock Technology Finance Corp. (the
 “Company”)

 

Ladies and Gentlemen:

 

This certificate is delivered to request
a transfer of $[___________] principal amount of the 4.75% Notes due 2025 (the “Securities”) of Owl Rock Technology
Finance Corp. (the “Company”).

 

Upon transfer, the Securities would be
registered in the name of the new beneficial owner as follows:

 

	Name: 	 	 

 

	Address: 	 	 

 

	Taxpayer ID Number: 	 	 

 

The undersigned represents and warrants
to you that:

 

	 	1.	We are an institutional “accredited investor” (as defined Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”), or, upon the effectiveness of the amendments thereto, Rule 501(a)(9) under the Securities Act) purchasing for our own account or for the account of such an institutional “accredited investor,” and we are acquiring the Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our investment in the Securities and we invest in or purchase securities similar to the Securities in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its investment.

 

    A-17

     

    

 

	 	2.	We understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities prior to the Resale Restriction Termination Date only (a) to the Company or any Subsidiary thereof, (b) pursuant to an effective registration statement under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A of the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or, upon the effectiveness of the amendments thereto, Rule 501(a)(9) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each case for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (e) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (d) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or, upon the effectiveness of the amendments thereto, Rule 501(a)(9) under the Securities Act) and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the Securities pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee.

 

	 	3.	
        We [are][are not] an Affiliate of the Company.

         

        The Company and the Trustee are entitled
        to rely upon this letter and are irrevocably authorized to produce this letter or a copy to any interested party in any administrative
        or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	TRANSFEREE
	 	 
	 	[Insert Name of Transferee]
	 	 
	 	 
	 	Name:
	 	Title:

 

    A-18

     

    

 

Exhibit B – Form of
IAI Global Note

 

THIS SECURITY IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY
OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER
OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST
COMPANY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company to the issuer or its agent for registration of transfer,
exchange or payment and such certificate issued in exchange for this certificate is registered in the name of Cede & Co.,
or such other name as requested by an authorized representative of The Depository Trust Company, any transfer, pledge or other
use hereof for value or otherwise by or to any person is wrongful, as the registered owner hereof, Cede & Co., has an
interest herein.

 

[Insert
Restricted Securities Legend, if applicable]

 

Owl Rock Technology Finance Corp.

 

	 	 	 
	No.         	 	Initially $            
	 	 	CUSIP No.  691205 AD0
	 	 	ISIN No.  US691205AD0

 

4.75% Notes due 2025

 

Owl
Rock Technology Finance Corp., a corporation duly organized and existing under the laws of Maryland (herein called the “Company”,
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay
to Cede & Co., or registered assigns, the principal sum of                      dollars (U.S. $                       ), or such other principal sum as shall
be set forth in the Schedule of Increases or Decreases attached hereto, on December 15, 2025, and to pay interest thereon
from September 23, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually, in arrears, on June 15 and December 15 in each year, commencing December 15, 2020, at the
rate of 4.75% per annum until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security is registered at the close of business on the Regular Record Date for such interest, which shall be June 1 and
December 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the
payment of such Defaulted Interest to be fixed by the Company, notice whereof shall be given to Holders of Securities of this series
not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series.

 

    B-1

     

    

 

Payment of the principal
of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Paying Agent,
which shall initially be the Trustee, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register;
provided, further, however, that so long as this Security is registered to Cede & Co., such payment
will be made by wire transfer in accordance with the procedures established by the Depository Trust Company and the Trustee.

 

Reference is hereby
made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    B-2

     

    

 

IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.

 

Dated:

 

	 	OWL ROCK TECHNOLOGY FINANCE CORP.     
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Attest:		 	 
	 	Name: 	 	 
	 	Title: Secretary	 	 

 

    B-3

     

    

 

This is one of the
Securities of the series designated therein referred to in the within-mentioned Indenture.

 

 

Dated:

 

	 	
        WELLS FARGO BANK, NATIONAL ASSOCIATION,

        as Trustee

	 	 	 
	 	By:	

	 	 	Authorized Signatory

 

    B-4

     

    

 

 

[BACK OF NOTE]

 

Owl Rock Technology Finance Corp.

4.75% Notes due 2025

 

This
Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as of June 12, 2020 (herein called the “Base Indenture”,
which term shall have the meaning assigned to it in such instrument), between the Company and Wells Fargo Bank, National Association,
as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Base Indenture), and reference
is hereby made to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated
and delivered, as supplemented by the Second Supplemental Indenture, relating to the Securities, dated as of September 23,
2020, by and between the Company and the Trustee (herein called the “Second Supplemental Indenture”; and together with
the Base Indenture, the “Indenture”). In the event of any conflict between the Base Indenture and the Second Supplemental
Indenture, the Second Supplemental Indenture shall govern and control.

 

This Security is one
of the series designated on the face hereof, initially limited in aggregate principal amount to $                    . Under a Board Resolution, Officers’
Certificate pursuant to Board Resolutions or an indenture supplement, the Company may from time to time, without the consent of
the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having
the same ranking and the same interest rate, maturity, CUSIP number and other terms as the Securities (except for the issue date,
offering price and, if applicable, the initial payment date), provided that such Additional Securities must either (i) be
issued in a “qualified reopening” for U.S. Federal income tax purposes, with no more than a de minimis amount
of original issue discount, or otherwise (ii)  be part of the same issue as the Securities for U.S. federal income tax purposes.
Any Additional Securities and the existing Securities will constitute a single series under the Indenture and all references to
the relevant Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount
of Outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions.

 

The Securities of this
series are subject to redemption in whole or in part at any time or from time to time, at the option of the Company, at a Redemption
Price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the Redemption
Date:

 

		(c)	100% of the principal amount of the Securities to be redeemed, or

 

		(d)	the sum of the present values of the remaining scheduled payments of principal and interest (exclusive
of accrued and unpaid interest to the Redemption Date) on the Securities to be redeemed, discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis
points;

 

    B-5

     

    

 

provided, however, that if the Company
redeems any Securities on or after November 15, 2025, the Redemption Price for the Securities will be equal to 100% of the
principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the Redemption
Date.

 

For purposes of calculating
the Redemption Price in connection with the redemption of the Securities, on any Redemption Date, the following terms have the
meanings set forth below:

 

“Treasury Rate”
means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable
Treasury Issue (computed as of the third Business Day immediately preceding the redemption), assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.
The Redemption Price and the Treasury Rate will be determined by the Company.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having a maturity comparable
to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with
customary financing practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
the Securities being redeemed.

 

“Comparable Treasury
Price” means (1) the average of the remaining Reference Treasury Dealer Quotations for the Redemption Date, after excluding
the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.

 

“Quotation Agent”
means a Reference Treasury Dealer selected by the Company.

 

“Reference Treasury
Dealer” means each of (1) Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and RBC Capital Markets, LLC
or their respective affiliates which are primary U.S. government securities dealers in the United States (a “Primary Treasury
Dealer”) and their respective successors; provided, however, that if any of the foregoing or their affiliates
shall cease to be a Primary Treasury Dealer, the Company shall select another Primary Treasury Dealer and (2) two other Primary
Treasury Dealers selected by the Company.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 3:30 p.m. New York time
on the third Business Day preceding such Redemption Date.

 

All determinations
made by any Reference Treasury Dealer, including the Quotation Agent, with respect to determining the Redemption Price will be
final and binding absent manifest error.

 

Notice of redemption
shall be given in writing and mailed, first-class postage prepaid or by overnight courier guaranteeing next-day delivery, or sent
electronically in accordance with Applicable Procedures with respect to Securities in global form, to each Holder of the Securities
to be redeemed, not less than 30 nor more than 60 days prior to the Redemption Date, at the Holder’s address appearing
in the Security Register. All notices of redemption shall contain the information set forth in Section 11.04 of the Base Indenture.

 

    B-6

     

    

 

Any exercise of the
Company’s option to redeem the Securities will be done in compliance with the Investment Company Act, to the extent applicable.

 

If the Company elects
to redeem only a portion of the Securities, the particular Securities to be redeemed will be selected by the Trustee in accordance
with the applicable procedures of the Depositary and in accordance with the Investment Company Act. In the event of redemption
of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not redeemed to less than $2,000.

 

Unless the Company
defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities
called for redemption.

 

Holders will have the
right to require the Company to repurchase their Securities upon the occurrence of a Change of Control Repurchase Event as set
forth in the Indenture.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of
Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default
with respect to Securities of this series shall occur and be continuing (other than Events of Default related to certain events
of bankruptcy, insolvency or reorganization as set forth in the Indenture), the principal of the Securities of this series may
be declared due and payable in the manner and with the effect provided in the Indenture. In the case of certain events of bankruptcy,
insolvency or reorganization described in the Indenture, 100% of the principal of and accrued and unpaid interest on the Securities
will automatically become due and payable.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to
waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

    B-7

     

    

 

As provided in and
subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this
series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have
made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with
such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this
series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of security or indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest
hereon on or after the respective due dates expressed herein.

 

No reference herein
to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register,
upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer
in substantially the form Exhibit A hereto duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

The Securities of this
series are issuable only in registered form without coupons in denominations of $2,000 and any integral multiples of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination,
as requested by the Holder surrendering the same.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company or Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith other than certain exchanges as provided in the Indenture.

 

Prior to due presentment
of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

    B-8

     

    

 

To the extent any provision
of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

The Indenture and this
Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles
of conflicts of laws.

 

    B-9

     

    

 

Assignment
Form

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert
Assignee’s Legal Name)

 

 

 

(Insert assignee’s soc. sec. or tax
I.D. no.)

 

 

 

 

 

 

 

 

 

(Print or type assignee’s name, address
and zip code)

 

	and irrevocably appoint	 

 

to transfer this Note on the books of the Company. The agent
may substitute another to act for him.

 

	Date:	 	 

 

	Your Signature: 	 	 
	 	 	(Sign exactly as your name appears on the face of
this Note)

 

	Signature Guarantee*:	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

The
undersigned hereby certifies that it  ̈ is /  ̈
is not an Affiliate of the Company and that, to its knowledge, the proposed transferee  ̈
is /  ̈ is not an Affiliate of the Company.

 

In connection with
any transfer or exchange of any of the Securities evidenced by this certificate occurring prior to the Resale Restriction Termination
Date, the undersigned confirms that such Securities are being transferred:

 

    B-10

     

    

 

CHECK ONE BOX BELOW:

 

	 	(1)	 ̈	To Owl Rock Technology Finance Corp. or a subsidiary thereof; or
	 	 	 	 
	 	(2)	 ̈	To a “qualified institutional buyer” pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
	 	 	 	 
	 	(3)	 ̈	
        transferred pursuant to an effective
registration statement under the Securities Act; or

	 	 	 	 
	 	(4)	 ̈	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.

 

Unless one of the boxes
is checked, the Trustee will refuse to register any of the Securities evidenced by this certificate in the name of any person other
than the registered Holder thereof, provided, however, that if box (4) is checked, the Company may require, prior to registering
any such transfer of the Securities, in its sole discretion, such legal opinions, certifications and other information as the Company
may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under
such Act.

 

	Your Signature: 	 	 
	 	 	(Sign exactly as your name appears on the face of
this Note)

 

	Signature Guarantee*:	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

TO BE COMPLETED BY PURCHASER IF BOX (2) ABOVE
IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A
or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

Dated:  __________________

 

	Your Signature: 	 	 
	 	 	Notice: To be executed by an executive officer

 

	Signature Guarantee*:	 	 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 

    B-11

     

    

 

SCHEDULE OF INCREASES AND DECREASES OF GLOBAL
NOTE

 

The
initial principal amount of this Global Note is $[ • ]. The following
increases and decreases to this Global Note have been made:

 

	
        Date of Increase or

        Decrease
	 	Amount of Decrease in

Principal Amount at

Maturity

of this Global Note	 	Amount of Increase in

Principal Amount at

Maturity

of this Global Note	 	Principal Amount at

Maturity

of this Global Note

Following such

decrease (or  increase)	 	Signature of

Authorized Signatory

of Trustee or DTC

Custodian
	 	 	 	 	 	 	 	 	 

 

    B-12

     

    

 

Exhibit A

 

[FORM OF CERTIFICATE OF TRANSFER]

 

Owl Rock Technology Finance Corp.

399 Park Avenue, 38th Floor

New York, NY 10022

Attention: Chief Financial Officer

 

email:

 

Wells Fargo Bank, National Association, as Trustee and Registrar

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com

 

Re:
4.75% Notes due 2025

 

Reference
is hereby made to the Indenture, dated as of June 12, 2020 (the “Base Indenture”), by and among
the Owl Rock Technology Finance Corp. (the “Company”) and Well Fargo Bank, National Association (the “Trustee”)
as supplemented by the Second Supplemental Indenture, dated as of September 23, 2020 (the “Second Supplemental Indenture”
and together with the Base Indenture, the “Indenture”). Capitalized terms used but not defined herein shall
have the meanings given to them in the Indenture.

 

[●] (the “Transferor”) owns and proposes
to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $[●] in such
Note[s] or interests (the “Transfer”), to [●] (the “Transferee”), as further specified
in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.             ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT RESTRICTED GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT
TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or definitive Note for its own account, or for one or more accounts with respect to which such Person
exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within
the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with
any applicable blue sky securities laws of any state of the United States.

 

    B-13

     

    

 

2.             ̈
CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF
THE SECURITIES ACT OTHER THAN RULE 144A. The Transfer is being effected in compliance with the transfer restrictions applicable
to beneficial interests in Restricted Global Notes and definitive Notes containing the Restricted Securities Legends (“Restricted
Definitive Notes”) and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws
of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):

 

(a)    ̈
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

(b)    ̈
such Transfer is being effected to the Company or a subsidiary thereof;

 

(c)    ̈ such Transfer is being effected to an
institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the
Securities Act or, upon the effectiveness of the amendments thereto, Rule 501(a)(9) under the Securities Act that has
furnished to the Company and the Trustee a signed letter containing certain representations and agreements (the form of which letter
follows below); or

 

(d)    ̈
such Transfer is being effected pursuant to an effective registration statement under the Securities Act, and in compliance with
the prospectus delivery requirements of the Securities Act.

 

3.             ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE
NOTE.

 

(a)            ̈
CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Restricted Securities Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or definitive Note will no
longer be subject to the restrictions on transfer enumerated in the Restricted Securities Legend printed on the Restricted Global
Notes, on definitive Notes and in the Indenture.

 

(b)            ̈
CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an
exemption from the registration requirements of the Securities Act other than Rule 144 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Restricted Securities Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or definitive Note will not be subject to the restrictions on transfer enumerated in the Restricted
Securities Legend printed on the Restricted Global Note or Restricted Definitive Notes and in the Indenture.

 

    B-14

     

    

 

This certificate and the statements contained herein are made
for your benefit and the benefit of the Issuers.

 

	 	[Insert Name of Transferor]
	 	 
	 	By:	[●]
	 	 	Name:
    [●]
	 	 	Title:
    [●]

 

Dated: [●]

 

    B-15

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.            The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE]

 

		(a)	 ̈	a beneficial interest in the

 

		(i)	 ̈	Restricted Global Note (CUSIP [                 ]), or

 

		(ii)	 ̈	 Unrestricted Global Note (CUSIP [                 ]); or

 

		(b)	 ̈	a Restricted Definitive Note; or

 

		(c)	 ̈	an Unrestricted Definitive Note.

 

2.            After
the Transfer the Transferee shall hold:

 

[CHECK ONE]

 

		(a)	 ̈	a beneficial interest in the

 

		(i)	 ̈	Restricted Global Note (CUSIP [                 ]), or

 

		(ii)	 ̈	Unrestricted Global Note (CUSIP [                 ]); or

 

		(b)	 ̈	a Restricted Definitive Note; or

 

		(c)	 ̈	an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

 

    B-16

     

    

 

[FORM OF LETTER TO BE DELIVERED
IN CONNECTION WITH TRANSFERS

TO INSTITUTIONAL ACCREDITED INVESTORS]

 

Owl Rock Technology Finance Corp.

399 Park Avenue, 38th Floor

New York, NY 10022

Attention: Chief Financial Officer

 

Wells Fargo Bank, National Association

Attn: DAPS – Reorg

600 South 4th Street – 7th Floor

Minneapolis, MN 55415

Facsimile: (866) 969-1290

Phone: (800) 344-5128

Email: DAPSReorg@wellsfargo.com

 

Re: Owl Rock Technology Finance Corp. (the
 “Company”)

 

Ladies and Gentlemen:

 

This certificate is delivered to request
a transfer of $[___________] principal amount of the 4.75% Notes due 2025 (the “Securities”) of Owl Rock Technology
Finance Corp. (the “Company”).

 

Upon transfer, the Securities would be
registered in the name of the new beneficial owner as follows:

 

	Name: 	 	 

 

	Address: 	 	 

 

	Taxpayer ID Number: 	 	 

 

The undersigned represents and warrants
to you that:

 

	 	1.	We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”), or, upon the effectiveness of the amendments thereto, Rule 501(a)(9) under the Securities Act) purchasing for our own account or for the account of such an institutional “accredited investor,” and we are acquiring the Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our investment in the Securities and we invest in or purchase securities similar to the Securities in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its investment.

 

    B-17

     

    

 

	 	2.	We understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities prior to the Resale Restriction Termination Date only (a) to the Company or any Subsidiary thereof, (b) pursuant to an effective registration statement under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a “qualified institutional buyer” under Rule 144A of the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or, upon the effectiveness of the amendments thereto, Rule 501(a)(9) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each case for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (e) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of property or the property of such investor account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (d) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or, upon the effectiveness of the amendments thereto, Rule 501(a)(9) under the Securities Act) and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the Securities pursuant to clauses (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee.

 

	 	3.	
        We [are][are not] an Affiliate of the Company.

         

        The Company and the Trustee are entitled
        to rely upon this letter and are irrevocably authorized to produce this letter or a copy to any interested party in any administrative
        or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	TRANSFEREE
	 	 
	 	 
	 	[Insert Name of Transferee]
	 	 
	 	 
	 	Name:
	 	Title:

 

    B-18kirk-ex101_14.htm

 

EXHIBIT 10.1

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of September 22, 2020, between Jeffrey T. Martin (the “Executive”) and KIRKLAND’S, INC., a Tennessee corporation with principal offices in Nashville, Tennessee (the “Company”).

RECITALS

WHEREAS, the Company desires to employ the Executive as its Senior Vice President, Omni-Channel Retail, and the Executive desires to serve in such capacity pursuant to the terms of this Agreement;  

NOW, THEREFORE, in consideration of the premises and the parties’ mutual covenants, it is agreed:

1.Definitions.  

(a)“Affiliate” means any person or entity controlling, controlled by or under common control with the Company.

(b)“Base Salary” means Executive’s current annual base salary as defined in Section 4(a).

(c)“Board” means the Board of Directors of the Company.  

(d)“Cause” means the occurrence of any of the following, as determined in good faith by the Board: (i) alcohol abuse or use of controlled drugs (other than in accordance with a physician’s prescription) by Executive; (ii) illegal conduct or gross misconduct of Executive which is materially and demonstrably injurious to the Company or its Affiliates including, without limitation, fraud, embezzlement, theft or proven dishonesty; (iii) Executive’s conviction of a misdemeanor involving moral turpitude or a felony; (iv) Executive’s entry of a guilty or nolo contendere plea to a misdemeanor involving moral turpitude or a felony, (v) Executive’s material breach of any agreement with, or duty owed to, the Company or its Affiliates, or (vi) Executive’s failure, refusal or inability to perform, in any material respect, Executive’s duties to the Company or its Affiliates, which failure continues for more than fifteen (15) days after written notice thereof from the Company.

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

(f)“Committee” means the Compensation Committee of the Board of Directors.  

(g)“Confidential Information” means all information respecting the business and activities of the Company, or any Affiliate, including, without limitation, the terms and provisions of this Agreement, information relating to vendor relations, inventory procurement and 

 

 

 

management, inventory distribution, marketing and sales, store operations, the clients, customers, suppliers, employees, consultants, computer or other files, projects, products, computer disks or other media, computer hardware or computer software programs, marketing plans, financial information, methodologies, know-how, processes, practices, approaches, projections, forecasts, formats, systems, data gathering methods and/or strategies of the Company or any Affiliate.  Notwithstanding the immediately preceding sentence, Confidential Information shall not include any information that is, or becomes, generally available to the public (unless such availability occurs as a result of Executive's breach of any portion of Section 7(a) of this Agreement).

(h) “Disability” means Executive’s termination of employment with the Company as a result of Executive’s incapacity due to reasonably documented physical or mental illness that is reasonably expected to prevent Executive from performing Executive’s duties for the Company on a full-time basis for more than six consecutive months; provided however, that no such incapacity will be deemed to be a “Disability” unless Executive would also be deemed to be “Disabled” under Code Section 409A.

(i)“Good Reason” means the occurrence of any of the following: (i) the assignment to Executive of any duties inconsistent with Executive’s position, authority, duties or responsibilities, or any other action by the Company which results in a material diminution in such position, authority, duties or responsibilities; (ii) a reduction by the Company in Executive’s annual salary, provided that if the salaries of substantially all of the Company’s senior executive officers (including the Company’s President and CEO) are contemporaneously and proportionately reduced, a reduction in Executive’s salary will not constitute “Good Reason” hereunder; (iii) the failure by the Company, without Executive’s consent, to pay to him any portion of his current compensation, except pursuant to a compensation deferral elected by Executive, other than an isolated and inadvertent failure which is remedied by the Company promptly after receipt thereof given by Executive; (iv) the relocation of the Company’s principal executive offices to a location more than 35 miles from the location of such offices on the Effective Date, or the Company’s requiring Executive to be based anywhere other than the Company’s principal executive offices, except for required travel on the Company’s business; or (v) the failure of the Company to obtain a satisfactory agreement from any successor to assume and agree to perform this Agreement.

Notwithstanding the foregoing, Good Reason shall not be deemed to exist unless Executive gives the Company written notice within ninety (90) days after the occurrence of the event which Executive believes constitutes the basis for Good Reason, specifying the particular act or failure to act which Executive believes constitutes the basis for Good Reason.  If the Company fails to cure such act or failure to act, within thirty (30) days after receipt of such notice, Executive may terminate employment for Good Reason within thirty (30) days following the end of that cure period.  For the avoidance of doubt, if such act is not curable, Executive may terminate employment for Good Reason upon providing such notice.

(j)“Invention” means any invention, discovery, improvement or innovation with regard to any facet of the business of the Company or its Affiliates, whether or not patentable, made, conceived, or first actually reduced to practice by Executive, alone or jointly with others, in the course of, in connection with, or as a result of service as an employee of the Company or any of its Affiliates, including any art, method, process, machine, manufacture, design or composition 

 

 

of matter, or any improvement thereof.  Each Invention shall be the sole and exclusive property of the Company.  

(k)“Restricted Non-Competition Period” means, subject to the Company’s ability to extend the Restricted Non-Competition Period as described in Section 8(d) below, twelve (12) months after any termination of Executive’s employment hereunder, provided that the Restricted Non-Competition Period shall be extended for the period, if any, that Executive is in default under the restrictions contained in Section 7(d).

(l)“Restricted Non-Solicitation Period” means twenty-four (24) months after any termination of Executive's employment hereunder, provided that the Restricted Non-Solicitation Period shall be extended for the period, if any, that Executive is in default under the restrictions contained in Section 7(e).

2.Employment; Scope of Duties.  The Company hereby employs Executive, and Executive accepts employment as the Company’s Senior Vice President, Omni-Channel Retail.  During the term of this Agreement, Executive shall report to the Company’s Chief Executive Officer, and shall perform those duties as from time to time assigned.

3.Term.  The term of this Agreement will commence on September 22, 2020 (the “Effective Date”), and shall continue until terminated as provided herein.

4.Compensation and Benefits.

(a)Base Salary.  As base compensation for the services rendered hereunder to the Company, Executive shall be paid an annual base salary of $350,000, payable in accordance with the Company’s standard payroll practices as in effect from time to time.  The Committee will review Executive’s base salary on an annual basis and such base salary shall be subject to upward (but not downward) adjustment, as determined in the discretion of the Committee.  

(b)Annual Bonus.  For each fiscal year ending during Executive’s employment, Executive will be eligible to earn an annual bonus.  The target amount of that bonus will be 50% percent of Executive's Base Salary for the applicable fiscal year.  The actual bonus payable with respect to a particular year will be determined by the Committee, based on the achievement of corporate and individual performance objectives established by the Committee.  Any bonus payable under this paragraph will be paid within 2 1⁄2 months following the end of the applicable fiscal year and will only be paid if Executive remains continuously employed by the Company through the actual bonus payment date. 

(c)Equity Incentives.  Equity incentives may be granted to Executive from time to time pursuant to the terms and conditions of the Plan, at the discretion of the Committee.

(d)Benefit Plans.  Executive shall be eligible to participate in and be covered on the same basis as other senior management of the Company, under all employee benefit plans and programs maintained by the Company, including without limitation retirement, health insurance and life insurance.  

 

 

(e)Paid Time Off.  Executive will be entitled to paid time off each year in accordance with the policies of the Company, as in effect from time to time.

5.Expense Reimbursement.

(a) Standard Business Expenses.  Executive shall be reimbursed for those reasonable expenses (as determined by the Company in accordance with then existing policies) necessarily incurred by Executive in the performance of the duties herein as are specifically approved by the Company and as verified by vouchers, receipts, or other evidence of expenditure and business necessity as from time to time required by the Company.  All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Code Section 409A to the extent that such reimbursements are subject to Code Section 409A, including, where applicable, the requirements that (i) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (ii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (iii) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit.

6.Other Employment; Conduct.  Executive agrees to devote all working time and efforts to performing the duties required hereunder.  Executive shall not engage in other employment or become involved in other business ventures requiring Executive’s time, absent the prior written consent of the Chief Executive Officer, which consent may be withheld or denied in the sole discretion of the Chief Executive Officer.  Executive shall at all times conduct such duties and Executive’s personal affairs in a manner that is satisfactory to the Company and so as to not in any manner injure the reputation of or unfavorably reflect upon the Company or third persons or entities connected therewith.

7.Restrictive Covenants.  To induce the Company to enter into this Agreement and in recognition of the compensation to be paid to Executive pursuant to this Agreement, Executive agrees to be bound by the provisions of this Section 7 (the “Restrictive Covenants”). These Restrictive Covenants will apply without regard to whether any termination or cessation of Executive's employment is initiated by the Company or Executive, and without regard to the reason for that termination or cessation.  All provisions of this Section 7 shall survive the termination of this Agreement.

(a)Confidentiality.  Executive shall not, during the term of this Agreement and at any time thereafter, without the prior express written consent of the Company, directly or indirectly divulge, disclose or make available or accessible any Confidential Information to any person, firm, partnership, corporation, trust or any other entity or third party (other than when required to do so in good faith to perform Executive's duties and responsibilities or when required to do so by a lawful order of a court of competent jurisdiction, any governmental authority or agency, or any recognized subpoena power).  In addition, Executive shall not create any derivative work or other product based on or resulting from any Confidential Information (except in the good faith performance of his duties under this Agreement).  Executive shall also proffer to the Board's designee, no later than the effective date of any termination of Executive’s employment with the Company for any reason, and without retaining any copies, notes or excerpts thereof, all memoranda, computer disks or other media, computer programs, diaries, notes, records, data, 

 

 

customer or client lists, marketing plans and strategies, and any other documents consisting of or containing Confidential Information that are in Executive's actual or constructive possession or which are subject to his control at such time. 

(b)Ownership of Inventions.  Each Invention made, conceived or first actually reduced to practice by Executive, whether alone or jointly with others, during the term of this Agreement and each Invention made, conceived or first actually reduced to practice by Executive, within one year after the termination of this Agreement, which relates in any way to work performed for the Company or its Affiliates during the term of this Agreement, shall be promptly disclosed in writing to the Board.  Such report shall be sufficiently complete in technical detail and appropriately illustrated by sketch or diagram to convey to one skilled in the art of which the invention pertains, a clear understanding of the nature, purpose, operations, and, to the extent known, the physical, chemical, biological or other characteristics of the Invention.  Executive agrees to execute an assignment to the Company or its nominee of Executive’s entire right, title and interest in and to any Invention, without compensation beyond that provided in this Agreement.  Executive further agrees, upon the request of the Company and at its expense, that Executive will execute any other instrument and document necessary or desirable in applying for and obtaining patents in the United States and in any foreign country with respect to any Invention.  Executive further agrees, whether or not Executive is then an employee of the Company, to cooperate to the extent and in the manner reasonably requested by the Company in the prosecution or defense of any claim involving a patent covering any Invention or any litigation or other claim or proceeding involving any Invention covered by this Agreement, but all expenses thereof shall be paid by the Company.   

(c)Works for Hire.  Executive also acknowledges and agrees that all works of authorship, in any format or medium, created wholly or in part by Executive, whether alone or jointly with others, in the course of performing Executive’s duties for the Company or any of its Affiliates, or while using the facilities or money of the Company or any of its Affiliates, whether or not during Executive’s work hours, are works made for hire (“Works”), as defined under United States copyright law, and that the Works (and all copyrights arising in the Works) are owned exclusively by the Company.  To the extent any such Works are not deemed to be works made for hire, Executive agrees, without compensation beyond that provided in this Agreement, to execute an assignment to the Company or its nominee of all right, title and interest in and to such Work, including all rights of copyright arising in or related to the Works.

(d)Restrictive Non-Competition Covenant.  Executive agrees that during the term of this Agreement and for the Restricted Non-Competition Period, Executive will not, directly or indirectly, own, manage, operate, control, be employed by, participate in, lend money, advise or furnish services or information of any kind (including consulting services) to, be compensated in any manner by, or be connected in any way with the management, ownership, operation or control of any of the entities list on Exhibit A hereto.  Executive understands and acknowledges that the type of retail business conducted by the Company is national in scope.  Executive further acknowledges that these restrictions are reasonable and necessary to protect the legitimate interests of the Company and its Affiliates and that the duration and geographic scope of these restrictions are reasonable given the nature of this Agreement and the position Executive will hold within the Company.  Executive further acknowledges that these restrictions are included herein in order to induce the Company to employ Executive pursuant to this Agreement and in connection with the 

 

 

increased compensation and benefits provided hereunder and that the Company would not have entered into this Agreement, increased Executive’s compensation and other benefits or otherwise employed Executive in the absence of these restrictions.

During the term of this Agreement and for the Restricted Non-Competition Period, Executive agrees to (a) notify any prospective employer of the existence of this restrictive non-competition covenant, and (b) notify the Company of Executive’s commencement of employment with any other employer, along with the identity of such new employer.  

(e)Restrictive Non-Solicitation Covenant.  

1.Covenant Not to Solicit Company Employees.  During the term of this Agreement and for the Restricted Non-Solicitation Period, Executive agrees that Executive shall not directly or indirectly on Executive’s own behalf or on behalf or any other employer solicit any present employee of the Company to terminate their employment relationship with the Company.  

2.Covenant Not to Solicit Customers.  During the term of this Agreement and for the Restricted Non-Solicitation Period, Executive shall not (except on the Company’s behalf), directly or indirectly, on Executive’s own behalf or on behalf of any other person, firm, partnership, corporation or other entity, contact, solicit, divert, induce, call on, take away, do business or otherwise harm the Company’s relationship, or attempt to contact, solicit, divert, induce, call on, take away, do business or otherwise harm the Company’s relationship, with any past, present or prospective customer of the Company or any of its Affiliates (each, a “Customer”).  Following the term of this Agreement, a past or prospective Customer shall be limited to such Customer measured within the two (2) year period prior to the date of termination hereunder.  

8.Termination.

(a)Termination Rights.  The Company may terminate Executive’s employment hereunder at any time either for any or no reason, and Executive may terminate Executive’s employment hereunder for Good Reason or upon thirty (30) days advance notice without Good Reason.  Upon any such termination, Executive shall and shall be deemed to have immediately resigned from any and all officer, director and other positions he then holds with the Company and its Affiliates (and this Agreement shall act as notice of resignation by Executive without any further action required by Executive).  Upon any such termination, Executive shall be entitled only to such compensation and benefits described in this Section 8.   

(b)Company Terminates Executive Without Cause or Executive Resigns For Good Reason.  If the Company terminates Executive’s employment without Cause or if Executive resigns for Good Reason, the Company shall, subject to Section 8(e) below, pay the Executive one (1) times Executive’s Base Salary for the year in which such termination shall occur in regular payroll cycles.  

(c)Other Terminations.  If Executive’s employment with the Company ceases for any reason other than as described in Section 8(b), above (including but not limited to termination (a) by the Company for Cause, (b) as a result of Executive’s death, (c) as a result of 

 

 

Executive’s Disability or (d) by Executive without Good Reason), then the Company’s obligation to Executive will be limited solely to the payment of accrued and unpaid base salary through the date of such cessation.  All compensation and benefits will cease at the time of such cessation and, except as otherwise provided by COBRA, the Company will have no further liability or obligation by reason of such termination.  

(d)Extension of Restricted Non-Competition Period.  At any time during the sixty (60) day period immediately following Executive’s termination of employment hereunder for any reason, the Company may elect to extend the Restricted Non-Competition Period for up to an additional twelve (12) month period (or such lesser period, as determined in accordance with the Company’s election).  In the event that the Company provides written notice to Executive that the Restricted Non-Competition Period will be extended pursuant to this Section 8(d), in addition to any amounts owed to executive under Section 8(b), Executive will be entitled to receive his Base Salary in substantially equal monthly installments for the number of months that the Company elects to extend the applicable Restricted Non-Competition Period.  Such payments will commence on the first anniversary of Executive’s termination of employment and continue monthly for the duration of any such Restricted Non-Competition Period.

(e)Severance Conditioned Upon Release.  Notwithstanding any other provision of this Agreement, no amount will be paid or benefit provided under Section 8(b) hereof unless Executive executes and delivers to the Company a release substantially identical to that attached hereto as Exhibit B (a “Release”) that becomes irrevocable within 30 days following Executive’s separation from service.  Subject to satisfaction of the foregoing Release requirement and to any delay required by the next paragraph, the payments described in Section 8(b) above will commence on the 30th day following Executive’s separation from service.  Notwithstanding any other provision of this Agreement, the Company’s refusal to provide severance benefits under Section 8(b) due to Executive’s failure or refusal to execute and deliver the Release in accordance with this paragraph, or due to Executive’s breach or purported revocation of that Release, will not relieve Executive of any obligation under Section 7 of this Agreement.  Rather, in such a case, Executive’s obligations under Section 7 will apply as though such severance benefits had been provided.

(f)Compliance with Code Section 409A.  If the termination giving rise to the payments described in Section 8(b) is not a “Separation from Service” within the meaning of Treas. Reg. § 1.409A-1(h)(1) (or any successor provision), then the amounts otherwise payable pursuant to that section will instead be deferred without interest and will not be paid until Executive experiences a Separation from Service.  In addition, to the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid the application of an additional tax under Code Section 409A to payments due to Executive upon or following Separation from Service, then notwithstanding any other provision of this Agreement (or any otherwise applicable plan, policy, agreement or arrangement), any such payments that are otherwise due within six months following Executive’s Separation from Service (taking into account the preceding sentence of this paragraph) will be deferred without interest and paid to Executive in a lump sum immediately following that six month period.  This paragraph should not be construed to prevent the application of Treas. Reg. § 1.409A-1(b)(9)(iii)(or any successor provision) to amounts payable hereunder.  For purposes of the application of Treas. Reg. § 1.409A-

 

 

1(b)(4)(or any successor provision), each payment in a series of payments will be deemed a separate payment.

(g)Compliance with Code Section 280G.  If any payment or distribution by the Company to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise pursuant to or by reason of any other agreement, policy, plan, program or arrangement or the lapse or termination of any restriction on or the vesting or exercisability of any payment or benefit (each a “Payment”), would be subject to the excise tax imposed by Section 4999 of the Code (or any successor provision thereto) or to any similar tax imposed by state or local law (such tax or taxes are hereafter collectively referred to as the “Excise Tax”), then the aggregate amount of Payments payable to Executive shall be reduced to the aggregate amount of Payments that may be made to Executive without incurring an excise tax (the “Safe-Harbor Amount”) in accordance with the immediately following sentence; provided that such reduction shall only be imposed if the aggregate after-tax value of the Payments retained by Executive (after giving effect to such reduction) is equal to or greater than the aggregate after-tax value (after giving effect to the Excise Tax) of the Payments to Executive without any such reduction.  Any such reduction shall be made in the following order: (i) first, any future cash payments (if any) shall be reduced (if necessary, to zero); (ii) second, any current cash payments shall be reduced (if necessary, to zero); (iii) third, all non-cash payments (other than equity or equity derivative related payments) shall be reduced (if necessary, to zero); and (iv) fourth, all equity or equity derivative payments shall be reduced.

9.Injunctive Relief.  Executive understands and agrees that any breach by Executive of the Restrictive Covenants will cause continuing and irreparable injury to the Company for which monetary damages would not be an adequate remedy.  Executive shall not, in any action or proceeding to enforce any of the provisions of this Agreement, assert the claim or defense that such an adequate remedy at law exists.  In the event of such breach by Executive, the Company shall have the right to enforce the Restrictive Covenants by seeking injunctive or other relief in any court and this Agreement shall not in any way limit remedies of law or in equity otherwise available to the Company.

10.Waiver of Breach.  Any waiver by the Company of a breach of any provision hereof shall not operate as or constitute a waiver of any of the terms hereof with regard to any subsequent breach.

11.Assignment.  Neither this Agreement nor any rights or obligations hereunder may be assigned except by the Company to a business entity which is a successor to the Company by merger, stock exchange, consolidation, or other reorganization, or to an entity which results from a purchase or sale or other transfer or transaction involving third parties, or except to an entity owned or controlled by the principals of the Company.  This Agreement (and all rights and benefits hereunder) is for Executive’s personal services and is, therefore, not assignable by Executive.  

12.Entire Agreement; Modification.  This Agreement is the entire agreement of the parties with regard to Executive’s employment and all other agreements and understandings, whether written or oral, if prior hereto, are merged herein so that the provisions of any prior agreement(s), are void and of no further force and effect.  This Agreement may not be modified except by a writing signed by both parties.

 

 

13.Applicable Law; Venue.  This Agreement shall be construed in accordance with the laws of the State of Tennessee, without regard to the principles of conflicts of law, even if Employee executed this Agreement outside Tennessee or Davidson County, Tennessee, and even if some or all of Executive’s services are to be rendered outside Tennessee.  All legal disputes between the parties shall have a venue in the courts of Davidson County, Tennessee.

14.Notices.  Any notice or communication required or permitted under this Agreement will be made in writing and (a) sent by overnight courier, (b) mailed by overnight U.S. express mail, return receipt requested or (c) sent by telecopier.  Any notice or communication to Executive will be sent to the address contained in Executive’s personnel file.  Any notice or communication to the Company will be sent to the Company’s principal executive offices, to the attention of its Vice President and General Counsel.  Notwithstanding the foregoing, either party may change the address for notices or communications hereunder by providing written notice to the other in the manner specified in this paragraph.

15.Provisions Severable.  Any provision hereof adjudged void or voidable by a court of competent jurisdiction shall be deemed severable such that the remaining provisions are in full force and effect.  To the extent that any provision hereof is adjudged to be overly broad, then such provision shall be deemed automatically replaced by a similar provision as near to the original provision as possible but still enforceable.

16.Section Headings.  The headings of sections and paragraphs of this Agreement are inserted for convenience only and will not in any way affect the meaning or construction of any provision of this Agreement.

17.Parties Bound.  This Agreement shall bind the parties’ respective heirs, legal representatives, successors and permitted assigns.

18.Other Agreements.  Executive represents and warrants to the Company that there are no restrictions, agreements or understandings whatsoever to which Executive is party (or by which Executive is otherwise bound) that would prevent or make unlawful Executive’s execution of this Agreement or employment by the Company, or that would in any way prohibit, limit or impair (or purport to prohibit, limit or impair) Executive’s provision of services to the Company.

19.Counterparts; Facsimile.  This Agreement may be executed in multiple counterparts (including by facsimile signature), each of which will be deemed to be an original, but all of which together will constitute but one and the same instrument.  Counterparts may be delivered via facsimile, electronic mail (including pdf) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

 

 

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and Executive has executed this Agreement, in each case as of the date first above written.

 

	
 
	
KIRKLAND’S, INC.

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
/s/ Steve C. Woodward

	
 
	
 
	
 

	
 
	
Title:
	
President and Chief Executive Officer

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
JEFFREY T. MARTIN

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
/s/ Jeffrey T. Martin

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